北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2024 年年度股东会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2024 年年度股东会的法律意见 北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2024 年年度股东会的 法 律 意 见 昆药集团股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨敏律师、李妍律师出席贵公司 2024 年年度股东会（以下简称"本次 股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神，对贵 公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》《证券 法》《上市公司股东会规则》及贵公司《章程》的规定，就贵公司本次股东会的 相关事项出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司董事会已于 ...

重要内容提示： 本次会议是否有否决议案：无 证券代码：600422 证券简称：昆药集团 公告编号：2025-033 昆药集团股份有限公司 2024年年度股东大会决议公告 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、准确性和完整性承担法律责任。 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 20 日 (二)股东大会召开的地点：云南省昆明市国家高新技术开发区科医路 166 号昆药 集团股份有限公司管理中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 514 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 387,491,022 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 51.1893 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司股东 会规则》（下称"《股东会规则》"）及《昆药集 ...

来源：金融界 公开信息显示，现任基金经理刘泽序先生:中国,硕士研究生,2016年3月至2022年3月期间任中信证券股份 有限公司研究部行业分析师,2022年3月至2023年6月期间任上海景林资产管理有限公司投资研究部分析 师。2023年6月加入国投瑞银基金管理有限公司基金投资部。2023年9月12日起担任国投瑞银创新医疗灵 活配置混合型证券投资基金基金经理。2024年5月1日担任国投瑞银医疗保健行业灵活配置混合型证券投 资基金基金经理。 截止2025年3月31日，国投瑞银医疗保健混合C前十持仓占比合计39.42%，分别为：恒瑞医药 （6.09%）、泽璟制药-U（5.28%）、科伦药业（5.22%）、药明康德（3.98%）、昆药集团（3.75%）、 泰格医药（3.67%）、东阿阿胶（3.45%）、奥赛康（2.86%）、凯莱英（2.58%）、新诺威（2.54%）。 6月19日，国投瑞银医疗保健混合C（011082）下跌1.23%，最新净值0.87元，连续5个交易日下跌，区间 累计跌幅7.99%。 据了解，国投瑞银医疗保健混合C成立于2020年12月，基金规模0.16亿元，成立来累计收益率-35.71%。 从持有人 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][8]. Core Insights - The company, Kunming Pharmaceutical Group, is positioned as a leader in the silver-haired health sector, leveraging its long history and expertise in traditional Chinese medicine [7][15]. - Following the acquisition by China Resources Sanjiu, the company has strengthened its competitive edge in the Sanqi industry chain and aims to become a leader in the elderly health and chronic disease management sectors [7][22]. - The company has set ambitious growth targets, aiming to double its revenue by 2028, focusing on high-quality products and services for elderly health management [16][29]. Financial Data and Profit Forecast - Total revenue is projected to reach 84.01 billion yuan in 2024, with a slight decline of 0.34% year-on-year, followed by a recovery to 91.76 billion yuan in 2025, representing a growth of 9.2% [2][30]. - Net profit attributable to shareholders is expected to be 648 million yuan in 2024, with a significant increase to 714 million yuan in 2025, reflecting a year-on-year growth of 10.1% [2][30]. - The earnings per share (EPS) is forecasted to be 0.86 yuan in 2024, increasing to 0.94 yuan in 2025 [2]. Strategic Development - The company is focusing on two main business areas: elderly health and premium traditional Chinese medicine, with a strategic plan from 2024 to 2028 [7][16]. - The company aims to enhance its product offerings in the Sanqi industry chain and develop a comprehensive service model for chronic disease management [57][58]. - The strategic plan includes short-term, mid-term, and long-term actions to establish a strong market presence and brand recognition in the elderly health sector [57][58]. Market Position and Competitive Advantage - Kunming Pharmaceutical Group is recognized as one of the five major traditional Chinese medicine brands in China, with a rich history and a strong product portfolio [7][15]. - The company has a robust marketing strategy that includes a full-channel approach, targeting hospitals, retail pharmacies, and e-commerce platforms [38]. - The company is leveraging its research and development capabilities to innovate and expand its product line, particularly in the field of plant-based medicines [39][41].

