格隆汇12月16日｜有投资者在互动平台向长阳科技提问：请问贵司的CPI薄膜是否已通过京东方、华为 等头部企业的验证？请问贵司投建的首条CPI薄膜生产线是否到随时可投产阶段？ 长阳科技回复称，公司CPI项目正在建设中，公司将加快CPI薄膜(透明聚酰亚胺薄膜)项目的开发与验证 速度。 ...

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

长阳科技首次公开发行股票的发行费用合计11,178.64万元（不含增值税），其中承销、保荐费9,246.03 万元。 长阳科技于2023年向特定对象发行股票募集资金。2022年11月25日，长阳科技收到中国证监会于2022年 11月18日出具的《关于同意宁波长阳科技股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2022〕2928号），同意公司向特定对象发行股票的注册申请。2023年10月23日，立信会计师事务所 （特殊普通合伙）对本次发行募集资金到达发行人账户情况进行了审验，并于2023年10月25日出具了信 会师报字[2023]第ZA15371号《验资报告》。根据该报告，截至2023年10月23日，长阳科技本次发行人 民币普通股3,663,003股，发行价格13.65元/股，实际募集资金总额为人民币49,999,990.95元，扣除各项 不含税发行费用人民币2,921,713.76元后，募集资金净额为人民币47,078,277.19元，其中新增注册资本人 民币3,663,003.00元，资本公积人民币43,415,274.19元。 经统计，长阳科技两次募集资金合计10.19亿元。 (责任编辑：马欣 ...

Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct clinical trials for HLX22 in combination with HLX87 for HER2-positive breast cancer treatment in mainland China [1] Group 1 - The approved clinical trials will focus on the use of HLX22 as a novel targeted monoclonal antibody for first-line treatment and neoadjuvant therapy in HER2-positive breast cancer [1] - HLX87 is an innovative antibody-drug conjugate (ADC) that links a topoisomerase I inhibitor with an anti-HER2 monoclonal antibody through a stable cleavable linker [1]

（文章来源：证券日报） 证券日报网讯 12月5日，长阳科技在互动平台回答投资者提问时表示，2024年度公司干法隔膜产品存在 客诉，公司已根据与客户的沟通情况，对该客户应收账款单项计提信用减值，截至目前，公司还未与该 客户达成和解。后续公司若不能与该客户达成和解，可能存在应收账款进一步计提减值甚至客户索赔的 风险，从而影响公司后期的利润，提醒广大投资者注意投资风险。2025年公司收缩了隔膜的销售及生 产；未来公司将基于宏观环境、市场供需情况、财务稳健等多种因素考虑，动态调整产品策略，具体您 可以关注公司后续情况。 ...

长阳科技（688299.SH）12月5日在投资者互动平台表示，尊敬的投资者，您好！2024年度公司干法隔 膜产品存在客诉，公司已根据与客户的沟通情况，对该客户应收账款单项计提信用减值，截至目前，公 司还未与该客户达成和解。后续公司若不能与该客户达成和解，可能存在应收账款进一步计提减值甚至 客户索赔的风险，从而影响公司后期的利润，提醒广大投资者注意投资风险。2025年公司收缩了隔膜的 销售及生产；未来公司将基于宏观环境、市场供需情况、财务稳健等多种因素考虑，动态调整产品策 略，具体您可以关注公司后续情况。感谢您对公司的关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘，你好！请问贵司存在客诉问题的产品是设计方 面还是生产方面出了问题？请问贵司打算如何面对？如何避免再次发生？ ...

证券日报网讯 12月3日，长阳科技在互动平台回答投资者提问时表示，公司生产经营正常，不存在被实 施退市风险警示的情形。 （文章来源：证券日报） ...

据上海证券报报道，某隔膜行业一梯队企业宣布对其湿法隔膜产品售价进行调整，上调幅度达30%。鑫 椤锂电表示，预计本轮锂电隔膜整体涨价幅度可达20%以上，有望带动隔膜企业业绩由亏损或盈亏打平 转为盈利。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上市公司互动平台表示， 美联新材：公司控股子公司安徽美芯的湿法隔膜销量同比增长了4倍。 长阳科技：公司可用于固态或半固态电池用湿法隔膜已取得该行业头部客户小批量订单以及腰部客户的 企业订单。 行业分析认为，湿法隔膜行业一梯队和二梯队的湿法隔膜厂商产能利用率均保持满产状态，湿法隔膜行 业整体产能利用率已经达到90%以上水平，原因是一方面受到四季度终端需求旺盛的影响，另外在持续 涨价的背景下，下游厂商也适当进行原料备货以应对明年的需求。同时，2026年下游电池厂有望进一 步"干法转湿法"，进一步拉动湿法隔膜的需求，随着年底上下游针对2026年的供应进行年底商议，"大 概率将会出现电池厂的大额保供订单"。 供给方面，招商证券认为，此前行业盈利能力处于历史低位，2025二三季度恩捷、星源出现亏损。同 时，主要参与者带息负债率水平 ...

Core Insights - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct clinical trials for HLX37 injection [1] - The Phase I clinical trial for HLX37 is planned to be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - HLX37 is a recombinant humanized bispecific antibody targeting PD-L1 and VEGF, intended for the treatment of advanced/metastatic solid tumors [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of HLX37 injection for treating advanced/metastatic solid tumor patients [1] Group 1: Clinical Trial Approval - The approval allows for the initiation of Phase I clinical trials for HLX37 in mainland China once conditions are met [1] - The clinical trial is aimed at patients with advanced or metastatic solid tumors [1] Group 2: Research and Development Investment - As of October 2025, the cumulative R&D investment for HLX37 by the group is approximately RMB 50.23 million (unaudited) [1]