| 交易日期 | | 证券代码 ----- | 成交价(元) 成交金额[万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-09-23 | 百利天恒 | 688506 | 365.51 2981.06 | 8.16 字圆因写主赌努型 | 悉喬攝霧勢怒寫甲 | 190 | 9月23日，百利天恒大宗交易成交8.16万股，成交额2981.06万元，占当日总成交额的5.49%，成交价 365.51元，较市场收盘价365.51元持平。 ...

中欧基金管理有限公司（以下简称"本公司"）旗下部分基金参加了四川百利天恒药业股份有限公司（百 利天恒，代码：688506）非公开发行股票的认购。根据中国证监会《关于基金投资非公开发行股票等流 通受限证券有关问题的通知》等有关规定，本公司现将旗下基金投资此非公开发行股票的相关信息公告 如下： ■ 注：基金资产净值、账面价值为2025年09月19日数据。 特此公告。 中欧基金管理有限公司 2025年9月23日 MACD金叉信号形成，这些股涨势不错！ ...

Core Insights - On September 22, brokerages set target prices for listed companies, with notable increases for Gao Weida, SAIC Motor, and Haitian Flavoring, showing target price increases of 98.76%, 37.72%, and 27.18% respectively, across the software development, passenger vehicle, and seasoning industries [1][3] Group 1: Target Price Increases - Gao Weida received a target price of 51.50 yuan, reflecting a target price increase of 98.76% [3] - SAIC Motor's target price was set at 26.25 yuan, indicating a 37.72% increase [3] - Haitian Flavoring's target price reached 50.25 yuan, with a 27.18% increase [3] Group 2: Rating Adjustments - One company, Tebian Electric Apparatus, had its rating upgraded from "Hold" to "Strong Buy" by China Merchants Securities [4] - One company, Jiangling Motors, had its rating downgraded from "Buy" to "Hold" by Industrial Securities [5] Group 3: First Coverage - On September 22, brokerages initiated coverage on nine companies, including Jiangling Motors with a rating of "Hold" from Industrial Securities, and Ximai Food with a "Hold" rating from Shanxi Securities [6] - Gao Weida received a "Buy" rating from Dongwu Securities [6] - Other companies receiving coverage include Hengxin Life with a "Hold" rating and Xianglou New Materials with a "Hold" rating [6]

Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,828.58, up by 0.22% [4] - The Shenzhen Component Index and the ChiNext Index also experienced gains, indicating a general upward trend in the market [4] Group 2: Company Insights - Zhongheng Electric (002364.SZ) is establishing a joint venture to expand its overseas HVDC product market, with a total investment of 200 million Singapore dollars [6] - Sanwang Communication (688618.SH) reported a stable overall operating situation, with a focus on new fields for growth [7] - Baili Tianheng (688506.SH) is developing an EGFR×HER3 ADC that is expected to become a cornerstone drug for tumors, with HER2 ADC showing potential [11] - Ximai Food (002956.SZ) reported significant growth in its oat product segment, benefiting from cost reductions and increased sales [15] Group 3: Financial Performance - Zhongheng Electric achieved a revenue of 889 million yuan in H1 2025, a year-on-year increase of 14.3%, driven primarily by its data center power business [7] - Sanwang Communication's H1 revenue reached 172 million yuan, up 10.05% year-on-year, although net profit decreased by 36.72% [8] - Baili Tianheng forecasts revenues of 2.251 billion yuan for 2025, with a projected net profit of -527 million yuan [13] - Ximai Food's H1 revenue was 1.149 billion yuan, reflecting an 18.1% increase, with compound oats being a key growth driver [15] Group 4: Investment Recommendations - Zhongheng Electric is rated "Buy-B" with projected EPS of 0.37, 0.56, and 0.78 for 2025-2027 [6] - Sanwang Communication is expected to stabilize and grow in new fields, maintaining a focus on innovation [7] - Baili Tianheng is rated "Buy-B" with a focus on its ADC pipeline and potential market impact [13] - Ximai Food is rated "Add-A" with expected EPS of 0.78, 1.00, and 1.25 for 2025-2027, driven by strong sales growth in oat products [15]

