Core Viewpoint - Changchun High-tech has reported a significant decline in both revenue and net profit for the first time in 20 years, indicating a challenging financial situation for the company amid industry pressures [2][4][5]. Financial Performance - In the past year, Changchun High-tech achieved revenue of 13.466 billion yuan and a net profit of 2.583 billion yuan, representing declines of 7.55% and 43.01% year-on-year, respectively [2]. - The first quarter of 2025 continued this downward trend, with revenue and net profit again decreasing, with net profit dropping by 44.95% year-on-year [4]. Business Segments - The company operates in four main segments: biological products, vaccines, traditional Chinese medicine, and real estate, with the majority of its performance driven by its subsidiary, Jinsai Pharmaceutical, particularly in growth hormone products [7]. - In Q1 2025, Jinsai Pharmaceutical reported revenue of 2.617 billion yuan, a year-on-year increase of 5.94%, but its net profit fell by 38.31% [7]. Market Dynamics - The growth hormone market is facing increased competition with new entrants and products, which has led to a significant drop in Changchun High-tech's stock price from a peak of 497.54 yuan per share in 2021 to 85.24 yuan per share [5][9]. - The company is under pressure to diversify its product offerings, with plans to reduce the contribution of growth hormone products to 60% in five years and 30% in ten years [8]. Product Development - Changchun High-tech has been expanding the indications for its growth hormone products, which now cover 11 conditions, but this has not yet translated into improved financial performance [8]. - The long-acting growth hormone formulations are gaining traction, with their revenue share increasing to approximately 32% in 2024 and 35% in Q1 2025 [13]. Competitive Landscape - The growth hormone market is becoming increasingly competitive, with several new products approved for market entry, indicating a shift in the industry dynamics [9][10]. - The market remains focused on pediatric applications, but there is potential for expansion into adult indications, which could reshape the competitive landscape [10][12].

Core Viewpoint - The article discusses the challenges faced by Changchun High-tech, a major player in the growth hormone market, due to declining performance and increased competition, particularly from national procurement policies that have significantly reduced profit margins [5][10][12]. Financial Performance - In Q1 2025, Changchun High-tech reported revenue of 2.997 billion yuan, a year-on-year decline of 5.66%, and net profit dropped to 473 million yuan, a decrease of 44.95% [7]. - For the full year 2024, the company recorded revenue of 13.466 billion yuan, down 7.55%, and net profit of 2.583 billion yuan, down 43.01% [7]. - This marks the first time in nearly 20 years that the company has reported a decline in both revenue and net profit [7]. Market Dynamics - The growth hormone market has been significantly impacted by national procurement policies, which began in 2022, leading to substantial price reductions for Changchun High-tech's products [10]. - The introduction of volume-based procurement in 2023 further eroded profit margins, with prices for certain products dropping from 1,000 yuan to 300 yuan, resulting in a loss of approximately 70% of profit space [10]. Strategic Challenges - The company has heavily relied on its subsidiary, Jinsai Pharmaceutical, which has contributed around 80% of its revenue, but this segment has also seen declining performance [8][10]. - Jinsai Pharmaceutical's revenue for 2024 was 10.671 billion yuan, a decrease of 3.73%, and net profit fell by 40.67% to 2.678 billion yuan [7]. Cost Structure - Increased operational costs have been noted, with sales expenses rising by 30.60% to 1.212 billion yuan, management expenses up by 40.68% to 332 million yuan, and R&D expenses increasing by 21.80% to 514 million yuan [8]. - The number of sales personnel for Jinsai Pharmaceutical increased from 3,155 to 4,995, yet this did not prevent the decline in performance [8]. Future Strategies - The company is attempting to diversify its product offerings and expand the indications for its growth hormone products, including new approvals for various growth disorders [12][15]. - Changchun High-tech is also pursuing a multi-faceted transformation strategy, focusing on pediatric care, women's health, adult endocrinology, dermatology, and oncology [15]. - The company is investing in R&D for innovative drugs, such as an IL-1β drug for arthritis, which is expected to be approved this year [15]. Industry Context - The overall pharmaceutical industry is facing challenges related to innovation-driven transformation, with pressures from healthcare cost controls and a declining birth rate impacting market demand for growth hormones [16]. - The need for companies to balance investment and returns during this transition is critical, as not all firms will successfully navigate the shift towards innovative drug development [16].

