Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Core Viewpoint - Dize Pharmaceutical (688192) has experienced a decline in stock price, closing at 59.77 yuan, down 6.17% from the previous week, with a current market capitalization of 27.459 billion yuan, ranking 15th in the chemical pharmaceutical sector and 692nd in the A-share market [1] Group 1: Company Performance - For the first three quarters of 2025, the company achieved revenue of 586 million yuan, representing a year-on-year growth of 73% [5] - The company's core products, Shuwozhe (舒沃哲) and Gao Ruizhe (高瑞哲), have been successfully included in the national medical insurance directory, maintaining rapid growth post-inclusion [5][6] - The company is currently in a loss-making state but aims to expedite the launch of more products or indications to achieve profitability sooner [3] Group 2: Product Development and Market Position - Shuwozhe is the first and only domestically developed innovative drug approved in the U.S. for EGFR Exon20ins NSCLC, and it has been included in the NCCN guidelines for non-small cell lung cancer [4] - Gao Ruizhe is the first drug targeting the JAK/STAT pathway for peripheral T-cell lymphoma (PTCL), showing significant clinical benefits and the longest median overall survival (mOS) among single-agent treatments for relapsed/refractory PTCL [4] - The company has established a competitive clinical product pipeline with seven products, including Shuwozhe and Gao Ruizhe, which are expected to enhance the company's international standing in the innovative drug industry [4] Group 3: Research and Development Initiatives - The global registration clinical study "JCKPOT8 B part" for Gao Ruizhe has reached its primary research endpoint, and the company is actively validating the new drug application for overseas markets [3] - Birelentinib (DZD8586) has initiated a Phase III clinical study for relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), with active participant recruitment [3] - The company is assessing various overseas collaboration models for Shuwozhe, focusing on global commercialization capabilities and pipeline synergy [2]

Core Viewpoint - The Chinese innovative drug market is entering a rapid development phase, with local leading companies like Heng Rui benefiting from policy support and industry expansion opportunities [1] Company Performance - Heng Rui Pharmaceutical reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [2] - The company has received a total cash dividend of over 9.3 billion yuan, enhancing investor returns [1] - The company has established a differentiated competitive advantage through over 50 billion yuan in R&D investment and has 24 innovative drugs approved for sale in China [1] Industry Trends - The innovative drug sector is experiencing accelerated commercialization and increased business development (BD) transactions, leading to a sustained trend of rapid growth in performance [1] - Other innovative drug companies, such as Zai Lab and DiZhe Pharmaceutical, are also reporting significant revenue growth, with Zai Lab achieving a 54.49% increase in revenue to 593 million yuan [3] - The industry is expected to continue its growth trajectory, supported by favorable national policies and increasing international collaboration [4][5] R&D Focus - Heng Rui's innovative drugs, including Rivoceranib and Darsylis, are addressing unmet clinical needs, contributing to their revenue growth [2] - Zai Lab emphasizes its differentiated product pipeline focusing on oncology and autoimmune diseases, aiming to fill domestic gaps in treatment options [3] - The industry is witnessing a rise in R&D investments, with companies like Yi Fang Bio reporting a total R&D investment of 190 million yuan for the first three quarters of 2025 [4] Future Outlook - Analysts predict a new round of growth for the pharmaceutical sector, particularly in innovative drugs, as the international standing of Chinese innovative drug companies rises [5] - The innovative drug sector is expected to remain a key investment theme in the pharmaceutical industry through 2026, driven by increased BD transactions and international collaborations [5]

