炎症性肠病（inflammatory bowel disease, IBD）包括溃疡性 结肠炎（ulcerative colitis, UC）和克罗恩病（Crohn's disease, CD），是一种特发性累及胃肠道的慢性炎症性疾病,由多种病因引起， 疾病特点为炎症活动及复发交替，需长程乃至终身治疗，且常需要多 学科共同参与诊治，为个人及社会带来沉重的负担。 除了传统的美沙拉嗪和糖皮质激素，目前我国获批可用于 UC 的 证券代码：002653 证券简称：海思科 公告编号：2025-137 海思科医药集团股份有限公司 关于获得创新药 HSK44459 片新增适应症 《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内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）于近日收到 国家药品监督管理局下发的《药物临床试验批准通知书》，现将基本 情况公告如下： | 药品名称 | 剂型 | 申请事项 | 适应症 | 受理号 | | --- | --- | --- | --- | --- | | HSK44459 | 片剂 | 境内生产药品 | ...

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of HSK44459 tablets, which are aimed at treating inflammatory bowel disease, including ulcerative colitis and Crohn's disease [1] Group 1 - HSK44459 tablets are a new small molecule drug developed by the company specifically for inflammatory bowel disease [1] - Preclinical studies indicate that HSK44459 has a clear target, definite efficacy, and good safety profile, suggesting a broad clinical application potential [1] - The company will disclose information in a timely manner based on the progress of the project [1]

12月29日，海思科跌2.16%，成交额1.79亿元。两融数据显示，当日海思科获融资买入额902.50万元， 融资偿还695.61万元，融资净买入206.89万元。截至12月29日，海思科融资融券余额合计5327.35万元。 截至9月30日，海思科股东户数1.29万，较上期增加12.87%；人均流通股37342股，较上期减少11.40%。 2025年1月-9月，海思科实现营业收入33.00亿元，同比增长19.95%；归母净利润2.95亿元，同比减少 22.66%。 分红方面，海思科A股上市后累计派现36.73亿元。近三年，累计派现6.87亿元。 机构持仓方面，截止2025年9月30日，海思科十大流通股东中，中欧医疗健康混合A（003095）位居第 五大流通股东，持股2139.75万股，相比上期增加12.12万股。香港中央结算有限公司位居第六大流通股 东，持股1806.01万股，相比上期增加988.04万股。工银前沿医疗股票A（001717）位居第七大流通股 东，持股1560.01万股，相比上期增加50.00万股。汇添富创新医药混合A（006113）位居第八大流通股 东，持股1305.57万股，相比上期增加62 ...

