Group 1 - The company, 博安生物 (06955.HK), has entered into a placement agreement with UBS Group to sell a total of 38.4 million shares, representing approximately 7.17% of the total issued shares as of the announcement date [1] - The placement price is set at HKD 10.42 per share, which is a discount of about 13.88% compared to the last closing price of HKD 12.10 on the Stock Exchange [1] - The total expected proceeds from the placement are approximately HKD 400 million, with a net amount of about HKD 396 million anticipated [2] Group 2 - The company plans to allocate approximately 50% of the net proceeds for the research and development of innovative candidate products, including clinical trials for BA1106, BA1301, and BA1302, as well as non-clinical and clinical studies for BA1304 and PR201 [2] - About 20% of the net proceeds will be used for the commercialization of already launched and upcoming products [2] - Approximately 30% of the net proceeds will be allocated to supplement the company's working capital and for general corporate purposes [2]

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. plans to increase capital in its subsidiary Fangsheng R&D Co. with a total investment of 24 million yuan from the company and its partners, aiming to enhance its drug research and development capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [2][3][12] Summary by Sections 1. Transaction Overview - Fangsheng Pharmaceutical intends to invest 24 million yuan in Fangsheng R&D Co., with New Yuan Investment contributing 46 million yuan, and both Tongmu Technology and the core talent holding entity contributing 5 million yuan each. Post-investment, the shareholding structure will be Fangsheng Pharmaceutical 35%, New Yuan Investment 55%, Tongmu Technology 5%, and the core talent holding entity 5% [2][3] - The investment is classified as a related party transaction due to the involvement of New Yuan Investment, which is an affiliated entity. Related directors abstained from voting [2][3] - The investment does not constitute a major asset restructuring as per regulations, and it has been approved by the independent directors and the board of directors without needing shareholder approval [2][4] 2. Purpose and Reason for the Capital Increase - The capital increase aims to support the company's strategic development in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging local resources and policies to accelerate the R&D of traditional Chinese medicine projects and mitigate R&D risks [3][12] 3. Related Party Information - New Yuan Investment is controlled by the same individual as Fangsheng Pharmaceutical, establishing a related party relationship. The core talent holding entity will consist of key personnel from the company, which may include current directors and senior management [6][7] 4. Capital Increase Details - The registered capital of Fangsheng R&D Co. will increase from 20 million yuan to 100 million yuan, with the new capital structure reflecting the contributions from all parties involved [9][10] - The governance structure will include a board of directors with three members, where Fangsheng Pharmaceutical appoints two directors and the chairman [10][12] 5. Impact on the Company - Following the capital increase, Fangsheng R&D Co. will remain under the control of Fangsheng Pharmaceutical, allowing it to consolidate its financial statements. This move is expected to enhance the sustainability of R&D investments and facilitate the commercialization of innovative traditional Chinese medicine [12]

证 券 研 究 报 告 行业周报 创新价值重估，重视转型类公司 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年06月03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 1. 重磅交易落地持续推升创新价值，创新价值重估持续推进中 继三生制药达成一项超60亿美元的交易之后，石药集团也预告6月拟达成一项约50亿美元的创新药交易，6月2日，BMS与 BioNTech达成一项超90亿美元的交易，项目合作主体来自于BioNTech收购自普米斯的双抗。近年来双抗、ADC领域，屡屡 创下交易记录，一方面EGFR阳性的非小细胞肺癌拥有巨大的使用人群，EGFR三代小分子药物的销售额已证明其大品种的 能力。另一方面中国创新药技术在ADC、双抗领域持续迭代更新，在临床上对目前一线治疗方案发起优效挑战。自年初以 来，已有多个重磅交易的落地，根据医药魔方数据，2025年Q1，中国医药交易数量同比增加34%，交易总金额同比增加 222%，单个项目的BD ...

6月3日，港股市场高开高走，港股创新药板块涨势居前。港股创新药指数成分股中，绿叶制药、联邦制 药、乐普生物-B涨超6%，泰格医药、三生制药、康龙化成、和黄医药、君实生物涨超4%。港股创新药 ETF（159567）连续2个交易日成交额超11亿元，市场热度较高。 消息面上，2024 年中国创新药 Lisence out授权总金额突破 500亿美元，达 519 亿美元，同比增长 27.4%，占全球同类交易总额的30%。从产业趋势来看，新药放量+Biotech逐步减亏盈利+重磅BD频出 催化的年初至今的创新药大行情已经说明了国内创新药完成了'0—1'的过程，正在走向'1—10'国际化的 快速发展过程中，未来中国创新药出海交易仍然值得期待。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，6月3日最新市盈率仅为 27倍，不足3个月前的一半，当前布局性价比突出。 相关产品：港股创新药ETF（159567）、创新药ETF（159992）。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创 ...

