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 ...

Core Viewpoint - The recent policy announced by Trump to align U.S. drug prices with the lowest global prices could lead to a significant decrease in prescription drug prices in the U.S., potentially by 30% to 80%, raising concerns among pharmaceutical companies, especially those exporting to the U.S. [1][2] Group 1: Market Performance - As of May 13, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) rose by 2.42%, with notable increases in stocks such as BeiGene (06160) up 4.15% and Innovent Biologics (01801) up 3.14% [1] - The Hong Kong Pharmaceutical ETF (159718) opened high and increased by 2.04%, with a latest price of 0.70 yuan, and a one-month cumulative increase of 3.32% [1] - The CSI Pharmaceutical and Medical Device Innovation Index (931484) increased by 0.87%, with stocks like East China Pharmaceutical (000963) rising by 2.23% [4] Group 2: Trading Volume and Liquidity - The Hong Kong Pharmaceutical ETF had a turnover of 1.72% during the trading session, with a transaction volume of 4.0999 million yuan, and an average daily transaction volume of 95.7602 million yuan over the past month [1] - The latest scale of the Medical Innovation ETF (516820) reached 1.588 billion yuan [4] Group 3: Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index accounted for 60.54% of the index, including BeiGene (06160) and WuXi Biologics (02269) [5] - The top ten weighted stocks in the CSI Pharmaceutical and Medical Device Innovation Index represented 66.51% of the index, featuring companies like Hengrui Medicine (600276) and WuXi AppTec (603259) [8]

Company Overview - Changchun High-Tech Industry (Group) Co., Ltd. is a publicly listed company established in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was approved for its initial public offering of 19 million shares in December 1996 and is listed on the Shenzhen Stock Exchange [2][3] Corporate Structure - The registered capital of the company is RMB 407,937,529 [3] - The company is structured as a long-term existing joint-stock company with a legal representative being the chairman [3][4] - The company has established a Party Committee and a Disciplinary Inspection Committee to ensure political leadership and compliance with regulations [5][6] Governance and Responsibilities - The company’s governance structure includes a board of directors, supervisory board, and senior management, with specific roles and responsibilities outlined in the articles of association [4][6] - The Party Committee is responsible for political construction, ensuring alignment with the central government's policies, and overseeing major company decisions [6][9] - The Disciplinary Inspection Committee is tasked with maintaining party discipline and overseeing anti-corruption efforts within the company [7][8] Business Objectives and Scope - The company aims to develop a diversified business model focusing on biopharmaceuticals and related industries, with real estate as a supplementary sector [11] - The operational scope includes the development, production, and sales of high-tech products, new drug development, and various consulting services [11] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, with obligations to comply with laws and regulations [17][18] - The company maintains a shareholder registry to ensure transparency and accountability in shareholder rights [17] Share Issuance and Capital Management - The company has a total of 68.64 million ordinary shares, with specific ownership distribution among founders, public investors, and employees [13][30] - The company can increase capital through various methods, including issuing new shares and distributing stock dividends, subject to shareholder approval [33][34] Meeting Regulations - The company holds annual and extraordinary shareholder meetings, with specific procedures for notification, proposal submission, and voting [56][60] - Shareholder meetings are conducted in compliance with legal requirements, ensuring all shareholders can participate and voice their opinions [60][61]

证券代码：000661 证券简称：长春高新 公告编号：2025-053 监事会议事规则 本规则经 2024 年年度股东大会审议通过 目 录 第一章 总则 第一条 为规范公司监事会的议事方法和程序，保证监事会工 作效率，行使监事会的职权，发挥监事会的监督作用，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司治理准则》（以 下简称"《治理准则》"）、《长春高新技术产业（集团）股份有限 公司章程》（以下简称"公司章程"）及其他有关法律法规规定，制 订本规则。 第二条 公司设立监事会。监事会依据《公司法》等法律法规 和公司章程赋予的权利行使监督职能。 第三条 本规则对公司全体监事、监事会指定的工作人员、列 席监事会会议的其它有关人员都具有约束力。 第二章 监事会的组成和产生 长春高新技术产业（集团）股份有限公司 第四条 公司设监事会。监事会由3名监事组成，其中1人出任 监事会主席。监事任期3年，可以连选连任。监事会主席的任免由过 半数的监事表决通过。 第五条 监事会成员由1-2名股东代表和1名职工代表组成。股 东代表监事由股东会选举及罢免，职工 ...

