2025 年 9 月 15 日 证券代码：688177 证券简称：百奥泰 百奥泰生物制药股份有限公司 2025年第二次临时股东会会议资料 | 2025 年第二次临时股东会会议须知 2 | | | --- | --- | | 年第二次临时股东会会议议程 2025 4 | | | 年第二次临时股东会议案 2025 6 | | | 议案一：关于变更注册地址、修订《公司章程》并办理工商变更登记的议案 | 7 | | 议案二：关于就 BAT1806（托珠单抗）签署授权许可与商业化协议的议案 | 8 | | 议案三：关于制定《董事、高级管理人员薪酬管理制度》的议案 | 9 | 1 目 录 百奥泰生物制药股份有限公司 2025 年第二次临时股东会 百奥泰生物制药股份有限公司 2025 年第二次临时股东会会议须知 四、股东及股东代理人参加股东会依法享有发言权、质询权、表决权等权利。 股东及股东代理人参加股东会应认真履行其法定义务，不得侵犯公司和其他股东 及股东代理人的合法权益，不得扰乱股东会的正常秩序。 五、股东及股东代理人要求在股东会现场会议上发言的，应于股东会召开前 一天向会务组进行登记。会议主持人根据会务组提供的名单和 ...

Group 1 - The core viewpoint of the news is that Baiotai's stock has experienced significant price movements and financial performance indicators, reflecting both market interest and operational results [1][2]. - Baiotai's stock price has increased by 75.49% year-to-date, with a 6.25% rise in the last five trading days, 9.96% in the last 20 days, and 19.00% in the last 60 days [2]. - As of September 2, Baiotai's stock was trading at 34.01 CNY per share, with a total market capitalization of 14.083 billion CNY [1]. Group 2 - Baiotai's main business revenue composition includes 91.90% from drug sales, 6.55% from licensing, 0.90% from contract manufacturing, and 0.65% from technical services [2]. - The company reported a revenue of 442 million CNY for the first half of 2025, representing a year-on-year growth of 9.84%, while the net profit attributable to the parent company was -125 million CNY, showing a 47.25% increase year-on-year [2]. - As of June 30, the number of Baiotai's shareholders increased by 11.20% to 9,481, while the average circulating shares per person decreased by 10.07% to 43,674 shares [2].

Group 1 - On August 29, a block trade of 153,800 shares of Bai'ao Tai was executed, amounting to 4.8216 million yuan, with a transaction price of 31.35 yuan, reflecting a discount of 2.46% compared to the closing price of the day [2] - The closing price of Bai'ao Tai on the same day was 32.14 yuan, which represented an increase of 3.78%, with a turnover rate of 1.15% and a total trading volume of 150 million yuan, resulting in a net inflow of 14.3627 million yuan from main funds [2] - Over the past five days, Bai'ao Tai's stock has declined by 2.43%, with a total net outflow of 19.1493 million yuan [2] Group 2 - The latest margin financing balance for Bai'ao Tai is 222 million yuan, which has increased by 26.5505 million yuan over the past five days, reflecting a growth rate of 13.55% [2]

Group 1 - The stock of Bai'ao Tai increased by 3.78%, closing at 32.14 yuan on August 29 [1] - A block trade occurred with a total volume of 153,800 shares and a transaction amount of 4.8216 million yuan, with a price of 31.35 yuan per share, reflecting a premium rate of -2.46% [1] - The buyer was an institutional special account, while the seller was CITIC Securities Co., Ltd. Beijing branch [1] Group 2 - Over the past three months, the stock has recorded one block trade with a total transaction amount of 4.8216 million yuan [1] - In the last five trading days, the stock has declined by 2.43%, with a total net outflow of 19.5916 million yuan from main funds [1]

Group 1 - On August 29, Baiyao Tai executed a block trade of 153,800 shares, with a transaction amount of 4.8216 million yuan, accounting for 3.11% of the total transaction amount for the day [1] - The transaction price was 31.35 yuan, which represents a discount of 2.46% compared to the market closing price of 32.14 yuan [1] - The trade was facilitated by CITIC Securities Co., Ltd., with the buying department being the company's Beijing branch [2]

证券代码：688177 证券简称：百奥泰 公告编号：2025-059 百奥泰生物制药股份有限公司 关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第二次临时股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 15 日 14 点 00 分 召开地点：广州市国际生物岛螺旋二路 18 号会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年9月15日 本次股东会采用的网络投票系统：上海证券交 ...

