Core Insights - On November 3, 2023, a total of 42 stocks were involved in institutional trading, with 13 stocks showing net buying and 29 stocks showing net selling [1][2] Group 1: Institutional Net Buying - The top three stocks with the highest institutional net buying were: - Asia-Pacific Pharmaceutical with a net buying amount of 106 million yuan, representing a 9.96% increase [2] - Dingsheng New Materials with a net buying amount of 82.79 million yuan, representing a 6.64% increase [2] - Aerospace Intelligent Equipment with a net buying amount of 69.42 million yuan, representing a 19.98% increase [2] Group 2: Institutional Net Selling - The top three stocks with the highest institutional net selling were: - Sanofi (Sanofi Guojian) with a net selling amount of 211 million yuan, representing a 7.88% increase [4] - Siwei Liekong with a net selling amount of 125.28 million yuan, representing a 9.87% decrease [4] - Kaimete Gas with a net selling amount of 107.61 million yuan, representing a 9.96% decrease [4]

（文章来源：证券日报） 证券日报网讯 11月3日晚间，三生国健发布公告称，公司股票交易连续两个交易日内（2025年10月31 日、2025年11月3日）日收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。公司自查并 向控股股东及实际控制人核实，截至本公告披露日，除公司已披露信息外，公司及公司控股股东、实际 控制人不存在筹划关于公司的应披露而未披露的重大事项的情况，公司日常经营情况正常，未发生重大 变化，所处的行业政策未发生重大调整。 ...

Core Viewpoint - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707, for both human and veterinary uses [1] Group 1: Licensing Agreement - The licensing agreement between Sanofi and Pfizer will officially take effect on July 24, 2025 [1] - The agreement covers all therapeutic, diagnostic, and preventive indications within the licensed area [1] - Payments from Pfizer to Sanofi will be distributed between the company and Shenyang Sanofi [1] Group 2: Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]

Core Insights - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707 [1] Licensing Agreement - The licensing agreement will officially take effect on July 24, 2025 [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] Payment Uncertainty - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]

Core Viewpoint - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-targeting antibody product SSGJ-707, which targets both PD-1 and VEGF, under a licensing agreement that will take effect on July 24, 2025 [1] Group 1: Licensing Agreement Details - The licensing agreement involves a product known as project 707, which is a dual-specific antibody targeting PD-1 and VEGF [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] - The agreement includes milestone payments that are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1] Group 2: Clinical Trials - On October 30, 2025, Pfizer registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov [1]

证券代码： 688336 证券简称：三生国健 公告编号：2025-061 三生国健药业（上海）股份有限公司 股票交易异常波动公告 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。 1 间分配。《许可协议》于 2025 年 7 月 24 日正式生效。具体内容详见 公司于 2025 年 5 月 20 日、2025 年 7 月 25 日分别在上海证券交易所 网 站 披 露 的 相 关 公 告 。 2025 年 10 月 30 日 ， 辉 瑞 在 ClinicalTrials.gov 网站上登记了 PD-1/VEGF 双抗 PF-08634404 （SSGJ-707）的两项全球 III 期临床试验。鉴于《许可协议》中所约 定的里程碑付款需要满足一系列特定条件，其最终付款尚存在不确定 性，敬请广大投资者注意投资风险。 经公司自查，并向公司控股股东及实际控制人核实，截止本公 告披露日，除公司已披露事项之外，公司、控股股东及实际控制人不 存在筹划其他关于公司应披露而未披露的重大事项的情况，包括但不 限于并购重组、股份发行、债务重组、业务重 ...

