Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [4][8]. Core Views - The company has shown promising sales performance for its IL-17 monoclonal antibody, with revenue of 12.49 million yuan in the first three quarters of 2024, marking a significant step in its commercialization efforts [1][2]. - The market for psoriasis drugs in China is projected to grow from 600 million USD in 2018 to 1.44 billion USD in 2022, with expectations to reach 9.94 billion USD by 2030, reflecting a CAGR of 25% from 2025 to 2030 [2]. - The company is expected to leverage its first-mover advantage in the market, with a steady commercialization process that could rapidly unlock market potential [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 12.49 million yuan and a net loss attributable to shareholders of 546 million yuan, a year-on-year narrowing of 3.85% [1]. - The sales expenses for the first three quarters of 2024 reached 69.21 million yuan, significantly up from 10.43 million yuan for the entire year of 2023, indicating increased investment in commercialization [2]. - R&D expenses remained high at 438 million yuan, reflecting ongoing investment in product pipeline development [2]. Product Pipeline and Development - The company’s key product, the IL-17 monoclonal antibody, has been approved for psoriasis treatment, with additional indications for axial spondyloarthritis moving into the NDA stage [3]. - Other pipeline developments include GR1802 for pediatric atopic dermatitis and chronic rhinosinusitis with nasal polyps entering Phase III trials, and GR1803 for multiple myeloma entering Phase II trials [3]. Revenue Forecast - Revenue projections for 2024-2026 are set at 70 million yuan, 410 million yuan, and 1.16 billion yuan respectively, with year-on-year growth rates of 5876%, 461%, and 186% [3][6]. - The net profit loss is expected to narrow significantly as new products are launched and gain market traction [3].

会议召开时间：2024 年 11 月 19 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2024 年 11 月 19 日前访问网址 https://eseb.c n/1jcYptmGi4g 或使用微信扫描下方小程序码进行会前提问，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。 的意见和建议。 证券代码：688443 证券简称：智翔金泰 公告编号：2024-038 重庆智翔金泰生物制药股份有限公司 关于召开2024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： 一、说明会类型 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露了《重庆智翔金泰生物制 药股份有限公司 2024 年第三季度报告》。为便于广大投资者更加全面深入地了 解公司经营成果、发展战略等 ...

证券代码：688443 证券简称：智翔金泰 公告编号：2024-037 重庆智翔金泰生物制药股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、控股股东、实际 控制人、其他持股 5%以上的股东在未来 3 个月、未来 6 个月暂无减持股份计划。 若相关股东未来拟实施股份减持计划，将严格按照有关法律、法规及规范性文件的 相关规定及时履行信息披露义务。 ● 相关风险提示： 1、若在本次回购期限内，公司股票价格持续超出回购方案披露的价格上限， 可能存在回购方案无法顺利实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影响， 致使本次回购股份所需资金未能筹措到位，可能存在回购方案无法按计划实施或 只能部分实施的风险； 3、如发生对公司股票价格产生重大影响的重大事件，或因公司生产经营、财 务状况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回购方 ● 回购股份金额： ...

