联环药业表示，本次罚没金额占公司合并报表范围最近一个会计年度经审计的营业收入和归属净利润的 比例分别为2.83%和72.53%。上述罚没款金额将相应减少公司2025年度归属净利润6103.82万元。 地塞米松磷酸钠是一种肾上腺皮质激素类药物，具有抗炎、抗过敏、抗风湿、免疫抑制作用，因被证明 对新冠肺炎重症患者有疗效，被编入国内《新型冠状病毒肺炎诊疗方案》（第九版、第十版）推荐用 药，用于重症新冠肺炎临床治疗。 地塞米松原料药垄断案终于尘埃落定。6月11日，江苏联环药业股份有限公司（简称"联环药业"）收到 天津市市场监督管理委员会下发的《行政处罚决定书》，责令其停止违法行为，并处罚款合计6103.82 万元。此前，一同实施垄断的津药药业、仙琚制药也已收到《行政处罚决定书》。而此次被罚没的金 额，占据联环药业去年超七成的净利润。 三家药企累计被罚3.26亿元 根据《行政处罚决定书》，天津市市场监督管理委员会认为，联环药业与具有竞争关系的经营者，以垄 断协议形式变更、固定地塞米松磷酸钠原料药价格，排除、限制了地塞米松磷酸钠原料药销售领域的竞 争，违反了《中华人民共和国反垄断法》相关规定，属于达成并实施"固定或者变更 ...

议案十 关于修订《股东会议事规则》等公司治理制度的议案 ....... 17 益方生物科技（上海）股份有限公司 为了维护公司全体股东的合法权益，确保股东大会的正常秩序和议事效率， 保证大会的顺利进行，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》 以及《益方生物科技（上海）股份有限公司章程》（以下简称《公司章程》）等 相关规定，益方生物科技（上海）股份有限公司（以下简称"公司"）特制定本 次股东大会会议须知： 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作； 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务请 出席大会的股东或其代理人及其他出席、列席人员准时到达会场签到确认参会资 格。会议开始后，会议登记应当终止，由会议主持人宣布现场出席会议的股东和 代理人人数及所持有的表决权数量； 三、会议按照会议通知上所列顺序审议、表决议案； 证券代码：688382 证券简称：益方生物 益方生物科技（上海）股份有限公司 二〇二五年六月 目 录 八、出席股东大会的股东及股东代理人，应当对提交表决的议案发表如下意 ...

雷鸣在会上称，中国生物制药创新产品收入占比已从2018年的16%提升至2024年的42%，预计2025年将 突破50%，这标志着公司阶段性创新转型取得成功。未来三年，中国生物制药计划每年上市至少5款创 新产品，到2027年创新产品收入占比将进一步提升至60%。 据雷鸣介绍，今年以来，对外授权（out-licensing）已成为公司最重要的战略目标之一。目前，公司针 对多款具备全球商业化潜力的创新资产，与多家跨国药企与明星生物科技公司展开深度洽谈，并有一笔 标志性的重磅对外授权交易将于近期落地。从今年开始，BD交易将成为公司的经常性收入和利润来 源，将进一步提升公司的国际化收入占比，开启业绩第二增长曲线。 在刚刚结束的2025年美国临床肿瘤学会（ASCO）年会上，中国生物制药共发布12项口头报告，其中4 项为LBA，创下中国药企的历史新高。 大品种仿制药集采影响已基本出清 【导读】中国生物制药：重磅对外授权交易即将达成 中国的创新药公司正不断迎来重磅合作。 近日，中国生物制药资本市场负责人雷鸣在第46届高盛全球医疗健康年会上表示，公司目前已与多家跨 国药企、明星生物科技公司就多款具备全球商业化潜力的创新资产展开 ...

Group 1 - The Hong Kong stock market opened lower but the innovative drug sector led the gains, with significant increases in stocks such as China Biologic Products rising over 16% and Zai Lab rising over 10% [1] - The Hong Kong innovative drug ETF (159567) has seen a net inflow of funds over the past five trading days, indicating high market interest [1] - China Biologic Products has successfully deepened its innovation transformation, with the revenue share from innovative products increasing from 16% in 2018 to an expected 42% in 2024, and projected to exceed 50% by 2025 [1] Group 2 - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry, benefiting from trends such as AI-enabled drug development and the international expansion of domestic innovative drugs [2] - The innovative drug sector is showing significant investment value, with Chinese innovative drug companies gaining international competitiveness, as evidenced by 73 oral presentations at the 2025 ASCO annual meeting [2] - In the first quarter of 2025, Chinese innovative drug companies completed 41 overseas licensing transactions totaling $36.929 billion, indicating an accelerated internationalization process [2]

