中信证券股份有限公司 关于海创药业股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为海创 药业股份有限公司（以下简称"海创药业"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《科创板首次公开发行股票注册管理办法（试 行）》、《证券发行上市保荐业务管理办法》及《上海证券交易所科创板股票上市 规则》等有关法律法规和规范性文件的要求，对海创药业首次公开发行部分限 售股上市流通事项进行了审慎核查，核查情况及发表意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 1 月 28 日出具的《关于同意海创药 业股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕250号），同 意海创药业股份有限公司（以下简称"公司"或"海创药业"）首次公开发行股 票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 24,760,000 股，并于 2022 年 4 月 12 日在上海证券交易所科创板上市交易。发行 完成后总股本为 99,015,598股，有限售条件流通股 76,381,945股，占公司股 ...

Group 1 - The Shenzhen Bantian Artificial Intelligence Venture Capital Fund and Shenzhen Longgang Longxing Venture Capital Fund have signed investment intention agreements, with a total expected scale of 1 billion and 2 billion yuan respectively, and a duration of 10 years [1] - The funds have completed the intention fundraising and are advancing the subsequent legal procedures, marking a new development stage for Nanling Venture Capital [1][2] - The investment strategy focuses on "early, accurate, stable, and hard technology" investments, emphasizing long-term value investment [1][5] Group 2 - The active participation of 12 Shenzhen cooperative companies as LPs is driven by the need for new growth engines beyond traditional property economics and supportive policies from local authorities [2] - The "error tolerance and exemption mechanism" introduced by the Longgang District has alleviated concerns for cooperative companies entering the venture capital industry [2] - Nanling Venture Capital has reserved quality projects, with the new funds targeting hard technology sectors such as artificial intelligence, robotics, semiconductors, high-end manufacturing, and biomedicine [2] Group 3 - Since its establishment, Nanling Venture Capital has adopted a "direct investment + fund" model, achieving a high investment accuracy rate of 90% with two-thirds of its 13 projects being early-stage investments [3] - Notable investments include a 700 million yuan angel investment in a company specializing in low-light imaging technology, which has since significantly increased in valuation [3][4] - The firm has successfully invested in companies that have gone on to achieve significant market positions, such as HuanChuang Technology and HaiChuang Pharmaceuticals, the latter being the first to go public [4] Group 4 - Nanling Venture Capital's investment philosophy is centered on long-term value creation rather than short-term gains, aiming to transform the collective economy of Nanling Village [5] - The company seeks to attract advanced manufacturing and emerging industries to establish a sustainable economic model, balancing roles as both landlord and shareholder [5] - The firm acknowledges the challenges of hard technology investments, including long cycles and high risks, and emphasizes the importance of patience and realistic expectations for returns [5]

化学制药板块震荡拉升，信立泰、向日葵双双涨停，康芝药业、海创药业-U、海辰药业、贝达药业、 盟科药业-U、键凯科技等跟涨。 ...

