2024 年 10 月，因业绩补偿引起的合同纠纷，公司作为原告向北京市第二中 级人民法院提交《民事起诉状》，对西藏天晟泰丰药业股份有限公司（以下简称 "西藏天晟"）及徐攀峰提起诉讼。诉请西藏天晟向公司支付业绩补偿款 100,631,772.46 元并按照同期全国银行间同业拆借中心公布的一年期 LPR 支付 逾 期 支 付 产 生 的 利 息 ； 徐 攀 峰 向 河 南 通 用 支 付 未 办 妥 房 产 证 的 款 项 16,889,100.00 元并按照同期全国银行间同业拆借中心公布的五年期 LPR 支付利 息；公司有权在上述诉讼请求确认的债权范围内对西藏天晟持有的河南通用 30% 股权（对应出资额 300 万元）拍卖、变卖后所得价款优先受偿；徐攀峰对西藏天 晟应向公司支付的补偿款及利息等承担连带清偿责任；西藏天晟、徐攀峰向公司 支付为本案已发生的律师费人民币 3 万元；西藏天晟、徐攀峰承担本案案件受理 费。 庭审中，西藏天晟提出反诉请求，诉请公司向其支付股权转让款 16,889,100.00 元并按照同期全国银行间同业拆借中心公布的五年期 LPR 支付 证券代码：600056 证券简称：中国医药 公告编号 ...

近日，中国医药健康产业股份有限公司发布涉及诉讼事项进展公告。该公司因业绩补偿合同纠纷，于 2024年10月起诉西藏天晟泰丰药业股份有限公司及徐攀峰，涉案金额13940.41万元，庭审中西藏天晟提 出反诉。近日，北京市第二中级人民法院作出一审判决，西藏天晟需向中国医药支付业绩补偿款及利息 等，徐攀峰承担连带清偿责任；中国医药也需向西藏天晟支付股权转让款及利息。截至公告披露日，一 审判决未生效，案件是否上诉及最终结果不确定，公司将依规披露进展，提醒投资者注意风险。 ...

Core Viewpoint - The company has received approval for a short-term financing bond registration of 3 billion yuan, which is valid for two years, allowing for phased issuance [1] Group 1 - The company's 2024 annual general meeting approved the proposal to conduct bond and short-term financing bond registration [1] - The company has received a registration acceptance notice from the China Interbank Market Dealers Association [1] - The underwriting will be led by seven banks, including China Merchants Bank and Industrial and Commercial Bank of China [1]

Core Viewpoint - Since September, domestic investors have increased their holdings in pharmaceutical stocks through the Hong Kong Stock Connect, while foreign investment has slightly declined since mid-year. However, the overall trend of increasing investment in innovative drugs remains unchanged [1] Group 1: Investment Trends - Domestic investors are focusing on innovative drug stocks, while foreign investors are also increasing their positions in high-value innovative drug targets and service-related stocks, including CXO companies and "AI + healthcare" concepts [1] - The upcoming ESMO conference in mid to late October is expected to be a catalyst for the industry, with recommendations to focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), Rongchang Biologics (09995), and Hansoh Pharmaceutical (01276) that are expected to release significant data [1] Group 2: Recommended Sectors - The report suggests a focus on innovative drugs, highlighting companies such as 3SBio (01530) and Eucure Biopharma-B (06996) which have rich short-term catalysts and whose valuations do not yet reflect the value of their core products. Companies like Ascletis Pharma (02096), Hutchison China MediTech (000113), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] - In the CXO sector, leading companies benefiting from high downstream demand and marginal recovery in financing, such as WuXi AppTec (02268), are recommended for attention [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301015 | 百洋医药 | 27.17 | -2.96% | 5.74万 | 1.58亿 | | 301584 | C建发致 | 28.15 | -2.90% | 21.71万 | 6.15亿 | | 600833 | 第一医药 | 13.38 | -2.76% | 8.11万 | 260'T | | 301126 | 达嘉维康 | 11.13 | -2.37% | 4.04万 | 4537.69万 | | 603108 | 润达医疗 | 15.70 | -1.88% | 19.17万 | 3.00亿 | | 000705 | 浙江震元 | 9.78 | -1.41% | 13.46万 | 1.31亿 | | 002462 | 章章点 | 13.69 | -0.58% | 4.41万 | 6013.33万 | | 300937 | 药易购 | 26.53 | -0.49% | 1.29万 | 3415.25万 | | 600538 | 国发股份 ...

