每经AI快讯，9月8日，智翔金泰(688443.SH)公告称，公司收到国家药品监督管理局核准签发的《药物 临床试验批准通知书》，公司在研产品GR2303注射液的临床试验申请获得批准。GR2303注射液是一款 由公司自主研发的重组全人源抗肿瘤坏死因子样配体1A(TL1A)单克隆抗体，适应症为炎症性肠病。根 据国家药品注册管理相关法规，该药品完成临床试验后还需提交新药上市申请，取得药品注册证书后才 可上市销售。截至本公告披露日，暂无GR2303注射液同靶点药物在国内获批上市。 ...

智翔金泰公告，近日，公司收到国家药品监督管理局核准签发的《药物临床试验批准通知书》，公司在 研产品GR2303注射液的临床试验申请获得批准。GR2303注射液是公司自主研发的重组全人源抗肿瘤坏 死因子样配体1A（TL1A）单克隆抗体，本品可通过靶向结合TL1A，阻断TL1A与死亡受体3（DR3）的 结合，进而抑制TL1A引起的下游通路信号传导，减少促炎因子（如TNF-α、IL-17、IFN-γ）的释放，达 到治疗炎症性肠病的效果。 ...

格隆汇9月8日丨智翔金泰(688443.SH)公布，收到国家药品监督管理局核准签发的《药物临床试验批准 通知书》，公司在研产品GR2303注射液的临床试验申请获得批准。GR2303注射液是一款由公司自主研 发的重组全人源抗肿瘤坏死因子样配体1A（TumorNecrosisfactor-likeligand1A，TL1A）单克隆抗体，本 品可通过靶向结合TL1A，阻断TL1A与死亡受体3（DR3，Deathreceptor3）的结合，进而抑制TL1A引起 的下游通路信号传导，减少促炎因子（如TNF-α、IL-17、IFN-γ）的释放，达到治疗炎症性肠病的效 果。 ...

Core Viewpoint - The stock of Zhixiang Jintai has experienced fluctuations, with a recent decline of 2.04% on September 4, 2023, while the company has shown significant growth in stock price and revenue year-to-date [1][2]. Company Overview - Zhixiang Jintai, established on October 20, 2015, and listed on June 20, 2023, is located in Chongqing and specializes in the research, production, and sales of antibody drugs, with 99.92% of its revenue coming from this segment [2]. - The company operates within the pharmaceutical and biotechnology sector, specifically in the bioproducts category, and is associated with concepts such as innovative drugs and biopharmaceuticals [2]. Stock Performance - Year-to-date, Zhixiang Jintai's stock price has increased by 37.62%, with recent performance showing an 8.14% rise over the last five trading days, a 4.32% increase over the last 20 days, and a 10.64% increase over the last 60 days [2]. - As of September 4, 2023, the stock was trading at 34.53 CNY per share, with a total market capitalization of 12.661 billion CNY [1]. Financial Performance - For the first half of 2025, Zhixiang Jintai reported a revenue of 45.3918 million CNY, reflecting a staggering year-on-year growth of 358,429.65%, while the net profit attributable to shareholders was -289 million CNY, showing a 20.07% increase compared to the previous period [2]. Shareholder Structure - As of June 30, 2025, the top shareholder is ICBC Frontier Medical Stock A, holding 6.66 million shares, an increase of 1.66 million shares from the previous period [3]. - Other notable shareholders include Penghua Medical Technology Stock A and Dongfanghong Medical Upgrade Stock A, with varying changes in their holdings [3].

Core Viewpoint - Zhixiang Jintai (688443.SH) reported significant revenue growth in the first half of 2025, with operating income reaching 45.39 million yuan compared to 12,660.54 yuan in the same period last year, although the company continues to face net losses [1][3]. Financial Performance - The company achieved operating income of 45.39 million yuan in H1 2025, a substantial increase from 12,660.54 yuan in H1 2024, indicating a growth rate that is not applicable due to the low base [1][3]. - The net profit attributable to shareholders was -289.29 million yuan, an improvement from -361.93 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -116.06 million yuan, an improvement from -264.35 million yuan year-on-year [1][3]. - The net assets attributable to shareholders decreased by 13.87% to 1.83 billion yuan compared to the end of the previous year [3]. - Total assets slightly decreased by 0.91% to 3.12 billion yuan [3]. Historical Performance - Zhixiang Jintai has reported net losses for four consecutive years from 2021 to 2024, with net profits attributable to shareholders of -322 million yuan, -576 million yuan, -801 million yuan, and -797 million yuan respectively [3][4]. - The company’s net profit excluding non-recurring gains and losses also showed a consistent decline over the same period [3][4]. IPO and Fundraising - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 20, 2023, raising a total of 3.47 billion yuan, with a net amount of 3.29 billion yuan after deducting issuance costs [5]. - The initial fundraising target was 3.98 billion yuan, aimed at projects related to antibody industrialization and working capital [5].

