北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 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 昆明 南昌 北京市康达律师事务所 关于舒泰神（北京）生物制药股份有限公司 2025 年第二次临时股东会的法律意见书 康达股会字【2025】第 0422 号 致：舒泰神（北京）生物制药股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》（以下简称"《规则》"）、《深圳证券交易所上市公司股东会网 络投票实施细则》（以下简称"《实施细则》"）、《舒泰神（北京）生物制药 股份有限公司章程》（以下简称"《公司章程》"）及舒泰神（北 ...

今日（9月25日），人气热股上纬新材再获涨停，截至收盘，其晋级20cm2连板，股价也创历史新高。若以年内最大涨幅统计， 上纬新材 在成为今年首只"10倍股"后再创纪录，又成为了首只"20倍股"。 融资余额再创新高，多路游资联袂入场 在经过近1个半月的横盘调整后，上纬新材于近日再起涨势，在2个20cm涨停板的助力下，其目前股价攀升至132.10元，在整个A股中的股 价排名也成功进入前100位，位列第98名。 从年内表现上看，上纬新材目前仍居"年涨幅王"宝座，同时，其年内最大涨幅已达21.63倍，远 超位居排在第二、三位的舒泰神（10.30倍）、*ST宇顺（10.24倍）。 注：上纬新材股价创历史新高（截至9月25日收盘） | 序号 | 证券代码 | 证券名称 | 年内最大涨幅 | 年内涨跌幅 | 总市值 | 申万往亚 | | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (亿元) | | | 9 | 688585.SH | 上纬新材 | 2163.49 | 1891.60 | 532.84 | 基础化工 | | 2 | 300204. ...

Core Insights - The A-share market has experienced significant growth over the past year, with a total market capitalization increase of 35 trillion yuan, surpassing 105 trillion yuan [1][3] - The number of stocks priced over 100 yuan has surged by 347%, while the number of low-priced stocks (below 5 yuan) has halved [1][3] - The average stock price in the A-share market has risen by 79.1%, and the median stock price has increased by 63.5% [3] - The ETF market has seen a nearly 90% growth in net asset value, with notable performance from technology-related ETFs [1][3] Market Performance - The average increase in stock prices, excluding new listings, is 86.2%, with a median increase of 60.6% [1][15] - A total of 1,504 stocks have risen over 100%, accounting for nearly 28% of the market [1][15] - The top-performing stock, Shangwei New Materials, has seen a staggering increase of 2,084.68% [1][15][16] ETF Highlights - Technology-related ETFs, particularly those focused on semiconductor innovation, have shown exceptional performance, with some achieving close to 200% growth [1][17] - The total net asset value of ETFs has reached 5.33 trillion yuan, up from 2.87 trillion yuan, marking an 86% increase [3][17] Sector Performance - The electronics sector has led the market with a growth rate of 127.16%, followed closely by telecommunications at 124.06% [12][13] - Other sectors such as computers and machinery have also shown strong performance, with increases of 86.75% and 84.08%, respectively [12][13] Notable Market Events - The A-share market has set multiple records, including a historic high in market capitalization and trading volume [1][5] - Key milestones include the Shanghai Composite Index returning to 3,800 points for the first time in a decade [4][5]

