Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][33]. Core Insights - The pharmaceutical sector saw a slight increase of 0.14% in the week, while the Shanghai Composite Index decreased by 1.27% [3][2]. - The report highlights the implementation of the "Traditional Chinese Medicine Industry High-Quality Development Implementation Plan (2026-2030)" by the Ministry of Industry and Information Technology and other departments, aiming to enhance the supply chain and technological advancements in the traditional Chinese medicine sector [11][12]. - Key pharmaceutical products such as Eli Lilly's Tirzepatide are projected to generate significant sales, with estimates of $36.5 billion in 2025, reflecting a 99% year-on-year growth for the diabetes version and a 175% growth for the weight loss version [15][17]. - The report notes active licensing and collaboration in the industry, with significant deals such as a $1.5 billion agreement between Saint's RNAi therapy and Genentech, and various other collaborations involving companies like Jichuan Pharmaceutical and Baiyunguan [18][20]. Market Performance Summary - The overall valuation of the pharmaceutical sector is reported at 29.6 times earnings, ranking 13th among 31 sectors [4][14]. - The performance of various sub-sectors includes: - Raw materials (+0.6%) - Traditional Chinese Medicine (+2.6%) - Chemical preparations (-0.8%) - Medical devices (+0.1%) [4][3]. Key Events and Developments - The report emphasizes the importance of the new plan for traditional Chinese medicine, which includes goals such as establishing 60 high-standard raw material production bases and developing 10 major traditional Chinese medicine products by 2030 [12][11]. - Notable company developments include: - Eli Lilly's projected revenue growth driven by Tirzepatide [15]. - And the announcement of significant profit forecasts from Heptares Pharmaceuticals, indicating a shift towards profitability [16]. Investment Recommendations - The report suggests focusing on domestic companies related to traditional Chinese medicine, such as Zoli Pharmaceutical and Yunnan Baiyao, as well as innovative drug companies like Heng Rui Pharmaceutical and Bai Jie Shen Zhou [2][18].

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Core Insights - Hubei Jichuan Pharmaceutical Co., Ltd. has secured exclusive commercialization rights for two innovative drugs, Inusimab injection and Pumexitin (PG-011) nasal spray, enhancing its product portfolio [1][2][3] Group 1: Commercialization Agreements - Jichuan Pharmaceutical signed an exclusive commercialization agreement for Inusimab injection, a PCSK9 monoclonal antibody for treating primary hypercholesterolemia and mixed dyslipidemia, with a payment of 80 million yuan (including tax) and potential milestone payments of up to 10 million yuan [2] - The Inusimab injection is expected to be approved for market launch in September 2024 and included in the National Medical Insurance Drug List in 2025 [2] - Jichuan Pharmaceutical also signed an exclusive commercialization agreement for Pumexitin nasal spray, a JAK1/2 inhibitor for allergic rhinitis, with a payment of up to 100 million yuan (including tax) [3] Group 2: Financial Performance and Challenges - Jichuan Pharmaceutical's core products have faced declining sales, leading to a decrease in revenue and net profit. In 2024, the company reported an operating revenue of 8.017 billion yuan, down 16.96%, and a net profit of 2.532 billion yuan, down 10.32% [8] - The sales of key products, including Pudilan anti-inflammatory oral liquid and pediatric Qiqiao Qingre granules, have been negatively impacted by market demand changes and pricing policies, resulting in significant revenue declines [8][9] - In the first three quarters of 2025, the company continued to experience a downward trend, with operating revenue of 3.932 billion yuan, down 32.27%, and a net profit of 1.022 billion yuan, down 46.27% [9]

Group 1 - The Chinese medicine sector increased by 1.29% on February 4, with Jichuan Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Jichuan Pharmaceutical's stock price rose by 4.20% to 26.77, with a trading volume of 66,300 shares and a transaction value of 175 million yuan [1] Group 2 - The main capital inflow in the Chinese medicine sector was 70.6751 million yuan, while retail investors saw a net inflow of 60.3046 million yuan [2] - The stock of Pianzai Shou had a significant main capital inflow of 70.3361 million yuan, but retail investors experienced a net outflow of 64.7957 million yuan [3] - The stock of Kangmei Pharmaceutical had a main capital inflow of 35.8772 million yuan, with a net outflow of 9.4529 million yuan from retail investors [3]

