Core Viewpoint - The recent approval of multiple innovative drugs in China and favorable policies have led to a surge in interest in the Hong Kong innovative drug sector, with several ETFs in the pharmaceutical space seeing gains of over 40% this year [1][2]. Company Overview - He Mei Pharmaceutical Co., Ltd. (referred to as "He Mei Pharmaceutical") has submitted an IPO application to the Hong Kong Stock Exchange, with a post-investment valuation of 3.9 billion RMB after completing six rounds of financing [1][2]. - The company, founded in 2002, focuses on developing small molecule drugs for autoimmune diseases and tumors, with a strong position in the development of treatments for psoriasis, Behçet's disease, and inflammatory bowel disease [1][2]. Financial Performance - As of the latest financial report, He Mei Pharmaceutical has not yet achieved profitability, with projected revenues of approximately 4.05 million RMB and 5.298 million RMB for 2023 and 2024, respectively, primarily from government subsidies [1][2]. - The company is expected to incur losses of approximately 156 million RMB and 123 million RMB for the same periods [1]. Product Pipeline - He Mei Pharmaceutical has developed seven small molecule drug candidates targeting unmet needs in autoimmune and tumor diseases, with four candidates in Phase II, III clinical trials, or NDA stages for 12 indications as of May 21, 2025 [2][3]. - The two core products include Mufemilast, a potential first-in-class treatment for psoriasis, and Hemay022, a dual-target EGFR/HER2 inhibitor for advanced breast cancer [4][8]. Mufemilast Details - Mufemilast is a novel PDE4B inhibitor with a favorable safety profile, showing potential for treating psoriasis patients with latent tuberculosis [4][5]. - The global psoriasis drug market is projected to reach 29.621 billion USD in 2024, with a compound annual growth rate of 9.19% from 2024 to 2029 [5][6]. Competitive Landscape - Despite Mufemilast's advantages, the psoriasis treatment market is highly competitive, with numerous new drugs entering the market, posing challenges for commercial success [8][11]. - Hemay022 is currently undergoing a Phase III clinical trial for advanced ER+/HER2+ breast cancer, facing competition from existing EGFR/HER2 inhibitors [8][9]. Financial Pressure - The company anticipates significant financial pressure due to high R&D expenditures, with projected investments of 123 million RMB and 97 million RMB for 2023 and 2024, respectively [10]. - As of December 31, 2024, the company is expected to hold approximately 150 million RMB in cash and cash equivalents, indicating a tight financial situation [10]. Conclusion - Overall, while He Mei Pharmaceutical's core product for psoriasis shows rapid progress, the intense market competition and ongoing high R&D costs may hinder its ability to attract capital market interest [11].

证券代码：300683 证券简称：海特生物 尊敬的投资者，您好！已有相关临床前研究表明，注射用埃 普奈明可能通过影响免疫微环境的方式，对接受 CAR-T 细胞回输 的患者体内的 CAR-T 细胞扩增产生积极影响，且由于注射用埃普 奈明起效迅速、安全性良好等特点，正在越来越多的进入到国内 主流的血液病医院的 CAR-T 治疗过程中，而包括中国医学科学院 血液病医院、西部战区总医院在内的国内一线血液病医院也在积 极与我司合作开展埃普奈明用于CAR-T前桥接化疗及CAR-T后的 维持治疗等方向的临床试验研究。谢谢 4、研发管线最新的收获进展情况是怎样的？ 尊敬的投资者，您好！公司的在研产品及进展已在定期报告 中披露，请关注公司的定期报告。谢谢。 5、请问埃普奈明新产线布局在哪里？已经立项和开建了 吗？ 尊敬的投资者，您好！埃普奈明新产线布局在武汉海特生物 制药股份有限公司园区内，新扩建的产线正在建设过程中。谢谢。 6、杨总，北京沙东的剩下的股权有没有考虑收购，是不是 埃普奈明销售不及预期，可能不考虑剩下的股权收购了。 尊敬的投资者，您好！埃普奈明销售顺利，符合公司预期， 公司会按照股权收购协议的约定履行相应的义务， ...

Core Viewpoint - Dongyangguang Yangtze Pharmaceutical is progressing towards a merger with Dongyangguang Pharmaceutical, with two out of three prerequisite conditions met for the final merger [1] - The company has submitted a listing application to the Hong Kong Stock Exchange, indicating a clear path for its upcoming market entry [1] - Investor confidence is reflected in the significant increase in shareholding by Hong Kong Stock Connect funds, rising from 11.99% to 33.93% since September 2022, with a market value exceeding 3 billion HKD [1] Group 1: Merger and Market Position - Dongyangguang Pharmaceutical's upcoming listing is seen as a high-value investment opportunity in the biopharmaceutical sector, attracting significant interest from investors [4] - The company has established itself as a leading innovative pharmaceutical enterprise in China, focusing on differentiated innovation to meet clinical needs [5][8] Group 2: Research and Development - Dongyangguang Pharmaceutical has a robust R&D platform with over 1,100 professionals, covering the entire drug development lifecycle [5][6] - The company currently has 150 drugs on the market and over 100 in development, including 49 first-class innovative drugs [6] - The company has filed 2,446 invention patents, with 1,401 granted, ranking first among domestic pharmaceutical companies in patent filings from 2014 to 2023 [6] Group 3: Financial Performance - The company has shown significant revenue growth, with projected revenues of 38.14 billion CNY, 63.86 billion CNY, and 40.19 billion CNY from 2022 to 2024, maintaining a gross margin above 76% [10] - In 2023, the company achieved a net profit of 1.014 billion CNY, with a net profit margin of 15.9% [10] - R&D investment is expected to reach 493 million CNY in 2024, a year-on-year increase of 156.62% [10] Group 4: Product Pipeline and Market Strategy - The company is focusing on three key therapeutic areas: infections, chronic diseases, and oncology, with a diverse product portfolio [10][11] - Dongyangguang Pharmaceutical has established a strong sales network covering 32 provincial regions in China and is expanding into international markets [12] - The company has secured significant licensing agreements, including a $938 million deal with Apollo Therapeutics for its FGF21/GLP-1 dual-specific fusion protein [8][9]

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 ...

Core Viewpoint - The company Xiaofang Pharmaceutical (603207) is officially entering the field of traditional Chinese medicine compound preparation new drug development by collaborating with Shanghai Dermatology Hospital to develop a new product for hair loss treatment [2][3]. Group 1: Collaboration and Product Development - Xiaofang Pharmaceutical has signed a cooperation agreement with Shanghai Dermatology Hospital to jointly develop a new drug, Compound Cèbǎi Tincture, aimed at treating various types of hair loss [2]. - The collaboration aims to obtain the new drug (Class 1.1) market approval from the National Medical Products Administration, involving preclinical research and clinical trials [2][3]. - The company will pay a total of 20 million yuan for technology transfer and support, with additional sales commissions after the product is launched [2]. Group 2: Market Potential and Strategic Focus - According to the National Health Commission, the number of people suffering from hair loss in China has exceeded 250 million, with a noticeable increase in younger demographics aged 20-40 due to economic and lifestyle pressures [2]. - The Compound Cèbǎi Tincture has been well-received by patients and shows promising development prospects, potentially becoming the first traditional Chinese medicine preparation for hair loss in China [3]. - Xiaofang Pharmaceutical has a strong focus on over-the-counter external medications and aims to expand its product pipeline while optimizing research and development structures to meet family health needs [3].

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]