Market Performance - A-shares saw a rise with the Shanghai Composite Index closing up 0.53% at 4018.6 points, while the Shenzhen Component Index increased by 0.18%[1] - The Hang Seng Index in Hong Kong closed up 1.55% at 26649.06 points, with the Hang Seng Tech Index rising 1.34% and the Hang Seng China Enterprises Index up 1.90%[1] - The total market turnover in Hong Kong decreased to 2147.878 million HKD[1] Economic Indicators - The U.S. government shutdown is expected to end soon, with the Senate likely to vote on a temporary funding bill[1] - China's passenger car sales fell for the first time in over a year, with a 0.8% year-on-year decline in October due to the withdrawal of trade-in subsidies[1][12] International Trade - Switzerland is reportedly close to reaching an agreement with the U.S. to reduce export tax rates from 39% to 15%, with a potential deal expected in the next two weeks[12] - The U.S. trade representative is optimistic about reaching a trade agreement with India, which may involve lowering tariffs on Indian goods[12]

证券代码：688136 证券简称：科兴制药 公告编号：2025-092 科兴生物制药股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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 11 月 17 日（星期一） 10:00-11:00 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：上证路演中心网络互动 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2025 年 11 月 14 日（星期五） 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 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 ...

Core Insights - The Hang Seng AH Premium Index has slightly rebounded to 118.42 points as of November 7, following a low of 115.44 points on October 2, indicating a shift in market dynamics for A+H shares [1] Group 1: Recent H-Share Listings - Several well-known A-share companies have recently listed on the Hong Kong stock market, contributing to the AH Premium Index's movements [2] - Junsheng Electronics, listed on November 6, aims to raise funds for automotive intelligent solutions, smart manufacturing, and global expansion, but has seen a cumulative drop of 15.91% since listing, with an A-share premium of 71.63% over H-shares [2] - Seres, which listed on November 5, has experienced a cumulative decline of 13.31%, with an A-share premium of 33.41% over H-shares [2] Group 2: Premium Structure and Trends - The AH premium structure has become more differentiated, with five A+H stocks showing "price inversion" as of November 7, including Ningde Times and Midea Group, with Ningde Times showing the largest premium inversion at -22.303% [4] - The overall trend indicates that the phenomenon of A-shares having premiums over H-shares exceeding 300% has disappeared, with only 30 out of 166 A+H stocks having premiums over 100% [5] - The premium rates for some companies, such as Hongye Futures and Sinopec Oilfield Services, exceed 200%, while others like WuXi AppTec and Zijin Mining have premiums below 5% [5] Group 3: Expansion of A+H Market - The pace of expansion in the A+H market is accelerating, with companies like Baile Tianheng starting their IPO process and planning to raise up to 3.358 billion HKD [6] - The A+H market is becoming a crucial link between A-share and H-share markets, providing investors with more cross-market investment options [7] - Differences in investor structures and trading mechanisms between A-shares and H-shares are fundamental factors contributing to the observed price disparities [7]

Group 1 - Company plans to raise no more than 3.6 billion yuan through a private placement to fund seven projects, including a 500,000 kW green power project in Inner Mongolia [1] - Company has received acceptance for a clinical trial application for its self-developed drug for metastatic pancreatic ductal adenocarcinoma [1] - Company intends to establish a joint venture to implement a high-quality gallium arsenide chip construction project with a total investment of 272 million yuan [2] Group 2 - Company reported a revenue of 142 million yuan from pig sales in October, with a total sales volume of 162,800 pigs [3] - Company signed an annual procurement contract to supply 870,000 tons of electrolyte products from 2026 to 2028 [5] - Company plans to reduce its shareholding by up to 3% through various trading methods [7] Group 3 - Company intends to purchase 100 hydrogen fuel cell vehicles for a total price of 78.32 million yuan [9] - Company plans to acquire a 51% stake in a semiconductor equipment company for 510 million yuan [10] - Company has regained eligibility to participate in military procurement activities after being removed from the banned list [12] Group 4 - Company plans to establish a joint venture with state-owned funds for rural development with a total registered capital of 2.87 billion yuan [14] - Company reported a revenue of 1.918 billion yuan from pig sales in October, with a significant year-on-year increase [16][17] - Company plans to distribute a cash dividend of 0.01 yuan per share, totaling 7.9801 million yuan [18] Group 5 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange [19] - Company received approval for its convertible bond issuance application [20] - Company plans to establish a wholly-owned subsidiary with an investment of 70 million yuan focused on innovative medical research [22] Group 6 - Company reported a 33.87% year-on-year increase in sales volume for October [26] - Company has received a product designation from a leading new energy vehicle brand, with an expected total revenue of approximately 470 million yuan [28] - Company has initiated a key Phase III clinical trial for an innovative eye drop treatment for moderate to severe dry eye syndrome [30] Group 7 - Company reported a total automobile sales volume of 170,700 units in October, a year-on-year decrease of 8.1% [30] - Company plans to invest 16 million USD in establishing a production base in Vietnam [33] - Company has received a warning letter from the regulatory authority due to a breach of commitment by its controlling shareholder [52]