Core Viewpoint - The stock of Baiotai has experienced fluctuations, with a notable decline of 2.01% on August 28, 2023, despite a year-to-date increase of 55.57% [1][2]. Group 1: Stock Performance - As of August 28, 2023, Baiotai's stock price was 30.15 CNY per share, with a total market capitalization of 12.485 billion CNY [1]. - The stock has seen a recent decline of 9.43% over the last five trading days and a 1.76% decrease over the last 20 days, while it has increased by 13.35% over the last 60 days [1]. Group 2: Financial Metrics - For the first half of 2025, Baiotai reported a revenue of 442 million CNY, reflecting a year-on-year growth of 9.84% [2]. - The company recorded a net profit attributable to shareholders of -125 million CNY, which represents a year-on-year increase of 47.25% [2]. Group 3: Company Overview - Baiotai Biopharmaceutical Co., Ltd. was established on July 28, 2003, and went public on February 21, 2020 [1]. - The company's main business involves the research and production of innovative drugs and biosimilars, with 91.90% of its revenue coming from drug sales [1].

Core Viewpoint - Baotai Biopharmaceutical Co., Ltd. has received approval from the European Commission for Usymro®, a biosimilar drug for treating moderate to severe plaque psoriasis, active psoriatic arthritis, and moderate to severe active Crohn's disease in adults and children, marking a significant milestone for the company [2][3] Company Overview - Baotai is a global biopharmaceutical company based in Guangzhou, China, focused on developing innovative drugs and biosimilars for various diseases, including cancer and autoimmune disorders [2][3] - The company has successfully launched multiple drugs, including Adalimumab and Tocilizumab, in various markets, establishing itself as a leader in antibody drug development [3] Recent Developments - The approval of Usymro® follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in June 2025, highlighting the company's commitment to advancing its biosimilar pipeline [2] - In October 2024, Baotai signed a licensing and commercialization agreement with Gilead Sciences for BAT2206, another biosimilar, covering markets in the EU, UK, Switzerland, and other regions [2]

Investment Rating - The report maintains an "Optimistic" rating for the industry [7][71]. Core Insights - The report highlights the intensive disclosure of company performances, with a focus on companies that exceed expectations. It emphasizes the upcoming World Lung Cancer Conference (WCLC) and the importance of monitoring related company data [6][70]. - The report notes a significant increase in the medical device sector and mentions the approval of new treatments by regulatory bodies, indicating a positive trend in the pharmaceutical and medical device industries [2][16]. Industry News - The National Healthcare Security Administration issued a temporary management method for disease-based payment, which includes budget management and payment standards [16]. - Semaglutide received FDA approval for treating MASH, showcasing advancements in drug approvals [16]. Company Announcements - **Hengrui Medicine** reported a revenue of approximately 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of approximately 4.45 billion yuan, up 29.67% [25]. - **Baili Tianheng** announced a significant drop in revenue but received breakthrough therapy designation from the FDA for its drug targeting advanced non-small cell lung cancer [28]. - **Rongchang Bio** received breakthrough therapy designation for its drug RC148 for non-small cell lung cancer and signed a licensing agreement [29]. - **Baiyao Tai** reported a revenue of approximately 441.89 million yuan, a year-on-year increase of 9.84%, and received EMA approval for Usymro® [30]. Market Review - The Shanghai Composite Index rose by 2.85%, while the pharmaceutical and biological sector increased by 1.85% during the week of August 15-21, 2025 [5][59]. - The industry’s price-to-earnings ratio (TTM) was reported at 31.23 times, with a valuation premium of 154% compared to the CSI 300 index [5][63]. Weekly Strategy - The report suggests focusing on companies with performance exceeding expectations during the earnings disclosure period and highlights the potential benefits from policy support for innovative drugs and medical devices [6][70].

Core Viewpoint - Baiyoutai has signed a licensing and commercialization agreement with STADA for BAT1806 (Tocilizumab) injection, granting STADA exclusive commercialization rights in several regions, which is expected to positively impact the company's future performance and enhance its global commercialization and profitability [1][2]. Group 1: Agreement Details - The total amount of upfront and milestone payments can reach up to €136 million, including an upfront payment of €8.5 million and milestone payments not exceeding €127.5 million, along with a double-digit percentage of net sales as revenue sharing [1]. - The agreement covers the commercialization rights in the EU, Switzerland, the UK, parts of other European countries, parts of the Middle East and North Africa (MENA), and some Commonwealth of Independent States (CIS) countries [1]. Group 2: Product Information - BAT1806 (Tocilizumab) is a biosimilar developed by Baiyoutai, targeting the interleukin-6 receptor (IL-6R) and is approved by the NMPA in China, the FDA in the US, and the EMA in Europe [2]. - The product is marketed under the name Shiruili in China and TOFIDENCE in the US [2]. Group 3: STADA Overview - STADA is a well-established European pharmaceutical company headquartered in Germany, focusing on three strategic pillars: consumer health, generics, and specialty pharmaceuticals [2]. - In the fiscal year 2024, STADA achieved a group sales revenue of €4.059 billion, with an adjusted EBITDA of €886 million, and employs approximately 11,649 people globally [2].