Group 1 - Hecion Pharmaceutical experienced a decline of 5.05% on September 23, with a stock price of 51.13 yuan per share and a total market capitalization of 5.063 billion yuan [1] - The company, established on February 5, 2013, and listed on April 12, 2022, focuses on developing Best-in-class and First-in-class drugs using deuterated technology and PROTAC targeted protein degradation [1] - The main revenue composition of Hecion Pharmaceutical is 99.25% from pharmaceuticals and 0.75% from the sale of materials and research intermediates [1] Group 2 - Zhonghang Fund has a significant holding in Hecion Pharmaceutical, with its fund "Zhonghang Youxuan Lihang Mixed Initiation A" (022852) holding 203,800 shares, representing 3.25% of the fund's net value [2] - The fund has reported a floating loss of approximately 554,300 yuan as of the latest data [2] - The fund has achieved a return of 100.33% year-to-date, ranking 74 out of 8,172 in its category [2] Group 3 - The fund manager of "Zhonghang Youxuan Lihang Mixed Initiation A" is Wang Sen, who has been in the position for 1 year and 363 days [3] - Under Wang Sen's management, the fund's total asset size is 1.56 billion yuan, with the best return during his tenure being 172.49% and the worst being 13.4% [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [5] Core Insights - The new drug sector has shown significant movements, with notable increases in stock prices for companies such as Kintor Pharmaceutical, which recently went public in Hong Kong, focusing on unmet clinical needs in oncology and immunology [2][3][21] - The KRAS G12D inhibitor GFH375 from Kintor Pharmaceutical has demonstrated promising clinical data in treating pancreatic cancer and non-small cell lung cancer (NSCLC), with an overall response rate (ORR) of 52% in pancreatic cancer and 68.8% in NSCLC [21][24] Summary by Sections Weekly New Drug Market Review - From September 15 to September 21, 2025, the top five gainers in the new drug sector included Kintor Pharmaceutical (+19.64%), Boan Biotechnology (+8.89%), and others, while the top five losers included Sanofi Pharmaceuticals (-17.16%) and others [1][13] Recommended Stocks to Watch - The report suggests focusing on several potential catalysts in the sector, including academic conferences and insurance negotiations. Key companies to watch include: 1. Differentiated GLP-1 assets: Zai Lab, EQRx, and others 2. Upgraded PD-1 products: CanSino Biologics and others 3. Companies likely to benefit from insurance negotiations: Hengrui Medicine, Kanghong Pharmaceutical, and others [2][17] New Drug Approval and Acceptance - This week, eight new drug applications were approved, and twelve new drug applications were accepted in China [3][25] Clinical Application Approvals - A total of 48 new drug clinical applications were approved, with 32 applications accepted this week [7][29]

Group 1 - The core agreement between Chengdu High-tech Zone and Sichuan Development (Holding) Company focuses on deep cooperation in the pharmaceutical and health industry, including equity cooperation, fund establishment, talent exchange, and innovation incubation [2] - The collaboration aims to enhance the pharmaceutical health industry in Sichuan Province by building industrial funds, attracting quality projects, and developing professional incubation platforms [2][3] - Chengdu High-tech Zone is recognized as a key area for developing new productive forces, particularly in the pharmaceutical health sector, with plans to strengthen industrial cooperation in biomedicine [2] Group 2 - Since 2022, Chengdu High-tech Zone has been collaborating with Sichuan Development (Holding) Company's subsidiary, Sichuan Biopharmaceutical Group, focusing on investment in chemical drugs, medical devices, and pharmaceutical outsourcing services [3] - The partnership has successfully completed acquisitions, such as Sichuan Biopharmaceutical Group's acquisition of Hongming Bosi Pharmaceutical, and has nurtured several listed companies and local star enterprises [3] - Chengdu High-tech Zone has gathered over 3,900 biopharmaceutical companies and established more than 160 functional platforms covering the entire lifecycle of biopharmaceuticals [4] Group 3 - The capital support service system in Chengdu High-tech Zone includes a full lifecycle model with 24 pharmaceutical health funds totaling 34 billion yuan [4] - The zone has approved 12 Class I new drugs and over 100 Class III medical devices, with more than 80 products valued at over 100 million yuan [4] - Chengdu High-tech Zone has maintained a leading position in the national biopharmaceutical industrial park competitiveness ranking for several years [4]

Core Viewpoint - The collaboration between Chengdu High-tech Zone and Sichuan Development (Holding) Company aims to enhance the pharmaceutical and health industry in Sichuan Province through equity cooperation, fund establishment, talent exchange, and innovation incubation [2]. Group 1: Collaboration Details - The partnership will focus on key areas such as pharmaceuticals, medical devices, medical services, and digital healthcare [2]. - The initiative includes the establishment of industry funds, attraction of quality projects, co-construction of incubation platforms, and talent cultivation to strengthen the pharmaceutical health industry in Sichuan [2]. Group 2: Future Plans - Both parties plan to further enhance cooperation in the biopharmaceutical sector, promoting resource sharing and collaborative development [2]. - The goal is to build a globally influential and competitive biopharmaceutical innovation hub, injecting new momentum into the high-quality development of the industry in the province [2]. Group 3: Previous Collaborations - Chengdu High-tech Zone and Sichuan Development (Holding) Company have a solid foundation of cooperation, having worked together since 2022 on investments in chemical drugs, medical equipment, and pharmaceutical outsourcing services [2]. - The partnership has successfully completed the acquisition of Hongming Bosi Pharmaceutical by Sichuan Biopharmaceutical Group and has nurtured several listed companies and local star enterprises [2]. Group 4: Commitment to Support - Chengdu High-tech Zone is committed to providing the best environment and services to support the growth of enterprises and ensure the effective implementation of collaborative projects [3].

