证券代码：688302 证券简称：海创药业 公告编号：2025-056 海创药业股份有限公司 关于首次公开发行股票部分募投项目延期的公告 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。 海创药业股份有限公司（以下简称"公司"或"海创药业"）于 2025 年 12 月 24 日召开了第二届董事会第十六次会议，审议通过了《关于首次公开发行股 票部分募投项目延期的议案》，综合考虑当前首次公开发行股票部分募投项目的 实施进度等因素，同意公司将"研发生产基地建设项目"达到预定可使用状态日 期调整至 2026 年 12 月 31 日，保荐人中信证券股份有限公司（以下简称"保荐 人"）出具了无异议的核查意见，该事项无需提交公司股东会审议。现将相关情 况公告如下： 一、 募集资金基本情况 注：研发生产基地建设项目累计已投入募集资金金额大于拟投入募集资金金额，超出部 根据中国证券监督管理委员会于 2022 年 1 月 28 日印发的《关于同意海创药 业股份有限公司首次公开发行股票注册的批复》（证监许可﹝2022﹞250 号），并 经上海证券 ...

证券代码：688302 证券简称：海创药业 公告编号：2025-057 海创药业股份有限公司 2025年第二次临时股东会决议公告 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。 （二） 股东会召开的地点：四川省成都市高新区科园南路 5 号蓉药大厦 1 栋 4 层公司会议室 （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 | 90 | | --- | --- | | 普通股股东人数 | 90 | | 2、出席会议的股东所持有的表决权数量 | 32,256,383 | | 普通股股东所持有表决权数量 | 32,256,383 | | 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 | 32.5770 | | 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（%） | 32.5770 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次股东会由董事会召集，董事长 YUANWEI CHEN（ ...

中国成都市高新区天府一街 535 号两江国际 B 栋 33 层 610000 33/F, Building B, Twin Rivers International, No.535 Tianfu 1st Street, High‐tech District, Chengdu 610000, China 电话 Tel: +86 28 6753 5588 传真 Fax: +86 28‐6753 5588 电邮 Email: chengdu@tongshang.com 网址 Web: www.tongshang.com 北京通商（成都）律师事务所 关于海创药业股份有限公司 2025 年第二次临时股东会的 法律意见书 致：海创药业股份有限公司 根据《中华人民共和国律师法》《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》《上市公司股东会规则》等法律、 法规和规范性文件以及《海创药业股份有限公司章程》（以下简称"《公司章 程》"）的规定，北京通商（成都）律师事务所（以下简称"本所"）接受海 创药业股份有限公司（以下简称"公司"）的委托，指派律师出席公司于 2025 年 12 月 24 日召开的 ...

Group 1 - The core point of the article is that Haichuang Pharmaceutical (SH 688302) held its 16th meeting of the second board on December 24, 2025, to discuss various proposals, including the exemption of the notice period for the meeting [1] - For the first half of 2025, Haichuang Pharmaceutical's revenue composition was 99.25% from pharmaceuticals and 0.75% from materials and R&D intermediates [1] - As of the report date, Haichuang Pharmaceutical has a market capitalization of 5.1 billion yuan [1] Group 2 - The article also mentions Yang Lingjiang's acquisition of a leading domestic winery, raising questions about the potential relisting of 1919 [1] - There is a sense of urgency expressed regarding the achievement of a target of 100 billion yuan, indicating pressure on the company to meet its financial goals [1]

证券代码：688302 证券简称：海创药业 公告编号：2025-055 全体董事对本次董事会会议议案进行了审议，经表决形成如下决议： （一）审议通过《关于审议豁免本次会议通知时限的议案》 公司董事会认为：豁免本次会议通知时限符合《公司章程》和《董事会议事规 则》的规定。 经审议，董事会同意《关于审议豁免本次会议通知时限的议案》。 海创药业股份有限公司 第二届董事会第十六次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 海创药业股份有限公司（以下简称"公司"）第二届董事会第十六次会议于 2025年12月24日在公司会议室以通讯表决方式召开，本次会议经全体董事书面同意 已豁免提前通知时限。本次会议应到董事7名，实到董事7名，会议由董事长 YUANWEI CHEN（陈元伟）先生主持。本次会议的召集、召开、议案审议程序符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 表决结果：同意7票，反对0票，弃 ...

