Core Viewpoint - Changchun High-tech's reliance on its subsidiary, Jinsai Pharmaceutical, raises concerns about governance issues amid rapid expansion, particularly regarding recruitment practices and potential favoritism [1][2]. Group 1: Company Overview - Jinsai Pharmaceutical, established in 1996, is a core subsidiary of Changchun High-tech, known for launching China's first recombinant human growth hormone, significantly reducing reliance on imports [1]. - The company has maintained a market share exceeding 80% in the growth hormone sector, with its main products contributing nearly 90% of its revenue in 2023 [1][2]. Group 2: Financial Performance - In 2023, Changchun High-tech reported revenue of 14.566 billion yuan, with Jinsai contributing 11.084 billion yuan, accounting for 76% of total revenue [2]. - Jinsai's net profit for 2023 was 4.514 billion yuan, representing 99.6% of the group's total profit, highlighting the company's heavy dependence on Jinsai's performance [2]. - Jinsai's revenue in 2024 decreased by 3.73% to 10.671 billion yuan, with net profit dropping by 40.67% to 2.678 billion yuan, indicating significant challenges ahead [2]. Group 3: Recent Developments - In Q1 2025, Jinsai achieved revenue of 2.617 billion yuan, a year-on-year increase of 5.94%, driven by improved market penetration of long-acting growth hormones [2][3]. - Despite revenue growth, net profit attributable to the parent company fell by 38.31% to 535 million yuan due to increased sales expenses and ongoing investments in R&D for new products [2][3]. - Jinsai is focusing on product structure optimization, with long-acting growth hormone sales increasing to 35% of total revenue, and a 60% growth in nutritional product sales [3]. Group 4: Strategic Initiatives - Jinsai is actively pursuing business diversification and international expansion, with overseas sales revenue increasing by 454% in 2024 [3]. - The company aims to strengthen its internal management and operational efficiency to better compete in the increasingly crowded growth hormone market [3].

Group 1 - The company has established a partnership with Tianlu Technology to create a new AI pharmaceutical company, Saiwu Jianfei, to enhance collaboration and expand related business [1] - The management highlighted that Meishiya possesses significant advantages in technology, clinical needs, and commercialization capabilities, with minimal competition in the short term as the only nano-formulation in a blue ocean market [1] - The company is actively promoting the approval process for its products, with the powder formulation expected to be approved this year, while similar products from competitors are still in clinical stages [2] Group 2 - The company has implemented a series of compliance management systems for recruitment and assessment over its 30-year development, addressing concerns about hiring practices and employee experiences [3] - The company plans to optimize a small portion of its workforce while ensuring the stability of its core team, aiming to enhance efficiency and reduce costs in alignment with its strategic planning [3] - The company is committed to responding to industry trends by increasing innovation investments and introducing cutting-edge pharmaceutical products and technologies across various sectors [2]

为进一步加强与投资者的互动交流，长春高新技术产业（集团）股份有限 公司（以下简称"公司"）将参加由吉林省证券业协会、深圳市全景网络有限公 司共同举办的"2025 年吉林辖区上市公司投资者网上集体接待日活动"，现将有 关事项公告如下： 证券代码：000661 证券简称：长春高新 公告编号：2025-055 长春高新技术产业（集团）股份有限公司 关于参加 2025 年吉林辖区上市公司投资者 网上集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP,参与本次互动交流。活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。 届时公司董事长姜云涛先生，董事、副总经理李秀峰先生，副总经理、财务总 监朱兴功先生、董事会秘书李洪谕先生将在线就公司 2024 年度及 2025 年第一 季度业绩、公司治理、发展战略、经营状况等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Views - The pharmaceutical index increased by 1.27% from May 12 to May 16, outperforming the CSI 300 index by 0.16% [5] - The report emphasizes the importance of innovation, international expansion, and the aging population as key growth drivers for the industry [38] - Long-term growth potential is highlighted for companies like Changchun High-tech, which has a strong sales capability and a developing innovative pipeline [5][9] Summary by Sections 1. Growth Hormones and Innovative Drug Pipeline - Changchun High-tech's stock price has experienced various phases since 2018, influenced by industry dynamics and pricing pressures from local procurement [9] - The company has maintained revenue above 10 billion CNY despite challenges, with a significant increase in R&D investment since 2020, totaling 8.5 billion CNY from 2020 to 2024 [12][13] - The innovative pipeline includes drugs for various conditions, with significant progress in clinical trials for products like Fuxin Qibai monoclonal antibody [18][24] 2. Industry Perspective - The pharmaceutical sector has shown resilience with a year-to-date increase of 2.48%, and a notable number of stocks have performed well [38] - The report identifies several key factors for future growth, including the maturation of domestic innovation, improved international competitiveness, and the increasing demand driven by an aging population [55] - The report suggests a focus on innovative pharmaceuticals, medical devices, and high-barrier industries as potential investment opportunities [5][6]