康方授权济川在合作期限内，拥有康方自主开发并已获批上市的伊努西单抗注射液的独家商业化权益。 济川向康方支付8000万元（含税）授权费，并支付最高不超过人民币1000万元（含税）的里程碑付款。 近日，济川药业（600566）发布公告称，公司全资子公司济川药业集团有限公司、江苏济源医药有限公 司（以下合称"济川"）与中山康方生物医药有限公司、康融东方（广东）医药有限公司（以下合称"康 方"）签署独占性商业化权益协议。 ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 2.42% on February 2, 2025, underperforming the CSI 300 index by 0.29 percentage points, ranking 16th among 31 sub-industries [4]. - Key performers in the sector included hospitals (-0.99%), pharmaceutical distribution (-1.63%), and blood products (-1.65%), while other biopharmaceuticals (-3.69%) and offline pharmacies (-3.09%) lagged behind [4]. - Elevar has submitted a New Drug Application (NDA) to the FDA for Lirafugratinib, a selective oral FGFR2 inhibitor, showing a 46.5% objective response rate (ORR) in clinical trials for cholangiocarcinoma patients [5]. - The disease control rate for Lirafugratinib reached 96.5%, with a median progression-free survival (PFS) of 11.3 months and a median overall survival (OS) of 22.8 months [5]. - Jichuan Pharmaceutical has signed an exclusive commercialization agreement for a nasal spray in Greater China, with a payment of up to 100 million RMB [5]. - Heng Rui Pharmaceutical received FDA acceptance for its BLA submission for a combination therapy for liver cancer [6]. - Shanghai Yizhong reported a projected revenue of 317 million RMB for 2025, reflecting an 82.72% year-on-year growth [6]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceuticals: Neutral [3].

Core Viewpoint - Jichuan Pharmaceutical (600566) is focusing on the commercialization of a new drug for allergic rhinitis, PG-011 nasal spray, through a partnership with Beijing Puqi Pharmaceutical Technology Co., Ltd. [1][3] Group 1: Commercialization Agreement - Jichuan Pharmaceutical's subsidiary, Jichuan Pharmaceutical Group Co., Ltd., has signed an exclusive commercialization agreement with Puqi Pharmaceutical, granting Jichuan the rights to commercialize PG-011 in China, including mainland, Hong Kong, Macau, and Taiwan [1][3] - The maximum payment for this exclusive commercialization right is capped at 100 million yuan (including tax) [1][3] Group 2: Product Details - PG-011 is a self-developed JAK1/2 inhibitor aimed at treating allergic rhinitis and is expected to be the world's first JAK inhibitor nasal spray [3] - The clinical trial application for PG-011 was approved by the National Medical Products Administration (NMPA) on August 2, 2023, and it is currently in the clinical phase III stage [3] Group 3: Financial Implications for Puqi Pharmaceutical - Puqi Pharmaceutical is currently not profitable, with projected net revenues of 11.22 million yuan and 1.158 million yuan for 2024 and the first three quarters of 2025, respectively, alongside losses of 178 million yuan and 125 million yuan during the same periods [3][4] - The commercialization agreement is expected to provide significant revenue for Puqi Pharmaceutical, which has high R&D expenditures, accounting for 78.2% and 77.7% of total operating expenses in 2024 and the first three quarters of 2025, respectively [4] Group 4: Additional Agreements - Following the agreement with Puqi Pharmaceutical, Jichuan Pharmaceutical also announced a separate exclusive commercialization rights agreement with Jiangsu Jiyuan Pharmaceutical Co., Ltd. and others for the drug Inusimab, with a payment of 80 million yuan (including tax) and potential milestone payments of up to 10 million yuan [4][5] Group 5: Financial Performance of Jichuan Pharmaceutical - Jichuan Pharmaceutical reported a revenue of approximately 3.932 billion yuan for the first three quarters of 2025, a year-on-year decrease of 32.27%, and a net profit of about 1.022 billion yuan, down 46.27% [5] - The company has experienced a decline in both revenue and net profit since 2024, with revenues of approximately 8.017 billion yuan and net profits of about 2.532 billion yuan, reflecting decreases of 16.96% and 10.32%, respectively [5]

