7月29日，微芯生物大宗交易成交189.94万股，成交额5812.16万元，占当日总成交额的3.75%，成交价 30.6元，较市场收盘价38.37元折价20.25%。 ...

金融界消息 截至2025年7月29日收盘，微芯生物（688321）报收于38.37元，上涨12.85%，换手率 9.85%，成交量40.18万手，成交金额14.90亿元。 资金流向方面，今日主力资金净流入1.01亿元，占比成交额6.77%。其中，超大单净流入6760.30万元、 占成交额4.54%，大单净流入3330.94万元、占成交额2.23%，中单净流出流出1768.32万元、占成交额 1.19%，小单净流出8322.92万元、占成交额5.58%。 微芯生物最新一期业绩显示，截至2025一季报，公司营业总收入1.62亿元、同比增长24.24%，归属净利 润1915.47万元，同比减少4.64%，扣非净利润2458.35万元，同比减少11.86%，流动比率2.357、速动比 率2.252、资产负债率52.84%。 天眼查商业履历信息显示，深圳微芯生物科技股份有限公司，成立于2001年，位于深圳市，是一家以从 事医药制造业为主的企业。企业注册资本40853.999万人民币，实缴资本481.6643万人民币。公司法定代 表人为XIANPING LU。 通过天眼查大数据分析，深圳微芯生物科技股份有限公司共对外投资 ...

Core Viewpoint - The chemical pharmaceutical sector experienced a significant increase of 2.47% on July 29, with Nanjing Pharmaceutical leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3609.71, up 0.33% [1] - The Shenzhen Component Index closed at 11289.41, up 0.64% [1] Group 2: Individual Stock Performance - Nanjing Pharmaceutical (681899) closed at 11.90, with a rise of 17.01% and a trading volume of 388,700 shares, totaling a transaction value of 417 million yuan [1] - Yuandong Biological (688513) closed at 65.92, up 15.45%, with a trading volume of 74,200 shares and a transaction value of 466 million yuan [1] - Microchip Biotech (688321) closed at 38.37, increasing by 12.85%, with a trading volume of 401,800 shares and a transaction value of 1.49 billion yuan [1] - Aoxiang Pharmaceutical (603229) closed at 10.54, up 10.02%, with a trading volume of 480,600 shares and a transaction value of 493 million yuan [1] - Asia-Pacific Pharmaceutical (002370) closed at 6.81, also up 10.02%, with a trading volume of 1,937,200 shares and a transaction value of 1.285 billion yuan [1] - Chenxin Pharmaceutical (603367) closed at 25.93, up 10.01%, with a trading volume of 160,000 shares and a transaction value of 413 million yuan [1] - Fuyuan Pharmaceutical (6801089) closed at 22.90, increasing by 9.99%, with a trading volume of 176,900 shares and a transaction value of 389 million yuan [1] - Nikan Pharmaceutical (688658) closed at 33.02, up 9.96%, with a trading volume of 118,700 shares and a transaction value of 376 million yuan [1] - Luoxin Pharmaceutical (002793) closed at 5.97, increasing by 9.94%, with a trading volume of 421,300 shares and a transaction value of 240 million yuan [1] - Frontier Biotech (688221) closed at 22.42, up 9.74%, with a trading volume of 471,400 shares and a transaction value of 1.023 billion yuan [1] Group 3: Capital Flow - The chemical pharmaceutical sector saw a net inflow of 1.295 billion yuan from main funds, while retail funds experienced a net outflow of 1.198 billion yuan [1] - Speculative funds recorded a net outflow of 97.108 million yuan [1]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Investment Rating - The report maintains a positive outlook on innovative drugs and the industry chain, recommending continuous attention to this sector [1][5][24]. Core Viewpoints - The report highlights the sustained high prosperity of innovative drugs, with a focus on companies likely to see a revaluation, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Huadong Medicine. It also emphasizes Biopharma/Biotech companies with innovative pipelines entering a growth phase, including PATEO, Innovent Biologics, BeiGene, and others [1][5][24]. - The A-share pharmaceutical sector outperformed the market in the third week of July 2025, with a 4.0% increase compared to a 0.7% rise in the Shanghai Composite Index. The report notes that the premium of the pharmaceutical sector relative to all A-shares is currently at a normal level of 86.8% [7][25][16]. - The Hong Kong pharmaceutical sector showed outstanding performance, with the Hang Seng Healthcare index rising by 12.0% and the Hong Kong Biotechnology index increasing by 13.6% during the same period [21][25]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Industry Chain - The report emphasizes the ongoing high demand for innovative drugs and recommends companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others for potential investment [1][5][24]. 2. Performance of A-Shares Pharmaceutical Sector - In the third week of July 2025, the A-share pharmaceutical sector led with a 4.0% increase, outperforming the overall market. Notable sub-sectors included chemical raw materials and chemical preparations, with gains of 7.0% and 6.8% respectively [7][11][25]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector performed exceptionally well, with significant gains in the Hang Seng Healthcare and Biotechnology indices. In contrast, the U.S. pharmaceutical sector underperformed, with a decline of 2.5% in the S&P 500 Healthcare Select Sector [21][25].

