Core Viewpoint - Changchun Gaoxin announced a licensing agreement with Yarrow Bioscience for the GenSci098 injection project, which is expected to generate significant financial benefits for the company [1] Financial Summary - The agreement includes an upfront payment of $120 million, consisting of a non-refundable and non-offsettable payment of $70 million and a subsequent milestone payment of $50 million [1] - Additionally, the company is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization achievements [1] - After the product launch, the company will receive over 10% of net sales as a royalty [1]

Core Viewpoint - Changchun High-tech (000661) announced a licensing agreement with Yarrow Bioscience, Inc. for the GenSci098 injection project, which is expected to generate significant financial benefits for the company [1] Group 1: Financial Aspects - The agreement includes an initial payment of $120 million and potential milestone payments related to development, regulatory, and commercialization efforts [1] - Changchun High-tech could receive up to $1.365 billion in milestone payments related to the exclusive license [1] - After the product launch, the company will be entitled to receive over 10% of net sales as a royalty [1]

长春高新技术产业（集团）股份有限公司 关于下属公司签署 GenSci098 注射液项目独家许可协议的公告 GenSci098 注射液项目独家许可协议。同时，由 RTW Investments LP（以下简称 "RTW"）所管理的 Yarrow 母公司及其他三家相关投资公司作为本次独家许可 母公司担保事项的担保方也在协议上签字。 新纳入医保目录的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 一、交易概述 公司控股子公司长春金赛药业有限责任公司（以下简称"金赛药业"）授权 其下属全资子公司——上海赛增医疗科技有限公司（以下简称"赛增医疗"）作 为技术许可方，与被许可方 Yarrow Bioscience, Inc.（以下简称"Yarrow"）签订 1 证券代码：000661 证券简称：长春高新 公告编号：2025-153 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）下属 公 司 — — 上 海 赛 增 医 疗 科 技 有 限 公 司 与 Yarrow Bioscience, Inc. 签 订 GenSci098 注射液项目 ...

一、董事会会议召开情况 证券代码：000661 证券简称：长春高新 公告编号：2025-152 长春高新技术产业（集团）股份有限公司 第十一届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 1、长春高新技术产业（集团）股份有限公司（以下简称"公司"）第十一 届董事会第十五次会议于 2025 年 12 月 4 日以电话方式发出会议通知。 4、会议由董事长姜云涛先生主持，公司高级管理人员列席了本次会议。 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 经与会董事认真讨论，本次会议审议通过了《关于下属公司签署 GenSci098 注射液项目独家许可协议的议案》。 表决结果：9 票同意，0 票反对，0 票弃权。 近日，公司控股子公司长春金赛药业有限责任公司授权其下属全资子公司— —上海赛增医疗科技有限公司（以下简称"赛增医疗"）与 Yarrow Bioscience, Inc. 签订 GenSci098 注射液项目独家许可协议（以下简称"协议"）。根据协议，赛 增医疗预计可获得 ...

Group 1 - The core viewpoint of the article is that Changchun High-tech (SZ 000661) held its 15th meeting of the 11th Board of Directors on December 15, 2025, to review the proposal for signing an exclusive licensing agreement for the GenSci098 injection project [1] - For the first half of 2025, the revenue composition of Changchun High-tech is as follows: 92.83% from the pharmaceutical industry, 6.81% from real estate, and 0.36% from the service industry [1] - As of the time of reporting, the market capitalization of Changchun High-tech is 37.6 billion yuan [1]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

Core Viewpoint - Changchun High-tech (000661.SZ) faces a complex situation with a weak Q3 report and a favorable policy announcement regarding product inclusion in the national medical insurance directory for 2025, which may signal a shift in its performance despite significant profit declines [2][4]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 9.81 billion yuan, a decrease of 5.6% year-on-year, and a net profit attributable to shareholders of 1.16 billion yuan, down 58.23% [7][8]. - In Q3 alone, revenue was 3.20 billion yuan, reflecting a 14.55% decline, while net profit plummeted 82.98% to 182 million yuan [7][8]. - The company's net profit margin has dropped from 38.57% in 2020 to 10.81% in the first three quarters of 2025, despite maintaining a gross margin above 85% [7]. Market Dynamics - The inclusion of Changchun High-tech's core product, JinSaiZeng (long-acting growth hormone), in the national medical insurance directory is seen as a double-edged sword, potentially increasing market access but also leading to price reductions that could compress profit margins [3][4]. - The domestic growth hormone market is becoming increasingly competitive, with both multinational and local companies intensifying their efforts, which threatens the market barriers that Changchun High-tech has relied on [4][6]. Product Development and Innovation - JinSaiZeng has been included in the insurance directory for treating children with endogenous growth hormone deficiency, with a significant patient population of approximately 7.6 million in China [5]. - The company is also exploring diversification through new product lines, including an IL-1β monoclonal antibody and desensitization therapy products, although these initiatives are still in early stages and may not provide immediate financial relief [14]. IPO and Financing - Changchun High-tech has submitted an application for an IPO on the Hong Kong Stock Exchange, which would mark its seventh direct financing attempt since its listing in 1996, aiming to raise funds for innovation and operational needs [12][14]. - As of September 2023, the company's cash and cash equivalents have decreased by 50.70% year-on-year, totaling approximately 3.16 billion yuan [12].

