(2026) 13089......................................... 1

..................................................... 2

..................................................... 5

............................................. 5

.................................................... 11.................................................... 11.................................................... 16.................................................... 16.................................................... 16.................................................... 18.................................................... 28.................................................... 30.................................................... 31.................................................... 32.................................................... 33.................................................... 34..................................................36 1.

2.

3. 2026 5 31

4.

5.

6.

(1)

2026 5 31

19532.05 10161.88

9370.17 23288.50

10161.88 13126.62

3756.45 40.09%

% A B C=B-A D=C/A×100%

1 12678.87 13678.10 999.23 7.88

2 6853.18 9610.40 2757.22 40.23

3 1018.61 904.17 -114.44 -11.23

4 791.87 871.23 79.36 10.02

5 1686.56 4420.32 2733.76 162.096 3356.14 3414.68 58.54 1.74

7 19532.05 23288.50 3756.45 19.23

8 9979.46 9979.46

9 182.42 182.42

10 10161.88 10161.88

11 9370.17 13126.62 3756.45 40.09

(2)

2026 5 31

19532.05 10161.88

9370.17 21300.00

11929.83 127.32%

(3)

21300.00

13126.62 8173.38 38.37%

( )

B

2026

21300.00

2026 5 31 2027 5

30

7.

(1) 2026 9

3 2026 011125(2) 18750.00

15378.43 3371.58

(3)

2026 5 55

2.10

(4)

MAH

2025 0105 14624

2025 10 31 4484032.13

2026 6 10

(5) ( )

( ) ( )

( )(2026) 13089

2026 5 31

( )

913202001381477183

2 41 05 06

102955.6222

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1992 05 18( )

1.

( “ ”)

91440101MA5AKRMP2B

11 B9 423

18750

2017 10 26

2.

(1)

2017 10 5000

5000.00 100.00%

5000.00 100.00%

(2)

2018 6

1000015000.00 100.00%

15000.00 100.00%

(3)

2021 4

1875.00

15000.00 80.00% 15000.00 97.54%

1875.00 10.00%

1875.00 10.00% 378.43 2.46%

18750.00 100.00% 15378.43 100.00%

3

2017 10 B

20

2026

GMP EMA

GMP CMO

4.

2024 12 31 2025 12 31 2026 5 31

18307.98 13354.94 12678.87

7280.68 7115.69 6853.18

1018.61 1018.61 1018.61

2013.65 869.94 791.87

713.31 194.53 368.44

2707.67 1809.34 1686.56

431.67 1008.06 791.23

237.62 138.95 111.05

158.15 2076.26 2085.43

25588.66 20470.63 19532.05

16432.47 11183.43 9979.46

472.97 72.11 182.42

16905.44 11255.54 10161.88

8683.22 9215.09 9370.172024 2025 2026 1-5

18014.54 16680.59 937.29

9044.55 11195.40 601.97

90.22 146.50 6.19

3223.73 3624.68 685.50

741.48 741.73 125.30

3390.93 720.91 124.68

50.45 134.80 35.18

587.84 772.47 242.76

22.40 36.12 15.53

-158.56 -7.72

-1034.97 -1011.25 -187.28

84.05 1970.12 700.21

1132.49 1725.46 121.98

2.67 43.95 47.81

103.95 155.02 4.27

1031.21 1614.39 165.51

-3.37 -1072.89 10.43

1034.58 2687.28 155.08

2024

2025

5.

%

1 2021-07 100%

2 2024-03 100%

(1)

91110105580837041T

60 17 1702

20

2011 08 161 2

3 4

5

2025 12 31 2026 5 31

19.60 19.60

19.60 19.60

3.01 3.01

3.01 3.01

16.60 16.59

2025 2026 1-5

0.36

0.11 0.01

-0.47 -0.01

-0.47 -0.01

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(2)91440101569755176U

5 3011

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2011 02 15

; ; ; ;

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; ; ;

;

2025 12 31 2026 5 31

887.69 887.58

887.69 887.58

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( )

12678.87

6853.18

1018.61

791.87

368.44

1686.56

791.23

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2085.43

19532.05

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182.42

10161.88

9370.17

1.(1)

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( ) ( )

1 2021-07 20.00 18.61

2 2024-03 1000.00 1000.00

(3)

10

2021 12 25 24 1

2.80 19 1906 22 2206

85.4429

5

2021 12 12 11

2280 2283

12.72

2018

(4)

(5)

(6)

(7)

(8)2.