Investment Rating - The report suggests a positive outlook on the pharmaceutical industry, particularly focusing on innovative drugs and potential treatments for cancer cachexia [1][11]. Core Insights - The report highlights the complexity of cancer cachexia and the limited treatment options currently available, emphasizing the importance of developing targeted therapies [17][18]. - It identifies key companies to watch, including Changchun High-tech, Kexing Pharmaceutical, Sunshine Nuohuo, Shiyao Group, and Jinfang Pharmaceutical, which are involved in promising drug candidates [1][17]. - The report anticipates a structural bull market in the pharmaceutical sector, driven by innovative drugs and new technologies [3][14]. Summary by Sections 1. Industry Performance - The pharmaceutical index increased by 1.27% during the week of May 12-16, underperforming the ChiNext index but outperforming the CSI 300 index [1][12]. 2. Cancer Cachexia Insights - Cancer cachexia affects 60%-80% of cancer patients, with approximately 20% of these patients dying from it, highlighting the critical need for effective treatments [17]. - The report discusses the mechanisms of cancer cachexia, including metabolic abnormalities and inflammatory responses, which complicate treatment options [18][21]. 3. Potential Drug Targets - The report identifies GDF15/GFRAL and GHSR as key potential drug targets for cancer cachexia, with several companies developing therapies targeting these pathways [27][35]. - Notable drug candidates include ponsegromab by Pfizer, which has shown promising results in clinical trials [33]. 4. Investment Strategies - The report outlines investment strategies focusing on innovative drugs, including overseas big pharma, early-stage research, and undervalued generics [15][16]. - It emphasizes the importance of self-sufficiency and restructuring the supply chain within the pharmaceutical industry [5][14]. 5. Future Outlook - The report predicts a favorable trading atmosphere for the pharmaceutical sector in 2025, with a high likelihood of structural growth driven by innovative drugs and new technologies [3][14].

Group 1 - A total of 66 buy ratings were issued by institutions today, covering 65 stocks, with Dongshan Precision receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 23 provided future target prices, with 19 stocks showing an upside potential of over 20%, led by Luzhou Laojiao with a potential increase of 62.32% [1] - The average increase for stocks rated as buy today was 0.46%, outperforming the Shanghai Composite Index, with notable gainers including Yinlun Co., Longsheng Technology, and Zhongji Xuchuang [1][2] Group 2 - The pharmaceutical and biological industry was the most favored, with stocks like Yuyue Medical and Changchun Gaoxin making the buy rating list, while the power equipment and electronics sectors also attracted attention with 8 stocks each [2] - The stocks with buy ratings included a diverse range of industries, such as electronics, power equipment, and pharmaceuticals, indicating broad institutional interest [3][4] - Specific stocks like Luzhou Laojiao and Changchun Gaoxin were highlighted for their strong performance and potential, with the former showing a significant upside in target price [1][4]

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 107.53, while the current price is RMB 89.30 [1]. Core Insights - The report highlights that the company's increased investment in R&D and sales is impacting short-term profitability, with a focus on expanding indications for growth hormone and developing new pipelines [1][8]. - The company is expected to achieve revenue of RMB 13.47 billion in 2024, a decrease of 7.55%, and a net profit of RMB 2.58 billion, down 43.01% [8]. - The report adjusts the EPS forecast for 2025 and 2026 to RMB 6.72 and RMB 7.08 respectively, and introduces a new EPS forecast for 2027 at RMB 7.49 [8]. Financial Summary - The company is projected to have a revenue of RMB 14.19 billion in 2025, with a net profit of RMB 2.74 billion, reflecting a 6.1% increase from 2024 [5]. - The net profit margin is expected to decline due to increased R&D and sales expenses, as well as management costs associated with new business unit structures [8]. - The company's net asset return rate is projected to be 11.2% in 2024, down from 20.5% in 2023 [5]. Revenue and Profit Trends - The core subsidiary, Jinsai, is expected to generate revenue of RMB 10.67 billion in 2024, a decrease of 3.73%, with a net profit of RMB 2.68 billion, down 40.67% [8]. - The report notes a significant decline in sales for the shingles vaccine, with revenue expected to be RMB 1.23 billion in 2024, a drop of 32.64% [8]. R&D and Product Development - Jinsai is accelerating new product R&D and enhancing talent acquisition, which is increasing personnel and R&D costs, thereby reducing profitability [8]. - The company is expanding the applications of growth hormone in assisted reproduction and adult growth hormone deficiency, while also developing a diverse innovation pipeline [8].

