Core Viewpoint - The keyword for the stock market in 2025 is expected to be "innovative drugs," with significant stock price increases driven by the potential of in-development innovative drugs and BD (business development) transactions rather than traditional revenue from already marketed drugs [1] Group 1: BD Transactions - In 2025, China's innovative drug BD transaction total exceeded $100 billion, with notable orders reaching $10 billion, and upfront payments from multinational pharmaceutical companies reaching a new high of $1.25 billion [1] - Landmark transactions include a $13 billion collaboration between Qihuang Dejian and Biohaven/AimedBio in January, marking a milestone for China's ADC technology [2] - In May, 3SBio's deal with Pfizer exceeded $6 billion, setting a record for upfront payments in China at $1.25 billion, highlighting the value of both first-in-class and fast-follow drugs [2] - In July, a $12 billion strategic partnership between Hengrui Medicine and GlaxoSmithKline showcased the depth of early-stage pipelines in leading Chinese pharmaceutical companies [2] - In October, Innovent Biologics and Takeda's collaboration worth $11.4 billion included a cost-sharing model for global R&D, enhancing operational capabilities for future international ventures [2] Group 2: Milestone Payments and Emerging Fields - Several past BD transactions reached milestone payments in 2025, including a $300 million payment to China National Pharmaceutical's subsidiary from Merck and a $250 million payment to Bairui Tianheng from Bristol-Myers Squibb [3] - The focus of BD transactions is shifting from oncology to other therapeutic areas, with autoimmune diseases, metabolism, and central nervous system disorders emerging as new hot fields [3] - Notable deals include the global rights licensing of BTK inhibitor Orelabrutinib for multiple sclerosis by Nocera Biopharma, with a potential total transaction value exceeding $2 billion [3] - The metabolic field is gaining traction, driven by global weight loss trends, with several companies entering into licensing agreements for GLP-1 targeted drugs [3] Group 3: Independent Clinical Trials and Regulatory Approvals - Numerous innovative drug companies in China are advancing their own overseas clinical trials, achieving significant progress [4] - In early 2025, Dize Pharmaceutical's lung cancer targeted drug received priority review from the FDA and was approved in July, becoming the first globally innovative drug independently developed in China to gain approval in the U.S. [4] - Other advancements include breakthrough therapy designations for CS0159 by Kexi Kedi and a Phase III trial approval for a recombinant human albumin injection by Heyuan Biopharma [4] - These developments indicate that the Chinese innovative drug industry is becoming a significant force in global innovation, transitioning from fast-following to original innovation and integrating deeply into the global value chain [4]

Group 1 - The core focus events for Dize Pharmaceutical in 2026 and beyond include the progress of H-share listing, key milestones in the R&D pipeline, annual business plan review, and commercialization and market expansion [1] - Dize Pharmaceutical submitted its H-share listing application to the Hong Kong Stock Exchange on January 23, 2026, aiming for a dual listing in Hong Kong to enhance its global strategy and attract international investors [2] - The company plans to advance multiple core products into clinical data update stages in 2026, including the global multi-center Phase III study of Shuwotai (Shuwotai) for EGFR Exon20ins non-small cell lung cancer, which has completed patient enrollment [3] Group 2 - Dize Pharmaceutical plans to hold a board meeting in 2026 to review the annual sales plan, which is yet to be finalized and will be disclosed after board approval [4] - The company aims to leverage the inclusion of core products Shuwotai and Guaizhe in the national medical insurance catalog to deepen domestic market coverage and promote overseas commercialization in 2026 [5] - The sales expense ratio decreased to 72% in the first three quarters of 2025, and the company plans to further enhance operational efficiency in 2026 [5]

Core Viewpoint - The refinancing market is undergoing targeted adjustments with the introduction of new policies aimed at supporting high-quality and innovative companies, simplifying processes, and preventing risks [1] Group 1: Refinancing Policy Adjustments - The new refinancing policy reduces the interval for companies that are unprofitable and meet specific criteria from 18 months to 6 months, allowing them to initiate new rounds of refinancing more quickly [2] - Companies in the high-tech sector express that the new policy will facilitate continuous funding for product development and commercialization, thus supporting their growth [2] Group 2: Support for Underperforming Companies - The new policy allows companies that have experienced stock price declines to engage in refinancing through methods such as private placements and convertible bonds, provided the funds are directed towards their main business [4] - As of February 10, there are 553 companies listed on the exchanges that are currently underperforming, indicating a significant potential for these companies to leverage the new refinancing options [4] Group 3: Expansion of Fund Utilization - The new policy encourages high-quality companies to allocate funds towards new industries, business models, and technologies that align with their main operations, thus promoting a second growth curve [6] - This shift from strict limitations on fund allocation to a more flexible approach is expected to enhance capital flow into high-tech industries and improve resource allocation efficiency [6]

Group 1 - The company Dize Pharmaceutical announced that approximately 991,000 restricted shares will be unlocked and become tradable on February 24, 2026 [1] Group 2 - The central bank, which has been the largest buyer of gold for two consecutive years, aims to accumulate 700 tons of gold and has announced an additional purchase of 150 tons [1]

Core Viewpoint - The announcement from Dize Pharmaceutical details the second tranche of the employee stock option plan, which involves the release of 991,073 shares, representing 0.21% of the company's total share capital [1] Group 1 - The shares being released are part of the 2020 employee stock option plan, specifically the second exercise period [1] - A total of 105 shareholders are involved in this share release [1] - The shares were registered on February 16, 2023, with a lock-up period of 36 months, set to be tradable starting February 24, 2026 [1] Group 2 - The company's total share capital has changed due to previous equity incentive plans and targeted issuances, currently standing at 464,633,342 shares as of the announcement date [1]

