（文章来源：证券日报） 证券日报网讯奥赛康8月11日在互动平台回答投资者提问时表示，截至7月31日，公司的股东人数为20， 229户。 ...

Summary of the Conference Call for Aosaikang Industry and Company Overview - The conference call focuses on Aosaikang, a company in the pharmaceutical industry, particularly in the fields of generic drugs and innovative drugs [2][3][4]. Key Points and Arguments Generic Drug Business - Aosaikang's generic drug business has shown signs of recovery following the PPI collection, with new generics like Rabeprazole and key products like Delafloxacin set to launch, contributing to cash flow [2][3]. - The chemical drug collection rules are becoming more predictable and moderate, leading to stable profit releases from the generic drug business [2][3]. Innovative Drug Development - Aosaikang's first innovative drug, Ligatinib (for EGFR mutation non-small cell lung cancer), is expected to launch in 2025, with a significant market potential but facing intense competition [2][3][5]. - The Claudin 18.2 monoclonal antibody is anticipated to be the first domestically produced drug in China, particularly promising in the gastric cancer field [2][3][5]. - Other innovative drugs, such as Mavacitamab and dual antibodies for ophthalmology, are progressing steadily, with plans to submit one application and launch one product each year [2][3][5]. Smart Platform Technology - The Smart platform utilizes masking peptide technology to control the release of active ingredients, addressing issues related to short half-lives and high toxicity of traditional cytokine therapies [2][4][6]. - This technology is applicable across various treatment modalities, including antibodies and ADCs, and has shown potential in multiple therapeutic areas [4][6]. Market Competition and Challenges - The domestic EGFR TKI market is highly competitive, with eight third-generation EGFR TKIs already available. Aosaikang faces competition from companies like Innovent Biologics, which has strong commercialization capabilities [3][13]. - The Claudin 18.2 market is also competitive, with existing products showing varying efficacy, but Aosaikang's combination therapies are expected to perform better [12]. Additional Important Insights - The engineering modifications in cytokine therapies aim to enhance efficacy by designing dual-function molecules and utilizing prodrug technologies to improve targeting and reduce side effects [9][10]. - Aosaikang's innovative platform is expected to significantly enhance immune therapy outcomes, with promising clinical data anticipated for products like SKG315 and SKG915 by the second half of 2025 [11]. - The overall outlook for Aosaikang is optimistic, with a recovery in the generic drug sector and a robust pipeline of innovative products supported by advanced technology platforms [14].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China A-shares market** and its performance in July 2025, highlighting solid price gains across various sectors [1][2]. Core Insights and Arguments - **Sector Performance**: - **Healthcare**: Led with a **13.5%** increase in July and **23.1%** year-to-date (YTD) performance, driven by recovering demand and strong drug pipelines [2][8]. - **IT**: Increased by **6.7%** in July and **14.7%** YTD, benefiting from Nvidia's resumption of sales to China [2][8]. - **Materials**: Gained **6.4%** in July and **18.0%** YTD, supported by government initiatives against overcapacity [2][9]. - **Energy**: Saw a **4.7%** increase in July but a decline of **1.8%** YTD [2]. - **Real Estate**: Increased by **4.5%** in July but declined **2.3%** YTD [2]. - **Financials**: Only **2.1%** increase in July and **10.5%** YTD, with some companies experiencing significant declines [2][10]. - **Market Drivers**: - The **CSI300** index rose **3.5%** in July, with improving liquidity and solid GDP growth of **5.2%** year-on-year (y-y) in Q2 2025 [5][39]. - **Net inflows** into A-shares totaled **US$193 million**, primarily in Financials, IT, and Materials, while Industrials and Consumer Discretionary saw outflows [5][14]. - **Macroeconomic Indicators**: - **GDP Growth**: China's GDP growth was **5.2%** y-y, with nominal GDP growth at **3.9%** y-y, indicating a decline in the GDP deflator to **-1.2%** [5][39]. - **Industrial Production**: Increased by **6.8%** y-y, with notable growth in high-tech sectors [5][42]. - **Retail Sales**: Grew by **4.8%** y-y, below expectations, indicating weak consumer sentiment [5][39]. - **Trade**: Exports rose **5.8%** y-y, with a rebound in exports to the US [5][41]. Additional Important Insights - **Margin Financing**: The margin buying as a percentage of A-share turnover rose to **10.5%** at the end of July from **9.6%** at the end of June, indicating increased investor confidence [5][24]. - **Fund Issuance**: Equity mutual fund issuance remained stable at **Rmb18 billion** in July, compared to **Rmb21 billion** in June [5][27]. - **Shareholding Structure**: By the end of 2024, retail investors held **42%**, controlling shareholders **43%**, domestic financial institutions **12%**, and foreign investors **3%** of A-shares' total market cap [5][28]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the China A-shares market and its underlying economic factors.

