Core Insights - The successful negotiation for the inclusion of Teabo Bio's long-acting growth hormone, Yipei Growth Hormone Injection, into the medical insurance directory marks a significant milestone for the company, indicating national market access and validating the importance of differentiated innovative drugs with clinical advantages and higher safety [1][2] Group 1: Product Development and Innovation - Yipei Growth Hormone's entry into the insurance directory is attributed to its strong "quality hard power," particularly breakthroughs in molecular design and safety upgrades, creating a unique competitive advantage [1] - Teabo Bio has focused on high-barrier biotechnological advancements, translating them into clinical benefits that address user pain points, exemplified by its journey from Hepatitis B treatment to pediatric growth support [1] Group 2: Market Impact and Accessibility - The inclusion of Yipei Growth Hormone in the insurance directory is expected to enhance drug accessibility, reduce the economic burden on families of affected children, and ensure that high-quality innovative drugs are available to the general public [2] - The company's commitment to high standards and preservative-free production processes ensures that increased accessibility does not compromise the safety and efficacy of the drug, aligning with its patient-centered approach [2] Group 3: Future Growth Potential - Looking ahead to 2026, Yipei Growth Hormone is anticipated to become a second growth engine for Teabo Bio, following the success of its Hepatitis B treatment, indicating a clear long-term growth trajectory for the company in the capital market [2]

Core Viewpoint - The approval of Pegbivac for the treatment of chronic hepatitis B marks a significant milestone for the company, Teva Biopharma, establishing it as a leader in the antiviral drug market and paving the way for clinical cures for hepatitis B [1] Financial Performance - Teva Biopharma's revenue grew from 280 million to 2.8 billion yuan from 2016 to 2024, with operating profit increasing from 30 million to 970 million yuan [2] - In the first three quarters of 2025, the company's revenue increased by 26.85% year-on-year, and operating profit rose by 16.11%, while net profit attributable to shareholders grew by 20.21% [2] - The company's return on equity has remained above 10% since 2019, with a debt-to-asset ratio of only 20.52% as of the first three quarters of 2025 [2] Product Portfolio and Growth Drivers - The company has three main product segments: antiviral drugs (Pegbivac), blood/tumor drugs (Peijin, Telin, Telkin), and endocrine drugs (Yipeisheng) [3] - Pegbivac, as the core product, is expected to account for 86.85% of the company's total revenue in 2024 [3] - The antiviral drug segment generated 2.447 billion yuan in revenue in 2024, a year-on-year increase of 36.72%, with a gross margin of 96.22% [6] - The blood/tumor drug segment contributed 12.87% to total revenue in 2024, with Peijin becoming a key growth driver after its listing in 2023 [8] Market Position and Competitive Landscape - Teva Biopharma is positioned in the second tier of the hepatitis treatment market, competing with companies like Kain Technology and others [9] - The company has gained market share due to the exit of imported brands and competitive pricing strategies [8] Industry Demand and Growth Potential - There are approximately 75 million HBV infected individuals in China, with only 17.33% currently receiving antiviral treatment, indicating significant growth potential [11] - The demand for tumor auxiliary drugs is also expected to grow, with the number of cancer cases projected to reach 5.81 million by 2030 [11] Challenges and Risks - The normalization of centralized procurement may pressure product prices and gross margins, with Pegbivac's price dropping by 14.28% in recent procurement rounds [13] - The company’s reliance on core products poses a risk, especially with Pegbivac's patent expiring in September 2027 [15] - The company is actively investing in new product development to mitigate dependency on a few key products [15][17] Research and Development - In 2024, the company invested 342 million yuan in R&D, representing 12.16% of its revenue, with a new growth hormone product approved for market [17] - Ongoing projects include Y-type PEG recombinant human erythropoietin, which is in clinical research, indicating a commitment to innovation despite the inherent risks of biopharmaceutical development [18]

