Core Viewpoint - The Medical Health Index (980016) experienced a decline of 1.04%, closing at 6286.72 points on January 20, with a total transaction volume of 27.088 billion yuan and a turnover rate of 0.91% [1] Group 1: Index Performance - On the day of reporting, 16 constituent stocks of the Medical Health Index increased, with Xinhecheng leading the gain at 3.42%, while 33 stocks declined, with Dize Pharmaceutical leading the drop at 5.1% [1] Group 2: Capital Flow - The net outflow of main funds from the Medical Health Index constituent stocks totaled 1.264 billion yuan, while retail investors saw a net inflow of 1.253 billion yuan, and speculative funds had a net inflow of 10.5153 million yuan [2] - In the past 10 days, there was an adjustment in the Medical Health Index constituent stocks, with one stock added and one stock removed [2]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the biopharmaceutical industry, focusing on several key companies and their projected performance for 2025 and beyond. The overall sentiment reflects a robust growth trajectory within the sector. Key Companies and Their Projections 1. WuXi AppTec (药明康德) - Expected revenue for 2025 is 454.56 billion CNY, a year-on-year increase of 15.84% - Adjusted net profit is projected to be 149.57 billion CNY, up 41.33%, with total net profit reaching 191.51 billion CNY, a 102.65% increase [2] - The company has 24 GLP-1 drug candidates, with 15 in Phase II and III clinical trials, indicating strong pipeline growth [4] 2. Kanglong Chemical (康龙化成) - Anticipates revenue between 138.72 billion CNY and 142.4 billion CNY, reflecting a growth of 13%-16% - Adjusted net profit is expected to be between 17.68 billion CNY and 18.48 billion CNY, a growth of 10%-15% [2] 3. Sunway Pharma (阳光诺和) - Projected revenue between 1.192 billion CNY and 1.37 billion CNY, a growth of 10.57%-27.15% - Expected net profit between 190 million CNY and 229 million CNY, a growth of 7.69%-29.23% [2] 4. AstraZeneca (阿斯利康) - Focused on cardiovascular, ADC, next-generation IO, and cell therapy TCE areas - Key clinical data readouts expected in 2026, which may impact market dynamics [5] 5. Gilead Sciences (吉利德) - Key projects include Cloud Native Top two ADC, expected to show promising data in TNBC treatment and potential approval in the second half of the year [8] - Anticipates significant changes in the first-line triple-negative breast cancer market due to the SG molecule [8] 6. DZD Pharma (迪哲医药) - DZD6,008 shows significant efficacy in non-small cell lung cancer (NSCLC) with an ORR of 60% and PFS exceeding 10 months [3][16] Clinical Trials and Data Readouts - Multiple companies, including Gilead, AstraZeneca, and others, are set to release important clinical trial data in 2026, which could reshape competitive dynamics in the NSCLC market [16] - AstraZeneca's ADC project 18.2 is expected to have significant clinical data readouts in 2026, with a focus on large-scale Phase III trials [7] Strategic Collaborations and Market Expansion - WuXi Biologics (药明生物) has signed a strategic cooperation memorandum with Qatar Free Zone Authority to expand into the Middle East market [4] - The conference highlighted the increasing participation of Chinese companies in the global pharmaceutical market, particularly in the dual-antibody and ADC sectors [22] Emerging Trends and Innovations - The industry is witnessing a shift towards L2.0 and ADC combinations, which are expected to become the next wave of drug development [17][18] - The importance of speed and mechanism synergy in new drug development was emphasized, indicating that early-stage projects have a higher success rate [18] Conclusion - The biopharmaceutical industry is poised for significant growth, with several companies reporting strong projections and innovative clinical developments. The upcoming clinical data releases in 2026 are anticipated to have a substantial impact on market dynamics and competitive positioning within the sector.

2022 年限制性股票激励计划首次授予的第一类激励激励对象第三个归 属期第一次归属以及首次授予的第二类激励激励对象第二个归属期部 分归属、预留授予的激励对象第一个归属期部分归属结果 暨股票上市公告 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。 证券代码：688192 证券简称：迪哲医药 公告编号：2026-003 迪哲（江苏）医药股份有限公司 本次股票上市流通日期为2026 年 1 月 19 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，迪哲（江苏）医药股份有限公司（以下简称"公司"）于 近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2022 年限制性股票激励计划（以下简称"限制性股票激励计划"）首次 授予的第一类激励对象第三个归属期第一次归属以及首次授予的第二类激励对象 第二个归属期部分归属、预留授予的激励对象第一个归属期部分归属的股份登记 工作，现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 重要内容 ...

