Core Viewpoint - Recent stock price rebound for Hotgen Biotech as innovative drug development enters a critical phase, but the company's 2025 earnings forecast indicates potential for increased losses [1] Stock Performance - On February 10, 2026, Hotgen Biotech's stock rose by 5.06%, closing at 146.44 CNY per share, with a trading volume of 134 million CNY and a total market capitalization of approximately 13.576 billion CNY [2] - Year-to-date, the stock has declined by 12.22%, but has shown a rebound trend over the last five trading days [2] - As of February 2, 2026, the company's financing balance was 154 million CNY, accounting for 1.21% of the circulating market value, which is at a relatively low level for the past year [2] Institutional Holdings Analysis - Shenwan Hongyuan Fund's product "Shenwan Hongyuan Medical Pioneer Stock A" increased its holdings in Hotgen Biotech in Q4 2025, holding 70,600 shares as of February 10, 2026, which represents 5.13% of the fund's net value, making it the third-largest holding [3] Product Development Progress - The company's globally first acute myocardial infarction therapeutic drug SGC001 has entered Phase II clinical trials, regarded as a potential catalyst in the market [4] - This pipeline is a core part of the company's "diagnostics + innovative drugs" dual-drive strategy [4] Strategic Advancement - On January 9, 2026, Hotgen Biotech signed a strategic cooperation agreement with Hebei Medical University School of Pharmacy to deepen collaboration in cutting-edge biomedical research and talent cultivation [5] - The company may benefit from industrial funds and customs facilitation policies due to its layout in the Beijing-Tianjin-Hebei region, aiding overseas market expansion [5] Performance and Operational Situation - According to earnings forecasts released on January 16 and 17, 2026, the company expects a net profit loss attributable to shareholders of 210 million to 230 million CNY for 2025, representing an increase in losses of 9.94% to 20.42% year-on-year [6] - Projected operating revenue is expected to decline to 400 million to 420 million CNY, a year-on-year decrease of 17.79% to 21.71% [6] Company Project Advancement - In December 2025, the company announced plans to invest 371 million CNY to gain controlling interest in its subsidiary Shunjing Pharmaceutical to accelerate the development of its innovative drug pipeline [7]

Core Viewpoint - The AI medical sector experienced a decline of 0.66% on February 11, with QianYuan Pharmaceutical leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% [1]. Group 1: Market Performance - The closing price of QianYuan Pharmaceutical was 11.44, down by 4.67%, with a trading volume of 209,800 shares and a transaction value of 243 million [2]. - The AI medical sector saw a net outflow of 1.345 billion from major funds, while retail investors contributed a net inflow of 1.14 billion [2][3]. Group 2: Individual Stock Performance - YoukeDe (688158) closed at 37.54, up by 5.12%, with a trading volume of 631,000 shares and a transaction value of 2.36 billion [1]. - AidiTe (301580) closed at 55.18, up by 4.63%, with a trading volume of 46,100 shares and a transaction value of 251 million [1]. - SanNuo Biology (300298) closed at 18.54, up by 2.71%, with a trading volume of 105,200 shares and a transaction value of 194 million [1]. - The top decliners included QianYuan Pharmaceutical (300254) and KaiPu Biology (300639), with declines of 4.67% and 4.23%, respectively [2].

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [7]. Core Views - The recent policy from the National Healthcare Security Administration aims to transform the role of healthcare insurance from a payer to an innovator, significantly impacting the IVD industry by promoting solutions that integrate "testing + AI + services" [5][51]. - The domestic IVD industry is currently in a bottoming phase, with a strong focus on the growth potential of immunodiagnostics, particularly in chemiluminescence and molecular diagnostics such as PCR [5][51]. - The report highlights that the biochemical diagnostics sector in China has largely completed its localization process, reducing reliance on foreign technologies [5]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 0.14%, ranking 15th among 31 primary industries, while the IVD sector fell by 1.28% [2][10]. - The IVD sector's current PE (ttm) is 39.37X, with a PB (lf) of 1.80X, showing a slight decrease from the previous week [4][31]. Company Performance - Notable performers in the medical services sector include SAIKOSHI (+14.5%), Ruiang Gene (+3.1%), and Rendu Bio (+2.6%), while underperformers include Cap Bio (-6.8%) and Hotgen Bio (-6.4%) [3][26]. - The report suggests focusing on companies like YHLO Biotech and Shengxiang Bio in the immunodiagnostics and molecular diagnostics fields due to their growth potential [5][51]. Market Trends - The report indicates that the IVD industry is experiencing a shift towards integrating new technologies and payment methods, driven by recent policy changes [5][51]. - The overall IVD market is expected to continue its steady growth, with significant opportunities arising from the integration of AI and innovative products [5][51].

