Core Viewpoint - Wuhan Keqian Biological Co., Ltd. plans to sign a cooperative research and development agreement with Huazhong Agricultural University, involving four vaccine projects, with a total payment of 4.9 million RMB [2][4][67]. Group 1: Overview of Related Transactions - The company has obtained cooperation for the development of four projects: "Canine Distemper, Canine Parainfluenza, Canine Adenovirus and Canine Parvovirus Quadrivalent Live Vaccine - Inactivated Canine Coronavirus Vaccine," "Porcine Gata Virus Inactivated Vaccine," "Porcine Proliferative Enteropathy Blocking ELISA Antibody Test Kit," and "NADC30-like Porcine Reproductive and Respiratory Syndrome Live Vaccine (GX2024 Strain)" [2][4][67]. - The total payment to Huazhong Agricultural University for these projects is 4.9 million RMB, with specific allocations of 1.5 million RMB, 2 million RMB, 400,000 RMB, and 1 million RMB for each project respectively [4][67]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring under relevant regulations [2][4][67]. Group 2: Necessity and Impact of Related Transactions - The cooperative research aims to enhance the company's product portfolio and market competitiveness, although the success of the projects and their market introduction remain uncertain [67]. - The pricing and process of the transaction comply with legal regulations and do not harm the interests of the company or minority shareholders [67]. Group 3: Approval Procedures for Related Transactions - The board of directors and the supervisory board have approved the agreement, with related directors abstaining from voting [68][69]. - Independent directors have expressed that the agreement will enhance the company's core competitiveness in the biological products sector and that the transaction process is legal and fair [71][72]. Group 4: Research and Development Agreement Details - The agreement includes provisions for the rights and obligations of both parties, including the management of research funds and the ownership of intellectual property generated from the projects [8][37][52]. - The agreement is valid for 10 years, with provisions for extension and termination under certain conditions [20][36][66].

Core Viewpoint - The report highlights the performance and investment strategy of the Great Wall Healthcare Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on the healthcare industry and the fund's net value growth during the period [1][10]. Fund Overview - Fund Name: Great Wall Healthcare Mixed Fund - Fund Code: 000339 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 117,458,484.44 shares - Investment Objective: Focus on listed companies in the healthcare industry, aiming for performance that exceeds the benchmark while controlling risks [1][2]. Investment Strategy - The fund employs a mixed investment strategy, adjusting asset allocation based on market conditions. It combines top-down and bottom-up approaches to analyze macroeconomic factors and the fundamentals of investable stocks [2][3]. - The healthcare sector includes various sub-industries such as pharmaceuticals, traditional Chinese medicine, biological products, medical services, and medical devices. The fund selects outstanding companies from these sub-industries for its stock portfolio [2][3]. Performance Benchmark - The performance benchmark is composed of 90% of the CSI Pharmaceutical and Health Index return and 10% of the China Bond Composite Wealth Index return [3]. Risk and Return Characteristics - The fund is characterized by a long-term average risk and expected return that is lower than equity funds but higher than bond and money market funds, categorizing it as a high-risk, high-return product [3]. Financial Performance - The net value growth rate of the Great Wall Healthcare Mixed Fund A for the past three months was 17.49%, while the benchmark return was 1.41% [10]. - Over the past six months, the fund's growth rate was 2.23%, compared to a benchmark return of 32.19% [10]. - The fund's performance over the past year showed a net value growth rate of 35.19%, with a benchmark return of 10.13% [10]. Investment Composition - As of the report period, the fund's total assets included approximately 265,126,026.09 yuan in stocks, accounting for 71.42% of the total fund assets [11]. - The fund's investment strategy mandates that at least 80% of its non-cash assets be invested in stocks of listed companies in the healthcare sector [6]. Fund Management - The fund manager, Great Wall Fund Management Co., Ltd., has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a disciplined investment approach [7][9].