Group 1 - The A-share market opened lower but saw the pharmaceutical sector rebound, with the only ETF tracking the pharmaceutical index recovering its 10-day moving average and aiming for a four-day winning streak [1] - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for the high-quality development of traditional Chinese medicine, outlining a development blueprint for 2026-2030 [2] - The report highlights a positive outlook for the pharmaceutical sector driven by policy support, cost improvements, and expectations for adjustments in the basic drug catalog [3] Group 2 - The report indicates that the raw material drug sector is favored, with innovative drug segments such as small nucleic acids, peptides, and ADC toxins driving continuous industry chain catalysts [3] - The pharmaceutical ETF (562050) covers 50 leading pharmaceutical companies, focusing on innovative drugs while also considering traditional Chinese medicine [5] - Notable stock performances include Xinhecheng rising over 7%, and Sanofi Guojian increasing by more than 5%, with traditional Chinese medicine stocks like Darentang and Yiling Pharmaceutical also seeing gains of over 4% [5]

证券日报网讯 2月4日，三生国健在互动平台回答投资者提问时表示，公司会严格遵循交易所相关规 则，并高度重视市场承受能力与投资者的建议。 （文章来源：证券日报） ...

2月3日，三生国健跌0.52%，截至发稿，报59.19元/股，成交2.85亿元，换手率0.78%，总市值365.85亿 元。三生国健股价已经连续5天下跌，区间累计跌幅6.83%。 资料显示，三生国健药业(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路399号，成立日期 2002年1月25日，上市日期2020年7月22日，公司主营业务涉及抗体药物的研发、生产及销售业务。主营 业务收入构成为：销售商品75.24%，提供委托加工服务15.37%，授权许可7.94%，租赁服务1.44%。 从基金十大重仓股角度 数据显示，中银基金旗下1只基金重仓三生国健。中银医疗保健混合A（005689）四季度增持1.39万股， 持有股数66.07万股，占基金净值比例为6.21%，位居第四大重仓股。根据测算，今日浮亏损失约20.48 万元。连续5天下跌期间浮亏损失286.73万元。 中银医疗保健混合A（005689）成立日期2018年6月13日，最新规模4.71亿。今年以来亏损1.25%，同类 排名8275/8874；近一年收益58.53%，同类排名1083/8124；成立以来收益224.03%。 中银医疗保健混合A（0056 ...

Core Viewpoint - Sangfor Biopharma (三生国健) is expected to achieve significant revenue and profit growth in 2025, driven by a collaboration with Pfizer and the recognition of substantial income from a project authorization fee. Group 1: Stock Performance - As of January 30, 2026, Sangfor Biopharma's stock closed at 60.22 CNY, up 2.48% from the previous week [1] - The stock reached a weekly high of 66.28 CNY on January 27 and a low of 56.88 CNY on January 26 [1] - The company's current total market capitalization is 37.221 billion CNY, ranking 7th out of 51 in the biopharmaceutical sector and 562nd out of 5184 in the A-share market [1] Group 2: Earnings Forecast - Sangfor Biopharma forecasts a total revenue of approximately 4.2 billion CNY for the year 2025 [4] - The company anticipates a net profit attributable to shareholders of around 2.9 billion CNY for 2025 [3] - The expected net profit after deducting non-recurring gains and losses is projected to be about 2.8 billion CNY, reflecting a year-on-year growth of approximately 1,038.21% [5][7] Group 3: Revenue Drivers - The significant growth in earnings is primarily attributed to the collaboration with Pfizer, which includes a project authorization fee that will contribute approximately 2.89 billion CNY to revenue [5][7] - The projected revenue growth represents an increase of about 251.76% compared to the previous year [5]

重组蛋白板块领跌，下跌1.42%，其中百普赛斯下跌7.3%，近岸蛋白下跌2.81%，海特生物下跌2.16%， 三生国健跌超3%。（AI生成） ...

长江商报消息 ●长江商报记者 潘瑞冬 科创板创新药企三生国健（688336.SH）业绩大涨。 1月26日晚间，三生国健发布2025年业绩预告，经财务部门初步测算，公司预计全年实现营业收入约42 亿元，较上年同期增加约30.06亿元，同比大幅增长251.76%；预计归母净利润约29亿元，较上年同期增 加约21.95亿元，同比增长311.35%；预计扣非净利润约28亿元，同比激增1038.21%。 三生国健称，2025年公司与辉瑞达成授权合作，已收到对方支付的授权许可首付款约28.9亿元，推动公 司业绩大涨。 在业绩公告发布后次日，即1月27日，三生国健股价大幅上涨，当天最大涨幅超15%，截至收盘报63.53 元/股，涨10.93%。 收到辉瑞首付款28.9亿 资料显示，三生国健专注于单抗、双抗、多抗及多功能重组蛋白等新技术研究。2020年7月，三生国健 在科创板上市。 进入2025年，公司业绩进一步爆发。根据业绩预告，公司预计2025年实现营业收入42亿元左右，较上年 同期增加30.06亿元，涨幅约251.76%；归母净利润29亿元左右，较上年同期增加21.95亿元，涨幅约 311.35%。 上市以来，随着产品 ...

