Group 1 - The three major indices opened lower on December 9, with the Hang Seng Shanghai Shenzhen Hong Kong Innovative Drug Selected 50 Index (HSSSHID.HK) rising over 1%, driven by significant gains in stocks like Zhaoyan New Drug and WuXi AppTec, which both increased by over 10% [1] - The Tianhong Innovative Drug ETF (517380) showed strength with a real-time premium rate of 0.17%, and it recorded a net inflow of 15.58 million yuan on the previous trading day, marking eight consecutive days of net inflows totaling 113 million yuan [1] - The new National Medical Insurance Drug List, effective from January 1, 2026, adds 114 new drugs, including 50 Class 1 innovative drugs, while removing 29 drugs that are either not clinically available or can be replaced by better alternatives, increasing the total number of drugs in the list to 3,253 [1] Group 2 - The Tianhong Innovative Drug ETF tracks the Hang Seng Hong Kong-Shenzhen Innovative Drug Selected 50 Index, covering the entire industry chain from preclinical research to commercialization, allowing for investment in both A-share and Hong Kong stocks in innovative drugs and CXO leading enterprises [2] - CITIC Securities believes that the success rate of national medical insurance negotiations is at a record high, and the commercial insurance directory is expected to become an important growth driver, with policies encouraging the development of innovative drugs [2] - The international competitiveness of China's innovative drug pipeline continues to improve, with ongoing upgrades in overseas expansion models and new technologies driving rapid industry development [2]

Core Viewpoint - The stock price of Zhaoyan New Drug (06127) has increased by over 10%, currently trading at 17.8 HKD with a transaction volume of 172 million HKD, driven by a significant rise in the price and demand for experimental monkeys [1] Group 1: Company Insights - Zhaoyan New Drug is expected to benefit from the rising prices of experimental monkeys, as the company has acquired monkey farms to create an integrated industry chain [1] - The company’s stock performance reflects market optimism regarding its future profitability linked to the rising costs of experimental monkeys [1] Group 2: Industry Trends - The price of the crab-eating macaque has surpassed 100,000 RMB, with reports indicating that prices have reached 120,000 to 130,000 RMB due to a supply shortage [1] - Demand for experimental monkeys is projected to be between 51,300 to 62,600 units annually from 2025 to 2027, while supply is estimated at 49,000 to 52,400 units per year, indicating a potential supply-demand gap [1] - The short-term increase in demand for experimental monkeys is driven by a resurgence in new drug development, while supply-side improvements are expected to be challenging [1]

Core Viewpoint - The pharmaceutical and biotechnology market currently lacks a clear main theme, but the release of the first "Medical Insurance + Commercial Insurance Dual Directory" by the National Healthcare Security Administration on December 7 may boost investment enthusiasm for innovative drugs [1] Market Performance - Last week, the pharmaceutical and biotechnology sector had a return of -0.74%, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices [2] - The pharmaceutical commercial sub-sector had the highest weekly return at 5.19%, outperforming the CSI 300 by 3.91%, while the medical services sub-sector ranked sixth with a return of -1.37%, underperforming the CSI 300 by 2.65% [2] Innovative Drugs - Companies recommended for investment in innovative drugs include: - Innovent Biologics - 3SBio - Hengrui Medicine - Kelun-Biotech - Baillie Gifford - Rongchang Biologics - Yimeng Biologics - Huyou Pharmaceutical - King’s Ray Biotech - Valiant Biotech - Lee's Pharmaceutical [2] CXO and Life Sciences Upstream Industry Chain - Recommended global CXO leaders include: - WuXi AppTec - WuXi Biologics - WuXi AppTec's subsidiary - Kanglong Chemical - Kailai Ying [3] - Recommended domestic clinical CRO leaders include: - Tigermed - Proprius - Nossg - Sunshine Nuohe [3] - Recommended resource-type CXOs include: - Zhaoyan New Drug - Yinos - Medicy - Baiaosaitu - Yaokang Biotech [3] - Recommended companies in the life sciences upstream industry chain include: - Baipusais - Haoyuan Pharmaceutical - Bid Pharmaceutical - Nami Technology - Aopumai - Haier Biomedical - Aladdin - Titan Technology [3] Companies with Improved Operations and High Dividends - Companies recommended for attention include: - Baiyunshan - Sinopharm [4] High-end Medical Equipment - Recommended companies benefiting from overseas pharmaceutical investments include: - Sensong International - Dongfulong - Chutian Technology [4] - Companies expected to see business growth from hospital procurement recovery include: - United Imaging - Kaili Medical - Xinhua Medical - Mindray Medical - Aohua Endoscopy - Mountain Outside Mountain [4] - Companies with domestic demand-driven medical device recovery include: - Yiyue Medical - Kefu Medical - Sanofi Biotech [4] - Companies with restored overseas orders include: - Meihua Medical - Haitai New Light - Ruimaite [4] - Companies with increasing market penetration in high-end medical consumables include: - Xinmai Medical - Micron Medical - Weigao - Micron Brain Science - Aikang Medical - Chunli Medical [4]

Group 1 - The company held its second extraordinary general meeting of shareholders on December 5, 2025, with no resolutions being rejected [2][3] - The total number of shares with voting rights at the meeting was 746,174,300 shares after excluding shares held in the company's repurchase account [2] - The meeting was convened in accordance with the Company Law and the company's articles of association, with the chairman presiding over the meeting [3] Group 2 - The company approved several governance-related proposals, including the cancellation of the supervisory board and amendments to the articles of association [4][5] - All proposals related to the revision of governance systems and rules were passed unanimously [5][6] - The meeting was attended by all directors and supervisors, and the voting procedures were deemed valid [4][7] Group 3 - The company announced an expected related party transaction with Shengtong Intelligent Technology Co., Ltd., for a total amount not exceeding 16.5 million yuan for the year 2026 [11][12] - The transaction involves the provision of digital services and does not constitute a major asset reorganization [11] - The company had previously engaged in related transactions with Shengtong Intelligent amounting to 993.18 million yuan, which did not exceed 5% of the latest audited net assets [11][12] Group 4 - The company’s main business is non-clinical drug research services, and the collaboration with Shengtong Intelligent is expected to enhance operational efficiency and reduce costs [18] - The pricing for the services provided by Shengtong Intelligent will be based on a cost-plus model, ensuring alignment with market rates [16] - The independent directors and the board approved the related party transaction, confirming it aligns with the company's operational needs [19][20] Group 5 - The company plans to engage in daily related party transactions with Shuyitai Shen (Beijing) Biopharmaceutical Co., Ltd., which have been approved by the board [58][60] - These transactions are necessary for daily operations and are priced at market rates, ensuring no harm to the interests of the company or minority shareholders [65][66] - The company maintains its independence, with no reliance on these transactions for its main business or revenue [66] Group 6 - The company announced plans for entrusted financial management for 2026, with a maximum daily balance of 2 billion yuan for investments in low-risk financial products [69][72] - The purpose of the financial management is to enhance the efficiency of idle funds while ensuring the company's normal operations are not affected [71][78] - The board approved the financial management plan, which includes strict risk control measures [76][78] Group 7 - The company elected a new employee representative director, Li Ye, during the first meeting of the labor union committee on December 5, 2025 [79][80] - The new board will consist of 10 members, including 5 non-independent directors and 4 independent directors, complying with relevant regulations [79][80] - Li Ye has been with the company since 2007 and holds shares in the company, ensuring no conflicts of interest [80]

昭衍新药（603127）(06127)公布，于2025年12月5日举行的公司工会委员会会议选举李叶女士为公司职 工董事，任期自工会委员会会议选举之日至第五届董事会任期届满为止。 ...

