化学制药 创新药动态更新 领先大市-B(维持) 相关报告： 魏赟 2025 年 6 月 30 日 行业研究/行业快报 化学制药行业近一年市场表现 资料来源：最闻 首选股票 评级 BGB-43395≥240 mg 每日两次剂量具有生物活性。BGB-43395 表现出快 速吸收和线性药代动力学特征，平均消除半衰期为 13 小时，与氟维司群或 来曲唑进行联合用药不会影响 BGB-43395 暴露量。氟维司群联合治疗队列 中，≥240mg 每日两次剂量组获得具有临床意义的药效学作用，≥240 mg 每 日两次剂量组观察到早期（C2D1）ctDNA 降低。 邮箱：zhangzhiyong@sxzq.com BGB-43395 是一款百济神州自主研发的 CDK4 抑制剂。BGB-43395 是 CDK4 的高度选择性抑制剂，靶向控制细胞分裂的检查点蛋白以阻止癌细胞 生长。相比 CDK4/6 抑制剂哌柏西利、瑞波西利、阿贝西利及 CDK4 抑制剂 Atirmociclib，BGB-43395 展现出最高的 CDK4 抑制性和选择性。BGB-43395 具有潜在同类最佳血液学安全性特征，在既往接受过多线治疗的 CDK4/6 ...

Core Viewpoint - The article discusses the recent trend of A-share companies terminating major asset restructuring plans, highlighting specific cases such as Chengdu Xian Dao and Guangzhi Technology, which faced significant stock price declines following their announcements [1][4][21]. Group 1: Chengdu Xian Dao - Chengdu Xian Dao announced the termination of its acquisition of a 65% stake in Nanjing Haina Pharmaceutical due to a lack of consensus on key terms among parties involved [5][7]. - Following the announcement, Chengdu Xian Dao's stock price dropped over 3% at the opening on June 30, with a peak decline of over 6% during the morning session [1]. - In the first quarter of 2025, Chengdu Xian Dao reported a revenue of 107 million CNY, a year-on-year decrease of 0.60%, while its net profit increased by 102.90% to 28.28 million CNY [10]. Group 2: Guangzhi Technology - Guangzhi Technology also announced the termination of its acquisition of 100% of Xian Dao Electric Science, which had previously seen its stock rise significantly with eight consecutive "20cm" limit-up days [12][16]. - The company cited changes in external conditions and disagreements on commercial terms as reasons for the termination of the restructuring [16]. - Guangzhi Technology's stock price fell by over 14% following the termination announcement [1]. Group 3: Broader Market Context - Multiple A-share companies, including Chengdu Xian Dao and Guangzhi Technology, have recently announced the termination of restructuring plans, leading to market discussions about the implications of such decisions [21][22]. - Other companies like Chenghe Technology and Yuhongyuan A have also halted their restructuring efforts due to similar issues regarding agreement on core transaction terms [19][20].

Market Outlook - The market is expected to show an upward breakthrough in July, with technology and non-bank sectors likely to outperform [2][3][21] - Fiscal indices and resilient consumption have led to a marginal improvement in total demand growth in Q2, creating a favorable environment for upcoming mid-year performance disclosures [3][21] - Despite high-frequency data indicating export pressures in the second half, total demand is expected to remain stable, reducing the likelihood of significant economic downturns [3][21] Industry Recommendations - Focus on sectors with expected mid-year performance improvements, particularly in technology, consumer goods, and midstream manufacturing [4][17] - Recommended sectors include electronics (semiconductors), machinery (automation equipment), pharmaceuticals (chemical drugs), defense and military, non-ferrous metals (industrial, precious, and minor metals), and computers [4][17] - Key investment tracks for July include solid-state batteries, domestic computing power, non-bank finance, defense and military, and innovative pharmaceuticals [18] Economic Indicators - Total demand growth rebounded to 5.7% in May, indicating stability, with industrial enterprise revenue growth at 3.2% [22][23] - Government financing has significantly contributed to social financing growth, supporting economic recovery and creating a favorable financial environment for the stock market [24][27] - Fiscal spending has accelerated, with a 26% year-on-year increase in broad fiscal spending in the first five months, playing a crucial role in improving economic data [30]