证券代码：000661 证券简称：长春高新 公告编号：2025-049 长春高新技术产业（集团）股份有限公司 2024 年度股东大会决议公告 3、会议的召开方式：本次会议表决采取现场投票及网络投票相结合的方式。 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开日期和时间：2025年5月12日下午2:00； （2）通过互联网投票系统的起止日期和时间：2025年5月12日上午9:15至当 日下午3:00期间的任意时间； （3）通过交易系统进行网络投票的起止日期和时间：2025年5月12日上午 9:15-9:25，9:30-11:30和13:00-15:00； 2、现场会议召开地点：吉林省长春市高新海容广场B座（东蔚山路与震宇街 交汇处）27层报告厅。 4、会议召集人：公司董事会 5、会议主持人：公司董事长姜云涛先生 6、本次会议召开符合有关法律、行政法规、部门规章、规范性文件和公司 章程的规定。 二、会议 ...

北 京 大 成 （ 长 春 ） 律 师 事 务 所 关 于 长 春 高 新 技 术 产 业 （ 集 团 ） 股 份 有 限 公 司 2024 年 度 股 东 大 会 的 法 律 意 见 书 大成（长）证字[2025]第 13-1 号 北 京 大 成 （ 长 春 ） 律 师 事 务 所 www.ccdachenglaw.com 长春市生态大街 3777 号明宇金融广场 A4 座 5 层 5th Floor A4 Building Mingyu financial plaza 3777 Shengtai Street Jingyue District 130012 Changchun China 北京大成（长春）律师事务所 关于长春高新技术产业（集团）股份有限公司 2024 年度股东大会的法律意见书 大成（长）证字[2025]第 13-1 号 致：长春高新技术产业（集团）股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东会 规则》（以下简称"《股东会规则》"）等法律、行政法规和其他有关规范性文件的 要求，北 ...

证券代码：000661 证券简称：长春高新 公告编号：2025-052 长春高新技术产业（集团）股份有限公司 董事会议事规则 本规则经 2024 年度股东大会审议通过 2025 年 5 月修订 | ਨ | | --- | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 董事会组成 1 | | 第三章 | 董事会职权 2 | | 第四章 | 董事会会议 6 | | 第五章 | 董事会秘书 13 | | 第六章 | 附则 15 | 第一章 总则 董事任期从就任之日起计算，至本届董事会任期届满时为止。董 事任期届满未及时改选，在改选出的董事就任前，原董事仍应当依照 法律、行政法规、部门规章和《公司章程》的规定，履行董事职务。 公司董事可以由高级管理人员兼任，但兼任高级管理人员职务的 董事以及由职工代表担任的董事，总计不得超过公司董事总数的二分 之一。 1 第五条 董事长由全体董事的过半数选举产生和罢免 第六条 董事长行使下列职权： （一）主持股东会和召集、主持董事会会议； 第一条 为了进一步规范长春高新技术产业（集团）股份有限公 司（以下简称"公司"）董事会议事方式和决策程序，促使董事和董 ...

证券代码：000661 证券简称：长春高新 公告编号：2025-051 长春高新技术产业（集团）股份有限公司 股东会议事规则 经 2024 年度股东大会审议通过 2025 年 5 月修订 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 股东会的召集 2 | | 第三章 | 股东会的提案与通知 4 | | 第四章 | 股东会的召开 5 | | 第五章 | 监管措施 12 | | 第六章 | 附则 12 | 第一章 总则 第五条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的六个月内举行。临时股东会 不定期召开，出现以下情形时，应当在两个月内召开临时股东会： （一）董事人数不足《公司法》规定人数或者公司章程所定人数 的三分之二时； 第一条 为规范长春高新技术产业（集团）股份有限公司（以下 简称"公司"）行为，保证股东会依法行使职权，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）等有关法律、行政法规和《长春高新技术 产业（集团）股份 ...