Group 1 - The company, Zejing Pharmaceutical, announced its participation in the 2025 semi-annual performance briefing for the innovative drug industry on September 16, 2025, from 15:00 to 17:00 [2]

Group 1 - The pharmaceutical sector has regained momentum, with A-shares in innovative drugs showing strong recovery, particularly the drug ETF (562050) which surged by 3.36%, reaching a record closing high [1] - The Hong Kong stock market saw even greater gains in innovative drugs, with the Hong Kong Stock Connect innovative drug ETF (520880) rising by 4.52%, also hitting a new closing high [1][3] - The innovative drug ETF (520880) currently covers 29 innovative drug concept stocks, all of which have shown positive performance, with notable increases in stocks like Sanofi and Kintor Pharmaceuticals [3] Group 2 - The innovative drug ETF (520880) will undergo a "purification" revision on September 8, 2023, removing CXO companies and focusing solely on innovative drug R&D firms, thus becoming a 100% pure innovative drug index [3] - As of September 3, 2023, the cumulative year-to-date increase for the index tracked by the innovative drug ETF (520880) reached 118.95%, leading among similar indices [3][4] - The Hang Seng Innovative Drug Select Index has shown significant fluctuations in past years, with a notable increase in 2023, indicating a potential upward trend in the innovative drug sector [5] Group 3 - Upcoming key academic conferences, including the World Lung Cancer Conference and the European Oncology Congress, are expected to catalyze further developments in the innovative drug sector [5] - The medical ETF has a total scale of 26.325 billion yuan, making it the largest medical ETF in the market [5]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Suzhou Zejing Biopharmaceutical Co., Ltd. by China International Capital Corporation, emphasizing the company's adherence to regulations and the status of its financial performance in the first half of 2025. Summary by Sections Continuous Supervision Work - The supervising institution has established a comprehensive and effective supervision system and has signed a continuous supervision agreement with the company, clarifying the rights and obligations of both parties during the supervision period [1]. - During the supervision period from January to June 2025, the company did not report any violations or illegal activities [1][2]. - The supervising institution conducted regular communications, site visits, and due diligence to monitor the company's compliance with laws and regulations [1]. Financial Performance - For the first half of 2025, the company reported a revenue of CNY 375.65 million, a 56.07% increase compared to CNY 240.70 million in the same period of 2024 [1]. - The total profit for the same period was a loss of CNY 77.41 million, slightly improved from a loss of CNY 79.49 million in the previous year [1]. - The net loss attributable to shareholders was CNY 72.80 million, compared to a loss of CNY 66.54 million in the previous year [1]. - The cash flow from operating activities showed a significant decline, with a net outflow of CNY 17.02 million, down from an inflow of CNY 112.55 million in the same period last year [1]. Research and Development - The company has a strong focus on R&D, with R&D expenses accounting for 52.31% of its revenue in the first half of 2025, a decrease from 75.26% in the previous year [1]. - The company is actively developing a pipeline of innovative drugs targeting oncology and autoimmune diseases, with several products in various stages of clinical trials [20][21][24]. Competitive Advantages - The company possesses a differentiated product pipeline with several drugs already approved or nearing commercialization, including treatments for advanced liver cancer and thyroid cancer [20][21]. - The company is also exploring new targets and technologies to enhance its product offerings and maintain a competitive edge in the biopharmaceutical industry [22][26]. Risks and Challenges - The company faces significant risks, including the potential for unprofitability, reliance on external financing for R&D, and challenges in clinical trial recruitment and regulatory approvals [3][4][14]. - The competitive landscape in the pharmaceutical industry is intense, with the company needing to adapt to rapid technological changes and regulatory shifts [15][16]. Future Outlook - The company aims to enhance its international presence and collaboration capabilities, leveraging its innovative drug development platforms and established clinical networks [25][26]. - As more products approach commercialization, the company anticipates sustained revenue growth, which will support further R&D investments and strategic initiatives [24][25].

