近日，长春高新（000661）(000661.SZ)在披露2024年年报后召开投资者电话交流会，吸引东吴证券、 格林基金、摩根士丹利、易方达基金等96家机构参与。会上，公司财务总监及董秘围绕2024年公司业绩 表现及业务经营情况展开了详细的介绍，尤其突出了金赛药业伏欣奇拜单抗等多个在研管线的进展。 具体而言，用于成年痛风性关节炎的伏欣奇拜单抗，作为有望成为国内首款获批上市的IL-1β单抗，其 Ⅲ期临床数据显示出急性发作期非劣于复方倍他米松的疼痛缓解功效和更优的安全性，以及缓解期在用 药12周及24周内对降低痛风复发风险的显著疗效。据公告，该药品粉剂及水针剂上市申报分别于2024年 4月及2025年1月获得受理，其粉剂预计今年内能够获批上市。 公司提及的另一在研化药1类新药GS1-144片，是公司自主研发的NK3R小分子拮抗剂，该产品作为绝经 期血管舒缩症的非激素口服疗法，可为患者提供更好的治疗选择。据悉，国内暂无该靶点药物上市，公 司的GS1-144片研发在境内已至Ⅱ期临床阶段，在澳洲处于I期临床阶段，在美国处于Ⅱ期临床试验申请 获得FDA默示许可状态。 GenSci120注射液同样值得关注。该药品是公司自主 ...

证券代码：000661 证券简称：长春高新 公告编号：2025-046 一、药品的基本情况 产品名称：伏欣奇拜单抗注射液 申请事项：境内生产药品注册临床试验 受理号：CXSL2500163 申请人：长春金赛药业有限责任公司 审批结论：经审查，同意本品开展临床试验 适应症：子宫内膜异位症 二、药品的其它情况 伏欣奇拜单抗注射液是金赛药业自主研发的治疗用生物制品 1 类新药，拟用 于子宫内膜异位症。子宫内膜异位症是一种常见的慢性系统性炎症性疾病，发病 率约 10%-15%，且易复发，需长期管理。伏欣奇拜单抗能够特异性阻断 IL-1β与 受体 IL-1R 的结合，从而阻断受体激活引起的下游信号通路的活化，起到治疗子 宫内膜异位症的作用，已在临床前动物模型中展现了良好的疗效。本次临床试验 申请获批可推动后续该产品临床开发并进一步满足患者的临床需求。 2025 年 1 月，伏欣奇拜单抗注射液拟用于成年痛风性关节炎急性发作患者 的上市申请已获得国家药品监督管理局受理。具体内容详见公司于 2025 年 1 月 25 日在巨潮资讯网披露的《关于伏欣奇拜单抗注射液上市申请获得受理的公告》 （公告编号 2025-010）。 1 ...

Core Viewpoint - Changchun High-tech (000661) announced that its subsidiary, Jinsai Pharmaceutical, received approval from the National Medical Products Administration for the clinical trial application of Fuxin Qibai monoclonal antibody injection, which is a first-class new drug for the treatment of endometriosis [1] Company Summary - Jinsai Pharmaceutical is developing Fuxin Qibai monoclonal antibody injection, which is a self-developed biological product aimed at treating endometriosis [1] - The drug specifically blocks the binding of IL-1β to its receptor IL-1R, thereby inhibiting the activation of downstream signaling pathways associated with the receptor [1] - The approval of the clinical trial application will facilitate the subsequent clinical development of this product and further meet the clinical needs of patients [1] Industry Summary - Endometriosis is a common chronic systemic inflammatory disease with an incidence rate of approximately 10%-15% and is prone to recurrence, requiring long-term management [1] - The successful development of new treatments like Fuxin Qibai monoclonal antibody injection could significantly impact the management of endometriosis and improve patient outcomes [1]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7479.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 0.64% in the past month, increased by 3.66% over the last three months, and has risen by 0.48% year-to-date [1] Industry Composition - The CSI 300 Pharmaceutical and Biotechnology Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index is based on the performance of all securities in the CSI 300 Index classified by industry, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: - Heng Rui Medicine (24.75%) - WuXi AppTec (15.82%) - Pian Zai Huang (6.85%) - Yunnan Baiyao (5.7%) - Kelun Pharmaceutical (4.68%) - New Horizon (3.79%) - East China Pharmaceutical (3.64%) - Shanghai Raist (3.44%) - Fosun Pharma (3.38%) - Changchun High-tech (3.17%) [1] Market Distribution - The market distribution of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.33% and the Shenzhen Stock Exchange accounts for 36.67% [2] Sector Breakdown - The sector breakdown of the index holdings indicates that: - Chemical drugs account for 42.69% - Pharmaceutical and biotechnology services account for 21.06% - Traditional Chinese medicine accounts for 19.74% - Biological drugs account for 16.51% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and any special events affecting a sample company's industry classification will lead to corresponding adjustments in the index [2]

