Core Viewpoint - Baicheng Pharmaceutical (301096.SZ) plans to participate in the subscription of shares in West Lake Innovation (Hangzhou) Venture Capital Partnership, focusing on investment in strategic emerging industries such as biomedicine and hard technology [1] Group 1 - The company will invest 15 million yuan through its controlled entity, Hangzhou Mipeng Enterprise Management Partnership [1] - The partnership aims to target early-stage, small to medium-sized, and growth-stage enterprises for investment opportunities [1]

Core Points - Baicheng Pharmaceutical announced that its board member and senior executive Jia Fei holds 48,908 shares, accounting for 0.0451% of the total shares, and plans to reduce his holdings by no more than 12,200 shares, which represents 0.0112% of the total shares [1] - Board member Song Bofan holds 9,337 shares, accounting for 0.0086%, and intends to reduce his holdings by no more than 2,300 shares, which is 0.0021% of the total shares [1] - Board member Yan Hongbing holds 38,145 shares, accounting for 0.0352%, and plans to reduce his holdings by no more than 9,500 shares, representing 0.0088% of the total shares [1] - Senior executive Chen An holds 45,000 shares, accounting for 0.0415%, and intends to reduce his holdings by no more than 11,200 shares, which is 0.0103% of the total shares [1]

1、持有杭州百诚医药科技股份有限公司（以下简称"公司"）股份 48,908 股 （占本公司总股本比例 0.0451%，总股本已剔除回购专户股份数 777,300 股，下同） 的董事兼高级管理人员贾飞先生计划自本公告日起 15 个交易日后的 3 个月内通过集 中竞价交易方式减持公司股份不超过 12,200 股，即不超过公司目前总股本比例的 0.0112%。 2、持有公司股份 9,337 股（占本公司总股本比例 0.0086%）的董事宋博凡女士计 划自本公告日起 15 个交易日后的 3 个月内通过集中竞价交易方式减持公司股份不超 过 2,300 股，即不超过公司目前总股本比例的 0.0021%。 证券代码：301096 证券简称：百诚医药 公告编号：2025-048 杭州百诚医药科技股份有限公司 关于董事、高级管理人员减持股份预披露公告 董事兼高级管理人员贾飞先生，董事宋博凡女士、严洪兵先生，高级管理人员 陈安先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 3、持有公司股份 38,145 股（占 ...

关于公司控制的合伙企业认购私募基金份额的公告 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。 一、本次交易概述 为提高资金利用率，实现优质资产配置目标，杭州百诚医药科技股份有 限公司（以下简称"公司"）借助专业机构的专业力量，由公司控制的杭州 觅鹏企业管理合伙企业（有限合伙）（以下简称"杭州觅鹏"）拟参与认购 西湖创新（杭州）科创成果转化创业投资合伙企业（有限合伙）份额，杭州 觅鹏于2025年9月19日签署《合伙协议》。杭州觅鹏作为有限合伙人，拟以自 有资金1,500万元认购对应的出资额。 证券代码：301096 证券简称：百诚医药 公告编号：2025-047 杭州百诚医药科技股份有限公司 本次投资未达到《公司章程》和《对外投资管理制度》规定的审议标准， 无需提交董事会和股东大会审议。本次投资资金来源于杭州觅鹏自有资金， 不构成关联交易，不构成重大资产重组。 本次与专业机构共同投资符合《深圳证券交易所上市公司自律监管指引 第7号—交易与关联交易（2025年修订）》第四十一条相关规定，本次认购份 额的私募基金为与主营业务相关的投资基金。 二、合作方基本情况 （一 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 21, 2025 [1] Core Insights - The trend of Chinese innovative drugs going global is a significant industry trend, with a notable increase in License-out transactions in the first half of 2025, surpassing the total number for 2024 by over half and increasing transaction amounts by 16% [2] - The report highlights the importance of structural opportunities within the industry, emphasizing the need to select high-quality companies amidst the competitive landscape [2] - The report notes that while the trend of innovative drugs going abroad continues, concerns have arisen due to fewer major transactions and proposed U.S. regulations affecting Chinese drug licensing [2] - The report identifies significant breakthroughs in small nucleic acid drugs, particularly in chronic disease areas such as hypertension, with notable partnerships and potential milestone payments [3] - The report discusses promising clinical data from Chinese ADCs presented at the World Lung Cancer Conference, showcasing competitive advantages in efficacy and safety [4] - The report mentions the advancements in GLP-1 analogs for weight loss, with ongoing developments from both multinational corporations and domestic companies [5] - The CXO sector is expected to gradually recover, driven by an increase in orders and favorable policy changes [6] - The report outlines the completion of expert reviews for the 2025 medical insurance negotiation and commercial insurance innovative drug directories, indicating potential impacts on participating companies [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index has underperformed compared to the CSI 300 index, with a recent weekly decline of 2.07% [22] - Over the past month, the industry has lagged behind the CSI 300 index by 7.79 percentage points [23] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 39.77, above the five-year historical average of 31.50 [48] 3. Recent Research Achievements - The report includes various recent research outputs, highlighting the ongoing focus on innovative drug development and market opportunities [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Medical Insurance Administration regarding drug directory adjustments and the implications for the industry [52][54]