关于苏州泽璟生物制药股份有限公司 2025 年半年度持续督导跟踪报告 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》 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，中 国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为苏州泽璟生物制 药股份有限公司（以下简称"泽璟制药"、"公司"）持续督导工作的保荐机构，开展其 上市后的持续督导工作，并出具 2025 年半年度（以下简称"本报告期"、"持续督导期"） 持续督导跟踪报告。 一、持续督导工作情况 中国国际金融股份有限公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执行 了持续督导制度，并制定了相应的 | | | | 工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与泽璟制药签订承销 | | | 与上市公司或相关当事人签署持续督导协议，明确双 | 与保荐协议，该协议明确了双方在 | | | 方在 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2025-035 苏州泽璟生物制药股份有限公司 关于参加 2025 年半年度科创板创新药行业 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 投资者可于 2025 年 9 月 9 日（星期二）至 9 月 15 日（星期一）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 zelgen01@zelgen.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。 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长、总经理：ZELIN SHENG（盛泽林）先生 董事、副总经理、化学执行副总裁：吕彬华先生 副总经理、董事会秘书：高青平女士 副总经理、财务负责人：黄刚先生 苏州泽璟生物制药股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司拟参加由上海证券交 ...

证券之星消息，9月5日化学制药板块较上一交易日上涨2.93%，泽璟制药领涨。当日上证指数报收于 3812.51，上涨1.24%。深证成指报收于12590.56，上涨3.89%。化学制药板块个股涨跌见下表： 从资金流向上来看，当日化学制药板块主力资金净流出1.01亿元，游资资金净流出5.67亿元，散户资金净 流入6.69亿元。化学制药板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600276 恒瑞医药 | | 6.09亿 ﮯ | 9.15% | -1.89 Z | -2.84% | -4.20 Z | -6.31% | | 688166 博瑞医药 | | 3.13 乙 | 18.96% | -1.79亿 | -10.87% | -1.34 Z | -8.09% | | 002422 科伦药业 | | 1.09亿 | 14.42% | -5608.90万 | -7.40% | -5324. ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) has shown a strong increase of 1.32% as of September 5, 2025, with notable gains in constituent stocks such as Zai Lab (688266) up 5.31%, Junshi Biosciences (688180) up 3.89%, and Huatai Medical (688617) up 3.85% [1] - Novartis continues to invest in siRNA technology, recently entering into a significant business development deal with BGI Genomics, involving an upfront payment of $160 million and a total potential milestone value of $5.2 billion [1] - According to Dongfang Securities, the performance of innovative drugs and the industry chain is strong, driven by the commercialization of domestic innovative products and the potential for international expansion [1] Industry Overview - The Sci-Tech Innovation Board Biopharmaceutical Index comprises 50 large-cap companies in the biopharmaceutical, biomedical engineering, biomedicine, and other related sectors, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Innovation Board [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 50.27% of the total index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the index, providing investors with exposure to the biopharmaceutical sector [2]

Group 1: Financial Performance - Company reported total revenue of 376 million yuan for the first half of 2025, a year-on-year increase of 56.07% [1] - Net profit attributable to shareholders was -73 million yuan, while the net profit excluding non-recurring items was -103 million yuan [1] - Sales expenses increased by 75.76% to 211 million yuan, management expenses rose by 46.43% to 39 million yuan, and R&D expenses grew by 8.47% to 197 million yuan [1] Group 2: Product Development and Commercialization - The company successfully launched its key product, Jikaxitini, in May 2025, which is included in the CSCO guidelines for treating primary myelofibrosis [1] - Jikaxitini is expected to generate significant revenue due to its first-line and second-line treatment recommendations for related conditions [1] - The company is also advancing the regulatory review for its recombinant human thyroid-stimulating hormone [1] Group 3: Pipeline Potential - The company has a promising pipeline with several candidates progressing: ZG005 (PD-1/TIGIT bispecific antibody) shows an ORR of 40.9% for cervical cancer [2] - ZG006 (CD3/DLL3/DLL3 trispecific antibody) has received orphan drug designation and shows significant efficacy in small cell lung cancer [2] - ZGGS15 (LAG-3/TIGIT bispecific antibody) is the first of its kind to enter clinical trials, demonstrating good safety profiles [2] - ZGGS34 (MUC17/CD3/CD28) has submitted IND applications to CDE and FDA for advanced solid tumors [2] Group 4: Revenue Forecast - Projected total revenues for 2025, 2026, and 2027 are 824 million yuan, 1.388 billion yuan, and 2.391 billion yuan respectively [3] - Expected net profits for the same years are -95 million yuan, 117 million yuan, and 561 million yuan [3] - Current stock price corresponds to a PE ratio of 242 for 2026 and 50 for 2027 [3]

