Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The A-share pharmaceutical index has increased by 1.8% this week and 4.3% year-to-date, outperforming the CSI 300 by 1.9% and 5.6% respectively [3][8] - The H-share biotechnology index has seen a rise of 6.7% this week and 36.4% year-to-date, outperforming the Hang Seng Technology Index by -7.4% and 19% [3][8] - The report highlights a significant increase in the number of domestic innovative drugs presented at the ASCO conference, with 25 oral presentations and 24 rapid oral presentations, marking a new high [14] Summary by Sections Industry Performance - A-share raw materials (+4.0%), chemical drugs (+3.6%), biological products (+1.7%), medical services (+1.4%), and pharmaceutical commerce (+1.2%) have shown notable price increases, while medical devices (+0.5%) and traditional Chinese medicine (+0.2%) have seen smaller gains [3][8] - Top performers in A-shares include Shengguojian (+100%), Haichen Pharmaceutical (+52%), and Shutaishen (+49%), while New Ganjing (-12%), Gongdong Medical (-10%), and Jinhao Medical (-9%) faced declines [3][8] R&D Progress and Corporate Developments - GSK's IL-5 monoclonal antibody has been approved for the treatment of COPD, marking a significant milestone as the first IL-5 drug approved for this indication [3] - The report notes strategic partnerships, such as Jingyin Pharmaceutical's collaboration with CRISPR Therapeutics to develop next-generation long-acting FXI-targeting siRNA therapies [3] Investment Strategy - Recommended sub-industry rankings are: Innovative drugs > CXO > Traditional Chinese medicine > Medical devices > Pharmacies > Pharmaceutical commerce [9] - Stock selection strategies include focusing on growth in innovative drugs, undervalued stocks in traditional Chinese medicine, high dividend stocks in traditional Chinese medicine, and left-side opportunities in raw materials and certain CXO and medical devices [9]

Group 1 - Huiyu Pharmaceutical's subsidiary received drug registration certificate for Carboxymethyl Sodium Injection, which is used for treating bleeding diseases in various medical fields [1] - Baihe Co., Ltd. announced a plan for a director to reduce holdings by up to 424,000 shares, representing 0.6625% of the total share capital [1] - Kingood Co., Ltd. received a notification from a global leading automaker for a wheel project, expected to start mass production in 2026 with a lifecycle of 10 years [1][2] Group 2 - Wanhua Chemical plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum repurchase price of 99.36 yuan per share [2] - Warner Pharmaceutical's subsidiary received approval for Acetylcysteine raw material drug, primarily used for treating respiratory diseases [3] - ST Mingcheng plans to publicly transfer 45% equity of its subsidiary, aiming to optimize asset structure [4] Group 3 - Qixia Construction announced a plan to reduce up to 31.5 million shares, accounting for 3% of total share capital [5][6] - Zhejiang Rongtai intends to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - Yuandong Biological received drug registration for Chloral Hydrate Enema, used for sedation and seizure control in children [9] Group 4 - Jiemai Technology's subsidiary signed a strategic cooperation agreement with a solid-state battery company to produce high-safety composite conductive materials [10] - Xianju Pharmaceutical received drug registration for Progesterone Soft Capsules, used for treating functional disorders due to luteal deficiency [11] - Lanhua Kecai's subsidiary reported a temporary production halt, with the resumption date yet to be determined [13] Group 5 - Sinopharm Modern's subsidiary received drug registration for Tocilizumab Tablets, used for treating rheumatoid arthritis and other conditions [15] - Shanghai Bank announced the resignation of its vice president due to organizational adjustments [17] - Shanghai Pharmaceutical's Ephedrine Injection passed the consistency evaluation for generic drugs [19] Group 6 - Rundu Co., Ltd. received drug registration for Amlodipine and Olmesartan Tablets, aimed at treating hypertension [21] - Zhong'an Technology announced that 61 million shares held by its controlling shareholder will be auctioned [23] - Shanghai Washba plans to purchase patent assets and establish two subsidiaries focused on hydrogen energy and solid-state battery technologies [25] Group 7 - Nuo Cheng Jianhua's new drug Tafasitamab received approval for treating relapsed/refractory diffuse large B-cell lymphoma [26] - Benli Technology plans to use up to 200 million yuan of idle funds for cash management and financial investments [28] - Taiji Co., Ltd. intends to use 60 million yuan of idle funds to purchase financial products [29] Group 8 - Haishi Co. announced that its innovative drug Anreke Fen Injection received drug registration for treating postoperative pain [32] - Yulong Co. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [36] - Weifu High-Tech plans to establish a joint venture with Shanghai Baolong Automotive Technology [38] Group 9 - Xichang Electric Power expects a net profit reduction of approximately 5.4 million yuan due to adjustments in the time-of-use electricity pricing mechanism [39] - Alter signed a contract worth 6.8 billion yen for the development and procurement of large truck EV kits [41] - Zhonglian Heavy Industry plans to acquire controlling stakes in its financing leasing subsidiary through public bidding [42] Group 10 - Sanyou Medical's executive plans to reduce holdings by up to 1.44% of the company's shares [43] - Hangyang Co. plans to establish a subsidiary for large modular cryogenic equipment manufacturing with an estimated investment of 557 million yuan [44] - FAW Fuwi received a notification for a dashboard project from a well-known new energy brand, with total sales expected to reach 1.06 billion yuan [45]

