Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd. is strategically positioning itself in the innovative and diversified upgrade of the domestic biopharmaceutical industry, focusing on three key areas: growth hormone, diversified commercialization of innovative products, and international licensing of new drugs [2][10]. Group 1: Innovation and R&D - Innovation is the lifeline for the survival and development of the company, with a strong emphasis on R&D investment and commercialization of innovative results [3][5]. - Changchun High-tech has established a comprehensive innovation system that spans R&D, production, clinical trials, and commercialization, particularly in the field of growth hormones [5][6]. - The company has made significant strides in the growth hormone market, breaking foreign monopolies and developing a complete product line, including the first injectable human growth hormone in China [4][6]. Group 2: Diversification Strategy - The company is transitioning from a reliance on a single product to a diversified innovation strategy to address market competition and internal structural challenges [6][8]. - Changchun High-tech is expanding its business into pediatric care, women's health, and oncology, developing a full-service system in these areas [7][8]. - The company is also enhancing its product pipeline through its subsidiaries, focusing on differentiated advantages and a variety of clinical trials [7][8]. Group 3: Internationalization Efforts - Internationalization is a core strategy for the company, aiming to build a competitive edge in the global biopharmaceutical market [9][10]. - The company has established a strategic framework for international collaboration, focusing on co-developing products that meet global market demands [9][10]. - Changchun High-tech plans to accelerate its internationalization process by issuing H-shares and listing in Hong Kong, enhancing its global competitiveness [10].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHANGCHUN HIGH-TECH INDUSTRY (GROUP) CO., LTD. 長春高新技術產業（集團）股份有限公司 （「本公司」） （一家於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。您閱覽本文件，即代 表您知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處 長登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要 約或邀請，準投資者務請僅依據將呈交香港公司註冊處註冊的本公司招股章程作出投資決定； 有關文本 ...

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Group 1 - The core viewpoint of the news is that Changchun High-tech has seen a significant increase in its stock price, rising by 5.09% to 128.80 CNY per share, with a total market capitalization of 52.542 billion CNY [1] - Changchun High-tech was established on June 10, 1993, and listed on December 18, 1996. The company primarily engages in the research, production, and sales of biopharmaceuticals and traditional Chinese medicine, with a revenue composition of 92.83% from pharmaceuticals, 6.81% from real estate, and 0.36% from services [1] - The trading volume for Changchun High-tech reached 777 million CNY, with a turnover rate of 1.53% [1] Group 2 - According to data, one fund under CITIC Prudential has a significant holding in Changchun High-tech. The CITIC Prudential CSI 800 Pharmaceutical Index (LOF) A (165519) increased its holdings by 2,700 shares in the second quarter, bringing the total to 55,100 shares, which represents 2.18% of the fund's net value [2] - The CITIC Prudential CSI 800 Pharmaceutical Index (LOF) A (165519) was established on January 1, 2021, and has a current size of 235 million CNY. The fund has achieved a return of 28.93% this year, ranking 1892 out of 4220 in its category [2] - The fund manager, Huang Zhi, has been in charge for 7 years and 66 days, with the fund's total asset size at 3.01 billion CNY. The best return during his tenure was 146.63%, while the worst was -20.24% [3]

天风证券研报指出，长春高新与ALK合作，有望开启中国脱敏新时代。本次合作产品包括ALK自主开 发的2款变应原特异性免疫治疗产品和1款用于过敏原诊断的皮肤点刺试剂盒。中国拥有全球尘螨过敏患 者最大的患者人群，但中国过敏免疫疗法市场开发不足、缺乏创新产品。目前接受脱敏治疗的患者数量 不足100万，存在大量未满足临床需求。认为此次合作有望与金赛的生长激素产品形成协同，横向拓展 公司产品线。维持"买入"评级。 ...

Core Viewpoint - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has entered into a partnership with Denmark's ALK-Abelló A/S for the exclusive agency rights of three allergy immunotherapy products in mainland China, indicating a strategic move to capture a significant market opportunity in the allergy treatment sector [1] Group 1: Partnership and Product Details - The collaboration allows Jinsai Pharmaceutical to exclusively market ALK's three products in mainland China, with one subcutaneous injection already launched and a sublingual tablet currently in Phase III clinical trials [1] - The partnership is set to last until 2039, suggesting a long-term commitment to developing the allergy treatment market [1] Group 2: Market Potential - China is the largest market for dust mite desensitization therapy, with a total market size exceeding 1.1 billion RMB in 2023 and a compound annual growth rate (CAGR) of 12% over the next three years [1] Group 3: Product Pipeline and R&D Investment - Jinsai Pharmaceutical's Fuxin Qibai monoclonal antibody is the first fully human anti-IL-1β monoclonal antibody in China, expected to be approved by June 2025, addressing a gap in long-acting targeted therapies for gout [1] - Increased R&D investment has enabled Jinsai Pharmaceutical to attract new talent and establish a drug development platform focused on antibody-drug conjugates (ADC) for oncology [1] Group 4: Investment Rating - The company has been given a "Buy" investment rating, reflecting confidence in its growth prospects and strategic initiatives [1]