证券代码：688443 证券简称：智翔金泰 公告编号：2024-036 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 重庆智翔金泰生物制药股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/10/16 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 万元~4,000 万元 2,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 0 万股 | | 累计已回购股数占总股本比 | 0% | | 例 | | | 累计已回购金额 | 0 万元 | | 实际回购价格区间 | 0 元/股~0 元/股 | 一、 回 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has shown strong commercialization results with its product, Saliqi monoclonal antibody, which was launched at the end of August 2024 and has quickly gained market traction. The NDA for the rabies virus bispecific antibody is imminent, expected to contribute to revenue growth [2][3]. - The revenue for Q1-Q3 2024 reached 12.4879 million yuan, with a net loss of 546 million yuan. Q3 alone contributed 12.4752 million yuan, primarily from the sales of IL-17 monoclonal antibody GR1501, which was approved in August 2024 [3][4]. - The forecast for EPS has been adjusted upwards for 2024-2026 to -1.83, -1.51, and -0.90 yuan respectively, from previous estimates of -2.50, -1.86, and -1.57 yuan [3]. Financial Summary - The company reported a significant increase in revenue projections, with expected revenues of 61 million yuan in 2024, 254 million yuan in 2025, and 642 million yuan in 2026, reflecting growth rates of 4,899.7%, 319.1%, and 152.9% respectively [4]. - The net profit (attributable to the parent company) is projected to improve from a loss of 672 million yuan in 2024 to a loss of 332 million yuan in 2026 [4]. - The company’s total assets are expected to decrease from 2.875 billion yuan in 2024 to 1.988 billion yuan in 2026, while total liabilities are projected to stabilize around 686 million yuan [4]. Product and Pipeline Development - The core product, Saliqi monoclonal antibody, has shown excellent initial sales performance, contributing significantly to Q3 revenue. The product is expected to continue gaining traction in a competitive market [3]. - The company has a robust pipeline with several products in various stages of development, including GR1801 (rabies bispecific antibody) entering Phase III trials, and GR1802 (IL-4R monoclonal antibody) starting Phase III clinical trials [3][4]. Market Data - The current stock price is 29.65 yuan, with a target price maintained at 40.07 yuan, indicating potential upside [5]. - The company has a market capitalization of 10.872 billion yuan and a total share capital of 367 million shares [6]. Conclusion - The report indicates a positive outlook for the company, driven by strong product performance and a promising pipeline, justifying the "Buy" rating and target price [2][3][5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥12,475,249.24, representing an increase of 196,972.94% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥184,411,237.32, with a year-to-date net profit of -¥546,344,400.70[2]. - The company reported a net loss of ¥2,166,868,796.65, compared to a loss of ¥1,620,524,395.95 in the previous year[17]. - The net profit for Q3 2024 was -546,344,400.70 CNY, compared to -568,243,116.32 CNY in Q3 2023, showing an improvement of approximately 3.1%[20]. - The basic and diluted earnings per share for Q3 2024 were both -1.49 CNY, compared to -1.86 CNY in Q3 2023, indicating a reduction in losses per share[21]. Research and Development - Research and development expenses totaled ¥154,386,066.60 for the quarter, accounting for 1,237.54% of operating revenue[3]. - The company indicated that the high ratio of R&D expenses to operating revenue is due to the significant gap between R&D investment and the revenue generated from its main business[7]. - The company has made significant progress in multiple research projects, including the initiation of Phase III clinical trials for GR2001 injection in August 2024[14]. - GR1803 injection for multiple myeloma entered Phase II clinical trials in July 2024 and was included in the list of breakthrough therapies by the National Medical Products Administration in August 2024[14]. - The GR1802 injection received clinical trial approval for atopic dermatitis and chronic sinusitis with nasal polyps, starting Phase III trials in August 2024[14]. - The company launched the GR1501 injection for moderate to severe plaque psoriasis, which was approved for market release in August 2024[14]. - Research and development expenses for the first three quarters of 2024 were ¥437,938,634.20, slightly up from ¥435,192,079.18 in 2023[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,280,360,455.73, a decrease of 8.74% from the end of the previous year[3]. - Total assets decreased to ¥3,280,360,455.73 from ¥3,594,596,738.24 year-on-year[18]. - Total liabilities increased to ¥927,170,436.56 from ¥810,364,379.85 in the previous year[17]. - Non-current liabilities rose to ¥782,860,252.09, up from ¥673,494,108.11 year-on-year[17]. - The total equity attributable to shareholders decreased to ¥2,353,190,019.17 from ¥2,784,232,358.39 year-on-year[18]. Cash Flow - The net cash flow from operating activities was not applicable for the quarter, with a year-to-date figure of -¥422,511,071.20[2]. - Cash flow from operating activities for the first three quarters of 2024 was -422,511,071.20 CNY, worsening from -278,328,737.69 CNY in the same period of 2023[23]. - Total cash inflow from operating activities in Q3 2024 was 72,853,171.15 CNY, compared to 47,309,869.64 CNY in Q3 2023, reflecting a growth of approximately 54%[22]. - Cash outflow from operating activities increased to 495,364,242.35 CNY in Q3 2024, up from 325,638,607.33 CNY in Q3 2023, representing a rise of about 52%[23]. - The net cash flow from investing activities was -417,601,087.90 CNY in Q3 2024, compared to 129,211,045.04 CNY in Q3 2023, indicating a significant decline[23]. - The net cash flow from financing activities was 97,396,813.24 CNY in Q3 2024, a sharp decrease from 3,109,775,632.53 CNY in Q3 2023[24]. - The total cash and cash equivalents at the end of Q3 2024 were 2,149,425,057.07 CNY, down from 3,009,933,629.91 CNY at the end of Q3 2023[24]. Shareholder Information - The top shareholder, Chongqing Zhirui Investment Co., Ltd., holds 54.54% of the shares, with a total of 200 million shares[8]. - The company has a total of 9,801 common shareholders as of the report date[8]. - The top ten unrestricted shareholders include various investment funds, with the largest being the China Industrial Bank Co., Ltd. - China Europe Medical Innovation Fund, holding 5,085,025 shares, or 1.39%[10].

