Core Viewpoint - Shenzhou Cell has experienced a decline for seven consecutive trading days, with a cumulative drop of -11.84% [1] Company Overview - Beijing Shenzhou Cell Biotechnology Group Co., Ltd. is an innovative biopharmaceutical and vaccine research and development company founded by Dr. Xie Liangzhi, a renowned expert in biopharmaceutical R&D and industrialization [1] - The company aims to develop products with differentiated competitive advantages, providing high-quality and low-cost options for patients domestically and internationally, establishing a leading biopharmaceutical brand [1] Financial Performance - The financial report indicates that the招商国证生物医药指数(LOF)A, managed by招商基金, is among the top ten shareholders of Shenzhou Cell and has reduced its holdings in the second quarter of this year [1] - The year-to-date return for the fund is 15.49%, ranking 801 out of 3422 in its category [1][2] Fund Performance Comparison - The fund's performance over various periods shows a year-to-date increase of 15.49%, compared to the average of 11.94% for similar funds [2] - In the same timeframe, the CSI 300 index has only increased by 5.11% [2] Fund Management - The fund is managed by two managers: Hou Hao and Xu Rongman, both of whom have extensive experience in investment management [3][5] - Hou Hao has been with招商基金 since 2009 and has held various positions, focusing on risk management and quantitative investment strategies [3] - Xu Rongman joined招商基金 in 2015 and has progressed through roles in brand promotion and research, currently managing the招商国证生物医药指数 fund since March 2021 [5][6] Company Structure - 招商基金 was established in December 2002, with major shareholders being 招商银行股份有限公司 (55%) and 招商证券股份有限公司 (45%) [6]

Market Overview - The Shanghai Composite Index rose by 0.12% on July 28, with 15 sectors experiencing gains, led by defense and non-bank financials, which increased by 1.86% and 1.51% respectively. The pharmaceutical and biological sector ranked third in terms of gains [1] - Conversely, the coal and steel sectors saw declines of 2.60% and 1.41% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 18.575 billion yuan, with 8 sectors seeing net inflows. The electronics sector led with a net inflow of 3.655 billion yuan and a daily increase of 1.10%, followed by the communications sector with a net inflow of 2.848 billion yuan and a daily increase of 1.24% [1] - In contrast, 23 sectors faced net outflows, with the computer sector leading at a net outflow of 6.892 billion yuan, followed by the non-ferrous metals sector with a net outflow of 3.254 billion yuan [1] Pharmaceutical and Biological Sector Performance - The pharmaceutical and biological sector increased by 1.47% with a net inflow of 314 million yuan. Out of 474 stocks in this sector, 265 rose, 9 hit the daily limit up, while 191 fell, with 2 hitting the daily limit down [2] - Notably, 178 stocks in this sector experienced net inflows, with 8 stocks seeing inflows exceeding 100 million yuan. The top stock for net inflow was Heng Rui Medicine, with an inflow of 1.256 billion yuan, followed by Lu Kang Medicine and Zhong Sheng Pharmaceutical with inflows of 181 million yuan and 169 million yuan respectively [2] Top Gainers in Pharmaceutical Sector - The top gainers in the pharmaceutical sector included: - Heng Rui Medicine: +10.00% with a turnover rate of 2.56% and a main fund flow of 1.255 billion yuan - Lu Kang Medicine: +4.30% with a turnover rate of 15.05% and a main fund flow of 181 million yuan - Zhong Sheng Pharmaceutical: +7.88% with a turnover rate of 11.59% and a main fund flow of 169 million yuan [3] Top Losers in Pharmaceutical Sector - The top losers in the pharmaceutical sector included: - Changshan Pharmaceutical: -0.28% with a main fund outflow of 122.818 million yuan - Shenzhou Cell: -1.14% with a main fund outflow of 102.235 million yuan - WuXi AppTec: +3.08% with a main fund outflow of 94.187 million yuan [4]

