Company Overview - Zhixiang Jintai (688443) closed at 29.74 yuan on May 30, 2025, up 7.75% from 27.6 yuan the previous week, with a total market capitalization of 10.905 billion yuan, ranking 24th in the biopharmaceutical sector and 1422nd in the A-share market [1] Key Developments - The company is actively preparing for national medical insurance negotiations for the monoclonal antibody injection, Geniuxi, aiming for early inclusion in the insurance scheme to benefit more patients [1][4] - The GR1802 injection for moderate to severe atopic dermatitis is expected to complete its Phase III clinical trial enrollment by August 2024, currently in the Phase III trial stage [1][2] - The company has established a commercial team of approximately 200 people to promote the commercialization of Geniuxi [2][4] Product Pipeline - The company has two indications for Geniuxi approved for market, while GR1801 and GR2001 injection applications have been accepted, and GR1802 is in Phase III trials for three indications [2][3] - The GR2001 injection new drug application was accepted in May 2025 and is currently awaiting review [3] Strategic Focus - The company is focusing on strategic collaborations with leading domestic distributors and platforms to quickly achieve market coverage and penetration for its products [2] - The company plans to maintain high expenditure levels to support the advancement of its product pipeline and ensure a competitive edge in the market [3] Industry Context - The biopharmaceutical industry is characterized by high investment, high technology, high risk, and long cycles, requiring sustained investment over many years to achieve profitability [2] - The industry is experiencing accelerated high-quality development, driven by favorable policies and increased R&D investments, leading to innovative drug development that addresses unmet clinical needs [3]

Group 1 - The innovative pharmaceutical ETF (560900) has seen a 2.20% increase as of May 29, 2025, with significant trading volume [1] - The CSI Innovative Pharmaceutical Industry Index (931152) rose by 2.32%, with notable gains from constituent stocks such as Zhixiang Jintai (688443) up 8.91%, Sangfor Technologies (688336) up 7.41%, and Maiwei Biotech (688062) up 5.78% [1] - Over the past two weeks, the innovative pharmaceutical ETF (560900) has accumulated a 3.94% increase, ranking it among the top comparable funds [2] Group 2 - CITIC Securities believes that leading innovative pharmaceutical companies have entered a profit phase, with potential for nonlinear profit explosions as commercialization expands [2] - The investment opportunities in the innovative pharmaceutical sector are linked to the clinical progress of molecules under research and the entire commercialization phase, which can last up to ten years [2] - The innovative pharmaceutical ETF closely tracks the CSI Innovative Pharmaceutical Industry Index, which selects no more than 50 representative listed companies involved in innovative drug research and development [2] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to help investors capitalize on quality technology companies amid a new wave of AI-driven technological advancements [2] - Various actively managed funds focus on emerging industry trends, including the Morgan Emerging Power Fund and the Morgan Smart Connectivity Fund, which targets opportunities in artificial intelligence [3] - The Morgan Hang Seng Technology ETF (513890) and the Morgan CSI Innovative Pharmaceutical Industry ETF (560900) provide passive investment options for technology and innovative pharmaceutical sectors, respectively [3]

Core Viewpoint - The Chinese innovative pharmaceutical industry is transitioning from imitation to original innovation, with significant growth in outbound transactions and a promising future for internationalization [4] Group 1: Market Performance - As of May 29, 2025, the Sci-Tech Innovation Board 100 Index (000698) rose by 1.63%, with notable increases in constituent stocks such as Borui Pharmaceutical (688166) up 9.66% and Zhixiang Jintai (688443) up 6.57% [3] - The Sci-Tech 100 Index ETF (588030) increased by 1.60%, with a latest price of 0.95 yuan and a turnover rate of 1.16%, totaling 71.56 million yuan in transactions [3] - Over the past year, the average daily transaction volume of the Sci-Tech 100 Index ETF reached 424 million yuan, ranking first among comparable funds [3] Group 2: Fund Growth and Performance - The Sci-Tech 100 Index ETF saw a significant increase in scale, growing by 94.45 million yuan over the past two weeks, ranking second among comparable funds [4] - In the past week, the ETF's shares increased by 99 million, also ranking first among comparable funds [5] - The ETF has experienced a net inflow of 71.08 million yuan over the last five trading days, indicating strong investor interest [5] Group 3: Financial Metrics - As of May 28, 2025, the Sci-Tech 100 Index ETF's net value increased by 19.94% over the past year, with a maximum monthly return of 27.67% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [5] - The tracking error for the ETF over the past six months is 0.016%, indicating high tracking precision compared to similar funds [5] Group 4: Industry Insights - From the beginning of 2025 to the present, the total outbound transaction amount for innovative drugs has reached 45.5 billion USD, with upfront payments totaling 2.2 billion USD, suggesting a record year ahead [4] - Most domestic innovative drugs currently in the U.S. are in clinical stages, with significant potential for future growth as they progress towards commercialization [4]

证券代码：688443 证券简称：智翔金泰 公告编号：2025-022 重庆智翔金泰生物制药股份有限公司 自愿披露关于GR2001注射液新药上市申请 获得受理的公告 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。 近日，重庆智翔金泰生物制药股份有限公司（以下简称"公司"）的 GR2001 注射液用于破伤风的被动免疫适应症的 III 期临床试验达到了主要疗效终点，公 司向国家药品监督管理局（NMPA）药品审评中心（CDE）提交了新药上市申请 并获得受理。 一、药品基本信息 申请人：重庆智翔金泰生物制药股份有限公司 受理号：CXSS2500051 审批结论：根据《中华人民共和国行政许可法》第三十二条的规定，经审查， 决定予以受理。 二、药品其他相关情况 GR2001 注射液是一款公司自主研发的重组人源化抗破伤风毒素（Tetanus Neurotoxin, TeNT）的单克隆抗体，注册分类为治疗用生物制品 1 类，作用靶点 为 TeNT 的重链 C 端（TeNT-Hc）。该产品可通过特异性结合 TeNT-Hc，阻断其 进入神经元细胞 ...

