Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Insights - The article highlights the top and bottom AH share premium rates as of August 21, with Northeast Electric (00042), Andeli Juice (02218), and Hongye Futures (03678) leading in premium rates, while CATL (03750), Heng Rui Medicine (01276), and Midea Group (00300) lag behind [1][2] Premium Rate Summary - The top three AH share premium rates are as follows: - Northeast Electric (00042): 757.14% - Andeli Juice (02218): 237.73% - Hongye Futures (03678): 236.54% [2] - The bottom three AH share premium rates are: - CATL (03750): -17.69% - Heng Rui Medicine (01276): -2.65% - Midea Group (00300): 5.19% [2] Deviation Value Summary - The top three stocks with the highest deviation values are: - Andeli Juice (02218): 38.61% - Beijing Machinery (00187): 30.46% - Junda Co. (02865): 17.54% [1][3] - The bottom three stocks with the lowest deviation values are: - BYD (01211): -111.35% - Northeast Electric (00042): -64.92% - Longpan Technology (02465): -46.48% [1][3]

Group 1 - The Shanghai Composite Index fell by 0.02% to close at 3727.29 points, while the Hang Seng Index decreased by 0.21% to 25122.9 points [1] - Fudan Zhangjiang's A/H premium reached 183.21%, ranking third among A/H shares [1] - At market close, Fudan Zhangjiang's A-shares were priced at 10.48 yuan, down 1.87%, and H-shares were at 4.02 HKD, down 1.95% [1] Group 2 - Fudan Zhangjiang Biopharmaceutical Co., Ltd. was established in November 1996 in the Zhangjiang Hi-Tech Park, Shanghai, with notable shareholders including Shanghai Pharmaceuticals Holding Co., Ltd. [1] - The company focuses on innovative research, development, production, and sales in the biopharmaceutical sector, aiming to become a leading innovation enterprise centered on intellectual property [1] - Fudan Zhangjiang has developed competitive advantages in areas such as gene technology drugs, photodynamic therapy drugs, nanotechnology drugs, and oral solid dosage forms, with new drugs expected to be launched in the market [1] - The company has undertaken several national key science and technology projects, including the "National Key Technology R&D Program," "National High Technology Research and Development Program (863 Program)," and "Major New Drug Creation" projects [1]

Group 1 - The Shanghai Composite Index rose by 0.85% to close at 3728.03 points, while the Hang Seng Index fell by 0.37% to close at 25176.85 points [1] - Fudan Zhangjiang's A/H premium reached 183.79%, ranking third among A/H shares [1] - Fudan Zhangjiang's A-shares closed at 10.68 yuan, with a gain of 2.01%, and H-shares closed at 4.1 Hong Kong dollars, up by 2.24% [1] Group 2 - Fudan Zhangjiang Biopharmaceutical Co., Ltd. was established in November 1996 in the Zhangjiang Hi-Tech Park, Shanghai, with notable shareholders including Shanghai Pharmaceuticals Holding Co., Ltd. [1] - The company focuses on innovative research, development, production, and sales in the biopharmaceutical sector, aiming to become a knowledge-based innovative enterprise [1] - Fudan Zhangjiang has developed competitive advantages in areas such as gene technology drugs, photodynamic therapy drugs, nanotechnology drugs, and oral solid dosage technology, with new drugs expected to be launched in the market [1]

截止8月15日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列AH溢价率前三位，溢 价率分别为770.97%、226.69%、213.19%；宁德时代(03750)、恒瑞医药(01276)、紫金矿业(02899)分列 AH溢价率末三位，溢价率分别为-19.95%、-7.45%、5.81%。其中安德利果汁(02218)、金力永磁 (06680)、南京熊猫电子股份(00553)的偏离值位居前三，分别为21.03%、11.03%、10.63%；另外，比亚 迪股份(01211)、东北电气(00042)、龙蟠科技(02465)的偏离值位居后三，分别 为-143.50%、-80.62%、-50.25%。 前十大AH股溢价率排行 前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.350 | 47.98 | 213.19% | 21.03% | | 金力永磁(06680) | 19.090 | 28.17 | 76.74% | 11.03% | ...

