Market Overview - The A-share market indices continued to rise, achieving a five-day consecutive increase, with a total trading volume of 1.31 trillion yuan, a decrease of 78 billion yuan from the previous trading day [1] - The Hainan sector experienced significant growth, while a few sectors such as shipping ports and the茅指数 saw declines [1] Stock Performance - A total of 103 stocks hit the daily limit, with 13 stocks achieving consecutive limit-ups, and 31 stocks failed to close at the limit, resulting in a limit-up rate of 77% (excluding ST and delisted stocks) [3] - Notable stocks included: - Guofang Group achieved a 7-day limit-up, driven by retail and brokerage investments [4] - Zhongqi New Material saw a 10.01% increase, marking its 9th day with 7 limit-ups, influenced by semiconductor equipment [4] - Zhongyuan Home achieved a limit-up, marking its 5th consecutive limit-up, supported by the sofa and e-commerce sectors [4] Institutional Trading - The top three net buying stocks on the Dragon and Tiger list were Hunan Gold, Tianhe Magnetic Materials, and Yuekang Pharmaceutical, with net purchases of 179 million yuan, 157 million yuan, and 106 million yuan, respectively [6] - The top three net selling stocks were Baolingbao, Hongbaoli, and Ouyagu, with net sales of 64.35 million yuan, 54.92 million yuan, and 46.72 million yuan, respectively [6] Sector Highlights - Hunan Gold's stock price surged due to rising gold prices, with spot gold breaking historical highs at $3,245.45 per ounce, and forecasts from Goldman Sachs and UBS predicting further increases [7] - Yuekang Pharmaceutical reported a 42.2 million yuan R&D investment in 2024, accounting for 11.16% of its revenue, reflecting a 0.78 percentage point increase year-on-year [12] - Baolingbao's stock experienced abnormal fluctuations, with a cumulative increase of over 20% in three consecutive trading days, while the company maintains a diverse product range in functional sugars [13] Notable Stock Movements - Kexing Pharmaceutical saw a significant increase of 16.83%, with a trading volume of 288 million yuan and a net institutional purchase of 89.31 million yuan [16] - Ha Sanlian's stock rose by 3.01%, with a trading volume of 787 million yuan and a net institutional purchase of 49.39 million yuan [16] - Qingdao Jinwang's stock increased by 5.41%, with a trading volume of 2.6 billion yuan and a net institutional purchase of 44.02 million yuan [16]

证券代码：688136 证券简称：科兴制药 公告编号：2025-020 科兴生物制药股份有限公司 股票交易异常波动公告 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： 科兴生物制药股份有限公司（以下简称"公司"）股票连续三个交易日 内（2025 年 4 月 10 日、4 月 11 日、4 月 14 日）收盘价格涨幅偏离值累计超过 30%，属于股票交易异常波动。 经公司自查，并向公司控股股东、实际控制人进行书面询证，截至本公 告披露日，确认不存在关于公司的应披露而未披露的重大事项，公司日常经营情 况正常，未发生重大变化，所处的行业政策未发生重大调整。 公司股价短期波动幅度较大，公司特别提醒广大投资者，注意投资风险、 理性决策、审慎投资。 一、股票交易异常波动的具体情况 公司股票连续三个交易日内（2025 年 4 月 10 日、4 月 11 日、4 月 14 日） 收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所科创板股票异常交易 实时监控细则》的有关规定，属于股票交易异常波动的情形。 二、公司关注并核实的 ...

特此回函! 关于《科兴生物制药股份有限公司股票交易异常波动询证函》的回函 8 实际控制人: 1225 科兴生物制药股份有限公司: 贵公司发出的《科兴生物制药股份有限公司股票交易异常波动询证函》已收 悉，经过认真自查，现就有关情况回复如下： 截至本函签署日,本人作为贵公司的实际控制人,不存在影响贵公司股票交 易异常波动的重大事项,不存在其他应披露而未披露的重大信息,包括但不限于 筹划并购重组、股份发行、债务重组、业务重组、资产剥离和资产注入等对贵公 司股票交易价格产生较大影响的重大事项。本人在贵公司本次股票交易异常波动 期间未买卖贵公司股票。 2025 年 4 月 14 日 ...

关于《科兴生物制药股份有限公司股票交易异常波动询证函》的回函 科兴生物制药股份有限公司: 贵公司发出的《科兴生物制药股份有限公司股票交易异常波动询证函》已收 悉,经过认真自查,现就有关情况回复如下: 深圳科益医药 202 一、截至目前,本企业不存在除在指定媒体上已公开披露的信息以外影响贵 公司股票交易价格异常波动的重大事宜; 二、截至目前,本企业不存在处于筹划阶段的涉及贵公司的重大事项,包括 但不限于重大资产重组、股份发行、上市公司收购、债务重组、业务重组、资产 剥离、资产注入等重大事项; 三、在本次股票交易异常波动期间,本企业不存在买卖贵公司股票的情形。 特此回函! ...