Core Viewpoint - Jichuan Pharmaceutical is focusing on the commercialization of a new drug for allergic rhinitis, PG-011, through a partnership with Beijing Puqi Pharmaceutical Technology Co., Ltd. [2][5] Group 1: Commercialization Agreement - Jichuan Pharmaceutical's subsidiary, Jichuan Pharmaceutical Group Co., Ltd., has signed an exclusive commercialization agreement for PG-011, a nasal spray, in China, including mainland, Hong Kong, Macau, and Taiwan [2] - The company will pay up to 100 million yuan (including tax) for the exclusive commercialization rights [2] Group 2: Product Details - PG-011 is a self-developed JAK1/2 inhibitor aimed at treating allergic rhinitis and is expected to be the world's first JAK inhibitor nasal spray [5] - The clinical trial application for PG-011 was approved by the Chinese National Medical Products Administration on August 2, 2023, and it is currently in Phase III clinical trials [5] Group 3: Financial Implications - Puqi Pharmaceutical, the developer of PG-011, is currently not profitable, with projected net revenues of 11.22 million yuan and 1.158 million yuan for 2024 and the first three quarters of 2025, respectively, alongside losses of 178 million yuan and 125 million yuan [5] - The commercialization agreement is expected to provide significant revenue for Puqi Pharmaceutical, which has high R&D expenditures [5] Group 4: Additional Agreements - Following the agreement with Puqi Pharmaceutical, Jichuan Pharmaceutical also signed an exclusive commercialization rights agreement for Inusimab injection with Jiangsu Jiyuan Pharmaceutical Co., Ltd. and others, paying 80 million yuan (including tax) [7] - Inusimab is a PCSK9 monoclonal antibody used for treating primary hypercholesterolemia and mixed dyslipidemia [7] Group 5: Financial Performance - Jichuan Pharmaceutical reported a revenue decline of 32.27% year-on-year for the first three quarters of 2025, with revenues of approximately 3.932 billion yuan and a net profit decline of 46.27% [7] - The company also experienced a revenue drop of 16.96% in 2024, with revenues around 8.017 billion yuan and a net profit decline of 10.32% [8]

Core Viewpoint - Kangfang Biopharma has signed an exclusive commercialization rights agreement with Jichuan Pharmaceutical, granting Jichuan the exclusive rights to commercialize the drug Yixinning (Inusimab Injection) in mainland China, excluding Hong Kong, Macau, and Taiwan [1][2]. Group 1: Agreement Details - Kangfang Biopharma will receive a total of RMB 80 million (including tax) as an upfront licensing fee from Jichuan Pharmaceutical, along with potential milestone payments not exceeding RMB 10 million (including tax) [1]. - Jichuan Pharmaceutical will be responsible for the commercialization, promotion, and sales of Yixinning in the authorized market [1]. Group 2: Product Information - Yixinning (Inusimab Injection) is a novel PCSK9 monoclonal antibody developed by Kangfang Biopharma, approved for market in September 2024 for treating primary hypercholesterolemia and mixed dyslipidemia, including heterozygous familial hypercholesterolemia (HeFH) [2]. - The drug has been included in the latest National Medical Insurance Directory and is highly recommended in the 2025 edition of expert consensus on managing cardiovascular risks related to blood lipids [2]. - Yixinning works by specifically binding to PCSK9, blocking its interaction with LDL-R, thereby restoring LDL-R expression levels to enhance the clearance of LDL-C from plasma [2].

继昨日官宣1亿元引进普祺医药JAK1/JAK2抑制剂的独家商业化权益后，济川药业又在今日官宣一笔新 的合作，引进康方生物的PCSK9单抗在中国内地的独家商业化权益。 Copyright © 2026 PHARMCUBE. All Rights Reserved. 免责申明：本微信文章中的信息仅供一般参考之 用，不可直接作为决策内容，医药魔方不对任何主体因使用本文内容而导致的任何损失承担责任。 继昨日官宣1亿元引进普祺医药JAK1/JAK2抑制剂的独家商业化权益后，济川药业又在今日官宣一笔新 的合作，引进康方生物的PCSK9单抗在中国内地的独家商业化权益。 为此，济川药业将向康方生物支付8000万元（含税）授权费，并支付最高不超过人民币1000万元（含 税）的里程碑付款。 为此，济川药业将向康方生物支付8000万元（含税）授权费，并支付最高不超过人民币1000万元（含 税）的里程碑付款。 伊努西单抗是康方自主开发创新的PCSK9单抗，通过特异性结合PCSK9并阻断其与低密度脂蛋白受体 （LDL-R）的相互作用，恢复LDL-R的表达水平以提升对血浆中低密度脂蛋白胆固醇（LDL-C）的清除 能力。既往研究表明，在他 ...