Core Points - Company will participate in the "2025 Zhejiang Listed Companies Investor Online Reception Day" on May 13, 2025, to enhance interaction with investors [1][2] - The event will feature discussions on the company's 2024 annual report and Q1 2025 performance, governance, development strategy, operational status, equity incentives, and sustainability [2] - Investors are encouraged to submit questions in advance to ensure targeted communication during the event [2] Event Details - The online event will be held from 15:00 to 17:00 on May 13, 2025, and can be accessed via the "Panorama Roadshow" website or app [1] - Key company executives, including the Chairman and General Manager, will be present to address investor concerns within the scope of information disclosure [2] - A question collection page is available for investors to submit their inquiries by May 12, 2025 [2]

关于参加2025年浙江辖区上市公司投资者网上集体接待日暨 2024年度及2025年第一季度业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 华东医药股份有限公司（以下简称"公司"）2024 年年度报告已于 2025 年 4 月 18 日发布，2025 年第一季度报告已于 2025 年 4 月 25 日发 布。为进一步加强与投资者的互动交流，公司将参加由浙江证监局指 导，浙江上市公司协会主办，深圳市全景网络有限公司承办的"2025 年 浙江辖区上市公司投资者网上集体接待日暨 2024 年度及 2025 年第一季 度业绩说明会"，现将相关事项公告如下： 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（https://rs.p5w.net），或关注微信公众号：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 13 日（周二） 15:00-17:00。 届时公司董事长兼总经理吕梁先生、董事会秘书陈波先生、财务负 责人邱仁波先生、独立董事黄简女士、独立董事王如伟先生、独立董事 高向东女士（如有特殊情况， ...

Core Insights - The latest net value of ICBC Frontier Medical Stock A (001717) is 2.8300 yuan, reflecting a decrease of 1.77% [1] - The fund has shown a one-month return of 5.28%, ranking 400 out of 471 in its category; a three-month return of 8.06%, ranking 71 out of 471; and a year-to-date return of 7.56%, ranking 113 out of 469 [1] Fund Holdings - The top ten holdings of ICBC Frontier Medical Stock A account for a total of 59.05%, with the largest positions being: - Heng Rui Medicine (10.11%) - Kelun Pharmaceutical (8.01%) - WuXi AppTec (7.72%) - BeiGene (6.85%) - Xinlitai (4.90%) - Zai Lab (4.77%) - Yuyue Medical (4.60%) - New Horizon Health (4.36%) - East China Pharmaceutical (4.20%) - Haizhi Pharmaceutical (3.53%) [1] Fund Overview - ICBC Frontier Medical Stock A was established on February 3, 2016, and as of March 31, 2025, it has a total scale of 9.081 billion yuan [1] - The fund manager is Zhao Bei, who has extensive experience in the healthcare sector [2]

Core Insights - The company reported a total revenue of 41.906 billion yuan for 2024, representing a year-on-year growth of 3.16% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 3.352 billion yuan, showing a year-on-year increase of 22.48% [1] - The fourth quarter alone generated revenue of 10.428 billion yuan, with a year-on-year growth of 1.94%, and a net profit of 870 million yuan, reflecting a significant year-on-year increase of 42.7% [1] Segment Performance - **Industrial Segment**: Achieved revenue of 13.811 billion yuan, a year-on-year increase of 13.05%, with a net profit of 2.876 billion yuan, up 29.04% [1] - **Industrial Microbiology**: Recorded sales revenue of 711 million yuan, marking a substantial year-on-year growth of 43.12% [1] - **Commercial Segment**: Generated revenue of 27.092 billion yuan, with a modest year-on-year increase of 0.41% [1] - **Medical Aesthetics Segment**: Reported revenue of 2.326 billion yuan, a decline of 4.94% year-on-year, although domestic medical aesthetics business saw an increase of 8.32% to 1.139 billion yuan [1] Innovation Pipeline - In the oncology field, the self-developed ROR1 ADC product HDM2005 received FDA orphan drug designation, with multiple innovative ADC projects planned for submission in mid-2025 [2] - In the endocrine field, the oral GLP-1 receptor agonist HDM1002 achieved positive phase II results, with plans to start phase III clinical trials in April 2025 [2] - The company is also advancing in autoimmune and rare diseases, with the self-developed product HDM3010 currently in phase III clinical trials for vitiligo [2] Financial Projections - The company is expected to achieve revenues of 45.199 billion yuan, 48.905 billion yuan, and 52.035 billion yuan for the years 2025 to 2027, respectively [3] - The net profit attributable to the parent company is projected to be 4.041 billion yuan, 4.545 billion yuan, and 5.173 billion yuan for the same period [3] - Corresponding price-to-earnings ratios are estimated at 16.75, 14.89, and 13.08 times for 2025 to 2027 [3]

