Core Viewpoint - Jimin Health (603222.SH) is transitioning from a focus on large-volume infusion, medical devices, and healthcare services to becoming an innovative pharmaceutical company, marked by the acceptance of a clinical trial application for DB006 on September 26, 2025 [1]. Group 1: Company Transition - Jimin Health's subsidiary, Boao International Hospital, received a clinical trial acceptance notice for DB006, a oncolytic adenovirus injection, indicating the company's first step towards becoming an innovative drug enterprise [1]. - The registration classification of DB006 is as a Class 1 therapeutic biological product, signifying a significant shift in Jimin Health's business model since its establishment in 1996 [1]. Group 2: Market Context - In 2020, China reported 4.57 million new cancer cases and 3 million cancer deaths, with high incidence and mortality rates for liver, stomach, esophageal, and cervical cancers [1]. - Breast cancer has the highest incidence rate, followed by lung and colorectal cancers, with lung cancer remaining the leading cause of cancer-related deaths [1]. Group 3: Oncolytic Virus Therapy - Oncolytic virus therapy is recognized as a promising new type of cancer treatment, characterized by high efficiency in killing tumor cells, specificity, safety, low side effects, and cost-effectiveness [2]. - Currently, five oncolytic virus drugs have been approved globally, with approximately seven oncolytic virus drugs in clinical trials in China, most in Phase I/II [2]. Group 4: Product Details - DB006 is designed for the treatment of advanced malignant solid tumors, utilizing genetic engineering to enhance tumor-specific replication and selectively infect tumor cells [2]. - In preclinical models, DB006 demonstrated over 70% tumor suppression in colon cancer models and complete tumor remission in non-small cell lung cancer models [2]. Group 5: Financial Performance - In the first half of 2025, Jimin Health reported total revenue of 366 million yuan, a decrease of 21.3% year-on-year, with a net loss attributable to shareholders of 52.7 million yuan [3]. - The company attributed its losses to reduced revenue and profit from medical devices due to U.S. tariff policies and inventory write-downs related to specific products [3].

Core Insights - The medical device sector experienced a slight increase of 0.39% on September 29, with Tianzhihang leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Device Sector Performance - Tianzhihang (688277) saw a closing price of 18.47, with a rise of 7.70% and a trading volume of 172,400 shares, amounting to a transaction value of 315 million yuan [1] - Jimin Health (603222) closed at 11.30, up 5.51%, with a trading volume of 494,600 shares and a transaction value of 556 million yuan [1] - Dongxing Medical (301290) closed at 29.32, increasing by 4.86%, with a trading volume of 99,500 shares and a transaction value of 29.67 million yuan [1] - Other notable performers included Sainuo Medical (688108) with a 4.82% increase and a closing price of 27.83, and Tianchen Medical (688013) with a 3.89% increase, closing at 59.52 [1] Capital Flow Analysis - The medical device sector saw a net inflow of 85.63 million yuan from institutional investors, while retail investors contributed a net inflow of 46.52 million yuan [2] - However, speculative funds experienced a net outflow of 132 million yuan [2] Individual Stock Capital Flow - Sainuo Medical (688108) had a net inflow of 111 million yuan from institutional investors, but a net outflow of 68.66 million yuan from speculative funds [3] - Mairui Medical (300760) also saw a significant net inflow of 107 million yuan from institutional investors, with a net outflow of 76.49 million yuan from speculative funds [3] - Jimin Health (603222) had a net inflow of 53.49 million yuan from institutional investors, while speculative funds saw a net outflow of 43.40 million yuan [3]

申请人：海南济民博鳌国际医院有限公司、广州达博生物制品有限公司 受理号：CXSL2500840 证券代码：603222 证券简称：济民健康 公告编号：2025-048 济民健康管理股份有限公司 关于控股子公司药品临床试验申请取得受理通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 博鳌国际医院 DB006 溶瘤腺病毒注射液已正式获得国家药品监督管理局 药品审评中心受理 I 期临床研究申请。根据我国药品注册相关的法律法规要求， 临床试验申请获得受理后，自受理之日起 60 日内，未收到国家药品监督管理局 药品审评中心否定或质疑意见，方能按照已提交的方案开展临床试验，期间结果 具有一定的不确定性。生物药品具有高科技、高风险、高附加值的特点。药品的 前期研发以及产品从研制、临床试验、上市审批到产业化生产的周期长、环节多， 容易受多种不确定因素的影响。公司将按照有关规定，对项目进展情况及时履行 信息披露义务，敬请广大投资者谨慎决策，注意防范投资风险。 济民健康管理股份有限公司（以下简称"公司"）控股子公司 ...