建议关注：①全球大单品：百济神州(06160)，科伦博泰生物(06990)，信达生物(01801)，康方生物 (09926)，三生制药(01530)，百利天恒(688506.SH)，新诺威(300765.SZ)，石药集团(01093)，翰森制药 (03692)，中国生物制药(01177)，一品红(300723.SZ)，映恩生物(09606)； ②全球BIC潜力：益方生物(688382.SH)，泽璟制药(688266.SH)，基石药业(01592)，苑东生物 (688513.SH)，科济药业(02171)，来凯医药(02105)，复宏汉霖(02696)，再鼎医药(09688)，和黄医药 (00013)，药捷安康(02617)，加科思(01167)，歌礼制药(01672)； ③国内大单品：舒泰神(300204.SZ)，艾力斯(688578.SH)，云顶新耀(01952)，恒瑞医药(600276.SH)，贝 达药业(300558.SZ)，华领医药(02552)； ④资产价值：和铂医药(02142)，和誉(02256)。 立足现在：进军全球商业化，大量优质项目将继续推高产业发展 中国创新药行业已形成以领头企业为引领、 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][33]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 2.07% from September 15 to September 19, ranking 23rd among 31 industries in the Shenwan index, underperforming the CSI 300 index by 1.63 percentage points. Year-to-date, the sector has risen by 24.17%, ranking 10th among the 31 industries and outperforming the CSI 300 index by 9.76 percentage points [3][12][16]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 31.18 times, which is at the historical median level, with a valuation premium of 136% compared to the CSI 300 index [3][19]. - The report highlights significant policy developments, including the completion of the review for the 2025 National Basic Medical Insurance Directory and the formal release of the 11th batch of national procurement documents, which includes 55 major varieties [4][27][28]. Market Performance - The pharmaceutical and biotechnology sector's performance for the week of September 15-19 showed a decline of 2.07%, with the top three declining sub-sectors being biological products (-3.47%), chemical pharmaceuticals (-2.43%), and traditional Chinese medicine II (-2.13%) [3][12]. - Year-to-date, the sector has increased by 24.17%, with the top three performing sub-sectors being medical services (46.19%), chemical pharmaceuticals (41.47%), and biological products (16.75%) [16][19]. Industry News - On September 20, the National Medical Insurance Administration completed the review of the 2025 National Basic Medical Insurance Directory and the commercial insurance innovative drug directory, moving into the core negotiation and pricing phase [4][27]. - The 11th batch of national procurement was officially released on September 20, optimizing the requirements for bidding companies and the rules for procurement, which is expected to be a significant turning point for the industry [4][28]. - The Shanghai Municipal Government issued a plan to promote the development of the high-end medical device industry, aiming to enhance innovation and international competitiveness by 2027 [4][29]. Investment Recommendations - The report suggests focusing on the progress of the medical insurance directory negotiations and the implications of the national procurement policies. It recommends investment opportunities in innovative drugs, CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][30]. - Recommended stocks include Teva Biopharmaceuticals, Rongchang Biopharmaceuticals, Betta Pharmaceuticals, Kaili Medical, and Huaxia Eye Hospital, with additional stocks to watch including Kelun Pharmaceutical, Qianhong Pharmaceutical, Yifeng Pharmacy, Baipusais, and Lingrui Pharmaceutical [5][30].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 舒泰神（北京）生物制药股份有限公司（以下简称"公司"）第六届董事会第 九次会议审议通过了《关于提请召开公司2025年第二次临时股东会的议案》，本次 股东会将于2025年09月25日采用现场表决与网络投票相结合的方式召开。《关于召 开2025年第二次临时股东会的通知》已于2025年09月09日刊登于中国证监会指定的 创业板信息披露网站。现将会议有关事项提示如下： 一、召开会议的基本情况 1、股东会届次：2025年第二次临时股东会。 证券代码：300204 证券简称：舒泰神 公告编号：2025-069 舒泰神（北京）生物制药股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 2、股东会召集人：舒泰神（北京）生物制药股份有限公司董事会。 3、会议召开的合法、合规性：公司第六届董事会第九次会议审议通过了《关于 提请召开公司2025年第二次临时股东会的议案》，决定召开股东会，召集程序符合 有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开日期和时间： （1）现场会议召开时间为：2025年 ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it provides insights into market performance and trends [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.07% from September 15 to September 19, underperforming compared to the Wind All A index (-0.18%) and the CSI 300 index (-0.44%) [2][7]. - The only sub-sector that saw an increase was medical research outsourcing, which rose by 1.09%, while other segments such as biological products (-3.83%), vaccines (-3.64%), and in vitro diagnostics (-3.41%) faced declines [2][7]. - The National Healthcare Security Administration released the 11th batch of centralized drug procurement documents on September 20, emphasizing principles of "stabilizing clinical use, ensuring quality, preventing price wars, and countering internal competition" [2][10]. - The new procurement policy aims to optimize price control mechanisms and reduce the financial pressure on pharmaceutical companies by shortening the payment cycle through prepayments from healthcare insurance agencies [2][10]. Weekly Market Review - The pharmaceutical and biotechnology sector's performance from September 15 to September 19 showed a decline of 2.07%, with medical research outsourcing being the only sub-sector to gain [7]. - Notable stock performances included Yinos (23.3%), Furuida (17.8%), and Chengda Pharmaceutical (14.6%) as top gainers, while Anglikang (-13.4%), Nentech (-12.6%), and Shutaishen (-12.3%) were the biggest losers [10]. Industry News and Key Company Announcements - The report highlights significant industry events, including the release of centralized procurement documents and the announcement of various clinical trials and acquisitions by companies such as Roche and Innovent Biologics [11][14]. - The Sichuan Provincial Medical Insurance Bureau introduced a new online settlement management method for centralized procurement, which aims to improve cash flow for pharmaceutical companies [14]. - Companies like Watson Bio and Maiwei Biologics received clinical trial approvals for their respective products, indicating ongoing innovation and development within the industry [15].

