证券代码：688506 证券简称：百利天恒 公告编号：2026-008 四川百利天恒药业股份有限公司 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： 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 9 日 14 点 30 分 召开地点：成都市高新区高新国际广场 B 座 10 楼会议室 （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2026 年 2 月 9 日 至2026 年 2 月 9 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 股东会召开日期：2026年2月9日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是 ...

- The report defines long-term heavy positions as stocks that appear in the top ten holdings of a fund for four or more consecutive reporting periods[9] - The report provides a list of stocks heavily held by funds in Q4 2025, including CATL, Tencent Holdings, Zijin Mining, Kweichow Moutai, and Midea Group[9][10] - The report calculates the termination ratio of long-term heavy positions for Q4 2025 using the formula: $$ \text{Termination Ratio} = \frac{\text{Number of funds terminating long-term heavy positions in Q4 2025}}{\text{Number of funds holding long-term heavy positions in Q3 2025}} $$[14] - The report identifies stocks with the highest and lowest termination ratios in Q4 2025, such as Xiaomi Group and Poly Developments with high termination ratios, and Baili Tianheng and Zijin Mining with low termination ratios[14][18] - The report also analyzes the termination ratios of long-term heavy positions by industry, noting that the media, food and beverage, and electrical equipment industries have relatively low termination ratios, indicating fund managers' optimism about these sectors[20][22]

Core Viewpoint - The report highlights the performance of the China Europe Medical Health Mixed Fund managed by Ge Lan and Zhao Lei, indicating a decline in total fund size and negative returns compared to benchmarks [1][4]. Fund Performance - As of December 31, 2025, the total size of the funds managed by Ge Lan decreased from 43.544 billion to 35.389 billion yuan [1]. - The A-class share of the China Europe Medical Health Mixed Fund recorded a net value growth rate of -14.81%, while the C-class share saw a decline of -14.98%, both underperforming the benchmark return of -8.21% [1][3]. Holdings Overview - The top ten holdings of the China Europe Medical Health Fund include WuXi AppTec, Heng Rui Medicine, and Kanglong Chemical, with notable increases in holdings for Hai Si Ke and Tai Ge Medicine, while reductions were seen in stocks like Ke Lun Pharmaceutical and Xin Li Tai [1][2]. Market Context - In Q4 2025, the CSI Pharmaceutical Index fell by 12.7%, underperforming the CSI 300 Index, which declined by only 0.2%. The report notes significant differentiation within sub-sectors, with innovative industries experiencing corrections while traditional Chinese medicine and pharmaceutical commerce remained relatively stable [3]. Future Outlook - Looking ahead to Q1 2026, improvements in global liquidity are expected to boost investment and financing in innovative pharmaceuticals, supported by domestic policy enhancements. The innovative drug and device industry is anticipated to maintain a high level of activity, with several key domestic drugs approaching critical data readouts [4][5]. - The report suggests that the pharmaceutical sector may continue to experience structural trends due to macroeconomic improvements, supportive industry policies, and ongoing innovation, with investment opportunities focusing on the progress of innovative drug and device exports, domestic substitution in equipment, and recovery in consumer healthcare demand [5].

Core Viewpoint - The report highlights the performance of the China Europe Medical Health Mixed Fund, managed by Ge Lan and Zhao Lei, indicating a decline in total fund size and negative returns compared to benchmarks for the fourth quarter of 2025 [1][4]. Fund Performance - As of December 31, 2025, the total size of funds managed by Ge Lan decreased from 43.544 billion to 35.389 billion yuan [1]. - The net value growth rate for Class A shares of the China Europe Medical Health Mixed Fund was -14.81%, while the benchmark return was -8.21% [1]. - Class C shares experienced a net value growth rate of -14.98%, also underperforming the benchmark [1]. Holdings Overview - The top ten holdings of the China Europe Medical Health Mixed Fund include WuXi AppTec, Heng Rui Medicine, and Kanglong Chemical, with notable increases in holdings for Hai Si Ke and Tai Ge Medicine, while reductions were seen in stocks like Ke Lun Pharmaceutical and Xin Li Tai [1][2]. - The largest holding, WuXi AppTec, accounted for 10.11% of the fund's net value, with a market value of approximately 2.724 billion yuan [2]. Market Context - The CSI Medical Index fell by 12.7% in the fourth quarter of 2025, underperforming the Shanghai and Shenzhen 300 Index, which declined by only 0.2% [3]. - There was significant differentiation within sub-sectors, with the innovative industry chain entering a correction phase after previous gains, while traditional Chinese medicine and pharmaceutical commerce showed relative stability [3]. Future Outlook - Looking ahead to the first quarter of 2026, improvements in global liquidity are expected to boost investment and financing in innovative drugs, supported by domestic policy enhancements [4]. - The innovative drug and medical device industry chain is anticipated to maintain high levels of activity, with several key domestic drugs approaching critical data readout points [5]. - The CXO sector is expected to benefit from a recovery in biotechnology financing, leading to improved order conditions [5]. - The pharmaceutical sector is projected to experience structural trends driven by macroeconomic improvements, supportive industry policies, and ongoing innovation [5].

