Group 1 - The core viewpoint of the article highlights the performance of the Huatai-PineBridge Medical Services Flexible Allocation Mixed C Fund, which has shown significant returns in recent periods [1] - The fund's latest net value is 1.9690 yuan, with a weekly return of 0.66%, a three-month return of 24.86%, and a year-to-date return of 66.44% [1] - The fund was established on February 14, 2022, and as of June 30, 2025, it has a total scale of 1.069 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Pharmaceutical, Kelun Pharmaceutical, and Hai Si Ke, with the top ten holdings accounting for a total of 68.66% of the portfolio [1]

Core Viewpoint - Zai Jian Pharmaceutical (688266.SH) reported a revenue of 376 million yuan for the first half of 2025, marking a year-on-year increase of 56.07%, but the net loss expanded from 66.54 million yuan to 72.80 million yuan, indicating ongoing financial challenges despite product approvals [1][3]. Group 1: Financial Performance - The company achieved a revenue of 376 million yuan in H1 2025, a 56.07% increase year-on-year [1]. - The net profit loss increased from 66.54 million yuan in the same period last year to 72.80 million yuan [1]. - The non-GAAP net profit loss rose from 72.37 million yuan to 102 million yuan [1]. - Cumulative losses since the company's listing in 2020 amount to approximately 1.72 billion yuan [3]. Group 2: Product Development and Market Strategy - Zai Jian Pharmaceutical has three products approved for sale, including Donafenib tablets, which are gradually increasing market share [1]. - The company is actively promoting Donafenib, having entered over 1,200 hospitals and 1,000 pharmacies by the end of the reporting period [1]. - The recombinant thrombin product has entered 590 hospitals and has seen significant sales growth after being included in the national medical insurance catalog [1]. - The company is focusing on the commercialization of Jikaxitini tablets, which were approved for treating primary myelofibrosis and are also being developed for other indications [2]. Group 3: Sales and Marketing Expenses - Sales expenses surged by 75.76% to 211 million yuan, accounting for 56% of total revenue [3]. - The increase in marketing expenses is attributed to new exclusive promotion fees for thrombin and expanded marketing efforts for Donafenib and Jikaxitini [3].

据证券之星公开数据整理，近期泽璟制药（688266）发布2025年中报。根据财报显示，泽璟制药增收不 增利。截至本报告期末，公司营业总收入3.76亿元，同比上升56.07%，归母净利润-7280.35万元，同比 下降9.42%。按单季度数据看，第二季度营业总收入2.08亿元，同比上升57.04%，第二季度归母净利 润-4454.13万元，同比下降64.74%。 本次财报公布的各项数据指标表现一般。其中，毛利率89.67%，同比减3.31%，净利率-20.12%，同比 增37.54%，销售费用、管理费用、财务费用总计2.36亿元，三费占营收比62.8%，同比增15.17%，每股 净资产4.45元，同比减24.91%，每股经营性现金流-0.06元，同比减115.12%，每股收益-0.28元，同比减 12.0% 财务报表中对有大幅变动的财务项目的原因说明如下： 应收票据变动幅度为-100.0%,原因:票据到期收回货款。 使用权资产变动幅度为-44.77%,原因:基于房屋租赁补充合同，调整使用权资产。 其他非流动资产变动幅度为737.57%,原因:基建工程设备预付款增加。 应付票据变动幅度为72.78%,原因:银行承 ...

Core Viewpoint - Zai Jian Pharmaceutical (688266.SH) reported its semi-annual results for 2025, highlighting significant institutional investor interest and changes in public fund holdings [1][2]. Group 1: Institutional Holdings - As of August 22, 2025, 189 institutional investors disclosed holdings in Zai Jian Pharmaceutical, totaling 94.5062 million shares, which represents 35.70% of the company's total share capital [1]. - The top ten institutional investors collectively hold 19.74% of the shares, with a decrease of 3.08 percentage points compared to the previous quarter [1]. Group 2: Public Fund Holdings - In the current period, 40 public funds increased their holdings, with a total increase rate of 2.65%, including funds like China Europe Medical Health Mixed A and Longcheng Medical Industry Selected Mixed Initiated A [2]. - Conversely, 76 public funds reduced their holdings, with a decrease rate of 3.34%, including funds such as GF Medical Health Stock A and Ping An Medical Health Mixed A [2]. - A total of 64 new public funds were disclosed this period, while 49 funds were not disclosed compared to the previous quarter [2].

Core Viewpoint - The company has not yet achieved profitability and faces significant cumulative losses due to ongoing research and development expenses, despite having several products approved for commercial sale [1][2]. Group 1: Company Overview - The company, Suzhou Zelgen Biopharmaceutical Co., Ltd., has several products included in the medical insurance directory, including Tofacitinib tablets for advanced liver cancer and other conditions [1]. - The company has received approval for the marketing of recombinant human thrombin and Tofacitinib tablets, but these products are still in the market access phase [1][2]. Group 2: Financial Situation - As of June 30, 2025, the company has accumulated losses and may continue to incur losses in the future, which will depend on the success of its drug commercialization and the number of ongoing research projects [2]. - The company has significant reliance on external financing for its working capital, which may pressure its financial situation if expenses exceed available financing [2]. Group 3: Fundraising and Use of Funds - The company raised a total of RMB 2,025.6 million from its initial public offering in 2020, with a net amount of RMB 1,908.22 million after deducting related expenses [8][31]. - In 2021, the company raised RMB 1,199.99 million through a private placement, with a net amount of RMB 1,181.93 million after expenses [9][32]. - As of June 30, 2025, the company has used RMB 1,677.81 million of the initial public offering funds and RMB 406.25 million of the private placement funds [10][15]. Group 4: Risk Factors - The company faces risks related to its ongoing research and development projects, which require substantial investment and may not yield successful outcomes [2][3]. - The company has not declared any cash dividends due to its inability to generate profits, which may negatively impact shareholder returns [2].

