Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical and biotech industry, indicating a positive outlook on their growth potential and market performance [6]. Core Insights - The ASCO conference showcased significant advancements in domestic innovative drugs, highlighting the competitive edge of Chinese pharmaceutical companies in the global market [4][12]. - The report emphasizes the clinical value and market potential of several key drugs presented at ASCO, including promising results from various companies [4][12]. Summary by Relevant Sections Domestic Key Research Overview - BaiLi Tianheng's BL-B01D1 demonstrated a 35.3% confirmed overall response rate (cORR) in patients with non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) [18]. - DiZhe Pharmaceutical's DZD6008 achieved over 80% overall response rate (ORR) in heavily treated chronic lymphocytic leukemia (CLL) patients, indicating its potential as a new treatment option [4][12]. - FuHong HanLin's PD-L1 ADC showed excellent performance in immune-resistant squamous NSCLC patients, while HLX22 is expected to redefine first-line treatment for advanced gastric cancer [4][12]. - KeLun BoTai's sac-TMT data confirmed long-term survival benefits in third-line EGFR-mutant NSCLC and first-line triple-negative breast cancer (TNBC) [4][12]. - KangNing JieRui's HER2 bispecific ADC demonstrated comparable efficacy and better safety than existing treatments [4][12]. - MaiWei Biotech's 9MW2821 combined with toripalimab is anticipated to be a strong contender in first-line urothelial carcinoma treatment [4][12]. - SanSheng Pharmaceutical updated data on SSGJ-707 for first-line treatment of wild-type NSCLC, with a significant partnership with Pfizer [4][12]. - XinDa Biotech's IBI363 showed potential in activating "cold" tumors, aiming to become a cornerstone drug in immunotherapy [4][12]. - YaSheng Pharmaceutical's Lisaftoclax achieved positive results in patients resistant to venetoclax, filling a treatment gap in myeloid malignancies [4][12]. - ZhengDa TianQing's "DeFu combination" was selected for LBA, potentially offering a new first-line treatment for PD-L1 positive NSCLC [4][12]. - ZeJing Pharmaceutical and ZaiDing Pharmaceutical presented excellent data on ZG006 and ZL-1310 for late-line SCLC treatment, showcasing the global competitiveness of domestic drugs [4][12].

Core Insights - The "Eight Articles" of the Sci-Tech Innovation Board have revitalized the capital market ecosystem, with significant growth in M&A activities and IPOs for unprofitable companies [1] - Since the release of the "Eight Articles," there have been 106 new M&A transactions on the Sci-Tech Innovation Board, with 60 completed and a total transaction value exceeding 140 billion yuan [1] - Institutional innovations are strengthening the connection between "hard tech" companies and the capital market, enhancing the flexibility of capital to promote technological advancements [1] Group 1: Company Responses to "Eight Articles" - Baili Tianheng's chairman highlighted that the "Eight Articles" have deepened reforms and increased support for high-quality development of unprofitable companies, allowing for successful IPOs even before profitability [1] - Jinghe Integrated's chairman noted that the "Eight Articles" have improved financing efficiency and innovation mechanisms, enabling the company to issue 2 billion yuan in technology innovation bonds [2] - Chip Origin's chairman mentioned that the "Eight Articles" support refinancing for R&D, allowing the company to accelerate its strategic layout in Chiplet technology [3] Group 2: Recommendations for Future Reforms - Tianyue Advanced's chairman expressed the need for more long-term capital to focus on outstanding Sci-Tech Innovation Board companies and suggested enhancing the inclusivity of capital operations for hard tech companies [7] - Du Jinhao from Ailis proposed increasing liquidity by attracting more long-term funds and promoting international connectivity for quality Sci-Tech enterprises [7] - The emphasis on improving corporate governance and enhancing profitability through cash dividends was also highlighted as a key area for development [4]

证券代码：688506 证券简称：百利天恒 公告编号：2025-045 四川百利天恒药业股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日收 到上海证券交易所（以下简称"上交所"）出具的《关于四川百利天恒药业股份有 限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕 票申请文件进行了审核，并形成了问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》提 出的问题进行了认真研究和逐项落实，根据相关要求对《审核问询函》有关问题进 行了说明和论证，具体内容详见公司于 2025 年 5 月 31 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于四川百利天恒药业股份有限公司 2025 年度向特定 对象发行 A 股股票申请文件的审核问询函的回复报告》等相关文件。 根据上交所进一步审核意见，公司会同相关中介机构对部分回复内容进行了补 充与修订，具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票申请文 件的审核问询函的回复报告（修订 ...