Market Overview - The biopharmaceutical sector experienced a decline of 0.21% on September 25, with Nossland leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aopu Mai (688293) with a closing price of 62.85, up 7.42% and a trading volume of 30,600 [1] - Rongchang Biotech (688331) closed at 108.50, up 3.43% with a trading volume of 89,200 [1] - Baipusais (301080) closed at 62.16, up 3.43% with a trading volume of 43,500 [1] - Major decliners included: - Nossland (430047) closed at 22.99, down 3.69% with a trading volume of 57,000 [2] - Wufan Biotech (301393) closed at 53.12, down 3.42% with a trading volume of 24,600 [2] - Kexing Pharmaceutical (688136) closed at 38.75, down 3.34% with a trading volume of 53,500 [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 45.07 million yuan [2] - Notable capital flows included: - Rongchang Biotech (688331) with a net inflow of 1.021 billion yuan from institutional investors [3] - Junshi Biosciences (688180) with a net inflow of 35.36 million yuan from institutional investors [3] - Aopu Mai (688293) with a net inflow of 9.41 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The collaboration with ALK-Abelló A/S aims to expand the desensitization treatment market, potentially creating new growth points for the company [5]. - The launch of Fuxin Qibai monoclonal antibody addresses the acute treatment of gout, filling a gap in the long-acting targeted therapy market in China [6]. - The company is increasing its R&D investment, particularly in the oncology sector, with a focus on developing new drugs based on ADC technology [7][8]. - Revenue forecasts for 2025-2027 are projected at 133.25 billion, 136.94 billion, and 137.85 billion yuan respectively, with corresponding EPS of 5.66, 5.88, and 6.00 yuan [9][11]. Summary by Sections Market Performance - The current stock price is 120.5 yuan, with a total market capitalization of 49.2 billion yuan and a total share count of 408 million [1]. Investment Highlights - The partnership with ALK allows the company to exclusively distribute three products in mainland China, enhancing its market share in the desensitization treatment sector [5]. - The pediatric market for allergy treatments is significant, with a prevalence rate of 18.46% among children aged 0-18 in China, indicating a strong potential for growth [5]. - Fuxin Qibai has shown promising clinical results, with a 90% reduction in gout recurrence risk at 12 weeks, suggesting a sales potential exceeding 20 billion yuan [6]. R&D Investment - In the first half of 2025, the company invested 1.335 billion yuan in R&D, a 17.32% increase year-on-year, representing 20.21% of its revenue [7]. - The increase in R&D spending is aimed at attracting new talent and establishing a new drug development platform focused on oncology [8]. Financial Projections - The company anticipates a decline in revenue growth rates, with a forecasted decrease of 7.6% in 2024, followed by a slight recovery in subsequent years [11]. - The projected net profit for 2025 is 2.308 billion yuan, reflecting a 10.6% decrease from the previous year [11].

Investment Rating - The investment rating for Changchun High-tech is "Buy" with a target price not specified [5] Core Views - The collaboration with ALK is expected to open a new era in desensitization treatment in China, focusing on allergen-specific immunotherapy products [1][2] - The partnership includes exclusive rights for three products in mainland China, with a collaboration period until December 31, 2039 [2] - The company is projected to have revenue of 135.96 billion, 141.92 billion, and 151.61 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 23.89 billion, 25.45 billion, and 28.09 billion CNY for the same years [3] Summary by Sections Collaboration Details - Changchun High-tech has signed a cooperation agreement with ALK to develop and commercialize allergen-specific immunotherapy products in China [1] - The products include subcutaneous allergen extracts and a skin prick test kit, with Changchun High-tech responsible for sales and promotion in the region [2] Market Potential - China has the largest population of dust mite allergy patients globally, yet the market for allergy immunotherapy is underdeveloped, indicating significant unmet clinical needs [3] Financial Projections - Revenue estimates for 2025-2027 are 135.96 billion, 141.92 billion, and 151.61 billion CNY, with net profits projected at 23.89 billion, 25.45 billion, and 28.09 billion CNY [3] - The company anticipates a decline in revenue and profit due to increased market competition, leading to a downward adjustment in previous forecasts [3] Financial Metrics - The company’s financial metrics include an expected revenue growth rate of 0.97% in 2025, followed by 4.38% and 6.83% in 2026 and 2027 respectively [4] - The projected earnings per share (EPS) for 2025 is 5.86 CNY, with a price-to-earnings (P/E) ratio of 20.58 [4]

Group 1 - The core viewpoint of the news is that Changchun High-tech has shown a significant stock performance with a year-to-date increase of 24.97%, despite a recent decline of 2.27% over the last five trading days [1] - As of September 24, the stock price reached 121.07 yuan per share, with a total market capitalization of 49.389 billion yuan [1] - The company has seen a net inflow of main funds amounting to 18.2718 million yuan, with large orders contributing significantly to the trading volume [1] Group 2 - Changchun High-tech's main business revenue composition is 92.83% from pharmaceuticals, 6.81% from real estate, and 0.36% from services [1] - As of June 30, the company reported a revenue of 6.603 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 0.54%, while the net profit attributable to shareholders was 983 million yuan, down 42.85% year-on-year [2] - The company has distributed a total of 4.791 billion yuan in dividends since its A-share listing, with 3.259 billion yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, the number of shareholders decreased by 12.78% to 109,100, while the average circulating shares per person increased by 14.66% to 3,662 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, holding 8.4381 million shares [3] - The company is categorized under the pharmaceutical and biological industry, specifically in the bioproducts sector, and is associated with various investment concepts such as Northeast revitalization and high dividend stocks [2]