Core Viewpoint - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index has shown positive performance, with significant gains in constituent stocks, indicating a bullish trend in the biopharmaceutical sector [1][4]. Group 1: Index Performance - As of July 16, 2025, the Sci-Tech Innovation Board Biopharmaceutical Index increased by 0.21%, with notable rises in stocks such as Yifang Bio (+4.83%) and Nanwei Medical (+3.93%) [1]. - Over the past week, the Jiashi Sci-Tech Medical ETF has accumulated a rise of 4.76%, ranking first among comparable funds [1]. Group 2: Liquidity and Trading Activity - The Jiashi Sci-Tech Medical ETF recorded a turnover rate of 10.5% during trading, with a transaction volume of 21.6692 million yuan, reflecting active market participation [4]. - The average daily transaction volume for the Jiashi Sci-Tech Medical ETF over the past week was 31.1046 million yuan, also ranking first among comparable funds [4]. Group 3: Fund Growth and Performance - The Jiashi Sci-Tech Medical ETF has seen a significant growth of 12.5 million yuan in size over the past year, leading among comparable funds [4]. - The fund's net value increased by 41.50% over the past year, placing it in the top 17.15% among 2,909 index equity funds [4]. - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gain being 5 months and an average monthly return of 7.43% [4]. Group 4: Major Stocks in the Index - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, with leading companies including United Imaging Healthcare (8.97%) and BeiGene (7.05%) [4][6]. Group 5: Policy Developments - The innovative drug industry is set to benefit from favorable policies, with the adjustment of the national medical insurance drug catalog officially starting on July 11, 2025 [6]. - The National Healthcare Security Administration plans to announce the results of the drug catalog adjustments between October and November 2025 [6]. Group 6: Future Outlook - The year 2025 is anticipated to be significant for domestic innovative drugs entering the market, as companies transition from generic to innovative drugs following the "4+7" procurement policy implemented in 2018 [7].

Meeting Details - The sixth meeting of the ninth Supervisory Board of Xiamen Te Bao Biological Engineering Co., Ltd. was held on July 15, 2025, combining on-site and remote voting [1] - The meeting was attended by all three supervisors, meeting the legal requirements [1] Resolution Summary - The Supervisory Board approved the proposal to use self-owned funds to pay for the required funds of the fundraising project and to replace them with equivalent fundraising funds [1] - The board believes that this approach will enhance the efficiency of fund utilization and will not affect the normal implementation of the fundraising project, nor will it change the purpose of the raised funds [1] - The relevant approval procedures comply with legal regulations and normative documents [1] Voting Results - The voting result was 3 votes in favor, 0 votes against, and 0 abstentions [2]

国金证券股份有限公司 关于厦门特宝生物工程股份有限公司 使用自有资金支付募投项目所需资金并以募集资金等额 置换的核查意见 国金证券股份有限公司（以下简称"保荐机构"）作为厦门特宝生物工程股份 有限公司（以下简称"公司"或"特宝生物"）首次公开发行股票并在科创板上市 的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》 等相关规定，对特宝生物使用自有资金支付募投项目所需资金并以募集资金等额置 换的事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 公司首次公开发行股票募集资金净额用于以下募投项目： 序号 项目名称 投资总额 拟使用募集资金金额注 1 蛋白质药物生产改扩建和研发中心建 设项目 38,653.65 19,940.09 2 新药研发项目 28,867.56 10,168.54 3 慢性乙型肝炎临床治愈研究项目 2,936.00 2,936.00 合计 70,457.21 33,044.63 单位：万元 注：根据募投项目建设进展，为提高募集资金使用效率，公司于 2023 年 12 月 6 日分别召 ...

证券代码：688278 证券简称：特宝生物 公告编号：2025-022 厦门特宝生物工程股份有限公司 关于调整公司组织架构的公告 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。 厦门特宝生物工程股份有限公司（以下简称"公司"）于2025年7月15日召开 第九届董事会第九次会议，审议通过了《关于调整公司组织架构的议案》。 为更好地适应公司战略布局和业务发展的实际需求，提升管理水平和运营效率， 保障业务持续稳定发展，公司对组织架构进行了调整优化。本次组织架构调整是对 公司内部管理机构的调整，不会对生产经营活动产生重大影响，董事会同时授权公 司经营管理层负责组织架构调整后的具体实施等相关事宜。调整后的公司组织架构 图详见附件。 特此公告。 厦门特宝生物工程股份有限公司 董事会 2025 年 7 月 16 日 附件： 厦门特宝生物工程股份有限公司组织架构图 ...

