长江医药控股股份有限公司 对外担保管理制度 第一章 总 则 第一条 为了规范长江医药控股股份有限公司（以下简称"公司"）的对外担保行为， 有效控制担保风险，保护股东和其他利益相关者的合法权益，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》）、《深 圳证券交易所创业板股票上市规则》（以下简称《上市规则》）、《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》、《上市公司监管指引 第 8 号——上市公司资金往来、对外担保的监管要求》及《长江医药控股股份有限公 司章程》（以下简称《公司章程》）等相关规定，并结合公司实际情况，特制订本管理 规定。 第二条 公司对外担保实行统一管理，非经公司董事会或股东会批准、授权，任何 人无权以公司名义签署对外担保的合同、协议或其他类似的法律文件。 第三条 本管理规定适用于本公司及本公司的全资、控股子公司（以下简称"子公 司"）。 公司为自身债务提供担保不适用本办法。 第四条 本管理规定所称对外担保是指公司以第三人的身份为债务人对于债务人 所负的债务提供担保，当债务人不履行债务时，由公司按照约定履行债务 ...

Core Viewpoint - The credit rating of Shenzhen Micron Biotech Co., Ltd. remains stable at A+, reflecting strong innovation capabilities and good sales liquidity, despite facing challenges such as increased debt pressure and competition risks in the market [3][6][10]. Company Overview - Shenzhen Micron Biotech Co., Ltd. has a strong product pipeline, with core products receiving new indications and recommendations in updated treatment guidelines [3][4]. - The company’s main financial data shows total assets of 33.12 billion, total debt of 14.10 billion, and a net profit loss of 0.19 billion for 2025 [3][4]. Financial Performance - The company’s operating income for 2024 is projected at 6.58 billion, a slight increase from 5.24 billion in 2023, but net profit is expected to remain negative [3][4]. - The sales revenue from the core product, Sidabamine, accounts for 75.92% of total sales, indicating a high dependency on a single product [4][12]. Market Position and Competition - The company faces competition from newly approved drugs such as Golisib, which poses a direct threat to Sidabamine in the treatment of peripheral T-cell lymphoma (PTCL) [5][12]. - The market for diabetes medications is highly competitive, with the company’s product, Seglitazone, having a low market share of less than 1% as of 2024 [20]. Research and Development - The company has halted the submission of a new indication for the drug Xioroni due to clinical trial results, leading to a full impairment of related development expenses [4][5]. - Ongoing clinical trials for Sidabamine and Seglitazone are crucial for future growth, with significant investments made in these areas [17][20]. Industry Environment - The pharmaceutical manufacturing industry is expected to stabilize, with a growing demand for medications, particularly in chronic disease and cancer treatment [10][11]. - Price reductions in drug pricing due to policy changes continue to pressure the industry, but the long-term outlook remains positive as companies adapt to new market conditions [10][11].

Core Viewpoint - Beijing is implementing a series of innovative policies and achievements in the pharmaceutical regulatory field to promote high-quality industrial development, including the establishment of innovation service stations and streamlined approval processes for medical devices and drugs [1][3][4]. Group 1: Innovation Service Stations - Beijing has established the first provincial-level drug and medical device innovation service station in the country, along with a national-level medical device innovation service station, to accelerate the transformation of research results and promote the application of key innovative products [3]. - The Changping service station has served 1,373 enterprises and answered 2,185 inquiries, achieving a problem resolution rate of 97%. The average review time for the first registration of Class II medical devices has been reduced from the statutory 120 working days to 47 working days, a speed increase of approximately 61% [3]. Group 2: Support for Innovative Drug Production - In April, Beijing released 32 reform and innovation measures to support the high-quality development of innovative pharmaceuticals, including a pilot program for cross-border segmented production of biological products [4]. - The first approved product under this program is Johnson & Johnson's Nicaralizumab injection, which is notable for being the first imported biological product approved for segmented production in China, targeting rare diseases in patients aged 12 and above [4]. Group 3: Accelerated Drug and Medical Device Inspection - Beijing has achieved immediate inspection of urgently needed clinical drugs and medical devices, completing inspections for 9 varieties and 19 batches this year, with a total value of nearly $100 million [5]. - The Beijing Vaccine Inspection Center, set to be operational in November, will meet the annual inspection demand for 4,000 batches of vaccines, providing comprehensive technical support from research to production [5]. Group 4: Regulatory Reforms for Retail Pharmacies - New regulations for retail pharmacies in Beijing have been introduced, removing restrictions on the shareholding ratio of chain headquarters and allowing for the establishment of remote prescription centers to enhance pharmaceutical service capabilities [6]. - The regulatory body is also supporting the integration of resources among pharmaceutical wholesale enterprises to create a multi-warehouse collaborative logistics management model, significantly reducing operational costs for businesses [6]. Group 5: Future Directions - The Beijing Drug Administration plans to continue enhancing industrial innovation services, actively seeking pilot policies, and improving review and inspection efficiency to empower the high-quality development of the pharmaceutical and health industry in Beijing [6].

