Market Overview - The net outflow of main funds in the Shanghai and Shenzhen markets reached 40.955 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 5.791 billion yuan [1] - A total of 178 stocks saw net inflows, while 415 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 93 stocks rose, while 496 stocks fell, with one stock, He Xin Instrument, hitting the daily limit down [1] - C Hengkun, listed for 5 days, had a significant drop of 2.44% [1] Fund Flow Analysis - Among the 178 stocks with net inflows, five stocks had inflows exceeding 100 million yuan, led by Yuanjie Technology with a net inflow of 316 million yuan [2] - Other notable inflows included Changguang Huaxin and Yingshi Innovation, with net inflows of 144 million yuan and 113 million yuan, respectively [2] Continuous Fund Flow - 46 stocks showed continuous net inflows for more than three trading days, with Weigao Orthopedics leading at 10 consecutive days of inflow [2] - Conversely, 202 stocks experienced continuous net outflows, with Zhixiang Jintai leading at 17 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow included: - Yuanjie Technology: 315.73 million yuan, 10.22% inflow rate, 3.56% increase [2] - Changguang Huaxin: 144.31 million yuan, 11.14% inflow rate, 2.00% increase [2] - Yingshi Innovation: 113.72 million yuan, 21.35% inflow rate, 4.26% increase [2] Notable Outflows - The stocks with the highest net outflows included: - SMIC: 800.2 million yuan, 1.42% decrease [1] - Baiwei Storage: 344 million yuan outflow [1] - Guodun Quantum: 263 million yuan outflow [1]

Group 1 - The company held its first extraordinary general meeting of shareholders on November 18, 2025, at Chongqing Junhao Grand Hotel [2][10] - All resolutions presented at the meeting were approved, including the cancellation of the supervisory board and amendments to the company's articles of association [5][10] - The meeting was conducted in compliance with the Company Law and the company's articles of association, with both on-site and online voting methods utilized [2][8] Group 2 - The company appointed Liu Liwen as the employee representative director of the second board of directors following the extraordinary general meeting [10][11] - Liu Liwen's resignation from the board was due to internal governance structure adjustments, and he will continue to hold other positions within the company [11][12] - The company confirmed that the composition of the second board of directors remains unchanged after Liu Liwen's appointment [11][12] Group 3 - The company announced a third-quarter performance briefing scheduled for November 28, 2025, to enhance investor understanding of its operational performance and development strategy [13][16] - Investors can submit questions prior to the meeting through a designated website, and the company will address common concerns during the briefing [14][18] - Key personnel, including the chairman and financial director, will participate in the performance briefing [17]

Core Viewpoint - On November 18, 2025, Zhixiang Jintai announced the election of Liu Liwen as the employee representative director of the company's second board of directors during the first employee meeting of 2025 [2] Summary by Categories - **Company Announcement** - Zhixiang Jintai held its first employee meeting of 2025 on November 18, 2025 [2] - Liu Liwen was elected as the employee representative director for the second board of directors [2]

证券代码：688443 证券简称：智翔金泰 公告编号：2025-049 重庆智翔金泰生物制药股份有限公司 关于董事辞任暨选举职工代表董事的公告 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。 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召开了 2025 年第一次临时股东大会，审议通过了《关于取消监事会、修订 <公司章程>并办理工商变更登记的议案》，根据修订后的《重庆智翔金泰生物制 药股份有限公司章程》（以下简称《公司章程》），公司不再设监事会，公司董事 会设职工代表董事一名。公司于同日召开了 2025 年第一次职工大会，审议通过 了《关于选举刘力文为重庆智翔金泰生物制药股份有限公司第二届董事会职工代 表董事的议案》，同意选举刘力文先生担任公司第二届董事会职工代表董事。相 关情况公告如下： 一、关于董事辞任的情况 公司董事会于 2025 年 11 月 18 日收到公司董事刘力文先生的书面辞任报告。 因公司内部治理结构调整，刘力文先生申请辞去公司第二届董事会董事职务，辞 任后仍担任公 ...

一、说明会类型 证券代码：688443 证券简称：智翔金泰 公告编号：2025-050 重庆智翔金泰生物制药股份有限公司 关于召开2025年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投 资 者 可 于 2025 年 11 月 28 日 （ 星 期 五 ） 15:00-16:00 通 过 网 址 https://eseb.cn/1tiHskePgPu 或使用微信扫描下方小程序码即可进入参与互动交流。 投资者可于 2025 年 11 月 28 日前进行会前提问，公司将通过本次业绩说明会， 在信息披露允许范围内就投资者普遍关注的问题进行回答。 五、联系人及咨询办法 联系部门：董事会办公室 三、参加人员 董事长、总经理、首席科学官刘志刚，董事、副总经理、董事会秘书李春生， 董事、财务总监刘力文，独立董事崔萱林，独立董事陈利，独立董事胡耘通（如 遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 ...

证券代码：688443 证券简称：智翔金泰 公告编号：2025-048 重庆智翔金泰生物制药股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 18 日 （二） 股东大会召开的地点：重庆市江北区金源路 9 号 重庆君豪大饭店 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 74 | | --- | --- | | 普通股股东人数 | 74 | | 2、出席会议的股东所持有的表决权数量 | 239,428,700 | | 普通股股东所持有表决权数量 | 239,428,700 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 65.4384 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 65.4384 | （ ...

