从高调抛出10.33亿元定增方案，到主要股东明确反对，再到正式宣告终止，"抗生素第一股"盟科药业 （SH688373，股价6.32元，市值41.43亿元）这场历时近两个月的资本运作，在多方激烈博弈之下，最 终以按下终止键收场。 11月17日，盟科药业发布公告称，公司第二届董事会第二十二次会议审议通过了《关于终止向特定对象 发行股票事项的议案》。在解释终止定增的原因时，盟科药业表示，公司主要股东Genie Pharma持续反 对公司按照股东大会决议推进发行方案的执行，与公司其他股东、公司管理层之间存在较大分歧。公司 在近日与相关各方多次沟通后认为，持续推进本次股票发行方案可能影响上市公司的稳健经营发展。 盟科药业还表示，目前，公司生产经营正常。本次终止向特定对象发行股票事项后，公司将积极通过多 种融资渠道，包括但不限于接洽新的战略投资方、向不特定对象发行股票等监管规则允许的方式进行融 资。 实际上，早在9月22日定增议案提交董事会审议时，董事赵雅超就对当日审议的14项议案中的13项投下 反对票，其反对理由主要是：在存在其他多家优质且有强烈与公司合作意愿的投资者的情况下，公司并 未进行充分的调查、沟通和谈判，无法 ...

每经记者｜许立波 每经编辑｜魏官红 从高调抛出10.33亿元定增方案，到主要股东明确反对，再到正式宣告终止，"抗生素第一股"盟科药业 （688373.SH）这场历时近两个月的资本运作，在多方激烈博弈之下最终以按下终止键收场。 11月17日，盟科药业披露公告称，公司第二届董事会第二十二次会议审议通过了《关于终止向特定对象 发行股票事项的议案》。在解释终止定增的原因时，盟科药业表示，公司主要股东Genie Pharma持续反 对公司按照股东大会决议推进发行方案的执行，与公司其他股东、公司管理层之间存在较大分歧。公司 在近日与相关各方多次沟通后认为，持续推进本次股票发行方案可能影响上市公司的稳健经营发展。 盟科药业还表示，目前公司生产经营正常。本次终止向特定对象发行股票事项后，公司将积极通过多种 融资渠道，包括但不限于接洽新的战略投资方、向不特定对象发行股票等监管规则允许的方式进行融 资。 11月20日，《每日经济新闻》记者致电盟科药业董事长袁征宇，当被询问"定增方案终止后，与Genie Pharma之间的矛盾是否有所缓和"时，袁征宇回应称："我们之间的矛盾就是海鲸（药业）的增资，增资 既然已经没有了，那还有矛盾吗 ...

Core Viewpoint - Shanghai Mengke Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for the supplementary application of the drug "Kangti Zuoan Tablets" and the clinical trial of "MRX-5 Tablets," indicating significant progress in the company's product pipeline and supply chain management [1][4]. Group 1: Kangti Zuoan Tablets - The drug "Kangti Zuoan Tablets" is a new generation oxazolidinone antibiotic developed by the company, approved for treating complex skin and soft tissue infections, and was launched in China in June 2021 [2]. - The recent approval allows Jiangsu Xuantai Pharmaceutical Co., Ltd. to be added as a contracted manufacturing enterprise, and Chongqing Boteng Pharmaceutical Technology Co., Ltd. will supply the active pharmaceutical ingredient [1][3]. - This development is crucial for ensuring stable product supply and meeting market demand, although sales are subject to policy and market environment influences [3]. Group 2: MRX-5 Tablets - "MRX-5 Tablets" is a new type of benzoborazole antibiotic intended for treating infections caused by non-tuberculous mycobacteria (NTM), with an increasing incidence and prevalence of NTM infections [5][6]. - The company has received approval to conduct further clinical trials for a new 200mg specification of MRX-5, which has shown good antibacterial activity and safety in previous trials [4][6]. - MRX-5 has completed Phase I clinical trials in Australia and has been granted orphan drug designation by the US FDA, indicating its potential in the market [6][7].

