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]

Group 1 - The core viewpoint of the news is that Sinovac Biotech's stock has experienced a decline of 5.01%, with its current share price at 40.38 CNY and a total market capitalization of 8.127 billion CNY [1] - Sinovac Biotech, established on August 22, 1997, specializes in the research, production, and sales of recombinant protein drugs and micro-ecological preparations, with 97.38% of its revenue coming from pharmaceutical products [1] - The trading volume for Sinovac Biotech reached 194 million CNY, with a turnover rate of 2.30% [1] Group 2 - Huatai Baoxing Fund holds a significant position in Sinovac Biotech, with its Huatai Baoxing Kelong A fund (009124) owning 21,000 shares, representing 1.59% of the fund's net value, making it the eighth-largest holding [2] - The Huatai Baoxing Kelong A fund was established on May 11, 2020, and has a current scale of 20.8067 million CNY, with a year-to-date return of 9.58% and a one-year return of 14.97% [2] - The fund manager, Zhou Yongmei, has a tenure of 7 years and 213 days, with a best return of 43.67% during her management period [3]

科兴生物制药股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 | 2025/3/19 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 3 3 | 17 | 日~2026 | 年 | 月 | 日 16 | | 预计回购金额 | 3,000万元~6,000万元 | | | | | | | 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 1,269,333股 | | | | | | | 累计已回购股数占总股本比例 | 0.63% | | | | | | | 累计已回购金额 | 4,738.19万元 | | | | | | | 实际回购价格区间 | 23.14元/股~43.50元/股 | | | | | | 一、回购股份的基 ...

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share, aimed at employee stock ownership plans or equity incentives [1] - Kangnbei received a drug registration certificate for Linggui Shugan Granules, which is derived from traditional Chinese medicine and is used for treating phlegm and dampness due to Yang deficiency [2] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Co., Ltd. with a total price not less than 151 million yuan [3] Group 2 - Shankai Intelligent won a bid for a metering device procurement project worth 13.318 million yuan from Hohhot Water Supply Company [4] - Hason Co. plans to jointly establish a supply chain company with a registered capital of 10 million yuan, in which Hason will hold a 10% stake [5] - Pudong Construction's subsidiaries won multiple major projects with a total amount of 1.271 billion yuan [6] Group 3 - Jinling Pharmaceutical received approval for the Phase III clinical trial of Olaratogrel tablets, which are used for treating moderate to severe pain associated with endometriosis [8] - Menohua's subsidiary obtained a drug registration certificate for Mosapride Citrate Tablets, aimed at improving gastrointestinal symptoms [10] - Shapuaisi's major shareholder plans to reduce holdings by up to 2% of the company's shares due to personal financial needs [11] Group 4 - Changyuan Power reported an August electricity generation of 3.771 billion kWh, a year-on-year decrease of 6.03% [15][16] - Xibu Livestock's August fresh milk production increased by 4.8% month-on-month but decreased by 7.27% year-on-year [19] - Yong'an Pharmaceutical's actual controller and chairman had their detention lifted, allowing them to resume normal duties [20] Group 5 - Jinkai Intelligent's director resigned due to work adjustments [22] - Xinhua Medical received a Class II medical device registration for an endoscope cleaning workstation [23] - Haishi Science and Technology's innovative drug HSK47388 received approval for a new indication clinical trial [25] Group 6 - Baotai Co. plans to participate in a land use rights auction in Baoji City with a starting price of 57.34 million yuan [26] - Minfeng Special Paper received a government subsidy totaling 11.2 million yuan [27] - Jiuchang Bio obtained a medical device registration for a heparin-binding protein assay kit [29] Group 7 - Jingao Technology plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 17.36 yuan per share [31] - Youxunda won a bid for a metering equipment project from China Southern Power Grid worth approximately 161 million yuan [32] - Qianli Technology reported an August vehicle sales increase of 168.55% year-on-year [32] Group 8 - Guangzhou Port expects an August container throughput increase of 1.2% year-on-year [32] - Kexing Pharmaceutical's GB08 injection completed the first subject enrollment for Phase II clinical trials [33] - Wu Ming Pharmaceutical plans to transfer 98.9% of its subsidiary's shares to a newly established wholly-owned subsidiary [34] Group 9 - Shanghai Electric's acquisition of K-Electric Limited shares has not yet completed the transfer [35] - Fulai New Materials plans to raise no more than 710 million yuan through a private placement [36] - Huaren Health's drug registration application for a new type of potassium ion competitive acid blocker has been accepted [37]