Core Viewpoint - Bailitianheng is a comprehensive enterprise focusing on cutting-edge global biomedicine, particularly in the field of tumor macromolecule therapy, with a strategic goal of becoming a multinational corporation (MNC) dedicated to addressing unmet clinical needs in cancer treatment [1] Group 1: Company Overview - Bailitianheng specializes in innovative research and development, global clinical development, and large-scale production capabilities in the tumor macromolecule therapy sector [1] - The company aims to build a full industry chain covering research, clinical trials, production, and commercialization, aspiring to become a leading multinational pharmaceutical enterprise in cancer treatment [1] Group 2: Clinical Needs and Innovations - Nasopharyngeal carcinoma is a highly prevalent malignant tumor in China, with limited treatment options for late-stage patients, highlighting a significant clinical need for new therapeutic mechanisms [1] - In addition to nasopharyngeal carcinoma, China has the highest incidence and mortality rates for esophageal cancer globally, with a pressing demand for effective second-line treatment options [1] Group 3: Product Development - Bailitianheng has developed iza-bren, a first-in-class EGFR×HER3 dual-target ADC drug, which is currently the only dual-target ADC in Phase III clinical trials [2] - Iza-bren utilizes a dual-target design to precisely deliver cytotoxic payloads to tumor cells while minimizing damage to normal cells, enhancing efficacy and reducing adverse reactions [2] Group 4: Clinical Trial Results - The Phase III study BL-B01D1-303 for recurrent or metastatic nasopharyngeal carcinoma patients showed a 54.6% objective response rate (ORR), significantly higher than the 27.0% for standard chemotherapy, and a median progression-free survival (mPFS) of 8.38 months compared to 4.34 months for chemotherapy [3] - The study results have been recognized internationally, with findings selected for presentation at the 2025 ESMO conference and published in The Lancet [3] Group 5: Regulatory Progress - Iza-bren has been included in the priority review list by the CDE and has received acceptance for its new drug application for nasopharyngeal carcinoma by the NMPA [3] - The Phase III study BL-B01D1-305 for esophageal squamous cell carcinoma achieved positive results for both progression-free survival (PFS) and overall survival (OS), marking a significant milestone for ADC drugs in this field [4] Group 6: Industry Impact - Iza-bren represents a successful example of clinical translation for dual-target ADC technology, showcasing Bailitianheng's research capabilities in tumor macromolecule therapy [4] - The successful commercialization of iza-bren is expected to reshape treatment paradigms for late-stage nasopharyngeal carcinoma and esophageal squamous cell carcinoma, providing new hope for patients who have failed previous treatments [4][5] Group 7: Future Outlook - With the commercialization of iza-bren and the advancement of more innovative pipelines, the company aims to lead the development of innovative cancer therapies and contribute to the global narrative of China's biopharmaceutical industry [5]

Core Viewpoint - The A-share market experienced fluctuations on January 22, with the Shanghai Composite Index rising by 0.14%. The innovative drug sector faced pressure, as evidenced by the decline of the Science and Technology Innovation Drug ETF Huatai (589120) by 1.51% by 15:00. However, the ETF saw a net inflow of funds totaling 27.7361 million yuan over the past three days, indicating a trend of buying on dips [1]. Group 1: Market Performance - The Science and Technology Innovation Drug ETF Huatai (589120) recorded a net inflow of 27.7361 million yuan over three days, showing a clear trend of increased buying despite market declines [1]. - By 15:00, the ETF's component stocks exhibited mixed performance, with notable gains from Kangxinuo at 1.81%, Baiaotai at 0.49%, and Haoyuan Pharmaceutical at 0.48%. Conversely, Yifang Bio fell over 6%, Rongchang Bio dropped over 4%, and Baili Tianheng decreased by over 3% [6]. Group 2: Industry Insights - According to the National Medical Insurance Administration, 76 innovative drugs are expected to be approved for market entry by the National Medical Products Administration by 2025, marking a record high and indicating a trend towards diversified innovative therapies in China [4]. - Donghai Securities predicts that the innovative drug sector is entering a new era, transitioning from a generics-dominated market (pre-2018) to a period of transformation (2018-2025) characterized by price reductions and increased R&D investments in innovative drugs. By 2026, innovative drugs are expected to dominate the pharmaceutical industry in China, supported by complementary insurance policies and a focus on the pace of new drug launches and competitive dynamics [5].

