Group 1 - The core point of the news is the initiation of large-scale clinical trials for gene-edited pig kidneys for human transplantation, marking a significant breakthrough in gene editing technology [1] - The trials are approved by the FDA and aim to systematically evaluate the safety and efficacy of gene-edited pig kidneys for patients with end-stage kidney disease [1] - There have been multiple advancements in gene editing technology globally, including successful transplants of gene-edited organs and new treatment approaches for genetic disorders [1] Group 2 - Huazhong Securities notes that breakthroughs in gene editing technology have significantly lowered the technical barriers for genetic modification, enabling large-scale industrial production and reducing drug production costs [2] - A total of 22 listed companies in the A-share market have gene editing technology reserves, with several companies reporting profitability in their third-quarter results [3] - Notable companies include Shuanglu Pharmaceutical, which reported a net profit of 141 million yuan, and Mengcao Ecological, which saw a 48.73% year-on-year increase in net profit [3][4] Group 3 - Companies like Wanjian Medical are collaborating with research institutions to develop cotton varieties using gene editing technology, indicating the application of gene editing beyond human health [5] - The number of institutional ratings for gene editing concept stocks shows significant interest, with companies like Wanjian Medical and Huaxi Biological receiving the highest number of ratings [6]

Core Insights - The pharmaceutical industry is positioned as a perennial growth sector due to aging populations, urbanization, and changing disease profiles, with a strong recovery expected in 2025 after a downturn from 2022 to 2024, driven by both innovative drugs and medical devices [2][3] - Demand and supply dynamics will remain central to the pharmaceutical industry's research, with innovation cycles and policy adjustments influencing demand growth [2][3] - The supply side is characterized by limited supply and high entry barriers, with increasing participation of Chinese companies in international competition, leading to the emergence of world-class enterprises in the pharmaceutical sector [3][4] Industry Overview - The pharmaceutical industry is expected to see significant growth in 2025, driven by a resurgence in demand for innovative drugs and a recovery in domestic medical device needs, alongside strong external demand [2] - The demand for pharmaceuticals typically fluctuates with innovation and policy cycles, with a notable increase in overseas business development (BD) opportunities anticipated in 2025 [2][5] - The Chinese pharmaceutical sector is increasingly recognized globally, with local companies making strides in various niche markets [3][4] Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [5][29] - The report emphasizes the importance of understanding the supply-demand structure and industry upgrades when conducting detailed research on specific segments within the pharmaceutical industry [4][5] - The report identifies key players and segments for investment, including CXO services, medical devices, and consumer healthcare, with specific companies recommended for increased holdings [6][5] Market Dynamics - The report outlines the competitive landscape among top global pharmaceutical companies, noting significant changes in rankings due to the performance of key products [11][19] - Chinese companies are becoming a major source of projects for multinational corporations (MNCs), with increasing transaction volumes and values in recent years [19][21] - The report discusses the strategic focus of MNCs on acquiring innovative assets and technologies to strengthen their market positions, particularly in oncology and metabolic disease sectors [12][18] Future Trends - The report anticipates breakthroughs in various therapeutic areas, including oncology, metabolic diseases, and autoimmune diseases, with a focus on innovative treatment modalities such as TCE and in vivo CAR-T [29][30] - The small nucleic acid field is expected to accelerate, with significant advancements anticipated in 2026 across multiple indications [29][30] - The report highlights the importance of collaboration and co-development models as a means for Chinese companies to enhance their global competitiveness [25][28]

Core Insights - The cell immunotherapy sector experienced a notable increase of 3.58%, ranking second among concept sectors, with 54 stocks rising, including Shutaishen which hit a 20% limit up [1] - Major inflows of capital were observed in the cell immunotherapy sector, with a net inflow of 831 million yuan, led by Shutaishen with a net inflow of 464 million yuan [1][2] Sector Performance - The top-performing sectors included: - Recombinant proteins: +3.72% - Cell immunotherapy: +3.58% - Sora concept (Wensheng video): +3.51% - AI corpus: +3.42% - Innovative drugs: +3.35% [1] Stock Performance - Key stocks in the cell immunotherapy sector with significant price increases: - Shutaishen: +19.99% - Rongchang Bio: +11.80% - Anke Bio: +6.75% - Zhaoyan New Drug: +4.58% [2][3] - Stocks with notable declines included: - ST Bailing: -3.04% - C Bait: -1.92% - Pruis: -1.37% [1][5] Capital Inflow Ratios - Leading stocks by net capital inflow ratios: - Shutaishen: 19.13% - Dongcheng Pharmaceutical: 11.95% - Rongchang Bio: 10.47% [2][3] Summary of Capital Flows - The cell immunotherapy sector saw significant capital flow, with 30 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflows [1][2]