北京市万商天勤律师事务所 关于重庆智翔金泰生物制药股份有限公司 2025 年第一次临时股东大会的 2025 年第一次临时股东大会的 法律意见书 1 北京市万商天勤律师事务所 关于重庆智翔金泰生物制药股份有限公司 法律意见书 致：重庆智翔金泰生物制药股份有限公司 北京市万商天勤律师事务所（以下简称"本所"）接受重庆智翔金泰生物制 药股份有限公司（以下简称"公司"）的委托，指派律师出席了公司召开的 2025 年第一次临时股东大会。根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上市公司股东会规则》（下称"《股东会规则》"）等法律、法规和 规范性文件以及《重庆智翔金泰生物制药股份有限公司章程》（下称"《公司章 程》"）的要求，就公司 2025 年第一次临时股东大会（下称"本次股东大会"） 的相关事宜出具本法律意见书。 3、本次股东大会采取现场投票和网络投票相结合的方式召开。本次股东大 会现场会议于 2025 年 11 月 18 日 10：30 在重庆市江北区金源路 9 号重庆君豪 大饭店，会议由公司董事长刘志刚先生主持。本次股东大会网络投票分别通过 上海证券交易所交易系统以及上海证券交易所互联网投票系统 ...

Investment Rating - The report does not explicitly state an investment rating for the chronic spontaneous urticaria (CSU) drug industry in China. Core Insights - The chronic spontaneous urticaria drug market in China is projected to grow from CNY 12.4 billion in 2019 to CNY 16.9 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. It is expected to further increase at a CAGR of 16.2%, reaching CNY 41.7 billion by 2030 [5][12][14]. - The existing treatment landscape for CSU primarily includes second-generation antihistamines, with varying sales performance among different drugs. Innovative monoclonal antibody therapies are emerging, with several companies focusing on IL-4R and IgE targets [5][24][30]. Summary by Sections Market Overview - The report focuses on the chronic spontaneous urticaria drug industry in China, exploring disease mechanisms, drug patterns, and research and development progress to understand the current market size and future growth [3][4]. Treatment Patterns - The first-line treatment for CSU is standard-dose second-generation antihistamines. If symptoms are uncontrolled, combination therapy or increased dosage may be considered. If still ineffective, omalizumab can be added [5]. Market Size and Growth - The CSU drug market in China is expected to grow significantly, with a market size of CNY 12.4 billion in 2019, increasing to CNY 16.9 billion by 2024, and projected to reach CNY 41.7 billion by 2030 [12][14]. Drug Sales Performance - Sales of second-generation antihistamines show varied trends: - Loratadine has faced sales fluctuations due to generic competition. - Cetirizine maintains stable sales due to formulation innovations. - Ebastine has seen a significant decline due to national procurement policies. - Desloratadine has experienced continuous growth due to new formulations and market expansion [5][17][20]. Innovation in Drug Development - The report highlights a rich pipeline of innovative monoclonal antibody therapies for CSU treatment, with companies like Sanofi and others focusing on IL-4R and IgE targets, some of which are in clinical phases [5][24][30]. Epidemiology - The number of CSU patients globally and in China is on the rise, with projections indicating 73.5 million cases worldwide and 29.7 million in China by 2030 [8][11]. Competitive Landscape - The competitive landscape for second-generation antihistamines in China is characterized by significant disparities in sales among leading companies, with a clear market hierarchy [20][21]. Monoclonal Antibody Market - In the global CSU monoclonal antibody market, Sanofi's Dupixent shows strong performance, while Novartis's Omalizumab faces challenges and needs optimization to maintain its leading position [24][25][27]. Candidate Drugs in China - The Chinese market for CSU monoclonal antibodies features multiple candidates with diverse targets and clinical stages, indicating a dynamic and competitive environment [30].

Core Points - The stock of Zhixiang Jintai (688443.SH) closed at 28.82 yuan, with a decline of 2.17%, currently in a state of breaking issue [1] - Zhixiang Jintai was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 20, 2023, with an initial public offering (IPO) of 91.68 million shares at a price of 37.88 yuan per share [1] - The total amount raised from the IPO was 347.28 million yuan, with a net amount of 329.14 million yuan after deducting issuance costs, which was 68.86 million yuan less than the originally planned amount of 398 million yuan [1] - The company has reported losses for four consecutive years and three quarters, with net profits attributable to shareholders of -322 million yuan in 2021, -576 million yuan in 2022, -801 million yuan in 2023, and -797 million yuan in 2024 [2] - In the first three quarters of 2025, Zhixiang Jintai achieved revenue of 208 million yuan, a year-on-year increase of 1,562.05%, but still reported a net loss of -333 million yuan [2] Financial Summary - The total issuance costs for the IPO amounted to 18.14 million yuan, with underwriting fees of 16.50 million yuan [1] - The company’s cash flow from operating activities was -261 million yuan in the first three quarters of 2025 [2] - The company plans to use the raised funds for the construction and expansion of an antibody industrialization base, research and development of antibody drugs, and to supplement working capital [1]

Group 1 - The core point of the article is the initiation of a clinical trial for GR1803 injection, aimed at evaluating its safety, tolerability, and preliminary efficacy in patients with systemic lupus erythematosus [1] - The clinical trial is an open-label, multi-center Phase Ib/IIa study, with a target enrollment of 44 participants [2] - The drug is a biological product specifically indicated for systemic lupus erythematosus, which is an autoimmune disease affecting multiple systems in the body [1] Group 2 - The trial's primary endpoint includes the assessment of adverse events, while secondary endpoints focus on pharmacokinetic characteristics, immunogenicity, pharmacodynamic indicators, and changes in clinical scores [1] - The drug is administered intravenously with a dosage range of 3 µg/kg to 180 µg/kg over a treatment cycle of 4 weeks [1] - The clinical trial registration number is CTR20254402, with the first public information date set for November 14, 2025 [1]