地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海阿拉丁生化科技股份有限公司 调整 2021 年限制性股票激励计划相关事项的 法律意见书 上海市锦天城律师事务所 关于上海阿拉丁生化科技股份有限公司 调整 2021 年限制性股票激励计划相关事项的 法律意见书 致：上海阿拉丁生化科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海阿拉丁生化科技股份有限公司 （以下简称"公司"或"阿拉丁"）的委托，并根据公司与本所签订的法律服务合同，作为公 司 2021 年限制性股票激励计划（以下简称"本次激励计划"）的法律顾问。 本所根据《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》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《 ...

Core Viewpoint - The announcement details the appointment of Ms. Zhao Yahui as the Secretary of the Board of Shanghai Aladdin Biochemical Technology Co., Ltd., following her completion of the required training and qualification process [1][2]. Group 1: Appointment Details - The Board of Directors approved the appointment of Ms. Zhao Yahui as the Secretary of the Board during the first meeting of the fifth Board on December 26, 2025 [1]. - Ms. Zhao's term will be effective upon obtaining the necessary training certification and will last until the end of the fifth Board's term [1]. - The company has submitted Ms. Zhao's qualifications for the Secretary position to the Shanghai Stock Exchange, which has been approved without objections [2]. Group 2: Training and Responsibilities - Ms. Zhao completed the training for the Secretary of the Board at the Shanghai Stock Exchange and passed the examination, obtaining the necessary certification [2]. - Following the approval of her qualifications, Ms. Zhao officially assumes her responsibilities as the Secretary of the Board, relieving the current Chairman, Mr. Xu Jiuzhen, from acting in this role [2]. Group 3: Contact Information - The contact details for the Secretary of the Board are provided, including a phone number, email address, and physical address in Shanghai [3].

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

| 证券代码：688179 | 证券简称：阿拉丁 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：118006 | 转债简称：阿拉转债 | | 上海阿拉丁生化科技股份有限公司 关于董事会秘书取得任职培训证明并正式履职的公告 上海阿拉丁生化科技股份有限公司 董事会 2026 年 2 月 3 日 公司董事会秘书联系方式如下： 联系电话：021-50560989 邮箱：aladdindmb@163.com 联系地址：上海市浦东新区新金桥路 36 号南塔 16 层 特此公告。 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。 上海阿拉丁生化科技股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日 召开了第五届董事会第一次会议，审议通过了《关于聘任赵亚红女士为公司第五届 董事会秘书的议案》，董事会同意聘任赵亚红女士担任公司董事会秘书，任期自其 取得任职培训相关证明后正式生效，至第五届董事会届满之日止。具体内容详见公 司于 2025 年 12 月 27 日在上海证券交易所网站（w ...

Core Viewpoint - The insurance capital is actively seeking investment opportunities in the stock market as it enters 2026, with a significant increase in company research activities, indicating a bullish sentiment towards various sectors [1][2]. Group 1: Investment Trends - As of February 1, 2026, insurance companies and their asset management firms conducted a total of 751 company research activities, reflecting a strong interest in identifying investment opportunities across hundreds of listed companies [1]. - The total investment balance of insurance companies reached 37.46 trillion yuan by the end of Q3 2025, marking a 3.39% increase from the previous quarter [1]. - Insurance capital is focusing on high-dividend stocks, particularly in the banking sector, while also expanding interest in emerging sectors such as artificial intelligence and biomedicine [2][3]. Group 2: Sector Focus - The primary sectors of interest for insurance capital include banking, computer science, artificial intelligence, biomedicine, and aerospace, with a focus on high-end manufacturing and new productivity drivers [2]. - Notable companies attracting attention from insurance capital include Haitai Ruisheng, Entropy Technology, and Aladdin, which are involved in AI data, biometric technology, and new materials, respectively [2]. - The banking sector remains a hotspot for insurance capital, with banks like Shanghai Bank and Nanjing Bank receiving significant attention due to their stable dividends, which align with the cash flow needs of insurance companies [3]. Group 3: Investment Strategy - Insurance capital is expected to maintain a cautious investment approach, focusing on high-dividend sectors while gradually increasing allocations to new productivity-related fields [4]. - The strategy includes a continued emphasis on bonds as a stable investment, while also exploring long-term local and cross-border bonds, and increasing equity allocations through private securities funds and strategic stakes [3][4]. - The investment pace of insurance capital is characterized by a careful wait for reasonable valuation levels and a cooling market sentiment before making gradual allocations, indicating a long-term investment perspective [4].