Core Viewpoint - The company, DiZhe Pharmaceutical, aims to innovate and transform the Chinese pharmaceutical industry by developing original drugs that benefit global patients, with a projected revenue increase and reduced losses in the coming years [2][5]. Financial Performance - For the fiscal year 2025, DiZhe Pharmaceutical expects to achieve approximately 800 million yuan in revenue, representing a year-on-year increase of about 122.28% [5]. - The company anticipates a net loss of around 770 million yuan for 2025, which is a reduction of approximately 8.98% compared to the previous year [5]. - In 2024, the company reported a revenue of 360 million yuan, marking a significant year-on-year growth of 294.24% [4]. Research and Development - Over the past eight years, DiZhe Pharmaceutical has invested over 4.7 billion yuan in research and development, with a cumulative R&D expense rate of approximately 291% relative to its revenue of 1.37 billion yuan [8]. - The R&D expenses for 2025 are projected to be around 860 million yuan, an increase of 18.84% from the previous year [8]. Product Development and Market Strategy - DiZhe Pharmaceutical has received approval for two products, Shuwotai (舒沃替尼片) and Gaoruizhe (高瑞哲胶囊), which will be included in the national medical insurance drug list, enhancing patient accessibility and market share [5][9]. - The company is focusing on global strategic expansion and plans to issue overseas listed foreign shares on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [11]. Financial Health - The company's asset-liability ratio reached 98.70% at one point, indicating a precarious financial position, but improved to 49.39% and 51.15% by the second and third quarters of 2025, respectively [10][11].

Core Viewpoint - Dize Pharmaceutical (688192.SH) has announced a projected net loss for the year 2025, despite an expected significant increase in revenue compared to the previous year. Financial Performance - The company anticipates a revenue of approximately 800 million yuan for 2025, which represents an increase of about 440.1 million yuan or 122.28% year-on-year [1] - The projected net loss attributable to shareholders is around 770 million yuan, a reduction of approximately 75.96 million yuan or 8.98% compared to the previous year [1] - The expected net loss after deducting non-recurring gains and losses is about 850 million yuan, which is a decrease of around 48.89 million yuan or 5.44% year-on-year [1] Historical Financial Data - From 2019 to 2024, the company's revenue figures were 41.02 million yuan, 27.76 million yuan, 10.29 million yuan, 0 yuan, 91.29 million yuan, and 360 million yuan respectively [2] - The net profit attributable to shareholders during the same period was -446 million yuan, -587 million yuan, -670 million yuan, -736 million yuan, -1.108 billion yuan, and -846 million yuan [2] - The net profit after deducting non-recurring gains and losses was -449 million yuan, -393 million yuan, -682 million yuan, -785 million yuan, -1.161 billion yuan, and -899 million yuan [2] - The net cash flow from operating activities was -366 million yuan, -410 million yuan, -492 million yuan, -603 million yuan, -968 million yuan, and -651 million yuan [2] Fundraising Activities - Dize Pharmaceutical was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, 2021, issuing 40.01 million shares at a price of 52.58 yuan per share [3] - The total amount raised from the initial public offering was 2.103 billion yuan, with a net amount of 1.987 billion yuan after deducting issuance costs [3] - The company raised a total of 3.899 billion yuan from two fundraising activities [5]

Trading Information - On January 12, 2026, Dize Pharmaceutical (688192) closed at 66.94 yuan, with a slight increase of 0.22% and a turnover rate of 0.76%. The trading volume was 34,500 shares, with a total transaction value of 231 million yuan [1] - On the same day, the net inflow of main funds was 4.5775 million yuan, accounting for 1.98% of the total transaction value. The net inflow of speculative funds was 7.0625 million yuan, accounting for 3.05% of the total transaction value. Retail investors had a net outflow of 11.6399 million yuan, accounting for 5.03% of the total transaction value [1][4] Performance Forecast - Dize Pharmaceutical has released a performance forecast, estimating a total revenue of approximately 800 million yuan for the year 2025. The company anticipates a net loss of about 850 million yuan after deducting non-recurring items and a net loss attributable to shareholders of approximately 770 million yuan [2][4] Company Announcements - Dize Pharmaceutical expects to achieve an annual revenue of around 800 million yuan in 2025, representing a year-on-year increase of 122.28%. The R&D expenses are projected to be around 860 million yuan, reflecting an 18.84% year-on-year increase. The net loss attributable to the parent company is estimated to be around 770 million yuan, which is a reduction in loss of 8.98% year-on-year. The losses are primarily due to sustained high R&D investments [3] - Two products, Shuwozhe and Gaoruizhe, have been included in the national medical insurance catalog. Additionally, Shuwozhe has received FDA approval and has been included in the NCCN guidelines. The company has also reported multiple clinical progress updates for its pipeline products and has received FDA fast track designation [3][4]