智通财经6月3日早间新闻精选 1、美国贸易代表办公室宣布，延长对中国在技术转让、知识产权和创新方面的行为、政策及做法的301 调查中的豁免期限。豁免期限原定于2025年5月31日到期，现已延长至2025年8月31日。 2、近日，美方不断有消息称，中方违反中美日内瓦经贸会谈共识。商务部表示，敦促美方与中方相向 而行，立即纠正有关错误做法，共同维护日内瓦经贸会谈共识，推动中美经贸关系健康、稳定、可持续 发展。如美方一意孤行，继续损害中方利益，中方将继续坚决采取有力措施，维护自身正当权益。 3、据报道，美防长在第22届香格里拉对话会上发表涉华消极言论，渲染"中国军事威胁"。国防部表 示，美方所作所为全世界都看得清清楚楚。其为一己私利，发动关税战、贸易战，到处横征暴敛； 拉"小圈子"、搞阵营对抗，引发各国深切担忧；强化亚太军力部署，粗暴干涉他国内政，煽动制造紧张 局势。事实一再证明，美方逆潮流大势、一意孤行，必将反噬自身。 4、国家统计局数据显示，5月份中国制造业采购经理指数为49.5%，较上月上升0.5个百分点。 6、全国多地多措并举、加强管控，严防战略矿产非法外流。国家出口管制工作协调机制办公室《加强 战略矿产出 ...

Core Viewpoint - The company is committed to enhancing operational efficiency and management quality through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, focusing on innovation in drug development and protecting the rights of investors, especially small and medium-sized investors [1][12]. Group 1: Business Strategy and Development - The company aims to accelerate the layout of its core pipeline, focusing on major diseases such as cancer, metabolic disorders, and autoimmune diseases, with a commitment to developing innovative drugs with independent intellectual property rights [1][2]. - The company has two authorized products on the market, one in the registration clinical trial stage, two in Phase II clinical trials, and multiple preclinical projects, indicating a strong position in research and development [2]. - The company plans to advance the clinical research of its D-2570 product, which has shown promising results in Phase II trials for psoriasis, and will explore its potential in other autoimmune diseases [2][3]. Group 2: Research and Development Capabilities - The company has established a comprehensive R&D system that enhances the success rate of its products and shortens drug development cycles through precise target selection and clinical development processes [2][4]. - The company has a core R&D team with over 20 years of experience in multinational pharmaceutical companies, which strengthens its capabilities in drug design and clinical trial execution [4][5]. - The company has applied for 370 domestic and international invention patents, with 129 granted, ensuring the commercial value of its innovations and reducing potential patent infringement risks [6]. Group 3: Team and Talent Management - The R&D team constitutes over 90% of the company's workforce, with leaders possessing extensive industry experience, which is crucial for the drug development process [7]. - The company plans to implement a new round of equity incentive plans to attract and retain talent, aligning the interests of shareholders and the core team [7]. Group 4: Financial Management and Fund Utilization - The company is focused on improving the efficiency of its fundraising projects and has made adjustments to its headquarters construction project to better meet R&D needs [8]. - In 2025, the company will increase investment in new drug R&D projects, aiming to enhance the efficiency of clinical trials and expand its clinical pipeline [8]. Group 5: Corporate Governance and Compliance - The company is revising its governance structure, including the cancellation of the supervisory board and the enhancement of the board's responsibilities to improve oversight and protect investor rights [9][17]. - The company emphasizes the importance of internal controls and compliance with relevant laws and regulations to ensure effective management of significant matters [9]. Group 6: Information Disclosure and Investor Relations - The company is committed to enhancing the quality of information disclosure and actively engages with investors through various communication channels [10][11]. - The company plans to conduct at least three performance briefings annually to maintain transparency and keep investors informed about its operations and financial status [11].

| 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 44.70 | | 一年最高最低(元) | 45.30/25.96 | | 总市值(亿元) | 784.07 | | 流通市值(亿元) | 783.12 | | 总股本(亿股) | 17.54 | | 流通股本(亿股) | 17.52 | | 近 3 个月换手率(%) | 50.78 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-06 2024-10 2025-02 华东医药 沪深300 相关研究报告 医药生物/化学制药 华东医药（000963.SZ） 创新转型再出发，多产品步入收获期 2025 年 06 月 02 日 投资评级：买入（维持） | ——公司深度报告 | | --- | | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S079052 ...

