华泰联合证券有限责任公司关于 迪哲（江苏）医药股份有限公司使用首次公开发行之 暂时闲置募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为迪 哲（江苏）医药股份有限公司（以下简称"迪哲医药"或"公司"）2023 年度向 特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》以及《上海证券交易所科创板上市公司 自律监管指引第 1 号——规范运作》等相关规定履行公司 2023 年度向特定对象 发行 A 股股票的持续督导职责并承接公司首次公开发行的原保荐机构中信证券 股份有限公司未完成的首次公开发行相关的持续督导工作，对迪哲医药使用首次 公开发行之暂时闲置募集资金进行现金管理事项进行了核查，核查的具体情况如 下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 11 月 5 日印发的《关于同意迪哲 （江苏）医药股份有限公司首次公开发行股票注册的批复》（证监许可﹝2021﹞ 3494 号）的决定，公司获准向社会公开发行人民币普通股 A 股 40,000,100 股， 发行价格为人民币 52.58 元 ...

Financial Performance - The company's revenue for the third quarter reached ¥231,299,714.08, representing a year-on-year increase of 71.46%[3] - The total profit for the period was a loss of ¥203,910,752.21, with a cumulative loss of ¥582,901,080.21 for the year to date[3] - The basic earnings per share for the current period was -¥0.44, compared to -¥1.32 for the year to date[3] - The net profit for the first three quarters of 2025 was -582,953,152.35 RMB, compared to -649,647,448.06 RMB in the same period of 2024, showing an improvement[25] - Basic and diluted earnings per share for the first three quarters of 2025 were both -1.32 RMB, slightly better than -1.35 RMB in 2024[25] - The total comprehensive income attributable to the parent company's owners was -579,947,780.97 RMB in 2025, compared to -558,460,529.94 RMB in 2024[25] Research and Development - Research and development expenses totaled ¥235,968,603.38, accounting for 102.02% of revenue in the current period, a decrease of 35.09 percentage points[4] - The company plans to maintain stable funding for ongoing clinical research and development of its products[9] - The company is actively expanding its research and development efforts, particularly in the field of T-cell lymphoma treatment, as evidenced by multiple studies on its product, 高瑞哲®[16] - Research and development expenses increased to 644,235,609.66 RMB in 2025 from 567,728,545.76 RMB in 2024, reflecting a growth of approximately 13.5%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,955,346,622.51, an increase of 71.95% compared to the end of the previous year[4] - The equity attributable to shareholders of the listed company increased to ¥1,440,437,716.45, reflecting a significant rise of 643.43% year-on-year[4] - As of September 30, 2025, the company's total assets amounted to RMB 2,955,346,622.51, a significant increase from RMB 1,718,737,884.05 at the end of 2024[19][21] - The company’s total liabilities as of September 30, 2025, were RMB 1,511,613,180.21, slightly down from RMB 1,518,680,986.42 at the end of 2024[21] Cash Flow - The net cash flow from operating activities was -¥159,387,479.24 for the current period, with a cumulative cash flow of -¥424,056,847.98 for the year[3] - Operating cash flow for the first three quarters of 2025 was -424,056,847.98 RMB, slightly better than -463,308,340.42 RMB in 2024[28] - The company reported a significant increase in cash inflow from investment activities, totaling 7,282,910,041.68 RMB in 2025 compared to 2,709,870,267.04 RMB in 2024[28] - The net cash flow from financing activities was 1,640,908,417.60 RMB in 2025, compared to 606,803,240.41 RMB in 2024, indicating a substantial increase[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,806[11] - The largest shareholder, Advanced Manufacturing Industry Investment Fund, holds 108,923,023 shares, representing 23.71% of total shares[11] - AstraZeneca AB also holds 108,923,023 shares, accounting for 23.71%[11] - The company’s stockholders include Jiangsu Wuxi Dize Enterprise Management Partnership, holding 57,451,788 shares, or 12.51%[11] - The company’s stockholders also include Industrial Bank Co., Ltd. - Yongying Pharmaceutical Innovation Mixed Fund, holding 5,910,918 shares, or 1.29%[11] Product Development and Approvals - The company received FDA accelerated approval for ZEGFROVY® on July 2025, making it the first and only EGFR Exon20ins NSCLC innovative drug approved in the U.S.[13] - The company presented 11 new research results in the NSCLC field at the 2025 WCLC, demonstrating good efficacy and safety for ZEGFROVY® across various treatment stages[14] - Birelentinib (DZD8586) received FDA Fast Track Designation in August 2025 for treatment of relapsed/refractory CLL/SLL patients[15] - The company has initiated an international multi-center Phase III clinical study for birelentinib targeting relapsed/refractory CLL/SLL[15] - The company’s research on high瑞哲® (Golitinib) in combination with anti-PD-1 monoclonal antibodies is ongoing, providing important evidence for its clinical application in NSCLC[14] Operating Costs - Total operating revenue of RMB 586,301,134.90 for the first three quarters of 2025, a significant increase from RMB 338,451,000.00 in the same period of 2024, representing a growth of approximately 73.4%[23] - Total operating costs for the first three quarters of 2025 were RMB 1,234,483,936.24, compared to RMB 1,031,763,876.35 in the first three quarters of 2024, indicating an increase of about 19.6%[23] - The company incurred financial expenses of 22,699,804.01 RMB in 2025, up from 15,863,566.73 RMB in 2024, representing a rise of about 43.3%[24] - Sales revenue from goods and services received cash of 559,618,110.76 RMB in 2025, compared to 351,202,757.00 RMB in 2024, marking a growth of approximately 59.4%[28]

Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has transformed from an experimental platform for institutional innovation to a hub for "hard tech" companies during the 14th Five-Year Plan period, with significant growth in the number and market capitalization of technology innovation companies [1][2] Group 1: Market Performance - As of October 26, 2025, the number of listed companies on the STAR Market reached 589, with total IPO fundraising of 925.7 billion yuan and refinancing of 186.7 billion yuan, exceeding 1.1 trillion yuan in total [2] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41%, and their market capitalization share rose from 27% to 32% [1] Group 2: Industry Focus - The STAR Market has seen over 80% of its companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [2] - Approximately 120 companies in the integrated circuit sector are listed on the STAR Market, covering all aspects of the industry chain, including design, manufacturing, and testing [2] Group 3: R&D Investment - R&D investment by companies in the Shanghai market increased from 640 billion yuan to 1.07 trillion yuan, a growth of 66%, accounting for nearly 40% of the national total [3] - STAR Market companies have accumulated 120,000 patents, with a median R&D intensity of 12.6%, leading all A-share sectors [3] Group 4: Institutional Innovation - The STAR Market has introduced various reforms, including the "STAR Market Eight" and "M&A Six," enhancing inclusivity and providing tailored support for companies at different stages [4][5] - The STAR Market has streamlined refinancing conditions and established a quick financing system, significantly improving financing convenience for companies [5] Group 5: Talent and Investment Dynamics - Over 60% of STAR Market companies have founding teams composed of scientists and engineers, with nearly 30% of actual controllers also serving as core technical personnel [7] - The STAR Market has fostered a culture of early, small, and hard-tech investments, with about 90% of companies receiving venture capital before listing [7] Group 6: Future Outlook - As the 14th Five-Year Plan concludes, the capital market is expected to undergo deeper reforms to enhance the development of new quality productivity [8] - Future initiatives will focus on improving long-term capital arrangements and facilitating the entry of medium to long-term funds into the market [8]

Core Insights - Public fundraising enthusiasm has rebounded this year, with 74 A-share companies involved in public placements, totaling 30.292 billion yuan, a year-on-year increase of 28.5% [1][2] Group 1: Industry Performance - The electronic industry is the most favored by public institutions, with 13 electronic stocks attracting a total of 8.986 billion yuan in public placements [2] - The pharmaceutical and biotechnology sector follows, with 6 stocks, including Baili Tianheng and Dize Pharmaceutical, raising a total of 4.518 billion yuan [2] Group 2: Investment Gains - Among the 74 stocks involved in public placements, 71 are currently in a profit state, with 39 stocks having a profit margin within 50%, 12 stocks between 50%-99.99%, and 7 stocks exceeding 100% [1] - A total of 36 public institutions have achieved profits from their investments, representing 97.30% of the participants, with varying profit margins across different institutions [2]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-55 迪哲（江苏）医药股份有限公司 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： 投资者可于 2025 年 10 月 27 日（星期一）至 10 月 31 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@dizalpharma.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。 迪哲（江苏）医药股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 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 年第三季度经营成果、财务状况，公司计 划于 2025 年 11 月 03 日（星期一）下午 15:00-16:00 举行 2025 年第 三季度业绩说明会，就投资者关心的问题进行交流。 1 会议召开时间：2025 年 11 月 03 日（星期一）15:00-16:00 会议召开地点：上海证 ...

