●前次债券评级：公司主体信用等级为"A+"，评级展望为"稳 定"，"微芯转债"的信用等级为"A+"。 ●本次债券评级：公司主体信用等级为"A+"，评级展望为"稳 定"，"微芯转债"的信用等级为"A+"。 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: 根据《上市公司证券注册发行管理办法》《上海证券交易所科创 板股票上市规则》等有关规定，深圳微芯生物科技股份有限公司（以 下简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公司 （以下简称"中证鹏元"）对公司于 2022 年 7 月向不特定对象发行的 可转换公司债券（以下简称"微芯转债"）进行了跟踪信用评级。 公司前次发行主体信用评级结果为"A+"，"微芯转债"前次债券 信用评级结果为"A+"，评级展望为"稳定",评级机构为中证鹏元， 评级时间为 2024 年 6 月 18 日。 评级机构中证鹏元在对公司经营状况及相关行业进行综合分析 与评估的基础上，于 2025 年 6 月 25 日出具了《深圳微芯生物科技股 份有限公司相关债券 2025 年跟踪评级报告 ...

信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 中鹏信评【2025】跟踪第【470】号 01 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 深圳微芯生物科技股份有限公司 相关债券 2025 年跟踪评级报告 深圳微芯生物科技股份有限公司相关债券2025年跟踪评级报告 评级结果 | | 本次评级 | 上次评级 | | --- | --- | --- | | 主体信用等级 | A+ | A+ | | 评级展望 | 稳定 | 稳定 | | 微芯转债 | A+ | A+ | 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评 ...

Summary of Microchip Biotech Conference Call Company Overview - **Company**: Microchip Biotech - **Year**: 2024 - **Revenue**: 660 million CNY, a 26% year-on-year increase - **Operating Cash Flow**: 76.13 million CNY net inflow - **Key Products**: - **Sidabamine**: Revenue of 500 million CNY, 7% growth - **Sitagliptin**: Revenue of 140 million CNY, 132% growth Financial Performance - **2024 Revenue**: 660 million CNY, up 26% year-on-year [2][4] - **Operating Cash Flow**: 76.13 million CNY net inflow [2][4] - **Cash and Financial Assets**: Nearly 500 million CNY [4] - **Q1 2025 Revenue Growth**: 24% year-on-year [2][5] Clinical Trials and Product Development - **Sidabamine**: - Ongoing Phase III trials for colorectal cancer and melanoma [2][7] - Melanoma trial shows PFS of 36.9 months in US patients, significantly extended [2][7][8] - Phase II trial shows ORR of 44% and PFS of 7.3 months, significantly better than historical therapies [4][10] - **Sitagliptin**: - Approved for diabetes and combined with metformin, included in medical insurance [2][14] - Target market includes approximately 80 million patients with fatty liver in China [2][14] - **Aurora B Inhibitors**: - First-generation drug (Westoroni) shows good PFS and OS HR values, but no market application submitted [2][13] - Second-generation drug (CS231,295) in clinical stage, effective for brain metastasis [2][13] - **PD-L1 Products**: - Development of PD-L1 Sidabamine ADC and oral PD-L1 small molecules [2][11] - Oral PD-1 small molecule (CS23,546) shows selective accumulation in tumor tissues [2][12] Market Potential and Strategic Insights - **Market Size**: - Immunotherapy for colorectal cancer could expand market size from 2.5 billion USD [7] - Diabetes market in China is substantial, with over 140 million patients, many with comorbidities [14][27] - **Sales Strategy**: - Shift from partnership with Haizheng to self-operated sales for Sitagliptin, focusing on online channels [18][19] - New retail team established to enhance online sales [21] Research and Development Focus - **Key R&D Projects**: - Focus on innovative drug development targeting unmet clinical needs [3][6] - Plans to advance multiple IND applications, including PD-L1 ADC [4][16] - **Clinical Trial Milestones**: - Anticipated data readouts for Westoroni ovarian cancer Phase III and Sidabamine melanoma international Phase III in Q1 2025 [4][16] Regulatory and Competitive Landscape - **Patent Protection**: Strong patent portfolio for Sidabamine until 2042, with comprehensive coverage against challengers [32][33] - **Market Differentiation**: Sitagliptin's unique mechanism and safety profile compared to PPAR agonists [35] Conclusion Microchip Biotech demonstrates robust financial health and significant growth potential through innovative drug development and strategic market positioning. The ongoing clinical trials and product advancements indicate a strong pipeline that could lead to substantial market opportunities in the coming years.