Group 1 - Multiple banks have issued warnings about the risks of gold investment, particularly regarding the use of credit cards for purchasing gold, which is considered a violation of regulations [1] - The "Guzi" economy, centered around anime and gaming merchandise, is projected to reach a market size of 168.9 billion yuan in 2024, reflecting a growth of 40.63% from 2023 [1] - The first public appearance of a megawatt-level helium refrigeration machine marks a significant breakthrough in China's low-temperature technology, with a liquefaction rate of 3,370 liters per hour [1] Group 2 - The first embodied intelligent robot sports event in Wuxi showcased advancements in robotics, with local companies making progress in key technologies [2] - MIT has created a unique "periodic table" of machine learning algorithms, highlighting over 20 classic algorithms and their interconnections, which may enhance AI model development [2] - Harvard University is exploring the sale of approximately $1 billion in private equity fund assets as part of a financial strategy following a federal funding freeze [2] Group 3 - Meituan clarified rumors regarding account suspensions due to alleged use of dual-opening or JD software, attributing the misinformation to malicious editing of a legitimate warning [3][4] - Tianhe Environmental Protection has terminated its IPO plans on the Beijing Stock Exchange, which aimed to raise 180 million yuan for various projects [4] - The first quarter performance report of several futures companies indicates a significant divergence in results, with some companies experiencing substantial growth while others face declines [5] Group 4 - Tianli Lithium Energy announced that its subsidiary's land use rights have been seized due to a lawsuit, with a three-year freeze period [6] - Ningbo Shuntong received a written warning from the Shanghai Stock Exchange for inaccuracies in its financial data disclosures [6] - Rixin Technology reported overdue bank loans totaling 39.7 million yuan, and is in discussions with the bank to secure funds for repayment [7] Group 5 - A private education institution from Chengdu has emerged in the A-share market, acquiring significant stakes in multiple companies, with total holdings exceeding 55 million yuan [8] - Changchun High-tech reported its first decline in revenue and net profit in a decade, with a 7.55% drop in revenue to 13.466 billion yuan and a 43.01% decrease in net profit to 2.583 billion yuan [8]

以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 文 ｜ 胡香赟 编辑 ｜ 海若镜 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ Pexels 我想"再高一点" 春日，宜万物生长，包括人类幼崽的身高。 在讲究科学的时代，孩子的身高理所应当地也应遵循某种可量化的生长公式。 一个颇受大众认可的方法是，根据父母身高来预测孩子未来的身高区间。比如，男孩子的身高区间=（父亲身高+母亲身高+13厘米）÷2±7.5厘米。 公式前半部分就是所谓的"遗传靶身高"，即由遗传决定的无法改变的身高基数。而后半部分的"±7.5厘米"，则是可以通过后天努力改变的部分——只需 要"充分发挥孩子的生长潜能"。 梁宇在一家药企从事研发工作，出于职业敏感，女儿萱萱还在上幼儿园时，就开始关注她的身高问题。她坦言自己和先生都不算高，对孩子未来的身 高"没有过大期待，她个子不高，这点从小就能看出来"。 尽管如此，萱萱上大班后，梁宇还是开始给她报了跳绳兴趣班。运动、光照、补充维生素D，最初梁宇选择的是最朴素的科学"长个儿"方法。 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 如果可以，谁都希望自己的孩子 是人 ...

长春高新（000661）技术产业(集团)股份有限公司(以下简称"长春高新")近日发布2024年年报，公司实 现营业收入134.66亿元，较上年同期降低7.55%；实现归属于上市公司股东的净利润25.83亿元，较上年 同期降低43.01%。这是近十年来，长春高新营收和净利润首次均出现同比下滑。 长春高新主营业务为生物制药及中成药的研发、生产和销售，辅以房地产开发等业务，并形成了长春金 赛药业有限责任公司(以下简称"金赛药业")、长春百克生物科技股份公司(以下简称"百克生物")、吉林 华康药业股份有限公司(以下简称"华康药业")、长春高新房地产开发有限责任公司(以下简称"高新地 产")"四驾马车"的发展格局。2024年，这四大子公司中，有3家业绩均出现下滑。 "现金奶牛"金赛药业净利润下滑超40% 从收入结构来看，长春高新仍高度依赖子公司金赛药业的生长激素。2024年，金赛药业实现收入106.71 亿元，较上年同期降低3.73%，占长春高新总营收的比例达79.24%；实现归属于母公司所有者的净利润 26.78亿元，较上年同期降低40.67%。 金赛药业是全球少数拥有粉针剂、水针剂、长效水针剂三代生长激素产品的企业 ...