Core Viewpoint - The article analyzes the 2025 performance forecasts of 22 domestic listed instrument companies, highlighting the divergence in performance and the impact of various market factors on the industry [2]. Group 1: Industry Overview - The overall operating conditions of the domestic instrument industry are gradually becoming clearer as companies disclose their 2025 performance forecasts [2]. - Among the 22 companies, 11 reported profits while 11 incurred losses; 8 of the profitable companies experienced year-on-year growth, while 3 saw stable or slightly fluctuating profits [2]. - The performance divergence is attributed to factors such as fluctuations in downstream demand, intensified industry competition, policy changes, and global supply chain instability [2]. Group 2: Performance Statistics - The net profit statistics for the listed instrument companies indicate significant growth for several firms, with some achieving over 190% year-on-year increases [3][8]. - Notable performers include: - Aiko Optoelectronics: Net profit of 0.57-0.7 billion, up 262.52-345.20% from 0.1572 billion [3]. - Haineng Technology: Net profit of 0.41-0.44 billion, up 213.65-236.61% from 0.1307 billion [3]. - Wan Yi Technology: Net profit of 0.42-0.62 billion, up 191.52-330.34% from 0.1441 billion [3]. Group 3: Industry Trends - The industry is witnessing increased performance divergence, with a trend towards higher concentration as companies with core technologies and strategic layouts capture more market share [5]. - The ongoing domestic substitution is deepening, with high-end instruments becoming a key growth driver, supported by policy incentives for high-end scientific instruments and equipment upgrades [5]. - Companies focusing on high-end sectors, such as high-end industrial imaging and clinical diagnostics, are expected to benefit from these trends [5]. Group 4: Operational Strategies - Companies facing operational pressures are likely to improve performance by divesting loss-making businesses, optimizing asset structures, and enhancing management of receivables and inventory [6]. - Profit-making companies will continue to pursue refined management practices to consolidate their advantages and enhance risk resilience [6]. Group 5: Performance Categories - Companies achieving profit growth or turning losses into profits are primarily benefiting from asset impairment improvements and business structure optimizations [18]. - The companies in this category include: - Gaode Infrared: Successfully turned around from a loss to a profit [18]. - Xianhe Environmental: Achieved profitability through structural optimization [21]. - Zhengye Technology: Also turned from loss to profit due to similar improvements [22]. Group 6: Challenges Faced - Companies experiencing expanded losses or transitioning from profit to loss share common challenges, including reliance on single business lines and significant asset impairment pressures [30]. - The need for transformation is evident, as some companies are in the process of adjusting their business models, which may not yet yield sufficient revenue to offset declines in traditional business areas [30].

Core Viewpoint - Beijing Hotgen Biotech Co., Ltd. is progressing with the sale of repurchased shares to maintain company value and shareholder rights, following regulatory guidelines [2][3]. Group 1: Share Repurchase Overview - The company repurchased a total of 2,893,010 shares from February 8, 2024, to May 7, 2024, representing 3.12% of the current total share capital [2]. - The repurchased shares will be sold through centralized bidding within twelve months after the announcement of the repurchase results [2]. Group 2: Sale Plan Progress - The company plans to sell up to 1,854,158 shares through centralized bidding from January 19, 2026, to July 18, 2026 [3]. - The sale plan was approved during the fourth board meeting on December 23, 2025, in accordance with the repurchase report [3]. Group 3: Sale Implementation Details - The company is required to disclose the sale progress at the beginning of each month, adhering to regulatory requirements [5]. - The sale plan is consistent with previously disclosed plans and commitments, with no major events like stock splits or mergers planned during the sale period [5]. Group 4: Impact of the Sale - The sale aligns with the company's established plan and relevant regulations, with proceeds intended to supplement the company's working capital [6].

Group 1 - The company, Recbio, announced that as of January 31, 2026, it has repurchased a total of 904,054 shares through a dedicated securities account for share buybacks, representing 0.98% of its total share capital of 92,707,940 shares [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

证券代码：688068 证券简称：热景生物 公告编号：2026-003 北京热景生物技术股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/11/12 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 12 11 | 11 | 日~2026 | 年 | 月 | 11 | 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 904,054股 | | | | | | | | 累计已回购股数占总股本比例 | 0.98% | | | | | | | | 累计已回购金额 | 149,955,134.73元 | | | | | | ...

出售计划的进展情况 北京热景生物技术股份有限公司 关于出售已回购股份进展公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 公司于 2025 年 12 月 23 日召开第四届董事会第八次会议，审议并通过《关 于出售部分已回购股份的议案》，同意公司根据《关于以集中竞价交易方式回购 公司股份的回购报告书》（公告编号：2024-014）的约定，采用集中竞价交易方 式出售公司于 2024 年 2 月 8 日至 2024 年 5 月 7 日期间已回购的公司股份。公司 计划自披露出售已回购股份计划之日起 15 个交易日后的六个月内（2026 年 1 月 19 日至 2026 年 7 月 18 日），通过集中竞价交易方式出售已回购股份不超过 1,854,158 股。具体内容详见公司于 2025 年 12 月 24 日在上海证券交易所网站 （www.sse.com.cn）披露的《北京热景生物技术股份有限公司关于以集中竞价交 易方式出售部分已回购股份计划公告》（公告编号：2025-090）。 重要内容提示： 回购股份的基本情况 ...

Core Viewpoint - The company, 热景生物 (Hotgen Biotech), has conducted a share buyback, acquiring a total of 904,100 shares, which represents 0.98% of its total share capital of 92,707,900 shares [1] Group 1 - The share buyback was executed through a dedicated securities account via centralized bidding [1] - The highest price paid for the repurchased shares was 176.79 RMB per share, while the lowest price was 145.59 RMB per share [1] - The total amount spent on the share buyback was 150 million RMB, excluding transaction fees such as stamp duty and commissions [1]