证券代码：688302 证券简称：海创药业 公告编号：2025-039 海创药业股份有限公司 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 09 日（星期二）至 09 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 ir@hinovapharma.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。 海创药业股份有限公司（以下简称"公司"）已于 2025 年 08 月 14 日在上海证券交易所网站（www.sse.com.cn）披露公司 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，公司计划于 2025 年 09 月 16 日（星期二） 15:00-17:00 举行 2025 年半年度科创板创新药行业集体业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：20 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [6]. Core Insights - The report emphasizes the significant potential of innovative drugs in extending overall survival (OS) for cancer patients, with a growing focus on improving quality of life (QoL) through palliative care solutions [10][14]. - The pharmaceutical sector has shown resilience amid market fluctuations, with innovative drugs and their supply chains leading the performance [12][38]. - The report highlights the increasing competitiveness of domestic innovative drugs and the positive outlook for the innovation-driven industry chain [12][38]. Summary by Sections Industry Overview - The pharmaceutical industry consists of 494 listed companies with a total market capitalization of approximately 78,182.34 billion [3]. - The industry has demonstrated a 27.26% return since the beginning of 2025, outperforming the Shanghai Composite Index by 13.91 percentage points [38]. Market Dynamics - Recent market trends indicate a 1.40% increase in the pharmaceutical sector, while the broader market (CSI 300) decreased by 0.81% [12][38]. - The report notes a divergence in sub-sector performance, with chemical pharmaceuticals and biological products showing gains of 3.92% and 1.93%, respectively [12][38]. Innovative Drug Development - The report discusses the advancements in innovative therapies such as dual antibodies, antibody-drug conjugates (ADC), and small molecule targeted therapies, which are crucial for improving OS and QoL for cancer patients [10][14]. - Specific companies like Changchun High-tech and Lee's Pharmaceutical are highlighted for their innovative treatments targeting cancer cachexia and breakthrough cancer pain [10][29]. Investment Recommendations - The report recommends focusing on companies with strong innovative drug pipelines and those that are likely to benefit from upcoming data catalysts, particularly in the context of the WCLC conference [12][38]. - Key companies to watch include WuXi AppTec, Innovent Biologics, and others involved in the innovative drug supply chain [12][38]. Valuation Metrics - The current valuation of the pharmaceutical sector is approximately 28.1 times PE based on 2025 earnings forecasts, indicating a premium over the broader A-share market [41][42]. - The report notes that the sector's valuation is below its historical average, suggesting potential for growth [41][42].

证券代码：688302 证券简称：海创药业 公告编号：2025-038 海创药业股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持有的基本情况 本次减持计划实施前，海创药业股份有限公司（以下简称"公司"）股东， 成都盈创动力创业投资有限公司（以下简称"盈创动力"）持有公司股份 6,215,901 股，占公司总股本的 6.2777%，其中无限售条件的流通股 6,215,901 股。上述股份为公司首次公开发行前取得的股份，并已于 2023 年 6 月 15 日解 除限售并上市流通。 减持计划的实施结果情况 公司于 2025 年 05 月 14 日在上海证券交易所网站（www.sse.com.cn）披露 了《海创药业股份有限公司股东减持股份计划公告》（公告编号：2025-028）。 盈创动力计划通过集中竞价交易方式、大宗交易方式减持公司股份合计不超过 1,980,310 股，合计减持比例不超过公司总股本的 2%。其中，通过集中竞价交 易方式减持不超过 990, ...

格隆汇9月4日丨海创药业(688302.SH)公布，公司于近日收到盈创动力出具的《关于股份减持计划时间 届满暨减持结果的告知函》，截至2025年09月04日，本次减持计划时间区间届满。本次减持计划实施期 间，盈创动力累计减持公司股份134.01万股，占公司总股本的比例为1.3534%。 ...

Core Viewpoint - The report outlines the ongoing supervision and financial performance of Hai Chuang Pharmaceutical Co., Ltd., highlighting its focus on innovative drug development in oncology and metabolic diseases, while also addressing the associated risks and challenges in achieving profitability and market acceptance [1][2][3]. Group 1: Continuous Supervision and Financial Performance - The continuous supervision by CITIC Securities has not revealed any major issues within the company during the reporting period [2]. - The company reported a revenue of 13.17 million yuan for the first half of 2025, with a net loss of 61.85 million yuan, indicating ongoing financial challenges [2][11]. - Research and development expenses for the period amounted to 56.97 million yuan, reflecting a significant investment in drug development [8][20]. Group 2: Risks and Challenges - The company faces risks related to its lack of profitability, as it is heavily invested in R&D with long timelines for product commercialization [2][3]. - There is a risk of significant revenue decline or losses due to ongoing R&D expenditures and the uncertain approval timelines for new drugs [2][3]. - The company’s core product, Deuterated Enzalutamide soft capsules, was approved for sale in May 2025, but the commercial success remains uncertain due to competition and market acceptance challenges [5][11]. Group 3: R&D and Product Pipeline - The company has established four core technology platforms, including PROTAC and deuterated drug development, which are crucial for its innovative drug pipeline [13][19]. - The Deuterated Enzalutamide soft capsule is the first domestically approved drug for treating metastatic castration-resistant prostate cancer, marking a significant milestone for the company [13][21]. - The company is actively pursuing clinical trials for multiple products, including HP518, which has received fast-track designation from the FDA for treating AR-positive triple-negative breast cancer [15][22]. Group 4: Fundraising and Financial Management - The total amount raised through public offerings was approximately 1.06 billion yuan, with a significant portion already utilized for R&D and operational expenses [26]. - As of June 30, 2025, the company had a remaining balance of 117.24 million yuan in its fundraising account, indicating ongoing financial management efforts [26][27]. - The company has implemented a structured approach to manage and utilize the raised funds effectively, ensuring compliance with regulatory requirements [26].