Market Performance - The pharmaceutical sector increased by +0.29% on January 26, 2025, outperforming the CSI 300 index by 0.19 percentage points, ranking 8th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, vaccines (+7.99%), in vitro diagnostics (+3.73%), and blood products (+3.47%) showed the best performance, while hospitals (-2.01%), medical R&D outsourcing (-1.36%), and offline pharmacies (-1.18%) lagged behind [1] - Top three individual stock gainers were Maike Biological (+20.03%), Cap Bio (+20.03%), and Zhijiang Biological (+20.01%), while the biggest losers were Weikang Pharmaceutical (-8.50%), Medisi (-7.28%), and Meinian Health (-6.08%) [1] Industry News - Recently, InSilico Medicine announced that its self-developed oral NLRP3 inhibitor ISM8969 has received IND approval from the FDA for the treatment of Parkinson's disease [2] - The upcoming Phase 1 clinical trial will assess the safety, tolerability, and pharmacokinetic characteristics of ISM8969 in healthy volunteers, aiming to determine the recommended dosage for subsequent studies [2] - ISM8969 is an innovative NLRP3 inhibitor with ideal blood-brain barrier penetration characteristics, targeting pathological inflammatory responses to support neuronal survival and function in neurodegenerative disease patients [2] - The drug candidate was discovered and optimized using InSilico Medicine's AI platform, Chemistry42 [2] Company News - Jiuan Medical (002432) expects to achieve a net profit attributable to shareholders of 2.02-2.35 billion yuan in 2025, representing a year-on-year growth of 21.05%-40.83%, with a non-recurring net profit forecast of 2.07-2.40 billion yuan, up 23.18%-42.81% [3] - Sanofi Guojian (688336) anticipates a revenue of 4.20 billion yuan in 2025, a significant year-on-year increase of 251.76%, with a net profit of 2.90 billion yuan, up 311.35%, and a non-recurring net profit of 2.80 billion yuan, reflecting a staggering growth of 1038.21% [3] - Dabo Medical (002901) forecasts a net profit of 580-610 million yuan in 2025, a growth of 62.55%-70.96%, with a non-recurring net profit of 455-485 million yuan, up 59.42%-69.93% [3] - Microchip Biotech (688321) expects a revenue of 910 million yuan in 2025, a year-on-year increase of 38.32%, with a net profit of 53 million yuan, marking a return to profitability, and a non-recurring net profit of 38 million yuan, also indicating a return to profitability compared to the previous year [3]

Core Viewpoint - The report highlights the significant growth driven by technology in certain sectors, while also noting the substantial losses due to cyclical downturns in others [1] Performance Growth Highlights - **Zhongwei Company (688012)**: Expected net profit between 208 million to 218 million yuan, a year-on-year increase of 28.74% to 34.93%, driven by increased recognition of plasma etching equipment and a surge in market demand [5] - **Lianchuang Optoelectronics (600363)**: Expected net profit between 43.5 million to 53.2 million yuan, a year-on-year increase of 80.36% to 120.57%, attributed to significant growth in laser business and improved profitability in traditional sectors [6] - **Ruixin Microelectronics (603893)**: Expected net profit between 102.3 million to 110.3 million yuan, a year-on-year increase of 71.97% to 85.42%, driven by rapid growth in the AIoT market and recognition of new AI technology [7] - **Sangfor Health (688336)**: Expected net profit around 290 million yuan, a year-on-year increase of approximately 311.35%, due to a significant collaboration with Pfizer and advancements in clinical research [8] - **Pulite (002324)**: Expected net profit growth of 155.76% to 194.73%, driven by the demand for high polymer materials in the automotive lightweight trend [9] - **Tonghua Dongbao (600867)**: Expected net profit around 124.21 million yuan, turning from loss to profit, driven by market share gains in insulin products [10] - **Suotong Development (603612)**: Expected net profit between 73 million to 85 million yuan, a year-on-year increase of 167.98% to 212.03%, due to rising prices and demand in the prebaked anode industry [11] Major Performance Declines - **China Shipbuilding Technology (600072)**: Expected net loss between -260 million to -340 million yuan, a year-on-year decline of over 24 times, due to cyclical downturns in shipbuilding and high material costs [12] - **Silver Nonferrous Metals (601212)**: Expected net loss between -45 million to -67.5 million yuan, transitioning from profit to loss due to legal disputes affecting financial performance [13] - **China Metallurgical Group (601618)**: Expected net profit between 130 million to 160 million yuan, a year-on-year decline of 76.28% to 80.73%, impacted by the downturn in the construction industry [14] - **Jindi Group (600383)**: Expected net loss between -1.11 billion to -1.35 billion yuan, with increased losses due to declining sales and inventory impairments [15] - **Jianfa Co. (600153)**: Expected net loss between -1 billion to -520 million yuan, transitioning from profit to loss due to increased impairments in real estate [16] Industry Trend Analysis - **Technology and Innovation-Driven Sectors**: Companies in semiconductor equipment, laser military applications, and innovative pharmaceuticals are experiencing rapid growth due to high demand in AIoT, national defense, and biomedicine [23] - **Traditional Cyclical Industries**: Sectors like coal and engineering machinery are facing significant adjustments due to demand shortages and price declines, leading to widespread performance pressures [24] - **Pharmaceutical Industry Disparities**: Innovative drugs are seeing explosive growth through external licensing, while traditional formulations and raw materials are significantly impacted by procurement policies [24] - **External Environment Uncertainties**: Factors such as international trade tensions and regulatory changes are significantly affecting corporate performance, necessitating enhanced risk management [24] - **Asset Quality Risks**: Many companies are reporting substantial asset impairment provisions, indicating potential inefficiencies in previous investments [24]