Summary of Key Points Core Viewpoint - Microchip Biotech experienced significant trading activity on July 25, with a total of 1.11 million shares traded through block transactions, amounting to 33.25 million yuan, indicating a trend of discounted trading relative to the closing price [2]. Trading Activity - On July 25, three block trades were executed for Microchip Biotech, with a total trading volume of 1.11 million shares and a total transaction value of 33.25 million yuan [2]. - The average transaction price for these trades was at a discount to the closing price, with the largest trades being 50,000 shares each at a price of 30.00 yuan, reflecting a discount of 10.95% [2]. Recent Performance - Over the past three months, Microchip Biotech has recorded 17 block trades, with a cumulative transaction value of 118 million yuan [2]. - The stock closed at 33.69 yuan on July 25, down 3.19%, with a daily turnover rate of 6.16% and a total trading volume of 841 million yuan [2]. - In the last five days, the stock has declined by 6.29%, with a net outflow of funds totaling 169 million yuan [2]. Margin Trading Data - The latest margin financing balance for Microchip Biotech stands at 550 million yuan, having increased by 6.97 million yuan over the past five days, representing a growth of 14.51% [2].

Core Viewpoint - Shenzhen Chipscreen Biosciences Co., Ltd. is announcing the potential triggering of the conditional redemption clause for its convertible bonds, "Microchip Convertible Bonds," based on the stock price performance relative to the conversion price [1][4]. Convertible Bond Issuance Overview - The company issued convertible bonds with a total amount of RMB 500 million, with a maturity period of six years from July 5, 2022, to July 4, 2028 [1]. - The initial conversion price was set at RMB 25.36 per share, which was adjusted to RMB 25.26 per share on June 4, 2024, due to share repurchase and cancellation [2]. Redemption Terms and Expected Triggering Conditions - The redemption terms state that the company can redeem all or part of the unconverted bonds at 115% of the face value plus the last interest payment within five trading days after the bond's maturity [2]. - The company has the right to redeem the bonds if, during the conversion period, the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [3]. - As of July 11, 2025, the stock price has met the condition of being above 130% of the conversion price for 10 trading days, and if this continues for 20 trading days with at least 5 days above the threshold, the redemption clause will be triggered [4].

一、可转债发行上市概况 | | | 深圳微芯生物科技股份有限公司 关于"微芯转债"预计满足赎回条件的提示性公告 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"）股票交易价格自 2025 年 7 月 11 日至 2025 年 7 月 24 日期间，已有 10 个交易日的收盘价格不低 于"微芯转债"当期转股价格的 130%（即 32.838 元/股），若未来连续 20 个交 易日内，仍有 5 个交易日公司股票的收盘价格不低于当期转股价的 130%（含 130%），将触发《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》中规定的有条件赎回条款。届时，公司有权决定是否按照 债券面值加当期应计利息的价格赎回全部或部分未转股的"微芯转债"。 根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债 券》 的有关规定，公司将可能触发可转换公司债券有条件赎回条款的相关情况 公告如下。 经中国证券监督管理委员会"证监许可[2022]1234 ...

