Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

Core Viewpoint - The stock price of Kexing Pharmaceutical has shown significant volatility, with a year-to-date increase of 91.68%, but a recent decline in the last five and twenty trading days [2] Group 1: Stock Performance - As of September 12, Kexing Pharmaceutical's stock price rose by 2.15% to 41.75 CNY per share, with a trading volume of 1.22 billion CNY and a market capitalization of 8.402 billion CNY [1] - The stock has experienced a decline of 1.23% over the last five trading days and 6.45% over the last twenty trading days, while it has increased by 2.45% over the last sixty days [2] Group 2: Financial Performance - For the first half of 2025, Kexing Pharmaceutical reported a revenue of 700 million CNY, a year-on-year decrease of 7.82%, while the net profit attributable to shareholders was 80.3445 million CNY, reflecting a year-on-year increase of 576.45% [2] - The company has distributed a total of 51.5446 million CNY in dividends since its A-share listing, with 15.7785 million CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Kexing Pharmaceutical increased by 16.86% to 9,412, while the average circulating shares per person decreased by 14.43% to 21,211 shares [2] - The top shareholders include E Fund Medical Healthcare Industry Mixed A, which increased its holdings by 1.6955 million shares, and other funds that have also adjusted their positions [3]

资料显示，科兴生物制药股份有限公司位于山东省济南市章丘区埠村街道创业路2666号,广东省深圳市 南山区高新中一道与科技中一路交汇处创益科技大厦19楼，成立日期1997年8月22日，上市日期2020年 12月14日，公司主营业务涉及从事重组蛋白药物和微生态制剂的研发、生产、销售。主营业务收入构成 为：医药产品97.38%，其他2.62%。 科兴制药所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：肝炎治疗、动物疫 苗、多肽药、细胞治疗、创新药等。 9月9日，科兴制药盘中下跌2.02%，截至13:17，报41.69元/股，成交1.31亿元，换手率1.52%，总市值 83.90亿元。 资金流向方面，主力资金净流入1034.82万元，特大单买入356.43万元，占比2.73%，卖出478.36万元， 占比3.67%；大单买入4183.92万元，占比32.06%，卖出3027.17万元，占比23.19%。 科兴制药今年以来股价涨91.41%，近5个交易日跌3.41%，近20日跌7.68%，近60日跌5.23%。 今年以来科兴制药已经6次登上龙虎榜，最近一次登上龙虎榜为7月3日。 机构持仓方面，截止20 ...

Core Insights - Kexing Pharmaceutical has entered into an overseas commercialization partnership with Renfu Pharmaceutical's subsidiary, Renfu Puke, for the drug Nintedanib soft capsules, enhancing its product portfolio in the respiratory field and showcasing its strong capabilities in international commercialization [1] Group 1: Product Overview - Nintedanib soft capsules are one of only two approved drugs for the treatment of idiopathic pulmonary fibrosis (IPF), recommended by guidelines, with indications also including chronic fibrotic interstitial lung diseases (ILDs) and systemic sclerosis-related ILD [2] - Nintedanib acts as a multi-target tyrosine kinase inhibitor, blocking the activity of VEGFR, PDGFR, and FGFR to inhibit fibroblast proliferation and inflammatory responses, thereby slowing the progression of pulmonary fibrosis [2] Group 2: Market Potential - The global sales of the original drug reached €3.51 billion in 2023, with a projected increase to €3.766 billion in 2024, reflecting a year-on-year growth of 7.3% [3] - The number of global IPF patients increased from 1.4 million in 2015 to 1.7 million in 2022, with a compound annual growth rate of 3.0%, and is expected to reach 1.8 million by 2025, indicating strong market demand for Nintedanib [3] Group 3: International Expansion - The partnership covers markets outside of China, the U.S., Saudi Arabia, Ecuador, Bolivia, Paraguay, and Uruguay, highlighting the potential for significant international growth [4] - Kexing Pharmaceutical has established a comprehensive internationalization capability, including market insights, efficient registration, and targeted marketing, positioning itself as a pioneer in the internationalization of Chinese pharmaceutical companies [4] Group 4: Strategic Collaboration - The collaboration with Renfu Puke is expected to create synergies, leveraging both companies' strengths in research, production, and international commercialization [5] - Renfu Pharmaceutical, established in 1993 and listed in 1997, is a leading pharmaceutical company in Hubei Province and among the top 20 in China, with a strong presence in various therapeutic areas [5]

Group 1 - The company, Sinovac Biotech, announced its participation in the 2025 semi-annual performance briefing for the innovative pharmaceutical industry organized by the Shanghai Stock Exchange [1] - The event is scheduled for September 16, 2025, from 15:00 to 17:00 [1]

证券代码：688136 证券简称：科兴制药 公告编号：2025-074 科兴生物制药股份有限公司 关于参加 2025 年半年度科创板创新药行业集体业绩说明会 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： 会议召开时间：2025 年 9 月 16 日（星期二） 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 9 月 9 日（星期二）至 9 月 15 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@kexing.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 科兴生物制药股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财 ...