Group 1: WuXi AppTec - WuXi AppTec expects a revenue of approximately RMB 45.456 billion for 2025, representing a year-on-year growth of about 15.84%, with a 21.40% increase in revenue from continuing operations [1] - The adjusted net profit attributable to shareholders is projected to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be about RMB 13.241 billion, with a year-on-year increase of approximately 32.56% [1] Group 2: Shanghai Port Group - Shanghai Port Group reported a total revenue of RMB 39.44 billion for 2025, which is a year-on-year increase of 3.5% [2][3] - The net profit attributable to shareholders decreased by 10.4% to RMB 13.4 billion [2][3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 8.1% to RMB 12.2 billion [2][3] Group 3: Zangge Mining - Zangge Mining forecasts a net profit attributable to shareholders between RMB 3.7 billion and RMB 3.95 billion for 2025, indicating a growth of 43.41% to 53.10% year-on-year [4] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB 3.87 billion and RMB 4.12 billion, reflecting a growth of 51.95% to 61.76% [4] Group 4: Sanan Optoelectronics - Sanan Optoelectronics anticipates a net loss attributable to shareholders between RMB -200 million and RMB -400 million for 2025, compared to a profit of RMB 253 million in the previous year [5] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB -750 million and RMB -850 million [5] Group 5: JA Solar Technology - JA Solar Technology projects a net loss attributable to shareholders between RMB -4.5 billion and RMB -4.8 billion for 2025 [12] - The company maintains a leading position in battery module shipments, but faces significant pressure on sales prices and profitability due to industry competition and supply-demand imbalances [12] Group 6: Rongbai Technology - Rongbai Technology expects a net loss attributable to the parent company between RMB -150 million and RMB -190 million for 2025 [18] - The company anticipates a turnaround in the fourth quarter with a projected net profit of approximately RMB 30 million [18] Group 7: Sanxiang New Materials - Sanxiang New Materials forecasts a net profit attributable to shareholders between RMB 100 million and RMB 130 million for 2025, representing a year-on-year growth of 31.99% to 71.58% [21] - The company is focusing on expanding its zirconium product chain and optimizing its customer structure to enhance profitability [21]

Core Viewpoint - Dige Pharmaceutical announced a projected loss for the fiscal year 2025, despite a significant increase in revenue [1] Group 1: Financial Performance - The company expects to achieve an operating revenue of approximately 800 million yuan, representing a year-on-year increase of about 122.28% [1] - The net loss attributable to the parent company's owners is estimated to be around 770 million yuan, which reflects a year-on-year decrease in loss of approximately 8.98% [1] - The net loss attributable to the parent company's owners, after excluding non-recurring gains and losses, is projected to be about 850 million yuan, showing a year-on-year decrease in loss of approximately 5.44% [1]

Core Viewpoint - Dizh Medical (688192.SH) announced an expected net loss of approximately 770 million yuan for the fiscal year 2025, which represents a reduction in losses of about 75.96 million yuan compared to the same period last year, indicating a year-on-year decrease in losses of approximately 8.98% [1] Summary by Category - Financial Performance - The company anticipates a net loss of around 770 million yuan for 2025 [1] - This projected loss reflects a decrease of approximately 75.96 million yuan compared to the previous year [1] - The year-on-year reduction in losses is estimated at about 8.98% [1]

Core Viewpoint - Dige Pharmaceutical (688192.SH) expects a net loss of approximately 770 million yuan for the fiscal year 2025, which represents a reduction in losses of about 75.96 million yuan compared to the previous year, indicating a year-on-year decrease in losses of approximately 8.98% [1] Financial Summary - The projected net loss for 2025 is around 770 million yuan [1] - The expected reduction in losses compared to the previous year is approximately 75.96 million yuan [1] - The year-on-year percentage decrease in losses is about 8.98% [1]