立信会计师事务所（特殊普通合伙） 关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复 信会师函字[2025]第 ZA214 号 上海证券交易所： 根据贵所于 2025 年 4 月 30 日出具的《关于四川百利天恒药业股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕47 号）（以下简称"审核问询函"）的要求，立信会计师事务所（特殊普通合伙） （以下简称"申报会计师"或"会计师"）作为四川百利天恒药业股份有限公司 （以下简称"百利天恒"、"公司"或"发行人"）本次向特定对象发行股票的 申报会计师，本着勤勉尽责和诚实守信的原则，就审核问询函中涉及申报会计师 的相关问题逐项落实并回复如下： 本审核问询函回复部分表格中单项数据加总与合计数据可能存在微小差异， 均系计算过程中的四舍五入所致。 回复第 1页 7-2-1 关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复 问题：2、关于前次募投项目 根据申报材料：（1）截至 2024 年 12 月 31 日，公司 2022 年首次公开 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-045 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国证券 监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施，最终 能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确定性。 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投 资风险。 特此公告。 2025 年 6 月 14 日 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。 四川百利天恒药业股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日收 到上海证券交易所（以下简称"上交所"）出具的《关于四川百利天恒药业股份有 限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕 47 号）（以下简称"《审核问询函》"），上交所审核机构对公司向特定对象发行股 票申请文件进行了审核，并形成了问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》提 出的问题进行了认真研究和逐项落实， ...

关于四川百利天恒药业股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复报告 （修订稿） 保荐人（主承销商） （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 二〇二五年六月 上海证券交易所： 贵所于2025年4月30日出具的《关于四川百利天恒药业股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕47号） （以下简称"审核问询函"）已收悉，四川百利天恒药业股份有限公司（以下 简称"百利天恒""发行人"或"公司"）与中信证券股份有限公司（以下简 称"中信证券""保荐人"或"保荐机构"）、立信会计师事务所（特殊普通 合伙）（以下简称"申报会计师"）等相关方已就审核问询函中提到的问题进 行了逐项落实并回复。 如无特别说明，本回复报告中的简称或名词的释义与《四川百利天恒药业 股份有限公司2025年度向特定对象发行A股股票募集说明书》中的含义相同。 本回复报告部分表格中单项数据加总与合计数据可能存在微小差异，均系计算 过程中的四舍五入所致。 | 黑体（加粗） | 审核问询函所列问题 | | --- | --- | | 宋体（不加粗） | 对审核 ...

