Core Viewpoint - The A-share innovative drug sector experienced a significant surge on July 1, driven by favorable policy announcements from the National Medical Insurance Administration and the National Health Commission, which aim to support the high-quality development of innovative drugs [1][4]. Group 1: Market Performance - Frontier Biotech reached a 20% limit-up, with other companies like Guizhou BaiLing, Saily Medical, and AngliKang also hitting their limits [2]. - Notable stock performances included: - Frontier Biotech: 12.05 (+20.02%) - Kexing Pharmaceutical: 44.19 (+15.62%) - Yuyuan Pharmaceutical: 22.00 (+15.55%) - Shuyitai: 43.00 (+15.34%) - Rongchang Biotech: 68.39 (+13.04%) [3]. Group 2: Policy Support - The new measures encourage the use of medical insurance data for innovative drug research and development, enhancing collaboration among medical, insurance, and pharmaceutical sectors [4][6]. - The policy promotes the expansion of commercial health insurance investments in innovative drugs, establishing a new directory for innovative drugs that exceed basic insurance coverage [6]. - The National Medical Insurance Administration plans to streamline the application process for including drugs in both commercial and medical insurance directories, reducing the administrative burden on companies [6]. Group 3: Industry Outlook - The innovative drug sector is in a golden development phase, with over 20 first-class innovative drugs approved for market entry from January to May, marking a five-year high [7]. - Chinese pharmaceutical companies are accelerating their international expansion, with over 90 overseas licensing transactions expected in 2024, totaling over $50 billion [7]. - Significant licensing deals include: - 12.5 billion USD deal by 3SBio - 53.3 billion USD collaboration between CSPC and AstraZeneca - 42.3 billion USD agreement by Rongchang Biotech [7]. - Several biotech firms are increasing R&D investments through share placements, with funds directed towards global R&D pipelines [8]. Group 4: Investment Sentiment - Analysts agree on the sustainable growth potential of the innovative drug sector, emphasizing the "innovation + internationalization" trend as a core focus for the pharmaceutical industry [9]. - Investment opportunities are seen in the upstream pharmaceutical supply chain, advanced manufacturing, and healthcare services, with a focus on companies with strong growth potential and profitability [9].

Group 1 - The stock price of Microchip Biotech (688321) increased by 12.19% to 23.75 yuan as of June 27, 2025, with a market cap of 9.685 billion yuan [1] - The company reached a peak price of 25.6 yuan on June 24, 2025, and a low of 21.09 yuan on June 23, 2025 [1] - Microchip Biotech was listed among the top five securities on the Dragon and Tiger List due to a price increase of 15% on June 23, 2025, marking its first appearance in the last five trading days [2][5] Group 2 - The company's 2024 financial report indicates a net loss of 115 million yuan, with total assets of 3.251 billion yuan, total liabilities of 1.334 billion yuan, and operating revenue of 658 million yuan [3] - The company has strong innovative drug research capabilities, with core products receiving new treatment guideline recommendations and new indications approved [3] - Despite the strengths, the company faces challenges such as a single product line, increasing debt pressure, and competition in the market, along with a decline in the price of its core product, Xidabonan [3][4] Group 3 - The company's credit rating is A+ with a stable outlook, as assessed by Zhongjian Pengyuan, indicating that core products have competitive advantages [3][4] - The company’s convertible bonds also received an A+ credit rating with a stable outlook [4] - The company is expected to see new growth momentum from the approval of new indications included in medical insurance [3]

证券代码：688321 证券简称：微芯生物 转债代码：118012 债券简称：微芯转债 深圳微芯生物科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二零二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《深 圳微芯生物科技股份有限公司（作为发行人）与国投证券股份有限公司（作为受 托管理人）关于深圳微芯生物科技股份有限公司向不特定对象发行可转换公司债 券之受托管理协议》（以下简称"《受托管理协议》"）、《深圳微芯生物科技股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）、《深圳微芯生物科技股份有限公司 2024 年年度报告》等相关公开 信息披露文件、第三方中介机构出具的专业意见等，由本次债券受托管理人国投 证券股份有限公司（以下简称"国投证券"）编制。国投证券对本报告中所包含的 从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真 实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或 ...

证券代码：688321 证券简称：微芯生物 公告编号：2025-038 转债代码：118012 转债简称：微芯转债 深圳微芯生物科技股份有限公司 关于"微芯转债"2025 年付息的公告 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： 深圳微芯生物科技股份有限公司（以下简称"公司"）于 2022 年 7 月 5 日发行的可转换公司债券将于 2025 年 7 月 7 日开始支付 自 2024 年 7 月 5 日至 2025 年 7 月 4 日期间的利息。根据《深圳微 芯生物科技股份有限公司向不特定对象发行可转换公司债券募集 说明书》（以下简称"《募集说明书》"）有关条款的规定，现将有 关事项公告如下： 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2022]1234 号"文同意 1 可转债付息债权登记日：2025 年 7 月 4 日 可转债除息日：2025 年 7 月 7 日 可转债兑息日：2025 年 7 月 7 日 注册，公司于 2022 年 7 月 5 日向不特定对象发行可转换公司债券 5 ...

Core Viewpoint - The credit rating of Shenzhen Micron Biotech Co., Ltd. remains stable at A+, reflecting strong innovation capabilities and good sales liquidity, despite facing challenges such as increased debt pressure and competition risks in the market [3][6][10]. Company Overview - Shenzhen Micron Biotech Co., Ltd. has a strong product pipeline, with core products receiving new indications and recommendations in updated treatment guidelines [3][4]. - The company’s main financial data shows total assets of 33.12 billion, total debt of 14.10 billion, and a net profit loss of 0.19 billion for 2025 [3][4]. Financial Performance - The company’s operating income for 2024 is projected at 6.58 billion, a slight increase from 5.24 billion in 2023, but net profit is expected to remain negative [3][4]. - The sales revenue from the core product, Sidabamine, accounts for 75.92% of total sales, indicating a high dependency on a single product [4][12]. Market Position and Competition - The company faces competition from newly approved drugs such as Golisib, which poses a direct threat to Sidabamine in the treatment of peripheral T-cell lymphoma (PTCL) [5][12]. - The market for diabetes medications is highly competitive, with the company’s product, Seglitazone, having a low market share of less than 1% as of 2024 [20]. Research and Development - The company has halted the submission of a new indication for the drug Xioroni due to clinical trial results, leading to a full impairment of related development expenses [4][5]. - Ongoing clinical trials for Sidabamine and Seglitazone are crucial for future growth, with significant investments made in these areas [17][20]. Industry Environment - The pharmaceutical manufacturing industry is expected to stabilize, with a growing demand for medications, particularly in chronic disease and cancer treatment [10][11]. - Price reductions in drug pricing due to policy changes continue to pressure the industry, but the long-term outlook remains positive as companies adapt to new market conditions [10][11].

Group 1 - The company maintains a credit rating of "A+" with a stable outlook for both its corporate credit and the "Microchip Convertible Bond" [1][2] - The credit rating was reaffirmed by Zhongzheng Pengyuan Credit Rating Co., Ltd. based on a comprehensive analysis of the company's operational status and related industry [2] - The tracking rating report was disclosed on June 25, 2025, on the Shanghai Stock Exchange website [2]

●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]