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the next 6-12 months [4]. Core Insights - The company, Bai Li Tian Heng, is positioned as an innovative pharmaceutical enterprise focusing on ADC (Antibody-Drug Conjugates) and multi-antibody therapies. Its core pipeline, the EGFR×HER3 dual antibody ADC, iza-bren, is seen as a potential cornerstone treatment for various tumors, with over 40 ongoing clinical trials globally, including 3 global registration trials and 11 Phase III trials in China. The NDA for nasopharyngeal carcinoma is progressing, with expectations for approval in China by 2026. The drug has shown promising safety and anti-tumor activity across multiple cancer types [4][5]. - The company has licensed iza-bren to BMS, which could trigger up to $500 million in payments, with potential milestone payments reaching $7.1 billion. Additionally, the HER2 ADC, T-Bren, is advancing in 9 Phase III trials for HER2-expressing solid tumors in China and the U.S., showing efficacy in breast cancer [4][5]. - Revenue projections for the company are estimated at 2.251 billion, 2.302 billion, and 2.585 billion yuan for 2025, 2026, and 2027 respectively, with expected net losses of 527 million, 836 million, and 1.004 billion yuan during the same period [4][11]. Financial Data Summary - As of June 30, 2025, the company reported a basic and diluted earnings per share of -2.79 yuan, with a net asset value per share of 6.98 yuan and a return on equity of -39.94% [3]. - The company's revenue for 2023 is reported at 562 million yuan, with a significant projected increase to 5.823 billion yuan in 2024, followed by a decrease to 2.251 billion yuan in 2025. The net profit for 2023 is -780 million yuan, with projections of -527 million yuan in 2025 [11][14]. - The gross margin is expected to remain high, with estimates of 87.9% in 2025, while the net margin is projected to be -23.4% [12][14].

四川百利天恒药业股份有限公司 2025 年第二次临时股东大会 证券代码：688506 证券简称：百利天恒 四川百利天恒药业股份有限公司 2025 年第二次临时股东大会会议资料 1 四川百利天恒药业股份有限公司 2025 年第二次临时股东大会 目录 | 2025 年第二次临时股东大会会议须知 | 3 | | --- | --- | | 2025 年第二次临时股东大会会议议程 | 5 | | 议案一《关于取消公司监事会、修订<公司章程>暨办理工商变更登记的议案》 | | | | 7 | | 议案二《关于修订和制定部分公司治理制度的议案》 | 9 | | 议案三《关于公司董事会换届选举第五届董事会非独立董事的议案》 | 10 | | 附件 1：第五届董事会非独立董事候选人简历 | 11 | | 议案四《关于公司董事会换届选举第五届董事会独立董事的议案》 | 15 | | 附件 2：第五届董事会独立董事候选人简历 | 16 | 2 四川百利天恒药业股份有限公司 2025 年第二次临时股东大会 四川百利天恒药业股份有限公司 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 ...

Group 1: Chip ETF Performance - The Chip ETF Tianhong (159310) saw a peak increase of over 5%, currently up 4.53%, with a transaction volume of 18.4087 million yuan [3] - The ETF's net asset value has increased by 123.20% over the past year, ranking first among comparable funds [3] - Key component stocks such as Chip Yuan Co. (688521) rose by 18.02%, Haiguang Information (688041) by 14.17%, and Shengke Communication (688702) by 11.33% [3] Group 2: Sci-Tech Index ETF Performance - The Sci-Tech Index ETF Tianhong (589860) increased by 2.11%, with a turnover rate of 18.23% and a transaction volume of 59.0919 million yuan, indicating active market trading [4] - Major component stocks like Honglida (688330) surged by 20.00%, and Zhongke Lanyun (688332) by 19.02% [4] Group 3: Product Highlights - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Haiguang Information, with the estimated weight of Cambrian Technology at 12.26% [5] - The Sci-Tech Index ETF Tianhong (589860) covers 97% of the Sci-Tech board's market value, with over 80% allocation to strategic emerging industries such as semiconductors, AI, and biomedicine [5] Group 4: Market News - Moer Thread's IPO on the Sci-Tech board is scheduled for September 26, aiming to raise 8 billion yuan for AI and graphics chip development [5] - Xiaomi's fund has invested in Qichip Microelectronics, marking its fourth investment in the company, which has begun mass production of automotive-grade MCU products [5] - OpenAI and Luxshare Precision have agreed to jointly produce AI hardware devices, with prototypes in development [6]