Group 1: WanTai Bio - WanTai Bio announced that its HIV urine self-test kit has received prequalification (PQ) certification from the World Health Organization (WHO), marking it as the first HIV antibody urine self-test kit globally to achieve this status [1] - This certification allows the product to participate in procurement projects by the United Nations and other global multilateral organizations, enhancing the company's international competitiveness [1] - The recognition from WHO is expected to boost investor confidence in the company's research and market potential [1] Group 2: East China Pharmaceutical - East China Pharmaceutical's subsidiary received approval from the National Medical Products Administration (NMPA) for the clinical trial of HDM2005, an antibody-drug conjugate targeting ROR1 for treating diffuse large B-cell lymphoma (DLBCL) [2] - The drug is currently in the fifth dose escalation phase of its clinical trial in China, with no dose-limiting toxicities reported so far [2] - The approval of HDM2005's clinical trial represents a significant advancement in the company's research and development in the oncology field [3] Group 3: GuiChuang TongQiao - GuiChuang TongQiao announced that it will remove the "B" designation from its stock name starting May 9, 2025, indicating that it no longer falls under the category of unprofitable companies [4] - This change reflects the company's achievement of higher operational and performance standards, which is expected to enhance its influence in the capital market and investor recognition [4]

华东医药股份有限公司 证券代码：000963 证券简称：华东医药 公告编号：2025-039 关于全资子公司获得药物临床试验批准通知书的公告 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。 2025 年 5 月 6 日，华东医药股份有限公司（以下简称"公司"） 全资子公司杭州中美华东制药有限公司（以下简称"中美华东"）收到 国家药品监督管理局（NMPA）核准签发的《药物临床试验批准通知 书》（通知书编号：2025LP01259），由中美华东申报的注射用HDM2005 临床试验申请获得批准，现将有关详情公告如下： 一、该药物基本信息 | 产品名称 | 注射用HDM2005 | | --- | --- | | 申请事项 | 临床试验 | | 注册分类 | 治疗用生物制品1类 | | 受理号 | CXSL2500175 | | 适应症 | 本品联合利妥昔单抗、环磷酰胺、多柔比星（或表柔比 星）和泼尼松（R-CHP）治疗既往未经系统性治疗的弥 | | | 漫大B细胞淋巴瘤（DLBCL） | | 申请人 | 杭州中美华东制药有限公司 | | 结论 | 根据《中华人民共和 ...

Core Viewpoint - The approval of the clinical trial for HDM2005 marks a significant advancement in the company's drug development process, enhancing its core competitiveness in the oncology treatment sector [1] Group 1: Clinical Trial Approval - The company's wholly-owned subsidiary, Hangzhou Sino-American East Pharmaceutical Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for HDM2005 [1] - HDM2005 is an antibody-drug conjugate (ADC) targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1), used in combination with rituximab, cyclophosphamide, doxorubicin (or epirubicin), and prednisone (R-CHP) for treating previously untreated diffuse large B-cell lymphoma (DLBCL) [1] Group 2: Clinical Trial Progress - The drug has received approval for clinical trials in both China and the United States, with indications for advanced malignancies [1] - Currently, the drug is in the I phase of clinical trials in China, having completed the first four dose escalations without any dose-limiting toxicities (DLT), and is now in the fifth dose escalation stage [1] Group 3: Regulatory Milestones - In February 2025, HDM2005 received orphan drug designation from the FDA for the indication of mantle cell lymphoma (MCL) [1] - The approval of this clinical trial is a crucial step in the product's development, which is expected to strengthen the company's position in the oncology market [1]

Group 1 - The company, East China Pharmaceutical Co., Ltd., will hold an investor reception day on May 15, 2025, to enhance communication with investors and provide insights into its development strategy, operational results, and financial status [1][10]. - The reception will take place after the annual general meeting, from 15:30 to 17:00, at the company's new building in Hangzhou, Zhejiang Province [1][12]. - Investors must register for the event by May 14, 2025, and present identification documents upon arrival [2][5]. Group 2 - The company will collect questions from investors in advance to ensure a focused discussion during the reception [5]. - Key personnel attending the meeting include the Chairman and General Manager, Vice Presidents, and other senior executives [4]. - The company emphasizes compliance with Shenzhen Stock Exchange regulations, requiring attendees to sign a confidentiality agreement [3]. Group 3 - The annual general meeting will also be held on May 15, 2025, from 14:00 to 15:00, with both on-site and online voting options available [12][24]. - The meeting will review various proposals, including related party transactions, with specific voting procedures outlined for shareholders [19][20]. - Shareholders must register between May 9 and May 13, 2025, to participate in the meeting [21].