证券代码：688443 证券简称：智翔金泰 公告编号：2025-021 会议召开地点：价值在线（www.ir-online.cn） 重庆智翔金泰生物制药股份有限公司 关于召开2024年年度及2025年第一季度 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 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》 《2024 年年度报告摘要》及《2025 年第一季度报告》。为便于广大投资者更加全 面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 5 月 27 日（星 期二）15:00-16:00 在"价值在线"（www.ir-online.cn）举办重庆智翔金泰生物制药 会议召开时间：2025 年 5 月 27 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 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector within the healthcare industry [1]. Core Insights - The pharmaceutical sector outperformed the CSI 300 index slightly, with the Shenwan Pharmaceutical and Biological Index rising by 1.27% from May 12 to May 16, 2025, and by 2.48% year-to-date, ranking 11th among 31 Shenwan primary industry indices [1][12]. - The current valuation of the pharmaceutical sector stands at 26.80 times (TTM overall method, excluding negative values), with a premium of 141.06% compared to the CSI 300 index [15]. - The innovative drug segment is experiencing a pullback due to U.S. President Trump's announcement regarding drug price reductions, but the report suggests that the actual implementation of such policies will be challenging and will not significantly impact Chinese innovative drug companies' international expansion [3][20]. Summary by Sections 1. Market Review - The pharmaceutical sector's performance from May 12 to May 16, 2025, showed a 1.27% increase, outperforming the CSI 300 index by 0.15 percentage points [10]. - Year-to-date, the sector has increased by 2.48%, surpassing the CSI 300 index by 3.64 percentage points [12]. 2. Key Events - On May 12, 2025, President Trump announced plans to sign an executive order aimed at reducing prescription drug prices in the U.S., potentially lowering prices by 30% to 80% [19]. 3. Industry Perspective - The innovative drug sector is expected to continue as a key investment theme for 2025, with a focus on international expansion and emerging markets, particularly in companies like Kexing Pharmaceutical [4][21]. - The report highlights that the ongoing collection and procurement policies in various pharmaceutical fields are accelerating, with potential growth in segments like insulin and orthopedics [4][21].

A股生物制品板块短线拉升，三生国健涨超10%，诺诚健华、荣昌生物、迈威生物、凯因科技、智翔金 泰等跟涨。 ...

Company Overview - Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. was established in 2015 and is located in Chongqing International Biological City, focusing on antibody drug discovery technology for autoimmune diseases, infectious diseases, and tumors [1] - The company engages in the research, production, and commercialization of antibody drugs [1] Financial Performance - Zhixiang Jintai has experienced a cumulative decline of -6.90% over four consecutive trading days as of May 12 [1] - The fund under ICBC Credit Suisse, ICBC Frontier Medical Stock A, has reduced its holdings in Zhixiang Jintai during the first quarter of this year [1] - The fund has achieved a year-to-date return of 5.63%, ranking 363 out of 999 in its category [1] Fund Manager Profile - Zhao Bei is the fund manager of ICBC Frontier Medical Stock A, with a master's degree and previous experience as an investment manager assistant at Zhongzai Asset Management Co., Ltd. [3][4] - Zhao has been with ICBC Credit Suisse since 2010 and has held various managerial positions, including leading the healthcare research team [3][4] - Zhao has managed multiple funds, including the ICBC Healthcare Industry Stock Fund and the ICBC Pension Industry Stock Fund, with a total management experience of over 10 years [4]

证券代码：688443 证券简称：智翔金泰 公告编号：2025-020 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 | 2,000万元~4,000万元 | | 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 | 796,100股 | | 累计已回购股数占总股本比例 | 0.2171% | | 累计已回购金额 | 20,297,339.45元 | | 实际回购价格区间 | 22.89元/股~29.43元/股 | 一、回购股份的基本情况 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，审议通过了《关于以集中竞价交易方式回购 ...

Core Viewpoint - The recent financial report of Zhixiang Jintai (688443) shows significant revenue growth and improvements in profitability metrics, despite a negative net profit, indicating potential recovery and investment opportunities in the company [1] Financial Performance - The total revenue for Q1 2025 reached 20.16 million yuan, a staggering increase of 318,303.78% year-on-year [1] - The net profit attributable to shareholders was -121 million yuan, reflecting a year-on-year increase of 26.29% [1] - Gross margin improved to 82.93%, up 26.51% year-on-year, while net margin showed a significant increase of 99.98% despite remaining negative at -598.95% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 58.01 million yuan, representing 287.78% of revenue, a decrease of 99.95% year-on-year [1] - The company reported a decrease in cash and cash equivalents to 1.69 billion yuan, down 38.68% from the previous year [1] Shareholder Metrics - The earnings per share (EPS) was -0.33 yuan, an improvement of 26.67% year-on-year [1] - The net asset value per share decreased to 5.46 yuan, down 24.75% year-on-year [1] Fund Holdings - The largest fund holding Zhixiang Jintai is the Dongfanghong Medical Upgrade Stock Fund, which increased its position to 2.54 million shares [4] - Other funds such as the ICBC Medical Health Stock Fund also increased their holdings, indicating positive sentiment among institutional investors [4]