Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Group 1 - The core announcement is that Baiyang Pharmaceutical (301015) will hold its first extraordinary shareholders' meeting on January 15, 2026, at 14:30 [1] - The agenda includes reviewing two proposals: joint investment with professional investment institutions and confirmation of related party transactions for the year 2025, as well as expected daily related party transactions for 2026 [1] - Related shareholders are required to abstain from voting on these proposals [1]

Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) aims to optimize its industrial layout and seize strategic cooperation opportunities by establishing the Suzhou Baiyang Equity Investment Fund Partnership, leveraging the resources and expertise of professional investment institutions [1] Group 1: Fund Establishment - The company plans to jointly establish the Suzhou Baiyang Equity Investment Fund Partnership with several partners, including Suzhou Baiyang Feifan Enterprise Management Co., Ltd., Suzhou Guofa Asset Management Co., Ltd., and others [1] - The fund's total subscribed capital is set at RMB 100 million, with the company contributing RMB 43 million, representing 43% of the total [1] Group 2: Investment Focus - The investment focus of the Suzhou Baiyang Fund will be on early-stage entrepreneurial companies in the biopharmaceutical and health sectors, particularly those with breakthrough technologies, disruptive medical devices, and proprietary intellectual property that fill domestic gaps [1] - The geographical investment concentration will be in the Suzhou Industrial Park [1]

Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) aims to optimize its industrial layout and seize strategic cooperation opportunities by establishing the Suzhou Baiyang Equity Investment Fund Partnership, leveraging the resources and expertise of professional investment institutions [1] Group 1: Fund Establishment - The company plans to jointly invest with several partners, including Suzhou Baiyang Feifan Enterprise Management Co., Ltd., Suzhou Guofa Asset Management Co., Ltd., and others to set up the Suzhou Baiyang Fund [1] - The fund's total subscribed capital is set at RMB 100 million, with the company contributing RMB 43 million, representing 43% of the total investment [1] Group 2: Investment Focus - The investment focus of the Suzhou Baiyang Fund will be on early-stage entrepreneurial companies in the biopharmaceutical and health sectors, particularly those with breakthrough technologies, disruptive medical devices, and proprietary intellectual property that fill domestic gaps [1] - The geographical investment concentration will be in the Suzhou Industrial Park [1]

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 重要提示： 青岛百洋医药股份有限公司（以下简称"公司"）第四届董事会第四次会 议于 2025 年 12 月 30 日召开，会议定于 2026 年 1 月 15 日（星期四）召开 2026 年第一次临时股东会。现将会议有关事项通知如下: 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号— 创业板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及 《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 01 月 15 日 14:30:00 （2）网络投 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-103 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 第四届董事会第四次会议决议公告 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。 一、董事会会议召开情况 青岛百洋医药股份有限公司（以下简称"公司"）第四届董事会第四次会议 于 2025 年 12 月 30 日以现场结合通讯的方式召开，会议通知已于 2025 年 12 月 24 日以邮件形式送达全体董事。本次会议由公司董事长付钢先生召集并主持， 应出席董事 9 人，实际出席董事 9 人，公司总经理、董事会秘书列席会议。本次 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过了《关于部分募投项目延期的议案》； 结合当前募投项目实际情况和投资进度，公司在募投项目实施主体、投资用 途及投资规模不变的情况下，决定将"百洋云化系统升级项目"达到预定可使用 状态时间延期至 20 ...

Core Viewpoint - The company has completed the transfer of its 40.0465% stake in Beijing Wuwei Kang Technology Co., Ltd. to Beijing Baiyangjia Health Management Co., Ltd. for a price of 57.4616 million yuan, and has no longer any equity in Wuwei Kang [1] Group 1 - The company signed a share transfer agreement with Beijing Baiyangjia Health Management Co., Ltd. [1] - The transaction price for the 40.0465% stake was 57.4616 million yuan [1] - The relevant industrial and commercial change registration procedures for Wuwei Kang have been completed [1]

东兴证券股份有限公司 关于青岛百洋医药股份有限公司 与专业投资机构共同投资暨关联交易的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐人"）作为青岛百 洋医药股份有限公司（以下简称"百洋医药"或"公司"）2021 年度首次公开发 行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的保荐人，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法律法 规、规范性文件要求，对百洋医药与专业投资机构共同投资暨关联交易事项进行 了核查，具体核查情况如下： 一、与专业投资机构共同投资暨关联交易概述 （一）交易的基本情况 为实现产业战略布局，把握战略合作机会，充分借助专业投资机构的资源优 势和专业能力，优化百洋医药产业布局，公司拟与苏州百洋非凡企业管理有限公 司（以下简称"百洋非凡"）、苏州国发资产管理有限公司、苏州飞凡资产管理有 限公司、苏州国发新创产业叁号投资企业（有限合伙）、苏州工业园区创业投资 引导基金合伙企业（有限合伙）共 ...

东兴证券股份有限公司 关于青岛百洋医药股份有限公司 部分募投项目延期的核查意见 经中国证券监督管理委员会《关于同意青岛百洋医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]613号）同意注册，公司 向不特定对象发行可转债860万张，每张面值为人民币100元，募集资金总额为人 民币86,000.00万元，扣除发行费用778.85万元后，募集资金净额为85,221.15万元。 立信会计师事务所（特殊普通合伙）已于2023年4月20日对上述资金到账情况进 行了审验，并出具了《验资报告》（信会师报字[2023]第ZG11150号）。 （二）募集资金存放及使用情况 截至 2025 年 11 月 30 日，公司向不特定对象发行可转债募集资金使用情况 如下： 单位：万元 1 | 序 | 项目名称 | 募集资金承 | 累计投入募集 | 投资进度 | 账户余额 | | --- | --- | --- | --- | --- | --- | | 号 | | 诺投资总额 | 资金金额 | | | | 1 | 百洋品牌运营中心建设项目 | 50,000.00 | 0.00 | 0.00% | 41.2 ...

东兴证券股份有限公司 关于青岛百洋医药股份有限公司 2025 年度关联交易确认及 2026 年度日常关联交易预计的核 查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐人"）作为青岛百 洋医药股份有限公司（以下简称"百洋医药"或"公司"）2021 年度首次公开发 行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的保荐人，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法律法 规、规范性文件要求，对百洋医药 2025 年度关联交易确认及 2026 年度日常关联 交易预计进行了核查，具体核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》 等相关法律法规、规范性文件及《公司章程》有关规定，结合日常经营和业务发 展需要，预计 2026 年度公司及子公司将与关联人发生的日常关联交易金额不超 过 93,769.00 万元。公司 2025 年度日常 ...