Group 1 - The U.S. President Trump released an AI action plan aimed at maintaining the country's leading position in artificial intelligence over China, with China advocating for a collaborative approach to AI development [2] - An investigation team has been established in Inner Mongolia to determine the cause of a mining accident that resulted in six deaths and one injury [3][4] - The National Development and Reform Commission announced that 735 billion yuan of central budget investment has been allocated for 2025, focusing on various sectors including infrastructure and social welfare [3][4] Group 2 - The EU has approved a retaliatory tariff list against the U.S. totaling 93 billion euros, affecting high-value industrial products such as aircraft and automobiles [6] - The National Medical Insurance Administration has initiated the 11th batch of centralized procurement, optimizing procurement rules to ensure quality and prevent price wars [7] - The National Development and Reform Commission and the State Administration for Market Regulation are drafting amendments to the pricing law to address "involution" in competition [8] Group 3 - Domestic gold jewelry consumption decreased by 26% in the first half of the year, while gold production remained stable with a slight increase in imports [9] - A new national standard for electric bicycles will be implemented on September 1, aiming to enhance safety and compliance across the industry [10] - The takeaway industry is facing challenges due to price wars, with merchants reporting a significant drop in income and customer retention [11] Group 4 - The travel photography brand "Platinum Photography" has been reported missing, with commitments made to refund customers for unfulfilled services [18] - The company "Sino Medical" expects a 12.53% increase in revenue for the first half of 2025, driven by the sales growth of coronary stent products [25] - "Zhongqi New Materials" signed a mining rights transfer contract, increasing its resource reserves and production capacity [26]

Group 1 - Leshan Electric achieved operating revenue of 1.623 billion yuan, a year-on-year increase of 1.94%, and a net profit of 7.9031 million yuan, a year-on-year decrease of 14.55% [1] - Zhimingda reported operating revenue of 295 million yuan, a year-on-year increase of 84.83%, and a net profit of 38.3 million yuan, a year-on-year increase of 2147.93% [2] - Dahu Co. reported operating revenue of 426 million yuan, a year-on-year decrease of 14.40%, and a net loss of 2.5716 million yuan, an improvement from a loss of 13.7824 million yuan in the same period last year [3] - Yubang Electric expects a net profit of 21.2 million to 25 million yuan, a year-on-year decrease of 35.47% to 45.28% [4] - Zhejiang Securities achieved operating revenue of 6.512 billion yuan, a year-on-year decrease of 18.60%, and a net profit of 1.149 billion yuan, a year-on-year increase of 46.54% [5] - Huashu Media reported operating revenue of 4.435 billion yuan, a year-on-year increase of 2.07%, and a net profit of 254 million yuan, a year-on-year increase of 4.63% [7] Group 2 - Sinopec reported oil and gas equivalent production of 262.81 million barrels, a year-on-year increase of 2%, and crude oil processing volume of 119.97 million tons, a year-on-year decrease of 5.3% [8] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS8179, aimed at reducing brain edema after stroke [8] - Hengrui Medicine's subsidiary also received approval for clinical trials of HRS-1893, intended for treating heart failure with preserved ejection fraction [8] - Wanfu Co. announced a plan to reduce its stake by up to 2% through block trading [10] - Biological Co. received a warning letter from the Inner Mongolia Securities Regulatory Bureau for inaccuracies in financial reporting [11] - Zhujiang Co. reported a signed construction area of 47.1432 million square meters across 396 projects [13] Group 3 - Watson Bio received a patent for a peptide delivery system for RNA drugs [15] - Sanwei Chemical signed 31 new contracts worth 335 million yuan in the second quarter [17] - Shenzhou Cell's SCT640C injection received approval for clinical trials for rheumatoid arthritis [18] - Xinjiang Jiaojian reported new contracts worth 1.434 billion yuan in the second quarter [19] - Lais Information plans to use 550 million yuan of idle funds for cash management [21] - Zhongqi New Materials signed a mining rights transfer contract, increasing production capacity [22] Group 4 - Hengtong Optic-Electric won multiple marine energy projects worth 1.509 billion yuan [24] - China State Construction signed new contracts totaling 2.501 trillion yuan in the first half of the year [26] - David Medical's ventilator product registration application has been accepted [28] - Tianhai Defense's subsidiary signed a construction contract worth 16.224 million yuan [29] - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder [31] - Baida Group announced a plan to reduce its stake by up to 3% [32] Group 5 - Jinli Permanent Magnet plans to issue $117.5 million in convertible bonds [34] - Haizheng Pharmaceutical's fumarate bedaquiline raw material drug application has been approved [36] - Huatai passed the advanced intelligent factory re-evaluation in Anhui Province [37] - Everbright Bank's shareholder increased its stake from 7.08% to 8% [40] - Supor reported total operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68%, and a net profit of 940 million yuan, a year-on-year decrease of 0.07% [41] - Qianjin Pharmaceutical's subsidiaries received registration certificates for two drugs [42]

