近日，宁波美诺华药业股份有限公司(股票代码：603538)与浙江圣兆药物科技股份有限公司(股票代码： 832586)宣布签署战略合作协议。双方将依托各自在研发、生产、注册及商业化方面的核心优势，在复 杂注射剂领域展开深度合作，共同推进高技术壁垒制剂产品的开发与产业化。此举被业内视为强强联 合，有望进一步打破海外技术垄断，满足国内临床未被满足的需求。 在此次合作中，圣兆药物所专注的"复杂注射剂"领域及其行业地位成为关键看点。复杂注射剂并非普通 针剂，而是指通过复杂工艺制成的、具有高技术壁垒的注射剂型，包括微球、脂质体、微晶等。这类制 剂在靶向性、长效性、降低副作用等方面表现卓越，是治疗精神类疾病、恶性肿瘤、糖尿病等慢性病的 重要武器。 4.丰富的产品管线： 凭借其技术平台，圣兆药物布局了多个市场空间广阔、临床需求迫切的复杂注射剂 产品，覆盖了中枢神经、恶性肿瘤、长效阵痛等多个治疗领域，形成了具有长期竞争力的产品组合。 然而，由于其研发难度极高、生产工艺复杂、质量控制严格，复杂注射剂市场长期被少数几家跨国药企 所主导，国产化程度低，导致患者用药成本高昂。圣兆药物正是看准了这一巨大的市场缺口和临床需 求，将自己清晰 ...

Fundraising Overview - The company raised a total of RMB 200,000.00 million through a share placement, with actual funds raised amounting to RMB 171,599.38 million after deducting issuance costs of RMB 4,625.36 million, resulting in a net amount of RMB 166,974.02 million [1][5] - As of June 30, 2025, the company has utilized RMB 171,655.28 million of the raised funds, with RMB 4,865.02 million used in the first half of 2025 [1][5] - The balance of the fundraising account as of June 30, 2025, is RMB 947.31 million, primarily held in dedicated fundraising accounts [1][5] GDR Issuance - The company issued Global Depository Receipts (GDR) corresponding to 63,825,000 shares, raising approximately USD 9,204 million, with a net amount of about USD 8,930 million after deducting underwriting and bank fees [1][5] - As of June 30, 2025, the GDR fundraising account balance is USD 9,766.53 million, including interest income of USD 1,087.17 million [1][5] Fund Management - The company has established a fundraising management system to ensure that the funds are used specifically for their intended purposes, with strict approval processes in place [1][5] - Funds are stored in dedicated accounts approved by the board, and a tripartite supervision agreement has been signed with the sponsoring institution and banks [1][5] Fund Utilization - In the first half of 2025, the company used RMB 4,865.02 million of the raised funds, with approximately 70% allocated for global R&D and industrialization plans, 10% for global sales and service network development, and 20% for working capital and other general corporate purposes [1][5] - The company has replaced RMB 21,532.82 million of self-raised funds with the raised funds for investment projects, complying with legal requirements [1][5] Project Changes - The company has changed the use of funds from the Zhuhai Health Industry Base project to new product R&D, expansion of the Haibin Pharmaceutical Pingshan base, and information technology platform projects due to changes in project feasibility and market conditions [1][5] - The company plans to return RMB 3,386.29 million from the sale of land use rights related to the Zhuhai project to the fundraising account for new product R&D [1][5] Compliance and Disclosure - The company has complied with relevant regulations regarding the disclosure of fundraising storage and utilization, with no violations reported [1][5]

Group 1: Core Insights - The China Securities Regulatory Commission (CSRC) has implemented measures to enhance the quality and efficiency of companies listed on the Sci-Tech Innovation Board (STAR Market), with over 470 companies expected to disclose their annual improvement plans for 2024 and 479 for 2025, representing over 80% of the board [1] - Companies are focusing on innovation-driven strategies, increasing R&D investments, and pushing for the practical application of patented technologies, with leading firms like Shengmei Shanghai committing to maintain R&D spending at around 15% of revenue by 2025 [1] - More than 60% of STAR Market companies have announced cash dividend plans for 2024, totaling over 38.6 billion yuan, with over 290 companies planning dividends exceeding 30% of their profits [2] Group 2: Mergers and Acquisitions - Mergers and acquisitions are becoming a key strategy for STAR Market companies to rapidly acquire technological capabilities and enhance competitiveness, with companies like Huahai Chengke planning significant acquisitions to break through overseas technology monopolies [3] - Completed acquisitions are transitioning into deeper business cooperation and technological collaboration, as seen with Zhongchuan Special Gas's acquisition of Huai'an Pairui Gas and Sanyou Medical's acquisition of French orthopedic firm Implanet [4] Group 3: Investor Relations and Engagement - Companies are enhancing communication with investors, with Haiguang Information planning multiple investor relations activities, including at least three performance briefings and six investor research activities in 2025 [5] - Jinpan Technology aims to host open days for investors to visit its digital factory, while China Resources Microelectronics is focusing on international investor engagement through online and offline roadshows [5]