证券代码：688278 证券简称：特宝生物 公告编号：2025-023 厦门特宝生物工程股份有限公司 关于使用自有资金支付募投项目所需资金并以募集资金 等额置换的公告 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。 厦门特宝生物工程股份有限公司（以下简称"公司"）于2025年7月15日分别 召开第九届董事会第九次会议、第九届监事会第六次会议，审议通过了《关于使用 自有资金支付募投项目所需资金并以募集资金等额置换的议案》，同意公司在募集 资金投资项目（以下简称"募投项目"）实施期间，根据实际情况先行使用自有资 金支付募投项目所需资金，在履行内部相关审批程序后以募集资金等额置换，该部 分等额置换资金视同募投项目已使用资金。公司监事会发表了明确的同意意见，保 荐机构国金证券股份有限公司对本事项出具了明确的核查意见，现将具体情况公告 如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意厦门特宝生物工程股份有限公司首次 公开发行股票注册的批复》（证监许可〔2019〕2828 号）核准，并经上海证券交易 所"自律监管决定书 ...

二、监事会会议审议情况 （一）审议通过《关于使用自有资金支付募投项目所需资金并以募集资金 等额置换的议案》 监事会认为：公司使用自有资金支付募投项目所需资金并以募集资金等额 置换，有利于提高公司资金的使用效率，不会影响募投项目的正常实施，也不 存在变相改变募集资金用途的情形，相关审批手续符合法律法规及规范性文件 的规定。综上，监事会同意公司使用自有资金支付募投项目所需资金并以募集 资金等额置换。 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。 一、监事会会议召开情况 厦门特宝生物工程股份有限公司（以下简称"公司"）第九届监事会第六 次会议于 2025 年 7 月 15 日以现场结合通讯表决的方式召开。本次会议已于 2025 年 7 月 4 日以邮件方式通知了全体监事，本次会议由监事会主席刘军先生 主持，会议应到监事 3 人，实到监事 3 人。本次会议的召开符合《公司法》及 《公司章程》等有关规定，会议决议合法、有效。 表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：688278 证券简称：特宝生物 公告编号：20 ...

Core Viewpoint - Changchun High-tech, once known as "Northeast Medicine King," has faced a significant decline, with its market value evaporating by 160 billion yuan and stock prices plummeting by 84%. However, the approval of a new gout drug, "Jinbeixin," and plans for a Hong Kong IPO have sparked hopes for a turnaround [1][3]. Group 1: R&D and IPO Strategy - Over the past three years, Changchun High-tech has invested more than 6 billion yuan in R&D, with the R&D expense ratio soaring to nearly 20% in 2024. The company has increased its workforce by 2,518 employees, primarily in R&D and self-immune drug promotion [3]. - The company announced the preparation for an H-share listing on July 1, aiming to open up overseas financing channels to alleviate the financial pressure from its 6 billion yuan R&D "black hole" [3]. - Despite the low liquidity in the Hong Kong market, the policy allowing unprofitable innovative drug companies to list provides a lifeline for Changchun High-tech [3]. Group 2: New Drug Approval and Market Challenges - The National Medical Products Administration approved the new drug "Jinbeixin" for acute gouty arthritis, offering new hope for Changchun High-tech. Clinical data shows that it can significantly reduce pain and recurrence risk for patients [6]. - However, the market path for Jinbeixin is fraught with challenges, including competition from domestic rivals and pricing pressures. The expected price of Jinbeixin is 2,000 yuan per injection, which may deter patients if it is not included in medical insurance [7]. Group 3: Diversification Attempts and Lessons Learned - Jinbeixin is not the first attempt at diversification for Changchun High-tech. The company's shingles vaccine, launched in 2022, initially showed promise but saw a revenue drop from 1.82 billion yuan in 2023 to 1.23 billion yuan in 2024, with a 53% decline in net profit [8]. - The decline in the shingles vaccine's market share was attributed to its lower efficacy compared to competitors' products, highlighting the challenges of diversification [8]. Group 4: Decline of Growth Hormone and Future Outlook - The company's growth hormone product, which once held a 75% market share, has seen its revenue significantly impacted by price reductions due to national medical procurement policies, leading to a 43% drop in net profit in 2024 [9]. - Looking ahead, Changchun High-tech has 24 products in clinical stages across various fields, including oncology and reproductive health, indicating potential for future growth if successful in diversifying its product offerings [10].