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative pharmaceutical sector, with significant capital inflow into the ETF focused on innovative drugs, indicating strong investor confidence in this segment [1][5]. Group 1: Market Performance - The A-share market showed a positive trend on January 27, with the Shanghai Composite Index fluctuating upwards, closing with a gain [1]. - The ETF for innovative drugs, Huatai-PineBridge (589120), saw a 0.71% increase in the afternoon session, attracting over 40 million yuan in capital over the past five days [1]. Group 2: Stock Performance - The majority of the index component stocks for the innovative drug ETF experienced gains, with notable performances from companies such as Sanofi (10.93% increase) and Junshi Biosciences (nearly 8% increase) [2][3]. - The top ten component stocks of the ETF include companies like BeiGene and I-Mab, with varying weightings and performance metrics [4]. Group 3: Industry Outlook - The innovative pharmaceutical sector is witnessing a recovery in performance, with over 50 companies expected to report profits for 2025, driven by improved industry conditions and favorable policies [5]. - As of January 26, more than 90 A-share innovative and biopharmaceutical companies have disclosed their 2025 earnings forecasts, with 53 companies expected to be profitable [5]. Group 4: Strategic Developments - Significant collaborations, such as the partnership between Sanofi and Pfizer, are contributing to substantial revenue growth, with Sanofi projecting a net profit of 2.9 billion yuan for 2025, marking a 311.35% increase year-on-year [5]. - The innovative drug sector is entering a phase of capital influx, research iteration, and value realization, indicating a positive cycle for the industry [8]. Group 5: Global Competitiveness - The Chinese innovative drug sector is becoming increasingly competitive on a global scale, with a record-breaking outbound transaction volume exceeding 135 billion USD in 2025 [7]. - China is expected to play a leading role in the next cycle of global innovation in pharmaceuticals, with a focus on areas such as PD-1 dual antibodies and antibody-drug conjugates [8].

从单季度表现来看，三生国健2025年前三季度净利润为3.99亿元。据此测算，其第四季度净利润或高达 25.01亿元，是前三季度总和的六倍之多。 对于此次业绩的暴涨，三生国健解释称，这是因为2025年公司与辉瑞达成授权合作，收到对方就707项 目支付的授权许可首付款约28.90亿元所致。 据悉，双方这一合作于去年5月达成，三生国健及关联方三生制药和沈阳三生共同授予辉瑞在除中国大 陆以外区域的独家开发、生产和商业化707项目的权利。 根据协议，辉瑞需支付12.5亿美元不可退换首付款，以及最高可达48亿美元的里程碑付款和两位数百分 比的销售分成，款项分配比例为三生国健30%、沈阳三生70%。值得一提的是，该交易还刷新了国产创 新药对外授权的最高首付款纪录。 股权结构显示，三生国健隶属于港股上市公司三生制药，与沈阳三生均由沈阳医药"大佬"娄竞控制。其 中，三生国健专注于单抗、双抗、多抗及多功能重组蛋白等新技术研究，目前四款后期自免产品均临近 商业化。 此次合作的资产707，则是其基于CLF2专利平台开发的靶向PD-1/VEGF双特异性抗体，具有免疫治疗和 抗血管生成的协同抗肿瘤作用。目前，正在国内开展多项临床研究，单 ...