Core Viewpoint - The inclusion of two drugs, JinSaiZeng and MeiShiYa, in the National Medical Insurance Directory for 2025 reflects the recognition of their clinical value and innovation by the National Healthcare Security Administration, which is expected to enhance market promotion and sales scale for the company [1][4]. Group 1: Drug Information - JinSaiZeng (Generic name: JinPei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, indicated for various growth disorders in children and is the only long-acting growth hormone product in China with over 150,000 real-world data supporting its long-term efficacy and safety [1]. - MeiShiYa (Generic name: Acetate Medroxyprogesterone Oral Suspension) is developed by Baosheng Pharmaceutical and authorized for exclusive distribution by JinSai Pharmaceutical, indicated for appetite loss in patients with acquired immunodeficiency syndrome and cachexia in cancer patients [3]. Group 2: Insurance Payment Scope - JinSaiZeng is covered for children with endogenous growth hormone deficiency (GHD) causing growth retardation, with the insurance payment standard effective from January 1, 2026, to December 31, 2027 [2]. - MeiShiYa is covered for appetite loss in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients, with the same insurance payment standard effective period [4]. Group 3: Impact on the Company - The inclusion of these drugs in the National Medical Insurance Directory is expected to positively impact the company's market presence and sales performance, although the exact financial implications remain uncertain at this time [4].

Core Insights - Changchun High-tech's subsidiary, Changchun JinSai Pharmaceutical, has two products newly included in the National Medical Insurance Directory: JinSaiZeng (long-acting growth hormone) and MeiShiYa (oral suspension of medroxyprogesterone acetate) [2][3] - JinSaiZeng is the world's first long-acting growth hormone approved in January 2014, with multiple indications beyond primary growth hormone deficiency, including Turner syndrome and idiopathic short stature [2] - MeiShiYa is developed by Bosheng Pharmaceutical and is indicated for appetite loss in AIDS patients and significant weight loss in cancer patients [3] R&D Investment and Strategy - In the first three quarters, Changchun High-tech's R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion yuan, with R&D accounting for 17.68% of total revenue [3] - This increase reflects the company's commitment to R&D and its transition towards becoming an innovative global pharmaceutical company [3] - The approval of clinical trial applications for GenSci142 capsules, aimed at treating bacterial vaginosis, indicates the company's efforts to diversify and optimize its product structure [3]

Core Viewpoint - Changchun High-tech (000661) has seen its stock price decline by 0.53% to 99.2 yuan, with a total market capitalization of 40.467 billion yuan as of December 8, 2025. The company announced that two of its products have been included in the National Medical Insurance Directory, which is expected to enhance their market potential and revenue streams [1]. Group 1 - Changchun High-tech's stock opened at 100.07 yuan, reached a high of 100.45 yuan, and a low of 99.02 yuan on the same day, with a trading volume of 5.43 billion yuan and a turnover rate of 1.37% [1]. - The company’s subsidiary, Jinsai Pharmaceutical, has received approval for its self-developed product, Jin Pei Sheng Growth Hormone Injection (brand name: Jin Sai Zeng), and the co-introduced product, Acetate Medroxyprogesterone Oral Suspension (brand name: Mei Shi Ya), to be included in the National Medical Insurance Directory [1]. - Jin Pei Sheng is specifically indicated for children with growth retardation due to endogenous growth hormone deficiency, while Mei Shi Ya is indicated for weight loss in AIDS patients with anorexia and cachexia [1]. Group 2 - The reimbursement standards for these newly included drugs will be effective from January 1, 2026, to December 31, 2027, with the new directory set to be implemented starting January 1, 2026 [1].