Core Insights - Baiyang Pharmaceutical reported a revenue of 5.627 billion for the first three quarters of 2025, which increases to 6.505 billion when adjusted for the two-invoice system [1] - The net profit attributable to shareholders for the same period is 476 million, with a third-quarter revenue of 1.876 billion and a net profit of 313 million, reflecting a year-on-year growth of 31.43% [1] - The basic earnings per share increased by 33.33% year-on-year, indicating strong profit growth [1] Revenue and Profit Performance - For the first three quarters of 2025, Baiyang Pharmaceutical's revenue, when adjusted for the two-invoice system, shows a brand revenue proportion increase to 76.54% [1] - The third quarter alone saw a revenue of 1.876 billion and a net profit of 313 million, marking significant growth compared to previous periods [1] Strategic Partnerships - In September 2025, the company signed a strategic cooperation agreement with Tianjin Jikun Pharmaceutical Technology Co., Ltd. to leverage mutual resource advantages [1] - This collaboration aims to enhance research and development, manufacturing, commercialization, and capital operations in the fields of organ fibrosis and related inflammatory immune diseases [1] - The partnership is expected to effectively integrate resources and expand the company's innovative drug portfolio in the organ fibrosis sector [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 出售参股公司股权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，对百洋医药出售参股公司股权暨关联交易事项进行了核查， 具体核查情况如下： 一、关联交易概述 为优化资产结构，提高资产运营效率，百洋医药拟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"或"标的公司"）40.0465%股权以 57,461,562.80 元的价格转让给百洋家健康。 百洋家健康为公司控股股东百洋医药集团有限公司全资子公司北京百洋诚 创医药研发有限公司持股 100%的 ...

Group 1 - Baiyang Pharmaceutical (SZ 301015) announced on October 29 that its fourth board meeting will be held in a hybrid format, discussing the proposal for the sale of equity in an associated company [1] - For the year 2024, Baiyang Pharmaceutical's revenue composition is as follows: 92.5% from sales of pharmaceuticals and medical devices, 7.18% from brand services, and 0.32% from other businesses [1] - As of the report, Baiyang Pharmaceutical has a market capitalization of 13.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

青岛百洋医药股份有限公司 第四届董事会第二次会议决议公告 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"）第四届董事会第二次会议 于 2025 年 10 月 29 日以现场结合通讯的方式召开，会议通知已于 2025 年 10 月 23 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 | 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | （一）审议通过了《关于<2025 年第三季度报告>的议案》； 董事会认为：公司《2025 年第三季度报告》包含的信息公允、全面、真实 地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、完 整， ...