Group 1 - The core investment theme for the pharmaceutical sector in 2026 is the innovation drug industry chain, with a clear trend towards international business development and accelerated commercialization of domestic products [2][3]. - The CXO sector is experiencing continuous improvement in performance and orders, supported by favorable financing conditions that benefit the industry's upward trajectory [3]. - The medical device sector is focusing on two main lines: international expansion and innovation [3]. Group 2 - The latest trends in medical insurance show a decline in total expenditure for the first ten months of 2025, amounting to 1,903.6 billion yuan, a year-on-year decrease of 1% [5][7]. - The total income of the medical insurance fund for the same period reached 2,352 billion yuan, with a year-on-year growth of 2%, indicating a slowdown in income growth [7][11]. - The number of medical insurance beneficiaries and hospitalization cases continues to grow, with 6.07 billion total beneficiaries in 2024, a year-on-year increase of 18% [11]. Group 3 - The average medical insurance cost per visit decreased in 2024, with the average cost for employees at 629 yuan (down 10%) and for residents at 351 yuan (down 12%) [15]. - The average hospitalization cost also saw a decline, with employees averaging 11,707 yuan (down 3.8%) and residents at 7,408 yuan (down 3.5%) [15]. Group 4 - The Chinese pharmaceutical industry is witnessing a significant increase in license-out transactions, with over 100 deals completed in 2025, totaling more than 110 billion USD [21][32]. - The number of license-out transactions involving upfront payments exceeding 100 million USD has also risen, indicating a growing interest from global pharmaceutical companies in Chinese innovations [21][32]. - The ADC (Antibody-Drug Conjugate) market is expanding rapidly, with a projected market size exceeding 16 billion USD in 2025, driven by several successful product launches [38]. Group 5 - The Chinese government is actively supporting the innovation drug sector through various policies aimed at enhancing accessibility and encouraging high-quality innovation [16][18]. - The proportion of medical insurance spending on innovative drugs is steadily increasing, with 149 innovative drugs included in the insurance coverage over the past seven years [90][94]. - The average price reduction for innovative drugs during negotiations with the national medical insurance has been around 60%, with some drugs seeing reductions as high as 94% [88][94].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The number of innovative drugs listed in China continues to grow, with domestic products accounting for approximately half of the total market share. The R&D capabilities for innovative drugs in China are also increasing, attracting global attention. Notably, the number and value of domestic innovative drug business development (BD) transactions have reached new highs, with ADC, bispecific antibodies, small nucleic acids, and CAR-T being the four key R&D directions to watch in 2026 [15][21][22] - The Chinese innovative drug market has seen a significant increase in the number of new drug applications (NDA), with domestic products making up a growing proportion. From 2017 to 2024, the number of innovative drugs listed in China rose from 41 to 92, with domestic products accounting for 50% of the total by 2024 [17][21] - The report highlights that the license-out transaction volume and total amount for Chinese companies reached $92.03 billion in the first three quarters of 2025, a 77% increase compared to the total for 2024. The upfront payment for license-out transactions has also surpassed the total financing amount in the primary market for the same period [22][25] Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a year-to-date increase of 14.29%, while the Hang Seng Healthcare Index has surged by 62.29% [3][8] - The report notes that the pharmaceutical sector has experienced fluctuations, with raw materials and medical devices showing positive growth [8] R&D Progress and Company Dynamics - The report provides an overview of the R&D progress for innovative and modified drugs, including approvals and clinical applications [5] - It lists key companies to watch in various sub-sectors, including innovative drugs, research services, and medical devices, with specific recommendations for companies like Innovent Biologics, Hengrui Medicine, and WuXi AppTec [11][12] Market Insights and Regulatory Observations - The report tracks the price-to-earnings ratio of the pharmaceutical index, noting that it is currently lower than historical averages [5] - It emphasizes the importance of the regulatory environment and market dynamics in shaping the future of the pharmaceutical industry [5]

Core Viewpoint - Recently, Hisco (002653) received approval from the Shenzhen Stock Exchange's Listing Review Center for its application to issue shares to specific investors [1] Group 1: Share Issuance Details - Hisco plans to issue no more than 70 million shares, which does not exceed 30% of the total share capital prior to this issuance [4] - The total amount of funds to be raised from this issuance is capped at 1,245.2567 million yuan, which will be used for new drug research and development projects and to supplement working capital [4] Group 2: Fund Allocation - The investment amount for the new drug research project is 965.2567 million yuan, while 280 million yuan will be allocated to supplement working capital [5] - The total amount of funds raised will be 1,245.2567 million yuan [5] Group 3: Strategic Importance - The company is currently in a critical phase of transitioning to innovative drugs, maintaining a high level of R&D investment, with R&D expenditures as a percentage of revenue reaching 31.87%, 26.09%, and 26.90% for the years 2022 to 2024 respectively [6] - The company has seen a continuous expansion in market share for its key products, with innovative drugs such as the injection of环泊酚 (Sishuning), the capsule of苯磺酸克利加巴林 (Simeining), and others being included in the medical insurance directory [6] - The implementation of this fundraising project is expected to accelerate the R&D process of innovative drugs, expanding the depth and breadth of the company's product pipeline, thereby laying a solid foundation for the commercialization of more products [6]