Core Viewpoint - The article emphasizes the importance of hard technology companies in supporting national strategies and achieving high-level technological self-reliance, particularly for quality unprofitable enterprises that can transform with quality capital empowerment [1][2]. Group 1: Policy Support and Market Dynamics - The China Securities Regulatory Commission (CSRC) released the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on June 19, 2024, which supports unprofitable enterprises with key core technologies and significant market potential to go public [1][2]. - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies in their IPOs, covering emerging industries such as innovative pharmaceuticals, chip design, and artificial intelligence, with a total revenue of 174.48 billion yuan in 2024, a 24% year-on-year increase [1][5]. - The implementation of new regulations allows for different lock-up ratios or periods for offline investors in unprofitable companies, shifting the investment logic from short-term profit to long-term value [4]. Group 2: Financial Performance and Growth - In 2024, the 54 unprofitable companies on the Sci-Tech Innovation Board achieved a total revenue exceeding 170 billion yuan, with a 24% year-on-year growth, while their net losses decreased by 36% [5][10]. - Notable companies like SMIC and Kingsoft Office reported revenue and net profit growth of 21.2% and 24.3% respectively in 2024, showcasing significant development since their IPOs [5][10]. - The total R&D investment of the 54 unprofitable companies reached 45.944 billion yuan in 2024, marking a 5.86% increase, with a median R&D investment-to-revenue ratio of 37.74%, significantly higher than the board's median of 12.64% [6]. Group 3: Case Studies of Successful Companies - Baile Tianheng, a notable unprofitable company, has seen its stock price rise from 24.7 yuan at IPO to 338 yuan, demonstrating successful growth and a robust pipeline of innovative drugs [6][7]. - Tianyue Advanced, another unprofitable company, utilized its IPO proceeds to enhance its production capacity in silicon carbide semiconductor materials, showcasing effective capital market utilization for technological advancement [7][8]. Group 4: Future Outlook and Investor Engagement - Companies are focusing on sustainable profitability and balancing technological investments to enhance market value and investor confidence [11]. - The number of Sci-Tech themed ETFs has doubled since the release of the "Eight Measures," indicating growing investor interest and potential in the sector [10].

Group 1 - The core viewpoint highlights a strong performance in the Chinese innovative pharmaceutical sector, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index rising by 2.72% as of June 12, 2025, driven by significant gains in constituent stocks such as Rongchang Bio (+17.55%) and BeiGene (+8.00%) [1] - A total of 53 new drugs were approved in China from the beginning of 2025 to the end of May, including 30 domestic innovative drugs and 23 imported ones, covering various therapeutic areas such as oncology and rare diseases [1] - The Chinese innovative drug market is projected to reach nearly 550 billion RMB in 2024, with an expected explosive growth driven by business development (BD) revenues from 2025 to 2027, and is anticipated to exceed 2 trillion RMB by 2030 [1] Group 2 - The Sci-Tech Innovation Board Biopharmaceutical Index consists of 50 large-cap companies from various sectors, including biopharmaceuticals and biomedical engineering, reflecting the overall performance of representative companies in the industry [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.6% of the total index weight, with companies like United Imaging Healthcare and BeiGene among the leading constituents [2]

Core Viewpoint - The performance of the Sci-Tech Innovation Pharmaceutical Index ETF has shown significant growth in both trading volume and scale, indicating strong investor interest and confidence in the sector [3][5][6]. Liquidity - The Sci-Tech Innovation Pharmaceutical Index ETF had an intraday turnover of 9.12%, with a transaction volume of 20.17 million yuan. Over the past week, the average daily transaction volume reached 50.98 million yuan, ranking first among comparable funds [3]. Scale - In the past year, the Sci-Tech Innovation Pharmaceutical Index ETF's scale increased by 143 million yuan, achieving notable growth and ranking first among comparable funds [3]. Shares - The ETF's shares grew by 120 million in the past year, also ranking first among comparable funds [3]. Top Holdings - As of May 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 51.6% of the total weight. The leading stocks include: - United Imaging Healthcare (8.97%) - BeiGene (7.05%) - Huaitai Medical (5.85%) - Aierx (4.91%) - Baillie Tianheng (4.77%) - Zai Lab (4.75%) - BGI Genomics (4.17%) - Junshi Biosciences (4.15%) - Aibo Medical (3.33%) - Teva Biopharma (3.25%) [5]. Market Response - Following the American Society of Clinical Oncology (ASCO) annual meeting, there has been a positive market response, highlighting the competitiveness and innovation of Chinese pharmaceutical companies in new drug development [5][6]. Innovation Pipeline - The proportion of domestic companies' innovative drug data presented at ASCO has been increasing, with 73 studies selected for oral presentations in 2025, indicating a strong focus on innovation within the industry [6]. Investment Opportunities - Investors without stock accounts can access opportunities in the Sci-Tech Innovation Board biopharmaceutical sector through the Sci-Tech Biopharmaceutical ETF linked fund (021061) [6].