Core Viewpoint - The company is actively pursuing business development (BD) opportunities and diversifying its product pipeline, while facing various uncertainties in achieving these collaborations [2]. Group 1: Company Performance - As of December 23, 2025, the company's stock price closed at 93.69 yuan, down 1.58%, with a turnover rate of 1.35%, a trading volume of 54,000 shares, and a transaction amount of 508 million yuan [1]. Group 2: Business Development (BD) Efforts - The company is committed to enhancing its intrinsic value and promoting high-quality development through BD collaborations, although the success of these efforts is subject to multiple uncertainties [2]. - The company has ongoing discussions regarding potential BD projects, but specific details will be disclosed only when they meet legal disclosure standards [2]. - The company is focused on leveraging its strengths in brand, channels, and quality to adapt to regulatory requirements and enhance product sales [2]. Group 3: Market and Investor Relations - On December 23, there was a net outflow of 80.74 million yuan from institutional investors, while retail investors saw a net inflow of 48.95 million yuan [3][4]. - The company emphasizes the importance of investor relations and is utilizing various communication methods to maintain close contact with investors [2].

证券日报网讯 12月23日，长春高新（000661）在互动平台回答投资者提问时表示，公司高度重视投资 者关系管理工作，已通过券商策略会、电话、路演及现场调研等多种形式，与投资者保持密切沟通，后 续公司也将持续加强与资本市场的沟通交流，不断完善投资者关系管理，进一步提升信息披露透明度。 ...

Core Viewpoint - Changchun High-tech (000661) is committed to enhancing its intrinsic value to drive high-quality development and is actively pursuing BD cooperation and diversification transformation [1] Group 1 - The company emphasizes its dedication to high-quality development through intrinsic value enhancement [1] - Ongoing efforts are being made to advance BD cooperation matters [1] - The company will fulfill disclosure obligations in accordance with legal regulations when relevant information reaches disclosure standards [1]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating for the sector [28]. Core Insights - The pharmaceutical sector has shown mixed performance, with the Shenwan Pharmaceutical and Biological Index down by 0.1% this week, while the Shanghai Composite Index increased by 0.03% [3][5]. - The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, ranking 10th among 31 Shenwan primary industries [5][23]. Market Performance - The Shenwan Pharmaceutical and Biological Index ranked 22nd among 31 Shenwan primary sub-industries this week [3]. - The performance of various sub-sectors includes: - Raw materials (+0.5%) - Chemical preparations (-2.1%) - Traditional Chinese medicine (+0.2%) - Blood products (-0.3%) - Vaccines (-0.9%) - Other biological products (-0.7%) - Medical devices (+1.4%) - Medical consumables (+2.3%) - In vitro diagnostics (-0.8%) - Pharmaceutical distribution (+4.7%) - Offline pharmacies (+5.6%) - Medical research outsourcing (-0.9%) - Hospitals (+4.2%) [5][6]. Recent Key Events - Changchun High-tech signed an exclusive licensing agreement for GenSci098 with Yarrow, with potential milestone payments reaching up to $1.365 billion [10]. - Hansoh Pharmaceutical entered a multi-regional exclusive licensing agreement for Amivantamab with Glenmark, with potential payments exceeding $1 billion [12]. - Hengrui Medicine's subsidiary Kailera initiated three global Phase III clinical trials for HRS-9531, targeting obesity with and without diabetes [17]. - The FDA confirmed the legality of NMN as a dietary supplement, reversing a previous ban [15]. - The first invasive brain-machine interface for treating addiction-related mental disorders was approved in China [16]. Investment Opportunities - The report suggests focusing on domestic innovative drug companies due to the recovery of the CRO investment environment, highlighting companies such as Tigermed, Nossan, and others [2]. - As 2025 approaches its end, it is recommended to pay attention to valuation shifts in companies like WuXi AppTec, Hengrui Medicine, and others [2].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [30]. Core Insights - The report highlights recent developments in the pharmaceutical sector, including significant business development (BD) transactions involving companies like Changchun High-tech, Hansoh Pharmaceutical, and Hengrui Medicine, with potential milestone payments reaching billions of dollars [10][12][14]. - The approval of NMN as a dietary supplement in the U.S. and the submission of a new drug application for CagriSema, a GLP-1+Amylin combination therapy, are noted as key advancements in the industry [15]. - The report emphasizes the potential investment opportunities arising from the recovery of the domestic innovative drug environment, particularly in the CRO sector, with specific companies highlighted for consideration [2]. Market Performance - The report states that the Shenwan Pharmaceutical and Biological Index decreased by 0.1% this week, while the Shanghai Composite Index increased by 0.03% [3]. - Within the pharmaceutical sector, various sub-sectors showed mixed performance, with notable increases in medical supplies (+2.3%) and offline pharmacies (+5.6%), while chemical preparations (-2.1%) and blood products (-0.3%) declined [5][9]. Recent Key Events - Changchun High-tech signed an exclusive licensing agreement for GenSci098, with potential milestone payments of up to $1.365 billion [10]. - Hansoh Pharmaceutical entered into a multi-regional exclusive licensing agreement for Amivantamab, with potential payments exceeding $1 billion [12]. - The approval of a brain-machine interface for treating addiction marks a significant technological advancement in the industry [16]. Valuation Metrics - The overall valuation of the pharmaceutical sector is reported at 29.2 times earnings, ranking it 10th among 31 primary sectors [5][13]. - Specific companies within the sector have varying projected earnings per share (EPS) and price-to-earnings (PE) ratios, indicating diverse investment profiles [24].