如何在强生跌倒的地方站起来？众生药业在研发过程中多次面 临这样的拷问。陈小新的策略是从分子结构设计和临床试验适 应证两方面着手。 作者：张英 刘晓诺 封图：图虫创意 编者按 自2015年启动药政改革以来，经过十年的"国药维新"，中国生物医药产业已在重大药物研发前沿领 域取得了长足进步，甚至在个别领域实现了领先。多个新老明星药企的实验室纷纷发现了价值不菲 的药物分子。 这些珍贵的药物分子，正不断突破曾被欧美跨国公司垄断的创新药物市场，未来将支撑中国药企创 造出巨大的经济和社会价值。同时，以创新分子达成的中外企业权益合作，也在提升全球药物市场 的价值和信心。 作为见证者和记录者，经济观察报将持续关注中国重磅药物的诞生及其背后的中国明星药企，从商 业、科技、人文角度全方位观察中国创新药行业的演变。 本文为【中国分子】系列报道第五篇，记录国产创新药昂拉地韦PK流感"神药"奥司他韦的故事。 " 如 果 我 们 的 分 子 连 奥 司 他 韦 都 PK 不 了 ， 也 没 有 上 市 的 必 要 了 。 "5 月 29 日 ， 众 生 药 业 （002317.SZ）子公司众生睿创总裁陈小新在接受经济观察报采访时说。 他口 ...

Group 1 - The research achievements of Chinese innovative pharmaceutical companies are increasingly attracting the attention of multinational pharmaceutical giants, with approximately 31% of innovative drug candidates introduced by large multinational companies in 2024 coming from China, compared to zero in 2019 [1][3] - At the American Society of Clinical Oncology (ASCO) annual meeting in Chicago, over 70 studies from Chinese innovative pharmaceutical companies were selected for oral presentations, with a focus on bispecific antibodies and ADC drug research [1] - Kangfang Biopharma and its partner Summit Therapeutics released the first global Phase 3 clinical trial results for the PD-1/VEGF bispecific antibody ivonescimab, showing a 48% reduction in the risk of disease progression or death for previously treated patients with EGFR-mutant non-squamous non-small cell lung cancer (NSCLC) [1] Group 2 - IBI363, a globally innovative PD-1/IL-2α-bias bispecific fusion protein developed by Innovent Biologics, showed clinical data for treating immune-treated advanced melanoma at ASCO, along with a comparison study against Merck's Keytruda [2] - Kelun-Biotech presented six clinical research results at ASCO, including the ADC drug sac-TMT for previously treated advanced EGFR-mutant non-small cell lung cancer patients [2] - In the previous month, Zai Lab announced that the FDA granted fast track designation for its potential ADC drug ZL-1310 for the treatment of extensive-stage small cell lung cancer (ES-SCLC), with updates expected at ASCO [2] Group 3 - I-Mab presented preliminary results of its ADC drug DB-1310 for treating advanced solid tumors at ASCO, focusing on safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity [3]

Core Viewpoints - In 2024, the company's R&D expenses are projected to be 215 million RMB, remaining stable compared to 2023, indicating robust cost control and alignment with overall development expectations [1] - The company has approximately 800 million RMB in cash and cash equivalents, ensuring sufficient cash flow for future operations [1] - The Phase I SAD trial results for the core product LAE102 are promising, laying a solid foundation for the upcoming Phase I MAD trial, and collaboration with Eli Lilly enhances international influence [1][4] - The clinical trial for LAE002 is progressing, with the Phase III trial for breast cancer being particularly noteworthy [1] Financial Performance - The company reported a total loss of 254 million RMB for the year, a reduction of 31.05% year-on-year, indicating improved financial health [1] - Administrative expenses decreased by 2.4% year-on-year to 74 million RMB, reflecting effective management [1] Research and Development - The company has established a global R&D team of 61 employees, covering the entire drug discovery and development cycle, with innovation centers in Shanghai and New Jersey [2] - LAE102, a monoclonal antibody targeting ActRIIA, shows potential for effective weight management by promoting muscle gain and reducing fat [2] - The Phase I SAD clinical study for LAE102 began in June 2024, with 64 healthy participants recruited, demonstrating good safety and efficacy results [3] Clinical Trials and Collaborations - The collaboration with Eli Lilly involves conducting a Phase I trial for LAE102 in the U.S., expected to start in Q2 2025 [4] - The company is also advancing LAE002 in multiple cancer clinical trials, with significant results reported for various combinations [5][6] Pipeline and Future Prospects - The company maintains a balanced pipeline focused on cancer and metabolic diseases, with several candidates in various stages of development [7] - LAE002 has shown efficacy in multiple clinical trials, with ongoing efforts to expand its indications [6][7] - The company anticipates commercial potential for LAE102 and LAE002, with projected revenues of 0 million RMB in 2025 and 169 million RMB in 2027 [7]