Market Overview - The biopharmaceutical sector experienced a slight decline of 0.0% on November 3, with Olin Bio leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - Sangfor Biopharma (688336) saw a significant increase of 7.88%, closing at 78.71 with a trading volume of 220,700 shares and a turnover of 1.754 billion yuan [1] - ST Weiming (002581) rose by 4.99%, closing at 8.20 with a trading volume of 82,400 shares [1] - Other notable gainers included C-Muyuan (688765) with a 3.61% increase, closing at 128.01, and Nossland (920047) with a 3.47% increase, closing at 27.41 [1] Underperformers - Olin Bio (688319) led the declines with a drop of 6.26%, closing at 23.52 and a trading volume of 126,900 shares [2] - Aopumai (688293) fell by 4.95%, closing at 58.82, while Hualan Vaccine (301207) decreased by 3.87%, closing at 21.10 [2] - Other significant losers included Changchun High-tech (000661) and Baiyin Suisi (301080), both experiencing declines of 3.60% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 155 million yuan from institutional investors, while retail investors contributed a net inflow of 227 million yuan [2] - The overall retail investor net outflow was 71.79 million yuan [2] Individual Stock Capital Flow - Rongchang Bio (688331) had a net inflow of 77.01 million yuan from institutional investors, representing 8.95% of its total [3] - Junshi Biosciences (688180) also saw a significant net inflow of 66.44 million yuan, accounting for 14.16% [3] - Olin Bio (688319) experienced a net outflow of 38.14 million yuan from retail investors, which was 14.13% of its total [3]

Core Points - Sanofi's stock closed at 72.96 yuan on October 31, reaching the daily limit with a trading volume of 7.99 billion yuan and a turnover rate of 1.87% [2] - The stock was listed on the daily trading leaderboard due to a price increase of 15% [2] - The top five trading departments accounted for a total transaction of 3.13 billion yuan, with a net buying amount of 35.10 million yuan [2] Trading Activity - The main buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 82.26 million yuan, while the total buying from the top five departments was 91.64 million yuan [3] - The main selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 67.33 million yuan, leading to a net buying of 14.93 million yuan for the day [3] Fund Flow - The stock experienced a net inflow of 132 million yuan from main funds on the same day [3] - Over the past six months, the stock has appeared on the trading leaderboard six times, with an average price increase of 9.62% the day after being listed and an average increase of 26.00% in the following five days [3]

Core Viewpoint - Sanofi announced a cash dividend of 0.033 yuan per share (tax included) for the first half of 2025, with the record date set for November 6, 2025, and the ex-dividend date and payment date on November 7, 2025 [2] Summary by Category - **Dividend Announcement** - The company will distribute a cash dividend of 0.033 yuan per share for the first half of 2025 [2] - The dividend is inclusive of tax [2] - **Key Dates** - The record date for shareholders is November 6, 2025 [2] - The ex-dividend date and the date of cash dividend payment is November 7, 2025 [2]

Core Insights - The innovative drug sector experienced a significant surge in stock prices, driven by news of the national medical insurance negotiation, with companies like Sanofi and Sihuan Pharmaceutical seeing their stocks hit the daily limit increase [1] - The introduction of the "Commercial Insurance Innovative Drug Directory" mechanism is expected to enhance the market for innovative drugs, allowing for better pricing and payment structures [1] Group 1: National Medical Insurance Negotiation - The 2025 National Medical Insurance negotiation commenced on October 30, introducing the "Commercial Insurance Innovative Drug Directory" for the first time [1] - This directory will include innovative drugs that are not yet part of the basic medical insurance but have high clinical value and significant patient benefits [1] - The development of commercial insurance is deemed essential, with the directory providing guidance for market pricing and optimizing drug price formation mechanisms [1] Group 2: Company-Specific Developments - On October 30, Pfizer registered two global Phase III clinical trials for the PD-1/VEGF bispecific antibody SSGJ-707, developed by Sihuan Pharmaceutical and Sanofi [2] - Pfizer will pay an upfront fee of $1.25 billion and up to $4.8 billion in milestone payments for the global development, production, and commercialization rights of SSGJ-707 [2] - Sanofi holds a 30% stake in the SSGJ-707 project, while Sihuan Pharmaceutical holds 70%, indicating potential future revenue from milestone payments for Sanofi [2] Group 3: Financial Performance - In Q3, Sanofi reported a revenue of 474 million yuan, a year-on-year increase of 38.27%, and a net profit of 209 million yuan, up 101.41% [3] - For the first three quarters, the company achieved a revenue of 1.116 billion yuan, reflecting an 18.80% year-on-year growth, and a net profit of 399 million yuan, a 71.15% increase [3] - The growth in revenue is attributed to licensing income from collaboration projects and an increase in CDMO business, alongside improved management efficiency and reduced expense ratios [3]