从研发进展来看，长春高新的伏欣奇拜单抗已取得重要突破。目前，注射用伏欣奇拜单抗(粉剂)用于急 性痛风性关节炎的上市申请已于2024年4月获受理；同时，该药物针对全身型幼年特发性关节炎的适应 症已进入Ⅲ期临床试验阶段，针对结缔组织病相关间质性肺病的适应症也正处于Ⅱ期临床试验阶段。此 外，伏欣奇拜单抗注射液(水剂)用于急性痛风性关节炎的上市申请在2025年1月也已获受理。 长春高新（000661）(000661.SZ)子公司金赛药业相关市场部负责人此前接受媒体采访时指出，目前国 内痛风急性期治疗主要使用抗炎药(秋水仙碱、NSAIDs、糖皮质激素)和降尿酸药(别嘌醇、非布司他)。 前者易致胃肠道反应及肝肾损伤，后者虽能降尿酸但存在过敏、致死性皮炎等超敏反应综合征风险。值 得注意的是，FDA已明确要求，非布司他的药品说明书需增加黑框警告，提示其可能增加患者的死亡风 险。此外，除了上述药物，目前已上市的痛风石溶解药物普瑞凯希(Pegloticase)因价格昂贵和安全性问 题在国内也未普及。 针对这一临床需求，长春高新自主研发了一款抗白介素1β(IL-1β)单抗——伏欣奇拜单抗(曾用名金纳单 抗)，该药物属于治疗用生物制 ...

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 117.54 CNY per share [4][9]. Core Views - The company is currently undergoing an innovation transformation, which has led to short-term performance pressure. The revenue for 2024 decreased by 7.55% year-on-year to 13.466 billion CNY, and the net profit dropped by 43.01% to 2.583 billion CNY [2][3]. - The company has significantly increased its R&D investment, reaching 2.690 billion CNY in 2024, an increase of 11.20% year-on-year, which now accounts for 19.97% of its revenue [2][3]. - Several key innovative drug candidates are entering the commercialization phase, including applications for IL-1β monoclonal antibody and other products, indicating a positive outlook for future revenue growth [3]. Financial Summary - For 2024, the company reported a revenue of 13.466 billion CNY and a net profit of 2.583 billion CNY, with a projected revenue of 13.835 billion CNY and net profit of 2.821 billion CNY for 2025 [11]. - The earnings per share (EPS) for 2025 is estimated at 6.92 CNY, with a price-to-earnings (PE) ratio of 12.3 times [4][11]. - The company’s total market capitalization is approximately 34.79 billion CNY, with a circulating market capitalization of about 34.08 billion CNY [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月20日，长春高新披露2024年年报，公司2024年营收同比下滑7.55%，净利润暴跌43.01%；2025年一 季度，公司业绩颓势延续，净利润跌幅扩大至44.95%。这家曾被称为"东北药茅"的医药巨头，在生长激 素业务受集采重创、带状疱疹疫苗增长乏力的双重打击下，正经历上市28年来的至暗时刻。 营收、利润双双大幅下降 一季度仍未见企稳信号 长春高新2024年财报显示，公司全年营收134.66亿元，同比下降7.55%；归母净利润25.83亿元，同比暴 跌43.01%。结合往期业绩表现看，这是自2004年以来首次年度营收负增长，净利润则倒退至2019年水 平。更严峻的是，2025年一季度营收继续下降5.66%，净利润跌幅扩大至44.95%。 将业绩拆分至各个子公司来看，长春高新旗下主要有金赛药业、百克生物、华康药业、高新地产等子公 司。具体而言，四家公司分别从事基因工程生物药品、人用疫苗、中成药和化药的研发生产和销售以及 房地产的开发销售。其中，金赛药业、百克生物为核心子公司，为长春高新贡献了主要的营收及利润。 2024年，金赛药业实现 ...

《新证网》最新消息，Wind数据显示，截至4月21日19时，A股市场已有2323家上市公司发布了2024年年报， 其中多达1773家公司拟进行现金分红，占比高达76.32%。这一数据不仅彰显了A股上市公司积极回报投资者的 态度，也为市场注入了强大的信心动力。 IPG中国区首席经济学家、中国企业资本联盟副理事长柏文喜在接受《新证网》记者采访时表示，上市公司应 该在保证最低分红比例的基础上，根据未来经营情况提升现金分红比例，与投资者分享公司发展红利。上市公 司应该针对所处行业特点、发展阶段、自身经营模式、盈利水平、债务偿还能力、是否有重大资金支出安排和 投资者回报等因素，区分不同的情形，对应不同的现金分红比例。这样才能实现公司与投资者的共赢，促进资 本市场的健康发展。 多家公司拟转增股份，业绩增长成有力支撑 除现金分红外，不少公司还宣布拟转增股份。Wind数据显示，截至目前，A股共有146家上市公司拟转增股 份。 其中，新铝时代2024年年报显示，公司共实现营业收入19.06亿元，同比增长6.95%；实现归属于上市公司股东 的净利润1.93亿元，同比增长1.99%。公司拟向全体股东每10股派发现金红利10元（含税 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 106.80 RMB [7][8]. Core Views - The company is in a period of innovation and transformation, expecting to see significant growth in the long term despite short-term revenue and profit declines [1][2]. - The revenue for 2024 is projected to be 13.466 billion RMB, a decrease of 7.6% year-on-year, with a net profit of 2.583 billion RMB, down 43.0% year-on-year [1]. - The company is expected to face challenges in 2025, with a projected net profit decline due to increased sales and management expenses during the transition period [1][5]. Summary by Sections Financial Performance - The company reported a revenue of 29.97 million RMB and a net profit of 4.73 million RMB in Q1 2025, reflecting a year-on-year decline of 5.7% and 45.0% respectively [1]. - For 2025, the expected earnings per share (EPS) is 5.34 RMB, with a projected net profit of 2.180 billion RMB, a decrease of 15.61% year-on-year [5][12]. Revenue Drivers - The growth in revenue is anticipated from the sales of long-acting growth hormones and the gradual release of non-growth hormone products [1][2]. - The overseas market is expected to show significant growth, with a projected increase of 454% year-on-year in 2024 [2]. Cost Structure - The company is experiencing rising sales, management, and R&D expenses due to its innovation transformation, which is expected to continue impacting profitability in the near term [1][12]. - The projected sales expenses for 2025 are estimated at 5.016 billion RMB, reflecting a 13.0% increase year-on-year [13]. Market Position - The company is focusing on expanding its product pipeline, particularly in children's nutrition and other therapeutic areas, which are expected to drive long-term growth [2][3]. - The company is also advancing its vaccine pipeline, with several products in various stages of development [3].