Core Viewpoint - The healthcare ETF, Taikang (159760), has shown a strong performance with a 1.51% increase, marking three consecutive days of gains, driven by significant rises in key stocks such as WuXi AppTec and Kelun Pharmaceutical [1][2]. Group 1: ETF Performance - As of July 11, 2025, the Taikang healthcare ETF reached a new high of 82.42 million yuan, the highest in three months [2]. - The index it tracks, the National Public Health and Healthcare Index (980016), rose by 1.45% [1]. Group 2: Company Performance - WuXi AppTec (603259) reported an expected adjusted net profit of approximately 6.315 billion yuan for the first half of the year, a year-on-year increase of about 44.43% [2]. - The company anticipates a net profit attributable to shareholders of approximately 8.561 billion yuan, reflecting a year-on-year growth of about 101.92% [2]. - Basic earnings per share are projected to be around 3.01 yuan, up approximately 106.16% year-on-year [2]. Group 3: Policy and Market Trends - The National Healthcare Security Administration has initiated a new round of adjustments to the national medical insurance drug catalog, indicating a favorable policy environment for innovative drugs [3]. - China ranks first globally in the number of original drugs developed by its enterprises, with increasing foreign capital investment in Chinese innovative drugs [3]. - The healthcare sector is expected to benefit from a comprehensive policy support system, enhancing the global market position of domestic innovative drugs [3]. Group 4: Index Composition - As of May 30, 2025, the top ten weighted stocks in the National Public Health and Healthcare Index accounted for 52.46% of the index, including major players like Hengrui Medicine and Mindray Medical [4].

Group 1 - The core viewpoint highlights the strong performance of the innovative drug ETF (560900), which saw a more than 2% increase in intraday trading, with significant trading volume and a notable rise in the underlying index [1] - The innovative drug ETF (560900) has shown impressive growth, with a weekly increase leading among comparable funds, and a substantial rise in both scale and shares over the past three months and six months [1] - WuXi AppTec's half-year performance forecast indicates a revenue of approximately 20.8 billion yuan, a year-on-year growth of about 20.64%, and a net profit attributable to shareholders of around 8.6 billion yuan, reflecting a significant year-on-year increase of approximately 101.92% [1] Group 2 - The trend of Chinese innovative drugs going global is accelerating, with the total value of License-out transactions expected to exceed $43 billion in 2024, accounting for nearly 20% of the global market [2] - The current overseas expansion models include "building ships" (self-declaration for overseas listing) and "borrowing ships" (outsourcing or establishing NewCo), with successful examples like BeiGene's Zebrutinib and Legend Biotech's Cilta-cel [2] - The total value of outbound licensing transactions reached $51.9 billion in 2024, with $48.4 billion disclosed in the first half of 2025, indicating a robust growth trajectory for Chinese innovative drugs [2] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in seizing investment opportunities in quality technology companies amid a new wave of technological advancements driven by AI [2] - Various actively managed funds focus on emerging industry trends, including the Morgan Emerging Power Fund, which aims to capture opportunities in new industries, and the Morgan Smart Connectivity Fund, which targets AI-related sectors [3] - Passive investment options include the Morgan Hang Seng Technology ETF and the Morgan China Innovation Drug Industry ETF, providing investors with easy access to technology and innovative drug sectors [3]

Group 1: ETF Performance and Liquidity - The biopharmaceutical vaccine ETF has a turnover rate of 1.9% during trading, with a transaction volume of 4.8922 million yuan [3] - Over the past two weeks, the biopharmaceutical vaccine ETF has seen a scale increase of 8.7844 million yuan, ranking first among comparable funds [3] - As of July 10, the biopharmaceutical vaccine ETF has achieved a net value increase of 22.89% over the past year [3] - The ETF's highest monthly return since inception is 26.27%, with the longest consecutive monthly gain being 3 months and the longest gain percentage being 14.87% [3] - The average return during the months of increase is 6.41% [3] Group 2: Index Valuation and Composition - The index tracked by the ETF, the CSI Vaccine and Biotechnology Index, is currently valued at a historical low, with a price-to-book ratio (PB) of 2.6 times, which is lower than 88.03% of the time over the past three years, indicating strong valuation attractiveness [3] - The CSI Vaccine and Biotechnology Index includes no more than 50 companies involved in vaccine research, production, and related biotechnology sectors, reflecting the overall performance of listed companies in this theme [3] Group 3: Major Stocks and Market Trends - As of June 30, 2025, the top ten weighted stocks in the CSI Vaccine and Biotechnology Index include Zhifei Biological Products, Wantai Biological Pharmacy, Watson Bio, and others, collectively accounting for 48.14% of the index [4] - The top weighted stocks and their respective weights are: Zhifei Biological (10.06%), Wantai Biological (8.43%), Watson Bio (6.19%), and others [6] - On July 8, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, proposing 16 supportive policies [6] Group 4: International Market Opportunities - Institutions are focusing on the opportunities for Chinese vaccines in international markets under the "World Shared Market" concept, particularly in Belt and Road countries [7] - Chinese vaccines are expected to leverage cost advantages to expand into the pharmaceutical markets of Belt and Road countries, especially in light of supply chain risks faced by non-U.S. countries [7] - The vaccine market is sensitive to population variables, and Chinese companies have established production capacity and distribution channels in Belt and Road countries, laying a solid foundation for international expansion [7]