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、关联交易概述 为优化资产结构，提高资产运营效率，青岛百洋医药股份有限公司（以下简 称"公司"）于 2025 年 10 月 29 日召开第四届董事会第二次会议，审议通过了《关 于出售参股公司股权暨关联交易的议案》，同意公司与北京百洋家健康管理有限 公司（以下简称"百洋家健康"）签订《股权转让协议》，将公司持有的北京五维 康科技有限公司（以下简称"五维康"）40.0465%股权以 57,461,562.80 元的价格 转让给百洋家健康。具体内容详见公司于 2025 年 10 月 30 日在巨潮资讯网 （www.cninfo.com.cn）披露的《青岛百洋医药股份有限公司关于出售参股公司股 权暨关联交易的公告》。 | 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-108 | | --- | --- | --- | | 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 关于出售参股公司股权暨关联交易的进展公告 截至本公告披露日，公司已与协议各方签署《股权转让协 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of December 28, 2025 [1] Core Insights - The report highlights the intensive policy support for brain-computer interface (BCI) technology development, particularly in the medical field, with several policies already implemented [2] - It emphasizes the significant market opportunity in radiation therapy equipment, particularly the ZAP-X system, which is expected to capture a substantial share of the growing market for non-invasive tumor radiation treatment [3] - The introduction of pathology fee reforms is seen as a breakthrough for the commercialization of AI applications in pathology, allowing for better integration of AI-assisted diagnostics into the pricing structure [5] - The report discusses the trend of Chinese innovative drugs entering international markets, which is expected to reduce domestic competition and provide new valuation anchors for these companies [6] - It also notes the promising developments in oral autoimmune drugs and small nucleic acid drugs, with several companies making significant progress in clinical trials [7][9] Summary by Sections 1. Policy Support for BCI Technology - In July 2025, a joint opinion was issued by multiple government departments to promote BCI industry innovation, with medical health being a core application area [2] - The National Medical Products Administration (NMPA) has prioritized the approval of implantable BCI medical devices, with expected registration certificates to be issued by Q1 2026 [2] 2. Radiation Therapy Equipment Market - The ZAP-X system is designed for precise radiation therapy for brain tumors, with a significant patient population in China, estimated at 1.5 million new cases of brain metastases annually [3] - The non-invasive tumor radiation treatment market is projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% [3] 3. AI in Pathology - The NMPA's new guidelines for pathology services include AI-assisted diagnostics as an expansion item, which will help streamline the commercialization of AI technologies in pathology [5] 4. Innovative Drug Exports - The report notes that partnerships between Chinese companies and international firms are increasing, providing funding and reducing competition in the domestic market [6] - The innovative drug index has risen by 38.11% since the beginning of 2025, outperforming the CSI 300 index [6] 5. Oral Autoimmune Drugs - Takeda's new oral TYK2 inhibitor has shown positive results in clinical trials for psoriasis, indicating a potential breakthrough in treatment options [7] - Several domestic companies are also advancing in the development of oral autoimmune drugs targeting various conditions [7] 6. Small Nucleic Acid Drugs - Yuyuan Pharmaceutical's YKYY032 injection has received clinical approval from both the FDA and NMPA, with multiple companies in China advancing in the small nucleic acid drug space [9] - The report highlights the reliability of domestic technology platforms as they progress through clinical trials [9] 7. Stock Recommendations - The report recommends specific companies based on the identified opportunities, including Meihua Medical for BCI technology, Baiyang Pharmaceutical for ZAP-X, and Yuyuan Pharmaceutical for small nucleic acid drugs [11]

证券之星消息，12月25日医药商业板块较上一交易日上涨0.41%，合富中国领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603122 | 合富中国 | 26.04 | 5.25% | 90.01万 | 22.46 乙 | | 301015 | 百洋医药 | 24.22 | 2.98% | 7.45万 | 1.80亿 | | 600538 | 国发股份 | 6.35 | 2.58% | 9.20万 | 5782.41万 | | 300937 | 药易购 | 35.16 | 2.36% | 11.03万 | 3.89亿 | | 002788 | 營荷医药 | 20.06 | 2.09% | 101.86万 | 19.77亿 | | 603716 | 塞力医疗 | 22.02 | 1.71% | 20.62万 | 4.51亿 | | 603939 | 益丰药房 | ...

