Market Overview - The biopharmaceutical sector experienced a decline of 0.41% on September 16, with Aidi Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Notable declines in individual stocks include: - Wenchang Pharmaceutical (688488) down 3.29% to 14.99 - Wanze Shares (000534) down 2.54% to 16.10 - Changchun High-tech (000661) down 2.33% to 123.85 - Nossland (430047) down 2.16% to 25.82 - Sangh Bio (688336) down 2.12% to 53.55 [1] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 708 million yuan from institutional investors, while retail investors contributed a net inflow of 446 million yuan [3] - Key capital flows for selected stocks include: - Kangchen Pharmaceutical (603590) with a net inflow of 20.01 million yuan from institutional investors - ST Weiming (002581) showing a significant net inflow of 3.73 million yuan from retail investors [3]

Investment Rating - The report maintains an "Overweight" rating for the innovative drug sector, indicating that the industry is expected to outperform the overall market [5][11]. Core Insights - The report emphasizes the long-term investment value of Chinese innovative drugs, highlighting three main supporting logics: innovation upgrades, profitability inflection points, and normalization of outbound business development (BD) [5]. - Chinese biotech companies are demonstrating significant capabilities in global innovation, with notable products emerging in the PD-1/VEGF dual antibody and EGFR/c-MET dual antibody ADC categories [5]. - Leading biotech firms like BeiGene and Innovent Biologics are projected to reach profitability in 2025, suggesting a sustained high growth trajectory for the sector [5]. - The total value of license-out agreements from mainland China to Europe and the US has reached $94.3 billion as of September 2025, significantly surpassing the $51.9 billion recorded for the entirety of 2024 [5]. Summary by Sections Industry Overview - The report discusses the potential impact of a proposed US government draft that aims to limit American pharmaceutical companies from acquiring experimental drugs from China, although the likelihood of this draft being implemented is considered low [5]. - The report argues that even if the US tightens regulations, Chinese biotech can still pursue collaborations with European firms and establish overseas companies to navigate these restrictions [5]. Company Valuations - The report includes a valuation table for key companies in the pharmaceutical and biotech sector, detailing market capitalization, earnings per share (EPS) projections, and price-to-earnings (PE) ratios for 2024 to 2027 [6]. - Notable companies mentioned include: - Hengrui Medicine with a market cap of 453.3 billion yuan and a projected PE ratio of 68.3 for 2024 [6]. - BeiGene with a market cap of 436.5 billion yuan, expected to turn profitable by 2026 [6]. - Innovent Biologics and other firms are also highlighted for their growth potential and market performance [6].

关于核心技术人员退休离任的公告 证券代码：688488 证券简称：艾迪药业 公告编号：2025-050 江苏艾迪药业集团股份有限公司 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： ●江苏艾迪药业集团股份有限公司（以下简称"公司"或"艾迪药业"）核 心技术人员张纪兵先生因达到法定退休年龄提请退休，离任后不再担任公司核心 技术人员。 ●公司与张纪兵先生不存在涉及职务发明的专利权属纠纷或潜在纠纷，其离 任不会影响公司专利权的完整性。 ●张纪兵先生所负责工作已完成交接，公司的生产经营、技术研发等工作均 有序推进，张纪兵先生的离任不会对公司持续经营能力、研发实力、核心竞争力 产生重大不利影响。 一、核心技术人员退休离任的情况 公司核心技术人员张纪兵先生因达到法定退休年龄提请退休，离任后不再担 任公司核心技术人员。张纪兵先生任职期间爱岗敬业，恪尽职守，勤勉尽责，公 司对张纪兵先生为公司发展所做出的贡献表示衷心感谢！ （一）核心技术人员的具体情况 张纪兵，男，中国国籍，无境外居留权，1965 年 8 月出生，毕业于南京 ...

Group 1 - The company will hold an investor briefing on September 16, 2025, from 15:00 to 17:00 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online interactive format [3][4] - Investors can submit questions from September 9 to September 15, 2025, through the Roadshow Center website or via the company's email [2][5] Group 2 - The briefing aims to provide insights into the company's operating results and financial status for the first half of 2025 [2][3] - Key participants in the briefing will include the company's president, independent directors, financial director, and board secretary [5] - After the briefing, investors can access the main content and outcomes of the meeting on the Shanghai Stock Exchange Roadshow Center [7]

Group 1 - The company, Aidi Pharmaceutical, announced its plan to participate in the 2025 semi-annual Science and Technology Innovation Board performance briefing for the innovative drug industry on September 16, 2025 [2]

证券代码：688488 证券简称：艾迪药业 公告编号：2025-049 江苏艾迪药业集团股份有限公司 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 16 日（星期二）15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com） ? 会议召开方式：上证路演中心网络文字互动 ? 投资者可于 2025 年 9 月 9 日 （星期二） 至 9 月 15 日 （星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ad@aidea.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 江苏艾迪药业集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 16 日（星期 ...

