一、募集资金基本情况 （一）实际募集资金金额及资金到位情况 2019 年 10 月 12 日，经中国证券监督管理委员会"证监许可[2019]1886 号" 《关于同意宁波长阳科技股份有限公司首次公开发行股票注册的批复》同意注册， 公司首次向社会公开发行人民币普通股股票 70,642,200.00 股，每股面值 1.00 元， 每股发行价格 13.71 元，募集资金总额为人民币 968,504,562.00 元，扣除发行费 用人民币 111,786,359.20 元（不含增值税进项税），实际募集资金净额为人民币 856,718,202.80 元。上述募集资金于 2019 年 10 月 30 日到账，募集资金到位情况 业经立信会计师事务所（特殊普通合伙）验证，并出具了信会师报字[2019]第 ZA15720 号《验资报告》。 证券代码：688299 证券简称：长阳科技 公告编号：2025-040 宁波长阳科技股份有限公司 2025年半年度募集资金存放、管理与实际使用情况的专项报 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、准确性和完整性依法承担法律责任 ...

证券代码：688299 证券简称：长阳科技 公告编号：2025-039 宁波长阳科技股份有限公司 第四届监事会第五次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 2025 年 8 月 25 日，宁波长阳科技股份有限公司（以下简称"公司"）第四届 监事会第五次会议（下称"本次会议"）在公司会议室以现场方式召开。本次会议 由王云主持，会议应到监事 3 名，实到监事 3 名，本次会议的召集、召开符合 《公司法》等法律、法规、规范性文件和《宁波长阳科技股份有限公司章程》、 《宁波长阳科技股份有限公司监事会议事规则》的有关规定。 二、监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 监事会在全面审阅公司 2025 年半年度报告后，发表意见如下： 具体内容详见本公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《公司2025年半年度报告及摘要》。 （二）审议通过《关于公司2025年半年度募集资金存放、管理与实际使 ...

Core Viewpoint - The article discusses the resilience and strategic adaptability of the investment firm Puyao Xinye in a challenging fundraising environment, highlighting its successful fundraising efforts and innovative approaches to building a competitive edge through ecosystem, organization, and product optimization [4][24]. Fundraising Environment - In the first half of 2025, the number of newly established funds decreased by 18% year-on-year, with a fundraising scale of 1,066.5 billion yuan, down 32% [4]. - Despite the fundraising challenges, Puyao Xinye successfully completed the first closing of its "Puchuang Huazhang Fund" with a target size of 500 million yuan, marking its second fund raised within six months [6][10]. Fund Structure and Strategy - The "Puchuang Huazhang Fund" has a target size of 500 million yuan, with an initial contribution of 200 million yuan, focusing on sectors like artificial intelligence, hard technology, high-end equipment manufacturing, new materials, and new energy [7]. - The fund's LP structure has expanded to include insurance capital, with China Pacific Insurance Group contributing 39% of the fund, reflecting a growing trend of insurance capital entering the market [7][8]. Market Positioning and Investment Philosophy - Puyao Xinye emphasizes a market-oriented approach, balancing state-owned enterprise characteristics with market-driven operations, which has attracted institutional support [8]. - The firm has implemented systematic reforms, including establishing independent decision-making committees and a comprehensive management system, leading to successful investments in various sectors [9][10]. Investment Strategy and Execution - The firm focuses on identifying undervalued "hidden champions" rather than chasing high-profile projects, ensuring that investments are made only when the team fully understands the business model [15][16]. - Puyao Xinye has built a robust ecosystem in hard technology, leveraging industry insights and partnerships to enhance its investment capabilities [18][20]. Ecosystem and Collaborative Approach - The firm collaborates with industry leaders and academic institutions to create a resource platform, enhancing its investment strategy and addressing the challenges posed by increasing competition from industrial capital [20][21]. - By activating its LP ecosystem and leveraging the resources of its parent companies, Puyao Xinye provides dual support to portfolio companies through both equity and debt financing [22]. Organizational Structure and Future Plans - To manage its growing complexity, Puyao Xinye has initiated organizational reforms, establishing a centralized management department to streamline operations and enhance focus on investment projects [23]. - The firm has launched new brands aimed at knowledge sharing and wealth management, marking a transition from pure capital linkage to a dual-track model of empowerment and management [24][25]. Conclusion - Through continuous optimization of its ecosystem, organizational structure, and product offerings, Puyao Xinye has established a solid competitive moat, providing a model for other financial investment institutions to navigate through market cycles [26].