9月18日，海创药业涨1.52%，成交额1.47亿元。两融数据显示，当日海创药业获融资买入额2478.05万 元，融资偿还1776.32万元，融资净买入701.73万元。截至9月18日，海创药业融资融券余额合计3.35亿 元。 融资方面，海创药业当日融资买入2478.05万元。当前融资余额3.35亿元，占流通市值的7.51%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，海创药业9月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，海创药业股份有限公司位于四川省成都市高新区科园南路5号蓉药大厦1栋4层附2,3号，成立 日期2013年2月5日，上市日期2022年4月12日，公司主营业务涉及基于氘代技术和PROTAC靶向蛋白降 解等技术平台,以开发具有重大临床需求的Best-in-class(同类最佳)、First-in-class(国际首创)药物为目标。 主营业务收入构成为：药品99.25%，材料及研发中间体销售0.75%。 截至6月30日，海创药业股东户数6555.00，较 ...

Group 1 - Fuhong Hanlin's CDK4/6 inhibitor, citric acid voraselis, has received approval for a new indication in China for HR+/HER2- locally advanced or metastatic breast cancer in adults, in combination with aromatase inhibitors as initial endocrine therapy [1] - The approval expands the usage scenarios for HR+/HER2- breast cancer patients, enhancing market competitiveness and enriching treatment options for breast cancer [1] Group 2 - Xuan Zhu Bio has passed the Hong Kong Stock Exchange hearing and is set to go public, with CICC as the sole sponsor [2] - The company has established a comprehensive internal R&D platform supporting a diverse and balanced pipeline, including products in the fields of digestion, oncology, and NASH [2] - The upcoming IPO is expected to accelerate its R&D process and help capture opportunities in a competitive pharmaceutical market [2] Group 3 - Hongxing Xianghe has completed nearly 100 million RMB in Pre-A round financing, led by Northern Light Venture Capital [3] - The funds will be used to advance existing pipelines in preclinical and clinical POC research, as well as to develop AI and organ-like platforms for drug development and evaluation [3] - The successful financing indicates strong interest from international capital, industry funds, and local governments in the company's innovative R&D model and early-stage results [3]

Core Insights - The innovation drug industry in China is experiencing significant advancements in product research and development, with companies actively discussing their progress and strategies during the recent performance briefing session [1][2][3]. Group 1: Product Innovation and R&D Progress - Companies like Fudan Zhangjiang and Olin Bio are making notable advancements in their product pipelines, focusing on photodynamic therapy and vaccines for "super bacteria" [1][2]. - Fudan Zhangjiang is developing several drugs targeting conditions such as severe acne and bladder cancer, with ongoing clinical studies [2]. - Olin Bio is researching multiple vaccines for "super bacteria," aiming to initiate clinical trials for flu vaccines by mid-2025 [2]. Group 2: Business Expansion and Market Strategy - Companies are planning to expand their production capacity to support product commercialization, with Baiyao Tai focusing on launching several products that have completed Phase III clinical trials [3][4]. - Shian Bio is set to contribute significant revenue from its various vaccine products, including those for swine fever and other diseases [4]. Group 3: Internationalization and Market Entry - The trend of "going global" is a major focus for the domestic biopharmaceutical industry, with companies exploring diverse international pathways [5]. - Yuantong Bio is awaiting FDA approval for its naloxone nasal spray, marking a step towards international market entry [5]. - Aidi Pharmaceutical has received regulatory approval for its HIV treatment in Zanzibar, highlighting its international expansion efforts [6]. - Companies like Ailis and Haichuang Pharmaceutical are actively pursuing overseas partnerships and clinical trials to enhance their global presence [6][7].