重药控股与辉瑞合作获首付款，回购计划持续推进

Company Developments - The company has made progress in its operations and external collaborations, including a milestone payment from Pfizer [1] - A subsidiary, Yaoyou Pharmaceutical, has signed a global exclusive licensing agreement with Pfizer, receiving an initial payment of $150 million in January 2026, with an additional $500 million in milestone payments to follow [2] - The company continues to execute its share repurchase plan, having repurchased a total of 80.99 million yuan by December 2025, and is optimizing its asset-liability ratio through the transfer of financial company equity [3] Industry Policy and Environment - The pharmaceutical commercial sector is influenced by the innovative drug concept and policy expectations, with foreign capital net purchases and sector activity observed in December 2025, which may have a subsequent impact on the company's stock price [4]