Core Viewpoint - The company is preparing for its 2024 Annual Shareholders' Meeting, focusing on governance, strategic development, and financial performance, while ensuring shareholder rights and compliance with regulations [1][2][3]. Meeting Agenda - The meeting is scheduled for June 20, 2025, at 10:00 AM, in Kunming, Yunnan Province, with the chairman Wu Wendo presiding [3][4]. - Key agenda items include the 2024 Annual Board Work Report, Annual Supervisory Board Work Report, Annual Financial Settlement Report, and Profit Distribution Proposal [3][4][5]. Governance and Compliance - The company emphasizes the importance of maintaining order and efficiency during the meeting, with strict adherence to legal and procedural requirements [1][2]. - The board is committed to protecting shareholder rights and ensuring compliance with the Company Law and Securities Law [1][2]. Strategic Development - The board has developed a five-year strategic plan (2024-2028) focusing on becoming a leader in the silver-haired health industry and premium traditional Chinese medicine [11][12]. - The company aims to enhance its core business areas, particularly in chronic disease management and the traditional Chinese medicine sector [11][12]. Financial Performance - The company reported a net profit of 648.08 million yuan for the year, a year-on-year increase of 19.86%, and a net profit excluding non-recurring items of 419.21 million yuan, up 25.09% [17]. - A cash dividend of 0.20 yuan per share (including tax) is proposed, totaling approximately 151.42 million yuan [12][31]. Risk Management - The board is focused on enhancing risk management frameworks and internal controls to identify and mitigate potential risks [15][16]. - Regular audits and compliance checks are conducted to ensure adherence to legal and regulatory standards [15][16]. Investor Relations - The company is committed to improving information disclosure quality and maintaining effective communication with investors [18][19]. - It has received recognition for its investor relations efforts, including an A-level rating for information disclosure from the Shanghai Stock Exchange [19].

昆药集团股份有限公司 KPC Pharmaceuticals, Inc. 2024 年年度股东大会 会 议 资 料 股票简称：昆药集团 股票代码：600422 2025 年 6 月 2024 年年度股东大会会议资料 会 议 须 知 为适应上市公司规范运作，提高股东大会议事效率，保障股东合法权益，确保大 会程序合法性，根据《中华人民共和国公司法》《中华人民共和国证券法》《公司章 程》以及《公司股东大会议事规则》等精神，特制定如下大会须知，望出席昆药集团 股份有限公司（以下简称"昆药集团"或"公司"）股东大会的全体人员严格遵守： 一、本次股东大会由公司董事会办公室具体负责大会的组织工作。 二、董事会以维护股东的合法权益，确保大会正常秩序和议事效率为原则，认真 履行法定职责。 三、出席本次股东大会的股东，依法享有发言权、表决权等各项权利。 四、会议期间请保持会场纪律、严肃对待每一项议题，会议期间全过程录音。 五、股东及股东代表参加本次股东大会，应当认真履行法定义务，不得侵犯其他 股东的权益，不得扰乱大会的正常程序和会议秩序。 六、会议议题全部说明完毕后统一审议、统一表决；股东大会采取现场投票和网 络投票相结合的表决 ...

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. (Yinnuo Pharma) has submitted a second IPO application to the Hong Kong Stock Exchange, aiming to penetrate the competitive GLP-1 market dominated by international giants like Semaglutide and Tirzepatide [1][9]. Company Overview - Founded in 2014, Yinnuo Pharma is recognized as a long-distance runner in the GLP-1 sector, focusing on a single drug strategy with its core product, Isupatide α (brand name: Yinuo Qing) [1][2]. - The company has faced significant financial challenges, with cumulative losses exceeding 1.2 billion RMB from 2022 to 2024, including a peak loss of 733 million RMB in 2023 [2][5]. Financial Performance - In 2023, Yinnuo Pharma's R&D expenditure was 492 million RMB, with 76.4% allocated to Isupatide α. This dropped to 103 million RMB in 2024, with 95.7% directed towards the same product [3][4]. - The reduction in R&D spending was primarily due to a significant decrease in employee benefits, which fell by 93.17% from 344 million RMB in 2023 to 2.35 million RMB in 2024 [4][5]. Market Competition - The global GLP-1 receptor agonist market is highly competitive, with three long-acting agents (Dulaglutide, Semaglutide, and Tirzepatide) holding an 83% market share [9][10]. - Yinnuo Pharma is expanding the indications for Isupatide α, but its clinical trials for obesity treatment are still in early stages, limiting immediate commercial contributions [10]. Capital Dynamics - Prior to the IPO, Yinnuo Pharma experienced significant changes in its shareholder structure, with early investors reducing their stakes at a discounted price, indicating skepticism about the company's commercialization path [6][7]. - The company has raised over 1.5 billion RMB through four rounds of financing from 2020 to 2024, with valuations closely tied to the clinical progress of Isupatide α [7][8]. Industry Insights - Current policies favoring domestic innovative drug companies, such as accelerated review processes and regularized medical insurance negotiations, could benefit Yinnuo Pharma if it successfully completes its IPO [10]. - The ability to navigate pricing negotiations and establish a reliable commercialization pathway will be crucial for Yinnuo Pharma's future success in the GLP-1 market [10].