文/李悦 半年，新股融资总额增长810%。 半年，新股融资规模全球第一。 这是今年年初至2025年6月26日，港交所的表现。 久违的沸腾，还在继续。170宗上市申请，处于排队中。 Wind数据显示，截至6月26日，有40家公司成功登陆港交所，募资总额1047亿港元。与去年同期 的27只新股融资115亿港元相比，新股上市数量增加48%，融资总额攀升810%。 据安永预计，2025上半年，香港市场筹资额约1087亿港元 。这一融资额将使其在全球资本市场中 脱颖而出，跃居世界首位。与此同时，目前香港仍有超过170宗正在处理的上市申请个案，显示出强 劲的市场活力。 更令人瞩目的是，赴港上市潮中，很多是A股核心资产中的佼佼者。比如，动力电池龙头宁德时代、 医药龙头恒瑞医药、跨境电商龙头吉宏股份、调味品龙头海天味业等赫然在列。 从财报来看， 这些龙头企业现金储备充沛，且造血能力强劲。在已有A股融资平台且现金流强劲的 情况下，这些A股龙头企业为何仍选择赴港二次上市？ 6月23日，安永大中华区上市服务主管合伙人何兆烽对和讯网表示，部分现金流强劲的A股龙头企业 选择赴港二次上市，并非源于资金短缺，而是出于全球化战略布局、政策红 ...

Group 1 - The conference held in Chengdu focused on the role of mergers and acquisitions (M&A) in promoting industrial upgrades, with participation from representatives of listed companies, financial institutions, and various industry leaders [1] - Since the beginning of 2024, Sichuan listed companies have initiated or implemented 74 M&A transactions, totaling over 29 billion yuan, with 5 transactions starting after the new restructuring regulations were released on May 16, further stimulating market activity [3] - The new M&A regulations support cross-industry mergers, allow acquisitions of unprofitable assets, and aim to enhance regulatory tolerance, transaction efficiency, and intermediary service levels, facilitating companies to pursue growth through strategic acquisitions [3] Group 2 - Chengdu is actively promoting industrialization and the development of new productive forces, viewing M&A as a means for companies to quickly acquire core technologies, expand market reach, and optimize talent structures, while also serving as a driver for resource integration and modern industrial system construction [3] - The Chengdu Economic and Information Bureau is committed to assisting enterprises in utilizing M&A strategies and has initiated the establishment of a 2 billion yuan M&A fund focused on the health industry, marking the first such fund in Central and Western China [4] - In September 2024, Chengdu's Jiaozi Financial Holdings Group, in collaboration with Guojin Securities and other stakeholders, registered a 400 million yuan M&A fund, which is the first locally led fund focusing on M&A in strategic emerging industries such as advanced manufacturing and information technology [5]