Market Overview - On June 23, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 0.43%, and the ChiNext Index gained 0.39% [2] - A total of 40 stocks appeared on the "Dragon and Tiger List" due to significant trading activity, with the highest net inflow of funds being 227 million yuan into Jinlongyu (002882.SZ) [3][5] Stock Performance - Jinlongyu saw a net purchase of 227 million yuan, accounting for 15.39% of the total trading volume, and closed up by 10.01% with a turnover rate of 20.57% [3][5] - The stock with the highest net outflow was Keheng Co., Ltd. (300340.SZ), which experienced a net sell of 200 million yuan, representing 10.88% of the total trading volume, and closed down by 4.22% with a turnover rate of 45.06% [6][11] Institutional Activity - On June 23, 19 stocks on the Dragon and Tiger List had institutional involvement, with a total net purchase of 53.62 million yuan [7] - The stock with the highest institutional net purchase was Microchip Biotech (688321.SH), which closed up by 15.64% and had a turnover rate of 7.41% [7][8] Northbound Capital - Northbound funds participated in 11 stocks on the Dragon and Tiger List, with a total net purchase of 239 million yuan [12] - Jinlongyu had the highest net purchase from northbound funds at 85.91 million yuan, making up 5.83% of the total trading volume [12] Notable Trends - Institutions and northbound funds jointly net bought stocks such as Shenzhou Cell, Haineng Technology, Microchip Biotech, and Zhongjing Electronics [13] - There was a divergence in the trading of Haooubo, where institutions net sold 6.79 million yuan while northbound funds net bought 11.83 million yuan [13]

计算机、国防军工等行业走强山东墨龙连收7个涨停板 6月23日，上证指数、深证成指早盘探底回升，午后震荡上扬；创业板指、科创50指数早盘探底回升，随后有所回落，午后震 荡回升。截至收盘，上证指数报3381.58点，涨0.65%，成交额4427.89亿元；深证成指报10048.39点，涨0.43%，成交额6798.4 亿元；创业板指报2017.63点，涨0.39%，成交额3403.28亿元；科创50指数报961.49点，涨0.38%，成交额249.95亿元。沪深两 市合计成交11226.29亿元，成交额较上一交易日增加548.91亿元。 盘面上来看，行业板块、概念涨多跌少，其中，计算机、国防军工、煤炭、环保、电力设备、化工、商贸零售、证券等行业 涨幅靠前；数字货币、跨境支付、财税数字化、华为、页岩气、核污染防治、油气设服、数据确权、信创等概念走势活跃。 食品饮料、钢铁等少数几个行业下跌；低碳冶金、猪肉等概念走势较弱。涨停个股主要集中在化工、电子、交通运输、医药 生物、国防军工、计算机等行业。 个股涨跌情况，截至收盘，沪深两市合计4213只个股上涨，812只个股下跌，平盘个股110只，停牌的个股18只。不含当日上 ...

龙虎榜机构热股 6月23日，公司互动平台表示，DDR4价格上涨对公司业绩有积极作用。 龙虎榜知名游资 一、区块链 恒宝股份 个股龙虎榜 今天机构龙虎榜上榜27只个股，净买入13只，净卖出14只。当日机构买入最多的个股前三位是：微芯生物（8674万）、神州细胞（4601万）、大为股份 （4330万）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数♦ | | | --- | --- | --- | | 微芯生物 688321.SS | +15.64% | 1/0 | | 神州细胞 688520.SS | +16.66% | 3/0 | | 大为股份 002213.SZ | +10.00% | 1/2 | 大为股份 龙虎榜显示，今日1家机构净买入4330万。 开源证券认为，稳定币相对传统跨境支付体系具有高效、低成本、透明等优势。时效性上，现有的银行跨境汇款通常需要长达5个工作日才能结算，其中基 于跨境银行间通信系统的数字支付，大约30%的汇款需要一天以上的时间才能完成；基于区块链的跨境支付，100%的交易都会在不到1小时内完成。 二、航运 宁波海运 个股龙虎榜 首批参与中国人民银行数字货币研究所"数字人民币试点"工作 ...