Group 1: Corporate Developments - Elon Musk's 10-year compensation plan approved by Tesla shareholders with 75% majority, potentially worth around $1 trillion in stock [2] - OpenAI's annual revenue expected to exceed $20 billion by the end of this year, with a goal of reaching "hundreds of billions" by 2030 [3] - Apple plans to launch its first low-cost Mac laptop priced under $1,000 in the first half of next year, targeting students and general users [4] Group 2: Technology and AI - Google accelerates the market release of its most powerful AI chip, the seventh-generation Tensor Processing Unit (TPU) named Ironwood, which is four times faster than its predecessor [5] - A strategic partnership formed between ChipLink Integrated and Yuxin Electronics to strengthen the AI semiconductor supply chain, focusing on AI server power management chips [8][9] Group 3: Robotics and Innovation - The world's first 5G-A humanoid robot, "Kua Fu," successfully completed a torch relay at the 15th National Games, showcasing its capabilities in dynamic tasks [6][7] - Xiaopeng Motors' CEO responds to concerns about the company's IRON robot, emphasizing its autonomous capabilities and plans for mass production by the end of 2026 [10] Group 4: Market Insights - Sinovac Biotech submits an application for listing on the Hong Kong Stock Exchange, with a history dating back to 1989 and a focus on biopharmaceutical innovation [11] - Thunderbird Innovation completes a C-round financing to enhance its position in the global consumer-grade AI+AR glasses market, setting a record for single financing amount in 2025 [12] - Deep AI secures 200 million RMB in funding within three months to advance the commercialization of embodied intelligent robots [13]

Core Viewpoint - The company, Sinovac Biotech Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, indicating its intention to expand its presence in the international market [1] Group 1: Company Overview - Sinovac Biotech is an innovative and internationally developed biopharmaceutical company [1] - The company focuses on the research, production, and commercialization of recombinant proteins, antibodies, and targeted delivery therapies [1] Group 2: Strategic Focus - The company strategically concentrates on key therapeutic areas such as oncology and autoimmune diseases, which still have significant unmet clinical needs [1] - Through independent innovation and strategic partnerships, the company has established a differentiated portfolio of marketed products and candidate drugs [1] Group 3: Market Positioning - Sinovac Biotech is continuously advancing treatment solutions that possess clinical and market advantages [1]