本次股票上市流通日期为2026 年 2 月 24 日。 证券代码：688192 证券简称：迪哲医药 公告编号：2026-008 迪哲（江苏）医药股份有限公司 关于 2020 年员工股份期权计划第二个行权期第二次行 权限售股上市流通公告 本公司董事会及全体董事保证本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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为991,073股。 本次股票上市流通总数为991,073股。 | 序 | 股份变动 | | 股份变动事项 | 股份变动数量 | 公告索引 | | --- | --- | --- | --- | --- | --- | | 号 | 时间 | | | （股） | | | 1 | 2024 | 年 2 | 2022 年度限制性 | 3,550,000 | 《2022 年度限制性股票 | | | 月 5 | 日 | 股票激励计划首 | | 激励计划首次授予部分 | | | | | 次授予部分第一 | | 第一类激励对象第一个 | | | | | 类激励对象第一 | | 归属 ...

华泰联合证券有限责任公司关于 迪哲（江苏）医药股份有限公司 2020 年员工股份期权计划 第二个行权期第二次行权限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"保荐机构"）作为迪哲（江苏）医 药股份有限公司（以下简称"迪哲医药"或"公司"）2023 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易 所科创板股票上市规则》以及《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规定履行持续督导职责，对迪哲医药 2020 年员工股 份期权计划第二个行权期第二次行权限售股上市流通事项进行了核查，核查的具 体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 11 月 3 日出具的《关于同意迪哲 （江苏）医药股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 3494 号），公司首次向社会公开发行人民币普通股（A 股）40,000,100 股，并于 2021 年 12 月 10 日在上海证券交易所科创板上市。发行完成后公司总股本为 400,000,100 股。 本次上市流通的限售股为公司首次公开 ...

Core Viewpoint - Dige Medical announced the release of restricted shares from the second exercise period of its 2020 employee stock option plan, with 991,000 shares set to be listed for trading on February 24, 2026 [1] Group 1 - The number of shares being released for trading is 991,000 [1] - These shares are part of the second exercise period of the employee stock option plan initiated in 2020 [1] - The listing date for these shares is specified as February 24, 2026 [1]

Core Viewpoint - Dize Pharmaceutical has submitted an application for a Hong Kong stock listing, aiming to leverage the international financing platform and higher valuation standards of the Hong Kong market to enhance its global market presence and attract international investors [1][2]. Group 1: Company Developments - Dize Pharmaceutical has achieved a revenue of 586 million yuan in the first three quarters, representing a 73% year-on-year increase, and is expected to reach approximately 800 million yuan for the full year, with a projected growth of 122.28% [2]. - The company has achieved commercial profitability, with product revenues covering all operating expenses beyond R&D costs, marking a significant milestone [2]. - The launch of its core product, Shuwozhe®, which received FDA accelerated approval, has established Dize's capability to transition from laboratory to international market, opening new overseas growth opportunities [2]. Group 2: Market Strategy - The decision to list in Hong Kong aligns with Dize's strategy to utilize the advantages of dual listings to attract international investors and facilitate collaboration with multinational pharmaceutical companies [1]. - Dize's product pipeline is developed with a global synchronization strategy, aiming to create a differentiated matrix of globally innovative and best-in-class potential products [1]. - The company plans to maintain a high level of R&D investment, with ongoing progress in product development and expansion of indications for already launched products [2].

Core Viewpoint - DIZHE Pharmaceutical (688192.SH) is pursuing an "A+H" listing by submitting an application to the Hong Kong Stock Exchange, aiming to raise funds for clinical development, sales, and operational expenses, while currently being in the commercialization phase with two approved products [2][3]. Financial Performance - The company raised approximately 2.1 billion yuan in its 2021 IPO and 1.8 billion yuan through a private placement in April 2025 [2]. - DIZHE expects to achieve revenue of around 800 million yuan in 2025, representing a year-on-year growth of approximately 122.28%, with a projected net loss of about 770 million yuan [2][5]. - The company reported a net profit of approximately -1.1 billion yuan in 2023 and -846 million yuan in 2024, with an expected reduction in net loss by about 75.96 million yuan in 2025 [7]. Product Pipeline and Market Strategy - DIZHE has two approved products, Shuwotini (舒沃哲) and Gelixitini (高瑞哲), which are expected to significantly enhance patient accessibility after being included in the national medical insurance catalog [4][5]. - The company is focusing on expanding the indications for its existing products and advancing its pipeline, which includes seven products currently in clinical stages [8]. R&D Investment and Challenges - DIZHE is in the early stages of commercialization and continues to incur significant R&D expenses, with an expected R&D expenditure of around 860 million yuan in 2025, reflecting a year-on-year increase of approximately 18.84% [7]. - The company is facing challenges in achieving positive operating cash flow, as it continues to invest heavily in R&D while striving for commercial profitability [6][8]. Market Position and Future Outlook - DIZHE aims to leverage its products' inclusion in the medical insurance directory to enhance market penetration and drive revenue growth, with a sales expense ratio significantly reduced to 72% in the first three quarters of 2025 [6]. - The company is committed to ensuring the advancement of its core global pipeline and key market development while maintaining a focus on sustainable high-quality profitability [8][9].