Core Viewpoint - The pharmaceutical sector, particularly innovative drugs, experienced a significant surge on June 9, with related ETFs in the Hong Kong market rising collectively by over 4% in half a day, indicating high trading activity and investor interest [1]. Group 1: ETF Performance - The Hong Kong innovative drug ETFs saw substantial gains, with the following notable performances: - Guotai Innovative Drug ETF (517110) increased by 4.7%, with a trading volume of 814.38 million yuan and a scale of 4.29 million units [2][3]. - Hong Kong Innovative Drug ETF Fund (520700) rose by 4.65%, with a trading volume of 4.32 billion yuan and a scale of 2.18 million units [5]. - Hong Kong Innovative Drug 50 ETF (513780) gained 4.63%, with a scale of 4.2 million units [5]. - Hong Kong Innovative Drug ETF (513120) increased by 4.44%, with a trading volume of 49.82 billion yuan and a scale of 91.57 million units [6]. Group 2: Investment Logic - The investment logic for innovative drugs is driven by both domestic and international factors: - Domestic policies, such as the "腾笼换鸟" (Tenglong Huanniao) policy, are creating more payment space for innovative drugs, facilitating the import substitution process and providing better service and policy support for domestic innovative drugs [2]. - A significant number of innovative drug companies are expected to reach profitability this year, as high R&D investments begin to translate into revenue growth, leading to profit elasticity [2]. Group 3: Market Dynamics - Prior to Q3 2022, innovative drugs were largely overlooked by the market, with minimal research and trading activity, resulting in a bottoming out of asset prices and industry cycles [3]. - It is anticipated that innovative drugs will become a standard allocation for active pharmaceutical fund managers in the next two years, potentially attracting an additional 30-50 billion yuan in investment, while the current circulating market cap for innovative drugs is around 30 billion yuan [3]. Group 4: Index Composition - The CSI Hong Kong Innovative Drug Industry Index selects up to 50 publicly listed companies involved in innovative drug R&D in the Hong Kong market, reflecting the overall performance of these companies [7]. - Major weighted stocks in the index include: - BeiGene (6160.HK) with a weight of 11.99% - Heng Rui Medicine (600276) with a weight of 9.35% - WuXi AppTec (603259) with a weight of 9.31% [4][8].

Core Viewpoint - The controversy surrounding Kelong Pharmaceutical's product, Ergothioneine capsules, has raised questions about its legitimacy as a dietary supplement, with accusations of it being a "fake drug" by a prominent academic [1][6][8]. Financial Performance - In Q1 2025, Kelong Pharmaceutical reported a revenue of 4.39 billion yuan, a year-on-year decline of 29.42%, and a net profit of 584 million yuan, down 43.07% [2][10]. - The company's revenue for 2024 was 21.81 billion yuan, a slight increase of 1.67% year-on-year, while net profit reached 2.94 billion yuan, up 19.53% [9]. - Over the past three years, Kelong's sales expenses totaled 12.67 billion yuan, accounting for approximately 20% of its revenue during the same period [3][11]. Product and Market Position - Ergothioneine is marketed as a dietary supplement rather than a drug, with Kelong asserting its safety and efficacy based on scientific validation and international recognition [6][7]. - The product is priced at 1,499 yuan per bottle (60 capsules), claiming to have effects significantly greater than Vitamin C and Coenzyme Q10 [5]. Management and Compensation - Kelong's chairman, Liu Gexin, received a total compensation of approximately 820 million yuan over the past three years, including salary and dividends [4][12][13]. - Liu holds 379 million shares in the company, with a significant portion pledged as collateral, but the company asserts that there is no risk of forced liquidation [11].

Core Viewpoint - The company has approved a profit distribution plan for the 2024 fiscal year, which includes a cash dividend of 5.03 RMB per 10 shares for eligible shareholders, with specific tax considerations for different types of investors [1][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual general meeting on May 19, 2025, and is based on a total share capital of 1,598,053,372 shares, excluding 7,272,164 shares held in the company's repurchase account [1][2]. - The total cash dividend amount is calculated as 800,162,947.6240 RMB, resulting in a per-share cash dividend of approximately 0.5007110 RMB [3][4]. Shareholder Eligibility and Distribution Method - The eligible shareholders for the dividend are those registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 12, 2025 [5]. - The cash dividends will be distributed through the shareholders' custodial securities companies on June 13, 2025 [5]. Tax Considerations - The cash dividend distribution includes tax implications, with different rates applied to various categories of investors, including those holding shares through the Hong Kong market and domestic investors [3][4]. Ex-Dividend Price Calculation - The ex-dividend price will be adjusted based on the cash dividend per share, calculated as the closing price on the record date minus 0.5007110 RMB [5].