Group 1 - Company received approval from the National Medical Products Administration for the supplementary application of the drug "Kangti Zuoan Tablets" and the supplementary application for clinical trials of "MRX-5 Tablets" [1] - "Kangti Zuoan Tablets" is a new generation oxazolidinone antibiotic designed for treating complex skin and soft tissue infections, approved for marketing in China since June 2021 [1] - The approval allows Jiangsu Xuantai Pharmaceutical Co., Ltd. to act as a contract manufacturer, utilizing raw materials from Chongqing Boten Pharmaceutical Technology Co., Ltd., enhancing the product supply chain and ensuring stable supply [1] Group 2 - "MRX-5 Tablets" is a novel benzothiazole antibiotic aimed at treating infections caused by non-tuberculous mycobacteria (NTM), with increasing incidence and prevalence of NTM diseases [1] - The drug shows good antibacterial activity against common NTM, with favorable safety and pharmacokinetic properties demonstrated in animal and human trials [1] - The company has completed Phase I clinical trials in Australia, achieving expected goals, and received orphan drug designation from the US FDA for "MRX-5" [1][2] - The approval of a new 200mg specification for clinical trials will facilitate further clinical research [2]

Core Viewpoint - The company has received approval from the National Medical Products Administration for the drug "Kangti Zuoan Tablets," marketed as "Youxitai," allowing Jiangsu Xuantai Pharmaceutical Co., Ltd. to act as a contract manufacturer [1] Group 1 - The approval includes the use of raw materials from Chongqing Boten Pharmaceutical Technology Co., Ltd. for the commercial production of Kangti Zuoan Tablets [1] - The company has also initiated additional clinical trials for the MRX-5 Tablets in a new 200mg specification, targeting infections caused by non-tuberculous mycobacteria sensitive to this product [1]

Group 1 - The core point of the news is that Mengke Pharmaceutical's stock price dropped by 5.01% to 7.21 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 2.70%, resulting in a total market capitalization of 47.27 billion CNY [1] - Mengke Pharmaceutical, established on August 7, 2012, and listed on August 5, 2022, is located in the China (Shanghai) Free Trade Pilot Zone and focuses on innovative drugs for infectious diseases, holding global intellectual property rights and international competitiveness [1] - The company's main revenue source is from Kantizole tablets, which accounts for 100% of its business income [1] Group 2 - From the perspective of fund holdings, Minsheng Jianyin Fund has a significant position in Mengke Pharmaceutical, with the Minsheng Jianyin Pension Service Mixed Fund (002547) holding 22,600 shares, representing 1.05% of the fund's net value, making it the sixth-largest holding [2] - The Minsheng Jianyin Pension Service Mixed Fund has a total scale of 19.6553 million CNY and has experienced a loss of 3.7% this year, ranking 8099 out of 8150 in its category [2] - The fund has also incurred a loss of 2.3% over the past year, ranking 7930 out of 8043, while achieving a cumulative return of 55.24% since its inception [2]

Core Viewpoint - Mengke Pharmaceutical is an innovative pharmaceutical company focused on the research and development of anti-infective drugs, with global independent intellectual property rights and international competitiveness [1] Financial Performance - For Q3 2025, Mengke Pharmaceutical reported revenue of 104 million, ranking 104th among 110 companies in the industry, significantly lower than the top company, East China Pharmaceutical, which had 32.664 billion [2] - The net profit for the same period was -194 million, also ranking 104th, with the industry leader, Heng Rui Pharmaceutical, achieving a net profit of 5.76 billion [2] Financial Ratios - As of Q3 2025, Mengke Pharmaceutical's debt-to-asset ratio was 64.57%, higher than the previous year's 41.52% and above the industry average of 35.26% [3] - The gross profit margin for Q3 2025 was 84.88%, an increase from 82.23% year-on-year, and higher than the industry average of 57.17% [3] Management Compensation - The chairman and general manager, Zhengyu Yuan, received a salary of 3.764 million in 2024, a decrease of 79,100 from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.18% to 16,500, with an average holding of 31,900 circulating A-shares, up 25.73% [5] - Mengke Pharmaceutical plans to raise no more than 1.033 billion through a private placement to Nanjing Haiqing Pharmaceutical, which will become the controlling shareholder, potentially enhancing the company's resource capabilities [5] - The funds raised will accelerate overseas clinical research for anti-infective drugs MRX-5 and MRX-8, and the core product, Contizole tablets, is now available in 580 hospitals nationwide [5]

