Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its R&D investment, and its innovative pipeline is gradually entering a harvest period. The FDA has approved the clinical trial for the YKYY018 aerosol inhalation agent for the prevention and treatment of RSV infections. Despite facing pressure on its operating performance in 2025, the company is optimistic about its long-term growth potential due to its innovative layout and small nucleic acid technology platform [3][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.759 billion yuan, a year-on-year decrease of 41.20%. The net profit attributable to the parent company was -148 million yuan, down 170.56% year-on-year. The non-recurring net profit attributable to the parent company was -168 million yuan, a decrease of 182.95% year-on-year [3][4] - The company has adjusted the price of its "Ginkgo Leaf Extract Injection" at the end of 2024, which has impacted its performance. The R&D expenses have increased significantly, contributing to the net profit decline [3][4] - The sales expense ratio for the first three quarters of 2025 was 28.64%, down 7.37 percentage points; the management expense ratio was 10.67%, up 5.18 percentage points; the R&D expense ratio was 18.00%, up 9.27 percentage points; and the financial expense ratio was 0.59%, up 0.47 percentage points [3][4] Earnings Forecast - The revised earnings forecast for the company indicates net profits attributable to the parent company of -183 million yuan, -53 million yuan, and 69 million yuan for 2025, 2026, and 2027 respectively. The original forecasts were 51 million yuan, 206 million yuan, and 561 million yuan [3][4] - The expected EPS for 2025, 2026, and 2027 is -0.41 yuan, -0.12 yuan, and 0.15 yuan respectively, with the current stock price corresponding to P/E ratios of -60.6, -208.5, and 161.2 times [3][4] Innovative Pipeline Progress - The company is advancing its innovative drug pipeline, with key traditional Chinese medicine (TCM) drugs in the final review stage for NDA. The small nucleic acid innovative drugs YKYY015 and YKYY029 have received approval for clinical trials in the US and China, with ongoing Phase I trials domestically [4] - The RSV mRNA vaccine YKYY025 and VZV mRNA vaccine YKYY026 have also received approval for clinical trials in the US. The company has completed the Phase IIa clinical trial for its first domestic antisense nucleic acid drug for primary liver cancer [4]

Core Viewpoint - YKYY018 aerosol inhalation agent developed by the company has received FDA approval for clinical trials aimed at preventing and treating respiratory syncytial virus (RSV) infections, highlighting a significant advancement in the company's drug development capabilities [1][4]. Group 1: FDA Approval and Clinical Trials - The FDA has granted approval for the clinical trial of YKYY018 aerosol inhalation agent, allowing the company to proceed with the study as per the submitted protocol [1]. - The IND number for the clinical trial is 178457, and the application is specifically for the prevention and treatment of RSV infections [4]. Group 2: RSV Infection Overview - RSV is a highly infectious RNA virus that primarily affects children, the elderly, and immunocompromised individuals, with approximately 90% of children infected by the age of two [2]. - Globally, RSV is the leading cause of lower respiratory tract infections in children under five, resulting in about 3.6 million hospitalizations and approximately 100,000 deaths annually [2]. - In 2024, it is estimated that 91.4 million children under five will be infected with RSV worldwide, with 13.4 million cases in China [2]. Group 3: YKYY018 Product Details - YKYY018 is an innovative membrane fusion inhibitor developed using a full-process AI platform, designed to prevent and treat RSV infections [3]. - The drug works by specifically binding to the F protein of RSV, blocking the fusion process between the virus and host cells, thus providing both therapeutic and preventive effects [3]. - The company holds core patent rights for YKYY018, granting it global exclusive rights [3]. Group 4: Preclinical Research Findings - Preclinical studies have shown that YKYY018 effectively inhibits various RSV strains and clinical isolates, demonstrating significant antiviral activity [5]. - In animal models, the drug significantly reduced viral loads and alleviated lung tissue damage, indicating its potential efficacy [5]. - Safety assessments in animal trials revealed no significant adverse effects on respiratory function or other health indicators, suggesting good safety and tolerability [5].

Core Viewpoint - Yuyuan Pharmaceutical's subsidiary has received FDA approval for clinical trials of YKYY018 aerosol inhalation solution aimed at preventing and treating respiratory syncytial virus (RSV) infections [1] Group 1: Company Developments - Yuyuan Pharmaceutical announced that its wholly-owned subsidiary, Beijing Yuyuan Kete Pharmaceutical Technology Co., Ltd., has obtained FDA consent for clinical trials of YKYY018 [1] - The drug YKYY018 is a membrane fusion inhibitor that specifically binds to the HR1 region of the RSV fusion protein, blocking the fusion process between the virus and host cells [1] Group 2: Product Details - YKYY018 aerosol inhalation solution has dual functions for both treatment and prevention of RSV infections [1] - The mechanism of action involves inhibiting the formation of the homologous 6-HB structure between HR1 and HR2 domains of the virus [1]