本报讯(记者袁传玺) 作为一款源头创新药物，爱谱沙具有独特的表观遗传调控机制，对肿瘤抑制性免疫微环境具有重新激活 作用，可单独或联合其他药物治疗恶性肿瘤。凭借显著疗效，爱谱沙在复发/难治性外周T细胞淋巴瘤领 域已连续八年获得中国临床肿瘤学会(CSCO)指南最高级别I级1A类证据推荐，弥漫大B细胞淋巴瘤适应 症亦获得2025年CSCO指南的最高级别推荐。 微芯生物是科创板首家过会企业及第一家上市的生物医药企业，是中国原创新药领域的先行者。此次爱 谱沙在京东健康全网独家首发，是双方深化合作、共同推动创新疗法高效可及的重要举措，将加速创新 药物的精准触达与普惠落地，为更多患者带来新的治疗希望和更优的生存获益。作为新药线上首发第一 站，京东健康将依托全渠道资源与医疗健康服务生态，为患者提供从药品咨询、在线问诊到精准用药指 导的一站式服务，助力爱谱沙快速覆盖终端市场。 日前，由深圳微芯生物科技股份有限公司自主研发的全球首创口服选择性组蛋白去乙酰化酶(HDAC)抑 制剂爱谱沙(西达本胺)在京东健康股份有限公司(以下简称"京东健康")全网独家首发。京东健康将充分 发挥全渠道优势和医疗健康服务能力，加速创新药物普惠可及，让广 ...

Core Viewpoint - The Chinese innovative drug industry is experiencing significant growth in the first half of 2025, driven by policy benefits and international breakthroughs, with leading companies achieving explosive growth due to technological barriers and commercialization capabilities [1]. Company Performance Summaries - **Shuanglu Pharmaceutical**: Expected net profit for H1 2025 is between 100 million and 135 million RMB, a year-on-year increase of 237.95% to 356.24% from 29.59 million RMB in the same period last year, primarily benefiting from financial asset returns and breakthroughs in innovative drug pipelines [3][4]. - **Sino Biopharmaceutical**: Anticipated net profit ranges from 77.03 million to 94.14 million RMB, reflecting a year-on-year increase of 253.54% to 332.10%, driven by strong performance in peptide raw material exports [5][7]. - **Microchip Biotech**: Expected net profit of approximately 30.06 million RMB, representing a 173% increase, attributed to the inclusion of its core product (Sida Benamine) in medical insurance and optimized sales strategies [8][10]. - **Buchang Pharmaceutical**: Projected net profit between 488 million and 708 million RMB, a year-on-year increase of 110.88% to 205.94%, due to increased sales scale and reduced production costs [11][13]. - **Ganli Pharmaceutical**: Expected net profit of 600 million to 640 million RMB, a year-on-year increase of 100.73% to 114.12%, driven by significant revenue growth and refined expense management [15][16]. - **Shanghai Pharmaceuticals**: Anticipated net profit of 4.45 billion RMB, an increase of approximately 52% from the previous year, following the acquisition of a 10% stake in Shanghai Hengrui Medicine [17][18]. - **Liaoning Chengda**: Expected net profit between 689 million and 735 million RMB, a year-on-year increase of 50% to 60%, supported by a dual-driven strategy of healthcare and financial investment [19][21]. - **WuXi AppTec**: Projected net profit of approximately 6.3 billion RMB, a year-on-year increase of about 44.43%, driven by optimized CRDMO business models and significant non-operating gains from stock sales [23][25]. - **Notai Biopharmaceutical**: Expected net profit between 300 million and 330 million RMB, a year-on-year increase of 32.06% to 45.27%, attributed to sales growth in peptide raw materials [27][29]. - **I-Wu Biotech**: Anticipated net profit between 170 million and 180 million RMB, reflecting a year-on-year increase of 13.92% to 23.97%, focusing on allergy disease treatment products [30][31]. Industry Trends - The performance divergence in the innovative drug industry in 2025 indicates a shift from "scale competition" to "technological competition," with companies possessing genuine innovation capabilities and international layouts expected to lead, while those relying on capital operations or policy arbitrage face growth challenges [32].