Core Points - The Bioeconomy Index (970038) closed at 2386.01 points, up 0.61%, with a trading volume of 28.528 billion yuan and a turnover rate of 1.76% [1] - Among the index constituents, 32 stocks rose while 18 fell, with Deep Technology leading the gainers at 10.01% and Xinlitai leading the decliners at 3.96% [1] Index Constituents Summary - Major constituents of the Bioeconomy Index include: - Mindray Medical (13.81% weight) at 248.24 yuan, up 1.04% [1] - Changchun High-tech (5.41% weight) at 129.25 yuan, down 0.58% [1] - Kanglong Chemical (4.66% weight) at 35.30 yuan, down 1.26% [1] - Deep Technology (4.08% weight) at 30.66 yuan, up 10.01% [1] Capital Flow Analysis - The Bioeconomy Index constituents experienced a net outflow of 224 million yuan from main funds, while retail investors saw a net inflow of 207 million yuan [3] - Notable capital flows include: - Deep Technology with a main fund net inflow of 28.4 million yuan [3] - Mindray Medical with a main fund net inflow of 80.8494 million yuan [3] - Other companies like Boteng Co. and Zhifei Biological also showed varying net inflows and outflows [3]

Core Viewpoint - Changchun High-tech aims to enhance its international presence and innovation capabilities by issuing H-shares for listing on the Hong Kong Stock Exchange, with funds primarily allocated for R&D, clinical trials, and international market expansion [1][3]. Fundraising Purpose - The funds raised will be used for two main directions: advancing the innovation pipeline, including clinical trials and regulatory affairs, and establishing a commercial team overseas for global collaboration and market expansion [1][3]. Financial Performance - Since 2022, Changchun High-tech's stock price has experienced significant fluctuations due to rumors surrounding the centralized procurement of growth hormones, culminating in a decline in both revenue and net profit for the first time in nearly two decades in 2024 [3]. Innovation Pipeline - The company has over 40 projects in clinical stages or IND applications, including 11 Class I innovative biological agents and 4 Class I innovative chemical drugs, focusing on endocrine and metabolic diseases, women's health, immune and respiratory systems, and oncology [3][4]. Key Products - GenSci134, a long-acting growth hormone, is currently undergoing Phase I clinical trials for adult growth hormone deficiency and has received IND approval for pediatric growth hormone deficiency and idiopathic short stature [4][5]. - GenSci074, an NK3R antagonist for treating vasomotor symptoms in menopausal women, is in Phase II clinical trials, with competition from other drugs in the same category [7][8]. Oncology Pipeline - The company is developing several innovative drugs targeting prostate, breast, and ovarian cancers, including GenSci139, GenSci140, and GenSci143, which are expected to enter Phase I clinical trials by Q4 2025 [10][11]. - GenSci139 targets low-expressing HER2 tumors and faces a competitive landscape with existing ADC therapies [11][12]. - GenSci140 aims to expand patient coverage for FRα-positive cancers and is the only FRα dual-target ADC in development in China [13][14]. - GenSci143 targets both B7-H3 and PSMA antigens, potentially offering broader patient coverage but is still in early development stages [15]. Other Therapeutic Areas - GenSci098 is a TSHR antagonist for treating thyroid-associated ophthalmopathy, indicating the company's diversification into immune and respiratory diseases [16].

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Viewpoints - The report continues to recommend innovative pharmaceuticals and medical devices along the industry chain [2][7] - The performance of the pharmaceutical sector in September 2025 was weaker than the broader market, with the SW Pharmaceutical Biotech index declining by 1.7% compared to a 0.6% increase in the Shanghai Composite Index [16][22] - The report highlights that the medical service sub-sector performed relatively well, increasing by 1.8%, while medical devices and chemical preparations saw slight declines [22] Summary by Sections - **Investment Recommendations**: The report includes a list of A-share stocks with an "Overweight" rating, including Heng Rui Pharmaceutical, Kelun Pharmaceutical, East China Pharmaceutical, Changchun High-tech, Enhua Pharmaceutical, WuXi AppTec, Tigermed, Lepu Medical, United Imaging Healthcare, and Huatai Medical [7][9] - **Performance Analysis**: The report notes that the monthly portfolio of Guotai Junan Pharmaceuticals outperformed the pharmaceutical index in September 2025, with an average increase of 1.1% compared to a 0.7% increase in the overall pharmaceutical index [12][13] - **Market Comparison**: The report indicates that the pharmaceutical sector's premium level relative to all A-shares is currently at a normal level, with a relative premium rate of 77.5% as of the end of September 2025 [26][28]