Core Insights - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security of China have jointly issued the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025), which includes the long-acting growth hormone, Yipeisheng, developed by Tebao Biologics [1] - Approximately 7 million children in China suffer from growth hormone deficiency, and the number of cases is on the rise, highlighting the critical need for effective treatment options [1] - The inclusion of Yipeisheng in the new drug list is expected to alleviate the challenges faced in the pediatric growth hormone treatment sector, such as adherence issues with daily injections of short-acting formulations and the high cost and limited options of long-acting drugs [1] - The new drug list will take effect on January 1, 2026 [1] Pricing and Accessibility - Following its inclusion in the new drug list, the price of Yipeisheng will decrease by over 50%, significantly reducing the financial burden on patients and improving treatment accessibility [2]

Core Insights - The 2025 Innovation Drug High-Quality Development Conference will be held on December 7 in Guangzhou, where the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory will be released, including the long-acting growth hormone Yipeisheng developed by TEBIO [1] Group 1: Product Development and Market Impact - Yipeisheng is the first globally approved Y-type 40kD polyethylene glycol long-acting growth hormone, reducing the injection frequency from daily to weekly, significantly alleviating the psychological burden on children [2] - The product is preservative-free and features a "single-use" design, greatly reducing the risk of microbial contamination and cross-infection [2] - The accompanying smart electronic injection pen "Yushida" addresses children's fear of injections with an innovative needle-hidden design, allowing for self-administration by older children and enhancing treatment adherence [2] Group 2: Social Responsibility and Public Health - TEBIO is actively engaged in social responsibility through donations to the "Little Bamboo Shoot" children's health care project, focusing on early screening, diagnosis, and standardized treatment of growth disorders [3] - The inclusion of Yipeisheng in the national medical insurance directory is expected to significantly improve accessibility to this innovative drug, reducing the economic burden on families and promoting sustainable treatment options for children's growth disorders [3]

Core Viewpoint - The National Healthcare Security Administration (NHSA) has released the new basic medical insurance drug list for 2025, which will take effect on January 1, 2026, leading to a significant increase in the success rate of new drug negotiations, particularly for innovative drugs with high clinical value [1][2]. Group 1: New Drug Negotiation Success - The success rate for new drug negotiations in 2025 has significantly improved to 88%, up from 76% in 2024, with 114 new drugs added to the national medical insurance drug list, including 50 Class 1 innovative drugs [2][3]. - The total number of drugs in the national medical insurance drug list has increased to 3,253, enhancing coverage for critical areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [2]. Group 2: Unique Drug Inclusion - Among the 114 newly added drugs, 105 are unique varieties, representing 92.11% of the total, including 98 Western medicines and 7 traditional Chinese medicines [3]. - The inclusion of unique traditional Chinese medicines from companies like China Resources Sanjiu, Yiling Pharmaceutical, and others indicates a balanced representation in the new drug list [3]. Group 3: Market Potential and Growth - The inclusion of 116 drugs in the latest negotiation, particularly 11 new drugs from Heng Rui Medicine and others, is expected to lead to rapid market share growth and product volume increase due to their entry into the medical insurance directory [4][5]. - The negotiation also included new mechanism drugs, such as antibody-drug conjugates and small nucleic acid siRNA drugs, which are anticipated to drive market penetration and accessibility [5]. Group 4: Commercial Health Insurance Directory - The first commercial health insurance innovative drug directory saw intense competition, with 121 candidates but only 24 entering negotiations, resulting in 19 drugs being successfully included [6]. - The directory covers critical diseases such as Alzheimer's and multiple myeloma, with a balanced mix of imported and domestic drugs [6]. Group 5: Investment Recommendations - Companies with a significant number of innovative drugs included in the new medical insurance directory, such as Heng Rui Medicine, BeiGene, and others, are recommended for investment [9]. - Potential growth in traditional Chinese medicine products included in the new directory, such as those from China Resources Sanjiu and Yiling Pharmaceutical, is also highlighted [9].