Group 1 - The core transaction of Baili Tianheng on January 21 involved 8,900 shares with a total transaction value of 2.6967 million yuan, representing 0.69% of the total trading volume for that day [1] - The transaction price was 303 yuan, which was consistent with the market closing price of 303 yuan [1] - The buying brokerage was CITIC Securities South China Co., Ltd. located in Guangzhou Pazhou, while the selling brokerage was China International Capital Corporation [2]

Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services such as elderly care, childcare, and housekeeping, effective from January 1, 2026, to December 31, 2027. Income from these services will be exempt from VAT and calculated at 90% for taxable income [24][26] - Recently, a surge in commercial space activities has prompted banks to participate actively. Several banks, including SPDB and CMB, successfully launched satellites aimed at enhancing their risk control capabilities. Satellite remote sensing technology will allow banks to monitor loan project progress and collateral status in real-time, addressing the limitations of traditional inspections [24][26] - Starting from January 20, 2026, domestic gasoline and diesel prices will increase by 85 yuan per ton, marking the first price hike for refined oil in 2026. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel will be 0.07 yuan per liter [24][26] - Japan plans to invest over $330 billion in artificial intelligence and semiconductor sectors [25] - A recent report indicates that the shipment share of ASIC AI servers is expected to rise to 27.8% in 2026, the highest since 2023, with growth rates surpassing those of GPU AI servers [25] - Shanghai has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [25] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [26][34] - Hu Silicon Industry announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 2% between January 7 and January 19, completing the reduction plan [26] - Liou Co. announced the completion of its suspension review and will resume trading [29] - Kailong High-Tech is planning to acquire control of Jinwangda, leading to a suspension of its stock [29] - Yifan Transmission intends to purchase 87.07% of Beijing Helish's shares, which is expected to constitute a major asset restructuring [29] - Tonghu Microelectronics forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [29] - Baile Tianheng's application for the listing of iza-bren for the treatment of recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list [29] - Guosheng Technology expects a net loss of 325 million to 650 million yuan for 2025 due to low component prices affecting revenue [29] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [29]

Core Viewpoint - The National Medical Products Administration (NMPA) has accepted the New Drug Application (NDA) for the innovative EGFR x HER3 dual antibody ADC drug, iza-bren, developed by BaiLi Tianheng, aimed at treating recurrent or metastatic esophageal squamous cell carcinoma (ESCC) in patients who have failed previous PD-1/PD-L1 monoclonal antibody and platinum-based chemotherapy [1][2]. Group 1: Drug Development and Approval - The NDA acceptance is based on the interim analysis results from a Phase III clinical trial, which achieved both progression-free survival (PFS) and overall survival (OS) as primary endpoints [1]. - Iza-bren has been included in the priority review list by the CDE, indicating a potential commercialization in China within the year [1]. - This drug is expected to become the first standard treatment option for esophageal cancer in the ADC category [1]. Group 2: Market Need and Patient Impact - According to GLOBOCAN 2022, there are approximately 510,000 new esophageal cancer cases globally each year, with China accounting for about 224,000 new cases, representing 43.8% of the global total [2]. - In China, over 90% of esophageal cancer cases are esophageal squamous cell carcinoma, and there is a significant unmet clinical need for effective second-line treatment options after first-line immunotherapy [2]. - Iza-bren addresses this urgent need by providing a new treatment option specifically for patients who have failed previous therapies [2]. Group 3: Clinical Research and Recognition - Iza-bren is a core product in BaiLi Tianheng's innovative pipeline, with over 40 clinical trials ongoing in China and the U.S. across more than 10 tumor types [3]. - The drug has received multiple breakthrough therapy designations from both the CDE and the FDA, highlighting its competitive advantage and broad application prospects in the global oncology treatment landscape [3].

Core Viewpoint - The National Medical Products Administration (NMPA) has accepted the New Drug Application (NDA) for iza-bren, a first-in-class EGFR x HER3 dual antibody ADC developed by BaiLi Tianheng, aimed at treating recurrent or metastatic esophageal squamous cell carcinoma (ESCC) in patients who have failed prior PD-1/PD-L1 monoclonal antibody combined with platinum-based chemotherapy [1][2]. Group 1: Drug Development and Approval - Iza-bren is the first ADC to complete critical registration studies and has been included in the priority review list by the CDE, with expectations for commercialization in China this year [1][2]. - The NDA acceptance is based on the interim analysis results from a Phase III clinical trial, which achieved dual primary endpoints of progression-free survival (PFS) and overall survival (OS) [1][2]. Group 2: Market Need and Patient Impact - Globally, there are approximately 511,000 new esophageal cancer cases and 445,000 deaths annually, with China accounting for about 224,000 new cases, representing 43.8% of the global total [2]. - In China, over 90% of esophageal cancer cases are squamous cell carcinoma, and there is a significant unmet clinical need for effective second-line treatment options after first-line immunotherapy [2]. Group 3: Clinical Research and Recognition - Iza-bren has been recognized by global regulatory agencies, with over 40 clinical trials ongoing in China and the U.S. for more than 10 types of tumors [3]. - The drug has received multiple breakthrough therapy designations, including seven from the CDE and one from the FDA, highlighting its competitive advantage and broad application prospects in cancer treatment [3].