Core Insights - Chinese innovative drugs are experiencing a surge in international expansion, with significant achievements at global conferences highlighting their growing influence in the oncology field [1][4][10] Group 1: International Recognition and Achievements - At the recent ESMO annual meeting, Chinese researchers led 23 studies selected for "breakthrough abstracts," marking a historical high, along with 3 major results presented at the "presidential forum" [1] - The first self-developed anti-cancer drug from China was approved for sale in the U.S. in 2019, marking a pivotal moment for Chinese innovative drugs in the global market [4] - Over 20 domestic innovative drugs have been launched overseas, with notable approvals such as Diligent Pharma's drug, Shuwozhe, receiving accelerated approval from the FDA [5][6] Group 2: Market Dynamics and Trends - The number of authorized transactions for Chinese innovative drugs has surged, with total authorization amounts exceeding $100 billion in 2023, a historic first for a single year [7][9] - The clinical trial landscape in China is rapidly evolving, with new drug trials accounting for 30% of the global total, up from just 1% a decade ago, and China leading in oncology trial initiations [8] Group 3: Challenges and Future Directions - Despite the progress, many Chinese companies are still in the "borrow a boat to go to sea" phase, lacking experience in conducting international clinical trials [10] - The path to true internationalization remains challenging, with companies needing to strengthen their domestic market presence while exploring opportunities beyond the U.S. market [11]

Core Insights - Public institutions have shown increasing enthusiasm for participating in the private placement of listed companies, with a total subscription amount of 30.29 billion yuan in 2023, representing a 28.50% increase compared to 23.57 billion yuan in the same period last year [1][2] Group 1: Participation and Performance - A total of 37 public institutions participated in 74 private placement projects across 18 industries, with notable interest in the electronics and pharmaceutical sectors [1][2] - The floating profit amount from public institutions' participation in private placements has reached 10.84 billion yuan, indicating significant profit potential [1] - 59 companies had private placement projects that attracted over 100 million yuan from public institutions, with six companies receiving over 1 billion yuan [1] Group 2: Industry Preferences - The electronics and pharmaceutical industries are particularly favored by public institutions, with total subscriptions of 8.99 billion yuan and 4.52 billion yuan respectively [2] - Specific companies like Cambrian and Semiconductor Manufacturing International Corporation have attracted substantial investments, with Cambrian receiving 2.53 billion yuan from eight public institutions [1][2] Group 3: Institutional Insights - Among the 37 participating public institutions, 27 had total subscriptions exceeding 100 million yuan, with five institutions surpassing 1 billion yuan [2] - Nord Fund led with a subscription total of 8.90 billion yuan, participating in 70 companies' private placements [2] - The active participation of public institutions reflects their ability to capture market opportunities and indicates an optimized ecosystem in the private placement market [3]

Market Overview - The chemical pharmaceutical sector experienced a decline of 0.32% on October 22, with Dize Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Xiangdi Pharmaceutical (301211) with a closing price of 14.99, up 14.25% [1] - Duorui Pharmaceutical (301075) at 58.62, up 10.21% [1] - Guangji Pharmaceutical (000952) at 7.77, up 10.06% [1] - Hasi Lian (002900) at 14.61, up 10.02% [1] - Yatai Pharmaceutical (002370) at 7.70, up 10.00% [1] - Dize Pharmaceutical (688192) was the biggest loser, closing at 60.11, down 6.20% [2] - Other significant decliners included: - Kangzhiyue Pharmaceutical (300086) down 5.90% [2] - Puluo Pharmaceutical (000739) down 5.41% [2] Capital Flow - The chemical pharmaceutical sector saw a net inflow of 185 million yuan from institutional investors, while retail investors experienced a net inflow of 41.4 million yuan [2] - However, speculative funds recorded a net outflow of 227 million yuan [2] Individual Stock Capital Flow - Notable capital flows for specific stocks included: - Yatai Pharmaceutical (002370) with a net inflow of 2.38 billion yuan from institutional investors, but a net outflow of 95.28 million yuan from speculative funds [3] - Anglikang (002940) had a net inflow of 182 million yuan from institutional investors, with a net outflow of 97.14 million yuan from speculative funds [3] - Hasi Lian (002900) recorded a net inflow of 117 million yuan from institutional investors, but a significant net outflow of 59.36 million yuan from speculative funds [3]

迪哲医药-U10月21日大宗交易平台出现一笔成交，成交量6.93万股，成交金额444.31万元，大宗交易成 交价为64.08元。该笔交易的买方营业部为中信证券股份有限公司总部(非营业场所)，卖方营业部为机构 专用。 10月21日迪哲医药-U大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | 业部 | | | | | | 中信证券股份有限公司总部 | 机构专 | | 6.93 | 444.31 | 64.08 | 0.00 | (非营业场所) | 用 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为879.63万元。 证券时报·数据宝统计显示，迪哲医药-U今日收盘价为64.08元，上涨2.07%，日换手率为1.13%，成交额 为3.24亿元，全天主力资金净流入1391.87万元，近5日该股累计上涨0.22%，近5日资金合计净流入 2512.04万元。 两融数据显示，该股最新融资 ...