证券代码：688520 证券简称：神州细胞 公告编号：2025-037 北京神州细胞生物技术集团股份公司 自愿披露关于控股子公司产品 SCT640C 获得 药物临床试验批准通知书的公告 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: 二、产品其他相关情况 3. 申请事项：药物临床试验 4. 申请人：神州细胞工程有限公司 类风湿关节炎（Rheumatoid Arthritis，RA）是一种系统性自身免疫性疾病， 以慢性侵蚀性关节炎为主要临床表现，是一种高致残性疾病，可并发肺部疾病、 心脑血管疾病、骨质疏松、恶性肿瘤等。RA 的全球发病率约为 0.5％~1％，我 国大陆地区发病率约为 0.4~2％，据此估计目前我国 RA 患者超过 500 万人。 近日，北京神州细胞生物技术集团股份公司控股子公司神州细胞工程有限公 司（以下简称"公司"）收到国家药品监督管理局（以下简称"国家药监局"）核 准签发的《药物临床试验批准通知书》，同意公司自主研发的产品 SCT640C 注射 液开展成人类风湿关节炎适应症的临床试验。由于 ...

Core Viewpoint - Shenzhou Cell's subsidiary has received approval for clinical trials of SCT640C injection for adult rheumatoid arthritis, indicating progress in the development of treatments for autoimmune diseases [1] Group 1 - Shenzhou Cell announced that its subsidiary, Shenzhou Cell Engineering Co., Ltd., has received the Drug Clinical Trial Approval Notice from the National Medical Products Administration [1] - SCT640C is a monoclonal antibody injection independently developed by the company for the treatment of autoimmune diseases [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has successfully turned a profit, with a promising clinical pipeline [4][5]. - Revenue for 2024 is projected at 25.13 billion yuan, a year-on-year increase of 33.13%, while Q1 2025 revenue is expected to be 5.20 billion yuan, reflecting a decline of 15.15% [4]. - The core product, Recombinant Factor VIII, achieved sales of 18.9 billion yuan in 2024, a growth of 6.18% year-on-year [4]. - The antibody product line saw significant growth, with 2024 revenue reaching 6.2 billion yuan, a remarkable increase of 499.80% [4]. - The company is advancing its clinical research, with several products in various stages of development, including SCTB14 and SCTB41 [5]. Financial Summary - The company is expected to achieve revenues of 28.27 billion yuan, 32 billion yuan, and 37.07 billion yuan for the years 2025, 2026, and 2027 respectively [6]. - Projected net profits for the same years are 2.23 billion yuan, 3.36 billion yuan, and 5.78 billion yuan [6]. - The company’s EBITDA for 2025 is estimated at 503.97 million yuan, with a growth rate of 12.50% [8]. - The earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 1.30 yuan by 2027 [8].