Group 1 - The Shanghai Composite Index fell by 0.46% to close at 3666.44 points, while the Hang Seng Index decreased by 0.37% to 25519.32 points [1] - Fudan Zhangjiang's A/H share premium reached 195.57%, ranking second among A/H shares [1] - At market close, Fudan Zhangjiang's A-shares were priced at 10.24 yuan, down 3.31%, and H-shares were at 3.79 HKD, down 3.32% [1] Group 2 - Fudan Zhangjiang Biopharmaceutical Co., Ltd. was established in November 1996 in the Zhangjiang Hi-Tech Park, Shanghai, with notable shareholders including Shanghai Pharmaceuticals Holding Co., Ltd. [1] - The company focuses on innovative research, development, production, and sales in the biopharmaceutical sector, aiming to become a knowledge-based innovation enterprise [1] - Fudan Zhangjiang has developed competitive advantages in areas such as gene technology drugs, photodynamic therapy drugs, nanotechnology drugs, and oral solid dosage forms, with new drugs expected to be launched in the market [1]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2] - Northeast Electric (00042) leads with a premium rate of 785.25%, while CATL (03750) shows a negative premium rate of -20.14% [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 785.25% - Fudan Zhangjiang (01349): 230.34% - Hongye Futures (03678): 226.10% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): -20.14% - Hengrui Medicine (01276): -5.11% - China Merchants Bank (03968): 4.67% [1] Deviation Values - The stocks with the highest deviation values are: - Andeli Juice (02218): 28.98% - Fudan Zhangjiang (01349): 27.73% - Jinli Permanent Magnet (06680): 14.39% [1] - The stocks with the lowest deviation values are: - BYD Company (01211): -150.95% - Northeast Electric (00042): -72.83% - Longpan Technology (02465): -44.57% [1] Additional Insights - The top ten stocks with the highest deviation values include: - Andeli Juice (02218): 219.55% premium rate - Fudan Zhangjiang (01349): 230.34% premium rate - Jinli Permanent Magnet (06680): 79.07% premium rate [2] - The bottom ten stocks with the lowest deviation values include: - BYD Company (01211): 11.96% premium rate - Northeast Electric (00042): 785.25% premium rate - Longpan Technology (02465): 108.84% premium rate [2]

Core Viewpoint - Fudan Zhangjiang (688505) reported disappointing financial results for the first half of 2025, with a significant decline in both revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the reporting period was 390 million yuan, a year-on-year decrease of 4.42% [1] - Net profit attributable to shareholders was 5.72 million yuan, down 91.89% year-on-year [1] - In Q2 alone, total revenue was 210 million yuan, a decline of 19.31% year-on-year, with net profit of 3.05 million yuan, down 95.52% [1] - Gross margin was 89.8%, a decrease of 3.22% year-on-year, while net margin was 1.44%, down 91.64% [1] - Total operating expenses (selling, administrative, and financial) reached 202 million yuan, accounting for 51.74% of total revenue, an increase of 55.04% year-on-year [1] Cash Flow and Investment - Operating cash flow per share was 0.06 yuan, an increase of 125% year-on-year [1] - Investment cash flow showed a significant decline of 291.31%, attributed to payments for related engineering projects [6] Changes in Financial Items - Prepayments decreased by 75.51% due to the recognition of expenses based on contract progress [2] - Other equity investments fell by 45.7% due to changes in fair value [2] - Accounts payable decreased by 32.74% due to reduced material payments [3] - Contract liabilities dropped by 56.48% due to decreased advance payments for products [3] - Employee compensation payable decreased by 91.28% as last year's bonuses were fully paid [4] - Tax payable increased by 31.34% due to a higher balance of VAT payable [5] Business Model and R&D Focus - The company's return on invested capital (ROIC) was 1.94%, indicating weak capital returns, with a historical median ROIC of 8.85% since its listing [7] - The company relies heavily on R&D and marketing for its performance, necessitating a thorough examination of these driving factors [7] - The company is advancing several clinical projects, including antibody-drug conjugates for various cancers, with ongoing Phase I and II trials [8][9][10] Future Outlook - The company plans to continue increasing R&D investment in line with the progress of its projects [15] - There is significant potential for the expansion of its products, particularly in the pediatric market [14]

Core Viewpoint - The article highlights the performance of the Shanghai Fudan Zhangjiang Bio-Pharmaceutical Co., Ltd., emphasizing its significant A/H share premium and its ongoing innovations in the biopharmaceutical sector [1][2]. Company Overview - Shanghai Fudan Zhangjiang Bio-Pharmaceutical Co., Ltd. was established in November 1996 in the Zhangjiang Hi-Tech Park, Shanghai, with notable shareholders including Shanghai Pharmaceuticals Holding Co., Ltd. [1] - The company focuses on innovative research, development, production, and sales in the biopharmaceutical field, aiming to become a leading innovation enterprise centered on intellectual property [1]. Market Performance - On August 13, the Shanghai Composite Index rose by 0.48% to close at 3683.46 points, while the Hang Seng Index increased by 2.58% to 25613.67 points [1]. - Fudan Zhangjiang's A-shares closed at 10.59 yuan, with a gain of 0.67%, while its H-shares closed at 3.92 HKD, experiencing a decline of 1.75% [1]. Competitive Advantage - The company has developed a competitive edge through continuous innovation in areas such as gene technology drugs, photodynamic therapy drugs, nanotechnology drugs, and oral solid dosage technology drugs [1]. - Fudan Zhangjiang has participated in several national key science and technology projects, including the "National Key Technology R&D Program," "National High Technology Research and Development Program (863 Program)," and the "Major New Drug Creation" technology major special project [1].