Core Viewpoint - Shuyou Shen's stock price has shown significant volatility, with a year-to-date increase of 409.18%, but recent declines in the short term raise questions about future performance [1][2]. Company Overview - Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. was established on August 16, 2002, and listed on April 15, 2011. The company primarily engages in the research, production, and sales of biological products and some chemical drugs [1]. - The main revenue sources are: 59.17% from injectable mouse nerve growth factor (Sutai), 33.19% from compound polyethylene glycol electrolyte powder, and 7.63% from other products [1]. Financial Performance - For the first half of 2025, Shuyou Shen reported revenue of 126 million yuan, a year-on-year decrease of 31.14%, and a net profit attributable to shareholders of -24.64 million yuan, a decline of 619.70% [2]. - The company has distributed a total of 771 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.20% to 31,700, with an average of 14,327 shares held per shareholder, a decrease of 22.60% [2]. - New institutional shareholders include several funds, with notable holdings such as 15.72 million shares by Xingquan Helun Mixed A and 8.81 million shares by Xingquan Commercial Model Mixed A [3]. Market Activity - On September 18, the stock price rose by 2.00% to 37.73 yuan per share, with a trading volume of 521 million yuan and a turnover rate of 3.09%. The total market capitalization reached 18.026 billion yuan [1]. - The stock has appeared on the daily trading leaderboard seven times this year, with the most recent occurrence on June 9, where it recorded a net buy of -54.65 million yuan [1].

格隆汇9月17日丨舒泰神(300204.SZ)公布，近日，公司收到香塘集团的告知函，香塘集团于2025年09月 10日、2025年09月15日通过证券交易所集中竞价交易方式合计减持141.70万股舒泰神股份，占公司有表 决权总股本的0.30%；2025年09月11日、2025年09月16日通过证券交易所大宗交易方式减持合计477.77 万股舒泰神股份，占公司有表决权总股本的1.00%。2025年09月16日减持完成后，香塘集团及其一致行 动人合计持股比例由2025年09月10日减持前6.99%下降至2025年09月16日减持后的5.69%，减持股份触 及1%整数倍（6%），香塘集团本次减持计划实施完毕。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical and biotechnology industry [6] Core Viewpoints - The pharmaceutical sector has outperformed the CSI 300 index, with the Shenwan Pharmaceutical Biotechnology Index rising by 2.46% from September 1 to September 14, 2025, and by 26.80% year-to-date, surpassing the CSI 300 index by 1.16 percentage points and 11.88 percentage points respectively [1][13] - The current valuation of the pharmaceutical sector stands at 31.58 times (TTM overall method, excluding negative values), with a premium of 148.92% compared to the CSI 300 index [16] - The National Medical Products Administration (NMPA) has announced measures to optimize the review and approval process for innovative drug clinical trials, aiming to complete reviews within 30 working days for eligible applications [20] - The ongoing reforms in drug review and approval systems are expected to enhance the efficiency of clinical trials and accelerate the development of innovative drugs, benefiting companies in this sector [21] Summary by Sections 1. Biweekly Market Review - The pharmaceutical sector's performance from September 1 to September 14, 2025, shows a 2.46% increase, ranking 8th among 31 Shenwan first-level industry indices [11] - Year-to-date, the pharmaceutical sector has increased by 26.80%, also ranking 8th among the indices [13] - The top ten stocks by increase include Zhendemedical (+46.67%), Haooubo (+34.22%), and Kangwei Century (+30.28%), while the top ten stocks by decrease include Shutaishen (-24.15%) and Shanghai Yizhong (-15.39%) [17][18] 2. Important Events - On September 12, 2025, the NMPA released an announcement to support innovative drug development by optimizing the clinical trial review process [20] 3. Industry Insights - The report emphasizes the acceleration of innovative drug development in China, with significant results emerging and ongoing policy optimizations expected to further support this trend [21] - The second half of 2025 is expected to see continued focus on innovative drugs, international expansion, and the clearing of procurement processes, with specific attention to insulin and orthopedic sectors [21]