益方生物科技（上海）股份有限公司： 君合律师事务所上海分所（以下简称"本所"）接受益方生物科技（上海） 股份有限公司（以下简称"公司"或"益方生物"）的委托，担任益方生物 2025 年限制性股票激励计划（以下简称"本次激励计划"）的专项法律顾问，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以 下简称"《监管指南》"）以及中华人民共和国其他相关法律、法规及规范性文 件的有关规定，就公司本次激励计划所涉及的相关事项，出具《君合律师事务所 上海分所关于益方生物科技（上海）股份有限公司 2025 年限制性股票激励计划（草 案）的法律意见书》（以下简称"本法律意见书"）。 中国上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 君合律师事务所上海分所 关于 ...

关于益方生物科技（上海）股份有限公司 调整部分募集资金投资项目内部投资结构的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为益方生 物科技（上海）股份有限公司（以下简称"益方生物"或"公司"）首次公开发 行股票并上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》《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》《上海证券交易所科创板股票上市规则》等相关法律、法规和规范性文 件的规定，对益方生物本次调整部分募集资金投资项目内部投资结构事项进行了 核查，核查意见如下： 一、调整部分募投项目内部投资结构概述 根据中国证券监督管理委员会出具的《关于同意益方生物科技（上海）股份 有限公司首次公开发行股票注册的批复》（证监许可〔2022〕682 号），公司向社 会公开发行人民币普通股 11,500 万股，每股面值人民币 1.00 元，每股发行价为 人民币 18.12 元，合计募集资金人民币 2,083,800,000.00 元，扣除发行费用人民 币 101,646,630.18 元（不含税）后，募集资金净额为人民币 1,982,153,369.82 元 ...

证券代码：688382 证券简称：益方生物 公告编号：2026-005 益方生物科技（上海）股份有限公司 关于调整部分募集资金投资项目内部投资结构的公告 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、准确性和完整性承担法律责任。 重要内容提示： 调整募集资金投向的金额：拟调整募投项目"新药研发项目"内部投资 结构，新增"新药研发项目"子项目"YF550"，并调整"新药研发项目"各子 项目之间的投资金额，"新药研发项目"总募集资金投资金额不变 本事项尚需提交公司股东会审议 益方生物科技（上海）股份有限公司（以下简称"公司"、"益方生物"） 于 2026 年 2 月 10 日召开第二届董事会 2026 年第一次会议，审议通过《关于调 整部分募集资金投资项目内部投资结构的议案》，同意公司调整募投项目"新药 研发项目"内部投资结构，新增"新药研发项目"子项目"YF550"，并调整"新 药研发项目"各子项目之间的投资金额，"新药研发项目"总募集资金投资金额 不变。保荐机构对上述事项出具核查意见。该事项尚需提交公司股东会审议。现 将具体情况公告如下： 根据公司实际经 ...

证券代码：688382 证券简称：益方生物 公告编号：2026-007 一、 召开会议的基本情况 （一） 股东会类型和届次 2026年第一次临时股东会 召开日期时间：2026 年 2 月 26 日 10 点 00 分 召开地点：上海市浦东新区张衡路 1000 弄 63 号 （五） 网络投票的系统、起止日期和投票时间。 益方生物科技（上海）股份有限公司 关于召开2026年第一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： 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2026 年 2 月 26 日 至2026 年 2 月 26 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。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2026年2月26日 ...