Financial Performance - The company's revenue for Q3 2025 was ¥1,875,813,384, a decrease of 12.85% year-on-year, while the revenue for the first three quarters was ¥5,627,105,173, down 8.41% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥313,293,281.78, an increase of 31.43% year-on-year, but the net profit for the first three quarters decreased by 25.67% to ¥476,428,959.39[5] - The basic earnings per share for Q3 2025 was ¥0.60, reflecting a year-on-year increase of 33.33, while the diluted earnings per share was ¥0.56, up 27.27%[5] - Total revenue for the current period is ¥5,627,105,173.24, a decrease of 8.43% from ¥6,143,923,658.27 in the previous period[21] - Net profit for the current period is ¥560,613,786.74, a decline of 18.83% compared to ¥690,576,353.68 in the previous period[22] - Earnings per share (EPS) for the current period is ¥0.91, down from ¥1.22 in the previous period[23] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥7,591,436,389.71, representing a 6.73% increase from the end of the previous year[5] - Total assets increased to ¥7,591,436,389.71 from ¥7,112,584,251.13, reflecting a growth of 6.73%[20] - Total liabilities rose to ¥4,827,669,218.56, an increase of 7.09% from ¥4,507,912,645.50[20] - Non-current liabilities increased to ¥1,386,290,913.96, up from ¥1,249,949,031.86, marking an increase of 10.87%[20] - The company's equity attributable to shareholders increased to ¥2,481,532,375.26 from ¥2,374,910,404.59, a growth of 4.49%[20] Cash Flow - The company recorded a cash flow from operating activities of ¥621,417,565.21 for the first three quarters, an increase of 10.49% year-on-year[5] - Operating cash flow for the current period is ¥621,417,565.21, an increase of 10.5% compared to ¥562,424,238.63 in the previous period[24] - Total cash inflow from operating activities is ¥6,420,978,563.77, slightly down from ¥6,429,999,941.74 in the previous period[24] - Cash outflow for purchasing goods and services decreased to ¥3,771,991,577.06 from ¥4,084,199,674.25, reflecting a reduction of approximately 7.7%[24] - The ending balance of cash and cash equivalents is ¥1,650,925,231.28, up from ¥1,037,953,705.98 in the previous period[25] Investments and Subsidies - The company received government subsidies amounting to ¥1,442,920.74 during the reporting period, contributing to its financial performance[6] - The company reported an investment loss of ¥6,155,038.67, compared to a profit of ¥37,980,848.89 in the previous period[21] - Cash received from investment recovery is ¥230,000,000.00, down from ¥250,763,665.81 in the previous period[25] - Total cash outflow for investment activities is ¥766,370,662.08, slightly lower than ¥768,391,595.90 in the previous period[25] Operational Changes - The core business brand operation achieved revenue of ¥4,101,000,000, remaining stable year-on-year, while the wholesale distribution business saw a revenue decline of 28.85% to ¥1,211,000,000[8] - The company has focused on core brand operations, leading to a reduction in the scale of wholesale distribution business[9] - The company has seen a significant increase in the fair value changes of financial assets, contributing to the net profit growth in Q3 2025[9] - The company signed a strategic cooperation agreement with Tianjin Jikun Pharmaceutical Technology Co., aiming to enhance its capabilities in organ fibrosis and related diseases[16] - The strategic partnership is expected to enhance the company's innovation in the field of organ fibrosis, potentially increasing its market presence[16]

Core Insights - Baiyang Pharmaceutical has signed a cooperation agreement with Peking University International Hospital to jointly build and operate a radiosurgery treatment center for a period of 8 years [2] - The collaboration involves the ZAP-X radiosurgery robot, which was authorized from ZAP Medical and has been approved for use in China since June 2023 [2][3] - The ZAP-X device is designed for treating intracranial and head and neck tumors, offering advantages such as reduced construction costs for radiation shielding facilities and improved accessibility to radiosurgery technology [3] Company Developments - The ZAP-X device is expected to treat approximately 200 patients annually, targeting three main patient groups: those with brain metastases, primary brain tumors, and benign brain tumors [3][4] - The device is set to be operational by mid-December 2023, with plans to expand its reach to countries along the "Belt and Road" initiative [4] - Baiyang Pharmaceutical's high-end manufacturing base in Beijing is expected to be operational by the end of 2025, aiming to become the global production and supply center for ZAP-X [4] Industry Context - Baiyang Pharmaceutical is the exclusive distributor of ZAP-X in mainland China, Hong Kong, and Macau, and holds over 19% equity in ZAP Medical [5][6] - The company is expanding its presence in the radiation therapy sector, with ongoing developments in various treatment technologies, including a 4π intelligent robotic radiation therapy system currently in clinical trials [6] - Despite the company's advancements, the radiation therapy penetration rate in China remains low, with only 20% to 30% of cancer patients opting for radiation therapy compared to 70% in the United States [6]

Core Viewpoint - The strategic cooperation between Peking University International Hospital and Baiyang Pharmaceutical aims to establish a high-level precision radiotherapy center focused on brain tumors, utilizing the ZAP-X Mars surgical robot to provide innovative treatment solutions for millions of patients [1] Group 1: Strategic Cooperation - Peking University International Hospital and Baiyang Pharmaceutical signed a strategic cooperation agreement to jointly build a precision radiotherapy center [1] - The center will leverage the ZAP-X Mars surgical robot operated by Baiyang Pharmaceutical to optimize treatment scenarios for brain tumors [1] Group 2: Market Context - Brain tumors represent a global treatment challenge, with traditional surgical methods often leading to secondary injuries such as nerve damage or cerebral edema [1] - The incidence of brain tumors has been rising, particularly brain metastases, with over 1.5 million new cases reported annually in China alone [1] Group 3: Future Aspirations - The chairman of Peking University Medical Group expressed that this cooperation marks a new beginning for both parties, aiming to innovate medical services and explore industrialization [1] - The collaboration is expected to enhance diagnostic and treatment capabilities in the field of oncology, especially for brain tumors, and to foster new partnerships in other critical areas [1]