Core Viewpoint - As of December 18, a total of 87 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Inflows - The stocks with the longest consecutive net inflows are AVIC Jonhon Optronic Technology and Liyuan Heng, both achieving net inflows for 11 consecutive trading days [1] - Other notable stocks with significant net inflows include China Ping An, Shengmei Shanghai, Chuangzhong Technology, Changchun High-tech, Trina Solar, Aerospace Electric, Nocera Health, and China Shipbuilding Special Gas [1]

Core Viewpoint - Changchun High-tech is shifting its reliance on growth hormone revenue by entering into a licensing agreement with Yarrow Bioscience, marking a strategic transition towards diversified revenue streams [1][2]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, Shanghai SaiZeng Medical Technology Co., Ltd., signed an exclusive licensing agreement with Yarrow Bioscience for the development, production, and commercialization rights of the monoclonal antibody GenSci098 outside Greater China [1]. - The agreement includes an upfront payment of $120 million, consisting of a non-refundable, non-deductible payment of $70 million and a subsequent milestone payment of $50 million [1]. - SaiZeng Medical is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization achievements, along with over 10% sales royalties post-product launch [1]. Group 2: Financial Performance and Strategic Shift - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, has historically contributed approximately 83% of the company's revenue and 99.5% of its net profit, but is facing performance challenges due to increased competition in the growth hormone market [2]. - In the first three quarters of 2025, Changchun High-tech reported a net profit decline of 58.23%, partly due to a nearly 50% drop in Jinsai Pharmaceutical's net profit [2]. - The licensing agreement represents a significant step in the company's strategic transformation towards a diversified business model, moving from a reliance on growth hormones to a triad of growth hormones, innovative drugs, and revenue from R&D licensing [2]. Group 3: Market Potential - The market for the indications of thyroid eye disease and Graves' disease is substantial, with North America and the Asia-Pacific region accounting for over 65% of the global market share [3]. - The collaboration aims to leverage both parties' strengths to accelerate global development and maximize the commercial potential of GenSci098, aligning with international R&D standards [3].

Core Viewpoint - Changchun High-tech (000661) has seen a significant stock price increase following the announcement of a licensing agreement for the GenSci098 injection project, indicating a strategic move towards internationalization and diversification in its product offerings [1][2]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has entered into an exclusive licensing agreement with Yarrow Bioscience, which includes an upfront payment of $120 million, with $70 million being non-refundable [1][2][3]. - The agreement allows Yarrow to develop and commercialize GenSci098 outside of China, while Changchun retains rights for development and commercialization within China [2][3]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach up to $1.365 billion, in addition to a sales commission exceeding 10% of net sales once the product is launched [3][4]. - The financial performance of Changchun High-tech has faced challenges, with a reported revenue decline of 7.55% and a net profit drop of 43.01% last year, primarily due to decreased sales of its short-acting growth hormone product [6][7]. Group 3: Strategic Focus and Market Position - Changchun High-tech is focusing on expanding its product lines beyond growth hormones, targeting areas such as pediatrics, women's health, and anti-aging [6][7]. - The company has increased its R&D investment by 17.32% year-on-year, indicating a commitment to innovation and product development [6][7]. - The company is also pursuing international market expansion, having submitted a listing application to the Hong Kong Stock Exchange to raise funds for global collaboration and development [7].

Core Insights - Changchun High-tech has achieved a milestone in business development by signing an exclusive licensing agreement for the GenSci098 injection project with Yarrow Bioscience, Inc. [1] - The collaboration is a strategic move to integrate international resources and enhance global drug innovation participation [1][2] Financial Aspects - The agreement includes an upfront payment of $120 million, consisting of a non-refundable payment of $70 million and a subsequent milestone payment of $50 million [1] - Total potential milestone payments related to the exclusive license could reach up to $1.365 billion, with additional royalties exceeding 10% of net sales after product launch [1] Strategic Development - This partnership marks a significant transition for Changchun High-tech from a focus solely on growth hormone business to a diversified strategy that includes innovative drugs and revenue from business development [3] - GenSci098 is a humanized monoclonal antibody targeting thyroid-stimulating hormone receptors, currently in clinical trials for thyroid eye disease and Graves' disease [3] Market Potential - The global market for thyroid eye disease treatment is projected to grow from approximately $2.67 billion in 2025 to $5.45 billion by 2033, with a compound annual growth rate of about 9.34% [4] - The Graves' disease treatment market is expected to increase from $3.759 billion in 2025 to $6.037 billion by 2035, with North America and the Asia-Pacific region accounting for over 65% of the global market share [4] Research and Development - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, has maintained a consistent increase in R&D investment for 12 consecutive years, with R&D expenses projected to account for 22% of sales revenue in 2024 [5] - The company has developed a pipeline covering various fields, including endocrine metabolism, immunology, oncology, and women's health [5]

Core Viewpoint - Changchun High-tech is shifting away from its reliance on growth hormone revenue by engaging in external licensing agreements, marking a significant strategic move in its business model [1] Group 1: Licensing Agreement - Changchun High-tech's subsidiary, Shanghai Saizeng Medical Technology Co., Ltd., has signed an exclusive licensing agreement with Yarrow Bioscience, Inc. for the development and commercialization of the humanized TSH receptor antagonist monoclonal antibody GenSci098 (YB-101) outside of Greater China [1] - The agreement includes an upfront payment of $120 million, consisting of a non-refundable and non-deductible payment of $70 million and an additional $50 million for recent development milestones [1] - Saizeng Medical is eligible for up to $1.365 billion in milestone payments related to specific research, regulatory, and commercialization achievements, along with a sales commission exceeding 10% of net sales after product launch [1] Group 2: Clinical Trials - GenSci098 has received approval for clinical trials for thyroid eye disease in both China and the United States, set to commence in August 2024 [2] - The clinical trial application for treating Graves' disease has also been approved by the Chinese regulatory authority in October 2025 [2]