南财智讯10月31日电，长春高新在投资者关系活动中表示，公司多个在研管线取得积极进展，全球首创 超长效生长激素月制剂GenSci134I期临床正在进行，NK3R拮抗剂GenSci074已启动III期临床试验，PD-1 激动剂GenSci120预计明年进入二期临床。此外，多款抗体药物偶联物（BsADC）及AI设计新药的临床 试验申请已获受理，研发布局覆盖肿瘤、内分泌、女性健康及免疫等领域。 ...

Core Viewpoint - Changchun High-tech (000661) reported positive sales performance for its new products during an institutional conference call, highlighting the successful launch and sales of Jin Peixin and Meishiya products in the cancer treatment sector [1] Group 1: Product Launch and Sales Performance - Jin Peixin received approval by the end of June 2025 and began sales in mid-July, achieving sales revenue exceeding 55 million yuan in the third quarter of 2025 [1] - The company has established a sales team of over 200 people and is rapidly increasing its coverage in hospitals and distribution channels [1] Group 2: Market Strategy and Future Plans - The Meishiya product for cancer-related anorexia-cachexia syndrome has generated nearly 100 million yuan in sales revenue in the first three quarters of this year [1] - The company plans to actively promote the sales of related products in conjunction with the progress of national medical insurance negotiations [1]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 9.807 billion CNY, a decrease of 5.60% year-on-year [3] - Net profit attributable to shareholders was 1.165 billion CNY, down 58.23% compared to the previous year [3] - Subsidiary JinSai Pharmaceutical generated revenue of 8.213 billion CNY, a slight increase of 0.61%, but net profit decreased by 49.96% to 1.421 billion CNY [3] - Subsidiary Baike Bio reported revenue of 474 million CNY, a significant decline of 53.76%, with a net loss of 158 million CNY, down 164.76% [3] - Subsidiary Huakang Pharmaceutical's revenue was 542 million CNY, down 5.38%, with a net profit of 36 million CNY, an increase of 2.46% [3] - Subsidiary Gaoxin Real Estate achieved revenue of 544 million CNY, a decrease of 7.97%, with a net profit of 23,700 CNY, down 99.39% [3] New Product Developments - JinBeiXin (伏欣奇拜单抗), a new treatment for acute gouty arthritis, was launched in July 2025, generating over 55 million CNY in sales by Q3 2025 [5] - The product MeSiYa, targeting cancer-related cachexia, achieved nearly 100 million CNY in sales during the first three quarters of 2025 [5] - The company is focusing resources on promoting new products with high market potential to drive future growth [5] Collaborations and Partnerships - The company has partnered with ALK-Abelló A/S to expand its product pipeline in the respiratory allergy field, leveraging its sales channels for rapid promotion [6] - The collaboration includes both injectable and tablet forms of desensitization products, with plans to expedite clinical trials for the tablet version [6] Research and Development Pipeline - The company is advancing clinical trials in traditional areas like endocrine metabolism and women's health, as well as innovative directions in oncology and immunology [7] - Key projects include: - GenSci134, a long-acting growth hormone for adults, currently in Phase I trials [8] - GenSci098, a TSHR antagonist for thyroid conditions, progressing through Phase I trials [8] - GenSci120, a PD-1 agonist, expected to enter Phase II trials in early 2026 [8] - Multiple antibody-drug conjugates (BsADC) for various cancers are in the pipeline, with clinical trial applications submitted [8] H Share Listing Progress - The company submitted its H Share listing application to the Hong Kong Stock Exchange at the end of September 2025, receiving regulatory acceptance in mid-October [9]

Core Viewpoint - Changchun High New's Q3 2025 report indicates a decline in both revenue and net profit, highlighting potential challenges in the company's financial performance [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 9.807 billion yuan, representing a year-on-year decrease of 5.60% [1] - The net profit attributable to shareholders of the listed company was 1.165 billion yuan, down 58.23% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.269 billion yuan, reflecting a year-on-year decline of 55.33% [1]

Summary of Changchun High-tech Conference Call Company Overview - **Company**: Changchun High-tech - **Date**: October 30, 2025 Key Points Financial Performance - **Overall Revenue**: Approximately 9.8 billion RMB, with a profit of about 1.165 billion RMB [3] - **Jinsai Pharmaceutical**: Revenue remained stable at 8.213 billion RMB, profit down by approximately 50% [3] - **Baike Pharmaceutical**: Revenue impacted by the return of shingles vaccine, down 53% to about 474 million RMB, resulting in a loss of approximately 158 million RMB [2][3] - **Traditional Chinese Medicine Segment**: Revenue slightly decreased to 542 million RMB, but profit increased by 2% to 36 million RMB [3] - **Real Estate Segment**: Revenue decreased by 8% to 544 million RMB, maintaining a slight profit [3] Product Pipeline and Market Strategy - **Medicare National Negotiation Participation**: Products include long-acting growth hormone Jinsai Zeng, Meishiya, and Children's Golden Granules, with decisions based on pricing [2][5] - **Innovative Drug Pipeline**: Products like NK422 and NK27 have shown preliminary clinical data, with expectations for rapid growth in business development (BD) from 2026 to 2028 [2][6] - **Sales Performance of New Products**: Strong sales momentum for Fuxing Umbilical Monoclonal Antibody, Meishiya, and Children's Golden Granules [2][6] - **Allergy Treatment Collaboration**: Partnership with LK for dust mite desensitization treatment, with plans to establish allergy desensitization centers in major pediatric hospitals [2][7] Clinical Trials and Development - **PD-1 Agonist**: Currently in Phase I clinical trials, with plans for Phase II trials following data disclosure [13] - **Clinical Progress of Meishiya**: Used for cancer anorexia and cachexia treatment, currently enrolling for clinical trials [11] - **Growth Hormone Monthly Formulation**: Adult SAD trials progressing well, transitioning to pediatric CAD trials expected soon [11] Market Challenges and Opportunities - **Non-Entry into Medicare for Jinsai Zeng**: Decision based on anticipated unreasonable pricing from the government; plans to negotiate with commercial insurance [12][14] - **Sales Team Expansion**: Sales team has grown to over 200 members, aiming to cover more than 1,500 hospitals [10][17] - **Focus on Respiratory and Allergy Treatments**: Targeting major diseases like cystic fibrosis and chronic obstructive pulmonary disease (COPD) with innovative products [19] Future Outlook - **Growth Potential**: Despite short-term challenges, long-term growth potential remains strong, especially in innovative drug development and market expansion [21][24] - **Hong Kong Listing Progress**: Normal progress with documents submitted by September 30, aiming for successful issuance next year [22] - **Clinical Pipeline**: 41 clinical pipelines in development, focusing on maximizing potential through continuous R&D [25] Additional Insights - **Market Size for Allergy Treatments**: Approximately 20 million children in China suffer from moderate to severe allergic rhinitis, providing a substantial market opportunity [8] - **Sales Strategy**: Emphasis on professional promotion and market penetration to enhance product visibility and acceptance among healthcare providers [18] This summary encapsulates the key insights from the conference call, highlighting the financial performance, product pipeline, market strategies, and future outlook of Changchun High-tech.