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted listing applications, those that have passed the hearing process, and new stocks that have been listed. Group 1: Companies Submitting Listing Applications - A total of 30 companies submitted listing applications to the Hong Kong Stock Exchange during the week from September 29 to October 5 [1] - Notable companies include: - Yantai Lannacheng Biotechnology Co., Ltd., a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment, reported revenues of approximately 1.027 million RMB for 2023 and a loss of about 112 million RMB [2][3] - XGIMI Technology Co., Ltd., the world's largest consumer-grade projector brand by revenue, reported revenues of approximately 4.22 billion RMB for 2022 and a profit of about 501 million RMB [2][3] - WeDoctor Holdings Limited, a leading digital health service provider in China, reported revenues of 1.368 billion RMB for 2022 and a loss of 909 million RMB [4][5] - Puyuan Precision Electronics Co., Ltd., the largest electronic measurement instrument supplier in China, reported revenues of approximately 631 million RMB for 2022 and a profit of about 92.5 million RMB [5][6] - Shenzhen Huanchuang Technology Co., Ltd., a leader in high-precision spatial perception solutions, reported a market share of over 50% in the laser radar products for robotic vacuum cleaners [6] Group 2: Companies Passing Hearing Process - Four companies passed the listing hearing this week: - Jushuitan Group Co., Ltd., the largest e-commerce SaaS ERP provider in China, reported revenues of approximately 523 million RMB for 2022 and a loss of about 507 million RMB [30][31] - Fujian Haixi New Drug Creation Co., Ltd., a commercial-stage pharmaceutical company, reported revenues of approximately 212 million RMB for 2022 and a profit of about 69 million RMB [30][31] - Beijing Tongrentang Medical Investment Co., Ltd., the largest non-public Chinese hospital group by market share, reported revenues of approximately 911 million RMB for 2022 and a loss of about 9.23 million RMB [32] - Beijing Yunji Technology Co., Ltd., a robotics service provider, reported revenues of approximately 161 million RMB for 2022 and a loss of about 365 million RMB [32][33] Group 3: New Stocks Listed - Three new stocks were listed on September 30: - Zijin Gold International, which saw a significant increase in market value, surpassing 350 billion HKD [35] - Xipuni, which had an oversubscription rate of 2505.9 times during its public offering [35] - Botai Che Lian, which also experienced a notable increase in stock price [35]