弃理从医走上创业之路 千亿创新药"黑马"百利天恒的诞生始于一个理工男对生物学的热爱。 1963年，朱义出生于四川内江的工厂大院，1980年以高分考入四川大学，听从父亲建议，为有一技之长 傍身而选择了无线电专业。但大学期间，朱义对无线电专业缺乏兴趣，反而痴迷于生物学，常泡在图书 馆研读生物学书籍，毕业论文也围绕"微波生物学效应"展开。他内心怀揣着"科学梦"，凭借对生物学的 热爱，成功考上复旦大学生物物理专业硕士。硕士毕业后，朱义被分配到华西医科大学基础医学院，在 微生物实验室钻研病毒学。 长江商报消息 ●长江商报记者 汪静 中国创新药行业迈入"收获期"，诞生出一批新富豪。百利天恒（688506.SH）的创始人朱义是其中的佼 佼者。 2025年，在资本市场与医药行业的交相辉映中，朱义的名字十分耀眼。凭借百利天恒股价的持续攀升， 朱义以1117亿元的持股市值荣膺四川首富，在财富版图上强势崛起。 在这背后，是百利天恒的惊人表现——84亿美元牵手百时美施贵宝，刷新创新药出海纪录；登陆科创板 仅2年多时间，股价涨幅超过14倍，成为A股第三家跻身"千亿市值俱乐部"的创新药企，最新市值达 1503亿元。 朱义直言："做真正的 ...

Core Insights - The 2025 World Lung Cancer Conference showcased significant advancements in innovative drugs from Chinese pharmaceutical companies, highlighting the increasing international recognition of Chinese innovation in the pharmaceutical sector [1][2]. Group 1: Company Achievements - Sichuan BaiLi TianHeng Pharmaceutical Co., Ltd. presented its groundbreaking EGFR×HER3 dual antibody ADC, iza-bren, which is the first of its kind to enter Phase III clinical trials globally [1][3]. - The clinical trials for iza-bren demonstrated a tumor shrinkage rate of 94% in patients with advanced EGFR-mutant non-small cell lung cancer (NSCLC), significantly outperforming existing treatments [2][3]. - BaiLi TianHeng has established a global strategic partnership with Bristol-Myers Squibb, with a total deal value of up to $8.4 billion, marking iza-bren as the first Chinese dual antibody ADC to enter international markets [4]. Group 2: Industry Trends - The number of approved innovative drugs in China has steadily increased, with 197 innovative drugs approved from 2018 to 2024, and the annual approval rate rising from 11 in 2018 to 48 in 2024 [3]. - Over 120 Chinese pharmaceutical companies are engaged in ADC research, contributing to a global pipeline of over 600 projects [2][3]. - The Chinese biopharmaceutical sector benefits from a growing number of biotech companies, a robust clinical research infrastructure, and an evolving regulatory environment that enhances the speed of drug approvals [6].

Core Insights - The 2025 World Lung Cancer Conference showcased significant advancements in innovative drugs from Chinese pharmaceutical companies, highlighting the increasing international recognition of Chinese innovation in the pharmaceutical sector [1] Group 1: Conference Highlights - The conference featured 35 oral presentations from Chinese scholars, with two participating in the chair discussion, indicating a strong presence of Chinese research [1] - Baili Tianheng's drug, iza-bren, is the world's first and only EGFR×HER3 dual antibody ADC to enter Phase III clinical trials, with two key research results selected for the conference's official news release program [1][3] Group 2: Clinical Research Results - In a Phase II study, 40 patients with advanced EGFR-mutant non-small cell lung cancer (NSCLC) treated with iza-bren and osimertinib showed effective tumor shrinkage, outperforming the current best drug's 86% shrinkage rate [2] - Another study reported that 94% of 50 patients with advanced EGFR-mutant NSCLC experienced tumor shrinkage, with a time to recurrence exceeding one year, nearly doubling the duration compared to existing global standards [2] Group 3: ADC Development and Market Trends - ADCs are recognized as a highly innovative and promising direction in cancer treatment, with over 120 Chinese pharmaceutical companies engaged in ADC research and more than 600 projects globally [2] - From 2018 to 2024, China has approved a total of 197 innovative drugs, with the annual approval rate increasing from 11 in 2018 to 48 in 2024, indicating a robust growth trend in innovative drug development [3] Group 4: Strategic Partnerships and Market Positioning - Baili Tianheng entered a global strategic partnership with Bristol-Myers Squibb for iza-bren, with a total deal value of up to $8.4 billion, marking a significant milestone for a Chinese dual antibody ADC [4] - The company's market capitalization surged from 9.9 billion yuan at its IPO to over 150 billion yuan, reflecting strong investor interest and confidence in its innovative drug pipeline [4] Group 5: Future Plans and Industry Advantages - Baili Tianheng plans to commercialize its innovative drugs in China by 2026 and aims for global market approval by 2029, aspiring to become a competitive multinational corporation (MNC) [5] - The company leverages China's unique advantages, including a growing number of biotech firms, robust clinical research infrastructure, and an efficient regulatory environment, to enhance its drug development capabilities [6]