Core Viewpoint - The Shanghai Stock Exchange emphasizes its mission to support the real economy and enhance its capacity to support technological innovation through the STAR Market, which has established inclusive listing standards for unprofitable companies [1][5]. Group 1: Listing Standards - The STAR Market has developed five sets of listing standards, with the second to fifth sets not imposing profit thresholds, thereby creating diverse pathways for unprofitable companies to access the capital market [1][2]. - The second to fourth sets of standards assess companies based on "revenue scale + R&D intensity," "revenue scale + cash flow," and "revenue scale + market capitalization," respectively, catering to hard technology enterprises with strong R&D capabilities [1][2]. - The fifth set of standards evaluates companies based on "market capitalization + stage of R&D achievements," allowing innovative firms with promising technologies but no commercialization to list [2]. Group 2: Performance of Unprofitable Companies - As of 2024, 54 unprofitable companies listed on the STAR Market achieved a total revenue of 1,745 billion, a 24% year-on-year increase, with 26 companies exceeding 100 million in revenue [3]. - These companies collectively reduced their net losses by 36% to 136 billion, with 22 companies achieving profitability and "delisting" from the unprofitable category [3]. - In the first half of 2025, these companies reported a total revenue of 999 billion, an 8% increase, and reduced net losses by 70% to 15 billion [3]. Group 3: Industry Highlights - Leading companies in the innovative drug sector, such as BeiGene and Baillie Gifford, have achieved significant sales milestones, with BeiGene's new drug generating over 10 billion in sales in just six months [4]. - In the semiconductor sector, companies like SMIC and Cambrian are breaking foreign monopolies and enhancing domestic capabilities in AI chip development [4]. - The STAR Market has facilitated the approval of 46 drugs/vaccines, with 20 new innovative drugs launched domestically, showcasing the rapid advancement of unprofitable companies towards commercialization [6]. Group 4: Policy Impact - The STAR Market's "1+6" policy framework aims to further support unprofitable companies by creating a "STAR Growth Layer" that focuses on emerging sectors like AI and commercial aerospace [6]. - Since the implementation of this policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive market response [6]. - Companies in the STAR Growth Layer reported a 38% year-on-year revenue growth and a significant reduction in net losses by 71 billion in the first half of 2025 [6]. Group 5: Future Outlook - The STAR Market is positioned to assist unprofitable hard technology companies in transitioning from research to market, reinforcing the importance of capital support for technological self-reliance [7].

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

舒沃替尼的商业化成功堪称中国创新药领域的典范，但也将迪哲医药推向了"成也舒沃，败也舒沃"的尴尬境地。 2025 年上半年，迪哲医药营收同比激增 74.4% 至 3.55 亿元，看似亮眼的业绩背后，产品结构失衡问题却不容忽视——舒沃替尼作为全球唯一获批的 EGFR exon20ins非小细胞肺癌靶向药，先发优势明显，而公司另一款创新药戈利昔替尼针对的外周 T 细胞淋巴瘤（PTCL）市场规模较小，短期内难以匹 敌。 对此，迪哲医药在答复《华夏时报》记者采访时否认了存在"舒沃替尼贡献占比95%"的情况，并称2025年上半年，公司营收实现增长74.4%，由舒沃替尼 （舒沃哲 ）和戈利昔替尼（高瑞哲 ）两款核心产品共同驱动。两者均于2024年11月被纳入新版国家医保目录，目前正处于快速放量阶段，共同为公司收 入提供强劲动力。 不过，包括董事长张小林在内的多位高管在2025 年密集减持公司股份，引发了市场对公司前景的担忧。如何在持续维持高额研发投入的前提下，打破对 舒沃替尼的路径依赖，及时填补管线空档，最终构建起多产品支撑的可持续盈利模式，正是迪哲医药面临的创新药企核心生存考验。 舒沃替尼的神话与隐忧 作为全球首个获批用 ...