Core Viewpoint - Changchun High-tech is accelerating its plan for a Hong Kong IPO to seek new opportunities amid a significant decline in performance, marking the start of its "A+H" dual-platform listing journey [2][13]. Financial Performance - The company's market value has shrunk by approximately 157 billion RMB over five years, from over 210 billion RMB in May 2021 to 53 billion RMB as of September 30, 2025 [4]. - Revenue projections for 2022 to 2024 are approximately 12.63 billion RMB, 14.57 billion RMB, and 13.47 billion RMB, with net profits of 4.21 billion RMB, 4.78 billion RMB, and 2.71 billion RMB respectively. The first half of 2025 saw a revenue of 6.60 billion RMB and a net profit of 932 million RMB [5]. - Notably, revenue is expected to decline by 7.55% year-on-year in 2024, with net profit dropping by 43.01%. The mid-2025 net profit is projected to decrease by 42.85% year-on-year [5]. Market Challenges - The primary issue facing Changchun High-tech is performance volatility, largely due to over-reliance on growth hormone products [6][7]. - The introduction of centralized procurement policies has led to price reductions for growth hormone products, significantly impacting revenue [7]. - The growth hormone market in China has seen rapid expansion, growing from 4 billion RMB in 2018 to 11.6 billion RMB in 2023, with a compound annual growth rate of 23.9% [7][8]. Competitive Landscape - Changchun High-tech holds a 74% market share in the growth hormone sector, but faces increasing competition, particularly from long-acting growth hormone products, which are gaining market share at over 50% annually [8]. - The company’s vaccine business has also faced setbacks, with a 39.96% decline in revenue year-on-year for the first quarter of 2025 [9]. Strategic Moves - The company is pursuing a Hong Kong listing as a critical step in its internationalization strategy, aiming to enhance its funding for research and development, improve brand influence, and optimize shareholder structure [2][13]. - As of September, around 20 companies are planning to list in Hong Kong, indicating a growing trend among biopharmaceutical firms [12][14]. Future Outlook - The success of the Hong Kong IPO is seen as vital for transitioning from a regional leader to a global biopharmaceutical platform, with immediate benefits in financing and brand empowerment [16]. - However, the long-term value will depend on the company's ability to deliver on its product pipeline and expand into international markets [16].

Group 1 - The trend of A-share pharmaceutical companies listing in Hong Kong has intensified, with 27 new A-share companies submitting applications in September and a total of 78 A-share companies applying to list in Hong Kong this year [2] - Notable companies among the applicants include Lixun Precision (002475.SZ), Siasun (601127.SH), Muyuan Foods (002714.SZ), and Baillie Gifford (688506.SH), with 12 of them being large-cap stocks with market values exceeding 100 billion [2] - Changchun High-tech (000661.SZ), known as "Northeast Medicine King," submitted its prospectus for listing on the Hong Kong Stock Exchange on September 29, with a market value of 53 billion [2][4] Group 2 - Changchun High-tech has achieved a 34% increase in its A-share price year-to-date, but this is significantly lower compared to peers like Hengrui Medicine and Kailai Ying, which have already established dual financing platforms [3] - The company has a strong position in the short-acting human growth hormone (hGH) market, holding a 68.4% market share in 2024, with projected revenue of approximately 9.6 billion RMB from its hGH products [4][6] Group 3 - The Chinese hGH drug market is projected to reach 12.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030, significantly lower than the 17.6% growth rate from 2019 to 2024 [6] - Competition in the long-acting hGH market has intensified, with new products from companies like Teva and Novo Nordisk entering the market [8] Group 4 - Changchun High-tech has diversified its product portfolio, having launched over 45 commercialized drugs, including more than 20 first-in-class products in China [9] - The company has faced a decline in revenue for the first time since 2005, with a 7.55% decrease in 2024, and a further decline in the first half of 2025 [10][12] Group 5 - The company's reliance on a limited number of products has exposed vulnerabilities, as over 90% of its revenue comes from a few key products [14] - Despite the challenges, Changchun High-tech has increased its R&D spending by 30.2% to 1.155 billion RMB in the first half of the year, aiming to develop more innovative products [14]

Core Viewpoint - Changchun High-tech, known as "Northeast Yaomao," submitted an application for H-share listing on the Hong Kong Stock Exchange on September 29, which is expected to enhance its global strategic layout and accelerate internationalization [1] Company Summary - The listing in Hong Kong is anticipated to improve the company's financing capabilities abroad and deepen the exploration of its value [1] - The move is expected to facilitate the continuous realization of the company's innovative pipeline results and further advance its international layout, opening up new growth opportunities [1] - As of September 30, Changchun High-tech's stock price increased by 0.87%, reaching 130.02 yuan per share, with a market capitalization of 53 billion yuan [1]