｜2025年11月7日星期五｜ NO.1 百济神州预计2025年营业收入362亿元至381亿元 11月6日，百济神州公告，预计2025年营业收入为362亿元至381亿元，公司研发、销售及管理费用合计 为295亿元至309亿元，毛利率维持在80%至90%的中高位区间。营业收入预计增长的调整主要得益于百 悦泽在美国市场的领先地位及其在欧洲和全球其他重要市场的持续扩张。 点评：一心堂董事长向两位女儿转让股份并签署一致行动协议，是一次稳健的家族传承安排。通过大宗 交易转让合计不超过2%股权，既实现了财富代际转移，又凭借协议锁定控制权，有效规避了控制权变 动风险。 NO.5 科兴制药递交港股上市申请 点评：百济神州2025年业绩预告亮眼，预计营收362亿元~381亿元，标志着公司步入自我造血新阶段。 核心驱动力来自明星产品百悦泽在美欧等全球市场的强劲表现，叠加80%~90%的高毛利率，显示其创 新药商业化的强劲潜力与全球竞争力。 NO.2 上海医药替格瑞洛片获美国FDA批准文号 上海医药11月6日公告，下属常州制药厂收到美国食品药品监督管理局的通知，其关于替格瑞洛片的简 略新药申请已获得最终批准上市，替格瑞洛片用于急性 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688136 证券简称：科兴制药 公告编号：2025-091 科兴生物制药股份有限公司 关于向香港联交所递交H股发行上市申请 英文： https://www1.hkexnews.hk/app/sehk/2025/107843/documents/sehk25110601597.pdf 并刊发申请资料的公告 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、准确性和完整性依法承担法律责任。 科兴生物制药股份有限公司（以下简称"公司"）已于2025年11月6日向香港联合交易所有限公司（以下 简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的 申请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载 资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 本次发行上市如果最终实施，发行对象将仅限于符合相关条件的境外投资 ...

Group 1 - Company Biao Bang Co., Ltd. has decided to terminate the planning of a change in control due to failure to reach consensus on key terms with the trading party, and will resume trading on November 7, 2025 [1] - Company Su Da Wei Ge plans to acquire 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. for 510 million yuan, making it a subsidiary [2] - Company Bei Ji Shen Zhou expects its revenue for 2025 to be between 36.2 billion yuan and 38.1 billion yuan, an increase from the previous forecast of 35.8 billion to 38.1 billion yuan [3] Group 2 - Company Hua Hong Semiconductor reported a revenue of approximately 12.58 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.82% [4] - Company Jie Neng Wind Power plans to raise no more than 3.6 billion yuan through a private placement to fund various green power projects [5] - Company Zhen Ai Mei Jia is in the process of transferring control, with trading suspended since November 5, 2025, and expected to remain suspended for up to three trading days [7] Group 3 - Company Xin Hope plans to establish a joint venture with state-owned funds with a total registered capital of 2.87 billion yuan, where Xin Hope will contribute 2.1 billion yuan [8] - Company Yun Nan Ge Ye has approved a project to establish a new semiconductor materials company with an investment of 500 million yuan [8] - Company Tian Ci Materials has signed contracts for the supply of electrolyte products with two major clients, with expected total volumes of 87,000 tons and 72,500 tons for the years 2026-2028 [9][10]

Company Overview - Sinovac Biotech Ltd. (科兴生物制药股份有限公司) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - The company is an innovative and internationally developed biopharmaceutical firm focusing on the research, production, and commercialization of recombinant proteins, antibodies, and targeted delivery therapies [3] Product Portfolio - Sinovac's leading products include SINOGEN (人干扰素α1b注射液), EPOSINO (人促红素注射液), and WHITE-C (人粒细胞集落刺激因子注射液), which hold significant market shares in their respective segments [4] - SINOGEN is projected to capture approximately 55.2% of the short-acting interferon α1b market in China by 2024, while EPOSINO is expected to hold about 16.7% of the erythropoietin market [4] Financial Performance - The company's revenue from its main products for the years 2022, 2023, 2024, and the first half of 2025 is approximately RMB 1.314 billion, RMB 1.255 billion, RMB 1.392 billion, and RMB 680 million respectively [5] - Net profit figures for the same periods show a loss of RMB 92.82 million in 2022, a loss of approximately RMB 195.49 million in 2023, and a profit of RMB 27.05 million in 2024 [7] - The gross profit margin has been declining, recorded at 75.4% in 2022, 70.8% in 2023, and projected to be 63.6% in the first half of 2025 [8] Market Overview - The global pharmaceutical market is expected to grow from USD 1.324 trillion in 2019 to USD 1.671 trillion by 2024, with a projected CAGR of 3.8% reaching USD 2.0908 trillion by 2030 [10] - China's pharmaceutical market is also on the rise, anticipated to grow from RMB 1.633 trillion in 2019 to RMB 1.828 trillion by 2024, with a forecasted revenue of RMB 2.6245 trillion by 2030 [12] - The market for innovative biopharmaceuticals is expanding, with the global market size expected to reach USD 427.9 billion by 2024 and RMB 541.8 billion in China [13]