Core Viewpoint - Haizheng Pharmaceutical (600267.SH) announced that its associate company, Zhejiang Borui Biopharmaceutical Co., Ltd., has submitted an application for an initial public offering (IPO) of overseas listed shares (H-shares) to the Hong Kong Stock Exchange, with the application materials published on the exchange's website [1] Group 1 - Borui Biopharmaceutical is a leading biopharmaceutical company in China focused on immunotherapy [1] - Haizheng Pharmaceutical holds a 39.62% stake in Borui Biopharmaceutical [1] - The issuance by Borui Biopharmaceutical is subject to approval, authorization, or filing by relevant regulatory agencies and stock exchanges, indicating uncertainty [1]

Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes leading immunology products such as the first-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetumab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunology product portfolios in the industry, supported by eight commercialized products and an expanding pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [6] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [7] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% respectively [9] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected market size in China growing from RMB 174 billion in 2020 to RMB 328 billion in 2024, and expected to reach RMB 2,899 billion by 2035, with a compound annual growth rate (CAGR) of 21.9% [11] - The market for biological agents is also expanding rapidly, with a projected growth from RMB 42 billion in 2020 to RMB 171 billion in 2024, and expected to reach RMB 2,126 billion by 2035, with a CAGR of 25.7% [11] - The tumor immunology market is expected to grow from RMB 148 billion in 2020 to RMB 293 billion in 2024, with a CAGR of 18.5%, and further expand to RMB 4,954 billion by 2035, with a CAGR of 29.3% from 2024 to 2035 [15] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% respectively [24]

Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has been ranked first among Chinese pharmaceutical companies in terms of revenue from biologics for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes first-in-class and best-in-class therapies such as IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruisi (Zebetuzumab), and BR2251, a potential first-in-class gout medication with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunotherapy product portfolios in the industry, supported by eight commercialized products and a continuously expanding pipeline of innovative therapies [4] Financial Performance - The company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion for the fiscal years ending in 2023, 2024, and the nine months ending September 30, 2025, respectively [5] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [6] - The gross profit margins for the fiscal years were recorded at 82.2%, 79.2%, and 74.4% for 2023, 2024, and the nine months ending September 30, 2025, respectively [8] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected compound annual growth rate (CAGR) of 21.9%, expanding from RMB 174 billion in 2020 to RMB 328 billion by 2024, and expected to reach RMB 2,899 billion by 2035 [10] - The market for biologics in autoimmune diseases is also rapidly expanding, with a CAGR of 42.5%, growing from RMB 42 billion in 2020 to RMB 171 billion by 2024, and projected to reach RMB 2,126 billion by 2035 [10] - The tumor immunology market is expected to grow significantly, with the tumor immunotherapy drugs market in China projected to expand from RMB 148 billion in 2020 to RMB 293 billion by 2024, with a CAGR of 18.5%, and further to RMB 4,954 billion by 2035 [13]

证券代码：600267 证券简称：海正药业 公告编号：临 2026-03 号 浙江海正药业股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 5 日 (二) 股东会召开的地点：浙江海正药业股份有限公司会议室（台州市椒 江区外沙路 46 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 432 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 481,150,965 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.3978 | | 份总数的比例（%） | | 注：截止本次股东会股权登记日，公司总股本为 1,198,848,196 股，其中公司回购专用 账户的股份数量为 36,586,700 股，该等回购的股份不享有表决权，故本次股东会享有表决权 的股份总数为 1,162,261,4 ...

北京康达（杭州）律师事务所 BEIJING KANGDA（HANGZHOU）LAW FIRM 二〇二六年一月 北京康达（杭州）律师事务所 海正药业 2026 年第一次临时股东会法律意见书 北京康达（杭州）律师事务所 关于浙江海正药业股份有限公司 2026 年第一次临时股东会的法律意见书 杭州市上城区西子国际中心 2 号楼 1501-1503 室 邮编：310020 电话/Tel.:0571-85779929 传真/Fax:0571-85779955 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京康达（杭州）律师事务所 关于浙江海正药业股份有限公司 2026 年第一次临时股东会的 法 律 意 见 书 康达(杭州)股会字【2026】第 0002 号 康达(杭州)股会字【2026】第 0002 号 致：浙江海正药业股份有限公司 北京康达（杭州）律师事务所（下称"本所"）接受浙江海正药业股份有限 公司（下称"海正药业"或"公司"）委托，指派本所律师出席公 ...

