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目錄 | 釋義 | 2 | | --- | --- | | 技術詞彙 | 5 | | 公司資料 | 6 | | 財務概要 | 8 | | 主席報告 | 9 | | 管理層討論及分析 | 10 | | 企業管治及其他資料 | 29 | | 未經審核綜合損益及其他全面收益表 | 40 | | 未經審核綜合財務狀況表 | 42 | | 未經審核綜合權益變動表 | 44 | | 未經審核綜合現金流量表 | 46 | | 未經審核中期財務報告附註 | 47 | 釋義 於本報告內，除文義另有所指外，下列詞彙具有以下涵義。該等詞彙及其定義未必與任何業內標準定義相符，亦未必 可直接與其他在本公司相同行業內經營的公司所採用的同類詞彙比較。 | 「2022年H股激勵計劃」 | 指 | 本公司於2022年6月24日採納及批准的H股獎勵計劃，其主要條款載於日期 | | --- | --- | --- | | | | 為2022年5月26日的通函 | | 「A股」 | 指 | 本公司已發行每股面值人民幣1.00元的普通股，將以人民幣認購或入賬列為 | | | | 已繳，並於上海證券交易所上市買賣 | | 「聯繫人」 | 指 | 具有上 ...

Core Viewpoint - The article highlights the contrasting performance and strategies of two A-share pharmaceutical companies, Shuyou Shen (舒泰神) and Zhaoyan New Drug (昭衍新药), both controlled by the same entrepreneurial couple, Feng Yuxia and Zhou Zhiwen. While Shuyou Shen focuses on innovative drug development, Zhaoyan New Drug operates as a contract research organization (CRO), providing more stable revenue streams. The article discusses their stock performance, financial results, and the implications of their business models on future growth [1][3][4]. Stock Performance - Shuyou Shen's stock price reached 33.87 CNY per share with a year-to-date increase of 357.09%, resulting in a total market capitalization of 16.18 billion CNY [2][4]. - Zhaoyan New Drug's stock price was 36.93 CNY per share, reflecting a year-to-date increase of 115.7%, with a total market capitalization of 27.68 billion CNY [2][4]. Financial Performance - Shuyou Shen reported a revenue of approximately 126 million CNY for the first half of the year, a decline of 31.14% year-on-year, and a net loss of 25 million CNY, a decrease of 619.7% year-on-year [6]. - Zhaoyan New Drug achieved a revenue of about 669 million CNY, down 21.28% year-on-year, but turned a profit with a net income of 61 million CNY, marking a turnaround from previous losses [6][7]. Business Models - Shuyou Shen is focused on developing innovative drugs, particularly a new treatment for hemophilia, which has the potential for significant market impact if successfully commercialized [8][9]. - Zhaoyan New Drug's business is closely tied to the market for laboratory monkeys, which are essential for drug research. The company's financial performance is influenced by the pricing and availability of these animals [7][10]. Management and Ownership - Feng Yuxia primarily oversees Zhaoyan New Drug, holding 22.3% of its shares, while Zhou Zhiwen is the chairman of Shuyou Shen, with the couple collectively holding over 31% of Shuyou Shen's shares through a holding company [4][11]. Regulatory and Market Challenges - Shuyou Shen has faced regulatory scrutiny due to related party transactions with Zhaoyan New Drug, which raised concerns about compliance with listing commitments [11][12]. - Both companies may face long-term challenges, including the potential impact of technological advancements that could reduce reliance on animal testing in drug development [9][10].