华夏时报（www.chinatimes.net.cn）记者 杨燕 北京报道 过去两年内，受生长激素行业集采和监管等消息影响，长春高新多次出现暴跌现象，股价已从2021年高点497.54 元/股跌至发稿前的85.24元/股，跌幅逾80%。 对于当下长春高新的投资者来说，得到一份营收、净利润增速同比下滑的"成绩单"，实在是一件意料之外，情理 之中的事情。 这是长春高新近20年来首次出现营收、净利润增速双双下滑，即使是在过去几年集采的重压下也未曾如此"狼 狈"。财报显示，长春高新过去一年实现营业收入及净利润分别为134.66亿元和25.83亿元，相比去年同期分别下降 了7.55%和43.01%。 一家营收过百亿元的公司，净利润降幅超过40%意味着公司利润的大大缩水。更值得注意的是，随着年报而来的 一季报同样延续了颓势，2025年长春高新营收及净利润再度双降，其中净利润同比降幅达44.95%。 "增长神话"破灭，"多元化"道路前途未卜 如果说年报的净利润跌四成是个坏消息的话，那么一季报的净利润同样下跌超40%可能意味着"坏消息"将延续成 为长春高新的常态了。 长春高新主营业务分为生物制品、疫苗、中成药和房地产四大板块 ...

Core Viewpoint - The article discusses the challenges faced by Changchun High-tech, a major player in the growth hormone market, due to declining performance and increased competition, particularly from national procurement policies that have significantly reduced profit margins [5][10][12]. Financial Performance - In Q1 2025, Changchun High-tech reported revenue of 2.997 billion yuan, a year-on-year decline of 5.66%, and net profit dropped to 473 million yuan, a decrease of 44.95% [7]. - For the full year 2024, the company recorded revenue of 13.466 billion yuan, down 7.55%, and net profit of 2.583 billion yuan, down 43.01% [7]. - This marks the first time in nearly 20 years that the company has reported a decline in both revenue and net profit [7]. Market Dynamics - The growth hormone market has been significantly impacted by national procurement policies, which began in 2022, leading to substantial price reductions for Changchun High-tech's products [10]. - The introduction of volume-based procurement in 2023 further eroded profit margins, with prices for certain products dropping from 1,000 yuan to 300 yuan, resulting in a loss of approximately 70% of profit space [10]. Strategic Challenges - The company has heavily relied on its subsidiary, Jinsai Pharmaceutical, which has contributed around 80% of its revenue, but this segment has also seen declining performance [8][10]. - Jinsai Pharmaceutical's revenue for 2024 was 10.671 billion yuan, a decrease of 3.73%, and net profit fell by 40.67% to 2.678 billion yuan [7]. Cost Structure - Increased operational costs have been noted, with sales expenses rising by 30.60% to 1.212 billion yuan, management expenses up by 40.68% to 332 million yuan, and R&D expenses increasing by 21.80% to 514 million yuan [8]. - The number of sales personnel for Jinsai Pharmaceutical increased from 3,155 to 4,995, yet this did not prevent the decline in performance [8]. Future Strategies - The company is attempting to diversify its product offerings and expand the indications for its growth hormone products, including new approvals for various growth disorders [12][15]. - Changchun High-tech is also pursuing a multi-faceted transformation strategy, focusing on pediatric care, women's health, adult endocrinology, dermatology, and oncology [15]. - The company is investing in R&D for innovative drugs, such as an IL-1β drug for arthritis, which is expected to be approved this year [15]. Industry Context - The overall pharmaceutical industry is facing challenges related to innovation-driven transformation, with pressures from healthcare cost controls and a declining birth rate impacting market demand for growth hormones [16]. - The need for companies to balance investment and returns during this transition is critical, as not all firms will successfully navigate the shift towards innovative drug development [16].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 117.54 CNY per share [4][9]. Core Views - The company is currently undergoing an innovation transformation, which has led to short-term performance pressure. The revenue for 2024 decreased by 7.55% year-on-year to 13.466 billion CNY, and the net profit dropped by 43.01% to 2.583 billion CNY [2][3]. - The company has significantly increased its R&D investment, reaching 2.690 billion CNY in 2024, an increase of 11.20% year-on-year, which now accounts for 19.97% of its revenue [2][3]. - Several key innovative drug candidates are entering the commercialization phase, including applications for IL-1β monoclonal antibody and other products, indicating a positive outlook for future revenue growth [3]. Financial Summary - For 2024, the company reported a revenue of 13.466 billion CNY and a net profit of 2.583 billion CNY, with a projected revenue of 13.835 billion CNY and net profit of 2.821 billion CNY for 2025 [11]. - The earnings per share (EPS) for 2025 is estimated at 6.92 CNY, with a price-to-earnings (PE) ratio of 12.3 times [4][11]. - The company’s total market capitalization is approximately 34.79 billion CNY, with a circulating market capitalization of about 34.08 billion CNY [4].