Group 1 - Longjian Co., Ltd. reported a net profit of 405 million yuan for 2025, a decrease of 2.05% year-on-year, with operating revenue of 17.685 billion yuan, down 3.31% year-on-year, impacted by industry factors and national macro policies [1] - Dayang Bio's net profit for 2025 is expected to increase by 50.60% to 72.56%, reaching between 96 million and 110 million yuan, driven by strong performance in core products such as potassium carbonate and veterinary raw materials [2] - Dongcheng Pharmaceutical plans to repurchase shares worth between 100 million and 200 million yuan to implement equity incentives and/or employee stock ownership plans [3] Group 2 - Longpan Technology intends to invest up to 2 billion yuan in a high-performance lithium battery cathode material project, with a production capacity of 240,000 tons per year [4] - Jinggong Technology successfully launched its first carbon fiber precursor production line, which began trial production on December 31, 2025, and is now in continuous operation [5] - Shengxing Co. has decided to withdraw from the establishment of a life insurance company due to the lack of approval from regulatory authorities, which will not adversely affect its operations [6] Group 3 - ST Yigou's shareholder restructuring plan has been approved by the court, allowing the company to continue its operations without disruption [7] - Dream Network Technology has entered into a cooperation agreement with Jiangxi Shenzhou Liuhe to jointly develop and produce heavy-duty drone products, with a total development budget of 60 million yuan [8] - Haizheng Pharmaceutical's major shareholder, Zhejiang International Trade Group, plans to transfer 6.06% of its shares through a public solicitation, which will not change the company's controlling shareholder [10] Group 4 - Zhenhua Co. plans to issue convertible bonds to raise up to 878 million yuan for various projects, including a vitamin K3 production project and working capital [11] - Fangda Carbon has decided to terminate its participation in the substantive merger and restructuring of the Shanshan Group due to insufficient due diligence [12] - Xingqi Eye Medicine received approval for a supplementary application for atropine sulfate eye drops, expanding its product specifications [13] Group 5 - Shengyi Technology intends to invest 4.5 billion yuan in a high-performance copper-clad laminate project in Dongguan [14] - China Nuclear Power's Fujian Zhangzhou Nuclear Power Plant Unit 2 has completed its 168-hour full power continuous operation assessment and is ready for commercial operation, increasing the company's operational nuclear units to 27 [15] - Guangdong Electric Power A announced the phased shutdown of its ShaJiao C power plant, which will not affect the company's ongoing operations [16] Group 6 - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan for equity incentives or employee stock ownership plans [17] - Guoguang Electric's general manager has had his detention lifted and has returned to work, with normal operations resuming [19]

Policy Developments - The State Council approved the revised draft of the Drug Administration Law Implementation Regulations, emphasizing the importance of timely revisions to drug management laws for ensuring public safety and promoting the healthy development of the pharmaceutical industry [1] Industry Initiatives - Hainan Province aims to develop over six distinctive traditional Chinese medicine health tourism routes by the end of 2028, with a target of cultivating over 1 million mu of medicinal herb planting and breeding areas, and achieving a 15% growth in the overall output value of traditional Chinese medicine [2] Drug and Medical Device Approvals - Xingqi Eye Medicine announced the approval of its atropine sulfate eye drops for children aged 6 to 12, with new product specifications added [1] Capital Market Activities - Sinovac Biotech has repurchased approximately 1.32 million shares, accounting for 0.66% of its total share capital, with a total expenditure of approximately RMB 49.24 million [3] - Dongcheng Pharmaceutical plans to repurchase shares worth between RMB 100 million and RMB 200 million for employee stock ownership plans, with a maximum repurchase price of RMB 18.00 per share [4] - Haizheng Pharmaceutical's major shareholder intends to transfer 6.06% of the company's shares through a public solicitation, pending approval from relevant authorities [5] Strategic Collaborations - Sinopharm Holdings and Betta Pharmaceuticals have signed a strategic cooperation agreement to enhance collaboration and create a new efficient pharmaceutical supply chain ecosystem [6] Personnel Changes - The independent director of Nanxin Pharmaceutical, Shen Yunqiao, has resigned for personal reasons, and will continue to fulfill his duties until a new independent director is elected [7]