Core Viewpoint - The article highlights the contrasting performance and business strategies of two A-share pharmaceutical companies, Shuyou Shen (舒泰神) and Zhaoyan New Drug (昭衍新药), both led by the same entrepreneurial couple, Feng Yuxia and Zhou Zhiwen. While Shuyou Shen focuses on innovative drug development and is currently facing losses, Zhaoyan New Drug, which provides CRO services, has shown consistent profitability but is experiencing market fluctuations related to its key resource, experimental monkeys [1][2][3]. Company Performance - Shuyou Shen's stock price surged over 700% from May to August, making it a standout in the pharmaceutical sector, while Zhaoyan New Drug's stock price doubled within the same timeframe [2]. - As of September 26, Shuyou Shen's stock was priced at 33.87 CNY, reflecting a year-to-date increase of 357.09%, while Zhaoyan New Drug's stock was at 36.93 CNY, with a 115.7% increase [3]. - Both companies have seen a decline in stock prices from their peak, with Shuyou Shen experiencing a 39.03% drop from August 19 to September 26, and Zhaoyan New Drug seeing a 12.49% decrease from September 17 to 26 [4]. Financial Results - Shuyou Shen reported a revenue of approximately 126 million CNY for the first half of the year, a 31.14% decrease year-on-year, and a net loss of 25 million CNY, down 619.7% [6]. - In contrast, Zhaoyan New Drug achieved a revenue of about 669 million CNY, a 21.28% decline, but turned a profit with a net income of 61 million CNY, marking a recovery from previous losses [7]. Market Dynamics - Zhaoyan New Drug's performance is closely tied to the market price of experimental monkeys, which are essential for drug research. The company benefits from stable supply and demand, which helps maintain monkey prices [8]. - The company has indicated that new orders are increasing, providing a positive outlook for future revenue and profit recovery, despite current challenges [7]. Future Outlook - Shuyou Shen's future growth hinges on the successful commercialization of its innovative drug STSP-0601 for hemophilia, which has been prioritized for review, creating significant market expectations [9]. - Zhaoyan New Drug faces long-term challenges from potential technological advancements that could reduce reliance on live animals for research, although it is currently investing in alternative research methods [10]. Related Transactions - There are ongoing collaborations between Shuyou Shen and Zhaoyan New Drug, with projected service fees of approximately 45.29 million CNY for 2025, reflecting a significant increase from 26.19 million CNY in 2024 [11]. - However, past transactions have raised regulatory concerns due to breaches of commitments regarding related party transactions, leading to administrative measures against Shuyou Shen and its chairman [12].

Core Viewpoint - The announcement of a 100% tariff on patented and branded drugs by the Trump administration starting October 1, 2025, aims to pressure pharmaceutical companies to relocate production to the U.S. [1] Market Reaction - Global pharmaceutical stocks, including Pfizer and Merck, experienced declines of over 2% in the U.S. market, while related stocks in A-shares and Hong Kong also fell significantly, impacting companies like Kanglong Chemical and Kylin Pharmaceutical [3] Policy Background - The tariff policy is not sudden; it has been hinted at since April, with escalating threats of high tariffs on imported drugs. Economists warn that such high tariffs could disrupt supply chains and potentially increase drug prices for U.S. consumers [4] Impact on Chinese Pharmaceutical Companies - Chinese innovative pharmaceutical companies face both challenges and opportunities. Short-term market volatility is expected, but the established global competitiveness of Chinese firms may allow them to adapt by accelerating overseas production to avoid tariffs [5] Industry Outlook - The fundamental drivers of innovative drug development remain unchanged despite national policies. China's pharmaceutical industry is transitioning from a "big pharmaceutical country" to an "innovative pharmaceutical powerhouse," with significant advancements in cutting-edge fields like stem cell and gene therapy [6]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

Group 1 - Kanglong Chemical fell by 3.18% [1] - Kelaiying decreased by 3.17% [1] - Zhaoyan New Drug dropped by 2.9% [1] - WuXi AppTec and Medisi both declined over 3% [1]

Group 1 - The A-share market saw a widespread decline in pharmaceutical stocks, with notable drops including Sunflower, Hanyu Pharmaceutical, and Kailaiying, each falling over 3% [1] - The U.S. President announced a new round of high tariffs on various imported products, including a 100% tariff on all brands and patented pharmaceutical products starting October 1 [1] Group 2 - Specific stock performance data shows that ST Complex dropped by 4.98%, with a total market value of 3.886 billion, and a year-to-date decline of 12.94% [2] - Sunflower's market value is 11.1 billion, with a year-to-date increase of 166.98%, despite a recent drop of 3.89% [2] - Hanyu Pharmaceutical's market value stands at 19.8 billion, with a year-to-date increase of 73.62%, and a recent decline of 3.20% [2] - Kailaiying's market value is 39.1 billion, with a year-to-date increase of 44.26%, and a recent drop of 3.01% [2] - Other companies such as Maiwei Bio, Zhaoyan New Drug, and Kanglong Chemical also experienced declines of over 2% [1][2]

Group 1 - Fidelity Funds reduced its stake in Zhaoyan New Drug (603127) by 445,700 shares at a price of HKD 24.3867 per share, totaling approximately HKD 10.8692 million [1] - After the reduction, Fidelity Funds holds 7.1303 million shares, representing a holding percentage of 5.99% [1]

Core Viewpoint - Fidelity Funds reduced its stake in Zhaoyan New Drug (06127) by 445,700 shares at a price of HKD 24.3867 per share, totaling approximately HKD 10.8692 million, resulting in a new holding of 7.1303 million shares, representing 5.99% of the company [1] Summary by Category - **Share Reduction** - Fidelity Funds decreased its holdings by 445,700 shares [1] - The transaction price was HKD 24.3867 per share [1] - Total amount from the reduction was approximately HKD 10.8692 million [1] - **Current Holdings** - After the reduction, Fidelity Funds holds 7.1303 million shares [1] - The new holding percentage is 5.99% [1]