Group 1 - The stock price of Microchip Biotech (688321) increased by 12.19% to 23.75 yuan as of June 27, 2025, with a market cap of 9.685 billion yuan [1] - The company reached a peak price of 25.6 yuan on June 24, 2025, and a low of 21.09 yuan on June 23, 2025 [1] - Microchip Biotech was listed among the top five securities on the Dragon and Tiger List due to a price increase of 15% on June 23, 2025, marking its first appearance in the last five trading days [2][5] Group 2 - The company's 2024 financial report indicates a net loss of 115 million yuan, with total assets of 3.251 billion yuan, total liabilities of 1.334 billion yuan, and operating revenue of 658 million yuan [3] - The company has strong innovative drug research capabilities, with core products receiving new treatment guideline recommendations and new indications approved [3] - Despite the strengths, the company faces challenges such as a single product line, increasing debt pressure, and competition in the market, along with a decline in the price of its core product, Xidabonan [3][4] Group 3 - The company's credit rating is A+ with a stable outlook, as assessed by Zhongjian Pengyuan, indicating that core products have competitive advantages [3][4] - The company’s convertible bonds also received an A+ credit rating with a stable outlook [4] - The company is expected to see new growth momentum from the approval of new indications included in medical insurance [3]

上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于江苏艾迪药业股份有限公司 作废 2022 年限制性股票激励计划部分已授予尚未归属的限 制性股票相关事项的 法律意见书 上海澄明则正律师事务所 上海市南京西路 1366 号恒隆广场二期 2805 室 电话：021-52526819 传真：021-52526089 www.cm-law.com.cn 上海澄明则正律师事务所 法律意见书 致：江苏艾迪药业股份有限公司 上海澄明则正律师事务所（以下简称"本所"）接受江苏艾迪药业股份有限公 司（以下简称"艾迪药业"或"公司"）的委托，担任公司2022年限制性股票激励计 划（以下简称"本次激励计划"）的特聘专项法律顾问。本所律师根据《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》"）、 （以下简称"《管理办法》"）、 《上市公司股权激励管理办法》 《上海证券交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）及 《科创板上市公司自律监管指南第4号——股权激励信息披露》（以下简称"《自 律监管指南》"）等有关法律、法规和规范性文件的规定以及《江苏艾迪 ...

证券代码：688488 证券简称：艾迪药业 公告编号：2025-026 江苏艾迪药业股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 江苏艾迪药业股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日召开了 第三届董事会第四次会议、第三届监事会第四次会议，审议通过了《关于作废部 分已授予尚未归属的限制性股票的议案》。现将有关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2023 年 8 月 21 日，公司召开第二届董事会第十五次会议，审议通过 了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请公司 股东大会授权董事会办理股权激励相关事宜的议案》。公司独立董事就本激励计 划相关议案发表了独立意见。 同日，公司召开第二届监事会第十四次会议，审议通过了《关于公司<2023 年限制性股票激励计划（草案）>及 ...

江西富祥药业股份有限公司 二零二五年六月 第一章 总则 目 录 第一条 为规范江西富祥药业股份有限公司（以下简称"公司"）的内幕信息管理，做 好内幕信息保密工作，维护公司信息披露的公开、公平、公正原则，有效防范内幕交易 等证券违法违规工作，维护广大投资者的合法权益，根据《中华人民共和国证券法》《上 市公司信息披露管理办法》《深圳证券交易所创业板股票上市规则》《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5号 ——上市公司内幕信息知情人登记管理制度》《深圳证券交易所上市公司自律监管指引 第5号——信息披露事务管理》等法律法规、规范性文件和公司章程的规定，特制定本 制度。 第二条 公司董事会是公司内幕信息管理机构，董事长为公司内幕信息保密管理工 作的主要负责人，董事会秘书负责办理公司内幕信息知情人的登记入档事宜，公司其他 部门、子公司等负责人为其管理范围内的保密工作责任人，负责其涉及的内幕信息的报 告、传递。公司证券事务部为公司内幕信息登记备案工作的日常管理部门，具体负责公 司内幕信息知情人的登记、披露、备案、管理等工作。 第三条 公司董事、高级管理人员及公司各部门、 ...