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1 2022S00105 2022-03

2 2023S00137 2023-03

3 YBY60332023 2023-03

4 2023S00451 2023-03

5 2023S00466 2023-03

6 2023S00831 2023-06

7 2024B03320 2023-06

8 2023S01260 2023-08

9 2023S01721 2024-03

(2) 10 108 7

11

1 CN202411285440.6 2024-09

2 K1 CN202311664918.1 2023-12

3 CN202410805915.3 2024-06

4 CN202011641309.0 2020-12

5 CN202111681139.3 2021-12

6 CN202111310213.0 2021-11

7 CN202010169033.4 2020-03

8 CN201811632970.8 2018-12

9 CN201811632863.5 2018-12

10 CN201610411554.X 2016-06

1 81153451 2024/9/27

2 79138578 2024/6/11

3 79150561 2024/6/11

4 79150580 2024/6/11

5 79130277 2024/6/11

6 79140796 2024/6/11

7 79130314 2024/6/11

8 79130299 2024/6/11

9 79130332 2024/6/11

10 78639323 2024/5/16

11 77000108 2024/2/2812 77002329 2024/2/28

13 77002337 2024/2/28

14 77005177 2024/2/28

15 76999778 2024/2/28

16 76997447 2024/2/28

17 77003953 2024/2/28

18 76995099 2024/2/28

19 76991668 2024/2/27

20 76991301 2024/2/27

21 76975504 2024/2/27

22 76983029 2024/2/27

23 76974250 2024/2/27

24 76981271 2024/2/27

25 76985499 2024/2/27

26 76975485 2024/2/27

27 76931288 2024/2/23

28 76922439 2024/2/23

29 76770178 2024/2/4

30 76034503 2023/12/26

31 74904806 2023/11/1

32 ZORUN PHARMA 74922431 2023/11/1

33 GANLIQING 74829175 2023/10/27

34 74729762 2023/10/23

35 72880739 2023/7/17

36 72891349 2023/7/17

37 72891364 2023/7/17

38 71969540 2023/6/1

39 71967909 2023/6/1

40 71967913 2023/6/1

41 71980319 2023/6/1

42 71931641 2023/5/31

43 71931648 2023/5/31

44 68082421 2022/11/1

45 68082428 2022/11/1

46 68077612 2022/11/1

47 68066323 2022/11/1

48 68075763 2022/11/1

49 64079103 2022/4/19

50 63982769 2022/4/14

51 61794856 2021/12/29

52 59106571 2021/9/9

53 59109891 2021/9/9

54 58938102 2021/9/1

55 58929096 2021/9/1

56 57580350 2021/7/9

57 56615309 2021/6/3

58 56090858 2021/5/17

59 53281001 2021/1/25

60 52997161 2021/1/1461 52975062 2021/1/14

62 52783955 2021/1/6

63 52629238 2020/12/30

64 52609402 2020/12/30

65 52608216 2020/12/30

66 52611458 2020/12/30

67 52609424 2020/12/30

68 51805967 2020/12/2

69 51801745 2020/12/2

70 51819770 2020/12/2

71 49655180 2020/9/10

72 49664104 2020/9/10

73 48187584 2020/7/17

74 48171033 2020/7/17

75 48178491 2020/7/17

76 46952230 2020/6/4

77 46967972 2020/6/4

78 46965660 2020/6/4

79 40897524 2019/9/6

80 ZORUN PHARMA 40537182 2019/8/22

81 39852453 2019/7/23

82 39852457 2019/7/23

83 39842508 2019/7/23

84 39836933 2019/7/23

85 39548101 2019/7/10

86 39170320 2019/6/27

87 39148249 2019/6/27

88 39122562 2019/6/26

89 39135058 2019/6/26

90 32181760 2018/7/11

91 30554925 2018/4/27

92 25765609 2017/8/9

93 25480436 2017/7/24

94 25476957 2017/7/24

95 25482967 2017/7/24

96 ZORUN 25386898A 2017/7/18

97 ZORUN 25387117 2017/7/18

98 ZORUN 25385141 2017/7/18

99 ZORUN 25381547A 2017/7/18

100 25375778 2017/7/18