H股成险资举牌重地 12月18日晚间，四川路桥披露的信息显示，中邮保险对其累计持股达4.35亿股，占公司总股本5.00%， 正式完成举牌。 这并非是中邮保险首次出手，此前它已经相继布局东航物流、绿色动力环保H股及中国通号H股。 近日，中邮保险增持四川路桥，完成中邮保险年内的第四次举牌，险资"长钱"加速入市。 随着中邮保险的举牌成功，今年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。回顾 2025年险资举牌行为，呈现出举牌热情高涨、单一标的获多次举牌、举牌标的集中于H股等特点。业内 人士分析认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压舱石地 位，但科技板块的比重有望增加。 另一类是股票投资，选股方向以高股息、高分红资产为主，将其归类为以公允价值计量且变动计入其他 综合收益的金融资产（FVOCI），既能稳定获取分红现金流、增厚投资收益，又能规避股价波动对当期 净利润的影响，平安系年内多次举牌国有大行H股，正是这一策略的体现。 兴业证券的研究数据显示，2025年三季度保险资金的股票和基金的资产配置比例已升至15.5%，权益仓 位的提升，为险资举牌创造空间。 作为 ...

近日，中邮保险增持四川路桥，完成中邮保险年内的第四次举牌，险资"长钱"加速入市。 随着中邮保险的举牌成功，今年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。回顾 2025年险资举牌行为，呈现出举牌热情高涨、单一标的获多次举牌、举牌标的集中于H股等特点。业内 人士分析认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压舱石地 位，但科技板块的比重有望增加。 H股成险资举牌重地 险资举牌热潮或将延续 12月18日晚间，四川路桥披露的信息显示，中邮保险对其累计持股达4.35亿股，占公司总股本5.00%， 正式完成举牌。 这并非是中邮保险首次出手，此前它已经相继布局东航物流、绿色动力环保H股及中国通号H股。 类似的举牌动作近期并不鲜见。12月初，瑞众人寿就公告称，12月5日买入青岛啤酒H股20万股，累计 持有青岛啤酒H股3276.4万股，占该上市公司H股股本的5%，由此触发举牌。 而在11月26日，泰康人寿也发布了举牌复宏汉霖H股的相关信息，披露其通过受托人泰康资产管理（香 港）有限公司（以下简称"泰康资产香港"）管理的账户，于11月20日在二级市场买入复宏汉霖H股51. ...

Investment Rating - The report maintains an investment rating of "Outperform" with a target of A [7] Core Insights - The report highlights the positive results from Takeda's new generation oral TYK2 inhibitor, zasocitinib (TAK-279), for treating moderate to severe plaque psoriasis, with over 50% of participants achieving skin clearance or nearly clear skin (PASI 90) at week 16, and about 30% achieving complete clearance (PASI 100) [3][4] - The report suggests that there are multiple catalysts expected in the sector, including academic conferences and data readouts, which could provide investment opportunities [2] - The report emphasizes the potential of other TYK2 inhibitors, particularly Eifang Biopharma's D-2570, which has shown promising phase 2 clinical data [4][22] Summary by Sections Weekly New Drug Market Review - From December 15 to December 21, 2025, the top five gainers in the new drug sector were: Yahu Medicine (+12.03%), Cloudtop New Medicine (+9.32%), Aidi Pharmaceutical (+9.06%), Shiyao Group (+7.05%), and Ailis (+3.94%). The top five losers were: Chuangsheng Group (-16.03%), Beihai Kangcheng (-12.33%), Kedi (-11.88%), WuXi AppTec (-11.15%), and Nuocheng Jianhua (-10.99%) [1][17] Weekly Focus on Recommended Stocks - The report recommends focusing on companies with high certainty for overseas expansion, such as Sanofi Biopharma, Lianbang Pharmaceutical, and Kelun Biotech. It also highlights companies with potential overseas data catalysts, including Betta Pharmaceuticals, Hutchison China MediTech, and Ying'en Biopharma [2][21] Weekly New Drug Industry Analysis - Takeda's phase 3 clinical trials for zasocitinib have shown consistent results with previous phase 2 trials, indicating strong data reliability. The report also notes the potential for TYK2 inhibitors in treating Crohn's disease and ulcerative colitis [3][4][22] Weekly New Drug Application Approval & Acceptance - No new drug or new indication applications were approved domestically this week, but 11 new drug or new indication applications were accepted [5][26] Weekly New Drug Clinical Application Approval & Acceptance - This week, 55 new drug clinical applications were approved, and 47 new drug clinical applications were accepted [11][28]