Core Viewpoint - Changchun High-tech has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking a steady progress in its overseas listing process [1] Group 1: H-share Listing and Market Context - The company has filed for H-share listing, joining a trend of A-share companies accelerating their listings in Hong Kong, with notable examples including CATL and Hengrui Medicine [1] - Hengrui Medicine has received significant recognition from overseas investors, achieving a market premium of over 10% compared to its A-share value since its H-share listing [1] Group 2: Fundraising and Strategic Transformation - The H-share issuance will be exclusively sponsored by CITIC Securities International, with the fundraising aimed at supporting clinical trials, global collaborations, enhancing sales capabilities, and general corporate purposes [2] - The fundraising aligns with the company's strategic transformation towards becoming a leading innovative global pharmaceutical company, focusing on differentiated innovation in global markets [2][3] Group 3: Product Development and Market Potential - The company is advancing its innovative drug pipeline, including the recently approved drug for acute gouty arthritis, Jinbeixin, which has shown promising clinical results [4] - The Chinese gout medication market is projected to grow from RMB 1.8 billion in 2019 to RMB 3 billion in 2024, with an expected CAGR of 17.6% until 2030, indicating significant market potential for Jinbeixin [4] Group 4: R&D and AI Integration - The company is enhancing its sales and marketing capabilities while leveraging AI technology in drug discovery and process optimization to improve research efficiency and success rates [5] - Recent collaborations, such as with Danish company ALK for allergen-specific immunotherapy products, highlight the company's commitment to expanding its product offerings and market reach [5][6]

Core Viewpoint - Changchun High-tech has submitted an application for H-share listing on the Hong Kong Stock Exchange, which is expected to enhance its global strategy, accelerate internationalization, and improve its financing capabilities [1] Company Overview - Changchun High-tech is recognized as one of the few pharmaceutical companies in China with comprehensive capabilities in research, production, and commercialization across therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [3][4] - The company has developed a competitive and diversified product matrix, with over 45 commercialized drugs, including more than 20 first-in-class products globally or in China [4] Financial Performance - Revenue projections for Changchun High-tech show a steady increase, with expected revenues of 126.27 billion RMB in 2022, 145.66 billion RMB in 2023, and 134.66 billion RMB in 2024, maintaining over 100 billion RMB in sales for four consecutive years [4][5] - The gross profit margins are projected to be 88%, 86%, 85.7%, and 83.4% for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][5] Research and Development - The company has significantly increased its R&D investment, with a compound annual growth rate of 30.7% from 2012 to 2024, and R&D expenses are projected to account for 10.8%, 11.8%, 16.1%, and 17.5% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [6] - Changchun High-tech aims to deepen its presence in various therapeutic areas by continuously investing in innovation and accelerating the clinical development of candidate drugs [6] Market Opportunities - The global pharmaceutical market is steadily growing, with the Chinese innovative drug market expected to reach 1,171.5 billion RMB in 2024 and 1,950.5 billion RMB by 2030, reflecting a compound annual growth rate of 8.9% from 2024 to 2030 [8] - The company plans to enhance its global influence through high R&D investments, overseas licensing of innovative drugs, and diversification of its product portfolio [8]

Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd. announced the approval of its long-acting follicle-stimulating hormone injection, Jin Sai Jia®, which offers a new option for controlled ovarian stimulation in assisted reproductive technology [1][2]. Group 1 - Jin Sai Jia® has been approved for use in conjunction with gonadotropin-releasing hormone antagonists to induce multiple follicle development, replacing the need for daily injections with a single subcutaneous injection lasting seven days [1][2]. - The demand for assisted reproductive technology has been increasing, with the launch of the first domestically developed recombinant follicle-stimulating hormone in China, Jin Sai Heng®, in 2015, which required daily injections [1][2]. - The approval of Jin Sai Jia® will enhance the company's product portfolio in women's health, creating a complete range of recombinant follicle-stimulating hormone products, including powder, short-acting, and long-acting formulations [2]. Group 2 - Jin Sai Jia® utilizes gene fusion technology to achieve long-acting effects, significantly reducing the frequency of administration compared to short-acting formulations [2]. - The dosage of Jin Sai Jia® is customized based on age and weight, minimizing the risk of injection errors and improving patient compliance and treatment efficiency [2]. - Clinical trial results from Phase II and III indicate that Jin Sai Jia® demonstrates excellent efficacy and safety [2].