"在临床上，我们非常看重生长激素的长期安全性和患儿的依从性。益佩生的稳定性、安全性优势打消 了医生对长期用药的顾虑，人性化设计显著提升患儿配合度。"北京协和医院伍学焱教授指出，此次纳 入新版药品目录后，益佩生价格降近50%，大幅减轻患者经济负担，为矮小儿童提供了新的选择，提高 了治疗可及性。 12月7日，国家医保局、人力资源社会保障部联合印发《国家基本医疗保险、生育保险和工伤保险药品 目录（2025年）》（以下简称新版药品目录）。特宝生物自主研发的长效生长激素——怡培生长激素注 射液（商品名：益佩生）成功纳入新版药品目录，用于治疗3岁及以上儿童生长激素缺乏症所致生长缓 慢。 据统计，我国约有700万矮小症患儿，且发病人数仍呈上升趋势。生长激素是儿童矮小症的核心治疗药 物，然而长期以来，我国儿童生长激素治疗领域面临着"短效制剂每日注射依从性难保证、长效药物价 格高且选择有限"的困局。新一代长效生长激素益佩生此次纳入新版药品目录，将有力打破这一困局。 ...

厦门特宝生物工程股份有限公司 独立董事专门会议工作制度 厦门特宝生物工程股份有限公司 独立董事专门会议工作制度 第一章 总则 第一条 为进一步完善厦门特宝生物工程股份有限公司（以下简称"公司"） 治理结构，促进公司规范运作，维护公司整体利益，根据《上市公司独立董事管理 办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司 自律监管指引第1号——规范运作》等国家有关法律、法规、规范性文件以及《厦 门特宝生物工程股份有限公司章程》（以下简称"公司章程"）的规定，制定本制 度。 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。 第三条 独立董事对公司及全体股东负有忠实义务与勤勉义务。独立董事应当 按照有关法律法规、《公司章程》和本制度的要求，认真履行职责，在董事会中发 挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权 益。 第二章 职责权限 第四条 独立董事行使下列特别职权： 独立董事行使前款第（一）项至第（三）项所列职权的，应当经全体独立董事 过半数同意。独立董事行使第（一）款所列职权的，公司应当及时披露。上述职权 不能正常行使的，公司应当披露具体情况和理由。 ...

股东会议事规则 第一章 总 则 第一条 为规范厦门特宝生物工程股份有限公司（以下简称"公司"或"本 公司"）行为，保证股东会依法行使职权，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》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《上海证券交易所 科创板股票上市规则》（以下简称"《科创板股票上市规则》"）及《厦门特宝 生物工程股份有限公司章程》（以下简称"《公司章程》"）及其他有关法律、 法规和规范性文件的规定，特制订本规则。 第二条 公司应当严格按照法律、法规、规范性文件、《公司章程》及本 规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。 公司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 厦门特宝生物工程股份有限公司 股东会议 事规则 厦门特宝生物工程股份有限公司 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现 ...

重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 （四） 现场会议召开的日期、时间和地点 证券代码：688278 证券简称：特宝生物 公告编号：2025-046 厦门特宝生物工程股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 召开日期时间：2025 年 12 月 18 日 14 点 00 分 召开地点：厦门市海沧新阳工业区翁角路 330 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 18 日 至2025 年 12 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股 ...

厦门特宝生物工程股份有限公司 累积投票制度实施细则 （二）选举两名以上独立董事。 公司董事会应当在召开股东会的通知中，明确提示该次董事选举是否将采用 累积投票制。股东会以累积投票方式选举董事的，独立董事与非独立董事选举应 当分开进行，以保证独立董事的比例。 厦门特宝生物工程股份有限公司 累积投票制度实施细则 第一章 总则 第一条 为进一步完善公司法人治理结构、维护中小股东利益，规范公司选 举董事的行为，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司股东会规则》《上海证券交易所科创板股票上市规 则》（以下简称"《科创板股票上市规则》"）及《厦门特宝生物工程股份有限 公司章程》（以下简称"《公司章程》"）等有关规定，特制定本实施细则。 第二条 本实施细则所指的累积投票制，是指股东会选举两名或两名以上董 事时采用的一种投票方式。即公司股东会选举董事时，股东所持的每一有效表决 权股份拥有与该次股东会应选董事总人数相等的投票权，股东拥有的投票权等于 该股东持有股份数与应选董事总人数的乘积。股东既可以用所有的投票权集中投 票选举一位候选董事，也可以将投票权分散行使、投票给数位候选董事 ...