101 24500197 2017/6/6

102 20804940 2016/7/28

103 25387106 2018/12/7

104 ZORUNPHARMA 32188995 2019/8/14

105 ZORUNPHARMA 32193086 2020/10/28

106 ZORUNPHARMA 32193073 2019/8/14

107 25473896 2018/7/28

108 25487779 2018/7/281 -2026-F-00184212 -

2 -2026-F-00182833 -

3 -2026-F-00180204 -

4 -2026-F-00161708 -

5 Logo -2023-F-00297577 2023-04

6 -2023-F-00297576 2021-10

7 IP -2023-F-00297575 2023-08

1 H20254159 2025/5/13

2 H20263167 2026/1/20

3 H20253819 2025/4/8

4 H20255401 2025/9/9

5 H20264433 2026/5/19

6 H20233385 2023/3/24

7 H20263079 2026/1/14

8 H20233758 2023/6/21

9 H20254158 2025/5/13

10 H20253830 2025/4/8

11 H20249359 2024/11/15

3.

4.

2026 5 31

( )1. (2016 7 2

)

2. (2023 12 29

)

3. (2019 12 28

)

4. ( 86 2019 1 2

97 )

5. (2018 12 29

)

6. —— ( 33 ) <

—— > ( 76 )

7. 2024 12 25

8. 2025 12 19

75

9. (

2019 39 )

( )

1. ( [2017]43 )

2. ( [2017]30 )

3. — ( [2018]35 )

4. — ( [2018]36 )

5. — ( [2017]33 )

6. — ( [2018]37 )

7. — ( [2017]35 )

8. — ( [2019]35 )

9. — ( [2018]38 )

10. — ( [2017]37 )

11. — ( [2017]39 )

12. — ( [2023]14 )

13. [2017]49

14. ( [2017]46 )

15. ( [2017]47 )

16. ( [2017]48 )

17. ( [2017]50 )18. ( [2017]51 )

( )

1.

2.

3.

4.

5.

6.

7.

8. ( )

9.

( )

1.WIND

2. (LPR)

3. (2026 )

4.

5. 2011

6.

7.

8.

( )

1. 2020 ( 2020 31 )

2. 8 — ( 2019

39 )

3. 12 —

( 2020 38 )

4.

5.——

2026

( )1.+ + +

(1)

P

Fi i

Fn

r ( WACC)

n

i i

g

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kd

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t

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3) “ ”

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R

2026 6 1 2036 12 31

= ×2024

( 2025 940 )

( )

6

7

0

8

9

10

(1)

(2)

(3)

(4)

(5)

(6)

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2026 7 1 2026 9 3

( )2026 7 1

( )

( )

2026 7 22 2026 7 31

(1)

“ ”

(2)

“ ”

“ ”

“ ”

(3)

(4)

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(5)(1)

(2)

(3)

(4)

(5)

(6)

(7)

( )

( )

( )

( )

1.

2.

3.4.

5.

6.

7.

8.

9.

10.

11.

12.

13. 2026 15%

2027 25%

( )

2026 5 31

19532.05 10161.88

9370.17 23288.50

10161.88 13126.62

3756.45 40.09%

%

A B C=B-A D=C/A×100%

1 12678.87 13678.10 999.23 7.88

2 6853.18 9610.40 2757.22 40.23

3 1018.61 904.17 -114.44 -11.23

4 791.87 871.23 79.36 10.02

5 1686.56 4420.32 2733.76 162.096 3356.14 3414.68 58.54 1.74

7 19532.05 23288.50 3756.45 19.23

8 9979.46 9979.46

9 182.42 182.42

10 10161.88 10161.88

11 9370.17 13126.62 3756.45 40.09

(2)

2026 5 31

19532.05 10161.88

9370.17 21300.00

11929.83 127.32%

(3)

21300.00

13126.62 8173.38 38.37%

( )

B

2026

21300.00( ) 2026 9

3 2026 011125

( ) 18750.00

15378.43 3371.58

( )

2026 5 55

2.10

( )

MAH

2025 0105 14624

2025 10 31 4484032.13

2026 6 10

( ) ( )

( ) ( )

( )

( )

1.

2.

3.4.

5.

( )

( )

( )

( )

2026 9 3( [2018]22 )