Investment Rating - The report indicates a cautious outlook for the pharmaceutical sector in 2024 and early 2025, with a strong focus on the innovative drug segment as a key investment opportunity [1][5]. Core Insights - The pharmaceutical sector is expected to face continued pressure on overall performance and profit margins due to factors such as healthcare payment environment, industry regulation, and changing consumer conditions in 2024 and Q1 2025 [1][18]. - Despite the challenges, there is optimism for a recovery in the pharmaceutical sector in the second half of 2025, driven by easing pressures from policies and fundamentals, leading to a potential turnaround in performance and stock prices [1][21]. - The innovative drug segment is highlighted as a primary focus for investment, with expectations for significant growth and valuation recovery for leading companies in this space [2][5]. Summary by Sections Pharmaceutical Sector Overview - The innovative drug segment is performing well, with leading companies like BeiGene and Hengrui Medicine showing strong revenue and business development (BD) income growth [2][22]. - The overall pharmaceutical sector is under pressure, with profit margins declining, except for the innovative drug segment which is experiencing independent growth [1][18]. Biopharmaceuticals - The biopharmaceutical sector is facing challenges, but there are opportunities for growth in specific areas such as long-acting interferons and insulin products, which are expected to see a turnaround [2][4]. Retail Pharmacy - The retail pharmacy sector is showing signs of marginal improvement, with expectations for a gradual return to normal growth in 2025 [2][4]. Medical Services and Aesthetic Medicine - The medical services and aesthetic medicine sectors are experiencing a mild recovery, with expectations for sustained performance in 2025 [3][4]. Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to improve gradually throughout the year, following a challenging 2024 [4][12]. Medical Devices - The medical device sector is anticipated to recover gradually, with significant growth expected from overseas market expansion [4][12]. Investment Recommendations - The report emphasizes the importance of focusing on innovative drug opportunities throughout 2025, particularly in companies with strong international capabilities and those involved in business development [5][21].

Core Viewpoint - The A-share pharmaceutical and biotechnology sector demonstrated resilience in 2024 despite a complex external environment, with innovative drugs entering a phase of realization and development progress catalyzing growth, unaffected by trade wars, positioning it as a key investment theme for 2025 [1][8]. Overall Performance - A-share pharmaceutical and biotechnology companies reported stable performance, with total revenue in 2024 reaching 2.47 trillion yuan, slightly down from 2.50 trillion yuan in 2023, and a net profit attributable to shareholders of 140.26 billion yuan [2][3]. Revenue Breakdown - The overall sector had 499 companies, with a total revenue of 24,651.04 billion yuan in 2024, reflecting a year-on-year decrease of 1.50%. The first quarter of 2025 saw total revenue of 6,037.04 billion yuan, down 6.14% year-on-year [3]. - Sub-sectors such as chemical pharmaceuticals, pharmaceutical commerce, and medical devices achieved positive revenue growth in 2024, while only the medical services sector showed positive growth in Q1 2025 [4]. Individual Company Performance - Among the companies, 234 reported revenue growth in 2024, with 59 companies exceeding a 20% increase. In terms of net profit, 231 companies saw growth, with 140 exceeding 20% [5]. - Shanghai Pharmaceuticals achieved revenue of 275.25 billion yuan in 2024, up 5.75%, with a net profit of 4.55 billion yuan, a 20.82% increase. The company also reported a significant increase in R&D investment [5]. - Jiuzhoutong reported revenue of 151.81 billion yuan in 2024, a 1.11% increase, driven by stable growth in its pharmaceutical distribution business and rapid growth in emerging sectors [6]. Market Attention - The pharmaceutical and biotechnology sector has garnered significant market attention since April, with many companies receiving institutional research interest, particularly those involved in innovative drugs [7]. - Huadong Medicine's recent annual report and Q1 performance attracted considerable institutional investor interest, focusing on product development and future industry trends [7]. Investment Outlook - Analysts remain optimistic about innovative drugs, overseas expansion, and the clearing of procurement policies, suggesting that the sector is entering a growth phase with potential in insulin, orthopedics, and certain generic drug companies [8]. - The market is expected to see increased activity in mergers and acquisitions as the pharmaceutical market undergoes a phase of concentration [8].