Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

石药创新制药股份有限公司 关于合资公司完成工商登记注册的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 石药创新制药股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召开 第六届董事会第二十九次会议，审议通过了《关于与关联方共同投资设立合资公 司暨关联交易的议案》，同意公司与关联方石药集团中奇制药技术（石家庄）有 限公司（以下简称"中奇制药"）共同投资设立合资公司，其中公司拟以自有资 金出资 15,750 万元，占合资公司注册资本的 35%；中奇制药拟以自有资金出资 29,250 万元，占合资公司注册资本的 65%。具体内容详见刊登于巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 一、合资公司取得营业执照的相关信息 近日，合资公司完成工商登记注册备案手续并取得了石家庄市市场监督管理 局颁发的营业执照。具体情况如下： 统一社会信用代码：91130100MAK3855A7T 证券代码：300765 证券简称：新诺威 公告编号：2025-103 成 立 日 期：2025 年 12 月 25 日 住 所：河北省石家 ...

证券代码：300765 证券简称：新诺威 公告编号：2025-104 石药创新制药股份有限公司 关于部分募集资金专户注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 石药创新制药股份有限公司（以下简称"公司"或"石药创新"）近日完成 了部分募集资金专户的注销手续，现将有关情况公告如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准石药集团新诺威制药股份有限公司首 次公开发行股票的批复》（证监许可〔2019〕288 号）核准，并经深圳证券交易 所《关于石药集团新诺威制药股份有限公司人民币普通股股票在创业板上市的通 知》（深证上〔2019〕133 号）同意，公司公开发行的人民币普通股股票已于 2019 年 3 月 22 日在深圳证券交易所创业板上市交易。公司首次公开发行人民币普通 股（A 股）50,000,000 股，发行价格 24.47 元/股，募集资金总额 1,223,500,000.00 元，扣除各项发行费用后，募集资金净额为 1,142,409,209.47 元。 上述募集资金到位情况已由中兴财 ...

Group 1 - The core point of the news is that New Nuo Wei's stock price decreased by 1.22%, reaching 36.51 yuan per share, with a total market capitalization of 51.282 billion yuan [1] - New Nuo Wei is primarily engaged in the research, production, and sales of functional foods, with 88.93% of its revenue coming from functional foods and raw materials, 8.91% from biopharmaceuticals, and 2.16% from other sources [1] Group 2 - According to data, Pengyang Fund has a significant holding in New Nuo Wei, with its Pengyang Medical Health Mixed A Fund increasing its holdings by 123,500 shares to a total of 181,200 shares, representing 5.68% of the fund's net value [2] - The Pengyang Medical Health Mixed A Fund has achieved a year-to-date return of 27.83% and a one-year return of 26.14%, ranking 3388 out of 8087 and 3373 out of 8085 respectively [2] - The fund manager, Zhu Guoqing, has a tenure of 18 years and 289 days, with a total fund asset size of 862 million yuan, while the co-manager, Cui Jieming, has a tenure of 2 years and 62 days, managing assets of 147 million yuan [2]

Group 1 - The core point of the article highlights the recent decline in the stock price of New Nuo Wei, which fell by 5.36% to 37.44 CNY per share, with a trading volume of 245 million CNY and a turnover rate of 0.46%, resulting in a total market capitalization of 52.588 billion CNY [1] - New Nuo Wei, officially known as Shiyao Innovation Pharmaceutical Co., Ltd., is based in Shijiazhuang, Hebei Province, and was established on April 5, 2006. The company went public on March 22, 2019, and its main business involves the research, development, production, and sales of functional foods [1] - The revenue composition of New Nuo Wei is primarily from functional foods and raw materials at 88.93%, followed by biopharmaceuticals at 8.91%, and other sources at 2.16% [1] Group 2 - From the perspective of major fund holdings, data indicates that a fund under Jianxin Fund has a significant position in New Nuo Wei. Jianxin Medical Health Industry Stock A (008923) increased its holdings by 590,300 shares in the third quarter, bringing the total to 1.4473 million shares, which constitutes 4.74% of the fund's net value, ranking it as the seventh-largest holding [2] - Jianxin Medical Health Industry Stock A (008923) was established on December 28, 2021, with a current scale of 702 million CNY. Year-to-date returns are at 41.64%, ranking 1006 out of 4197 in its category; over the past year, returns are 40.12%, ranking 959 out of 4179; and since inception, returns are 39.64% [2]