9月12日，迪哲医药盘中上涨2.01%，截至14:29，报74.98元/股，成交2.92亿元，换手率0.97%，总市值 344.47亿元。 资金流向方面，主力资金净流入718.08万元，特大单买入1440.00万元，占比4.93%，卖出615.73万元， 占比2.11%；大单买入6139.36万元，占比21.04%，卖出6245.56万元，占比21.40%。 迪哲医药今年以来股价涨80.81%，近5个交易日跌5.30%，近20日跌12.01%，近60日涨23.22%。 今年以来迪哲医药已经1次登上龙虎榜，最近一次登上龙虎榜为4月21日，当日龙虎榜净买入-354.62万 元；买入总计7369.65万元 ，占总成交额比18.11%；卖出总计7724.27万元 ，占总成交额比18.98%。 资料显示，迪哲(江苏)医药股份有限公司位于江苏省无锡市新吴区和风路26号汇融商务广场C栋404、 405、416室,中国(上海)自由贸易试验区亮景路199、245号4幢，成立日期2017年10月27日，上市日期 2021年12月10日，公司主营业务涉及创新药物的研发和产业化,高度重视员工的创新研发能力。主营业 务收入构成为：销售 ...

本报（chinatimes.net.cn）记者于娜 北京报道 舒沃替尼的商业化成功堪称中国创新药领域的典范，但也将迪哲医药推向了"成也舒沃，败也舒沃"的尴 尬境地。 2025 年上半年，迪哲医药营收同比激增 74.4% 至 3.55 亿元，看似亮眼的业绩背后，产品结构失衡问题 却不容忽视——舒沃替尼作为全球唯一获批的EGFR exon20ins非小细胞肺癌靶向药，先发优势明显，而 公司另一款创新药戈利昔替尼针对的外周 T 细胞淋巴瘤（PTCL）市场规模较小，短期内难以匹敌。 对此，迪哲医药在答复《华夏时报》记者采访时否认了存在"舒沃替尼贡献占比95%"的情况，并称2025 年上半年，公司营收实现增长74.4%，由舒沃替尼（舒沃哲®）和戈利昔替尼（高瑞哲®）两款核心产 品共同驱动。两者均于2024年11月被纳入新版国家医保目录，目前正处于快速放量阶段，共同为公司收 入提供强劲动力。 不过，包括董事长张小林在内的多位高管在2025 年密集减持公司股份，引发了市场对公司前景的担 忧。如何在持续维持高额研发投入的前提下，打破对舒沃替尼的路径依赖，及时填补管线空档，最终构 建起多产品支撑的可持续盈利模式，正是迪哲医药面 ...

智通财经APP讯，迪哲医药(688192.SH)发布公告，公司于2025年9月6日至9日在2025年世界肺癌大会 (WCLC)上，报告了其自主研发的新型肺癌靶向药舒沃哲®(通用名：舒沃替尼片)和高选择性JAK1抑制 剂高瑞哲®(通用名：戈利昔替尼胶囊)在非小细胞肺癌(NSCLC)领域的11项最新研究。其中，舒沃哲® 国际多中心注册临床研究"悟空1B"(WU-KONG1B)的最新研究结果在大会进行口头报告。 公司还在WCLC上公布了高瑞哲®在NSCLC治疗领域的最新探索。研究显示，高瑞哲®联合抗PD-1单抗 治疗经PD-1治疗的晚期NSCLC在剂量递增阶段未观察到剂量限制性毒性(DLT)，目前研究仍在持续入组 和数据收集中，将为高瑞哲®在NSCLC的临床应用提供重要依据。 舒沃哲®首个国际多中心注册临床研究"悟空1B"(WU-KONG1B)最新研究结果显示，舒沃哲®二/后线治 疗表皮生长因子受体(EGFR)20号外显子插入突变(Exon20ins)NSCLC具有良好的获益/风险比：抗肿瘤疗 效显著且持久，安全性可控可管理。2025年7月，舒沃哲®基于"悟空1B"(WU-KONG1B)研究在美国通 过优先审评获批 ...

