Core Viewpoint - The leading companies in the growth hormone sector, Changchun High-tech and Anke Bio, are facing declining revenues and are seeking new growth avenues through diversification into other therapeutic areas [1][2][3]. Group 1: Company Performance - Both Changchun High-tech and Anke Bio reported a decline in revenue and net profit for 2024, with Changchun High-tech experiencing its first annual revenue drop in nearly 20 years, showing a 5.66% decrease in revenue and a 44.95% drop in net profit for Q1 2025 [2][3]. - Anke Bio's revenue and net profit also fell by over 10% in the previous year, with a 4% decline in both metrics for Q1 2025 [2][3]. Group 2: Market Dynamics - The growth hormone market in China has expanded significantly, from $600 million in 2018 to $1.7 billion in 2022, capturing 34% of the global market share, surpassing the United States [2]. - The introduction of price-cutting measures in 2022 has pressured the revenues of the two leading companies, leading to a contraction in their growth hormone business [2][3]. Group 3: Product Development and Diversification - Changchun High-tech and Anke Bio are both attempting to diversify their product lines beyond growth hormones, with Changchun High-tech planning to expand into pediatrics, women's health, and anti-aging sectors [4][5]. - Changchun High-tech's subsidiary, GenSci, has seen over 76% of its revenue coming from growth hormones, while Anke Bio's growth hormone sales account for nearly 70% of its total revenue [3]. - Both companies have initiated clinical trials for new products, with Changchun High-tech focusing on innovative drugs and Anke Bio expanding into antiviral and oncology treatments [5].

Core Viewpoint - The company has received FDA approval for clinical trials of GenSci128 tablets, a targeted therapy for patients with TP53 Y220C mutation in advanced or metastatic solid tumors [1][2]. Group 1: Drug Information - Product Name: GenSci128 tablets - Application: Clinical trial approval in the US - Acceptance Number: IND 174059 - Applicant: Changchun JinSai Pharmaceutical Co., Ltd. - Approval Conclusion: Permission granted for clinical trials in the US - Indication: Local advanced or metastatic solid tumors with TP53 Y220C mutation [1]. Group 2: Drug Mechanism and Development - GenSci128 is a class 1 new chemical drug designed as a selective reactivator for TP53 Y220C mutation, aiming to restore the normal conformation and function of the mutated protein [2]. - Preclinical data indicates that GenSci128 has good efficacy and safety [2]. - The drug has also been approved for clinical trials in China for the same indication [2]. Group 3: Company Impact - Successful progress in clinical trials could help the company expand its business structure, optimize product offerings, and enhance core competitiveness [3]. - The company will actively promote the research and development of this project and comply with disclosure obligations regarding project progress [4].

Group 1: Company Strategy and Development - The company aims to establish a globally influential biopharmaceutical group, focusing on innovation in the health sector and internationalization as a guiding strategy [2] - The company will enhance innovation investment and cooperation to cultivate new economic growth points, while also improving brand value and operational efficiency [2][3] - The company emphasizes a principle of "optimizing existing resources, enhancing new growth, and strengthening research and development" [2] Group 2: Product Development and Market Position - The company has approved 12 indications for its growth hormone products, maintaining a leading market share in China [4][5] - The long-acting growth hormone has undergone extensive clinical trials, demonstrating safety and efficacy with over 10,000 real-world applications [4] - The company is actively promoting its growth hormone products through educational initiatives to enhance understanding among healthcare professionals and patients [5] Group 3: Financial Performance and Investor Relations - As of April 30, 2025, the company has repurchased 3,894,517 shares, accounting for 0.95% of its total share capital, with a total transaction amount of approximately RMB 399.99 million [15] - The company is committed to optimizing resource allocation while controlling costs to ensure a balance between research investment and output efficiency [13][14] - The company will continue to enhance transparency in investor relations through various communication channels [15] Group 4: Research and Development - The company is focused on high-quality development through innovation, with plans to explore cutting-edge technologies and establish an intelligent research platform [10][14] - The company is preparing for European market applications for several products, including short-acting growth hormone and other innovative drugs [8] Group 5: Real Estate and Asset Management - The company is actively managing its real estate segment, focusing on inventory reduction and transitioning to a light asset operation model [11][12] - The real estate division is involved in urban renewal projects, integrating with the pharmaceutical sector to enhance resource utilization [11]

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Jinsai Pharmaceutical, received approval from the US FDA to conduct clinical trials for GenSci128 tablets, a selective reactivator targeting the TP53 Y220C mutation for treating locally advanced or metastatic solid tumors carrying this mutation [1] Group 1 - GenSci128 tablets have already been approved for clinical trials in China [1] - Successful progress in the clinical trial application will help the company broaden its business structure and optimize its product portfolio [1] - The development of GenSci128 is expected to enrich and enhance the strategic product line layout, thereby improving the company's core competitiveness [1]

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7798.06 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.26% in the past month, 2.71% in the past three months, and 4.75% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.23%), WuXi AppTec (16.45%), Pian Zai Huang (6.51%), Yunnan Baiyao (5.3%), Kelun Pharmaceutical (5.04%), East China Pharmaceutical (3.91%), New Horizon (3.59%), Changchun High-tech (3.57%), Shanghai Raist (3.34%), and Fosun Pharmaceutical (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.57% from the Shanghai Stock Exchange and 36.43% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: Chemical drugs (43.24%), Pharmaceutical and Biotechnology services (21.56%), Traditional Chinese medicine (18.83%), and Biological drugs (16.37%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the CSI 300 industry index samples [2]