进入2026年，股市实现"开门红"，保险资金调研热情高涨，马不停蹄地寻找市场投资机会。东方财富 Choice数据显示，截至2月1日，保险公司、保险资管公司自2026开年来合计调研上市公司751次，涉及 数百家上市公司。险资动向一直是市场投资风向标，新的一年，险资看好哪些板块投资机会，又将有怎 样的布局？ 人工智能、生物医药仍是重点 随着险资规模持续壮大，其投资和调研动向也被视为风向标。金融监管总局数据显示，截至2025年三季 度末，保险公司资金运用余额达37.46万亿元，相较于二季度末的36.23万亿元增长3.39%。 北京商报记者通过东方财富Choice数据梳理发现，2026开年以来，保险公司、保险资管公司合计调研上 市公司751次，无论是大型险资机构还是中小型险资机构，都在积极参与调研，寻找投资机会。其中， 专业养老险公司调研最积极，一些头部寿险公司和银行系寿险公司调研也较为频繁。 2025年，险资机构持续加码红利策略投资，青睐以银行股为代表的高股息标的。2026年，险资在关注高 股息股票的基础上，加强了对人工智能、医药等热门板块的关注。从险资调研所关注的领域来看，险资 机构主要关注银行、计算机、人工智能 ...

2026开年以来，保险公司、保险资管公司合计调研上市公司751次，各大险资机构都在积极寻找投资机 会，尤其是专业养老险公司调研最积极。 2025年，险资机构持续加码红利策略投资，青睐以银行股为代表的高股息标的。2026年，险资在关注高 股息股票的基础上，加强了对人工智能、医药等热门板块的关注。险资机构主要关注银行、计算机、人 工智能、生物医药、航天等领域，并主要聚焦于行业内高端制造和新质生产力导向的个股。例如，受到 较多险资机构调研的海天瑞声（688787.SH）、熵基科技（301330.SZ）、阿拉丁（688179.SH），分别 聚焦于AI数据、生物识别技术、新材料等。此外，银行依旧是险资关注的热点，上海银行 （601229.SH）、南京银行（601009.SH）等都获得了险资较多关注。 （来源：财闻） 进入2026年，股市实现"开门红"，保险资金调研热情高涨，马不停蹄地寻找市场投资机会。数据显示， 截至2月1日，保险公司、保险资管公司自2026开年来合计调研上市公司751次，涉及数百家上市公司。 随着险资规模持续壮大，其投资和调研动向也被视为风向标。金融监管总局数据显示，截至2025年三季 度末，保险公司 ...

进入2026年，股市实现"开门红"，保险资金调研热情高涨，马不停蹄地寻找市场投资机会。东方财富Choice数据显示，截至2月1日，保险公司、 保险资管公司自2026开年来合计调研上市公司751次，涉及数百家上市公司。险资动向一直是市场投资风向标，新的一年，险资看好哪些板块投资 机会，又将有怎样的布局？ 数十万亿险资投向何方 尽管2025年投资"成绩单"表现不俗，但保险行业依旧面临在"低利率时期"如何拓宽投资标的、优化投资结构的"必答题"。随着中长端利率中枢持 续下行，寿险业等投资回报率进一步降低，利差损风险加大。当前存款利率在"1时代"徘徊，长期资金对稳定收益的渴求变得前所未有的强烈。 国泰海通证券研报提到，险资将持续巩固债券"压舱石"地位，并逐步向长期地方债与跨境债延伸；权益配比稳步提升，并通过私募证券基金与举 牌等方式加速入市，整体呈现出"债券更追求性价比、权益配置趋强"的趋势。 权益投资方面，险资将显现出怎样的偏好？苏商银行特约研究员付一夫预测，一方面，高股息板块（如银行、公用事业）仍是压舱石；另一方 面，新质生产力相关领域（如人工智能、高端制造、新能源、生物医药）有望获增量配置。政策扶持、技术突破及国 ...