事件：科兴制药发布2025 年中期业绩，2025H1 营业总收入7.00 亿元，同比-7.82%；归母净利润0.80 亿 元，同比+576.45%；扣非归母净利润0.45 亿元，同比+110.30%；销售费用2.55 亿元，同比-23.86%；管 理费用0.43 亿元，同比+2.89%；研发费用0.82 亿元，同比+1.66%。按季度看，2025Q2 营业总收入3.47 亿元，同比-13.11%；归母净利润0.55 亿元，扭亏为盈；扣非归母净利润0.23 亿元，同比+97.91%。此 外，公司正在筹划发行境外上市股份（H 股）并在香港联合交易所有限公司上市。 上半年海外收入大幅增长，不断拓展海外商业化平台。公司2025H1 海外收入达到1.88 亿元，同比增长 108.94%，主要得益于白蛋白紫杉醇的持续放量，2025Q2 白蛋白紫杉醇环比收入增长35.84%。上半年 约60 个国家的注册申请获得受理，取得十余个国家/地区的注册批准，截至报告期内白蛋白紫杉醇、英 夫利西、贝伐珠已在印尼、秘鲁、孟加拉等新兴市场国家注册获批。公司着力打造"全球选品、全球覆 盖"的海外商业化平台。上半年新引进了曲妥珠单抗、阿柏西普 ...

市场表现： | 基本数据 | 2025 | 年 | 09 | | 月 | | | | 05 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 42.27 | | | 年 高 / 最 低 | | | | | | 最 | 内 | 一 | | | | | （元） | | | | 63.99/13.67 | | | | | | | | | 总市值（百万元） | | | | | | | | | | 8,507.14 | | | 流通市值（百万元） | | | | | | | | | | 8,507.14 | | | 总股本（百万股） | | | | | | | | | | 201.26 | | | 资产负债率（%） | | | | | | | | | | 49.22 | | | 每股净资产（元/股） | | | | | | | | | | 8.36 | | | 资料来源：聚源数据 | | | | | | | | | | | | 证券研究报告 医药生物 ...

Core Viewpoint - The biopharmaceutical sector experienced a significant increase of 3.06% on September 5, with Sanofi leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% [1] - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Group 2: Individual Stock Performance - Sanofi (688336) closed at 61.60, with a rise of 11.80% and a trading volume of 165,400 shares, totaling a transaction value of 9.62 billion [1] - Changchun High-tech (000661) closed at 128.00, increasing by 7.53% with a trading volume of 270,100 shares [1] - Junshi Biosciences (688180) closed at 48.00, up 7.38% with a trading volume of 252,900 shares, totaling 1.17 billion [1] - Tibet Pharmaceutical (600211) closed at 50.48, rising by 7.13% with a trading volume of 220,200 shares, totaling 1.08 billion [1] - Other notable stocks include: - Rongan Bio (688331) at 92.17, up 4.32% [1] - Kexing Pharmaceutical (688136) at 42.27, up 4.14% [1] Group 3: Capital Flow - The biopharmaceutical sector saw a net inflow of 231 million from institutional investors, while retail investors experienced a net outflow of 25.77 million [1]

Group 1 - The forum "Emerging Market Development Forum for China's Pharmaceutical Industry" was successfully held during the 2025 CPHI & PMEC Pharmaceutical Industry Exhibition in Shenzhen, focusing on opportunities and challenges in emerging markets [1] - The Shenzhen Pharmaceutical and Medical Device Industry Outbound Union aims to create a collaborative ecosystem for companies to expand internationally, involving major enterprises and professional service institutions [1] - The forum featured industry leaders discussing the evolution of the global pharmaceutical landscape and innovative practices for internationalization, highlighting the growing interest in emerging markets [1] Group 2 - IQVIA's analysis indicates that the global biopharmaceutical market is undergoing significant restructuring, with China accounting for one-third of global innovation in drug development [2] - The report emphasizes that Chinese pharmaceutical companies are entering a new era of internationalization, with opportunities arising from technological advancements and innovative business models [2] - The "API+ANDA," "NewCo," and "JV" outbound models were discussed, outlining their characteristics and advantages [2] Group 3 - The MENA and South Asia regions are identified as key markets, with a pharmaceutical market size of approximately $35 billion and an annual growth rate of 6.3%, projected to increase by 35% to 55% over the next five years [3] - Kexing Pharmaceutical's localized marketing strategies in Algeria, Egypt, and Saudi Arabia demonstrate the potential for Chinese pharmaceutical companies in the MENA region [3] - In South America, regulatory compliance and local partnerships are crucial for market entry, with Brazil being the largest contributor to growth in the region [3] Group 4 - The roundtable discussion highlighted the role of new productive forces in the pharmaceutical sector, focusing on biotechnological innovation, digital R&D, and intelligent management [4] - Chinese pharmaceutical companies are encouraged to collaborate with trustworthy partners to enhance their international competitiveness through innovation and ecological synergy [4] - The successful forum aims to provide strategic guidance for Chinese pharmaceutical companies looking to enter emerging markets, with Kexing Pharmaceutical committed to building high-level international exchange platforms [4]