证券代码：688488 证券简称：艾迪药业 公告编号：2025-049 江苏艾迪药业集团股份有限公司 关于参加 2025 年半年度科创板创新药行业 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 16 日（星期二）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 9 月 9 日 （星期二） 至 9 月 15 日 （星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ad@aidea.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 江苏艾迪药业集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年 ...

Group 1 - The biopharmaceutical sector experienced a decline of 0.64% on September 3, with Sai Sheng Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Notable gainers in the biopharmaceutical sector included Baipu Sais, which rose by 12.10% to a closing price of 65.50, and Yuan Yang Crystal Sea, which increased by 9.14% to 32.95 [1] Group 2 - The net capital outflow from the biopharmaceutical sector was 446 million yuan, while retail investors saw a net inflow of 292 million yuan [3] - The table of individual stock capital flows indicates varying levels of investment activity among different companies within the sector [3]

Core Insights - Eddie Pharmaceutical experienced a 5.1% increase in stock price, reaching 17.52 CNY per share, with a trading volume of 196 million CNY and a turnover rate of 2.77%, resulting in a total market capitalization of 7.372 billion CNY [1] Company Overview - Jiangsu Eddie Pharmaceutical Group Co., Ltd. was established on December 15, 2009, and went public on July 20, 2020. The company focuses on the exploration, research, and sales of innovative chemical drugs and human-derived protein products [1] - The main revenue sources include: - HIV new drug (Ainomi tablet) 31.96% - Drug (urokinase injection) 19.16% - Senna leaf granules 13.25% - Ustikin crude product 12.08% - Urokinase crude product 10.81% - Other human-derived protein crude products 4.18% - HIV new drug (Ainovelin tablet) 3.92% - Other drugs 2.76% - HIV diagnostic reagents 0.80% - Bacillus cereus tablets 0.54% - Other (supplement) 0.54% [1] Shareholder Insights - Among the top circulating shareholders of Eddie Pharmaceutical, one fund from GF Fund Management, the GF Value Core Mixed A (010377), entered the top ten in the second quarter, holding 3.931 million shares, which is 0.93% of the circulating shares. The estimated floating profit today is approximately 3.3413 million CNY [2] - The GF Value Core Mixed A fund was established on January 22, 2021, with a current scale of 3.516 billion CNY. Year-to-date returns are 64.01%, ranking 307 out of 8180 in its category; the one-year return is 107.77%, ranking 276 out of 7967; since inception, it has a loss of 3.45% [2]

Core Viewpoint - The company, Eddie Pharmaceuticals, is making significant advancements in the development of HIV treatments, particularly focusing on the new generation of integrase inhibitors and long-acting preventive medications, while also expanding its human protein business. Group 1: HIV Treatment Development - The company has completed a Phase I/IIa clinical study for its new integrase inhibitor, CC017, showing a significant viral load reduction of 2.34 Log10 copies/mL after 10 days of monotherapy, with over 90% of participants achieving complete viral suppression after 18 days of combination therapy [2] - The company reported a 58.49% year-on-year increase in sales revenue for its HIV new drugs, reaching 129 million yuan in the first half of 2025, indicating successful commercialization efforts [3] - The company is actively participating in academic conferences to promote its products and enhance its brand image, while also focusing on patient education and team optimization to improve treatment quality and service processes [3] Group 2: Long-Acting Preventive Medications - The company is accelerating the development of long-acting HIV medications, responding to national strategies for HIV prevention, with two new long-acting drug patents filed and accepted [4] - The market for long-acting medications is expected to grow due to their lower side effects and better privacy, positioning the company to capture a significant share of the pre-exposure prophylaxis (PrEP) market [4] Group 3: Human Protein Business Expansion - The company has established strong relationships with upstream suppliers and is integrating operations following the acquisition of Nanda Pharmaceutical, which has positively impacted its revenue and profitability [6] - The human protein market is growing, with significant advancements in collaboration with Nanda Pharmaceutical, including the approval of new drug applications for innovative human protein products [7] Group 4: Financial Performance - The company's mid-2025 report shows a 100.19% increase in main revenue to 362 million yuan and a 120.23% increase in net profit to 9.19 million yuan [8] - The second quarter of 2025 saw a revenue increase of 86.71% year-on-year, indicating strong financial performance despite some negative net profit figures [8]