Non-Banking Financials - China Ping An (601318.SH) reported a revenue of 500.1 billion and a net profit of 68 billion for H1 2025, with a year-on-year growth of 1.0% and a decline of 8.8% respectively [2][8] - The operating profit after tax (OPAT) increased by 3.7% to 77.7 billion, while the net assets rose by 1.7% to 944 billion [2][8] - The new business value (NBV) for life insurance grew by 39.8%, and the combined ratio (COR) for property insurance improved by 2.6 percentage points to 95.2% [2][8] Pharmaceuticals - Zai Lab (688266.SH) achieved a total revenue of 376 million, marking a 56.07% increase year-on-year, although it reported a net loss of 73 million [13][14] - The company’s key product, Gika Xini, was approved for market, expected to generate significant revenue [14][15] - The pipeline includes promising candidates like ZG005 and ZG006, which are in various stages of clinical trials and have shown strong efficacy [15][16] Utilities and Environmental Protection - China Nuclear Power (601985.SH) reported a revenue of 40.973 billion, a 9.43% increase, but a net profit of 5.67 billion, down 3.66% year-on-year [18][19] - The company plans to distribute a mid-term dividend of 0.02 per share, reflecting its commitment to shareholder returns [20] - The company has 19 units under construction or approved, with a total capacity of approximately 22GW, ensuring long-term growth [20] Medical Devices - Haitai New Light (688677.SH) reported a revenue of 266 million, a 20.50% increase, and a net profit of 74 million, up 5.52% [22][23] - The company’s medical endoscope revenue reached 207 million, with significant growth in overseas markets [23][24] - The gross margin for the company improved to 65.84%, driven by increased sales and operational efficiency [23][24] Construction and Building Materials - Jianghe Group (601886.SH) reported a revenue of 9.339 billion, a decrease of 5.86%, but a net profit increase of 1.69% to 328 million [30][31] - The company has a high dividend payout ratio of 51.82%, indicating strong investor returns [30][31] - The company is expanding its overseas market presence, with significant growth in orders from international markets [31][32] Transportation - Shentong Express (002468.SZ) achieved a revenue of 25.02 billion, a 16.02% increase, but faced a net profit decline of 3.73% [37][38] - The company’s market share reached 12.9%, with a significant volume of 6.54 billion parcels processed [38][39] - The company is focusing on digital transformation and improving customer service to enhance profitability amid competitive pricing pressures [39][40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing smooth commercialization progress, with significant potential for its pipeline in overseas markets [5] - The company's revenue for the first half of 2025 reached 376 million yuan, representing a year-on-year growth of 56.07%, driven by the inclusion of its product in the national medical insurance directory [7] - The company's key product, Jikaxitini, was successfully approved for market launch in May 2025 and is recommended as a first-line treatment for primary myelofibrosis [7] - The pipeline shows promising potential, with several products advancing through clinical trials and expected to contribute to future revenue growth [7] Financial Summary - Revenue projections for 2025-2027 are estimated at 824 million yuan, 1.388 billion yuan, and 2.391 billion yuan respectively, with year-on-year growth rates of 54.68%, 68.36%, and 72.28% [6][8] - The company is expected to achieve a net profit of 117 million yuan in 2026 and 561 million yuan in 2027, with significant growth rates of 222.86% and 379.53% respectively [6][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 242 for 2026 and 50.44 for 2027 [6][8]