2、保荐人已与公司签订承销及保荐协议，该协议已明确了双方在持续督导期间 的权利义务，并报上海证券交易所备案。 中信证券股份有限公司 关于海创药业股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为海创 药业股份有限公司（以下简称"海创药业"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人，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》等相关规定，中信证券履行持续 督导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作情况 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场检查 的工作要求。 3、本持续督导期间，保荐人通过与公司的日常沟通、对上市公司培训等方式开 展持续督导工作，并于 2025 年 8 月 19 日至 27 日对公司募集资金使用情况进行了现 场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督导 职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司内部审计和内控管理等内部控制制度； （3）查阅公司与控 ...

Core Viewpoint - Shenzhen's village collective economy is undergoing a significant transformation, with the establishment of venture capital funds aimed at investing in strategic emerging industries, particularly in artificial intelligence [2][3][4]. Group 1: Fund Establishment and Scale - Two venture capital funds, the Sakata Artificial Intelligence Venture Capital Fund and the Longgang Longxing Venture Capital Fund, have been launched with a total scale of 300 million yuan, with a 10-year duration and a focus on AI and strategic emerging industries in Shenzhen [2][5]. - Nearly 40 village cooperative companies in various districts of Shenzhen have engaged in venture capital activities, indicating a broader trend beyond just these two funds [2]. Group 2: Transition from Rental to Investment - The traditional rental income model has reached its limits, prompting village collectives to seek new growth avenues through venture capital, which presents a higher risk-reward profile compared to stable rental income [3][4]. - The South Ling Village has pioneered this transition by establishing the first venture capital fund management company controlled by a village collective in 2017, leading to multiple investments in high-tech sectors [4][5]. Group 3: Challenges and Governance - The shift from being landlords to shareholders involves not only changes in funding allocation but also a fundamental rethinking of governance and decision-making processes [6][7]. - Experts emphasize the need for proper fund isolation, a dual revenue model combining rental and equity, and the establishment of a scientific decision-making mechanism to mitigate risks associated with venture capital investments [6][7]. Group 4: Unique Advantages and Collaboration - The collaboration model involving state-owned assets, village collectives, and professional institutions is seen as a unique approach, leveraging the village collectives' proximity to enterprises for better oversight and resource allocation [8][9]. - Village collectives are positioned as limited partners in the funds, allowing professional teams to manage investments while providing local insights and support [8]. Group 5: Limitations and Future Outlook - The scale of venture capital investments from village collectives remains small compared to their overall assets, indicating that this is still a tentative exploration rather than a full-scale shift [9][10]. - The transformation of Shenzhen's village collectives from rental income to venture capital is a response to economic realities, policy changes, and industry dynamics, requiring careful risk management and governance to ensure stability [9][10].

Core Viewpoint - The approval of two products of Dazhu Single Antibody Injection by the FDA marks a significant milestone for the company, being the first domestically produced Dazhu Single Antibody to be approved overseas [2] Company Summary - The company, Fuhong Hanlin, has announced that its Dazhu Single Antibody Injection products (60mg/mL and 120mg/1.7mL) have received FDA approval for eight indications, including osteoporosis and bone-related events [2] - With this approval, the company now has three products approved in the United States [2]

Core Viewpoint - The first domestically developed Dazhu single antibody from China has successfully received approval from the US FDA for market entry, marking a significant milestone for the company and the industry [1] Company Summary - The company, Fuhong Hanlin, announced that its Dazhu single antibody injection products (60mg/mL and 120mg/1.7mL) have been approved by the US FDA for the treatment of osteoporosis and eight other indications [1] - This approval represents the first instance of a domestically produced Dazhu single antibody being approved for sale overseas [1] - Currently, Fuhong Hanlin has three products approved in the United States [1] Industry Summary - The approval of a Chinese-developed drug by the US FDA highlights the growing capabilities and competitiveness of the Chinese biopharmaceutical industry in the global market [1] - The successful entry of this product into the US market may pave the way for further international approvals of Chinese-developed drugs, enhancing the industry's reputation and potential for growth [1]

Core Insights - The food and beverage industry maintains the highest gross margin at 51.41% in the first half of the year, excluding the financial sector [1] - The beauty and personal care, as well as the media industries, rank second and third in gross margin [1] - The pharmaceutical and computer sectors dominate individual stock performance, with the top five companies by gross margin being Hai Chuang Pharmaceutical-U, Ailis, Dameng Data, Dize Pharmaceutical-U, and Zhongwang Software [1] - Hai Chuang Pharmaceutical-U leads with an impressive gross margin of 99.52%, while 27 companies reported gross margins exceeding 90% in the first half of the year [1]