Investment Agreements - Longpan Technology plans to invest 2 billion yuan to establish a high-performance lithium battery cathode material project [2] - Yanjing Co. intends to acquire control of high-frequency carrier board manufacturer Yongqiang Technology, with stock suspension [2] - Zhongjian Technology has approved a project for the collaborative development of intelligent robots [2] - Mengwang Technology signed a cooperation agreement worth 60 million yuan with Shenzhou Liuhe for the R&D and production of heavy-lift drones [3] - Jiu Ding New Materials plans to invest 246 million yuan to build a large-scale wind turbine blade production line [4] - Jincai Hulin intends to acquire 51% of Wuxi Sanli for 63.43 million yuan [5] - Changyuan Power plans to invest in a 100MW wind farm project in Hubei Province with a total investment of 562 million yuan [7] - Shengyang Co. plans to acquire 51% of Shenzhen Daren High-Tech for 74.47 million yuan [8] Shareholding Changes - *ST Zhongzhuang announced a change in actual control to Long Jisheng due to the execution of a restructuring plan [9] - Hunan Baiyin's major shareholder reduced its stake to below 5% [10] Stock Buybacks - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan [11] - Dongcheng Pharmaceutical intends to repurchase shares for 100 million to 200 million yuan [12] - Ningde Times has repurchased a total of 15.99 million A-shares for 4.386 billion yuan [13] Business Operations and Performance - Bailong Oriental expects a net profit increase of 46.34% to 70.73% in 2025 [13] - Longjian Co. anticipates a net profit of 405 million yuan in 2025, a decrease of 2.05% [13] - BYD reported cumulative sales of 4.602 million new energy vehicles in 2025, a 7.73% increase year-on-year [14] Financing and Capital Increases - Zhenhua Co. plans to issue convertible bonds to raise no more than 878 million yuan for projects [15] - Huashu Holdings intends to raise up to 600 million yuan through a private placement to Hongtai Group [15] Other Developments - Xinxing Chemical has resumed production of biomass cellulose filament products after equipment upgrades [24] - Guoguang Electric announced the resumption of the general manager's duties after the lifting of restrictions [25]

（记者 曾健辉） 每经AI快讯，海正药业1月4日晚间发布公告称，截至2025年12月底，公司已累计回购股份约722万股， 占公司总股本的比例为0.6%，购买的最高价为10.55元/股、最低价为8.92元/股，已支付的总金额约为 6799万元。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The pharmaceutical sector experienced a decline of 2.1% in the latest week, while the Shanghai Composite Index rose by 0.13%. The pharmaceutical index ranked 28th among 31 sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 28.6 times earnings, placing it 10th among 31 primary industries [6]. - Significant developments include Neuralink's announcement of large-scale production of brain-machine interface devices starting in 2026, which is expected to accelerate the growth of the brain-machine interface industry [12]. - Recent collaborations in drug development include a strategic partnership between Heptares Therapeutics and BlueNac, focusing on the development of next-generation radionuclide drug conjugates (RDCs) [13]. - The report highlights the potential of AI in drug development, with Insilico Medicine achieving significant milestones in just eight months [15]. Market Performance - The pharmaceutical sector's performance was notably poor, with various sub-sectors such as raw materials, chemical preparations, and vaccines all experiencing declines ranging from 1.1% to 4.1% [6][3]. - The report emphasizes the need to monitor the recovery of the domestic innovative drug environment, which may present investment opportunities in Contract Research Organizations (CROs) [2]. Company Developments - Zai Lab granted AbbVie exclusive rights for ZG006 outside Greater China, with potential payments reaching up to $1.235 billion [14]. - Frontier Biotech's FB7013, a siRNA drug targeting the MASP-2 protein, has received approval for clinical trials, indicating its potential in treating primary IgA nephropathy [15]. - New drug applications and IPOs are highlighted, including New Tong Pharmaceutical's application for the STAR Market and Jingze Biotech's IPO in Hong Kong [16][20]. Investment Opportunities - The report suggests focusing on companies benefiting from the recovery in the innovative drug sector, including Tigermed, WuXi AppTec, and others [2]. - The anticipated industrialization of brain-machine interfaces presents investment opportunities in related companies such as Botai Bio, Lepu Medical, and others [2].