证券代码：002422 证券简称：科伦药业 公告编号：2025-047 四川科伦药业股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1.因四川科伦药业股份有限公司（以下简称"公司"）回购专用证券账户中 的股份不参与 2024 年度权益分派，公司本次实际现金分红的总金额=实际参与 分配的总股本×分配比例，即 800,162,947.6240 元=1,590,781,208 股×0.503 元/ 股。 2.本次权益分派实施后，根据股票市值不变原则，实施权益分派前后公司总 股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派 实施后除权除息价格计算时，按股权登记日的总股本折算的每股现金红利=实际 现金分红总金额÷股权登记日的总股本=800,162,947.6240 元÷1,598,053,372 股 =0.5007110 元/股，即：本次权益分派实施后的除权除息价格=股权登记日收盘价 -0.5007110 元/股。 一、 股东大会审议通过利润分配方案情况 公司2024年度权益分派方案已于20 ...

Core Viewpoint - The controversy surrounding the efficacy and legitimacy of the drug ergothioneine, marketed by Kelun Pharmaceutical, has intensified following critical remarks from renowned biologist Rao Yi, who labeled it a "fake drug" and questioned the marketing tactics employed by the company's chairman, Liu Gexin [2][3]. Group 1: Company Actions and Market Reactions - Following Rao Yi's critical article, Kelun Pharmaceutical's stock dropped by 4.96% in a single day [3]. - The marketing campaign featuring Liu Gexin showcasing his physique to promote ergothioneine gained significant attention, leading to a temporary surge in stock prices prior to the backlash [3][5]. - Kelun Pharmaceutical's subsidiaries, including Chuaning Biological, are involved in the production and marketing of ergothioneine, which has been described as a "new dark horse in anti-aging" [5]. Group 2: Regulatory and Scientific Context - Ergothioneine has not yet received approval or registration from China's National Market Supervision Administration, which raises questions about its classification and marketing as a health product [5][6]. - The company claims that an application for ergothioneine as a new food ingredient was accepted by the National Health Commission in May 2024, but it remains under review [5]. - A health industry insider noted that while ergothioneine is considered a health food in some countries, it is classified as a regular food in China, necessitating compliance with advertising regulations [6].

Core Viewpoint - The ongoing dispute between renowned biologist Rao Yi and Kelun Pharmaceutical regarding the classification of ergothioneine as a "fake drug" has escalated, with Kelun asserting that ergothioneine is recognized internationally as a dietary supplement rather than a drug, thus negating the "fake drug" claim [1][12]. Company Response - On June 6, Kelun Pharmaceutical published a response on its official WeChat account, stating its commitment to clarify misunderstandings with rigorous scientific data and emphasizing that ergothioneine is a health management tool [1]. - Kelun cited various authoritative journals and clinical studies to support its claims about ergothioneine's benefits, including research from the Leibniz Institute and Harvard Medical School, which suggest ergothioneine can mediate healthy aging through dual mechanisms [6][9]. Market Reaction - Following the controversy, Kelun Pharmaceutical's stock price fell by 0.74% to 37.47 yuan per share, resulting in a market capitalization of 598.79 billion yuan [2]. Clinical Evidence - Kelun referenced multiple clinical trials conducted in Japan, Singapore, and Sweden, demonstrating ergothioneine's efficacy in areas such as sleep health, cognitive health, skin anti-aging, and cardiovascular health [7][9]. - The results of these trials were published in reputable journals, with three out of four being top-tier in their respective fields [9]. Regulatory Context - Ergothioneine has been recognized as a novel food supplement in several countries, including the U.S. and Japan, with the U.S. FDA granting it GRAS (Generally Recognized As Safe) status [9]. - However, it is noted that while the National Health Commission of China has accepted an application for ergothioneine as a new food ingredient, it has not yet been approved [9]. Scientific Debate - Rao Yi challenged Kelun's claims, stating that without approval from the National Medical Products Administration, the promotion of ergothioneine could be misleading or deceptive [5][12]. - Kelun responded by arguing that the approval process for drugs differs from that of dietary supplements, emphasizing that ergothioneine serves a different purpose in health management [12].

Core Viewpoint - The controversy surrounding ergothioneine, a compound linked to anti-aging, has intensified following accusations of it being a "fake drug" due to lack of sufficient evidence for its approval as a medicine. Companies like Kelun Pharmaceutical and its subsidiary have defended ergothioneine's classification as a health management tool rather than a drug, citing international studies that support its potential benefits [1][2][4]. Industry Overview - The global market for ergothioneine is projected to exceed $810.4 million by 2027, with a compound annual growth rate (CAGR) of 36.17% from 2021 to 2027. The raw material market for ergothioneine is also expected to grow from $6.3 million in 2024 to $16.1 million by 2031 [1]. - Companies such as Huaxi Biological and Chuaning Biological are accelerating their production capabilities through synthetic biology to meet the rising demand for high-purity ergothioneine [2][8]. Product Positioning and Pricing - Ergothioneine is marketed as a dietary supplement rather than a drug, with Kelun's product priced at 1499 yuan for 60 capsules, while competitors like Jinsan Biological offer similar products at 539 yuan. Kelun justifies its pricing based on Japanese market standards and production costs [4][5]. - The compound is recognized as a fifth-generation antioxidant and is used in both topical and oral applications, often combined with other ingredients like hyaluronic acid and collagen peptides [3][6]. Scientific Research and Development - Despite claims of ergothioneine's anti-aging effects, there are gaps in scientific understanding regarding its mechanisms and clinical validation. Research indicates that while ergothioneine shows promise, further studies are needed to explore its effects and applications in medicine [2][8]. - Companies are investing in research to better understand ergothioneine's potential, with Huaxi Biological planning to invest 1.35 million yuan in related projects [7]. Production and Supply Chain - The production of ergothioneine has historically faced challenges due to low yields from natural sources, but advancements in synthetic biology are enabling domestic companies to increase production capacity. For instance, Chuaning Biological plans to establish a facility capable of producing 0.5 tons of ergothioneine annually [6][8]. - The majority of ergothioneine is produced through microbial fermentation or enzyme catalysis, with domestic firms achieving over 99% purity in their products [8].