证券代码：688513 证券简称：苑东生物 公告编号：2025-028 成都苑东生物制药股份有限公司 生产企业：成都硕德药业有限公司 关于自愿披露水合氯醛灌肠剂获得药品注册证书的公告 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。 成都苑东生物制药股份有限公司（以下简称"公司"） 全资子公司成都硕德药 业有限公司于近日收到国家药品监督管理局（以下简称"国家药监局"）核准签 发的《药品注册证书》，现将相关情况公告如下： 一、药品基本情况 药品名称：水合氯醛灌肠剂 剂型：灌肠剂 规格：1.34g:0.5g 注册分类：化学药品 3 类 药品有效期：24 个月 上市许可持有人：成都硕德药业有限公司 药品注册标准编号：YBH09012025 受理号：CYHS2302523 证书编号：2025S01287 药品批准文号：国药准字 H20254101 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本 品符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明 书、标签及生产工艺照所附执行。 1 二、药品的其他相 ...

苑东生物公告，全资子公司成都硕德药业有限公司近日收到国家药品监督管理局核准签发的《药品注册 证书》，药品名称为水合氯醛灌肠剂，剂型为灌肠剂，规格为1.34g:0.5g，注册分类为化学药品3类。水 合氯醛灌肠剂主要成分为水合氯醛，适应症为儿童检查、操作前的镇静、催眠及监护条件下抗惊厥。该 药品为国内第2家获批上市且视同通过一致性评价的企业。米内重点省市公立医院数据显示，水合氯醛 2024年Q1-Q3销售额约1481万元，同比增长57.04%，其中水合氯醛灌肠剂销售额为329万元。 ...

北京植德律师事务所 关于成都苑东生物制药股份有限公司 法律意见书 植德京(会)字20250061 号 二〇二五年五月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 北京植德律师事务所 关于成都苑东生物制药股份有限公司 法律意见书 植德京(会)字20250061 号 www.meritsandtree.com 致：成都苑东生物制药股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《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》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师 事务所证券法律业务执业规则（试行）》 （以下简 ...

证券代码：688513 证券简称：苑东生物 公告编号：2025-027 成都苑东生物制药股份有限公司 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：四川省成都市双流区安康路 8 号，苑东生物 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 65 | | --- | --- | | 普通股股东人数 | 65 | | 2、出席会议的股东所持有的表决权数量 | 79,891,613 | | 普通股股东所持有表决权数量 | 79,891,613 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 45.9321 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 45.9321 | 注：计算出席会议的 ...

北京植德律师事务所 关于成都苑东生物制药股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0061 号 二〇二五年五月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于成都苑东生物制药股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0061 号 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。 本所律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办 法》《证券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要 求，按照律师行业公认的业 ...