|  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他 | | 参与单位名称及 | 国泰基金、东吴证券、平安证券、颐和久富投资、中泰证券、 | | 人员姓名 | 鑫巢资本、常州金融投资、正圆投资、慎知资产、招商证券 | | | 投资者代表共 11 人 | | 时间 | 2025 年 6 月 11 日下午 1:30-3:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理兼董事会秘书：曾蕾 | | 员姓名 | 证券事务代表：甘荣 | | | 主要采用解答投资者提问的方式进行，主要问题回复如下： 1、公司二季度经营情况如何？ | | | 回复：公司二季度整体经营状况保持正常运转，市场需 | | | 求相对稳定，销售工作按计划有序进行。 | | 投资者关系活动 | 2、公司对于消炎解痛巴布膏的预期和规划如何？ | | 主要内容介绍 | 回复：消炎解痛巴布膏的销售渠道主要以 OTC 渠道为主。 | | | 公司计划通过聚焦 OTC 渠道、共享销售资源、丰富产 ...

Group 1 - The core viewpoint of the articles highlights the significant recovery and growth of the innovative drug sector in Hong Kong, with the innovative drug ETF rising by 1.86% and a year-to-date increase of nearly 60%, leading the pharmaceutical ETF market [1] - The innovative drug sector is experiencing a resurgence after four years of stagnation, with commercial insurance playing a crucial role in determining whether innovative drugs can truly benefit patients [1][5] - The performance of innovative drug-themed public funds is strong, with 8 out of the top 10 actively managed equity funds being heavily invested in innovative drugs, all showing gains exceeding 68% [1] Group 2 - The three main catalysts for the current innovative drug market rally include significant improvements in R&D capabilities, expansive overseas market opportunities, and favorable market liquidity conditions [2] - The Chinese innovative drug sector is transitioning from a follower to a leader in global R&D, as evidenced by increased approvals and successful business development transactions with major overseas pharmaceutical companies [2][3] - The industry is witnessing a substantial increase in revenue, with A-share innovative drug companies achieving a revenue of 12.19 billion yuan in Q1 2025, a year-on-year growth of 23% [3] Group 3 - There have been 24 overseas transactions in innovative drugs within the first five months of 2025, totaling over 15.5 billion USD, indicating a strong trend towards international expansion [4] - The Hong Kong innovative drug ETF has reached a scale of 10.406 billion yuan, with a growth of approximately 5.4 billion yuan in the past year, leading the pharmaceutical ETF market [4] - The innovative drug sector faces inherent high risks, with only 10% of R&D projects typically succeeding, requiring significant upfront investment and a long development cycle [4] Group 4 - The reform of the payment system is crucial for the sustainable high-quality development of the innovative drug industry, with commercial health insurance expected to accelerate the development and accessibility of innovative drugs [5][6] - Recent government policies aim to enhance the commercial health insurance framework, including the establishment of a dynamic and standardized innovative drug directory to meet diverse healthcare needs [6] - The insurance sector is increasingly aligning with the innovative drug industry, with initiatives to develop targeted insurance products that address the risks associated with R&D in biopharmaceuticals [7]

Core Viewpoint - The innovative drug sector is experiencing a bull market, with funds seeking low-priced stocks for potential gains. Zhongsheng Pharmaceutical's stock has seen significant fluctuations, with a recent increase of 9.99% to 16.84 CNY per share, resulting in a market capitalization of 14.33 billion CNY [1][2]. Group 1: Stock Performance - Zhongsheng Pharmaceutical's stock price has increased by over 61% since April 9, 2023, after a decline of more than 70% from its historical high of 40.7 CNY per share in November 2022, reaching a low of 9.65 CNY [8][10]. - The company announced an abnormal stock trading fluctuation, with a cumulative price deviation exceeding 20% over two consecutive trading days [2]. Group 2: Drug Development Pipeline - Zhongsheng Pharmaceutical has two innovative drug projects approved for market, with several others in clinical trials. The RAY1225 injection, a long-acting GLP-1 drug, is undergoing Phase III clinical trials for treating obesity and type 2 diabetes [4]. - The small molecule innovative drug, Anladiwei (安睿威®), for treating influenza A, has been approved by the National Medical Products Administration and is the first drug targeting the PB2 new target, developed under the leadership of academician Zhong Nanshan [4][6]. - The innovative drug ZSP1601 for treating metabolic dysfunction-related fatty liver disease has completed Phase Ib/IIa clinical trials and is moving into Phase IIb trials [8]. Group 3: Financial Performance - In 2024, Zhongsheng Pharmaceutical reported a revenue of 2.467 billion CNY, a year-on-year decline of 5.48%, and a net loss of 299 million CNY, a year-on-year decrease of 213.63% [10]. - For the first quarter of 2024, the company achieved a revenue of 634 million CNY, a slight decline of 1.03%, while net profit increased by 61.06% to 82.61 million CNY [10]. Group 4: Future Outlook - Guangfa Securities projects Zhongsheng Pharmaceutical's EPS for 2025-2027 to be 0.36, 0.45, and 0.54 CNY per share, maintaining a positive outlook on its core business and the progress of its innovative drugs [10].