Core Points - The completion of the Dhaka-Asulia Elevated Highway (referred to as "Dhaka-Asulia Highway") is expected to significantly reduce transportation costs and increase revenue for the textile industry in Bangladesh [2] - The project includes the construction of a 24-kilometer four-lane elevated highway, 14.3 kilometers of existing road upgrades, and associated infrastructure such as ramps and auxiliary roads [2] - The highway is designed for a maximum speed of 80 km/h and is being constructed by China General Technology Group's subsidiary, China Machinery Engineering Corporation [2] - The project aims to improve traffic connectivity in northern Dhaka and its industrial areas, benefiting approximately 40 million people across 30 districts [2] - The project is progressing as planned, with over half of the work completed, and is expected to be operational by 2026 [3] - Nearly 4,000 local workers are employed on-site, with a focus on skill development and knowledge transfer between Chinese and Bangladeshi workers [3] - The project is part of China's commitment to deepening participation in the construction of transportation infrastructure in Belt and Road Initiative countries [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Pharma & Biotech - **Trend**: High-value out-licensing from China to multinational corporations (MNCs) is on the rise, with significant growth in transaction values and deal numbers from 2020 to August 2025 [2][6][8]. Core Insights - **Out-licensing Growth**: - The share of out-licensed molecules from China increased from 4% to 19% of global deals, while total transaction consideration rose from 1% to 52% [2][6]. - Over 40% of deals with total transaction consideration exceeding $1 billion originated from China, and more than 20% of MNC collaborations are now from China [2][8]. - **Investment Trends**: - MNCs are increasingly investing in China's biotech assets due to their innovative potential, cost-effectiveness, and strong clinical data [1][23]. - The trend of fund inflow and increased ownership by larger institutions in China Healthcare is becoming prominent [1]. - **Key Companies**: - Top picks in the Pharma/Biotech sector include Hengrui, Hansoh, Ascletis, Abbisko, Fosun Pharm, Sino Biopharm, and Luye [1]. Potential Business Development (BD) Opportunities - **Areas of Interest**: - High interest in next-generation immuno-oncology (IO), oral GLP-1, antibody-drug conjugates (ADC), bispecific antibodies for autoimmune diseases, and siRNA platforms [3][34]. - Candidates with higher safety and efficacy potential in obesity treatments are being prioritized, particularly oral GLP-1 candidates [3][39]. - **Valuation and Differentiation**: - Valuation is crucial for next-generation IO candidates, while differentiation is key for obesity candidates due to market competition [3][39]. Geopolitical Considerations - **Geopolitical Risks**: - Although there are concerns regarding potential restrictions on partnerships with China-developed assets, the likelihood of such restrictions being implemented is considered low [4][21][22]. - The urgency for global drugmakers to replenish their pipelines amid patent cliffs and pricing pressures makes China-originating assets increasingly important [4][22]. Market Dynamics - **US In-licensing**: - China-originated assets accounted for approximately 24% of total US in-licensing deals in 2025, a significant increase from 5% in 2021 [24]. - **Pipeline Replenishment**: - A substantial number of best-selling drugs are set to lose market exclusivity between 2025 and 2030, creating a strong need for global drugmakers to enrich their pipelines [26]. Key Candidates and Products - **Innovative Pipeline**: - Companies like MSD, BMS, and Pfizer are actively seeking next-generation IO candidates and other innovative assets to strengthen their portfolios [29][38]. - **Obesity Treatments**: - Candidates such as oral GLP-1s and muscle-preserving drugs are highlighted for their potential in the obesity market, which is projected to be worth around $30 billion [39][40]. Conclusion - The China Pharma & Biotech sector is experiencing a transformative phase with increasing out-licensing activities and MNC investments. The focus on innovative assets, particularly in oncology and metabolic diseases, presents significant opportunities for growth and collaboration in the coming years.

Core Viewpoint - The Hang Seng Healthcare Index increased by 2.2% last week, underperforming the broader market, with the CXO, biopharmaceutical, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Domestic investors have been increasing their holdings through the Hong Kong Stock Connect since September, while foreign investors' holdings have slightly decreased since mid-year, although both continue to focus on innovative drug companies [1] - Both domestic and foreign investors have increased their positions in service-related stocks, particularly those that may benefit from interest rate cuts, such as CXO companies [1] Group 2: Upcoming Events - The ESMO conference is scheduled for mid to late October, and the report suggests focusing on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995), which are expected to release significant data [1] Group 3: Investment Recommendations - The report recommends attention to the following sectors: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have abundant short-term catalysts and their valuations do not yet reflect the value of core products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and improving financing conditions [1]

Core Insights - Changchun High-tech is a leading innovation-driven pharmaceutical group in China, with a diverse product matrix covering therapeutic biopharmaceuticals, chemical drugs, vaccines, and traditional Chinese medicine [2] - The company has established a strong and diversified product portfolio in endocrine and metabolic diseases, women's health, immune and respiratory diseases, oncology, vaccines, and traditional Chinese medicine [2] - As of September 23, 2025, Changchun High-tech has over 40 candidates in clinical stages or with IND applications submitted, including 14 in Phase III clinical trials or NDA stages [2] Financial Performance - Revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 12.63 billion, RMB 14.57 billion, RMB 13.47 billion, and RMB 6.64 billion respectively [4] - The company reported a profit of RMB 4.22 billion in 2022, RMB 4.78 billion in 2023, and RMB 2.71 billion in 2024, with a profit of RMB 1.80 billion for the six months ending June 30, 2025 [4] - Gross profit for the same periods was RMB 11.11 billion, RMB 12.52 billion, RMB 11.54 billion, and RMB 5.62 billion respectively [4]

Core Viewpoint - Changchun High-tech has submitted a listing application to the Hong Kong Stock Exchange, aiming to expand its market presence after being listed on the Shenzhen Stock Exchange. The company is recognized as a leading innovation-driven pharmaceutical group in China, with a comprehensive product portfolio across various drug categories [1]. Group 1: Company Overview - Changchun High-tech is a prominent pharmaceutical group in China, focusing on therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine, with capabilities in R&D, production, and commercialization across all major drug registration types [1]. - The company has established a competitive and diversified product matrix driven by a differentiated innovation strategy, leading to strong financial performance and sustainable growth [1]. Group 2: Product Development and Pipeline - As of September 23, 2025, Changchun High-tech has successfully launched 13 new drug products, including the first domestically developed shingles vaccine approved in January 2023 and the first innovative biological drug for acute gouty arthritis approved in June 2025 [2]. - The company is actively expanding the indications of its approved products to cover a broader patient population, such as the approval of Jin Sai Zeng for ISS and Turner syndrome in 2024, which addresses approximately 82.3% of the pediatric short stature population in China [2]. Group 3: Financial Performance - The company reported revenues of approximately RMB 126.27 billion, RMB 145.66 billion, RMB 134.66 billion, and RMB 66.03 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits for these periods were approximately RMB 42.15 billion, RMB 47.76 billion, RMB 27.08 billion, and RMB 9.32 billion [3].