Core Insights - The reactivation of the fifth listing standard on the Sci-Tech Innovation Board (STAR Market) aims to support high-growth technology companies, particularly in the biopharmaceutical sector, by allowing companies without profits to list based on expected market capitalization and R&D achievements [1][19] - The biopharmaceutical industry, especially innovative drug companies, faces longer investment periods and higher uncertainty due to strict regulatory requirements for product approval, making them highly reliant on capital [1][19] - Since the reactivation in June 2025, companies like He Yuan Bio and Bei Xin Life have made significant progress, signaling a positive outlook for other biopharmaceutical firms still in clinical stages [2] Market Performance - The innovative drug sector has seen a remarkable stock performance in 2025, driven by favorable policy changes, relaxed procurement policies, and the growth of commercial health insurance, which enhances market expectations for innovative drugs [3] - The 20 companies that successfully listed under the fifth standard have achieved a total market capitalization of 364.12 billion, with an average increase of 79.10% since the beginning of 2025 [3][7] Financial Performance - In 2024, the 20 companies reported a combined revenue exceeding 14.3 billion, a year-on-year growth of 45%, with 16 companies generating over 1 billion in revenue [12][16] - The total R&D expenses for these companies accounted for 67% of their total revenue, indicating a high dependency on external financing for continued innovation [16][18] R&D and Innovation - The 20 companies listed under the fifth standard have collectively developed 45 drug varieties, with 22 classified as first-class new drugs or innovative biological products, covering various advanced therapeutic areas [8][10] - The number of candidate products in the R&D pipeline for these companies has exceeded 200, showcasing their commitment to innovation and market expansion [8] Regulatory Environment - The reactivation of the fifth standard reflects a shift in regulatory focus towards recognizing the inherent risks and long timelines associated with technology innovation, moving away from traditional financial metrics [19][20] - The introduction of a "Sci-Tech Growth Tier" aims to enhance information disclosure and regulatory oversight for companies listed under the fifth standard, ensuring a balance between support and supervision [22]

A股创新药板块盘初走低，浙江震元跌超6%，莱美药业跌超5%，金城医药、信立泰、神州细胞、维康 药业跟跌。 ...

Core Viewpoint - The article highlights a significant surge in the innovative drug sector, driven by new policies from the National Healthcare Security Administration aimed at supporting the development of innovative drugs and optimizing procurement processes [1][2]. Summary by Sections Innovative Drug Market Surge - On July 17, there was a notable increase in the stock prices of innovative drug companies, with companies like ShenZhou Cell rising over 15% and KangnuoYa increasing over 14% [1]. - The article mentions that the 11th batch of national drug centralized procurement has been initiated, emphasizing that new drugs will not be included in centralized procurement to protect industry innovation [1]. Policy Support for Innovative Drugs - The "Measures" issued on June 30 by the National Healthcare Security Administration and the National Health Commission aim to support the entire chain of innovative drug development from laboratory to bedside [1]. - The measures include dynamic adjustments to the medical insurance catalog, allowing eligible innovative drugs to be included, and establishing more scientifically reasonable payment standards [1]. Establishment of Commercial Health Insurance Directory - A groundbreaking proposal to establish a "Commercial Health Insurance Innovative Drug Directory" is introduced, which will include innovative drugs with significant clinical value that exceed basic medical insurance coverage [2]. - Drugs in this directory will enjoy special treatment, such as confidential price negotiations and exemption from centralized procurement monitoring, creating new payment channels for high-priced breakthrough therapies [2]. Investment Opportunities - Analysts from Bohai Securities suggest that the introduction of innovative drug policies and the potential establishment of the commercial health insurance directory present investment opportunities in related innovative drug companies and their supply chains [2]. - Xiangcai Securities predicts that by 2025, the domestic innovative drug industry may experience a turning point, shifting from capital-driven to profit-driven trends, leading to dual recovery in performance and valuation [2].