中国国际金融股份有限公司 关于苏州泽璟生物制药股份有限公司 使用自有资金支付募投项目所需资金并以 募集资金等额置换的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"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"或"公司"）的保荐机构和持续督导机构，根 据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易 所科创板股票上市规则》《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》等有关法律、行政法规、部门规章及业务规则的要求，对泽璟制药本次使用自 有资金支付募投项目所需资金并以募集资金等额置换的事项进行了认真、审慎核查，具 体情况如下： 一、募集资金基本情况 （一）2020 年首次公开发行 A 股股票募集资金 根据中国证券监督管理委员会 2019 年 12 月 31 日作出的《关于同意苏州泽璟生物 制药股份有限公司首次公开发行股票注册的批复》（证监许可[2019]2998 号），公司获 准向社会公开发行人民币普通股（A 股）60,000,000 股，每股面值人民币 1 元，发行价 格为每股人民币 33.76 元，募集资金总额为人民币 2, ...

Financial Performance - The company reported total operating revenue of approximately 375.65 million, a significant increase from 240.70 million in the same period last year, reflecting a year-on-year growth [3] - The total profit for the period was -77.41 million, slightly improved from -79.49 million year-on-year [3] - The net profit attributable to shareholders was -72.80 million, compared to -66.54 million in the previous year [3] - The net profit after deducting non-recurring gains and losses was -102.64 million, worsening from -72.37 million year-on-year [3] - The net cash flow from operating activities was -17.02 million, a decrease from a positive cash flow of 112.55 million in the same period last year [3] Non-Recurring Gains and Losses - The total non-recurring gains and losses amounted to 29.84 million, with government subsidies contributing 22.82 million and other non-recurring items accounting for 10.24 million, while the tax impact was -3.30 million [1] Shareholder Structure - The top ten shareholders at the end of the first half of 2025 included new entrants such as Huatai Fuhua Innovation Medical Theme Mixed Securities Investment Fund and Ningbo Jingchen Investment Partnership, replacing previous shareholders [52] - The shareholding ratio of China Europe Medical Health Mixed Securities Investment Fund increased, while other funds saw a decrease in their holdings [52] Financial Ratios - As of the end of the first half of 2025, the company's current ratio was 1.9 and the quick ratio was 1.78, indicating a stable liquidity position [48] - The company’s price-to-earnings ratio (TTM) was approximately -200.42, with a price-to-book ratio of about 24.54 and a price-to-sales ratio of approximately 43.24 [3] Asset and Liability Changes - As of mid-2025, cash and cash equivalents decreased by 1.68%, while accounts receivable increased by 22.12% [41] - Long-term borrowings increased by 183.42%, while other payables decreased by 57.26% [44]

（编辑 任世碧） 证券日报网讯 8月22日晚间，泽璟制药发布公告称，公司于2025年8月22日召开第三届董事会第二次会 议，审议通过了《关于使用自有资金支付募投项目所需资金并以募集资金等额置换的议案》，同意公司 在募集资金投资项目（简称"募投项目"）实施期间，根据实际情况先行使用自有资金支付募投项目所需 资金，在履行内部相关审批程序后以募集资金等额置换，该部分等额置换资金视同募投项目已使用资 金。 ...

泽璟制药8月22日晚间发布半年度业绩报告称，2025年上半年营业收入约3.76亿元，同比增加56.07%； 归属于上市公司股东的净利润亏损约7280万元；基本每股收益亏损0.28元。2024年同期营业收入约2.41 亿元；归属于上市公司股东的净利润亏损约6654万元；基本每股收益亏损0.25元。 （文章来源：每日经济新闻） ...

中国国际金融股份有限公司 关于苏州泽璟生物制药股份有限公司 使用自有资金支付募投项目所需资金并以 募集资金等额置换的核查意见 根据中国证券监督管理委员会 2019 年 12 月 31 日作出的《关于同意苏州泽璟生物 制药股份有限公司首次公开发行股票注册的批复》（证监许可[2019]2998 号），公司获 准向社会公开发行人民币普通股（A 股）60,000,000 股，每股面值人民币 1 元，发行价 格为每股人民币 33.76 元，募集资金总额为人民币 2,025,600,000.00 元，扣除承销及保 荐费用、发行登记费以及累计发生的其他相关发行费用（共计人民币 117,379,245.32 元， 不含税）后，募集资金净额为人民币 1,908,220,754.68 元，上述资金已全部到位。信永 中和会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审 验，并于 2020 年 1 月 20 日出具了 XYZH/2020CDA50001 号《验资报告》。 （二）2021 年度向特定对象发行 A 股股票募集资金 根据中国证券监督管理委员会 2022 年 11 月 3 日作出的《关于同意苏州泽璟生 ...