Core Viewpoint - Dize Pharmaceutical's stock performance and financial metrics indicate a mixed outlook, with significant revenue growth but ongoing net losses, reflecting challenges in profitability despite strong sales growth [1][2]. Group 1: Stock Performance - On November 5, Dize Pharmaceutical's stock price remained unchanged at 0.00%, with a trading volume of 234 million yuan [1]. - The financing buy-in amount for Dize Pharmaceutical on the same day was 9.97 million yuan, while the financing repayment was 12.63 million yuan, resulting in a net financing outflow of 2.66 million yuan [1]. - As of November 5, the total balance of margin trading for Dize Pharmaceutical was 166 million yuan, which accounts for 0.58% of its market capitalization [1]. Group 2: Financial Performance - For the period from January to September 2025, Dize Pharmaceutical reported a revenue of 586 million yuan, representing a year-on-year growth of 73.23% [2]. - The company's net profit attributable to shareholders was -580 million yuan, showing a year-on-year decrease of 3.85% [2]. - As of September 30, 2025, the number of shareholders increased to 8,806, up by 5.01%, with an average of 46,528 circulating shares per person, an increase of 108.97% [2]. Group 3: Shareholder Composition - As of September 30, 2025, the fourth largest circulating shareholder was Yongying Pharmaceutical Innovation Mixed Fund A, holding 5.91 million shares, an increase of 2.30 million shares from the previous period [2]. - Hong Kong Central Clearing Limited entered as a new sixth largest shareholder with 4.51 million shares [2]. - Other notable changes include an increase in holdings by Dongfanghong Medical Upgrade Fund A and a decrease by Penghua Pharmaceutical Technology Fund A among the top ten circulating shareholders [2].

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]

Core Insights - DiZhe Pharmaceutical (688192) will present multiple latest research findings on its key lymphoma treatment products, Golixty (generic name: Golixty capsules) and Birelentinib (DZD8586), at the 67th American Society of Hematology (ASH) conference from December 6 to 9 [1] Group 1: Product Developments - The ASH conference will showcase Golixty's exploration and progress in monotherapy and combination therapy strategies for r/r PTCL, first-line treatment, and rare subtypes, highlighting its broad application potential in T-cell lymphoma treatment [1] - Birelentinib is a globally innovative non-covalent dual-target inhibitor of LYN/BTK that can fully penetrate the blood-brain barrier, with the latest data from I/II clinical studies in CLL/SLL patients previously treated with covalent or non-covalent BTK inhibitors and BTK degraders to be presented [1]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-57 迪哲（江苏）医药股份有限公司 自愿披露关于高瑞哲®和 Birelentinib 多项研究 入选第 67 届美国临床血液学会（ASH）大会的公告 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。 (1) 国际多中心注册临床研究 JACKPOT8 Part B 最新 2 年随访数据：美国单 中心分析显示，接受高瑞哲®治疗获持续缓解，疗效与耐受性与整体研究人群一 致 1 (2) 高瑞哲®作用机制研究提示，高瑞哲®单药可调节 PTCL 免疫微环境，联 合西达本胺可产生抗 PTCL 的协同增效作用 (3) 高瑞哲®回顾性研究显示，其单药或联合治疗方案针对 r/r PTCL 伴噬血 细胞性淋巴组织细胞增多症（HLH）表现出抗 HLH 和抗肿瘤双重活性，且安全 性良好 2. PTCL 一线治疗领域： 迪哲（江苏）医药股份有限公司（以下简称"公司"）将于 12 月 6 日至 9 日在第 67 届美国临床血液学会（American Society of Hematology， ...

Core Viewpoint - The company, DIZHE Pharmaceutical (688192.SH), will present significant research findings on its core lymphoma treatment products at the upcoming 67th American Society of Hematology (ASH) conference from December 6 to 9 [1] Group 1 - The company will showcase two major products: Golixtin (generic name: Golitinib capsules) and birelentinib (DZD8586) [1] - A total of 15 abstracts from the company have been accepted for presentation at the conference, highlighting its extensive pipeline and research potential in the field of hematologic oncology [1]

Core Viewpoint - The company, DIZHE Pharmaceutical (688192), will present multiple research findings on its key lymphoma treatment products, Golitinib (generic name: Golitinib capsules) and Birelentinib (DZD8586), at the 67th American Society of Hematology Annual Meeting from December 6 to 9 [1] Group 1 - The company has 15 abstracts accepted for presentation at the conference, highlighting its extensive pipeline and research potential in the field of hematologic oncology [1]

Core Viewpoint - The company, DIZHE Pharmaceutical (688192.SH), will present multiple research findings on its key lymphoma treatment products at the upcoming 67th American Society of Hematology (ASH) conference from December 6 to 9, showcasing its robust pipeline and research potential in the field of hematologic oncology [1] Group 1 - The company will unveil research results for two core products: Golitiximab (highly regarded as 高瑞哲®) and birelentinib (DZD8586) [1] - A total of 15 abstracts from the company have been accepted for presentation at the ASH conference, highlighting its extensive pipeline in blood cancer treatment [1] - The participation in this prestigious conference reflects the company's commitment to advancing research in hematologic malignancies [1]