Summary of Aladdin Company Conference Call Industry and Company Overview - Aladdin Company is focused on the semiconductor industry, implementing a domestic substitution strategy to increase revenue from tens of millions to over a billion in profit [2][4] - The company has achieved significant profit through acquisitions, although some acquisitions are not fully controlled, resulting in profits of over 100 million [2][4] Key Points and Arguments Domestic Market Performance - Monthly production of the company's debonding agent is currently 20 tons, with plans to expand to 50 tons by May, but demand still exceeds supply [2][3][7] - The price of the debonding agent is approximately 100,000 RMB per ton, significantly lower than the foreign price of 1,000,000 RMB per ton, addressing critical supply chain issues [2][7] Product Development and Customer Relationships - Aladdin has established strong partnerships with major domestic semiconductor clients by providing debonding agents and cleaning solutions, and is actively developing complementary products like etching solutions [2][6] - The etching solution has been validated by customers and is ready for mass production, with an expected annual demand of hundreds of tons [3][10] Financial Projections and Goals - The company aims for overseas revenue of $500-600 million in 2026, with costs exceeding $100 million, and expects to achieve profitability with a net profit margin potentially exceeding 50% [2][5] - Future revenue targets include $30 million in two to three years, with net profits reaching $50-60 million, effectively doubling the company's size [5][13] Strategic Directions - Aladdin's future strategy includes strengthening its core business, expanding into overseas markets, and seeking complementary investment opportunities [2][8] - The company plans to enhance market share through domestic substitution and improve gross margins in overseas markets [8] Pricing and Profitability Strategy - Initial product pricing was low, but as experience and demand grow, prices are expected to increase, with current gross margins nearing 90% [9] - The company is negotiating price increases with clients, which could further enhance profitability despite significant R&D investments [9] Technical Advantages - Aladdin's competitive edge lies in its technical capabilities, rapid response from R&D, and strong purification and quality control abilities [12] - The ability to adjust formulations to meet specific customer needs has helped establish long-term partnerships [12] Overseas Business Development - Aladdin began preparations for international expansion in 2018, establishing a warehouse in the U.S. in 2023 and expecting overseas sales to grow significantly [13] - The company has also invested in a large warehouse in Frankfurt and has a stake in an e-commerce platform to support future sales growth [13] Management Support for Projects - An independent team has been established to manage new projects, led by the chairman, with approximately 15-16 members dedicated to supporting development and implementation [14]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include TSMC's plan to increase investment in advanced packaging technology, aiming to upgrade existing InFO equipment and establish a new WMCM production line, with a target capacity of approximately 60,000 wafers per month by the end of 2026 [6][40]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The successful launch of the Long March 12 rocket, which deployed 19 low-orbit satellites, demonstrates the capabilities of China's aerospace technology [8][50]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - By the end of 2025, China's power storage capacity is projected to reach 213.3 GW, a year-on-year increase of 54%, with new energy storage accounting for over two-thirds of this capacity [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - Significant advancements in agricultural biotechnology were reported, including breakthroughs in crop genetic improvement and the development of new wheat varieties [12]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [13]. - The government has initiated projects to support equipment upgrades across various sectors, with a total investment exceeding 460 billion yuan [14]. 6. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023 to 2025, indicating a generally positive outlook for the new materials sector [16].