Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 InventisBio Co., Limited 益方生物科技（上海）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾 人士刊發。 本文件 ...

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of InventisBio Co., Limited 益方生物科技（上海）股份有限公司 (the "Company") (A joint stock ...

Group 1 - The company holds a 5.45% stake in Hansai Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd [2]

Core Viewpoint - The collaboration between the company and Kangwanda on the VM-001 project is progressing as planned, with updates to be disclosed at significant milestones [1] Group 1 - The company is jointly developing an antibody-oncolytic virus combination therapy (V113+BK-001) with Kangwanda [1] - The company will provide timely announcements regarding any major developments in the project [1]

国浩律师（杭州）事务所 贝达药业 2025 年第二次临时股东大会法律意见书 国浩律师（杭州）事务所 关于 贝达药业股份有限公司 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 2025 年第二次临时股东大会 二〇二五年十二月 的 法律意见书 国浩律师（杭州）事务所 贝达药业 2025 年第二次临时股东大会法律意见书 国浩律师（杭州）事务所 关于 贝达药业股份有限公司 2025 年第二次临时股东大会的法律意见书 致：贝达药业股份有限公司 国浩律师（杭州）事务所（以下简称本所）接受贝达药业股份有限公司（以 下 ...

贝达药业股份有限公司（以下简称"公司"）第四届董事会任期届满，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》《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》（以下简称"《规范运作指 引》"）等法律法规、规范性文件及《贝达药业股份有限公司章程》（以下简称 "《公司章程》"）等有关规定，结合公司实际情况，公司已进行董事会换届选 举工作。公司第五届董事会设 12 名董事，其中非独立董事 7 名、独立董事 4 名、 职工代表董事 1 名，职工代表董事由公司职工代表大会选举产生。 贝达药业股份有限公司 关于选举第五届董事会职工代表董事的公告 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。 证券代码：300558 证券简称：贝达药业 公告编号：2025-094 一、选举职工代表董事情况 公司于 2025 年 12 月 31 日召开第三届职工代表大会第八次会议，经与会职 工代表选举，同意选举丁师哲先生为公司第五届董事会职工代表董事（简历详见 附件），与公司 2025 年第二 ...

证券代码：300558 证券简称：贝达药业 公告编号：2025-095 贝达药业股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次会议没有出现否决议案的情形； 开与表决程序符合《公司法》《深圳证券交易所股票上市规则》《上市公司股东会 规则》等法律法规、规范性文件及《公司章程》的有关规定。 二、议案审议表决情况 本次股东大会以现场投票与网络投票相结合的方式进行表决，与会股东审议 了以下议案并形成如下决议： 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 贝达药业股份有限公司（以下简称"公司"）2025 年第二次临时股东大会会 议通知于 2025 年 12 月 16 日以公告形式发出，现场会议于 2025 年 12 月 31 日 （周三）15:00 时在公司会议室召开；通过深圳证券交易所交易系统进行网络投票 的时间为 2025 年 12 月 31 日 9:15-9:25、9:30-11:30、13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2 ...

贝达药业股份有限公司 关于投资杭州贝橙创业投资合伙企业（有限合伙）的进展公告 证券代码：300558 证券简称：贝达药业 公告编号：2025-096 贝达药业股份有限公司（以下简称"贝达药业"或"公司"）第三届董事会 第三十八次会议、2022 年第三次临时股东大会审议通过《关于投资杭州贝橙创业 投资合伙企业（有限合伙）暨关联交易的议案》，同意公司作为有限合伙人（LP） 以自有资金认缴杭州贝橙创业投资合伙企业（有限合伙）（以下简称"贝橙投资" 或"合伙企业"）出资额人民币 99,900 万元（以下简称"本次投资"）。公司关 联方杭州贝加投资管理有限责任公司（以下简称"贝加投资"）担任贝橙投资的 执行事务合伙人，贝加投资是在中国证券投资基金业协会备案的私募基金管理人。 公司与关联专业机构共同投资，本次对外投资构成关联交易但不构成重大资产重 组。具体内容详见公司于 2022 年 12 月 12 日披露在巨潮资讯网上的《关于投资杭 州贝橙创业投资合伙企业（有限合伙）暨关联交易的公告》（公告编号：2022-132）。 二、交易进展情况 各合伙人已根据《关于杭州贝橙创业投资合伙企业（有限合伙）之合伙协议 书》（以下简称" ...

Core Viewpoint - The stock price of Jacob Pharma continues to decline despite a significant licensing agreement with AstraZeneca, raising concerns in the industry about the low upfront payment relative to the total deal value [2][22]. Group 1: Licensing Agreement Details - Jacob Pharma announced a global exclusive licensing agreement with AstraZeneca for its KRAS inhibitor, with an upfront payment of $100 million and a total deal value of up to $1.915 billion, including tiered royalties on net sales outside of China [2][22]. - The agreement is considered the largest collaboration for a small molecule anti-cancer drug in clinical stages in China, yet the stock fell by 13.58% on the first trading day after the announcement [2][22]. Group 2: Market Reaction and Company Strategy - The market's reaction to licensing deals has been generally cold this year, with other biotech companies like Rongchang Biotech and Innovent Biologics also experiencing stock declines post-announcement [6][26]. - Jacob Pharma's business model is heavily reliant on licensing out, which was established from its inception, and the company aims to focus on "First in class" products, avoiding "Best in class" options [6][27]. Group 3: Financial Position and Future Outlook - As of June 30, 2025, Jacob Pharma reported cash and cash equivalents of approximately RMB 1.07 billion, indicating a relatively strong cash position despite the challenging capital environment [8][28]. - The company plans to have ten products in clinical trials that rank among the top three globally by 2024, which could lead to more licensing opportunities [38][39]. Group 4: Leadership and Vision - CEO Wang Yinxiang emphasizes the importance of maintaining a balance between research and market presence, advocating for a robust production and sales system to avoid being solely reliant on external financing [39][40]. - Wang's background includes founding Jacob Pharma after a successful tenure at Betta Pharmaceuticals, where he recognized the potential for innovation in the Chinese pharmaceutical market [30][31].