Core Viewpoint - Jimin Health (603222) announced that its subsidiary, Hainan Jimin Boao International Hospital Co., Ltd., received the acceptance notice for the clinical trial application of DB006 on September 26, 2025, from the National Medical Products Administration's Center for Drug Evaluation (CDE) [1] Company Summary - The DB006 oncolytic adenovirus injection is a gene therapy drug aimed at treating advanced malignant solid tumors [1]

Core Viewpoint - Jimin Health (603222.SH) announced that its subsidiary, Hainan Jimin Boao International Hospital, received a clinical trial acceptance notice from the National Medical Products Administration for the DB006 oncolytic adenovirus injection, indicating progress in its gene therapy development for advanced malignant solid tumors [1] Group 1 - The Boao International Hospital's DB006 oncolytic adenovirus injection is designed for the treatment of advanced malignant solid tumors [1] - The product utilizes genetic engineering to modify oncolytic viruses for selective infection of tumor cells and enhanced tumor-specific replication capabilities [1] - The therapy incorporates multiple anti-tumor and immune-regulating genes to target and kill tumors through various pathways [1]

Core Viewpoint - Jimin Health (603222.SH) announced that its subsidiary, Hainan Jimin Boao International Hospital, received a clinical trial acceptance notice from the National Medical Products Administration (NMPA) for the DB006 oncolytic adenovirus injection, aimed at treating advanced malignant solid tumors [1] Group 1: Company Developments - The Boao International Hospital's DB006 oncolytic adenovirus injection is a gene therapy drug designed for advanced malignant solid tumors [1] - The product utilizes genetic engineering to modify oncolytic viruses for selective infection of tumor cells and enhanced tumor-specific replication capabilities [1] - The drug incorporates multiple anti-tumor and immune-regulating genes to target and kill tumors through various mechanisms [1]

Group 1 - President Trump announced new tariffs on various imported products, effective October 1, including a 25% tariff on heavy trucks, 50% on kitchen cabinets and related materials, 30% on imported furniture, and 100% on patented and branded drugs [1] - The tariffs on drugs will only be waived if companies are building pharmaceutical factories in the U.S., with "building" defined as breaking ground or being under construction [1] - The pharmaceutical industry is warned that high tariffs may increase costs and disrupt drug supply chains, potentially putting patients at risk [7] Group 2 - The U.S. has a high dependency on imported drugs, with 70% of its pharmaceutical supply coming from abroad, prompting the administration to encourage domestic production through tariffs [7] - Major pharmaceutical companies like Johnson & Johnson, GlaxoSmithKline, and Eli Lilly have announced plans to increase investments in U.S. production, with Johnson & Johnson committing $55 billion [7] - The long-term implications of the tariff policy may lead to increased drug costs for patients, as domestic production costs in the U.S. are significantly higher than in other countries [7][8]

Group 1 - The pharmaceutical sector in both A-shares and Hong Kong stocks experienced a collective decline on September 26 [1] - In A-shares, Sunflower dropped by 10%, while Guangsheng Tang and Aosaikang fell over 8%. Other companies like Jimin Health, Hanyu Pharmaceutical, Wanbangde, Hengrui Medicine, and Huiyu Pharmaceutical also saw declines [1] - In Hong Kong stocks, WuXi AppTec decreased by over 5%, BeiGene fell by more than 4%, and Fosun Pharma dropped nearly 2% [1]

Core Viewpoint - The pharmaceutical sector in the Asia-Pacific market experienced a significant decline, with various indices showing notable drops, particularly in the weight loss drugs, innovative drugs, and CRO sectors [1][2]. Group 1: Market Performance - The A-share pharmaceutical and biotechnology sector saw a downturn, with weight loss drug index dropping by 1.56%, innovative drug index by 0.61%, and CRO index by 0.40% [2]. - Individual stocks such as Sunflower (向日葵) fell over 10%, while Aosaikang (奥赛康) and Guangshengtang (广生堂) also experienced significant declines of 9.02% and 6.56% respectively [3]. Group 2: Hong Kong and Japan Market Impact - The Hang Seng Biotechnology Index opened down nearly 2% and continued to decline, with companies like MicroPort Medical (微创医疗) and BeiGene (百济神州) showing notable drops of 5.47% and 4.75% respectively [4]. - In Japan, companies such as Sumitomo Pharma (住友制药) and Daiichi Sankyo (第一三共) also faced declines exceeding 4% and 3% respectively [4]. Group 3: External Factors - The recent announcement by U.S. President Trump regarding a new round of high tariffs on imported goods, including a punitive 100% tariff on patented and branded pharmaceuticals, is expected to impact the pharmaceutical industry significantly [5].

Core Viewpoint - The pharmaceutical sector in the Asia-Pacific market experienced a significant decline, particularly in China, with various indices related to weight-loss drugs, innovative drugs, and CROs showing notable drops [1][5]. Group 1: Market Performance - The A-share pharmaceutical and biotechnology sector saw a downturn, with the weight-loss drug index dropping by 1.56%, the innovative drug index by 1.48%, and the CRO index by 1.43% [2]. - Individual stocks such as Sunflower fell over 10%, while other companies like Aosaikang, Guangshengtang, and Jiming Health also reported significant declines [3]. Group 2: Stock Details - Specific stock performances included: - Sunflower (300111) at 7.90, down 12.22% [3] - Aosaikang (002755) at 21.18, down 9.02% [3] - Guangshengtang (300436) at 113.59, down 6.56% [3] - Jiming Health (603222) at 10.98, down 6.15% [3] - In the Hong Kong market, the Hang Seng Biotechnology Index opened nearly 2% lower, with companies like MicroPort Medical, CanSino Biologics, and BeiGene showing significant declines [4]. Group 3: External Factors - A major contributing factor to the decline was the announcement by U.S. President Trump regarding new tariffs, including a punitive 100% tariff on pharmaceutical products, effective October 1 [5].