Core Insights - Changchun Gaoxin reported a decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 9.807 billion yuan, representing a year-on-year decrease of 5.6% [1] - The net profit attributable to shareholders was 1.165 billion yuan, showing a significant year-on-year decline of 58.23% [1]

Core Viewpoint - Changchun High-tech (000661.SZ) reported a steady performance in the first three quarters of 2025, with revenue of 9.807 billion and net profit of 1.165 billion, despite a slight decline compared to the previous year, showcasing resilience in a complex market environment [1] Group 1: Financial Performance - The company achieved a revenue of 9.807 billion in the first three quarters, with a net profit of 1.165 billion [1] - The core subsidiary, Jinsai Pharmaceutical, contributed 8.213 billion in revenue, showing a slight year-on-year increase [1] Group 2: Research and Development - R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion, accounting for 17.68% of revenue [1] - The company has seen accelerated results from its R&D investments, with multiple IND approvals in September and October across various therapeutic areas [2] Group 3: Product Development and Market Expansion - Jinsai Pharmaceutical's innovative drug, "Jinbeixin," for acute gouty arthritis was approved in June, demonstrating significant clinical value and safety [2] - The company submitted a listing application to the Hong Kong Stock Exchange on September 29, marking a step towards international expansion [1][2] Group 4: Future Strategy - The funds raised from the IPO will support R&D for innovative pipelines, enhance global collaborations, and strengthen sales and marketing capabilities [3] - The company aims to maintain competitiveness in existing products while actively pursuing global clinical trials for innovative assets [3] - The upcoming Hong Kong listing is seen as a crucial milestone for the company's vision of becoming a leading innovative global pharmaceutical company [3]

Core Insights - Changchun High-tech reported a revenue of 9.807 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.60% [1] - The net profit attributable to shareholders was 1.165 billion yuan, down 58.23% year-on-year [1] - The company’s subsidiary, Jinsai Pharmaceutical, achieved a revenue of 8.213 billion yuan, a slight increase of 0.61%, but its net profit dropped by 49.96% to 1.421 billion yuan [1] Financial Performance - Changchun High-tech's subsidiaries showed varied performance: - Jinsai Pharmaceutical: Revenue of 8.213 billion yuan, net profit of 1.421 billion yuan [1] - Baike Biotechnology: Revenue of 0.474 billion yuan, net loss of 0.158 billion yuan [1] - Huakang Pharmaceutical: Revenue of 0.542 billion yuan, net profit of 0.036 billion yuan [1] - Gaoxin Real Estate: Revenue of 0.544 billion yuan, net profit of 0.0002327 billion yuan [1] - R&D expenses for the period amounted to 1.733 billion yuan, an increase from 1.41 billion yuan in the previous period [4] Strategic Developments - Changchun High-tech announced a collaboration between Jinsai Pharmaceutical and Denmark's ALK to develop and commercialize specific immunotherapy products in China [1][2] - The partnership aims to enhance Jinsai's pediatric business and strengthen its competitive advantage in the pediatric field [2] - The company has received multiple approvals for clinical trial applications for its products, indicating ongoing innovation and regulatory progress [2][3] Innovation and R&D Focus - The company has been actively adjusting its strategy and increasing investment in innovation, establishing core technology platforms with independent intellectual property rights [3] - It aims to cover the entire process of innovative drug design, screening, evaluation, process development, and formulation research, integrating artificial intelligence to enhance R&D efficiency [3] - The focus is on high-demand therapeutic areas, particularly in endocrine metabolism and pediatric fields, to support sustainable development and internationalization goals [3]

Group 1 - The core point of the article is that Changchun High-tech (000661.SZ) reported a decline in both revenue and net profit for the first three quarters of the year [1] Group 2 - The company's operating revenue for the first three quarters was 9.8 billion, representing a year-on-year decrease of 5.60% [1] - The net profit attributable to shareholders of the listed company was 1.16 billion, showing a significant year-on-year decline of 58.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.269 billion, which is a year-on-year decrease of 55.33% [1]

Core Insights - Changchun High-tech reported a decline in revenue and net profit for the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 9,806,612,946.27 yuan, representing a year-on-year decrease of 5.6% [1] - The net profit attributable to shareholders of the listed company was 1,164,879,903.07 yuan, which reflects a significant year-on-year decrease of 58.23% [1]