格隆汇12月23日丨百洋医药(301015.SZ)在投资者互动平台表示，易复诊为公司控股股东投资的企业， 目前公司未与蚂蚁阿福合作。 ...

格隆汇12月23日丨百洋医药(301015.SZ)在投资者互动平台表示，易复诊为公司控股股东投资的企业， 目前公司未与蚂蚁阿福合作。 ...

证券代码：301015 证券简称：百洋医药 公告编号：2025-102 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 关于子公司为子公司提供担保的进展公告 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。 近日，为满足子公司业务发展的资金需求，青岛百洋医药股份有限公司（以下 简称"公司"）控股子公司上海百洋制药股份有限公司（以下简称"百洋制药"） 为其全资子公司上海百洋制药科技有限公司（以下简称"上海制药"）提供了连带 责任保证担保。具体情况如下： 一、担保情况概述 公司分别于 2025 年 4 月 22 日召开第三届董事会第三十一次会议、2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度对外担保额度预计的 议案》，同意百洋制药为上海制药提供不超过 40,200 万元的担保额度，担保额度的 有效期为自 2024 年年度股东大会决议通过之日起 12 个月。具体内容详见公司在巨 潮资讯网（www.cninfo.com.cn）披露的相关公告。 二、担保进展情况 近日，为满足日常经营需求，上海制药向招商 ...

Core Viewpoint - Baiyang Pharmaceutical is advancing its "big radiotherapy" strategy with the ZAP-X Mars surgical robot, focusing on precision radiotherapy and establishing a comprehensive global supply chain and clinical research framework [2][3]. Group 1: Product Development and Market Strategy - Baiyang Pharmaceutical has made significant progress with the ZAP-X, including the launch of global manufacturing bases, initiation of clinical research, and establishment of radiotherapy centers [2]. - The company has invested in ZAP Surgical in Silicon Valley to oversee the commercialization of ZAP-X in China and to initiate global-scale production [5]. - ZAP-X has been approved for sale in 24 countries and regions, with over 5,000 clinical applications recorded [6]. Group 2: Clinical Application and Research - Baiyang Pharmaceutical is addressing the challenge of brain metastases, which sees 1.5 million new cases annually in China, by promoting ZAP-X's clinical application [5]. - The company is collaborating with hospitals to create independent third-party precision radiotherapy centers, aiming to establish 15 centers by the end of 2026 [6]. - Real-world studies and investigator-initiated trials (IIT) are being launched to validate ZAP-X's clinical value and integrate it into China's clinical research system [7]. Group 3: Technological Innovation and Future Trends - Baiyang Pharmaceutical is expanding its precision radiotherapy portfolio to include specialized devices for brain, body, and cardiac applications [8]. - The company has developed China's first 4π intelligent robotic radiotherapy system, enhancing treatment precision and reducing side effects [8]. - Ongoing research in non-invasive cardiac radiotherapy is expected to pioneer new treatment methods for arrhythmias [8].