Company Overview - Tibet Qizheng Tibetan Medicine Co., Ltd. focuses on the research, production, and sales of Tibetan medicine, with a strong competitive edge in the external pain relief patch market [3][4][12] - The company reported a revenue of 23.38 billion yuan in 2024, a year-on-year increase of 14.32%, and a total profit of 6.46 billion yuan, up 0.28% from the previous year [4][5][10] - The company maintains a high gross profit margin of 82.11% and has a strong cash flow, with net cash inflow from operating activities amounting to 4.57 billion yuan [4][5][10] Financial Health - As of the end of 2024, the company had cash and cash equivalents totaling 38.45 billion yuan, with total debt at 17.56 billion yuan, indicating a low debt burden [5][10] - The company's debt-to-asset ratio stands at 39.42%, and the cash-to-short-term debt ratio is 4.02 times, reflecting strong solvency [5][10] - The company has a stable credit rating of AA, with a stable outlook for its convertible bonds [3][4] Market Position - The company is recognized as a leading Tibetan medicine enterprise, with a high market share and brand recognition in the external pain relief patch segment [4][12] - The main product, the pain relief patch, accounts for a significant portion of the company's revenue, indicating a high dependency on a single product [4][5][12] - The company faces competition from similar products in the domestic market, which may impact its market position [5][12] Research and Development - The company invests in R&D, with 1.05 billion yuan allocated in 2024, representing 4.48% of its total revenue [12][15] - It has established a systematic R&D framework for Tibetan medicine, collaborating with top academic institutions [12][15] - The company is focused on developing innovative products and improving existing ones, with several products undergoing clinical trials [12][15] Industry Environment - The pharmaceutical industry in China is undergoing significant policy changes, which may impact pricing and market dynamics [11][12] - The demand for pharmaceuticals is expected to continue growing, supported by sustainable healthcare funding [11][12] - The company is positioned to benefit from the ongoing reforms aimed at promoting high-quality traditional medicine [12]

Core Viewpoint - The article highlights China's commitment to sharing its healthcare insurance experiences with developing countries, particularly through a recent training program aimed at enhancing medical security capabilities in Africa and Southeast Asia [1][2][12]. Group 1: Training Program Overview - The training program was the first of its kind organized by China for developing countries, marking a significant milestone in international healthcare cooperation [1]. - It involved 50 government representatives and experts from 12 countries, focusing on China's healthcare insurance system and its practical experiences [2][4]. - The program included lectures from officials of the National Healthcare Security Administration, showcasing China's journey from "lack of medical resources" to "universal healthcare" [4][5]. Group 2: Key Insights on China's Healthcare System - The training emphasized the importance of universal coverage as the foundation for public health, with a focus on mutual assistance and basic security [4][5]. - Participants learned about China's centralized procurement mechanisms for medicines and medical supplies, which have made healthcare more accessible and affordable [8][10]. - The program also addressed the challenges faced by developing countries in establishing effective healthcare systems, with China offering its experiences as potential solutions [12][13]. Group 3: Opportunities for Chinese Pharmaceutical Companies - The training provided a platform for Chinese pharmaceutical companies to showcase their products and explore international markets, particularly in Southeast Asia and Africa [8][10]. - Participants expressed interest in the quality and pricing of Chinese medical products, indicating a potential market for these products in their home countries [8][9]. - The program highlighted the support from the Chinese government for domestic companies to expand internationally, enhancing their competitiveness in global markets [9][10].

Core Viewpoint - The training program on medical insurance capacity building for developing countries, hosted by China, marks a significant milestone in international cooperation in healthcare, focusing on sharing experiences and enhancing collaboration with African and Southeast Asian nations [1][10]. Group 1: Training Program Overview - The training program involved 50 government representatives and experts from 12 countries, emphasizing China's commitment to sharing its medical insurance experiences [1]. - The program served as a platform for discussing key issues in global healthcare, including the construction of medical insurance systems and the reduction of drug prices [3][10]. - Participants engaged in practical sessions, including site visits to Chinese medical institutions and discussions on China's centralized procurement mechanisms [1][8]. Group 2: Insights on China's Medical Insurance System - China's medical insurance system, which covers over 1.3 billion people, is viewed as a model for developing countries seeking to establish sustainable healthcare systems [5]. - The program highlighted the importance of universal coverage as a fundamental guarantee for public health, with insights shared on China's policies and mechanisms for achieving this goal [3][10]. - The training addressed various aspects of medical assistance, including the identification of beneficiaries and the role of different departments in providing support [4][10]. Group 3: Opportunities for Chinese Pharmaceutical Companies - The training facilitated connections between Chinese pharmaceutical companies and representatives from developing countries, showcasing the potential for collaboration in healthcare [6][11]. - Participants expressed interest in the quality and affordability of Chinese medical products, with discussions on the challenges and opportunities for Chinese companies to enter international markets [6][9]. - The program emphasized the strategic importance of centralized procurement in enhancing the competitiveness of Chinese medical products abroad [9][10]. Group 4: Future Collaboration and Impact - The training is seen as a bridge connecting China's medical insurance solutions with the healthcare needs of African and Southeast Asian countries, fostering long-term partnerships [11]. - Representatives from various countries expressed optimism about applying the knowledge gained to improve their own healthcare systems and enhance cooperation with China [10][11]. - The initiative is expected to contribute to addressing the challenges of "difficult and expensive medical care" in developing countries [10].

