Core Viewpoint - The report outlines the independent financial advisory opinion regarding the third vesting period and the reserved grant of the second vesting period under the 2022 Restricted Stock Incentive Plan of Hangzhou Aotai Biotechnology Co., Ltd, confirming that the conditions for vesting have been met [1][12][19] Group 1: Incentive Plan Overview - The 2022 Restricted Stock Incentive Plan includes provisions for granting restricted stocks to eligible participants, including directors, senior management, and key technical personnel [1][4] - The first grant date for the restricted stocks was July 22, 2022, with the third vesting period commencing 36 months after this date [12][13] - The total number of restricted stocks eligible for vesting is 438,890 shares, with 409,472 shares from the first grant's third vesting period and 29,418 shares from the reserved grant's second vesting period [12][19] Group 2: Approval Process - The approval process for the incentive plan involved multiple meetings, including the second board meeting on June 27, 2022, where the plan was reviewed and approved [5][6] - The plan was publicly disclosed on the Shanghai Stock Exchange website on June 28, 2022, following the board's approval [6][7] - Subsequent meetings were held to verify the eligibility of the incentive recipients and to approve the reserved grants, with the latest meeting occurring on April 28, 2023 [8][9] Group 3: Vesting Conditions - The vesting conditions for the restricted stocks include the absence of adverse audit opinions and the fulfillment of performance targets related to business revenue and research and development [13][14] - The performance targets set for the first vesting period include achieving a business revenue of at least 6.01 billion yuan and obtaining regulatory approvals for a minimum of 15 self-developed medical device products [17][18] - The report confirms that the conditions for vesting have been satisfied, allowing the eligible participants to receive their shares [12][19]

Core Viewpoint - Ruili Medical Beauty (02135) anticipates a decline in revenue and an increase in losses for the six months ending June 30, 2025, compared to the same period in 2024 [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is approximately RMB 85 million, down from RMB 117 million for the same period in 2024 [1] - Anticipated loss attributable to the parent company for the six months ending June 30, 2025, is approximately RMB 8 million, compared to a loss of RMB 2 million for the same period in 2024 [1] Reasons for Loss - The board attributes the loss primarily to intense market competition, resulting in a total revenue decline of approximately RMB 32 million compared to the same period in 2024 [1] - The medical beauty services and medical beauty management consulting services segment experienced an operational loss of approximately RMB 2 million during the reporting period [1] - Share-based payment expenses during the reporting period amounted to approximately RMB 1 million [1] - Increased investment in research and development for medical device products, particularly in the indirect non-wholly owned subsidiary Suzhou Ruichuan Biomedical Technology Co., Ltd., with management and R&D expenses of approximately RMB 1 million [1]

Core Viewpoint - Liaoning Province is accelerating the quality improvement and upgrading of the biopharmaceutical and medical device industries to support high-quality development in the pharmaceutical sector [1][2]. Group 1: Support for Innovation - Liaoning is providing comprehensive support for drug and medical device innovation, including the inclusion of 3 new drugs and 57 medical device products in a support list, with 134 on-site assistance visits conducted [1]. - One product from the support list has passed the National Medical Products Administration's review for innovative medical devices, while two products have entered the priority registration channel of the Liaoning Provincial Medical Products Administration for market approval [1]. Group 2: Regulatory Optimization - The province has optimized review and approval processes to accelerate the transformation of innovative results, implementing several documents to streamline procedures and reduce inspection frequency [2]. - Since the implementation of these policies, inspections for over 260 companies have been optimized, resulting in a reduction of more than 3,600 working days of enterprise inspections [2]. - Nine second-class medical device products from seven companies have been approved for market entry under the priority registration process, and two products from out-of-province companies have been registered in Liaoning [2]. Group 3: Future Initiatives - Liaoning is striving to become a pilot for the national optimization of drug supplementary application review and approval procedures, with ten technical personnel already passing the assessment by the National Medical Products Administration [2]. - The first pilot in Northeast China is expected to be established in Liaoning soon, which will provide pre-guidance, verification, inspection, and documentation services for major changes in drug applications, significantly reducing the technical review time from 200 working days to 60 [2]. - The Liaoning Provincial Medical Products Administration plans to deepen drug regulatory reforms and support the high-quality development of the pharmaceutical industry comprehensively [2].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【非银】3Q25传统险预定利率或再次下调至2.0%——《人身保险业责任准备金评估利率专家咨询委员会2025 年一季度例会》点评 3Q25传统险预定利率或再次下调至2.0%，分红险等浮动收益型产品将更具发展土壤。未来随着险企浮动收益 型产品占比逐渐提升，负债成本的压力缓释及投资风险的有效分散将有助于险企进一步提高权益配置比例，加 大入市力度；同时，新金融工具准则下险企亦将通过高股息策略系统性提升OCI股票占比，降低利润波动的同 时增加确定性分红收入，以弥补票息收入的减少。 （王一峰/黄怡婷） 2025- 04-21 您可点击今日推送内容的第1条查看 【三友化工（600409.SH）】纯碱、PVC景气下行Q4业绩同比承压下滑 ...

Core Viewpoint - The company has announced its expected daily related transactions for 2025, amounting to RMB 3.5 million, which are deemed necessary for normal business operations and do not harm the interests of the company or its shareholders, particularly minority shareholders [1][2][6]. Summary by Sections Daily Related Transactions Overview - The company held board and supervisory meetings on March 28, 2025, to approve the expected daily related transactions for 2025, with a total estimated expenditure of RMB 3.5 million [1][2]. - The transactions are considered normal business activities, adhering to principles of voluntariness, equivalence, and compensation, with fair pricing based on market rates [1][5]. Independent Director and Supervisory Board Opinions - The independent directors expressed agreement with the proposal, stating that the transactions align with the company's operational needs and do not harm the interests of all shareholders, especially minority shareholders [2][6]. - The supervisory board also reached a consensus that the expected daily related transactions are necessary for the company's operations and comply with relevant principles [2][6]. Expected Amount and Categories of Related Transactions - The company anticipates engaging in daily related transactions with Beijing Meizhuo Medical Equipment Co., Ltd. in 2025, with specific details to be outlined in subsequent agreements [2][3]. - The expected amount for 2025 is RMB 3.5 million, which is based on the previous year's actual transaction amounts [3][4]. Related Party Information - Beijing Meizhuo Medical Equipment Co., Ltd. is identified as a related party, with key personnel being relatives of the company's actual controller, but it does not exert majority control over the company [1][4]. - The company has confirmed that the related party has a good capacity to fulfill obligations, ensuring legal protection for the transactions [5][6]. Purpose and Impact of Related Transactions - The related transactions are necessary for the company's daily operations and are expected to benefit the company and all shareholders [5][6]. - The pricing of these transactions is deemed fair and reasonable, following the company's established procedures and market conditions [5][6]. Continuous Nature of Related Transactions - The company acknowledges that related party sales driven by customer demand are unavoidable, but it aims to keep the proportion of such transactions low [6]. Sponsor Institution's Review - The sponsor institution has verified that the expected daily related transactions have been approved by the board and supervisory board, with no objections raised regarding their necessity and fairness [6].