Core Viewpoint - Zhaoyan New Drug (603127) experienced a stock price increase of over 4%, reaching HKD 21.66 with a trading volume of HKD 209 million, following the announcement of its financial results for the first three quarters of 2025 [1] Financial Performance - The company reported a revenue of RMB 985 million for the first three quarters of 2025, representing a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was RMB 80.71 million, a significant improvement compared to a loss of RMB 70.31 million in the same period last year [1] Order Status - The total new signed orders amounted to approximately RMB 1.64 billion for the first three quarters [1] - As of the end of the reporting period, the total backlog of orders stood at around RMB 2.5 billion [1]

Core Viewpoint - Zhaoyan New Drug (06127) experienced a stock price increase of over 4%, reaching HKD 21.66 with a trading volume of HKD 209 million [1] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of RMB 985 million, a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was RMB 80.71 million, compared to a loss of RMB 70.31 million in the same period last year [1] Order Status - The total new signed orders amounted to approximately RMB 1.64 billion for the first three quarters [1] - As of the end of the reporting period, the total backlog of orders stood at approximately RMB 2.5 billion [1]

Core Insights - Zhaoyan New Drug's stock increased by 5.12% to 37.18 CNY per share, with a trading volume of 999 million CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 27.866 billion CNY [1] Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. was established on February 25, 1998, and listed on August 25, 2017. The company primarily focuses on non-clinical safety evaluation services for drugs and sales of preclinical research services and laboratory animals [1] - The main revenue composition includes: 95.59% from non-clinical research services, 4.34% from clinical services, and 0.07% from laboratory model supply [1] Fund Holdings - According to data, one fund under Rongtong Fund has a significant holding in Zhaoyan New Drug. The Rongtong Healthcare Industry Mixed A/B Fund (161616) reduced its holdings by 318,500 shares in the third quarter, now holding 938,300 shares, which accounts for 3.95% of the fund's net value, ranking as the sixth-largest holding [2] - The Rongtong Healthcare Industry Mixed A/B Fund was established on July 26, 2012, with a latest scale of 708 million CNY. Year-to-date returns are 12.74%, ranking 5494 out of 8154 in its category; the one-year return is 8.38%, ranking 6220 out of 8046; and since inception, the return is 136.09% [2] Fund Manager Information - The fund managers of Rongtong Healthcare Industry Mixed A/B Fund are Wan Minyuan and Liu Xiyang. Wan Minyuan has a tenure of 9 years and 69 days, managing assets totaling 5.957 billion CNY, with the best fund return of 144.04% and the worst return of -20.09% during his tenure [3] - Liu Xiyang has a tenure of 1 year and 231 days, managing assets totaling 839 million CNY, with the best fund return of -1.31% and the worst return of -2.08% during his tenure [3]

Core Viewpoint - Zhaoyan New Drug (06127) reported a significant decrease in revenue for the first three quarters of 2025, while achieving a positive net profit compared to a loss in the same period last year [1] Financial Performance - The company achieved an operating revenue of 985 million yuan, representing a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was 80.7061 million yuan, a turnaround from a loss of 70.3071 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.11 yuan [1]

Core Viewpoint - Zhaoyan New Drug (06127.HK) reported its Q3 2025 financial results, showing a revenue of 316 million yuan and a net profit of 19.77 million yuan, with basic earnings per share of 0.03 yuan [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 985 million yuan and a net profit of 80.71 million yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 北京昭衍新藥研究中心股份有限公司 （1）第四屆董事會第十六次會議決議公告 （2）2025年第三季度報告 （3）關於取消監事會並修訂《公 司 章 程》的公告 （4）2025年三季度計提資產減值損失公告 （5）2025年第三季度業績說明會 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 附件為本公司於上海證券交易所網站刊登之 （17）防止控股股東及關聯方佔用公司資金管理制度 （18）募集資金管理制度 （19）董事會薪酬與考核委員會工作細則 （20） ...

北京昭衍新藥研究中心股份有限公司 董事會戰略委員會工作細則 第一章 總 則 第一條 為 適 應 公 司 戰 略 發 展 需 要，增 強 公 司 核 心 競 爭 力，確 定 公 司 發 展 規 劃，健 全 投 資 決 策 程 序，加 強 決 策 民 主 性 和 科 學 性，提 高 重 大 投 資 決 策 的 效 益 和 決 策 的 質 量，完 善 公 司 治 理 結 構，根 據《中 華 人 民 共 和 國 公 司 法》、《上 海 證 券 交 易 所 股 票 上 市 規 則》（以 下 簡 稱「《上 交 所 上 市 規 則》」）、《上 海 證 券 交 易 所 上 市公司自律監管指引第1號－規 範 運 作》（以 下 簡 稱「《規 範 運 作 指 引》」）、《香 港 聯 合 交 易 所 有 限 公 司 上 市 規 則》（以 下 簡 稱「《香 港 上 市 規 則》」）、《香 港 上 市 規 則》附 錄十四的《企 業 管 治 守 則》、《北 京 昭 衍 新 藥 研 究 中 心 股 份 有 限 公 司 章 程》（以 下 簡 稱「《公 司 章 程》」）及 其 他 有 關 規 定，公 司 設 立 董 事 會 戰 略 委 員 會， ...