Core Insights - Baiyang Pharmaceutical's ZAP-X Mars surgical robot has achieved significant milestones in its large-scale radiation therapy strategy, including the launch of global manufacturing, initiation of clinical research, and establishment of radiation therapy centers [1][2][4] Group 1: Clinical Need and Product Innovation - There are 1.5 million new cases of brain metastases in China each year, presenting a significant clinical challenge due to the limitations of traditional treatments [1] - ZAP-X is designed for precise brain radiation therapy, featuring innovative technology such as a dual-rotating spherical structure that allows for thousands of non-coplanar radiation beams, enhancing tumor destruction while minimizing damage to healthy brain tissue [1] - The device includes real-time imaging guidance and dose monitoring systems, setting a new standard in radiation therapy precision and safety [1] Group 2: Clinical Research and Market Expansion - Baiyang Pharmaceutical is collaborating with top medical institutions to accelerate clinical research on ZAP-X, including a real-world study with Peking University International Hospital and a large-scale prospective study with Capital Medical University [2] - ZAP-X has been approved for use in 24 countries and regions globally, with over 5,000 clinical cases reported, leading to a rapid increase in orders [2] Group 3: Manufacturing and Production Capacity - The newly inaugurated "Baiyang Pharmaceutical High-end Manufacturing Industrial Base" will serve as the global production and supply center for ZAP-X, adhering to strict quality standards [3] - The facility aims to achieve an annual production capacity of 100 units, with approximately 80% of orders expected to come from overseas, alleviating global delivery pressures [3] Group 4: Strategic Partnerships and Future Plans - Baiyang Pharmaceutical is establishing independent third-party precision radiation therapy centers through a "hospital-enterprise co-construction" model, facilitating shared clinical resources among multiple hospitals [3] - A strategic partnership with Tiantan Puhua Hospital aims to create a high-level radiation therapy platform focused on specialized treatment for brain tumors, with plans to establish 15 radiation therapy centers by the end of 2026 [4]

ZAP Surgical创始人、CEO约翰·艾德勒（John Adler）教授系统梳理了立体定向放射外科（SRS）从诞生 到迭代的历程。他指出，SRS凭借对深部微小病灶的精准高效打击，已成为脑肿瘤及部分功能性脑疾病 的"明星"放疗技术。在这一技术路径下诞生的ZAP-X，代表着精准放疗技术的发展方向，有望成为未来 脑肿瘤疾病治疗的主导方案。 图 ZAP-X创新的双回旋球形结构可从数千个非共面角度实现聚焦照射，在提升肿瘤杀伤效率的同时有效降 低正常脑组织受量；亚毫米级等中心精度、实时影像引导与实时剂量监控系统等，进一步为复杂疑难的 脑肿瘤放射治疗提供了精准、安全双重保障。依托其临床优势，ZAP-X已在24个国家和地区获批上市， 完成超5000例临床治疗，全球商业化进程持续加速。 签约仪式现场，亚太医疗集团北方区CEO杨世春表示，此次签约合作是医院在神经、脑肿瘤等疾病领域 走向纵深的重要标志，"我们将继续以专业化、精细化运营为依托，与百洋医药共同打造可复制、可推 广、可持续的脑肿瘤放疗新范式，为更多脑肿瘤患者提供高质量的治疗选择"。 来源：环球网 近年来，脑肿瘤尤其是脑转移瘤的诊疗需求显著攀升。我国相关患者数每年超 ...

Core Insights - The article discusses significant developments in the pharmaceutical and healthcare industry, including leadership changes, regulatory approvals, and strategic collaborations aimed at enhancing treatment options for patients with complex conditions like brain metastases [14][4][12]. Policy Developments - The National Medical Products Administration (NMPA) is focusing on balancing safety and development, emphasizing the importance of legal administration and scientific regulation to protect the legitimate rights of enterprises and promote high-quality industry development [2]. Drug Approvals - Yuandong Biotech received a drug registration certificate for Brivaracetam tablets, marking it as the first generic drug approved under the new registration classification in China. The expected sales for the original drug are approximately 160,000 yuan in the first half of 2025 [4]. - Jiutian Pharmaceutical has received approval for clinical trials of JMHT06 for treating acute gouty arthritis [5]. Capital Market Activities - L'Oréal plans to increase its stake in Galderma by acquiring an additional 10% of shares, which will raise its total ownership to 20% by early 2026. This move includes the nomination of two non-independent directors from L'Oréal to Galderma's board [7]. Industry Collaborations - Baiyang Pharmaceutical is collaborating with multiple medical institutions to enhance treatment for brain metastases, including launching real-world studies with ZAP-X technology and establishing a precision radiotherapy center [12][9].