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]

上海景林资产管理公司（"上海景林"）是一家以投资境内、外上市公司股票为主的资产管理公司，是在 中国证券投资基金业协会登记注册的私募基金管理公司，持有香港9号牌。上海景林从2006年开始管理 专注于投资Ａ股的景林稳健、景林丰收等A股信托投资计划，以优秀的业绩和专业的管理赢得了来自大 型机构投资者和高净值个人客户的信任，国内机构客户包括几大银行的总行在内的多家银行和知名企 业。秉承"价值投资"的投资理念，上海景林的投资常常采用PE股权基金的研究方法。基金经理的投资决 定大多基于对公司的基本面分析和股票估值。对公司进行估值的时候，上海景林注重的是其行业结构和 公司在产业价值链中的地位，偏好进入门槛较高、与供应商和客户谈判能力强,并且管理层积极向上且 富有能力的公司。这些考虑是上海景林做投资决定和估值过程中的核心。xa0另外，上海景林还在不同 行业都有研究专家，这些行业专家对于行业和公司的理解很大程度上都要深于大多数金融机构的研究 员，因此可以更清楚地了解各行业的最新变化。在中国经济高速增长的阶段，行业及监管政策也在不断 变化，企业运作环境变化的速度比发达国家快得多。为此上海景林相信自己有得天独厚的优势去深入了 解不 ...

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.

Group 1 - The core viewpoint highlights the positive market reaction to the collaboration between Bristol-Myers Squibb and BioNTech regarding the new cancer drug BNT327, with milestone payments potentially reaching $11.1 billion, which has boosted the performance of innovative drug concept stocks [1] - The performance of the Kexin Biopharmaceutical ETF (588250.SH) increased by 1.23%, with its associated index Kexin Biopharmaceutical (000683.SH) rising by 0.96%, indicating a favorable market sentiment towards the biopharmaceutical sector [1] - Notable increases in major component stocks include Microchip Biotech rising by 9.44%, Huaxi Biotech by 7.63%, and Rongchang Biotech by 4.92%, reflecting strong investor interest in innovative drug companies [1] Group 2 - Guosen Securities reported significant advancements in domestic innovative drugs, particularly focusing on bispecific antibodies and ADC technologies, with promising clinical data from Innovent Biologics and Mingji Biotech in pancreatic cancer treatments [2] - Shenwan Hongyuan highlighted Huaxi Biotech as a key player in the recombinant collagen market, benefiting from the domestic beauty trend and strong brand recognition, suggesting potential for consumer recovery [2] - Both research institutions' insights align with the performance of innovative drug and medical beauty leading companies within the Kexin Biopharmaceutical ETF [2]

Group 1 - The A-share market saw a positive trend with the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index rising by 1.95% as of the report time [1] - The Science and Technology Innovation Medicine Index ETF (588700) increased by 2.18%, with a turnover rate of 8.76% and a transaction volume exceeding 23.75 million [1] - Among the constituent stocks, Yifang Biotechnology-U surged over 12%, Borui Pharmaceutical rose over 8%, and Microchip Biotech increased over 7% [1] Group 2 - According to Industrial Securities, the innovative drug sector's prosperity is expected to be sustainable, with "innovation + internationalization" remaining the core direction of the pharmaceutical sector [2] - The report highlights that the innovative drug industry chain's fundamentals are beginning to improve, with overseas orders and performance starting to recover [2] - The demand in the domestic market is anticipated to rebound by 2025, with potential recovery in the consumption medical field, including medical services and OTC traditional Chinese medicine [2]

Group 1 - The company issued convertible bonds totaling RMB 500 million, with a maturity of six years from July 5, 2022, to July 4, 2028 [2] - The initial conversion price for the bonds was set at RMB 25.36 per share, effective from January 11, 2023 [2] - The conversion price was adjusted to RMB 25.26 per share starting June 4, 2024, due to a reduction in the company's total share capital [3] Group 2 - The company has a provision for downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4] - If the conditions for price adjustment are met, the board will propose a new conversion price to be approved by shareholders, requiring a two-thirds majority [4] - The company will announce any adjustments to the conversion price through the Shanghai Stock Exchange and will resume conversion applications at the adjusted price [5][6] Group 3 - From May 15 to May 28, 2025, the company's stock price has been below RMB 21.47, which is 85% of the current conversion price, indicating a potential trigger for price adjustment [6] - If the stock price continues to meet the adjustment criteria for 20 consecutive trading days, the company will convene a board meeting to decide on the adjustment [6]