北京海润天睿律师事务所 关于石药创新制药股份有限公司 2025 年第三次临时股东会的法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5 层/9 层/10 层/13 层/17 层 电话：010-65219696 传真：010-88381869 法律意见书 北京海润天睿律师事务所 关于石药创新制药股份有限公司 1. 在本法律意见书中，本所及本所律师仅就本次股东会的召集及召开程序、 出席会议人员及召集人的资格、表决程序及表决结果进行核查和见证并发表法律 意见，不对本次股东会的议案内容及其所涉及的事实和数据的完整性、真实性和 准确性发表意见。 2. 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办 法（2023）》和《律师事务所证券法律业务执业规则（试行）》等规定以及本法 律意见书出具日以前已经发生的或者存在的事实，严格履行了法定职责，遵循了 勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的 事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误 导性陈述或者重大遗漏，并对此承担相应法律责任。 3. 公司已向本所及本所律师保证并承诺，其所发布或提供的与本次股东 ...

证券代码：300765 证券简称：新诺威 公告编号：2025-102 石药创新制药股份有限公司 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1. 本次股东会未出现否决议案的情形。 2. 本次股东会不涉及变更以往股东会已通过的决议的情形。 一、会议的召开和出席情况 1. 股东会的届次：2025 年第三次临时股东会。 2. 会议召集人：公司董事会。 3. 会议主持人：公司董事长姚兵。 4. 会议召开的日期、时间： （1）现场会议召开时间：2025 年 12 月 25 日（星期四）下午 14:30 开始。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 12 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2025 年 12 月 25 日 9:15-15:00。 5. 现场会议召开地点：河北省石家庄市高新区中山东路 896 号公司会议室。 通过网络投票的股东 377 人，代表股份 123,5 ...

Core Viewpoint - The announcement indicates that the company’s subsidiary, Shiyao Group Jushi Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of Daratumumab injection, a biosimilar to the original drug, targeting multiple myeloma patients [1] Group 1 - The clinical trial approval notification for Daratumumab injection was recently issued [1] - Daratumumab injection is a recombinant fully human IgG1 monoclonal antibody targeting ADP-ribosyl cyclase (CD38) [1] - The drug is classified as a biosimilar to the original drug, Zhaoke®, and is submitted under category 3.3 for therapeutic biological products [1] Group 2 - The drug is intended for the treatment of adult patients with multiple myeloma [1]

