之 上市保荐书 国金证券股份有限公司 关于舒泰神（北京）生物制药股份有限公司 2025 年度向特定对象发行股票并在创业板上市 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年十二月 上市保荐书 声 明 国金证券股份有限公司（以下简称"国金证券"、"本保荐机构"）及保荐代 表人已根据《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》"）、《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐业务管理办法》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中 国证监会"）的有关规定以及深圳证券交易所（以下简称"深交所"）的有关业务 规则，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具 本上市保荐书，并保证上市保荐书的真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《舒泰神（北京）生物制药股份 有限公司 2025 年度向特定对象发行股票募集说明书》一致。 3-3-1 | 声 明 | 1 | | --- | --- | | 目 录 | 2 | | 第 ...

证 券 研 究 报 告 行业周报 关注吸入制剂在呼吸疾病领域的突破 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2025年11月30日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 在呼吸疾病领域，如IPF、COPD等，吸入制剂+新靶点组合正取得更多积极的治疗效果。2025年6月10日，Insmed公布其 治疗PAH(肺动脉高压）新药TPIP（曲前列环素棕榈醇吸入粉剂）的临床2b期顶线数据，安慰剂校正的PVR较基线降低35%， LS均值比0.65（p＜0.001）。其冻干粉制剂的设计，不仅实现了用药的方便性，只需每日一次，而且治疗效果也优于曲前 列环素的口服品种。7月9日，默沙东宣布收购一家专注于呼吸系统疾病的生物制药公司Verona Pharma，总交易价值约为 100亿美元。通过此次收购，默沙东将获得一款用于治疗慢性阻塞性肺病（COPD）的重磅新药Ohtuvayre（恩司芬群）， 这是一种针对磷酸二酯酶3和4（PDE3和PDE4）的首创选择性双重抑制剂。FDA于2024年6月批准Ohtuvayre用 ...

Core Viewpoint - The company is seeking to secure a liquidity loan through a guarantee from Beijing E-Town International Financing Guarantee Co., which has been approved by the board and shareholders, aiming to support its daily operations and enhance cash flow [2] Group 1: Company Actions - The company has received approval from its sixth board meeting and the third extraordinary shareholders' meeting of 2025 to seek liquidity loans [2] - The company plans to sign loan agreements with banks to ensure smooth daily operations and meet liquidity needs [2] - The company is progressing with its plan to issue stocks to specific investors in 2025 [2]

Core Insights - Chinese innovative pharmaceutical companies are transforming from participants in global biotechnology transactions to dominant players, leveraging significant R&D and cost advantages [1][2] - The role of these companies has shifted from being technology importers to important exporters, with License-out transactions becoming a key growth driver [1][3] Group 1: Market Position and Trends - Chinese pharmaceutical companies account for approximately 30% of the global total in business development (BD) transactions [2] - Domestic companies are actively positioning themselves in innovative drug R&D, characterized by a "fast, good, and cost-effective" approach [2] - The R&D pipeline of domestic companies has become a crucial source for overseas firms seeking to introduce new products [2] Group 2: Revenue Sources and Transaction Dynamics - BD revenue has become a significant income source for domestic innovative drug companies, with a notable shift from License-in to License-out transactions since 2021 [3] - The proportion of License-out transactions in the total BD transactions has increased from 45% in 2021 to 91% in 2024 [3] - Internationalization and expansion into overseas markets are now vital for revenue growth among domestic innovative drug companies [3] Group 3: Research Focus and Investment Recommendations - The small nucleic acid drug market is experiencing robust growth, with significant commercial, clinical, and BD transaction activity [4] - Multinational corporations (MNCs) continue to rely heavily on China for key supply chain components, particularly in raw materials and intermediates [4] - Investment recommendations include various innovative drug companies and raw material suppliers, highlighting a diverse range of potential opportunities in the sector [4]

Core Viewpoint - The company has confirmed that there is currently no collaborative research and development direction with Okai Pharmaceutical regarding polyethylene glycol drugs, despite Okai being a supplier of raw materials for the company's product Shutaqing [1] Group 1 - Investors inquired about potential collaboration on polyethylene glycol drug development with Okai Pharmaceutical [1] - The company clarified that Okai Pharmaceutical is a supplier for Shutaqing but there is no ongoing R&D collaboration [1]

Core Viewpoint - Shuyou Shen (300204.SZ) confirmed that Liaoning Aoke Pharmaceutical Co., Ltd. is a raw material supplier for its product Shuyouqing, and there is currently no collaborative research direction between the two companies [1]. Group 1 - Shuyou Shen's product Shuyouqing relies on Liaoning Aoke Pharmaceutical for raw materials [1] - There is no ongoing research collaboration between Shuyou Shen and Liaoning Aoke [1]

