Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) increased by 0.61% as of April 14, 2025, with notable gains from stocks such as Yuyuan Pharmaceutical (688658) up 19.91%, and Kexing Pharmaceutical (688136) up 16.90% [1] - The Penghua Sci-Tech Innovation Index ETF (589680) rose by 0.76%, marking its fifth consecutive increase, indicating a strong performance in the AI industry chain [2] - The top ten weighted stocks in the Sci-Tech Innovation Board Composite Index as of March 31, 2025, include Haiguang Information (688041) and Cambrian (688256), collectively accounting for 22.34% of the index [3] Group 2 - The AI industry chain is experiencing breakthroughs, with expectations for major product releases from companies like Alibaba and Tencent around May to June [2] - The Chinese government is likely to enhance policy support and funding for the technology sector, particularly in AI, as part of its strategy to counterbalance the U.S. in the ongoing trade disputes [2]

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 | | ...

Core Viewpoint - The report highlights the significant growth and strategic advancements of Sinovac Biotech in 2024, emphasizing its dual strategy of "innovation + internationalization" amidst increasing competition in the global pharmaceutical industry [1][5]. Financial Performance - In 2024, Sinovac Biotech achieved a revenue of 1.407 billion yuan, representing a year-on-year growth of 11.75% [1]. - The net profit attributable to shareholders was 31.48 million yuan, with a net profit of 35.25 million yuan after excluding non-recurring gains and losses [1]. R&D Innovation - Sinovac Biotech has transitioned to innovative drug development, with 14 projects in the pipeline, including 4 in clinical stages, focusing on antiviral, oncology, and autoimmune diseases [2]. - The GB18 project, targeting GDF-15 for cancer cachexia treatment, has completed international patent registration and shows promising preclinical data [2]. - The company is leveraging AI and computer-aided drug design (CADD) to enhance antibody molecule design and optimize drug efficacy [2][3]. International Expansion - Overseas revenue surpassed 200 million yuan in 2024, increasing its share of total revenue from 11% in 2023 to 16% [5]. - Sinovac Biotech has shifted from simple product exports to platform-based international collaborations, achieving over 15% sales growth in emerging markets [5]. - The approval of albumin-bound paclitaxel in the EU marks a significant milestone for the company, being the first domestic product to gain such approval [5]. Strategic Advantages - The company emphasizes speed in its international collaboration process, with the ability to submit product registration documents within a month of signing agreements [6]. - Sinovac Biotech provides comprehensive services in market insights, marketing, and risk management to empower its partners [6][7].

Core Viewpoint - The company has shown significant improvement in overall operational quality and steady growth in its main business, with a reported revenue of 1.4 billion yuan, representing a year-on-year increase of 11.75% [1] Group 1: Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 35.25 million yuan [1] - The overseas business revenue reached 224 million yuan, marking a year-on-year growth of approximately 61.96% [1][2] - The proportion of overseas business revenue in total revenue increased from 11% in 2023 to 16% in 2024 [2] Group 2: Research and Development - The company has transformed its R&D focus towards innovative drug development, particularly in the fields of antiviral, oncology, and autoimmune diseases, with 14 projects under research, 4 of which are in clinical stages [1] - The innovative drug GB18, targeting GDF-15 for treating cancer cachexia, has completed international patent layout and shows promising preclinical results [1] - The company is leveraging AI and computer-aided drug design (CADD) for antibody molecule design, achieving breakthroughs such as the GB12 bispecific antibody [2] Group 3: Market Expansion - The company has strategically targeted emerging markets with a population exceeding one billion and rapid economic growth, establishing subsidiaries in countries like Brazil, Mexico, Singapore, Vietnam, and Egypt [3] - Sales in emerging markets grew by over 15% year-on-year during the reporting period [3] - The company's product, EPO injection, has become a leading brand in countries such as Brazil, the Philippines, Egypt, and Peru [3]

证券代码：688136 证券简称：科兴制药 公告编号：2025-017 科兴生物制药股份有限公司 关于作废处理 2022 年限制性股票激励计划部分限制性股票的公告 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。 的激励对象名单在公司内部进行了公示。在公示期内，公司监事会未收到与本激 励计划激励对象有关的任何异议。2022 年 5 月 10 日，公司于上海证券交易所网 站（www.sse.com.cn）披露了《科兴生物制药股份有限公司监事会关于公司 2022 年限制性股票激励计划首次授予部分激励对象名单的审核意见及公示情况说明》 （公告编号：2022-029）。 4、2022 年 5 月 19 日，公司召开 2021 年年度股东大会，审议并通过了《关 于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司股东大 会授权董事会办理股权激励相关事宜的议案》，并于 2022 年 5 月 20 日在上海证 券交易所网站（www.sse.c ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-016 科兴生物制药股份有限公司 关于提请股东大会授权董事会办理以简易程序 向特定对象发行股票相关事宜的公告 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。 一、本次授权事宜概述 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》等相关规定，公司于 2025 年 4 月 9 日召开的第二届董事会第 二十二次会议，审议通过了《关于提请股东大会授权董事会办理以简易程序向特 定对象发行股票相关事宜的议案》，同意公司董事会提请股东大会授权董事会决 定公司择机以简易程序向特定对象发行融资总额不超过人民币三亿元且不超过 最近一年末净资产百分之二十的股票并办理相关事宜，授权期限为自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度股东大会召开之日止。 本议案尚须提交公司 2024 年年度股东大会审议通过。 1、确认公司是否符合以简易程序向特定对象发行股票的条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》 ...

致:科兴生物制药股份有限公司 北京市嘉源律师事务所 关于科兴生物制药股份有限公司 2022 年限制性股票激励计划部分限制性股票 作废事项的法律意见书 复源律师事务所 AW OFFICE 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年四月 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU· 西安 XI`AN 北京市嘉源律师事务所 关于科兴生物制药股份有限公司 2022 年限制性股票激励计划部分限制性股票 作废事项的法律意见书 嘉源(2025)-01-151 敬启者: 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励 管理办法》(以下简称"《管理办法》")、《上海证券交易所科创板股票上市规则》(以 下简称"《上市规则》")、《科创板上市公司自律监管指南第4号 -- 股权激励信息 披露》等法律、法规和规范性文件以及《科兴生物制药股份有限公司章程》(以下 简称"《公司章程》")的有关规定,北京市嘉源律师事务所(以下简称"本所")接 受科兴生物制药股份有限公司(以下简称"科兴制药"或"公司 ...