证券代码：688382 证券简称：益方生物 公告编号：2026-006 益方生物科技（上海）股份有限公司 第二届董事会 2026 年第一次会议决议公告 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《益方生物科技（上海）股份有限公司关于调整部分募集资金投资 项目内部投资结构的公告》（公告编号：2026-005）。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案尚需提交公司股东会审议。 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。 一、董事会会议召开情况 益方生物科技（上海）股份有限公司（以下简称"公司"）第二届董事会 2026 年第一次会议（以下简称"本次会议"）于 2026 年 2 月 10 日在公司会议室 以现场及通讯表决方式召开，本次会议通知已于 2026 年 2 月 5 日通过书面方式 送达全体董事。本次会议由董事长 Yaolin Wang（王耀林）先生召集并主持，会 议应出席董事 9 人，实际出席董事 9 人，公司高级管理人员列席本次会议。本 次会议的召 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the innovative drug sector, with significant gains in the ChiNext Innovative Drug ETF [1][3]. Group 1: Market Performance - As of 11:08 on February 10, the ChiNext Innovative Drug ETF (589120) surged by 2%, marking a potential two-day consecutive rise [1]. - Major component stocks of the ETF, such as Rongchang Biopharma and Baili Tianheng, saw increases exceeding 5%, while others like Baijie Shenzhou rose over 4% [3]. Group 2: Key Component Stocks - The top ten component stocks of the ChiNext Innovative Drug ETF include: - J-Z**KD with a 4.04% increase and an estimated weight of 10.43% - Baili Tianheng with a 5.10% increase and an estimated weight of 7.89% - Rongchang Biopharma with a 5.51% increase and an estimated weight of 6.35% [4]. Group 3: Industry Developments - Innovent Biologics announced the approval of its ICP-538, a VAV1 molecular glue degrader, for clinical research, marking it as the first of its kind in China and the second globally [4]. - Baili Tianheng's recent shareholder meeting approved significant resolutions, including the issuance of debt financing tools and extending the validity of H-share issuance [5]. Group 4: Strategic Collaborations - Innovent Biologics entered a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [5]. Group 5: Industry Growth and Trends - The Chinese innovative drug sector is transitioning from "pipeline expectations" to "performance realization," with over 70% of companies projected to achieve revenue growth by 2025 [8]. - The total value of License-out transactions for Chinese innovative drugs skyrocketed from $2.562 billion in 2017 to an estimated $140.274 billion by 2025, indicating a significant increase in global recognition [6]. Group 6: Investment Opportunities - Three key investment themes for 2026 in the innovative drug sector include: 1. Accelerated BD (Business Development) overseas, focusing on ADC, dual antibodies, and GLP-1RA [9]. 2. Policy support for innovative drug development, enhancing commercialization opportunities [9]. 3. Monitoring critical clinical data and commercialization milestones for new drugs [10].

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the AI sector, with significant inflows into the AI-themed ETF, Huatai-PineBridge (589560), which rose by 4.44% on February 9, ending a three-day decline [1][3]. Group 1: Market Performance - The Huatai-PineBridge AI ETF (589560) has seen net inflows of 12.63 million yuan over three of the last five trading days [1]. - Key component stocks of the ETF have shown strong performance, with Chip Origin rising over 14%, Fudan Microelectronics over 9%, and several others also experiencing gains [2][3]. Group 2: Component Stocks - The top ten component stocks of the Huatai-PineBridge AI ETF include: - Chip Origin: 14.87% increase, 12.05% estimated weight - Fudan Microelectronics: 9.65% increase, 4.91% estimated weight - Kingsoft Office: 1.12% increase, 9.01% estimated weight - Other notable stocks include Cambricon and CloudWalk Technology [4][5]. Group 3: AI Technology Developments - ByteDance's new AI video generation model, Seedance 2.0, has gained significant attention for its technological breakthroughs, including support for multi-modal input and 2K video output, which is 30% faster than competitors [6]. - The model is expected to revolutionize content production, particularly in AI-driven short films and series, enhancing efficiency and reducing costs [6]. Group 4: Investment Opportunities - Analysts suggest that the current market sentiment is at a low point, with Seedance 2.0 potentially catalyzing a rebound in AI applications [7]. - The AI application sector has seen a 19% increase since the beginning of the year, indicating strong growth potential [7]. - The domestic AI hardware market is expected to benefit from trends towards self-sufficiency in computing power, with significant investments from major tech companies in AI chip development [9].

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for four companies, including Yifang Biotechnology, which is required to clarify compliance operations related to safety production [1] - Yifang Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as its sole sponsor [1] - The CSRC has requested Yifang Biotechnology to provide legal opinions on several matters, including the company's business scope and compliance with foreign investment policies [1] Group 2 - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products and several products in various clinical stages [2] - The commercialized products include BPI-D0316 and D1553, while core clinical products include D-2570 and D-0502 [2] - The pipeline also features a clinical candidate product, D-0120, and three preclinical candidates: YF087, YF550, and YF057 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for four companies, including Yifang Biotechnology, which is required to clarify compliance operations related to safety production [1] - Yifang Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The CSRC has requested Yifang Biotechnology to provide legal opinions regarding its business scope and whether it involves restricted foreign investment areas, as well as compliance with foreign investment policies [1] Group 2 - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products (Befotizumab and Gexorase), two core products in clinical stages (D-2570 and Terysqun), one clinical candidate (Dabinoside), and three preclinical candidates (YF087, YF550, and YF057) [2]