Core Viewpoint - The company is experiencing a potential turnaround as it reports a slight revenue increase and a reduced net loss, while also pursuing strategic partnerships and funding to enhance its operational capabilities and product pipeline [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 104 million yuan, reflecting a year-on-year growth of 6.58% - The net loss attributable to shareholders was 194 million yuan, which represents a year-on-year reduction of 33.56% - As of the end of September, the company's cash and financial assets totaled 484 million yuan, showing a decline compared to the end of 2024 [1] Product Development - The primary revenue source is the commercialized product, Contizole Tablets, which is a new generation oxazolidinone antibiotic designed for treating complex skin and soft tissue infections - Clinical studies indicate that Contizole Tablets demonstrate superior safety and efficacy stability compared to the mainstream "super antibiotic" Linezolid, addressing the clinical application challenges of oxazolidinone drugs [1][2] Strategic Initiatives - The company has proposed a capital increase plan totaling 1.033 billion yuan to introduce Nanjing Haiqing Pharmaceutical Co., Ltd. as a controlling shareholder, which is expected to enhance corporate governance and increase cash reserves to 1.5 billion yuan - This strategic move aims to accelerate the development of multiple research pipelines and improve the market penetration of Contizole Tablets [2] Future Outlook - The company has set ambitious sales revenue targets for its products, aiming for 260 million yuan in 2026, 388 million yuan in 2027, and 600 million yuan in 2028 - Recent advancements in the research pipeline include the NDA acceptance for injectable MRX-4 and successful completion of Phase I clinical trials for MRX-8 and MRX-5, indicating a robust development trajectory [2][3] Collaborative Efforts - The company has established strategic partnerships to leverage expertise in drug development, particularly in the ADC field, aiming to address toxicity issues in next-generation ADCs - Collaborations with Nanjing Pengbo Biotechnology Co., Ltd. focus on developing innovative ADC drugs, enhancing the company's research capabilities [3]

Governance Crisis - The major shareholder, Genie Pharma, opposed the proposed private placement and called for the removal of the founder and chairman, Yuan Zhengyu, along with two other directors, proposing three new directors from BVCF [1] - Concerns were raised regarding the financial strength and integration capabilities of the private placement target, Nanjing Haijing Pharmaceutical, which has total assets of approximately 700 million [1] - Independent director Zhao Yachao cast the only dissenting vote against the private placement, indicating a lack of trust in the current management team [1] Operational Challenges - The company focuses on the development of small molecule drugs for anti-infection, with its only commercial product being the lanzoprazole tablet launched in 2021 [2] - The product faces competition from major players like Pfizer and Merck, leading to weak market performance [2] - Financial data shows the company has been in a long-term loss state, with cumulative losses of approximately 1.22 billion from 2022 to the first half of 2025, and revenue growth slowing from over 40% in 2024 to 10.26% [2] Financial Pressure - The company reduced R&D investment by 30% year-on-year to 116 million in the first half of 2025, citing strict cost control, reflecting a tight cash flow situation [3] - As of the end of the first half of 2025, the company had only 237 million in cash, with negative cash flow from operating activities totaling over 1.1 billion since 2022 [3] - The company's net assets have decreased by 74.19% since its IPO, and the debt-to-asset ratio has surged from 18.91% to 59.45% over three years [3] Market Confidence Erosion - Following the lifting of the lock-up period for initial public offering shares in August 2025, several shareholders, including MicuRx and Best Idea, announced plans to reduce their holdings, causing panic in the secondary market [4] - On September 10, the company's stock price fell by 7.03% in a single day, with investors expressing pessimism about the company's future [4] Conclusion - The private placement dispute reflects deeper issues related to governance, strategic direction, and shareholder trust [5] - The ability to successfully attract strategic investors, balance interests, and rebuild market confidence will determine whether the company can escape the cycle of losses and financing [5]

Core Viewpoint - On October 13, 2023, Amgen Pharmaceuticals experienced a decline of 3.86% in stock price, with a trading volume of 196 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On the same day, Amgen Pharmaceuticals had a financing buy-in amount of 12.67 million yuan and a financing repayment of 15.68 million yuan, resulting in a net financing outflow of 3.01 million yuan [1]. - As of October 13, the total financing and securities balance for Amgen Pharmaceuticals was 82.06 million yuan, which represents 1.90% of its circulating market value and is above the 80th percentile level over the past year, indicating a high financing balance [1]. - The company had no short-selling activity on October 13, with a short-selling balance of 0.00 yuan, also reflecting a high percentile level over the past year [1]. Company Profile - Amgen Pharmaceuticals, established on August 7, 2012, and listed on August 5, 2022, is located in the China (Shanghai) Free Trade Zone. The company focuses on innovative drugs for treating infectious diseases and holds global intellectual property rights [1]. - The main business revenue is derived entirely from the sales of Kantrizole tablets, accounting for 100% of the company's revenue [1]. Shareholder Information - As of June 30, 2025, Amgen Pharmaceuticals had 14,400 shareholders, an increase of 14.23% from the previous period, while the average circulating shares per person decreased by 12.45% to 25,342 shares [2]. - For the first half of 2025, the company reported a revenue of 66.97 million yuan, reflecting a year-on-year growth of 10.26%, but incurred a net loss of 139 million yuan, which is a 31.11% increase in losses compared to the previous year [2]. - Notably, as of June 30, 2025, the fund "Huitianfu Medical Service Flexible Allocation Mixed A" exited the list of the top ten circulating shareholders [2].