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 04 月 23 日 （星期三） 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/） 证券代码：688136 证券简称：科兴制药 公告编号：2025-021 科兴生物制药股份有限公司 关于参加 2024 年度科创板生物制品及 CXO 行业 集体业绩说明会的公告 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 16 日（星期三）至 04 月 22 日（星期二）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 4 月 11 日发布 公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成 ...

截至2025年4月14日 14:12，上证科创板综合指数(000680)上涨0.61%，成分股悦康药业(688658)上涨 19.91%，科兴制药(688136)上涨16.90%，华丰科技(688629)上涨11.72%，路德环境(688156)上涨8.36%， 南亚新材(688519)上涨8.04%。 数据显示，截至2025年3月31日，上证科创板综合指数(000680)前十大权重股分别为海光信息(688041)、 寒武纪(688256)、中芯国际(688981)、金山办公(688111)、中微公司(688012)、传音控股(688036)、联影 医疗(688271)、百利天恒(688506)、澜起科技(688008)、晶科能源(688223)，前十大权重股合计占比 22.34%。 科创综指ETF鹏华(589680)，场外联接A：023757；联接C：023758。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 申万宏源证券指出，AI产业链持续突破——国产算力突围×物理智能革命×机器人量产元年，市场每次 回调都是筹码再沉淀。后续AI产业链催化节点或集中在5-6月，届时阿里、 ...

Core Viewpoint - The article discusses the recent performance of the STAR Market Composite Index and highlights the impact of U.S.-China trade policies on the pharmaceutical sector, suggesting potential investment opportunities in innovation, overseas markets, equipment upgrades, and consumer recovery [3][4]. Group 1: Market Performance - As of April 14, 2025, the STAR Market Composite Index rose by 1.13%, with notable increases in stocks such as Yuyuan Pharmaceutical (up 19.99%) and Kexing Pharmaceutical (up 17.23%) [3]. - The STAR Market ETF (Hua Xia) also saw a rise of 1.19%, marking its fifth consecutive increase, with a latest price of 0.94 yuan [3]. - The trading volume for the STAR Market ETF was active, with a turnover rate of 23.24% and a transaction value of 197 million yuan [3]. Group 2: Trade Policy Impact - Following the U.S. government's announcement of a 34% tariff on Chinese goods on April 2, 2025, both countries adjusted their bilateral trade tariffs to 125% as of April 11, 2025 [3]. - The frequent adjustments in tariff policies are expected to disrupt U.S.-China pharmaceutical trade, but companies primarily exporting to markets outside the U.S. may be less affected [3]. - The increased tariffs on U.S. goods could accelerate the import substitution process for high-market-share biopharmaceutical products in China [3]. Group 3: Investment Themes - The report suggests focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [4]. - The "innovation" theme emphasizes investing in globally competitive innovative drugs and promising categories with significant market potential [4]. - The "overseas expansion" theme indicates that there are long-term opportunities in overseas markets [4]. - The "equipment upgrades" theme anticipates increased support for medical equipment updates from central and local government financing [4]. - The "consumer recovery" theme highlights potential rebounds in sectors like ophthalmology, dentistry, and medical aesthetics due to consumer stimulus policies [4]. Group 4: ETF Performance and Metrics - The STAR Market ETF (Hua Xia) has reached a new high in scale at 839 million yuan and a new high in shares at 908 million [4]. - Recent net inflows into the ETF totaled approximately 22.08 million yuan, with a total of 57.84 million yuan net inflow over the past five trading days [4]. - The ETF's management fee is 0.15%, and the custody fee is 0.05%, which are among the lowest in comparable funds [5]. - The tracking error for the ETF over the past month is 0.010%, indicating high tracking precision compared to similar funds [5]. Group 5: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the STAR Market Composite Index is 129.12, which is at a historical low, being in the 19.67th percentile over the past year [6]. - The top ten weighted stocks in the STAR Market Composite Index account for 22.34% of the index, with companies like Haiguang Information and Cambricon Technologies among the leaders [6].