Investment Rating - The report maintains an investment rating of "B" for the biopharmaceutical industry, indicating that it is expected to outperform the market [1][3]. Core Insights - The report highlights that tumor immunotherapy (IO) is a cornerstone treatment for non-small cell lung cancer (NSCLC), with next-generation IO therapies based on PD-1/L1 monoclonal antibodies showing promise when combined with VEGF, IL-2, ADC, and CTLA-4 to overcome immune resistance and improve survival rates [3][4]. - PD-1/VEGF dual antibodies have demonstrated significant clinical benefits in first-line progression-free survival (PFS) and overall survival (OS) settings, while PD-L1 ADCs offer new options for immune-resistant cases [3][4]. - The report notes that the combination of PD-1/VEGF dual antibodies with chemotherapy has outperformed PD-1 monoclonal antibodies combined with chemotherapy in clinical trials [3][4]. Summary by Sections Tumor Immunotherapy Developments - The report discusses the efficacy of various ADC drugs in NSCLC, including TROP2, EGFR×HER3, and PD-L1 ADCs, which have shown outstanding results [3]. - PD-1/VEGF dual antibodies have reached PFS endpoints in clinical trials for squamous NSCLC, with an overall response rate (ORR) of 71.4% and a median duration of response (mDOR) of 12.7 months [4]. Clinical Trial Results - In first-line PD-L1 positive NSCLC, the ORR for the 707 single-agent treatment was 70.8%, while the combination with chemotherapy yielded an ORR of 58.3% for non-squamous and 81.3% for squamous NSCLC [4]. - The report also highlights the significant OS benefits observed with the PD-1/IL-2α-bias dual antibody fusion protein IBI363 in previously treated squamous NSCLC, achieving a median OS of 15.3 months [5]. Emerging Therapies - The PD-L1 ADC HLX43 has shown an ORR of 31.9% in CPI-treated NSCLC, with a notable 47.4% ORR in the EGFR wild-type non-squamous NSCLC subgroup [6]. - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 triple antibody CS2009, which has demonstrated anti-tumor activity in early clinical trials [6].

Macroeconomic Research - The report highlights that the expectation of interest rate cuts in the US has increased following disappointing non-farm payroll data and lower-than-expected CPI growth, although there are contradictions in the inflation data [2] - Domestic economic indicators show that both production and demand faced pressure in July, with investment decline being the most significant drag on domestic demand [3] - The report notes that while CPI and PPI growth remains low year-on-year, there has been a slight improvement in month-on-month growth due to factors such as holiday travel and international commodity price changes [3] Fixed Income Research - The bond market has shown weak performance, with the yield curve steepening, influenced by factors such as the pause in US-China tariff implementation and rising risk appetite in the equity market [7] - The report indicates that the issuance of government bonds has increased, with a total issuance of 49 bonds amounting to 783.2 billion yuan during the reporting period [6] - The liquidity remains loose, with the central bank's net absorption exceeding 500 billion yuan, and the report anticipates limited disturbances to the bond market in the near term [8] Industry Research - The medical device sector is gaining attention, with a focus on opportunities within the related industrial chain, driven by recent policy adjustments in the national medical insurance and drug lists [9] - The report mentions several companies making significant progress, such as Rongchang Bio achieving primary research endpoints in clinical trials and Fuhong Hanlin's drug registration application being accepted [10] - The overall performance of the pharmaceutical and biotechnology sector has been positive, with the industry index showing a 1.97% increase during the reporting week, outperforming other sub-sectors [10]

Core Viewpoint - The National Healthcare Security Administration (NHSA) has announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance drug catalog, with 534 drugs passing the initial review, indicating a significant step towards a dual catalog mechanism that promotes both basic insurance and innovative commercial insurance [1][2]. Group 1: Drug Catalog Overview - A total of 534 drugs were reviewed, with 310 drugs excluded from the catalog and 224 drugs included. The commercial insurance innovative drug catalog includes 121 drugs, with 12 drugs under non-exclusive agreements still in negotiation [2]. - The NHSA will continue to advance the basic catalog adjustments and the commercial insurance innovative drug catalog, including expert reviews in August-September, price negotiations in September-October, and results announcement in October-November [2]. Group 2: Dual Catalog Mechanism - The dual catalog mechanism establishes a clear division of responsibilities, where the basic medical insurance catalog covers essential clinical drugs, while the commercial insurance innovative catalog focuses on high-value drugs not covered by basic insurance but with significant clinical value [3]. - The framework encourages commercial insurance companies to invest in innovative drug development through various means, such as investment funds, to provide stable long-term funding for innovative drug research [3]. Group 3: Implications for Drug Development - The commercial insurance innovative drug catalog is a crucial step in developing a multi-tiered medication security system, addressing diverse medication needs of the population. It is believed that supplementing commercial insurance on top of basic insurance will facilitate the introduction of high-priced innovative drugs [4]. - Innovative drugs can accumulate real-world data and enhance clinical penetration through commercial insurance applications, thereby increasing their potential market value [4]. Group 4: Investment Recommendations - Companies to watch include BeiGene, Kelun-Biotech, CanSino Biologics, Innovent Biologics, and Zai Lab, along with other relevant companies such as CSPC Pharmaceutical Group, China National Pharmaceutical Group, and Hengrui Medicine [5].

Group 1 - The private economy is a driving force for China's modernization and a foundation for high-quality development [1] - In the first half of the year, private enterprises maintained confidence and determination, showing a strong momentum for growth [1][2] - Private enterprises contributed over 70% of technological innovation results and accounted for over 80% of "specialized and innovative" small giant enterprises [2] Group 2 - In the first half of the year, private enterprises' infrastructure investment grew by 9.5%, and manufacturing investment increased by 6.7% [2] - The export performance of private enterprises was notable, with a total import and export value of 12.48 trillion yuan, a year-on-year increase of 7.3% [4] - Private enterprises' exports accounted for 50% of China's total foreign trade exports, maintaining a growth rate for 21 consecutive quarters [4] Group 3 - Government policies have been supportive, with significant investments and tax reductions aiding private enterprises [5][6] - The implementation of the Private Economy Promotion Law aims to create a fair and transparent environment for private enterprises [7] - A series of systemic reforms and policies are expected to continue to yield positive effects for the private sector [8] Group 4 - Companies are actively pursuing innovation, with examples like Longyan Technology's new production lines for solid-state battery materials [9] - Private enterprises are expanding their market presence, with companies like Shandong Qiyue Group increasing their overseas customer base significantly [10] - The focus on innovation and market expansion is enhancing competitiveness and contributing to China's economic vitality [11]

Investment Rating - The report maintains a "Buy" rating for key stocks in the basic chemical sector, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical [4]. Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024, representing a cumulative drop of 59.5% [1]. - The construction project growth rate in the chemical industry has been continuously declining, with a forecasted negative growth rate of -7.3% by Q1 2025 [1]. - The basic chemical index saw a cumulative increase of 5.9% from July 11 to August 8, 2024, while the petroleum and petrochemical index increased by 2.5% during the same period [1]. - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1]. Summary by Sections Solid-State Battery Materials - Solid-state batteries are expected to significantly enhance energy density, with potential to exceed 500 Wh/kg, compared to traditional lithium-ion batteries which struggle to surpass 300 Wh/kg [2]. - The report highlights the importance of solid-state battery materials, including polymer, oxide, and sulfide types, with a focus on sulfide materials for future full solid-state batteries [2]. - Companies to watch in this sector include Daoshi Technology and Changyang Technology, as they are positioned to benefit from the anticipated industrialization of solid-state batteries starting in 2026 [2]. AI4S and AI Materials Investment Opportunities - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with significant growth in innovative drug licensing transactions reaching 41 deals worth $36.929 billion in Q1 2025 [3]. - AI technologies are expected to replace traditional drug development processes, enhancing efficiency and reducing costs [3]. - The report identifies key players in AI4S, including Jingtai Holdings and Zhizhi New Materials, as well as suppliers of AI-specific hardware and materials [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

金融界消息 截至2025年8月8日收盘，长阳科技（688299）报收于17.38元，下跌1.42%，换手率4.57%， 成交量13.14万手，成交金额2.29亿元。 天眼查商业履历信息显示，宁波长阳科技股份有限公司，成立于2010年，位于宁波市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本28739.2894万人民币，实缴资本1844.6万人民币。 公司法定代表人为金亚东。 通过天眼查大数据分析，宁波长阳科技股份有限公司共对外投资了7家企业，参与招投标项目15次，知 识产权方面有商标信息12条，专利信息369条，此外企业还拥有行政许可12个。 来源：金融界 资金流向方面，今日主力资金净流出3035.52万元，占比成交额13.27%。其中，超大单净流出941.84万 元、占成交额4.12%，大单净流出2093.68万元、占成交额9.15%，中单净流出流入2039.82万元、占成交 额8.92%，小单净流入995.71万元、占成交额4.35%。 长阳科技最新一期业绩显示，截至2025一季报，公司营业总收入2.67亿元、同比减少14.97%，归属净利 润1416.24万元，同比增长72.02%，扣 ...