投资要点 华福证券 2026 年 1 月 17 日 医疗与消费周报——生物医药商业秘密的保护发 展态势与体系构建（2026.1.12-2026.1.16） ➢ 近期观点 1、医药指数本周关注 1 个子行业录得正收益。 2、生物医药产业作为高投入、长周期的技术密集型产业，其商业 秘密保护已成为维系核心竞争力的关键。当前保护体系呈现管理、 技术、应急三位一体的纵深趋势，覆盖全生命周期风险。维权途径 日益多元，行政、民事、刑事手段及"刑民交织"策略为权利人提供 有力保障。政府层面积极构建公共服务体系，推动保护范式从事 后救济向事前预警、事中监控的全链条服务延伸，以护航产业创 新与安全发展。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 ➢ 风险提示 政策监管风险；市场竞争与盈利；技术迭代与研发风险 证 券 研 究 报 告 略 研 究 诚信专业 发现价值 1 请务必阅读报告末页的声明 策 策 略 定 期 报 告 华福证券 1、资负共振驱动保险板块估值修复——2026.01 2、【华福策略】GEO 等走出右侧趋势——主题形 态学输出 0113——2026.0 ...

Group 1 - The core point of the article is that Xinhecheng's perfluorohexyl octane product is currently being sold normally, primarily for use in the pharmaceutical sector [2] Group 2 - The product's application in the pharmaceutical field indicates a potential growth area for the company [2] - The announcement was made on an interactive platform, highlighting the company's engagement with stakeholders [2]

Core Viewpoint - The announcement details a share reduction plan by Shenzhen Jun Tian Investment Enterprise (Limited Partnership), which holds 10,067,751 shares of Chengdu Xian Dao Pharmaceutical Development Co., Ltd., representing 2.51% of the company's total share capital [2][3][4]. Group 1: Shareholder Reduction Plan - Shenzhen Jun Tian plans to reduce its holdings of 10,067,751 shares through centralized bidding and block trading, with the reduction period set from January 22, 2026, to April 21, 2026 [4]. - The shareholder has obtained the necessary approvals and is compliant with relevant regulations regarding the reduction of shares held by venture capital fund shareholders [4][6]. - The reduction will be limited to a maximum of 1% of the total shares through centralized bidding and 2% through block trading within any consecutive 30-day period [4]. Group 2: Shareholder Background - As of the announcement date, Shenzhen Jun Tian holds 10,067,751 shares, which is 2.51% of the total share capital of Chengdu Xian Dao [3]. - The shareholder has made commitments regarding the reduction, including a maximum of 50% of their shares held prior to the public offering can be reduced within two years after the lock-up period [6]. Group 3: Compliance and Regulations - The reduction plan is in accordance with the relevant laws and regulations, including the Securities Law of the People's Republic of China and specific guidelines for venture capital fund shareholders [9]. - The company will adhere to all legal and regulatory requirements during the share reduction process and will fulfill its information disclosure obligations [9].

Core Viewpoint - The company has approved the use of idle raised funds and self-owned funds for cash management and entrusted financial management, with a total limit of up to RMB 2.5 billion, ensuring the normal operation of investment projects and fund safety [2]. Group 1: Fund Management Approval - The company held the eighth board meeting and the eighth supervisory board meeting on January 20, 2025, where it approved the use of idle raised funds not exceeding RMB 1.0 billion and idle self-owned funds not exceeding RMB 1.5 billion for cash management and entrusted financial management [2][3]. - The investment products chosen are characterized by high safety, good liquidity, and a maturity period not exceeding 12 months [2]. Group 2: Redemption of Financial Products - Recently, the company and its wholly-owned subsidiaries have redeemed all principal and income from cash management and entrusted financial products [2][6]. - The company has disclosed detailed information regarding the redemption of these financial products in various announcements [2]. Group 3: Approval Process - The proposal for using idle funds for cash management was approved by both the board of directors and the supervisory board, with clear consent from the supervisory board and the sponsor institution [3]. Group 4: Financial Impact - As of the announcement date, the company has no outstanding balance of idle raised funds for cash management, and the total usage of self-owned funds for cash management and entrusted financial management is also zero, remaining within the authorized limits set by the board [6].

Core Viewpoint - The company, Gongtong Pharmaceutical, is forecasting a significant net loss for the year 2025, indicating a decline in profitability compared to the previous year [1] Financial Performance - The expected net profit for 2025 is projected to be between -58 million to -75 million, representing a year-on-year decline of 110.21% to 171.83% [1] - The gross profit margin is anticipated to decrease compared to the same period last year [1] Operational Challenges - The decline in profitability is attributed to a slight decrease in market prices for some products [1] - Newly established projects are expected to lead to underutilized capacity, resulting in higher unit product costs [1] - The introduction of new products in 2025 has led to higher initial production costs [1]

此次案例中，恩华药业位于徐州，其两项发明创造不属于徐州市知识产权保护中心预审服务范围，企业 向调度中心提出调度申请。调度中心立即启动跨区域协调程序，经与国家知识产权局沟通并获批后，将 案件精准调度至具备相应产业预审资质的泰州市知识产权保护中心。案件经泰州中心预审合格后进入快 速审查通道，从申请提交到授权仅用时85天，充分展现了跨区域调度机制在提升预审效率、优化资源配 置方面的显著成效。 扬子晚报网1月16日讯(记者徐昇)近日，江苏恩华药业（002262）股份有限公司的两项发明专利申请经 跨区域调度预审后，仅用时85天即获得国家知识产权局授权，成为全国首个通过"专利预审资源跨区域 统筹协调"机制快速授权的案例。 作为全国首批试点省份，江苏省知识产权局推动建立并实施《江苏省专利申请精准服务保障创新试点实 施方案》及配套管理办法，依托江苏省知识产权保护中心成立了"江苏省专利预审案件调度中心"，负责 全省范围内专利预审案件的跨区域调度与协同管理，初步构建起覆盖全省、响应迅速、资源协同的专利 申请服务新机制。 该案例的成功实践，是江苏开展专利申请精准服务保障创新试点工作的重要成果，也是"江苏省专利预 审案件调度中心"运 ...

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登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：亨迪药业2025年业绩预警，核心利润暴跌超九成，凸显其深陷布洛芬原料药"单一依赖" 困 境。业绩下滑主因是全球布洛芬市场供需失衡、价格持续低迷，导致公司毛利率大幅收缩。公司已终止 5000吨扩产计划，转向制剂与CDMO业务寻求转型，但新业务短期内难挑大梁，同时公司主要股东"组 团"减持，是否进一步反映出市场对其短期破局信心不足？ 近日，亨迪药业发布2025年业绩预告，业绩降至盈亏平衡线。公司预计2025年业绩大幅下降，归母净利 润为3100万元~3900万元，同比预减57.40%~66.14%；预计2025年扣非净利润为550万元~820万元，同比 预减88.76%~92.46%。 对于业绩大幅下滑，公司主要将其归结为一是，由于主产品布洛芬原料药及部分特色原料药产品市场竞 争加剧，毛利率下降；二是，现金管理利息收入因利率下降减少。 困在周期里？单一业务依赖 公司主要从事化学原料药（含中间体）及制剂产品的研发、生产和销售，并可根据客户需求提供合同研 发生产服务（CDMO）。其中原料药及中间体业务主要包括非甾 ...