Core Viewpoint - The document outlines the investor relations management system of Jiangxi Fuxiang Pharmaceutical Co., Ltd., emphasizing the importance of communication between the company and its investors to enhance corporate governance and maximize shareholder value [2][3]. Summary by Sections General Principles - The purpose of the investor relations management is to facilitate communication with investors, enhance their understanding of the company, and promote a culture of respect and service towards investors [2][3]. - The management work must adhere to principles of fairness, transparency, and compliance with relevant laws and regulations [3][4]. Objectives and Basic Principles - The objectives include fostering a positive relationship with investors, establishing a stable investor base, and increasing transparency in information disclosure [6][7]. - Basic principles include compliance, equality, proactivity, and integrity in investor relations activities [7][8]. Management Targets and Communication Content - The management targets include investors, securities analysts, and other relevant stakeholders [8]. - Key communication content includes the company's development strategy, financial status, operational information, and responses to investor inquiries [8][9]. Communication Methods - Various communication methods are employed, such as regular reports, annual meetings, one-on-one communications, and online platforms to ensure broad and efficient engagement with investors [10][11]. - The company is committed to equal treatment of all investors, particularly small and medium-sized investors, during communication activities [11][12]. Management Structure - The board secretary is designated as the head of investor relations management, supported by the board office, which is responsible for organizing and planning investor relations activities [27][28]. - Employees involved in investor relations must possess comprehensive knowledge of the company and relevant legal frameworks [28][29]. Compliance and Record Keeping - The company must avoid disclosing undisclosed significant information during investor relations activities and maintain a complete record of all investor interactions [28][29]. - A detailed record of investor relations activities must be compiled and made available to ensure transparency and accountability [29][30]. Training and Communication Channels - The company is required to provide training on investor relations management to its employees, especially senior management [31][32]. - A dedicated investor consultation hotline must be established to facilitate communication and address investor concerns promptly [31][32].

Core Viewpoint - The document outlines the regulations and procedures for Jiangxi Fuxiang Pharmaceutical Co., Ltd. regarding the deferral and exemption of information disclosure, emphasizing the importance of protecting state secrets and commercial confidentiality [2][3][4]. Group 1: General Principles - The company aims to standardize the deferral and exemption of information disclosure to enhance regulatory oversight and protect investors' rights [2]. - The company will adhere to relevant laws and regulations, including the Shenzhen Stock Exchange's rules, when handling information disclosure deferrals and exemptions [2][3]. Group 2: Scope of Deferral and Exemption - Information that involves state secrets or could violate confidentiality regulations may be exempted from disclosure if sufficient evidence is provided [3][4]. - Commercial secrets can be deferred or exempted from disclosure if they meet specific criteria, such as potential harm to the company or others if disclosed [3][4]. Group 3: Internal Management Procedures - The company must carefully determine the scope of deferral and exemption, ensuring that it does not misuse these provisions [5]. - The board of directors will oversee the management of deferral and exemption matters, with the board secretary responsible for coordination [5][6]. Group 4: Documentation and Reporting - The company must maintain records of any deferred or exempted disclosures, including the type of information and the internal review process [6][7]. - If the reasons for deferral or exemption are no longer valid, the company must promptly disclose the information [6][7].

Core Viewpoint - The document outlines the procedures and requirements for Jiangxi Fuxiang Pharmaceutical Co., Ltd. to select and appoint accounting firms, ensuring compliance with relevant laws and regulations while maintaining the quality of financial information and protecting shareholder interests [2][3][4]. Group 1: Selection Process - The audit committee is responsible for the selection of accounting firms and must propose policies, processes, and internal controls for this selection [3][4]. - The selection process includes competitive negotiation, public bidding, and invitation bidding to ensure fairness and transparency [4][5]. - The company must publicly disclose the selection documents, including evaluation criteria and scoring standards, to allow sufficient time for accounting firms to prepare their applications [5][6]. Group 2: Quality Requirements - Selected accounting firms must meet specific qualifications, including independent status, relevant licenses, and a good reputation without significant quality issues in the past three years [2][3]. - The evaluation of accounting firms will focus on their quality management systems, including project consultation, quality review, and defect identification [6][9]. Group 3: Appointment and Reappointment - The company must sign an audit service agreement with the selected accounting firm after approval from the shareholders' meeting [4][5]. - For reappointment, the audit committee must propose the continuation of the accounting firm, which requires approval from the board and shareholders [8][9]. - The company must change accounting firms under specific circumstances, such as significant quality defects or delays in audit work [8][9]. Group 4: Supervision and Compliance - The audit committee must monitor the compliance of the selected accounting firms with relevant laws and regulations, ensuring adherence to the established standards and procedures [10][11]. - Any violations by the accounting firms that lead to serious consequences must be reported to the board for appropriate action [11].