证券代码：688192 证券简称：迪哲医药 公告编号：2025-53 迪哲（江苏）医药股份有限公司 自愿披露关于公司肺癌领域多项最新研究成果在 2025 年世界肺癌大会（WCLC）上公布的公告 本公司董事会及全体董事保证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。 迪哲（江苏）医药股份有限公司（以下简称"公司"）于 2025 年 9 月 6 日 至 9 日在 2025 年世界肺癌大会（WCLC）上，报告了其自主研发的新型肺癌靶 向药舒沃哲®（通用名：舒沃替尼片）和高选择性 JAK1 抑制剂高瑞哲®（通用名： 戈利昔替尼胶囊）在非小细胞肺癌（NSCLC）领域的 11 项最新研究。其中，舒 沃哲®国际多中心注册临床研究"悟空 1B"（WU-KONG1B）的最新研究结果在 大会进行口头报告。 一、关于舒沃哲®相关研究 舒沃哲®首个国际多中心注册临床研究"悟空 1B"（WU-KONG1B）最新研 究结果显示，舒沃哲®二/后线治疗表皮生长因子受体（EGFR）20 号外显子插入 突变（Exon20ins）NSCLC 具有良好的获益/风险比：抗肿瘤疗效显著且持久 ...

迪哲医药(688192.SH)发布公告，公司于2025年9月6日至9日在2025年世界肺癌大会(WCLC)上，报告了 其自主研发的新型肺癌靶向药舒沃哲(通用名：舒沃替尼片)和高选择性JAK1抑制剂高瑞哲(通用名：戈 利昔替尼胶囊)在非小细胞肺癌(NSCLC)领域的11项最新研究。其中，舒沃哲国际多中心注册临床研 究"悟空1B"(WU-KONG1B)的最新研究结果在大会进行口头报告。 公司还在WCLC上公布了高瑞哲在NSCLC治疗领域的最新探索。研究显示，高瑞哲联合抗PD-1单抗治 疗经PD-1治疗的晚期NSCLC在剂量递增阶段未观察到剂量限制性毒性(DLT)，目前研究仍在持续入组和 数据收集中，将为高瑞哲在NSCLC的临床应用提供重要依据。 舒沃哲首个国际多中心注册临床研究"悟空1B"(WU-KONG1B)最新研究结果显示，舒沃哲二/后线治疗 表皮生长因子受体(EGFR)20号外显子插入突变(Exon20ins)NSCLC具有良好的获益/风险比：抗肿瘤疗效 显著且持久，安全性可控可管理。2025年7月，舒沃哲基于"悟空1B"(WU-KONG1B)研究在美国通过优 先审评获批上市，是目前全球唯一获批治疗EGFR ...

格隆汇9月9日丨迪哲医药(688192.SH)公布，公司于2025年9月6日至9日在2025年世界肺癌大会 （WCLC）上，报告了其自主研发的新型肺癌靶向药舒沃哲（通用名：舒沃替尼片）和高选择性JAK1 抑制剂高瑞哲（通用名：戈利昔替尼胶囊）在非小细胞肺癌（NSCLC）领域的11项最新研究。其中， 舒沃哲国际多中心注册临床研究"悟空1B"（WU-KONG1B）的最新研究结果在大会进行口头报告。 ...

迪哲医药(688192.SH)公告称，公司在2025年世界肺癌大会（WCLC）上报告了其自主研发的新型肺癌 靶向药舒沃哲®和高选择性JAK1抑制剂高瑞哲®在非小细胞肺癌（NSCLC）领域的11项最新研究。其 中，舒沃哲®国际多中心注册临床研究"悟空1B"（WU-KONG1B）的最新研究结果在大会进行口头报 告。舒沃哲®首个国际多中心注册临床研究"悟空1B"（WU-KONG1B）最新研究结果显示，舒沃哲®二/ 后线治疗表皮生长因子受体（EGFR）20号外显子插入突变（Exon20ins）NSCLC具有良好的获益/风险 比。此外，舒沃哲®联合安罗替尼一线治疗EGFR敏感突变合并共突变NSCLC的ORR为77.8%，DCR达 100%，有望为临床带来具有前景的治疗选择。 ...