证券代码：603127 证券简称：昭衍新药 公告编号：2025-050 北京昭衍新药研究中心股份有限公司 (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。 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 12 月 5 日 (二)股东大会召开的地点：北京市经济技术开发区瑞合西一路 7 号院会议室 (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 | 497 | | --- | --- | | 其中：A 股股东人数 | 496 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 219,538,389 | | 其中：A 股股东持有股份总数 | 206,069,006 | | 境外上市外资股股东持有股份总数（H 股） | 13,469,383 | | 3 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-051 北京昭衍新药研究中心股份有限公司 第五届董事会第一次会议决议公告 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。 北京昭衍新药研究中心股份有限公司（以下简称"公司"或"昭衍新药"）第五 届董事会第一次会议于 2025 年 12 月 5 日在公司会议室以现场会议和电话会议相 结合的形式召开，经全体董事一致同意，豁免本次会议通知时限要求。本次会议 应参加董事 10 人，实际参加董事 10 人。全体董事共同推举冯宇霞女士主持本次 会议，公司全体高级管理人员列席会议。会议的召集和召开及表决符合《中华人 民共和国公司法》和《北京昭衍新药研究中心股份有限公司章程》（以下简称"《公 司章程》"）的规定，会议程序合法、有效。 本次会议经与会董事认真审议，以举手表决方式作出了如下决议： 1.审议通过《关于豁免第五届董事会第一次会议通知时限的议案》 公司于 2025 年 12 月 5 日召开的 2025 年第二次临时股东大会选举产生新一 届董事以及工会委员会选举产生职工董事， ...

Group 1 - The report highlights a significant divergence in the performance of various sub-sectors within the pharmaceutical industry in 2025, with the CXO and innovative drug-related sectors showing substantial growth, while the medical service sector is expected to gradually recover in 2026 due to a low base effect from 2025 [2][6][58] - The overall performance of the A-share market was positive in 2025, with the pharmaceutical and biological sector ranking 10th with a growth of 34.95%, while the CXO sector led with a growth of 58.71% [6][15] - The report emphasizes the importance of "product-driven" companies, which are expected to enter a profitability cycle as they recover from the impacts of centralized procurement and increase their R&D investments [2][29] Group 2 - The innovative drug sector is projected to continue its upward trend, with business development (BD) opportunities abroad being a key focus, indicating the global competitiveness of Chinese innovative drugs [30][34] - The medical device sector is also expected to follow a similar recovery path as innovative drugs, with increasing R&D investments and a growing number of approved innovative medical devices [43][45] - The medical service sector, despite facing short-term pressures, is anticipated to gradually recover in 2026, supported by an aging population and increasing demand for healthcare services [58] Group 3 - The report suggests specific companies to watch in various sectors, including medical devices (e.g., Sanyou Medical, Aikang Medical), innovative drugs (e.g., Innovent Biologics, Kintor Pharmaceutical), and medical services (e.g., Aier Eye Hospital, Tongce Medical) [2][29] - The report notes that the pharmaceutical sector's overall valuation remains at a historical low, with a price-to-earnings ratio of 30.82 times as of October 31, 2025, indicating potential for upward adjustment [19][20] - The report highlights the importance of key product advancements and performance realization in the innovative drug sector, particularly for products like PD-1/VEGF, which have shown promising clinical data and significant market interest [39][40]

Group 1: Style Rotation Insights - The Q4 style rotation model indicates signals for small-cap and growth stocks [2][3] - The dual-driven rotation strategy for Q4 has a composite score of -1, predicting a focus on small-cap stocks [3] - The value-growth style rotation model shows a composite score of -3, suggesting a preference for growth stocks [4] Group 2: Industry Rotation Analysis - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor long strategy had an excess return of -0.83% [4] - For December, the recommended long industries based on single-factor strategies include banking, construction, non-bank financials, and electric equipment & new energy [4] - The composite factor strategy recommends long positions in telecommunications, comprehensive finance, computers, electric equipment & new energy, and utilities [4] Group 3: Pharmaceutical Sector Performance - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW pharmaceutical and biological index declining by 3.6% compared to a 1.7% drop in the Shanghai Composite Index [7] - The relative premium level of the pharmaceutical sector is currently at 72.6%, indicating a normal valuation level compared to all A-shares [7] - In the Hong Kong market, the pharmaceutical sector performed similarly to the market, with the Hang Seng Medical Care index at -0.1% and the biotechnology sector at +0.4% [7] Group 4: U.S. Pharmaceutical Market Trends - In November 2025, the U.S. pharmaceutical sector outperformed the broader market, with the S&P Healthcare Select Sector Index rising by 9.1% compared to a 0.1% increase in the S&P 500 [8] - Notable gainers in the S&P 500 healthcare component included Eli Lilly (+25%) and Solventum (+23%) [8]

Merck & Co (NYSE:MRK) FY Conference Summary Industry and Company Overview - **Company**: Merck & Co (MRK) - **Industry**: Pharmaceuticals, specifically focusing on R&D in various therapeutic areas including cardiovascular, oncology, immunology, and ophthalmology Key Points and Arguments R&D Developments - **Cadence Trial**: - The trial was a success, providing strong evidence to move to phase three in 2026 for patients with pulmonary hypertension caused by heart failure with preserved ejection fraction [4][5][6] - The trial results were promising, but did not meet the criteria for FDA submission [4] - Enrollment challenges were noted due to restrictive inclusion criteria, but interest increased towards the end of the trial [6][8] - **WINREVAIR (Cetaricept)**: - Confidence in the trajectory remains strong, with 75% of patients in the U.S. being from severe cases [10][11] - Steady growth of 500-600 patients per month is expected as the drug launches outside the U.S. [11] - **PCSK9 (Obicetrapib)**: - Expected to be a game changer with significant LDL cholesterol reduction [14] - The drug has a favorable adverse event profile comparable to placebo, which is crucial for broad access [15][16] - Pricing strategy aims for broad access without being a barrier [19] Oncology Pipeline - **Trop2 ADC**: - Unique dosing strategy and development approach differentiate it from competitors [25] - Ongoing studies show positive results, validating the efficacy of the drug [26] - **Nembtu-Brutinib**: - Focused on front-line treatment to avoid resistance, with a larger study planned [30][31] - Expected to demonstrate non-inferiority and potentially superiority over competitors [32] - **PD-1 VEGF**: - Cautious optimism regarding efficacy and overall survival (OS) benefits, with a disciplined approach to development [36][37] - The company is waiting for definitive OS signals before committing significant resources [41] Ophthalmology and Immunology - **iBio Acquisition**: - Addresses unmet medical needs in diabetic macular edema (DME) and age-related macular degeneration (AMD) [49][52] - The program is advancing rapidly, with a significant market opportunity identified [52] - **TL1A in Immunology**: - New mechanism of action (MOA) expected to provide significant benefits in inflammatory bowel disease (IBD) [87][88] - The company is optimistic about the commercial potential despite perceived infrastructure challenges [87][88] Financial and Market Outlook - **Commercial Opportunities**: - Merck has identified over $50 billion in commercial opportunities from its existing pipeline by the mid-2030s [104] - The company is focused on de-risking its pipeline with multiple readouts expected in 2026 [104] - **KEYTRUDA Patent Expiration**: - The composition of matter patent for KEYTRUDA is set to expire in December 2028, with additional patents extending into 2029 [105] Other Important Insights - **Market Dynamics**: - The company is aware of the competitive landscape and is strategically positioning its products to address unmet needs [72][88] - There is a focus on rational combinations in immunology, leveraging new MOAs while being cautious about adverse events [99][100] - **Regulatory and Clinical Strategy**: - The company emphasizes the importance of patient selection and rigorous clinical trial design to ensure successful outcomes [92][93] This summary encapsulates the key discussions and insights from the Merck & Co FY Conference, highlighting the company's strategic direction, R&D advancements, and market positioning.

Core Viewpoint - Zhaoyan New Drug's stock price has experienced fluctuations, with a year-to-date increase of 67.23%, but recent declines in the short term [1][2] Company Overview - Zhaoyan New Drug Research Center Co., Ltd. was established on February 25, 1998, and listed on August 25, 2017. The company primarily focuses on non-clinical safety evaluation services for drugs and preclinical research services, with a revenue composition of 95.59% from non-clinical research services, 4.34% from clinical services, and 0.07% from experimental model supply [1][2] Financial Performance - For the period from January to September 2025, Zhaoyan New Drug reported operating revenue of 985 million yuan, a year-on-year decrease of 26.23%. However, the net profit attributable to the parent company was 80.71 million yuan, reflecting a significant year-on-year increase of 214.79% [2] - The company has distributed a total of 703 million yuan in dividends since its A-share listing, with 356 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Zhaoyan New Drug reached 96,500, an increase of 57.61% compared to the previous period. The average circulating shares per person remained at 0 [2] - Notable changes in institutional holdings include a decrease in shares held by Huabao Zhongzheng Medical ETF and new entries from Guangfa Small Cap Growth Mixed Fund and Guangfa Innovation Upgrade Mixed Fund [3]