证券代码：688443 证券简称：智翔金泰 公告编号：2024-035 重庆智翔金泰生物制药股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日召开第一届董事会第十六次会议，审议通过《关于以集中竞价交易方式回 购股份的方案》，具体内容请详见公司 2024 年 10 月 16 日披露于上海证券交易 所网站（www.sse.com.cn）及指定信息披露媒体上的《关于以集中竞价交易方式 回购股份的方案》（公告编号：2024-034）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 易日（即 2024 年 10 月 15 日）登记在册的前十大股东和前十大无限售条件股东 的名称及持股数量、比例情况公告如下： | 序号 | 股东名称 | 持股数量 （股） | 占公司总股本 的比例（% ...

重要内容提示： 关于以集中竞价交易方式回购股份的方案 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。 证券代码：688443 证券简称：智翔金泰 公告编号：2024-034 重庆智翔金泰生物制药股份有限公司 ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、控股股东、实际 控制人、其他持股 5%以上的股东在未来 3 个月、未来 6 个月暂无减持股份计划。 若相关股东未来拟实施股份减持计划，将严格按照有关法律、法规及规范性文件的 相关规定及时履行信息披露义务。 ● 相关风险提示： 1、若在本次回购期限内，公司股票价格持续超出回购方案披露的价格上限， 可能存在回购方案无法顺利实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影响， 致使本次回购股份所需资金未能筹措到位，可能存在回购方案无法按计划实施或 只能部分实施的风险； 3、如发生对公司股票价格产生重大影响的重大事件，或因公司生产经营、财 务状况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回购方 案的事项发生时，则存在本 ...

重庆智翔金泰生物制药股份有限公司（以下简称"公司"）第一届董事会第 十六次会议于 2024 年 10 月 15 日上午 9 时以现场结合通讯的方式召开。会议应 出席董事 9 人，实际出席董事 9 人。会议由董事长单继宽主持，记录人员为董事 会秘书李春生。会议的召集及召开程序符合《中华人民共和国公司法》等法律、 法规和《重庆智翔金泰生物制药股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事审议表决，形成的会议决议如下： （一）审议通过《关于以集中竞价交易方式回购股份的方案》 基于对公司未来持续发展的信心和对公司价值的认可，为维护广大投资者的 利益，增强投资者对公司的投资信心，同时促进公司稳定健康发展，有效推动全 体股东利益、公司利益和员工利益紧密结合，公司依法编制了《关于以集中竞价 交易方式回购股份的方案》。经审议，一致表决通过。 证券代码：688443 证券简称：智翔金泰 公告编号：2024-033 重庆智翔金泰生物制药股份有限公司 第一届董事会第十六次会议决议公告 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 ...

证券代码：688443 证券简称：智翔金泰 重庆智翔金泰生物制药股份有限公司 投资者关系活动记录表 编号：2024 -002 | --- | --- | --- | --- | --- | |------------------------|-----------------------------------------|------------------------------------------------------------|------------|------------------------------------| | | | | | | | 投资者关系活动类别 | 特定对象调研 | | 分析师会议 | | | | 媒体采访 | | 业绩说明会 | | | | 新闻发布会 | 路演活动 | | | | | 现场参观 | | | | | | | 其他（请文字说明其他活动内容） | | | | 参与单位名称及人员姓名 | 线上参与本次会议的全体投资者 | | | | | 时间 | 2024 年 09 月 27 日 | 15:00-16:00 | | | | 地点 | 价值在线（ | h ...