Group 1 - On September 15, Baicheng Pharmaceutical experienced a decline of 0.48% with a trading volume of 198 million yuan, and the financing net buy was -2.73 million yuan [1] - As of September 15, the total margin balance for Baicheng Pharmaceutical was 251 million yuan, accounting for 3.71% of its market capitalization, indicating a high level compared to the past year [1] - The company’s main business revenue composition includes: 32.19% from technology transfer, 24.50% from clinical services, 23.56% from preclinical research, 10.28% from commercial production, and 3.50% from CDMO services [1] Group 2 - As of June 30, the number of shareholders for Baicheng Pharmaceutical was 11,900, a decrease of 26.69%, while the average circulating shares per person increased by 62.65% to 6,976 shares [2] - For the first half of 2025, Baicheng Pharmaceutical reported a revenue of 332 million yuan, a year-on-year decrease of 36.70%, and a net profit attributable to shareholders of 3.10 million yuan, down 97.69% year-on-year [2] Group 3 - Baicheng Pharmaceutical has distributed a total of 184 million yuan in dividends since its A-share listing, with 119 million yuan distributed over the past three years [3] - As of June 30, 2025, the eighth largest circulating shareholder was Rongtong Health Industry Flexible Allocation Mixed A/B, holding 1.20 million shares, a decrease of 100,000 shares from the previous period [3]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

格隆汇9月12日丨百诚医药(301096.SZ)公布，截至2025年9月12日，本次增持计划实施期限已过半。楼 金芳女士于2025年6月13日至2025年9月12日期间，通过深圳证券交易所交易系统以集中竞价方式累计增 持公司股份共929,700股，占公司总股本的0.85%，累计增持金额为人民币5,031.07万元。增持后，楼金 芳女士及其一致行动人合计持有公司股份39,359,700股，占公司总股本比例由35.18%增加至36.03%，权 益变动触及1%的整数倍。 ...

证券代码：301096 证券简称：百诚医药 公告编号：2025-046 杭州百诚医药科技股份有限公司 关于控股股东增持公司股份触及1%整数倍暨增持计划实施期限过半的公告 公司控股股东楼金芳女士保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 公司于近日收到控股股东楼金芳女士出具的《关于增持公司股份触及1%整数倍暨 增持计划实施期限过半的告知函》，现将有关情况公告如下： 一、增持计划的基本情况 公司控股股东楼金芳女士基于对公司长期投资价值的认可以及未来持续稳定发展 的信心；同时为促进公司持续、健康、稳定发展，提升投资者信心，计划自2025年6月 12日起6个月内，以集中竞价交易方式增持公司股份，计划增持金额不低于人民币 5,000万元且不超过人民币10,000万元，计划增持价格不超过80元/股。 增持计划的具体内容详见公司在巨潮资讯网于2025年6月12日披露的《关于控股股 东增持公司股份计划的公告》（公告编号：2025-029）和2025年9月11日披露的《关于 调整控股股东增持公司股份计划价格上限的公告》（ ...