Core Viewpoint - The announcement details the share reduction results of Beijing Zhaoyan New Drug Research Center Co., Ltd. by its directors, supervisors, and senior executives, confirming compliance with relevant regulations and the completion of the planned share reduction. Group 1: Shareholding Situation Before Reduction - As of September 9, 2025, prior to the reduction plan announcement, the shareholdings of key personnel were as follows: - Sun Yunxia: 2,698,907 shares (0.3601% of total shares) - Gao Dapeng: 288,746 shares (0.0385%) - Gu Jingliang: 269,801 shares (0.0360%) - Li Ye: 102,481 shares (0.0137%) - Yu Aishui: 34,104 shares (0.0046%) - Shares originated from pre-IPO restricted shares, equity incentives, and capital reserve transfers [2] Group 2: Implementation Results of the Reduction Plan - The reduction plan was disclosed on September 9, 2025, and the actual reduction occurred from September 30 to November 28, 2025, with the following reductions: - Sun Yunxia: reduced 319,940 shares - Gao Dapeng: reduced 25,500 shares - Gu Jingliang: reduced 66,509 shares - Li Ye: reduced 2,000 shares - Yu Aishui: reduced 8,500 shares - Total reduction amounted to 422,449 shares, which is 0.0565% of the total shares [3][5] Group 3: Compliance and Plan Execution - The reduction plan was executed in accordance with relevant laws and regulations, and the actual reductions met the previously disclosed plan without any violations or early terminations [5][6]

Core Viewpoint - The company, Zhaoyan New Drug (603127), announced a share reduction plan by its executives, which will take place from September 30, 2025, to November 28, 2025, involving a total reduction of up to 848,300 shares, representing 0.1132% of the company's total share capital [1] Summary by Sections Share Reduction Plan - The executives involved in the share reduction include Vice General Manager Sun Yunxia, General Manager and Board Secretary Gao Dapeng, Vice General Manager Gu Jingliang, Supervisor Li Ye, and Chief Financial Officer Yu Aishui [1] - The planned reduction will occur through block trading or centralized bidding on the Shanghai Stock Exchange [1] - The total shares to be reduced are broken down as follows: up to 674,700 shares by Sun Yunxia, 72,100 shares by Gao Dapeng, 67,400 shares by Gu Jingliang, 25,600 shares by Li Ye, and 8,500 shares by Yu Aishui [1] Execution of the Plan - As of November 28, 2025, the actual shares reduced were: 319,940 shares by Sun Yunxia, 25,500 shares by Gao Dapeng, 66,500 shares by Gu Jingliang, 2,000 shares by Li Ye, and 8,500 shares by Yu Aishui [1] - The reduction plan was completed within the specified timeframe [1]

Core Viewpoint - The company, Zhaoyan New Drug (06127), announced a share reduction plan involving key executives, which will take place from September 30, 2025, to November 28, 2025, with a total reduction of up to 848,300 shares, accounting for 0.1132% of the company's total share capital [1] Summary by Sections - **Reduction Plan Details** - The reduction plan was disclosed by several key executives including the Vice President, General Manager, and Financial Director [1] - The planned reduction will occur through block trading or centralized bidding on the Shanghai Stock Exchange [1] - The total shares to be reduced include 674,700 shares from the Vice President, 72,100 shares from the General Manager, 67,400 shares from another Vice President, 25,600 shares from a supervisor, and 8,500 shares from the Financial Director [1] - **Execution of the Reduction** - As of November 28, 2025, the executives had reduced their holdings as follows: 319,940 shares by the Vice President, 25,500 shares by the General Manager, 66,500 shares by another Vice President, 2,000 shares by the supervisor, and 8,500 shares by the Financial Director [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京昭衍新藥研究中心股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 第 1 頁 共 11 頁 v 1.1.1 FF301 由於北京昭衍新藥研究中心股份有限公司(「本公司」)是於中華人民共和國註冊成立，因此" 法定股本"之概念不適用於本公司。第 I 部分所載資料是指本公司的"已發行股本"。 FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06127 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,2 ...