Investment Rating - The report maintains a "Recommendation" rating for Kexing Pharmaceutical (688136.SH) [3][10] Core Viewpoints - Kexing Pharmaceutical achieved a revenue of 1.407 billion yuan in 2024, representing an increase of 11.75%, and turned a profit with a net profit of 31 million yuan [4][7] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders [4] - The overseas sales revenue is expected to grow significantly, with a projected increase of 62% in 2024 [7] - The company is focusing on new emerging markets and has submitted over 120 registration applications for its products in more than 60 countries [7] - Kexing's innovative drug pipeline is progressing, with multiple projects in clinical trials, including two in Phase III [8] Summary by Sections Financial Performance - In 2024, Kexing Pharmaceutical reported a revenue of 1.407 billion yuan, up 11.75% from the previous year, and a net profit of 31 million yuan [4][7] - The company’s operating expenses showed a decrease in sales expense ratio by 12.33 percentage points to 42.42% [7] - The R&D expense ratio decreased by 15.45 percentage points to 11.94% due to reduced clinical and trial costs [7] Market Expansion - The company’s flagship product, albumin paclitaxel, received EU approval in July 2024, with increasing sales orders [7] - Kexing is targeting emerging markets, achieving over 15% sales growth in these regions during the reporting period [7] Innovation Pipeline - Kexing is advancing several projects in clinical trials, including GDF15 monoclonal antibody and dual-specific antibodies targeting VEGF/ANG-2 and IL-4R/IL-31 [8] - The GDF15 project is aimed at treating cancer cachexia and has received IND application acceptance from the Chinese regulatory authority [8] Future Projections - Revenue forecasts for 2025-2027 have been adjusted to 1.935 billion, 2.288 billion, and 2.807 billion yuan respectively [8] - Net profit projections for the same period are revised to 123 million, 243 million, and 357 million yuan respectively [8]

Key Points Summary of the Conference Call for Kexing Pharmaceutical Company Overview - Kexing Pharmaceutical reported a robust performance in 2024, achieving total revenue of 1.85 billion yuan, a year-on-year increase of 60% [4][3] - The company turned a profit with a net profit of 35 million yuan, and EBITDA of 204 million yuan, reflecting over 200% growth [4][3] Financial Performance - Total revenue for 2024 reached 1.4 billion yuan, with a 12% year-on-year growth [3] - Q4 revenue was 317 million yuan, up 27% year-on-year [3] - Overseas sales revenue was 220 million yuan, marking a 60% increase [3][4] - Operating cash flow turned positive, reaching 100 million yuan [4][3] Domestic Market Performance - Domestic sales revenue was 1.18 billion yuan, showing stable growth despite the impact of centralized procurement [5][4] - The company maintained a solid domestic market presence, indicating a stable foundation [5][4] Overseas Market Performance - Kexing's overseas sales grew by 60% in 2024, primarily driven by the sales of interleukin in the EU [6][4] - The company has introduced 16 new products and established branches in multiple regions to enhance marketing capabilities [6][4] Research and Development - R&D expenses remained high at approximately 1 billion yuan, with significant investment in Phase III clinical trials [7][4] - The company is focusing on innovative products based on antibody and protein technology platforms, including the GB05 project for RSV treatment, which has entered Phase III trials [7][4] Future Development Strategy - Kexing aims to focus on protein antibodies and delivery technology innovations over the next five years, planning to establish subsidiaries for collagen, trillion replacements, and anti-tumor products [10][4] - The company targets achieving 6 NDAs and 15 INDs within five years, aspiring to become a high-quality drug export platform covering over 70 countries [10][4] Equity Incentive Plan - Kexing launched a second equity incentive plan in 2024, targeting a sales growth of 200%-400% for 2025, with a minimum sales goal of 60 million USD [9][4] Commercialization and Product Pipeline - The company has formed a trend of "introducing, launching, and scaling" its products, with expectations of reaching a minimum overseas sales peak of 1.5 billion yuan by 2026 or 2027 [12][4] - Kexing is focusing on antibody and protein drug development in oncology and autoimmune fields, emphasizing the Kexing body platform [17][4] Regulatory and Market Expansion - Kexing has established a German subsidiary to enhance its presence in the EU market, with plans to introduce 10 to 20 products focusing on oncology, autoimmune, and metabolic diseases [31][4] - The company is actively researching market demands and competition in Europe to quickly collaborate with domestic partners for product launches [31][4] Conclusion - Kexing Pharmaceutical is committed to innovation and internationalization, with clear strategic goals for the coming years, aiming to enhance its quality and market position [33][4]

医药 2025 年 04 月 14 日 科兴制药(688136.SH) 24年利润端实现扭亏，关注新品海外放量节奏 推荐（维持） 股价：30.00 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 60 | | 流通 A 股市值(亿元) | 60 | | 每股净资产(元) | 8.19 | | 资产负债率(%) | 48.2 | | 行情走势图 | | 相关研究报告 【平安证券】科兴制药（688136.SH ）*公司动态跟踪 报告*出海业务有望保持高增长，创新药平台价值静待 重估*推荐20250402 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | ...