Core Viewpoint - The A-share market experienced a strong rebound on November 25, with major indices rising significantly, particularly the ChiNext index which saw an intraday increase of over 3% [1][2]. Market Performance - By midday, the Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index was up by 2.60% [2]. - The Hong Kong market also showed strength, with the Hang Seng Index briefly surpassing the 26,000-point mark [1][13]. Sector Performance - The communication sector led the gains, with the index rising over 5% at one point. Notable stocks included Dekoli and Guangku Technology, both hitting the 20% limit up, along with several others achieving significant gains [4][6]. - The electronics sector also performed well, with an intraday increase exceeding 3%. Key stocks included Changguang Huaxin, which rose by 20%, and Tengjing Technology, which saw gains of over 14% [6][8]. New Listings - A new stock, Hai'an Group, debuted with an impressive rise of over 100% at one point during the trading session. The company specializes in the research, production, and sales of giant all-steel engineering tires [9][12]. Notable Stocks - In the communication sector, stocks like Dingxin Communications and Shida Group also saw significant increases, with multiple stocks hitting their daily limit up [4][6]. - In the electronics sector, stocks such as Haoli Technology and Huhua Electronics achieved limit-up status, reflecting strong investor interest [8]. Other Market Movements - The media sector showed notable gains, with stocks like Huanrui Century and Xinhua Group achieving consecutive limit-up days [8]. - Other sectors, including non-ferrous metals, comprehensive services, and power equipment, also saw increases of over 2% [8].

消息面上，11月24日，石药集团宣布，其自主研发的化学1类新药双链小干扰RNA(siRNA)药物 (SYH2061注射液)(下称：该产品)已获得美国食品药品监督管理局(FDA)批准，可在美国开展临床试验。 该产品亦已于2025年10月获得中华人民共和国国家药品监督管理局批准在中国开展临床试验。 据悉，该产品是一款通过偶联乙酰半乳糖胺(GalNAc)实现肝脏靶向递送的siRNA药物，以皮下给药的方 式靶向补体蛋白C5(C5)，能有效降低C5水平。通过优化序列和化学修饰的策略，该产品可实现更持久 的基因沉默效果，是国内自主研发并进入临床试验阶段的首款超长效降低C5水平的siRNA药物，适用于 治疗IgA肾病及其他补体介导相关性疾病。 石药集团(01093)涨超3%，截至发稿，涨2.91%，报7.78港元，成交额3.23亿港元。 ...

智通财经APP获悉，石药集团(01093)涨超3%，截至发稿，涨2.91%，报7.78港元，成交额3.23亿港元。 据悉，该产品是一款通过偶联乙酰半乳糖胺(GalNAc)实现肝脏靶向递送的siRNA药物，以皮下给药的方 式靶向补体蛋白C5（C5），能有效降低C5水平。通过优化序列和化学修饰的策略，该产品可实现更持 久的基因沉默效果，是国内自主研发并进入临床试验阶段的首款超长效降低C5水平的siRNA药物，适用 于治疗IgA肾病及其他补体介导相关性疾病。 消息面上，11月24日，石药集团宣布，其自主研发的化学1类新药双链小干扰RNA（siRNA）药物 （SYH2061注射液）（下称：该产品）已获得美国食品药品监督管理局（FDA）批准，可在美国开展临 床试验。该产品亦已于2025年10月获得中华人民共和国国家药品监督管理局批准在中国开展临床试验。 ...

EGFR ADC正在开展多项试验，预计将于2026年数据读出 SYS6010(EGFR ADC)已获得美国FDA的快速通道资格(FTD)和NMPA的突破性治疗药物认定(BTD)，目 前正在开发多项适应症，包括EGFR突变NSCLC、EGFR野生型NSCLC、BC、GC等。国内开发方面， SYS6010(EGFR ADC)单药疗法正在开展针对2L EGFR突变NSCLC的三期临床试验(预计于26年递交上市 申请)，与奥希替尼的联合疗法正在开展针对1L EGFR突变NSCLC的Ib/III期临床试验。同时，SYS6010 正在开展针对EGFR野生型NSCLC、EGFR表达BC、GC等实体瘤的一期临床试验。此外，海外开发方 面，公司正在准备两项三期临床试验，包括3L及以上EGFR突变NSCLC和2L及以上EGFR野生型 NSCLC。此外，公司预计将于2026年就EGFR ADC的肺癌，食管鳞癌，胃癌进行数据读出。 智通财经APP获悉，申万宏源发布研报称，考虑到石药集团(01093)研发投入增长，将25年的每股盈利预 测从0.46元下调至0.40元，将26年预测从0.49元下调至0.41元，将27年的预测从0.53元 ...

Core Insights - The report highlights Qingmu Technology (青木科技) as a leading expert in full-domain operation services and brand incubation, driven by data and technology [2][4][14] - The company has established a high-synergy business model encompassing operation services, brand incubation, and technical solutions, serving well-known brands across various sectors [2][4][14] - Financial projections indicate significant revenue growth, with expected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025 to 2027, representing year-on-year growth rates of 30.5%, 26.5%, and 23.0% respectively [4][14] Company Overview - Qingmu Technology was founded in 2009 and has focused on e-commerce operation since 2011, building a comprehensive service model that includes operation, brand incubation, and technology solutions [2][14] - The company has a stable ownership structure, with founders holding 39% of the shares, and a management team with over ten years of industry experience [2][14] - Revenue for 2024 and the first half of 2025 is projected at 1.15 billion and 670 million yuan, with year-on-year growth rates of 19.2% and 22.75% respectively [2][14] Competitive Advantages - Qingmu Technology's competitive edge lies in its data, technology, and brand matrix, which collectively enhance its operational value [3][4][14] - The data layer includes services across major platforms like Tmall, JD.com, Douyin, and Xiaohongshu, allowing the company to accumulate extensive user behavior and transaction data [3][14] - The technology layer features proprietary systems such as the Qingling AI platform and CRM, which streamline operations and reduce costs [3][14] Business Model and Growth Strategy - The company is expanding its service model from a single service fee to a combination of service fees, distribution price differences, and equity returns, thus sharing in brand growth [4][14] - Qingmu Technology is diversifying its product categories beyond apparel to include trendy toys, beauty products, health consumer goods, and pet food, enhancing its growth potential [4][14] - The company aims to maintain its status as a top service provider on platforms like Tmall and Douyin while increasing its international operations, particularly in Southeast Asia [4][14] Financial Projections - The report forecasts a steady increase in net profit, with expected figures of 1.31 billion, 1.85 billion, and 2.59 billion yuan for 2025 to 2027, reflecting growth rates of 45.2%, 40.4%, and 40.4% respectively [4][14] - The projected price-to-earnings (PE) ratios for the same period are 50, 35, and 25 times, indicating a favorable valuation outlook [4][14]

Core Insights - The latest shareholder equity disclosures for Baixinan-B (02185), Yaoshibang (09885), and Shiyao Group (01093) were conducted on November 25, 2025 [1] Group 1: Baixinan-B (02185) - Winning Powerful Limited increased its holdings from 45.7756 million shares to 45.7856 million shares, representing a holding percentage change from 19.42% to 19.43% [2] - Wang Philip Li also increased his holdings from 84.9577 million shares to 84.9677 million shares, with a holding percentage change from 36.04% to 36.05% [2] Group 2: Yaoshibang (09885) - Chen Fei increased his holdings from 9 million shares to 9.15 million shares, with a holding percentage change from 1.32% to 1.34% [2] Group 3: Shiyao Group (01093) - Cai Dongchen increased his holdings from 2.872 billion shares to 2.887 billion shares, with a holding percentage change from 24.93% to 25.06% [2]