Group 1 - The core point of the news is that Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. experienced a stock price increase of 5.14%, reaching 32.30 CNY per share, with a trading volume of 505 million CNY and a turnover rate of 3.52%, resulting in a total market capitalization of 15.432 billion CNY [1] - The company was established on August 16, 2002, and went public on April 15, 2011. Its main business involves the research, production, and sales of biological products and some chemical drugs [1] - The revenue composition of the company includes 59.17% from injectable mouse nerve growth factor (Sutai Shen), 33.19% from compound polyethylene glycol electrolyte powder, and 7.63% from other products [1] Group 2 - From the perspective of major fund holdings, one fund under Yinhua Fund has a significant position in Shuyou Shen. The Yinhua Growth Smart Selection Mixed A Fund (024455) held 430,300 shares in the third quarter, accounting for 3.48% of the fund's net value, making it the ninth largest holding [2] - The estimated floating profit from this position today is approximately 679,900 CNY [2] - The Yinhua Growth Smart Selection Mixed A Fund (024455) was established on June 20, 2025, with a current size of 253 million CNY and a cumulative return of 5.31% since inception [3]

证券代码：300204 证券简称：舒泰神 公告编号：2025-082 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无增加、变更、否决提案的情况，本次股东会不涉及变更前 次股东会决议。 2、本次股东会以现场投票、网络投票相结合的方式召开。 3、为尊重中小投资者利益，提高中小投资者对公司股东会决议事项的参与 度，本次股东会对中小投资者的表决进行单独计票，中小投资者是指除上市公司 董事、高级管理人员以及单独或者合计持有公司5%以上股份的股东以外的其他 股东。 一、会议召开和出席情况 1、会议通知情况 舒泰神（北京）生物制药股份有限公司 2025 年第三次临时股东会决议公告 出席公司 2025 年第三次临时股东会的股东（或委托代理人）587 人，代表 股份 150,641,202 股，占公司有表决权股份总数的 31.5299%。其中，参加现场会 议的股东（或委托代理人）3 人，代表股份 148,171,063 股，占公司有表决权股 份总数的 31.0129%；通过网络投票的股东（或委托代理人）584 人，代表股份 2,470,139 股， ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于舒泰神（北京）生物制药股份有限公司 2025 年第三次临时股东会的法律意见书 康达股会字【2025】第 0490 号 致：舒泰神（北京）生物制药股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》（以下简称"《规则》"）、《深圳证券交易所上市公司股东会网 络投票实施细则》（以下简称"《实施细则》"）、《舒泰神（北京）生物制药 股份有限公司章程》（以下简称"《公司章程》"）及舒泰神（北 ...

Core Insights - The pharmaceutical MNC supply chain has extremely high entry barriers, requiring years for supplier certification through cross-departmental audits in technology, quality, EHS, and compliance. Once included in the qualified supplier list, a strong lock-in effect is formed, making it difficult for new entrants to disrupt the existing supply structure even if they meet technical standards, thus demonstrating a strong first-mover advantage [4][7]. - MNCs demand far more than conventional quality compliance, emphasizing full-process controllability and risk management capabilities. Compliance with guidelines such as EU GMP and ICHQ is required, along with the establishment of traceability systems and safety stock. Any process changes or relocation of production sites must undergo strict and time-consuming certification [4][7]. - In procurement decisions, MNCs are relatively insensitive to price factors, prioritizing the integrity of the supply chain over cost. For MNCs, API costs represent only a small portion of their terminal formulation sales, leading them to pay a premium for stable, traceable, and zero major quality incident supply capabilities, viewing supply chain resilience as a core competitive advantage rather than a cost item. Thus, entering the MNC supply chain often means effectively avoiding "price internalization" [4][7]. - Investment recommendations include innovative drug and device companies such as Furuya Co., Aonlikang, Shutaishen, Weichuang Bio, and others. From the perspective of CXO and raw materials, companies like WuXi AppTec, Jiuzhou Pharmaceutical, Chengda Pharmaceutical, and others are suggested for attention [4][7]. Market Performance Overview - As of November 21, 2025, the TTM-PE of the pharmaceutical and biotechnology industry is 48.84 times, which is 100% higher than the historical lowest PE valuation of 24.38 times on January 3, 2019. The premium rate relative to the CSI 300 is 252%, exceeding the historical lowest valuation premium of 124% on February 6, 2018, by 128 percentage points, and is 11 percentage points higher than the average valuation premium rate of 241% over the past decade [8][12]. - From November 17 to November 21, 2025, the pharmaceutical and biotechnology sector experienced a decline of 6.88%, ranking 22nd among 27 sub-industries. The chemical raw materials sector saw the largest decline at -8.60% [12][15]. Industry Dynamics - Pfizer's Class 1 new drug, Matacizumab, was approved for marketing on November 21, 2025, for the routine prevention and treatment of bleeding in patients with severe hemophilia A or B [20]. - Boehringer Ingelheim's Class 1 new drug, BI764198, was proposed for inclusion as a breakthrough therapy on November 18, 2025, targeting primary focal segmental glomerulosclerosis [21]. - The PD-1 inhibitor H drug, Surulutumab, developed by Fuhong Hanlin, was officially included as a breakthrough therapy on November 20, 2025, for gastric cancer treatment [22]. - On November 17, 2025, FDA approved the biosimilar of Tysabri, developed by Sandoz, for multiple sclerosis and Crohn's disease [23].