证券日报网讯 12月15日晚间，长春高新发布公告称，公司第十一届董事会第十五次会议审议通过《关 于下属公司签署GenSci098注射液项目独家许可协议的议案》。 （文章来源：证券日报） ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

Core Viewpoint - Changchun High-tech stated that the company's operational situation should be based on official announcements, and any disclosures meeting the legal requirements will be made accordingly [2] Summary by Categories - **Company Operations** - The company emphasized that its operational status should be verified through official announcements [2] - It committed to fulfilling disclosure obligations as per legal regulations if any conditions warrant such disclosures [2]

Core Viewpoint - Changchun Gaoxin announced a licensing agreement with Yarrow Bioscience for the GenSci098 injection project, which is expected to generate significant financial benefits for the company [1] Financial Summary - The agreement includes an upfront payment of $120 million, consisting of a non-refundable and non-offsettable payment of $70 million and a subsequent milestone payment of $50 million [1] - Additionally, the company is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization achievements [1] - After the product launch, the company will receive over 10% of net sales as a royalty [1]

Core Viewpoint - Changchun High-tech (000661) announced a licensing agreement with Yarrow Bioscience, Inc. for the GenSci098 injection project, which is expected to generate significant financial benefits for the company [1] Group 1: Financial Aspects - The agreement includes an initial payment of $120 million and potential milestone payments related to development, regulatory, and commercialization efforts [1] - Changchun High-tech could receive up to $1.365 billion in milestone payments related to the exclusive license [1] - After the product launch, the company will be entitled to receive over 10% of net sales as a royalty [1]

长春高新技术产业（集团）股份有限公司 关于下属公司签署 GenSci098 注射液项目独家许可协议的公告 GenSci098 注射液项目独家许可协议。同时，由 RTW Investments LP（以下简称 "RTW"）所管理的 Yarrow 母公司及其他三家相关投资公司作为本次独家许可 母公司担保事项的担保方也在协议上签字。 新纳入医保目录的公告 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。 重要内容提示： 一、交易概述 公司控股子公司长春金赛药业有限责任公司（以下简称"金赛药业"）授权 其下属全资子公司——上海赛增医疗科技有限公司（以下简称"赛增医疗"）作 为技术许可方，与被许可方 Yarrow Bioscience, Inc.（以下简称"Yarrow"）签订 1 证券代码：000661 证券简称：长春高新 公告编号：2025-153 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）下属 公 司 — — 上 海 赛 增 医 疗 科 技 有 限 公 司 与 Yarrow Bioscience, Inc. 签 订 GenSci098 注射液项目 ...

一、董事会会议召开情况 证券代码：000661 证券简称：长春高新 公告编号：2025-152 长春高新技术产业（集团）股份有限公司 第十一届董事会第十五次会议决议公告 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。 1、长春高新技术产业（集团）股份有限公司（以下简称"公司"）第十一 届董事会第十五次会议于 2025 年 12 月 4 日以电话方式发出会议通知。 4、会议由董事长姜云涛先生主持，公司高级管理人员列席了本次会议。 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 经与会董事认真讨论，本次会议审议通过了《关于下属公司签署 GenSci098 注射液项目独家许可协议的议案》。 表决结果：9 票同意，0 票反对，0 票弃权。 近日，公司控股子公司长春金赛药业有限责任公司授权其下属全资子公司— —上海赛增医疗科技有限公司（以下简称"赛增医疗"）与 Yarrow Bioscience, Inc. 签订 GenSci098 注射液项目独家许可协议（以下简称"协议"）。根据协议，赛 增医疗预计可获得 ...

2025年1至6月份，长春高新的营业收入构成为：制药业占比92.83%，房地产占比6.81%，服务业占比 0.36%。 截至发稿，长春高新市值为376亿元。 每经AI快讯，长春高新（SZ 000661，收盘价：92.06元）12月15日晚间发布公告称，公司第十一届第十 五次董事会会议于2025年12月15日以现场结合通讯方式召开。会议审议了《关于下属公司签署 GenSci098注射液项目独家许可协议的议案》等文件。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

Core Viewpoint - Changchun High-tech (000661.SZ) faces a complex situation with a weak Q3 report and a favorable policy announcement regarding product inclusion in the national medical insurance directory for 2025, which may signal a shift in its performance despite significant profit declines [2][4]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 9.81 billion yuan, a decrease of 5.6% year-on-year, and a net profit attributable to shareholders of 1.16 billion yuan, down 58.23% [7][8]. - In Q3 alone, revenue was 3.20 billion yuan, reflecting a 14.55% decline, while net profit plummeted 82.98% to 182 million yuan [7][8]. - The company's net profit margin has dropped from 38.57% in 2020 to 10.81% in the first three quarters of 2025, despite maintaining a gross margin above 85% [7]. Market Dynamics - The inclusion of Changchun High-tech's core product, JinSaiZeng (long-acting growth hormone), in the national medical insurance directory is seen as a double-edged sword, potentially increasing market access but also leading to price reductions that could compress profit margins [3][4]. - The domestic growth hormone market is becoming increasingly competitive, with both multinational and local companies intensifying their efforts, which threatens the market barriers that Changchun High-tech has relied on [4][6]. Product Development and Innovation - JinSaiZeng has been included in the insurance directory for treating children with endogenous growth hormone deficiency, with a significant patient population of approximately 7.6 million in China [5]. - The company is also exploring diversification through new product lines, including an IL-1β monoclonal antibody and desensitization therapy products, although these initiatives are still in early stages and may not provide immediate financial relief [14]. IPO and Financing - Changchun High-tech has submitted an application for an IPO on the Hong Kong Stock Exchange, which would mark its seventh direct financing attempt since its listing in 1996, aiming to raise funds for innovation and operational needs [12][14]. - As of September 2023, the company's cash and cash equivalents have decreased by 50.70% year-on-year, totaling approximately 3.16 billion yuan [12].