机构：申万宏源研究 研究员：周文远/胡梦婷 石药集团2025 年前三季度收入同比下降12.3%，达到198.9 亿元，归属于股东的净利润同比下降7.1%至 35.1 亿元，其中第三季度收入同比增长3.4%，达到66.2 亿元，归属于股东的净利润同比增长27.2%至 9.64 亿元，符合我们的预期。2025 年前三季度，公司综合毛利率同比下降4.9 个百分点至65.6%，成药 板块销售贡献从去年前三季度的82.3%下降至77.7%。前三季度，销售费用率同比下降5.1 个百分点至 24.1%。 三季度成药板块销售额重回增长。2025 年前三季度，公司成药板块销售额同比下降17.3%至154.5 亿 元，包含授权费收入15.4 亿元，其中第三季度成药销售额恢复正增长，达到52.0 亿元（同比增长 1.6%、环比增长9.6%）。2025 年初至今，公司已达成四项对外授权协议，首付款合计2.60 亿美元，以 及里程碑付款合计94.5 亿美元。考虑到集采影响，前三季度肿瘤产品销售额同比下降56.8%至16.5 亿 元，占成药板块销售收入的比例为从去年前三季度的20.4%下降至10.7%。此外，由于恩必普受DIP 影 响， ...

2025 年 11 月 24 日 市公司 医药生物 (01093) 三季度业绩改善,创新管线布局丰富 报告原因:有业绩公布需要点评 ali (维持) | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价 (港币) | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币) | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股 (百万股) | 11.522.45 | | 汇率（港币/人民币） | 0.9106 | 一年内股价与基准指数对比走势: 134% 84% 资料来源：Bloomberg 相关研究 《石药集团 (01093) 点评：上半年业绩基 本符合预期，创新管线持续投入》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务 ...

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [1][14] Core Views - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling RMB 19.89 billion, while net profit decreased by 7.1% to RMB 3.51 billion. However, in the third quarter, revenue grew by 3.4% year-on-year to RMB 6.62 billion, and net profit increased by 27.2% to RMB 964 million, aligning with expectations [4][10] - The gross margin decreased by 4.9 percentage points year-on-year to 65.6%, with the sales contribution from finished drugs dropping from 82.3% in the first three quarters of 2024 to 77.7% in 2025 [4][10] - The company has a robust pipeline with 28 key products in pivotal clinical trials and a significant increase in R&D expenses, which rose by 7.9% year-on-year to RMB 4.19 billion, representing 21.0% of revenue [7][13] Financial Performance - For the first three quarters of 2025, finished drug sales fell by 17.3% year-on-year to RMB 15.45 billion, but third-quarter sales returned to growth at RMB 5.20 billion, up 1.6% year-on-year [5][11] - The oncology product sales saw a significant decline of 56.8% year-on-year to RMB 1.65 billion, now representing 10.7% of total finished drug sales [5][11] - The API segment experienced a 22.3% year-on-year increase in vitamin C revenue to RMB 1.79 billion, while antibiotic API revenue slightly declined by 3.7% due to price drops [5][11] Pipeline Development - The company is advancing multiple trials for SYS6010 (EGFR ADC), which has received Fast Track Designation from the FDA and Breakthrough Therapy Designation from the NMPA, with data readouts expected in 2026 [6][12] - The innovative pipeline includes 28 products in phase II/III trials, nine in phase II, and approximately 40 in phase I, covering both oncology and non-oncology areas [7][13] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been adjusted down from RMB 0.46 to RMB 0.40, with target prices revised from HK$12.7 to HK$9.7, indicating a potential upside of 31% [14]

香港联交所最新资料显示，11月24日，主席兼执行董事蔡东晨增持石药集团(01093)1486.6万股，每股作 价7.4608港元，总金额约为1.11亿港元。增持后最新持股数目约为28.87亿股，最新持股比例为25.06%。 ...