Investment Rating - The report maintains a "Buy" rating for certain stocks in the CXO sector, indicating a positive outlook for the industry [58]. Core Insights - The global market is showing signs of recovery, with domestic financing on the rise, particularly in the healthcare sector. In Q3 2025, global financing reached $20.6 billion, marking a 39% increase and the highest in nearly four years. Domestic financing also surged to 18.2 billion yuan, up 97% [2][21]. - The IPO landscape is experiencing a divergence, with overseas markets facing challenges while domestic IPOs are rebounding. The domestic biotech IPOs have seen significant growth, with a 665% year-on-year increase in fundraising [30][34]. - The research and development sector is under pressure globally, but domestic R&D is showing rapid improvement, with new clinical trials reaching historical highs. In the first eleven months of 2025, the number of new clinical trials in China increased by 20% [41][52]. Summary by Sections Financing Sector - Global financing in the healthcare sector is recovering, with Q3 2025 showing a significant rebound. The total financing for the first ten months of 2025 has already surpassed the entire year of 2024 [14][21]. - Domestic financing trends mirror global patterns, with a notable increase in Q3 2025, indicating a clear upward trajectory [21][22]. IPO Trends - The overseas IPO market is stabilizing after a downturn, while domestic IPOs are experiencing a resurgence, particularly in the biotech sector, driven by a favorable secondary market [30][34]. - The first eleven months of 2025 saw a dramatic increase in fundraising from domestic biotech IPOs, highlighting a strong recovery [34][36]. R&D Developments - Globally, the number of new clinical trials is declining, but the domestic market is witnessing a significant turnaround, with new drug IND applications showing stability and growth [41][47]. - The number of new clinical trials in China has reached a historical high, with a notable increase in Phase II trials, indicating a robust pipeline for future drug development [52][53].

智通财经APP讯，昭衍新药(06127)公布，于2025年12月5日举行的公司工会委员会会议选举李叶女士为 公司职工董事，任期自工会委员会会议选举之日至第五届董事会任期届满为止。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 附件為本公司於上海證券交易所網站刊登之 北京昭衍新藥研究中心股份有限公司 (1) 2025年第二次臨時股東大會決議公告 (2)北京市天元律師事務所關於北京昭衍新藥研究中心股份有限公司 2025年第二次臨時股東大會的法律意見 (3)第五屆董事會第一次會議決議公告 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 (4)關於預計2026年度委託理財的公告 (5)關於預計2026年度與舒泰神日常關聯交易的公告 (6)關於預計2026年度與生仝智能關聯交 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 持 續 關 連 交 易： (1) 2026年 舒 泰 神 研 發 服 務 框 架 協 議；及 (2) 2026年生仝智能服務框架協議 背 景 茲 提 述 本 公 司：(i)日期為2024年12月20日有關2025年舒泰神研發服務框架協 議；及(ii)日期為2024年8月30日有關2024年生仝智能服務框架協議的公告以 及日期為2025年3月28日有關修訂生仝智能服務框架協議項下截至2025年12 月31日 止 年 度 的 年 度 上 限 的 公 告。 於2025年12月5日（交 易 時 段 後），本 公 司：(i)與舒泰神訂立2026 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 於2025年12月5日（交 易 時 段 後），Biorichland與昭衍（加 州）訂 立Biorichland租 賃 （2025年 續 期）協 議，據 此，租 賃 期 限 延 長 至2028年12月31日。Biorichland租 賃 （2022年 續 期）協 議 將 於 其 期 限 屆 滿 前 維 持 十 足 效 力。 – 1 – 香港上市規則的涵義 於 本 公 告 日 期，馮 女 士 持 有 本 公 司A股167,160,633股，而 其 配 偶 周 先 生 持 有 74,725,981股A股。馮 女 士 及 周 先 生 合 共 持 有241,886,614股A股，佔 已 發 行 股 份 總數約32.27%。因 此，馮 女 士 及 周 ...