Industry - The attractiveness of US assets is declining globally due to high foreign exchange hedging costs, leading investors to prefer their own country's bonds for better returns [1] - The US Treasury market is facing challenges from a deteriorating budget outlook and trade tensions, with foreign investors showing caution despite not fearing a default [1] - In the Hong Kong IPO market, 29 companies have listed this year, with 27 through IPOs, raising a total of HKD 77.346 billion, nearing last year's total [2] - Chinese investment banks are becoming dominant players in the Hong Kong IPO scene, with over half of the underwriting firms being Chinese, marking a shift from foreign banks [2] - A total of 171 companies have submitted applications to list on the Hong Kong Stock Exchange, with 145 currently in the hearing process [2] - In the electronics sector, 30 companies are expected to see net profit growth exceeding 50% this year, with significant interest from institutional investors [3] - The North American electronics industry's capital expenditures are expected to exceed forecasts, prompting domestic companies to follow suit [3] Company - Circle, the first stablecoin company, saw its stock surge 122.58% on its first day of trading on the NYSE, closing at USD 83.23, a 168.5% increase [4] - Circle's market capitalization exceeded USD 18 billion on its debut, with trading volume reaching approximately 46 million shares [4] - Controversy surrounds Kelun Pharmaceutical's ergothioneine capsules, with accusations of being a "fake drug" from a prominent academic, leading to a significant stock price increase for the company [5] - Following the death of its founder, Wahaha Group is undergoing a "de-Wahaha" transformation, with over 15 companies in its system ceasing operations and facing quality control issues [6]

Core Viewpoint - The article discusses the controversy surrounding the health product ergothioneine, with prominent biologist Rao Yi criticizing its promotion by Kelun Pharmaceutical, while Kelun defends its scientific validity and market positioning [2][3][4][8]. Group 1: Criticism of Ergothioneine - Rao Yi labels ergothioneine as a "fake drug" due to its lack of approval as a medicine, arguing that products without sufficient evidence should not be marketed as effective [4][5][6]. - Rao Yi expresses a general skepticism towards health supplements, stating that most promoted in China are misleading and detrimental to social ethics [11]. - Rao Yi criticizes the marketing tactics of Kelun's chairman, Liu Gexin, who used his physique to promote ergothioneine, suggesting it misleads the public into believing the product can deliver similar results [16][17]. Group 2: Kelun Pharmaceutical's Response - Kelun Pharmaceutical responds to Rao Yi's criticisms by emphasizing the scientific basis and safety of ergothioneine, citing its applications in various health domains such as sleep, cognition, skin aging, and cardiovascular health [7][13]. - The company outlines four key arguments in defense of ergothioneine: scientific validation, global regulatory backing, commitment to preventive medicine, and the promotion of industry standardization [7]. - Kelun highlights that ergothioneine has been recognized as a novel food supplement in developed regions, supported by clinical research published in top-tier journals [7][8].

Core Viewpoint - The controversy surrounding the promotion of ergothioneine by Kelun Pharmaceutical and the criticism from renowned biologist Rao Yi highlights the ongoing debate about the legitimacy and marketing practices of health supplements in the pharmaceutical industry [1][2][3]. Group 1: Criticism of Ergothioneine - Rao Yi labeled ergothioneine as a "fake drug" due to the lack of sufficient evidence for its approval as a legitimate medication, suggesting that it is being marketed as a health supplement to deceive consumers [2][3]. - Rao Yi criticized the marketing tactics employed by Kelun's chairman, Liu Gexin, who showcased his physique in advertisements for ergothioneine, arguing that such methods mislead the public into believing that the supplement can deliver similar results [7][8]. Group 2: Kelun Pharmaceutical's Response - Kelun Pharmaceutical responded to Rao Yi's allegations by emphasizing the scientific basis and safety certifications of ergothioneine, asserting that it has been validated through clinical research in various health domains [4][6]. - The company highlighted that ergothioneine is recognized as a novel dietary supplement in developed regions, countering Rao Yi's claims by stating that the lack of drug approval does not invalidate the efficacy of dietary supplements [4][6]. Group 3: Broader Implications for the Industry - The exchange between Rao Yi and Kelun Pharmaceutical reflects a larger issue within the health supplement industry, where the distinction between legitimate products and those lacking scientific backing is often blurred [3][6]. - Rao Yi's history of criticizing other pharmaceutical products indicates a pattern of scrutiny towards the marketing practices of health supplements, raising questions about consumer protection and regulatory standards in the industry [4][6].