Group 1 - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [1] - Anhui Construction won two major EPC projects with a total bid price of 2.603 billion yuan [2] - Tianrun Dairy's wholly-owned subsidiary received a government subsidy of 7.9094 million yuan, representing 18.12% of the company's audited net profit for 2024 [2] Group 2 - Yunnan Gold's subsidiary obtained a mining license for the Xinxiao County Tanxi Tungsten Mine, with a production capacity of 990,000 tons per year [5][22] - Yanzhou Coal Energy plans to acquire 100% equity of a high-end support company for 345 million yuan [6] - Heng Rui Pharmaceutical received approval for multiple drug clinical trials, including Sulfate Amexitin tablets [8] Group 3 - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries to expand its global strategy [1] - Junting Hotel's controlling shareholder is planning a change of control, leading to a continued suspension of trading [4] - Funi Technology's shareholder plans to reduce its stake by up to 1.68% [10] Group 4 - Midea Group's subsidiary received a government subsidy of 6 million yuan, which is 58.27% of the company's latest audited net profit [1] - Hunan Gold's subsidiary obtained a mining license for tungsten, iron, and silver, with a production scale of 990,000 tons per year [5][22] - Xin Hua Pharmaceutical received approval for the listing application of Acetate Prednisone raw material [24][25] Group 5 - Zhejiang Pharmaceutical plans to spin off its subsidiary for a listing on the Hong Kong Stock Exchange [28] - Kesheng Technology plans to invest 61.2 million yuan to acquire 51% of Shenzhen Guanding [30] - Tian Shan Aluminum's 1.4 million tons electrolytic aluminum green low-carbon energy efficiency improvement project has commenced production [38]

Core Viewpoint - YKYY018 aerosol inhalation agent developed by Yuyuan Pharmaceutical has received FDA approval for clinical trials, marking a significant step in addressing the unmet medical need for RSV infection treatment globally, as no such drug has been approved for market yet [1] Company Summary - Yuyuan Pharmaceutical's subsidiary, Beijing Yuyuan Kexin Pharmaceutical Technology Co., Ltd., has obtained FDA approval for YKYY018 to be used in clinical trials for the prevention and treatment of RSV infection [1] - YKYY018 is an internationally original membrane fusion inhibitor drug developed through a comprehensive AI platform [1] Industry Summary - There is a significant and urgent unmet medical need in the clinical treatment field for RSV infections, as there are currently no approved drugs available globally for this indication [1]

证券代码：688658 证券简称：悦康药业 公告编号：2025-049 悦康药业集团股份有限公司 关于自愿披露子公司 YKYY018 雾化吸入剂 获得 FDA 临床试验批准的公告 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。 一、函告主要内容： 1、药品名称：YKYY018 雾化吸入剂 2、IND 编号：178457 3、申请适应症：预防和治疗呼吸道合胞病毒（RSV）感染 4、申请人：北京悦康科创医药科技股份有限公司 5、申报阶段：临床试验 6、审批结论：YKYY018 雾化吸入剂临床试验申请获得美国 FDA 批准，同 意本品按照提交的方案开展临床试验。 二、其他情况 1、关于呼吸道合胞病毒 RSV 呼吸道合胞病毒（RSV）是一种普遍存在且具有传染性的有包膜的 RNA 病 毒，可引起呼吸道疾病，尤其易感染儿童、老年人及免疫功能受损人群等易感 悦康药业集团股份有限公司（以下简称"公司"）全资子公司北京悦康科创 医药科技股份有限公司（以下简称"悦康科创"）于近日获得美国食品药品监督 管理局（以下简称"FDA"）关于同意 YK ...

Core Viewpoint - Yuyuan Pharmaceutical's subsidiary has received FDA approval for clinical trials of YKYY018, a novel aerosol inhalation drug aimed at preventing and treating respiratory syncytial virus (RSV) infections, addressing a significant unmet medical need in the market [1] Company Summary - Yuyuan Pharmaceutical's subsidiary, Beijing Yuyuan Kecai Pharmaceutical Technology Co., Ltd., has developed YKYY018, an original membrane fusion inhibitor drug utilizing a full-process AI platform [1] - The drug is positioned to fill a gap in the market as there are currently no approved treatments for RSV infections globally [1] Industry Summary - The clinical treatment field for RSV infections shows a significant and urgent unmet demand, highlighting the potential market opportunity for new therapeutic options [1]

Core Insights - YKYY018 aerosol inhalation agent has received FDA approval for clinical trials aimed at preventing and treating respiratory syncytial virus (RSV) infections [1] - The product is developed by the company's subsidiary, leveraging a full-process AI platform, and is an international original membrane fusion inhibitor [1] - YKYY018 has a novel mechanism of action, specifically binding to the F protein's HR1 region of RSV, inhibiting viral fusion with host cells, thus providing both therapeutic and preventive effects [1] - The company holds core patent rights for YKYY018 and has exclusive global rights to the product [1]

Core Viewpoint - YKYY018 aerosol inhalation agent has received FDA approval for clinical trials aimed at preventing and treating respiratory syncytial virus (RSV) infections [1] Group 1 - The company, Yuyuan Pharmaceutical (688658.SH), announced that its wholly-owned subsidiary, Beijing Yuyuan Ketech Pharmaceutical Technology Co., Ltd., has obtained a Study May Proceed Letter from the FDA [1] - The IND number for the clinical trial is 178457 [1]