Summary of Changchun High-tech Conference Call Company Overview - **Company**: Changchun High-tech - **Key Subsidiaries**: Jinsai Pharmaceutical, Baike Biological, Huakang Pharmaceutical Financial Performance - **2024 Revenue**: 135 billion CNY, a 41% year-on-year decline - **Net Profit**: Decreased to less than 26 billion CNY, a 43% decline - **Jinsai Pharmaceutical**: Revenue of 106 billion CNY, net profit of 26.78 billion CNY, down 41% year-on-year - **Baike Biological**: Revenue of 12 billion CNY, net profit of 2.32 billion CNY, down 54% year-on-year - **Huakang Pharmaceutical**: Revenue of 7.62 billion CNY, net profit of 52 million CNY, up 39% year-on-year - **Real Estate Sector**: Revenue of 7.5 billion CNY, profit of 150 million CNY Research and Development - **R&D Investment**: 2.7 billion CNY in 2024, an 11% increase year-on-year - **Capitalized R&D**: 2.167 billion CNY, a 26% increase year-on-year - **Pipeline**: 24 products across 28 indications, with 9 innovative drugs entering clinical trials - **New Products**: Liquid follicle-stimulating hormone and progesterone launched, with 2025 approval expected for Liraglutide and Long-acting FSH Market Dynamics - **Long-acting Growth Hormone**: Market competition intensifying, with strategies to increase long-acting product share and improve hospital access - **Sales Structure**: Long-acting formulations increased to 32%, while powder and water formulations accounted for 11-12% and 56%, respectively Strategic Decisions - **Termination of Stock Incentive Plan**: Accelerated recognition of 55 million CNY in expenses - **US Market Project**: Termination of a complex clinical project, resulting in a full impairment of 133 million CNY Non-Growth Hormone Business - **Revenue**: Approximately 1 billion CNY from non-growth hormone products - **Key Products**: Ovulation induction revenue close to 400 million CNY, nutrition products around 290 million CNY, with a growth rate of nearly 60% - **Future Goals**: Different targets set for various lines, aiming for breakeven by year-end Future Outlook - **2025 Q1 Performance**: Jinsai Pharmaceutical grew by 6%, but profits declined due to increased R&D and sales personnel - **Pain Management Product**: Fuxing Xipai monoclonal antibody shows promising clinical data, with significant pain reduction and lower recurrence rates for gout - **PD-1 Agonist Development**: Progressing in four indications, with plans for clinical trials Additional Insights - **Employee Incentives**: Despite halting stock incentives, the company is considering share buybacks and other compensation methods to attract talent - **Real Estate Strategy**: Focus on inventory digestion and light asset transformation to mitigate risks and improve cash flow Conclusion - Changchun High-tech is navigating a challenging market environment with strategic adjustments in R&D, product offerings, and market positioning to maintain competitiveness and drive future growth.

弘尚资产由来自公募基金的优秀团队和全球风险投资巨擘红杉资本联合创建，公司成立于2013年10月， 是红杉资本在中国唯一的权益证券资产管理平台。公司成立以来，凭借优秀业绩和稳健运作，屡获金阳 光、金长江及金牛奖等行业大奖，跻身国内知名阳光私募基金公司。弘尚资产专注于绝对收益目标的权 益类投资策略，以基本面研究驱动的权益类资产管理能力为核心竞争力，公司投研团队包括大型基金公 司高管、外资投研主管、金牛基金经理、新财富最佳分析师等资深投研大将。非投研板块的业务带头人 全部来自公募基金，具有深厚的管理经验和行业影响力，确保公司持续稳健发展。公司是中国基金业协 会会员，具备投顾资格。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：2024年度，公司实现营业收入134.66亿元，净利润25.83亿元。研发投入26.90亿元，销售费 用44.39亿元，管理费用12.02亿元。2025年一季度实现营业收入29.97亿元，净利润4.73亿元。生长激素 长效剂型收入占比提升至35%，营养品收入增长60%。多款创新药进入临床阶段，伏欣奇拜单抗已 ...