Group 1 - The core point of the article highlights the recent decline in the stock price of Zhixiang Jintai, which fell by 5.08% to 35.14 CNY per share, with a trading volume of 221 million CNY and a turnover rate of 5.26%, resulting in a total market capitalization of 12.885 billion CNY [1] - Zhixiang Jintai Biopharmaceutical Co., Ltd. is located in Chongqing and was established on October 20, 2015, with its listing date on June 20, 2023. The company's main business involves the research, production, and sales of antibody drugs, with 99.92% of its revenue coming from antibody drugs and 0.08% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, Tianzhi Fund has one fund heavily invested in Zhixiang Jintai. Tianzhi New Consumption Mixed Fund (350008) held 17,500 shares in the second quarter, accounting for 2.59% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 32,900 CNY [2] - Tianzhi New Consumption Mixed Fund (350008) was established on August 4, 2011, with a latest scale of 18.7694 million CNY. Year-to-date returns are 11.21%, ranking 5600 out of 8184 in its category, while the one-year return is 7.51%, ranking 7154 out of 7971. Since its inception, the fund has experienced a loss of 8.54% [2] - The fund manager of Tianzhi New Consumption Mixed Fund is Liang Li, who has been in the position for 4 years and 142 days. The total asset scale under management is 71.0539 million CNY, with the best fund return during the tenure being 11.55% and the worst being -59.11% [2]

Market Performance - The biopharmaceutical sector increased by 2.93% on September 1, with Zhixiang Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Biopharmaceutical Sector - Zhixiang Quantai (688443) closed at 37.02, up 12.11% with a trading volume of 162,600 shares and a transaction value of 591 million [1] - Yiqiao Shenzhou (301047) closed at 82.09, up 10.65% with a trading volume of 56,000 shares and a transaction value of 450 million [1] - Kangchen Pharmaceutical (603590) closed at 61.79, up 10.01% with a trading volume of 78,600 shares and a transaction value of 480 million [1] - Changchun High-tech (000661) closed at 113.37, up 10.00% with a trading volume of 211,700 shares and a transaction value of 2.357 billion [1] - Kangtai Biological (300601) closed at 20.49, up 9.51% with a trading volume of 546,700 shares and a transaction value of 1.08 billion [1] Market Capital Flow - The biopharmaceutical sector saw a net inflow of 773 million from institutional investors, while retail investors experienced a net outflow of 328 million [2][3] - Major stocks like Changchun High-tech and Kangtai Biological had significant net inflows from institutional investors, indicating strong interest [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) rose by 2.01%, with notable increases in constituent stocks such as SourceJet Technology (688498) up 20.00%, Hangke Technology (688006) up 19.74%, and Hongsoft Technology (688088) up 14.67% [1] - Alibaba Group reported a 26% year-on-year increase in cloud business revenue for Q1 of fiscal year 2026, marking a three-year high, with AI-related product revenue achieving triple-digit year-on-year growth for eight consecutive quarters [1] - Alibaba's capital expenditure on AI and cloud reached 38.6 billion yuan, a 220% year-on-year increase, positively impacting the semiconductor sector [1] Group 2 - Guojin Securities highlighted that AI is leading a new wave of innovation, driving the expansion of AI chips, storage chips (including HBM), and advanced packaging (including COWOS), with a strong certainty of domestic wafer fabs expanding production [2] - The demand for AI chips, AI servers, optical modules, and switches is expected to remain high due to the continuous upgrade of large models and increasing computing power requirements, with a peak demand season anticipated in the second half of the year [2] - The Sci-Tech 100 ETF (588800) closely tracks the Sci-Tech 100 Index, focusing on high-growth tech companies, particularly in the semiconductor, pharmaceutical, and new energy sectors [2]

Group 1 - The innovative drug sector is experiencing active trading, with companies like Maiwei Bio reaching a 20% limit up and others like Yipin Hong and Zhixiang Jintai seeing over 10% gains [1] - The innovative drug sector has maintained rapid growth in product revenue and external licensing over the past three years, with significant business development (BD) transactions occurring this year [1] - The adjustment of the medical insurance catalog will include commercial insurance for innovative drugs for the first time, indicating a positive trend for the sector [1] Group 2 - According to CICC, domestic engineer dividends, abundant clinical resources, and supportive policies are contributing to the transition of domestic innovative drugs from following to FIC and BIC innovation [1] - The innovative drug industry is entering a 2.0 era, having completed qualitative improvements, with strong pipeline data and ongoing large BD transactions [1] - The upcoming ESMO conference in mid-October is expected to bring new investment opportunities for the sector based on clinical data releases and BD activities [1] Group 3 - Since 2025, policies related to commercial health insurance have been continuously promoted, which is expected to accelerate payment reform in the medical system and support domestic innovation [2] - Recent policies on childcare subsidies are anticipated to alleviate long-term population pressures and stimulate consumption related to infants and young children [2] - With the increase in fiscal policies, domestic medical equipment-related stocks are also gaining market attention [2]

来源：上海证券报·中国证券网 上证报中国证券网讯 9月1日，创新药概念股异动拉升，截至9时49分，迈威生物、百花医药涨停，智翔 金泰涨超10%，百济神州涨超7%，股价创历史新高。 ...