Group 1 - Xusheng Group's actual controller has changed to the Guangzhou Municipal Government, with stock resuming trading on December 23, 2025 [1] - Lingyun Light plans to invest up to $5 million in the IPO of Zhipu Hong Kong as a cornerstone investor [1] - Ningbo Huaxiang's subsidiary has signed a strategic cooperation agreement with Dahuan Robotics to enhance collaboration in the development of dexterous hands [2] Group 2 - Hualian Holdings intends to acquire 100% of the Canadian company Argentum Lithium S.A. for $175 million, which is approximately 1.235 billion yuan [3] - Shiyuan Zhaoye plans to raise no more than 550 million yuan through a convertible bond issuance for the Zhuhai Shiyuan Jingguan Garden project [4] - ST Quanwei and its subsidiary are involved in a civil mediation agreement involving 69.0158 million yuan [4] Group 3 - Jiao Jian Co.'s actual controller has been subjected to criminal coercive measures, but the company's control has not changed [5] - Tianji Technology is facing a lawsuit for alleged collusion in bidding, but its operations remain normal [5] - Jinpan Technology plans to issue 1.672 billion yuan in convertible bonds for data center power modules and other projects [5] Group 4 - Hongqi Chain's shareholder Yonghui Supermarket plans to reduce its stake by up to 3% [6] - Shuangqiang Technology's director did not implement a planned share reduction [7] - Zhuoran Co.'s subsidiary has signed a significant order worth 4.033 billion yuan [8] Group 5 - ST Zhitong's stock will have its risk warning lifted on December 24, 2025, with a change in trading limits [9] - Yingwei Co. plans to reduce its stake by up to 0.56% [10] - Huaxia Happiness's board rejected five temporary proposals from China Ping An Life Insurance [11] Group 6 - China Nonferrous Metals plans to acquire 99.9% of Raura Company for $106 million [11] - Sanhua Intelligent Control expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, a year-on-year increase of 25% to 50% [11] - Chaoxun Communication received a government subsidy of 18.0455 million yuan [12] Group 7 - Jiangfeng Electronics plans to transfer 4% of Shanghai Runping's equity for 60 million yuan [12] - Dingyang Technology has launched a 20 GHz high-bandwidth digital oscilloscope [13] - Linyi Intelligent plans to acquire 35% of Dongguan Liminda Electronics for 875 million yuan [14] Group 8 - Trina Solar has sold its U.S. 5GW module factory to T1, receiving $100 million in cash and shares [14] - Aihua Packaging's major shareholder reduced its stake by 700,000 shares during the stock's abnormal fluctuation period [14] - China Merchants Bank has approved a comprehensive credit limit of 165 billion yuan for China Merchants Group [15] Group 9 - Lingwei Technology plans to acquire 70% of Jiangsu Huimai for 50.2 million yuan [16] - Yongding Co. is increasing its capital by 600 million yuan for its polysilicon subsidiary [19] - Zhong'an Technology's subsidiary is voluntarily extending its share lock-up period by six months [19] Group 10 - Xiangyu Medical's brain-computer interface products have entered over 500 top-tier hospitals, with a target of 700 by the Spring Festival [18] - Wenda Technology's major shareholder has terminated its share reduction plan [18] - Wenta Technology's major shareholder reduced its stake by 1.2097 million shares [18]

Core Insights - The article discusses the implementation of the "Postdoctoral Talent Introduction and Cultivation Project" in Wenjiang District, aimed at fostering an innovative ecosystem and stimulating industrial momentum as part of China's broader goal to enhance its technological capabilities by 2025 [1][6]. Group 1: Postdoctoral Research Stations - Wenjiang District has established 14 postdoctoral research stations and innovation practice bases, focusing on key industries such as biomedicine, green food, and equipment manufacturing [1]. - The district has added 3 new postdoctoral innovation practice bases in November, with a total of 18 postdoctoral research stations and over 500 postdoctoral researchers currently active [1]. Group 2: Industry Collaboration and Achievements - The postdoctoral research stations have facilitated significant achievements in the biomedicine sector, with companies like Kelun-Botai and BaiLi Tianheng leading in innovative drug approvals and international licensing, totaling over $23.22 billion [3]. - The collaboration between postdoctoral researchers and companies has led to the development of proprietary products, such as wireless monitoring systems and high-temperature hydraulic pumps, generating sales in the millions [2]. Group 3: Talent Attraction and Retention - Wenjiang District has implemented a dual-mentor system involving both academic and industry mentors to enhance the integration of research and industry needs [5]. - Over the past five years, the district has published over 1,000 job postings in collaboration with local universities and has successfully recruited more than 70 researchers [5]. - The district has introduced supportive policies and funding, totaling 4.53 million yuan, to create a conducive environment for talent retention and innovation [5].

海思科公告称，公司向特定对象发行股票申请于2025年12月18日获深交所上市审核中心审核通过。公司 会同中介机构更新修订了募集说明书等申请文件，并于同日披露相关文件。本次发行尚需获中国证监会 同意注册后方可实施，最终能否获批及时间存在不确定性。公司将及时披露进展，提醒投资者关注风 险。 ...

证券简称：海思科 证券代码：002653.SZ 海思科医药集团股份有限公司 Haisco Pharmaceutical Group Co., Ltd. （西藏山南市泽当镇三湘大道 17 号） 2025年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应 的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者 ...