Core Viewpoint - Changchun High-tech's reliance on its subsidiary, Jinsai Pharmaceutical, raises concerns about governance issues amid rapid expansion, particularly regarding recruitment practices and potential favoritism [1][2]. Group 1: Company Overview - Jinsai Pharmaceutical, established in 1996, is a core subsidiary of Changchun High-tech, known for launching China's first recombinant human growth hormone, significantly reducing reliance on imports [1]. - The company has maintained a market share exceeding 80% in the growth hormone sector, with its main products contributing nearly 90% of its revenue in 2023 [1][2]. Group 2: Financial Performance - In 2023, Changchun High-tech reported revenue of 14.566 billion yuan, with Jinsai contributing 11.084 billion yuan, accounting for 76% of total revenue [2]. - Jinsai's net profit for 2023 was 4.514 billion yuan, representing 99.6% of the group's total profit, highlighting the company's heavy dependence on Jinsai's performance [2]. - Jinsai's revenue in 2024 decreased by 3.73% to 10.671 billion yuan, with net profit dropping by 40.67% to 2.678 billion yuan, indicating significant challenges ahead [2]. Group 3: Recent Developments - In Q1 2025, Jinsai achieved revenue of 2.617 billion yuan, a year-on-year increase of 5.94%, driven by improved market penetration of long-acting growth hormones [2][3]. - Despite revenue growth, net profit attributable to the parent company fell by 38.31% to 535 million yuan due to increased sales expenses and ongoing investments in R&D for new products [2][3]. - Jinsai is focusing on product structure optimization, with long-acting growth hormone sales increasing to 35% of total revenue, and a 60% growth in nutritional product sales [3]. Group 4: Strategic Initiatives - Jinsai is actively pursuing business diversification and international expansion, with overseas sales revenue increasing by 454% in 2024 [3]. - The company aims to strengthen its internal management and operational efficiency to better compete in the increasingly crowded growth hormone market [3].

Group 1 - The company has established a partnership with Tianlu Technology to create a new AI pharmaceutical company, Saiwu Jianfei, to enhance collaboration and expand related business [1] - The management highlighted that Meishiya possesses significant advantages in technology, clinical needs, and commercialization capabilities, with minimal competition in the short term as the only nano-formulation in a blue ocean market [1] - The company is actively promoting the approval process for its products, with the powder formulation expected to be approved this year, while similar products from competitors are still in clinical stages [2] Group 2 - The company has implemented a series of compliance management systems for recruitment and assessment over its 30-year development, addressing concerns about hiring practices and employee experiences [3] - The company plans to optimize a small portion of its workforce while ensuring the stability of its core team, aiming to enhance efficiency and reduce costs in alignment with its strategic planning [3] - The company is committed to responding to industry trends by increasing innovation investments and introducing cutting-edge pharmaceutical products and technologies across various sectors [2]

为进一步加强与投资者的互动交流，长春高新技术产业（集团）股份有限 公司（以下简称"公司"）将参加由吉林省证券业协会、深圳市全景网络有限公 司共同举办的"2025 年吉林辖区上市公司投资者网上集体接待日活动"，现将有 关事项公告如下： 证券代码：000661 证券简称：长春高新 公告编号：2025-055 长春高新技术产业（集团）股份有限公司 关于参加 2025 年吉林辖区上市公司投资者 网上集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP,参与本次互动交流。活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。 届时公司董事长姜云涛先生，董事、副总经理李秀峰先生，副总经理、财务总 监朱兴功先生、董事会秘书李洪谕先生将在线就公司 2024 年度及 2025 年第一 季度业绩、公司治理、发展战略、经营状况等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资 ...

Investment Rating - The report suggests a positive outlook on the pharmaceutical industry, particularly focusing on innovative drugs and potential treatments for cancer cachexia [1][11]. Core Insights - The report highlights the complexity of cancer cachexia and the limited treatment options currently available, emphasizing the importance of developing targeted therapies [17][18]. - It identifies key companies to watch, including Changchun High-tech, Kexing Pharmaceutical, Sunshine Nuohuo, Shiyao Group, and Jinfang Pharmaceutical, which are involved in promising drug candidates [1][17]. - The report anticipates a structural bull market in the pharmaceutical sector, driven by innovative drugs and new technologies [3][14]. Summary by Sections 1. Industry Performance - The pharmaceutical index increased by 1.27% during the week of May 12-16, underperforming the ChiNext index but outperforming the CSI 300 index [1][12]. 2. Cancer Cachexia Insights - Cancer cachexia affects 60%-80% of cancer patients, with approximately 20% of these patients dying from it, highlighting the critical need for effective treatments [17]. - The report discusses the mechanisms of cancer cachexia, including metabolic abnormalities and inflammatory responses, which complicate treatment options [18][21]. 3. Potential Drug Targets - The report identifies GDF15/GFRAL and GHSR as key potential drug targets for cancer cachexia, with several companies developing therapies targeting these pathways [27][35]. - Notable drug candidates include ponsegromab by Pfizer, which has shown promising results in clinical trials [33]. 4. Investment Strategies - The report outlines investment strategies focusing on innovative drugs, including overseas big pharma, early-stage research, and undervalued generics [15][16]. - It emphasizes the importance of self-sufficiency and restructuring the supply chain within the pharmaceutical industry [5][14]. 5. Future Outlook - The report predicts a favorable trading atmosphere for the pharmaceutical sector in 2025, with a high likelihood of structural growth driven by innovative drugs and new technologies [3][14].