Group 1 - Shanghai Jinglin Asset Management Company is a private equity fund management company focused on investing in listed companies in China and abroad, registered with the Asset Management Association of China [2] - The company has a strong track record of performance, with its Jinglin Stable Trust achieving a compound annual return of 26.84% as of April 30, 2015, compared to the 14.85% return of the CSI 300 Index during the same period [2] - Jinglin Asset employs a value investment philosophy, emphasizing fundamental analysis and stock valuation, with a preference for companies with high entry barriers and strong negotiation power with suppliers and customers [2] Group 2 - Jinglin Asset has a specialized team of over 50 professionals with extensive educational backgrounds and practical experience in various industries, allowing for a deeper understanding of market dynamics [2] - The company manages multiple private equity funds, focusing on sectors such as consumer services, healthcare, TMT (Technology, Media, and Telecommunications), and advanced manufacturing, having invested in over 60 enterprises [2] - Jinglin's overseas affiliate manages the "Golden China Fund," which has achieved a cumulative return of 1408.35% over 12 years, significantly outperforming benchmarks like the MSCI China Dollar Index [2]

Core Insights - The 2025 European Hematology Association (EHA) annual meeting showcased nearly 60 clinical research results from four Chinese innovative drug companies, highlighting China's scientific strength in developing innovative therapies for hematological cancers [1] - The collective breakthroughs of these companies at international platforms like ASCO and EHA signify a strategic shift in China's innovative drug industry from "fast following" to "independent innovation" [1] - The EHA annual meeting is a significant academic event in the global hematology field, attracting over 10,000 professionals from more than 100 countries [1] Company Highlights - BeiGene presented four major oral reports at the EHA meeting, demonstrating key breakthroughs in its pipeline for hematological cancer treatments [1] - The next-generation BCL2 inhibitor, Sotorasib, combined with Baiyueze®, achieved total response rates of 96% and 79% for patients with relapsed/refractory chronic lymphocytic leukemia (CLL) and mantle cell lymphoma, respectively [2] - The potential first-in-class BTK degrader BGB-16673 showed promising early data for treating CLL and Waldenström's macroglobulinemia [2] - Innovent Biologics had 25 studies presented as posters at the EHA meeting, focusing on new BTK inhibitors and BCL2 inhibitors for various lymphomas [2] Research Developments - The combination of Mesutoclax and Obinutuzumab for first-line treatment of CLL/SLL showed a total response rate of 97.6% in a cohort of 42 newly diagnosed patients, with a registration phase III clinical trial now underway [3] - Dizhizhi Pharmaceuticals showcased multiple research advancements covering T-cell and B-cell lymphomas, including the JAK1 inhibitor, Gyrizhe®, which demonstrated effective maintenance treatment in peripheral T-cell lymphoma [3] - Micu Biotech presented 19 new research results on its selective HDAC inhibitor, Sitarabin, across various hematological malignancies, indicating significant tumor response and broad application prospects [4]

Summary of Key Points from the Conference Call Company Overview - **Company**: 微芯生物 (Microchip Biotech) - **Industry**: Biotechnology and Pharmaceuticals Financial Performance - **2024 Revenue**: 660 million CNY, a year-on-year increase of 26% [3] - **2025 Q1 Revenue**: 160 million CNY, a year-on-year increase of 24% [2] - **Net Assets**: 1.58 billion CNY [2] - **Cash Flow**: Positive operating cash flow of 76.13 million CNY in 2024, a year-on-year increase of 148% [3] Product Highlights - **西达本胺 (Sidaben)**: - Approved as a first-line oral treatment for diffuse large B-cell lymphoma, with expected rapid growth in indications [2][5] - Phase II data shows nearly 100% complete response (CR) rate when combined with PD-1 for NKT lymphoma [6] - Key Phase II trial for melanoma shows progression-free survival (PFS) of 36 months, significantly exceeding current standard therapies [6] - **西格列他钠 (Siglitazone)**: - First global full PPAR agonist, approved for use in patients with inadequate control on metformin, and included in medical insurance [4][5] - Demonstrated significant clinical effects in Phase II studies for fatty liver disease, including liver fat reduction and fibrosis improvement [5] Clinical Research Developments - **New Drug Development**: - Developing a novel ADC combining PD-L1 with Sidaben, expected to file for clinical trials within the year [7][11] - First-in-class oral small molecule PD-L1 drug CS23,546 shows superior binding rates compared to peers [24] - OREXO AB inhibitor CS231,295 has begun patient enrollment, targeting brain penetration and addressing EGFR-TKI resistance [24] - **Ongoing Trials**: - Phase II trials for 西奥罗尼 (Xiaoroni) in small cell lung cancer show over 70% risk reduction in PFS compared to placebo [20] - Initial results for pancreatic cancer treatment show promising ORR and DCR data, with further results expected in September [20] Market Strategy - **Market Control**: - Recovered marketing rights from 海正药业 (Haizheng Pharmaceutical) in half of the provinces, including economically developed areas like Jiangsu and Zhejiang, to enhance market control [9][17] - Focus on promoting the concept of combined management of sugar and fat to position Siglitazone as a foundational drug in metabolic treatment [9][19] Long-term Goals - **Financial Health**: Aim to achieve breakeven in the coming years while expanding existing product lines and developing new innovative drugs [10][23] - **Sales Growth**: Targeting a three-digit growth in Siglitazone sales this year, with a focus on increasing market penetration in previously underserved regions [19] Additional Insights - **Innovative Drug Pipeline**: The company is exploring various innovative targets, including muscle gain, fat loss, and Alzheimer's disease [2][24] - **Clinical Trial Progress**: Significant advancements in clinical trials for both Sidaben and Xiaoroni, with ongoing monitoring of efficacy and safety [26] This summary encapsulates the critical aspects of 微芯生物's recent conference call, highlighting financial performance, product developments, clinical research, market strategies, and long-term goals.