Strategic Planning - The company emphasizes the importance of long-term strategic vision in innovative drug development, particularly in international expansion beyond the U.S. market [2] - The potential overseas transaction value for the company reached $14 billion by the end of 2024, highlighting the urgency of international business development [3] - The company is actively pursuing a strategic transformation to build a high-expectation, high-tech, and high-barrier second growth curve [3] Product Development - The company has a mature growth hormone industry with 12 approved indications, maintaining a leading market share in China [4] - The long-acting growth hormone product has undergone extensive clinical trials, demonstrating safety and efficacy over three years with over 10,000 real-world applications [4] - The company is expanding its product pipeline, with several new products expected to be approved in 2025, including liquid flu vaccines and long-acting follicle-stimulating hormones [6][7] Financial Performance - The company is experiencing increased expenses due to new product development and market promotion, which may impact short-term performance [13] - The company plans to control costs while ensuring the smooth implementation of strategic plans [14] - The company has a profit distribution plan for 2024, with a commitment to maintain a minimum dividend payout ratio of 40% [15] Research and Development - The company is focused on enhancing its R&D capabilities, with ongoing projects in various therapeutic areas, including pediatric and women's health [9] - The Shanghai R&D headquarters is under construction, aiming to consolidate global biopharmaceutical innovation resources [11] - The company is committed to increasing R&D investment sustainably while ensuring a favorable return on investment [10] Market Expansion - The company is prioritizing international market development, leveraging domestic strengths to enhance overseas sales [12] - The company is actively pursuing regulatory approvals for its products in foreign markets, adapting to varying requirements [12] - The company is exploring potential licensing opportunities for its innovative drugs [12] Operational Efficiency - The company is optimizing its sales team efficiency and focusing on core product lines to enhance commercialization capabilities [14] - The company is implementing cost-saving measures while maintaining a stable core team [18] - The company is transitioning its real estate operations towards a lighter asset model, integrating with its pharmaceutical projects [18] Governance and Compliance - The company adheres to strict regulations regarding related party transactions, ensuring transparency and compliance [20] - The company is committed to improving investor relations and information disclosure practices [20]

Investment Rating - The report maintains an "Outperform" rating for the company [1][8] Core Views - The company is increasing its investment in R&D and sales, which is expected to impact short-term profitability. The focus is on expanding indications for growth hormone and developing new pipelines [1][8] - The revenue forecast for 2024 is adjusted to RMB 13.47 billion, reflecting a decrease of 7.55%, with net profit expected to be RMB 2.58 billion, down 43.01% [8] - The target price is adjusted to RMB 107.53, based on a 2025 PE of 16X, reflecting a valuation discount compared to peers due to intensified competition in the growth hormone market [1][8] Financial Summary - The company reported a revenue of RMB 14.57 billion in 2023, with a projected decline to RMB 13.47 billion in 2024. The net profit for 2023 was RMB 4.53 billion, expected to drop to RMB 2.58 billion in 2024 [3][5] - The EPS forecast for 2025 is adjusted to RMB 6.72, with a new forecast for 2027 at RMB 7.49 [1][8] - The company's profit margin is declining due to increased R&D and sales expenses, as well as management costs associated with restructuring [8] Segment Performance - The core subsidiary, Jinsai, is expected to generate revenue of RMB 10.67 billion in 2024, down 3.73%, with a net profit of RMB 2.68 billion, a decrease of 40.67% [8] - The sales of the shingles vaccine from the Bick segment are projected to decline, with revenue expected to be RMB 1.23 billion in 2024, down 32.64% [8] - Ongoing R&D projects are progressing, with milestones achieved in various vaccine developments [8]

5月14日，长春高新举办2024年度及2025年第一季度网上业绩说明会。会上对于生长激素业务的成长空间问题，管理 层回复，基于目前实际患者用药情况及潜在市场空间等，公司对于生长激素产品销售持理性态度，并将持续积极推进 相关产品销售工作，努力确保核心产品经营稳定； 此外，目前公司正在积极推进战略转型，努力构建高预期、高科技、高壁垒的第二增长曲线，确保企业稳定、持续、 健康发展，由于新产品的研发、市场铺垫及推广工作使得目前相关费用有所增加，后续公司会努力在确保战略规划顺 利实施的同时合理控制相关费用。 谈及2025年新品的市场销售情况。管理层介绍，在研管线方面，目前公司已有多款包括1类创新药在内的在研产品进 入上市申请或临床研究阶段，后续公司将持续完善以儿童及女性健康为主的多领域管线布局，积极拓展技术产品覆盖 面，同时进一步发挥公司多年积累下来的品牌质量优势及营销服务体系优势等，努力打造公司"第二增长曲线"，在满 足市场需求中持续发展壮大。 同时，公司将继续拓展长效生长激素新适应症，积极开拓新领域、新市场，成人生长激素缺乏适应症处于III期临床试 验阶段；与司美格鲁肽联合用药用于增肌减脂相关适应症，目前处于研究者 ...