Core Viewpoint - Dongyangguang Pharmaceutical Co., Ltd. is set to return to the capital market with a new positioning as an innovative pharmaceutical company through a "introduction listing" on the Hong Kong Stock Exchange, aiming to list 112.7 million H shares by August 7, 2025, following its privatization [1] Group 1: Company Transformation and R&D Focus - The company has successfully transformed by focusing on innovative drug research and development, showcasing resilience and growth [1] - Dongyangguang has established the only national key laboratory for the research and development of new anti-infection drugs in Guangdong Province, equipped with over 50,000 square meters of laboratory space and more than 400 high-performance liquid chromatography instruments [1] - The company has maintained a high investment in R&D, with over 20% of its revenue allocated to R&D in 2024, leading to breakthroughs in core technologies and breaking foreign technology monopolies [2] Group 2: Innovation and AI Integration - Dongyangguang ranks first among domestic pharmaceutical companies in the number of patents published and granted in China from 2014 to 2023 [2] - The company is actively integrating AI technology to enhance R&D efficiency, with the first candidate drug HEC169584 developed through an AI-driven platform currently in clinical trials [2] Group 3: Organizational Culture and Competitive Advantage - The company emphasizes expert-led decision-making and team practices to build core competencies, allowing experts to focus on technical areas without administrative duties [3] - The organizational culture, established by founder Zhang Zhongneng, promotes resilience and confidence, which has helped attract and motivate talent [3] - Dongyangguang has developed a mature system covering three major fields and the entire R&D lifecycle, achieving a leap towards "systematic innovation" [3]

作为东阳光长江药业（01558.HK）的母公司，广东东阳光药业股份有限公司（以下简称"东阳光药"）正在筹划吸收合并东阳光长江药 业并上市。港交所官网显示，东阳光药于近日递交了港股上市申请，拟以介绍方式在香港主板上市，中金公司担任独家保荐人。东阳 光药因流感特效药而被市场所熟知，且公司逾六成营收来自大单品磷酸奥司他韦。随着抗流感药物市场竞争日趋激烈，东阳光药磷酸 奥司他韦的优势能否持续值得关注。业绩方面，2022—2024年，东阳光药营收、净利波动较大。值得一提的是，换股完成后，东阳光 长江药业与东阳光药之间的不竞争协议所设的限制将不再适用，届时，东阳光长江药业的上市地位也将被撤销。 值得注意的是，东阳光药已提出私有化方案，以吸收合并的方式将东阳光长江药业私有化，据此，在先决条件及所有条件（即生效条 件及实施条件）达成或获豁免（如适用）的前提下，公司将根据换股比率向全体换股股东发行H股，作为换股的对价。 完成换股后，东阳光长江药业H股在联交所的上市地位将被撤销；换股股东将成为东阳光药股东；自实施日期起，公司将承担东阳光 长江药业的所有资产、负债、权益、业务、雇员、合约及所有其他权利及义务；东阳光长江药业最终将在 ...

Core Viewpoint - Dongyang Sunshine Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Dongyang Sunshine Pharmaceutical is a comprehensive pharmaceutical company focused on the research, production, and commercialization of drugs, particularly in the fields of infection, chronic diseases, and oncology [3] - The company has developed a diverse and robust product portfolio, with 150 approved drugs across various countries and regions, including China, the United States, and Europe [5] Group 2: Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, Dongyang Sunshine's revenue from anti-infection drugs was approximately RMB 3.242 billion, RMB 5.746 billion, and RMB 2.798 billion, accounting for 85.0%, 90.0%, and 69.6% of total revenue, respectively [3] - The revenue from chronic disease treatment drugs for the same periods was RMB 517 million, RMB 581 million, and RMB 1.068 billion, representing 13.6%, 9.1%, and 26.6% of total revenue, respectively [3] - The company's total revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 3.814 billion, RMB 6.386 billion, and RMB 4.019 billion, with gross profits of RMB 2.922 billion, RMB 5.077 billion, and RMB 3.059 billion, respectively [6] Group 3: Market Presence - As of June 4, 2025, Dongyang Sunshine sold 48 drugs in China and 23 drugs in overseas markets, with revenue from China being RMB 3.753 billion, RMB 6.336 billion, and RMB 3.881 billion for the years 2022, 2023, and 2024, respectively, accounting for 98.4%, 99.2%, and 96.6% of total revenue [4] - The company has engaged in research and development collaborations with overseas partners, generating overseas revenue of RMB 60.4 million, RMB 49.7 million, and RMB 138.4 million for the same periods, representing 1.6%, 0.8%, and 3.4% of total revenue, respectively [4]