Policy Developments - Liaoning Province will implement direct payment of maternity allowances to employees starting November 1, 2025, enhancing convenience and satisfaction for the public [1] Drug and Device Approvals - Hengrui Medicine's subsidiary received clinical trial approval for injection of Rukang Qutuzumab, aimed at treating advanced non-small cell lung cancer [2] - Jibeier received approval for the market application of the chemical raw material drug, Gatifloxacin, which is expected to support its production needs [3] Financial Reports - Ping An Good Doctor reported a 13.6% increase in revenue to 3.725 billion, with a net profit of 216 million, up 45.7% year-on-year [4] - Te Yi Pharmaceutical achieved a 985% increase in net profit, reporting 65.22 million in the first three quarters, with significant growth in traditional Chinese medicine sales [5] - Lijun Pharmaceutical reported a revenue of 9.116 billion, a slight increase of 0.38%, with a net profit of 1.754 billion, up 4.86% [6] Capital Market - In Shanghai's Baoshan District, 17 key biopharmaceutical projects were signed, with total investments exceeding 2 billion, aimed at enhancing the local biopharmaceutical industry [7][8] Industry Developments - Baiyang Pharmaceutical signed a cooperation agreement with Peking University International Hospital to establish a radiosurgery treatment center, enhancing access to high-quality medical resources [10] - Qiang Brain Technology established a new company in Chengdu focusing on AI-related businesses, including medical devices and internet data services [11] Regulatory Actions - The Shanghai Stock Exchange issued a regulatory warning to Zhejiang Dongya Pharmaceutical for discrepancies in the use of raised funds, highlighting the responsibility of the company's former board secretary [12]

Core Insights - Baiyang Pharmaceutical (301015.SZ) has signed a strategic cooperation agreement with Peking University International Hospital to establish a precision radiotherapy center focused on brain tumors, utilizing the ZAP-X robotic system to provide innovative treatment solutions for millions of patients [2][4]. Group 1: Strategic Partnership - The collaboration aims to create a high-level radiotherapy platform that specializes in the treatment of brain tumors, addressing the increasing incidence of such conditions globally [2][4]. - The ZAP-X system is recognized as a revolutionary technology in cranial radiotherapy, enhancing precision and safety in treatment by targeting tumors from multiple angles while protecting surrounding healthy brain tissue [4][5]. Group 2: Market Context - The global incidence of brain tumors is rising, with over 1.5 million new cases of brain metastases reported annually in China alone, highlighting the urgent need for advanced treatment options [4][6]. - Baiyang Pharmaceutical is transitioning into a technology-driven enterprise, establishing a comprehensive ecosystem in the radiotherapy sector that includes brain, body, and cardiac treatment solutions [6]. Group 3: Future Developments - Baiyang plans to accelerate the clinical application of ZAP-X in China and aims to establish a global manufacturing and supply center for the device by the end of 2025 [6]. - The company is also developing innovative technologies, such as the first 4π intelligent robotic radiotherapy system and exploring non-invasive treatments for arrhythmias, further solidifying its position in the global precision radiotherapy market [6].

Core Insights - Qingdao Baiyang Pharmaceutical Co., Ltd. has signed a strategic cooperation agreement with Peking University International Hospital to establish a precision radiotherapy center focused on brain tumors [2][3] - The center will utilize the ZAP-X radiotherapy robot, which is designed to enhance the precision and safety of brain tumor treatments [2][3] Company Developments - The collaboration marks a significant step for Baiyang Pharmaceutical in promoting the clinical application of high-end radiotherapy equipment and improving access to quality medical resources [3] - Baiyang Pharmaceutical has established a comprehensive industrial chain in the radiotherapy field, covering research and development, production, and operation [3] Industry Context - Brain tumors present a global treatment challenge, with traditional surgical methods often leading to secondary injuries such as nerve damage [2] - The incidence of brain tumors, particularly metastatic brain tumors, has been rising, with over 1.5 million new cases reported annually in China alone [2] - The ZAP-X system, recognized as a revolutionary product in cranial radiotherapy, has been approved for use in 24 countries and regions worldwide, completing over 5,000 clinical treatments [3]