Core Insights - The incidence of acute gout is rising globally, particularly among younger populations aged 18-35, who account for nearly 60% of cases, with a significantly higher male-to-female ratio [1][5] - By 2024, the global number of acute gout patients is expected to reach 45.4 million, with China contributing approximately 19.4 million cases; this number is projected to increase to 47.7 million globally and 22.2 million in China by 2025 [1][5] - The global acute gout drug market is expected to stabilize around $1.5 billion by 2025, with China's market size estimated at $0.1 billion [1][5] Industry Definition and Classification - Gout is a type of crystal arthritis caused by purine metabolism disorders or reduced uric acid excretion, primarily characterized by the deposition of monosodium urate crystals [2][3] - Treatment options are categorized into two main types: drugs for acute gout attacks and uric acid-lowering drugs [3][4] Current Industry Status - The acute gout drug market has remained stable despite rising patient numbers due to price increases leading to decreased sales volume [5] - The need for effective treatment is critical as uncontrolled acute attacks can lead to increased frequency and severity, impacting patients' quality of life [5] Industry Chain - The upstream of the acute gout drug industry includes raw materials, intermediates, and production equipment; the midstream focuses on drug R&D and production, while the downstream involves distribution channels and end patients [6] Regulatory Environment - The Chinese government has been enhancing policy guidance and regulation in the acute gout drug industry through various healthcare and drug management policies to promote healthy industry development [6] Competitive Landscape - Major competitors in the acute gout drug market include companies like Haichuang Pharmaceutical, Heng Rui Medicine, Yifang Bio, and Yipinhong, which are actively developing clinical pipelines for hyperuricemia and gout treatments [7][8] - The market is characterized by a strong demand for new, safe uric acid-lowering drugs, as existing treatments do not fully meet clinical needs [7] Development Trends - The acute gout drug industry in China is rapidly evolving, with market expansion and increasing competition driven by policy support, technological advancements, and market demand [10] - The industry is moving towards more precise, effective, and personalized treatment options, with a focus on domestic alternatives to improve patient outcomes [10]

Core Viewpoint - The company Yipinhong (300723.SZ) plans to sell its stake in the U.S. company Arthrosi Therapeutics, Inc., which it holds through its wholly-owned subsidiary, with the transaction involving a total potential payment of up to $15 billion [1][2]. Group 1: Transaction Details - Yipinhong holds a 13.45% stake in Arthrosi, which is being acquired by Sobi US Holding Corp. for an upfront payment of $950 million (approximately 6.713 billion RMB) and up to $550 million (approximately 3.887 billion RMB) in milestone payments [1]. - The transaction requires approval from Arthrosi's shareholders, with specific voting thresholds needed for completion [1]. - Following the transaction, Yipinhong will no longer hold any equity in Arthrosi [1]. Group 2: Product and Market Impact - The core asset in the acquisition is Arthrosi's gout treatment drug AR882, currently in Phase III clinical trials, with data expected to be released in 2026 [2]. - Yipinhong anticipates that the sale will have a positive impact on the company, as it marks a significant milestone for AR882's global commercialization [2]. - The company aims to continue its focus on innovative drug development, particularly for AR882 in the Chinese market [2]. Group 3: Market Reaction - Following the announcement of the acquisition, Yipinhong's stock price fell sharply, hitting a daily limit down of 20% on December 15, and continued to decline in subsequent trading sessions [3]. - The market's negative reaction contrasts with the company's optimistic outlook regarding the transaction's benefits [3]. Group 4: Financial Performance and Challenges - Yipinhong reported a revenue of 814 million RMB for the first three quarters of 2025, a year-on-year decrease of 34.35%, and a net loss of 136 million RMB [7]. - The company has faced challenges including a significant lawsuit with a claim of 528 million RMB related to intellectual property disputes [9]. - Yipinhong's R&D expenditures have decreased by 47.41% in the first three quarters of 2025, reflecting a contraction in investment due to declining revenues [7].