Core Viewpoint - On September 11, a total of 26 A-share listed companies disclosed their shareholding reduction plans, indicating a trend of insider selling in the market [1][2]. Group 1: Company Buybacks - Baicheng Pharmaceutical's controlling shareholder adjusted the upper limit of its buyback plan to no more than 80 yuan per share [2]. Group 2: Company Reductions - Notable companies with planned reductions include: - Zhenghai Magnetic Materials: Directors Gao Bo and Shi Bingqiang plan to reduce their holdings [2]. - Youkede: The actual controller intends to transfer 5.13% of the company's shares at 19.74 yuan per share [2]. - Xinjun Network: Shanghai Senxiao Investment Center reduced its holdings by 1.6271 million shares [2]. - Haige Communication: Shareholder Yang Haizhou plans to reduce holdings by up to 3.5 million shares [2]. - Mind Electronics: Shareholder New大陆 plans to reduce holdings by no more than 1.2% of the company's shares [2]. - Tuoer Si: Shareholder plans to reduce holdings by no more than 0.5% of the company's shares [2]. - Youfang Technology: Some directors and supervisors plan to reduce holdings by no more than 1.3185% of the company's shares [2]. - Juguang Technology: Shareholder Yan Suibin's reduction plan has been completed [2]. - Zhiyuan New Energy: Controlling shareholder's concerted actor Wang Ran plans to reduce holdings by no more than 3% of the company's shares [2]. - Huatai Medical: Vice Chairman Cheng Zhenghui reduced holdings by 2.8203 million shares between September 3 and September 11 [2]. - Shanhaishan: Shareholders Dajiankang and Director Ren Yingxiang plan to reduce holdings by up to 4.08% of the company's shares [2]. - Wanxun Control: Shareholder Zunwei Trading plans to reduce holdings by no more than 2.5 million shares [2]. - Maijie Technology: Shareholder Zhang Meirong plans to reduce holdings by no more than 1% of the company's shares [2]. - Yinghuate: Shareholder Xie Lichuang plans to reduce holdings by no more than 1% of the company's shares [2]. - Jinpu Garden: Shareholder plans to reduce holdings by no more than 4.58% of the company's shares [2]. - Wenzhou Hongfeng: Controlling shareholder Chen Xiao plans to reduce holdings by no more than 12.5 million shares [2]. - Futec Technology: Shareholder Changjiang Weilai Industrial Fund plans to reduce holdings by no more than 3% of the company's shares [2]. - Huahai Chengke: Shareholder Yang Senmao plans to reduce holdings by no more than 3% of the company's shares [2]. - Yizhiming: Actual controller and concerted actors plan to reduce holdings by no more than 7.27 million shares [2]. - Zhongke Environmental Protection: Shareholder plans to reduce holdings by 1.2% of the company's shares [2]. - Zhongwen Online: Shareholder plans to reduce holdings by no more than 2% of the company's shares [2]. - Bidetech: Director and Deputy General Manager He Ming plans to reduce holdings by no more than 0.0466% of the company's shares [2]. - Jihua Group: Director and Vice Chairman Yang Quanming plans to reduce holdings by no more than 0.3% of the company's shares [2]. - Shengke Communication: National Integrated Circuit Industry Investment Fund has reduced holdings by 4.1 million shares [2]. - Suqian Liansheng: Fangyuan Zhihui plans to reduce holdings by no more than 3% of the company's shares [2]. - Jifeng Co., Ltd.: Shareholder Yu Wanli plans to reduce holdings by no more than 2% of the company's total share capital [2].