文章转自2025年04月14日太平洋 医药 团队报告 ，分析师： 周豫/霍亮/戎晓婕 投资要点 投均数，测算目标市值为 资建议： 我们预测公1司109.90 2025/26/27 亿港元（汇率 年营业收0.94入），对应股价为 为126.95/157.99/207.91 67.75港元。首次覆盖，给予 亿元，归母净利润为6.23/13.25/30.77 "买入"评级。 亿元。分别使用DCF法和NPV法进行估值并取二者平 风险提示： 创新药研发不及预期；医药行业政策变化风险；宏观环境风险。 | í 优秀同全球化 Blopharma,官续尤冲,业绩更热 | | --- | | (一) 研发和商业化能力已充分验证的创新药领年企业 | | (二)自主研发和全球合作打造四大领域的管线梯队 | | (三) 营收持续高增长,经营效率提升 | | (四) 核心管线催化剂丰富 | | (五)公司近五年股价复盘 | | í r 肿瘤:PD1 为基石,双抗和 ADC 即将进入收获期 | | (一) 12 款商业化肿瘤产品, PD1 单抗收入突破 38 亿元 | | (二)复盘 IL-2 药物开发:增加药物靶向性是关键 | | (三 ...

Group 1: Company Overview and Product Development - The company focuses on innovative drugs primarily in cardiovascular, urology, oncology, and respiratory systems, with 6 innovative drugs in development, including 1 in Phase III, 2 in Phase I, and 3 in preclinical research [2] - The product Aipulete has shown strong market performance, with projected sales of 119 million tablets in 2024, representing a 30.28% increase from the previous year [2] - The company emphasizes innovation-driven development strategies, enhancing R&D platforms, increasing investment in technology innovation, and promoting digital transformation and sustainable development [2] Group 2: Export Strategy and International Development - The company primarily exports raw materials to markets in North America, Eastern Europe, Southeast Asia, South America, and Oceania [3] - The company established Unioncle Pharma LLC in the U.S. in 2023 to facilitate international collaboration and accelerate the internationalization of its R&D products [3] - The company is actively seeking opportunities for its newly developed raw materials through various channels to enhance its global presence [3] Group 3: Strategic Acquisitions - The company acquired Longyi Pharmaceutical to strengthen its market presence in Southwest China, aiming to create a dual-core driving pattern with its headquarters in the Yangtze River Delta [4] - Longyi Pharmaceutical has a dense distribution network and advantages in the outpatient market, which will accelerate the regional penetration of the company's existing products [4] - The company's national sales system will provide Longyi Pharmaceutical with more upstream pharmaceutical cooperation resources, expanding its wholesale categories [4]

证券代码：600513 证券简称：联环药业 公告编号：2025-036 江苏联环药业股份有限公司 投资者关系活动记录表 ?特定对象调研 ?分析师会议 □媒体采访 □业绩说明会 投资者关系活动类 □新闻发布会 □路演活动 别 □现场参观 □其他 （请文字说明其他活动内容） 华西证券研究所、华安证券研究所、工银瑞信基金、江 苏省高投、华安资管、金库资本、骐楷资产、九水投资、 参与单位名称 弥加投资、江苏高科技产业投资、上海胜帮、四川大决 策、佰诺私募、海能投资、君子兰投资、武汉泽弘、阳 翔投资、吉石资本、澜胜资产 时间 2025 年 6 月 10 日 江苏省扬州市扬州生物健康产业园健康一路 9 号 3 楼第 地点 八会议室 董事长兼董事会秘书：钱振华先生 总经理：牛犇先生 上市公司接待人员 副董事长：涂斌先生 姓名 财务总监：薛昊先生 总工程师助理兼药研所所长：贾志祥先生 证券事务代表：葛楷先生 答：（1）研发实力与平台 公司不断加大科技创新力度，依托院士工作站、博 要内容介绍 士工作站，打造南京、扬州等多地研发平台，建有 6 个 省级工程技术中心，不断引进高端人才，提升研发及转 化效率。 （2）核心创新药管线 ...