Core Viewpoint - The direct thrombin inhibitors (DTIs) market is poised for growth driven by innovation in drug development, expansion of indications, breakthroughs in biotechnology, and reshaping of market dynamics towards safer, more precise, and accessible treatments [1][25]. Group 1: Industry Definition and Classification - Direct thrombin inhibitors are small molecules that directly inhibit thrombin activity without the need for auxiliary factors, capable of inhibiting both free and clot-bound thrombin [2]. - They are categorized into bivalent and non-bivalent inhibitors based on their mechanism of action [2]. Group 2: Current Industry Status - Thrombotic diseases are a leading cause of death in China, with over 300,000 deaths annually from myocardial infarction and stroke, accounting for 40% of total deaths [4]. - The market has several approved products, including Dabigatran etexilate, Lepirudin, Bivalirudin, Desirudin, and others, with ongoing clinical trials for new drugs [4][6]. - As of mid-2024, the number of companies selling Dabigatran etexilate capsules is 7, with sales of 340.83 million yuan; 15 companies sell Argatroban injection with sales of 140.57 million yuan; and 5 companies sell Bivalirudin injection with sales of 64.67 million yuan [6][8]. Group 3: Market Sales Data - In 2023, Dabigatran etexilate capsules generated sales of 706.14 million yuan, accounting for 53.58% of the DTI market; Argatroban injection sales were 482.25 million yuan (36.59%); and Bivalirudin injection sales were 129.63 million yuan (9.84%) [8]. - In the first half of 2024, Dabigatran etexilate sales reached 340.83 million yuan (62.41%); Argatroban sales were 140.57 million yuan (25.74%); and Bivalirudin sales were 64.67 million yuan (11.84%) [8]. Group 4: Competitive Landscape - The DTI market in China is characterized by a high concentration of multinational pharmaceutical companies, with significant competition from generic and biotech firms [12][15]. - Major players include Boehringer Ingelheim, Chengdu Baitai Pharmaceutical, Tianjin Institute of Pharmaceutical Research, and others, with Boehringer Ingelheim leading with a market share of 21.43% [15][12]. Group 5: Future Development Trends - The DTI industry is expected to focus on innovative drug development, expanding indications, and technological breakthroughs, driven by policy, technology, and patient needs [25]. - The market will likely see increased competition among multinational companies, generics, and biosimilars, aiming for safer and more effective treatments [25].

证券代码：688513 证券简称：苑东生物 公告编号：2025-026 公司于 2025 年 4 月 29 日至 2025 年 5 月 8 日在公司内部 OA 对本次激励计 划预留授予激励对象的姓名和职务进行了公示，公示时间共 10 天，公司员工可 在公示期间以书面方式或邮件方式反映意见。 截至公示期满，公司监事会未收到任何员工对本次激励计划预留授予激励对 象名单提出的疑义或异议。 特此公告。 成都苑东生物制药股份有限公司 预留授予激励对象名单的公示情况说明 本公司监事会及全体监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。 成都苑东生物制药股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第四届董事会第三次会议和第四届监事会第三次会议审议通过了《关于向 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股权激励 管理办法》等相关法律法规及《成都苑东生物制药股份有限公司章程》的有关规 定，公司对 2024 年限制性股票激励计划（以下简称"本次激励计划"）预留授予 激励对象的名单在公司内部进行了公示，相关公示情 ...

证券代码：688513 证券简称：苑东生物 公告编号：2025-026 截至公示期满，公司监事会未收到任何员工对本次激励计划预留授予激励对 象名单提出的疑义或异议。 特此公告。 成都苑东生物制药股份有限公司 监事会 2025 年 5 月 10 日 成都苑东生物制药股份有限公司 监事会关于公司 2024 年限制性股票激励计划 预留授予激励对象名单的公示情况说明 本公司监事会及全体监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。 成都苑东生物制药股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第四届董事会第三次会议和第四届监事会第三次会议审议通过了《关于向 2024 年限制性股票激励计划激励对象授予预留部分限制性股票的议案》。根据 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股权激励 管理办法》等相关法律法规及《成都苑东生物制药股份有限公司章程》的有关规 定，公司对 2024 年限制性股票激励计划（以下简称"本次激励计划"）预留授予 激励对象的名单在公司内部进行了公示，相关公示情况如下： 公司于 2025 ...