Summary of Key Points from the Conference Call Company Overview - **Company**: 微芯生物 (Microchip Biotech) - **Focus Areas**: Oncology, metabolic diseases, autoimmune diseases, neurodegenerative diseases, and antiviral fields [5][6][19] Clinical Trials and Research Updates - **Sida Benamine (西达本胺)**: - Ongoing international Phase III clinical trial for first-line treatment of melanoma in combination with Opdivo, with primary endpoint data expected in 2026 [2][3][21] - Phase III trial for triple therapy in late-line colorectal cancer is also in progress [2][3] - Significant efficacy observed in recurrent resistant NKT cell treatment, with a patient benefit rate of 97.6% and a one-year sustained remission rate of 96% [2][7] - Response rate for advanced progressive urothelial carcinoma improved to 44%, with progression-free survival (PFS) extended to 7 months [2][8] - **Ronin (罗尼)**: - Completed enrollment for Phase III clinical trial in ovarian cancer and initiated a Phase II trial combining with Nivolumab and Gemcitabine [12] - Expected to provide better benefits for highly fibrotic tumors like pancreatic cancer [12] - **Small Molecule PD-1 Inhibitor (23,546)**: - Strong tissue penetration and blood-brain barrier permeability, with ongoing Phase I trials in China and plans for FDA submission this year [2][13] - **Multi-target Kinase (231,295)**: - Good application prospects for brain tumors and brain metastases, with plans for FDA submission in Q3 [2][14] - **Sitagliptin (西格列汀钠)**: - Used for Type 2 diabetes, showing clinical benefits in metabolic syndrome and related comorbidities [4][15][17] - Positioned as a foundational drug for managing metabolic diseases [16][17] Strategic Focus and Development - **Research Strategy**: - Focus on developing drugs at different levels, including original, follow-up, and lifecycle management [5] - Emphasis on addressing unmet clinical needs in oncology and metabolic diseases [5] - **Collaboration and Innovation**: - Collaborating with other institutions to develop new drug forms, including ADCs and nucleic acid vaccines [20] - Utilizing AI to enhance early-stage research and clinical development processes [19] Market Potential and Future Outlook - **Market Strategy**: - Continuous exploration of market resources for existing products while targeting significant unmet clinical needs [5] - Anticipation of data readouts and market strategies based on ongoing clinical trials [2][21] - **Regulatory Submissions**: - Plans for FDA submissions for several candidates, including 23,546 and 231,295, highlighting the company's commitment to advancing its pipeline [13][14] Additional Insights - **Take2**: - Recently completed Phase I trials, with Phase II data expected by the end of the year, showing promising PD data compared to competitors [25] - **Clinical Efficacy**: - Emphasis on the unique mechanisms of action for new small molecules, including oral PD-1 inhibitors, which may offer advantages over traditional therapies [23][24] This summary encapsulates the key developments, strategic focus, and future outlook for 微芯生物, highlighting its commitment to innovation and addressing unmet medical needs in various therapeutic areas.