Market Overview - The market experienced a significant rise, with the Shanghai Composite Index reaching 3455 points, marking a new high for the year, while the ChiNext Index surged over 3% [1] - Over 3800 stocks closed in the green, indicating a positive shift in market sentiment [5] Financial Sector - The financial sector saw a collective surge, particularly in brokerage stocks such as Guosheng Financial Holdings, Tianfeng Securities, and Xiangcai Securities, which hit the daily limit [3] - The rise is attributed to increasing expectations for policy easing and the relatively low valuations of brokerage firms, with potential catalysts from ongoing capital market reforms like the deepening of the registration system and the expansion of the Beijing Stock Exchange [3] - Caution is advised for short-term trading, while long-term investors should focus on leading firms with strong investment banking capabilities and wealth management advantages [3] Military Industry - The military sector remained active, with stocks like Guorui Technology and Beifang Changlong hitting the daily limit [3] - The sector benefits from strong performance and policy support, with many military enterprises reporting full order books, particularly in aerospace and missile equipment [3] - Long-term investments should focus on leading companies with core technologies and stable orders, avoiding short-term speculative trades [3] Software Development - The software development sector was also lively, with stocks like Guiding Compass reaching the daily limit [4] - This sector is linked to the financial industry, driven by the demand for financial IT and data security as part of digital transformation [4] - Companies that effectively combine technology with practical applications are seen as having significant future potential, but investors should prioritize firms with tangible projects and cash flow [4] Other Sectors - The oil and gas, pharmaceutical, and shipping sectors faced declines, with stocks like Zhun Oil Shares hitting the daily limit down [4] - The oil and gas sector is affected by recent volatility in international oil prices, while the pharmaceutical sector is still adjusting to the impacts of centralized procurement [4] - The shipping sector is experiencing a withdrawal of funds due to expectations around freight rates and seasonal demand [4] Investment Strategy - The market's upward movement suggests a search for undervalued and high-growth sectors, particularly in financials and military industries [5] - Long-term investors are encouraged to remain calm and avoid chasing short-term speculative stocks, focusing instead on sectors with clear policy benefits and strong mid-year performance forecasts, such as semiconductor equipment, energy storage, and high-end liquor [5]

Core Viewpoint - The report outlines the equity changes of Shandong Pharmaceutical Glass Co., Ltd. (stock code: 600529) and the involvement of China International Medical and Health Co., Ltd. and Sinopharm International Hong Kong Co., Ltd. in the investment and control of the company [1][2]. Group 1: Equity Changes - The equity change has been approved by the decision-making bodies of Luzhong Investment, Sinopharm International, and Sinopharm Group's board of directors [2]. - The equity change requires further approval from the relevant state-owned asset supervision authorities and the State Council's State-owned Assets Supervision and Administration Commission [2]. - The transaction will result in Sinopharm International controlling Luzhong Investment, thereby indirectly holding a 15% stake in Shandong Pharmaceutical Glass, changing the actual controller from Yiyuan County Finance Bureau to Sinopharm Group [4]. Group 2: Information Disclosure Obligations - The report confirms that the information disclosure obligations have been fully met according to the relevant laws and regulations, ensuring no false records or misleading statements exist [2][4]. - The report specifies that no other parties have been authorized to provide information or explanations not included in the report [2]. Group 3: Company Overview - Shandong Pharmaceutical Glass Co., Ltd. is listed on the Shanghai Stock Exchange and specializes in pharmaceutical glass products [1]. - The report includes detailed information about the controlling shareholders and the corporate structure of the involved parties, including their registered capital and business scope [5][6]. Group 4: Financial Overview - Sinopharm International's recent financial data shows total assets of approximately 2,211.70 million and total liabilities of about 970.79 million as of December 31, 2024 [9]. - The revenue for Sinopharm International was approximately 2,048.48 million, with a net profit of around 34.55 million for the same period [9].