Group 1 - Shareholder of Okoyi plans to reduce holdings by up to 1.89% of the company's shares, amounting to a maximum of 3 million shares due to personal funding needs [1] - Tianchuang Fashion is planning a change in control, leading to continued suspension of its stock trading, expected to last no more than 3 trading days [2] - China Electric Power Construction Company reported a new contract amount of 10,317.55 billion yuan for the first 11 months of 2025, a year-on-year decrease of 1.65% [3] Group 2 - Pilin Bio's wholly-owned subsidiary received approval for a clinical trial of a drug, indicating progress in its product development [4] - Yihong Medical obtained two medical device registration certificates for diagnostic kits, enhancing its product portfolio [5] - Aohong Electronics plans to use up to 450 million yuan of idle fundraising for cash management, targeting safe and liquid financial products [6] Group 3 - China Electric Power Construction signed a contract worth approximately 6.626 billion yuan for a natural gas booster station project in Turkey, with a construction period of about 55 months [7] - Baosheng Co. won a bid for a power cable project in Singapore, valued at around 1.2 billion yuan, marking the largest overseas order in its history [8] - *ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase plan that will raise its total share capital to 3.29 billion shares [9] Group 4 - Ningbo Construction's subsidiary signed a construction contract worth 428 million yuan for an engineering project with a duration of 990 days [11] - Lianhuan Pharmaceutical's subsidiary received approval for a drug that passed the consistency evaluation for generic drugs, enhancing its market competitiveness [12] - Zhongjie Automotive received a project designation for a new electric air conditioning compressor, with expected sales of approximately 29.86 million USD over its lifecycle [13] Group 5 - Biopharmaceuticals' major shareholder plans to increase holdings by 50 million to 100 million yuan, indicating confidence in the company's future [14] - Haizheng Pharmaceutical's subsidiary received approval for a veterinary drug product, expanding its product offerings in the animal health sector [15] - *ST Songfa's subsidiary signed contracts for the construction of 8 vessels, with a total contract value between 200 million to 400 million USD [16] Group 6 - Shandong Pharmaceutical Glass announced the resignation of its chairman due to age reasons, indicating a potential leadership transition [17] - Xinno Wei's subsidiary received approval for a clinical trial of a monoclonal antibody drug, indicating advancements in its drug development pipeline [18] - Ningbo Huaxiang's subsidiary secured an order for robot joints, expected to positively impact future business performance [19][20] Group 7 - China Resources Double Crane's subsidiary received approval for a clinical trial of a drug aimed at treating a genetic eye disease, reflecting ongoing R&D efforts [21] - Huaxin Technology's shareholders set a transfer price of 56.69 yuan per share for a block of shares, indicating active shareholder engagement [22] - Xinhua Net announced the resignation of its president due to job relocation, suggesting potential changes in management [23] Group 8 - Taiji Group plans to transfer a 40% stake in a subsidiary to focus on its core pharmaceutical business, enhancing operational efficiency [24] - Huaxin Construction's shareholder plans to increase holdings by 200 million to 400 million yuan, reflecting confidence in the company's prospects [25] - Dongjie Intelligent is planning to issue shares and cash for asset acquisition, with stock trading suspended until further notice [26] Group 9 - Wanrun New Energy was designated as a delivery warehouse for lithium carbonate futures, indicating its strategic position in the market [27] - Prolo Pharmaceutical's subsidiary received a drug registration certificate for an influenza treatment, expanding its product range [28] - Saiwu Technology invested 5 million yuan in a private equity fund focused on smart vehicles and energy innovation, indicating strategic investment in growth sectors [29] Group 10 - Bohui Innovation's subsidiary received approval for a clinical trial of an immunoglobulin drug, indicating progress in its product development [30] - Bohui Innovation's subsidiary also received a drug registration certificate for a coagulation factor product, enhancing its therapeutic offerings [31] - Hanghua Co. plans to allocate 146 million yuan of surplus fundraising for a new green printing materials project, reflecting a commitment to sustainability [32] Group 11 - Nova Star Cloud obtained a loan commitment letter from a bank for a share repurchase plan, indicating financial support for its capital management strategy [33] - Jimin Health established a joint venture for technology innovation, indicating a strategic move to enhance its technological capabilities [34] - Huili Pharmaceutical received a drug registration certificate for a medication used in treating digestive ulcers, expanding its product portfolio [35]

Core Viewpoint - The company XinNuoWei (300765.SZ) announced that its subsidiary, Giant Stone Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of Daratumumab injection, a biosimilar to the original drug, targeting multiple myeloma patients [1] Group 1 - The clinical trial approval notification for Daratumumab injection has been issued, allowing the company to commence clinical trials shortly [1] - Daratumumab injection is a recombinant fully human IgG1 monoclonal antibody that targets ADP-ribosyl cyclase (CD38) [1] - The drug is classified as a Class 3.3 biological product for therapeutic use and is intended for adult patients with multiple myeloma [1]