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. is at a critical turning point as it transitions from a research-focused company to a commercial entity, with its core product, Irsuglutide α, expected to be approved in January 2025 and launched in February 2025 [1][2]. Company Overview - Founded in 2014, Yinnuo Pharmaceutical is a science-driven biotechnology company focused on providing innovative, accessible, and affordable high-quality drugs for patients with metabolic diseases [1]. - The company has developed multiple research pipelines targeting diabetes, obesity, and non-alcoholic fatty liver disease, all of which are self-developed and globally patented [1]. Financial Performance - The company reported losses of approximately 300 million yuan, 733 million yuan, and 175 million yuan for the years 2022, 2023, and 2024, respectively, totaling over 1.2 billion yuan in losses over three years [2]. - Losses significantly narrowed from 733 million yuan in 2023 to 175 million yuan in 2024, reflecting a reduction in R&D and administrative expenses [3]. - The company’s cash reserves stood at 480 million yuan as of the end of May 2025, with positive cash flow from operating activities expected to begin in 2025 [3]. Product Development - Irsuglutide α is set to become the first domestically approved long-acting GLP-1 receptor agonist in China, with a half-life of 204 hours allowing for weekly administration [2]. - The product achieved sales revenue of 43 million yuan in the first five months of 2025, although specific sales volume was not disclosed [2]. Market Environment - The competitive landscape is challenging, with over 10 GLP-1 drugs already on the market and 11 in Phase III clinical trials, where imported products hold a 93.64% market share [5]. - The market for GLP-1 obesity treatment in China is projected to reach 24.7 billion yuan by 2028, with a compound annual growth rate of 137.9% [5]. - Yinnuo Pharmaceutical must establish a marketing system from scratch, led by a team of former multinational pharmaceutical executives, and adopt an omnichannel marketing strategy [5]. Funding and Valuation - The company has raised a total of 1.558 billion yuan through multiple funding rounds from 2020 to 2024, with its post-investment valuation increasing from 666 million yuan to 4.65 billion yuan [4]. - The upcoming IPO aims to fund commercial operations and production facilities, with a focus on establishing a production base in Yantai, Shandong, expected to be operational by 2026 [3][5].

Core Viewpoint - Nanjing Weilizhibo Biotechnology Co., Ltd. (Weilizhibo) has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, aiming to list on the main board, with Morgan Stanley and CITIC Securities as joint sponsors. The company previously attempted to list in November 2024 but the prospectus became invalid [1][2]. Company Overview - Founded in 2012, Weilizhibo is a clinical-stage biotechnology company focused on discovering, developing, and commercializing innovative therapies for cancer, autoimmune diseases, and other major illnesses. The company has raised approximately $151 million through eight financing rounds, attracting notable investors [1][9]. Financial Performance - Weilizhibo has reported significant losses over the past three years, totaling nearly 1 billion yuan. The company has been operating at a loss, with cash flow continuously negative. As of March 2025, the company had 431 million yuan in cash, which is insufficient to cover its current liabilities of 462 million yuan [2][9][10]. Product Pipeline - The company has a pipeline of 14 drug candidates, with six in clinical stages. The core product, LBL-024, is a PD-L1 and 4-1BB bispecific antibody currently in a pivotal clinical trial for lung neuroendocrine carcinoma. However, the patient population for this indication is small, and the clinical trial phase II has a high failure rate [3][6][8]. Clinical Trial Insights - LBL-024 has shown an objective response rate of 33.3% and a disease control rate of 51.1% in treating advanced lung neuroendocrine carcinoma. Despite promising clinical data, the commercial prospects are limited due to the small patient population, with only 12,000 patients estimated in China for this condition in 2024 [6][8]. Partnership and Collaboration - The company lost its only revenue-generating partnership with BeiGene, which terminated the licensing agreement for LBL-007. This has raised concerns about the company's ability to generate income from its pipeline [2][8]. Investor Dynamics - Prior to the IPO, several early investors chose to liquidate portions of their holdings. The company has reached an agreement with its pre-IPO investors to terminate the share redemption obligation, which has improved its asset structure [10][11][12].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][59] Core Viewpoints - The report emphasizes the potential of the FIC molecule CKBA in the market, particularly recommending Tai En Kang [3][4] - The pharmaceutical index increased by 1.13% from June 2 to June 6, outperforming the CSI 300 index by 0.25% [5][30] - The report suggests focusing on innovative drugs as a clear industry trend, with specific recommendations for various companies [5][30] - The report highlights the ongoing clinical trials and potential market for CKBA, particularly in treating vitiligo and other autoimmune diseases [5][24][29] Summary by Sections Industry Performance - The pharmaceutical index saw a weekly increase of 1.13%, with 334 stocks rising and 144 falling [5][30] - Notable gainers included Yiming Pharmaceutical (+33.09%) and Wanbangde (+32.59%) [30][31] Recommended Stocks - The report recommends focusing on stocks such as Xinlitai, Huana Pharmaceutical, Rejing Bio, Sanofi Pharmaceutical, and Kunming Pharmaceutical [5][51] - For June, the suggested stocks include Xinlitai, Kelun Pharmaceutical, China Biopharmaceutical, and others [6][51] Clinical Development and Market Potential - CKBA, developed from the natural product AKBA, shows promise in treating vitiligo and other autoimmune diseases [5][24][29] - The clinical trials for CKBA ointment are progressing well, with results expected in July 2025 [29] Industry Outlook - The report anticipates a positive outlook for the pharmaceutical sector in 2025, driven by innovation, international expansion, and an aging population [48] - Key areas of focus include innovative drugs, overseas markets, domestic replacements, and high-barrier industries [48][49]