Group 1 - The stock price of Aosaikang as of August 4, 2025, is 28.29 yuan, down 0.11 yuan or 0.39% from the previous trading day [1] - The stock experienced significant volatility during the day, with a high of 28.67 yuan and a low of 26.31 yuan, resulting in an amplitude of 8.31% [1] - The trading volume for the day was 238,902 hands, with a total transaction amount of 650 million yuan [1] Group 2 - Aosaikang's main business is in the chemical pharmaceutical sector, focusing on the research and production of innovative drugs [1] - The company's product pipeline covers multiple therapeutic areas, including the digestive system and anti-infection, with particular market attention on the development of drugs related to Helicobacter pylori [1] - As a representative pharmaceutical enterprise in Beijing, Aosaikang has accumulated technical expertise in its niche [1] Group 3 - In the early trading session on August 4, Aosaikang saw a rapid rebound, with a rise of over 2% within five minutes, increasing from 26.83 yuan to 27 yuan, with a transaction amount of 239 million yuan during that period [1] - The net inflow of main funds for the day was 62.44 million yuan, with a cumulative net inflow of 131 million yuan over the past five trading days [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-01 | 002755 | 奥赛康 | 24.71 | 12.52 | 309.37 | 机构专用 | 华泰证券股份有限 | | | | | | | | | 公司南京分公司 | 8月1日，奥赛康大宗交易成交12.52万股，成交额309.37万元，占当日总成交额的0.55%，成交价24.71元，较市场收盘价28.4 元折价12.99%。 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

Group 1 - The core viewpoint of the article emphasizes the establishment and operationalization of the Yangtze River Delta Innovation Alliance, which aims to enhance regional collaboration in technology innovation and address key industry challenges [1][5][10] - The first batch of innovation alliances focuses on seven strategic technology fields, including artificial intelligence, integrated circuits, biomedicine, aerospace manufacturing, intelligent equipment, new energy vehicles, and quantum communication [2][5] - The second batch of alliances expands into ten fields, including new generation information technology and intelligent robotics, indicating a broader focus on emerging industries [5][10] Group 2 - The Yangtze River Delta Language Computing Innovation Alliance, led by Sibeichi Technology Co., Ltd., aims to address the challenges of general artificial intelligence (AGI) in various application scenarios, enhancing reliability and commercial value [3][8] - The Traditional Chinese Medicine Green Intelligent Manufacturing Technology Innovation Alliance, led by Jiangsu Kangyuan Pharmaceutical Co., Ltd., focuses on developing intelligent manufacturing technologies for modern Chinese medicine extraction [4][8] - The collaborative model of the innovation alliances promotes resource sharing among members, enhancing research efficiency and fostering innovation through a structured management system [6][7] Group 3 - The alliances are designed to eliminate the gap between technological innovation and industrial application, establishing clear operational rules and roles among participating entities [6][10] - The resource-sharing mechanism within the alliances allows for the integration of algorithms, research data, and industrial scenarios from different regions, enhancing collaborative innovation [7][10] - The article highlights the importance of government support in facilitating major technological breakthroughs and the establishment of significant innovation platforms within the Yangtze River Delta [10]

奥赛康(002755.SZ)今日早盘一度跌4.84%至26.55元。奥赛康公告称，公司股东江苏苏洋投资实业有限公司计划在公告披露之日起15个交易日后的连续90个自 然日内，以集中竞价和大宗交易方式减持公司股份不超过13,922,400股，不超过公司总股本的1.5%。(格隆汇) ...

Group 1 - Tian Tie Technology's wholly-owned subsidiary signed a procurement order worth 400 million yuan with Zhuhai Xinjie Energy Technology [1] - Shenli Co., Ltd. announced the termination of a share transfer agreement due to the buyer's failure to pay [1] - *ST Tianwei expects a net profit of 30.06 million yuan for the first half of 2025, a significant increase compared to the previous year [2] Group 2 - Weisheng Information reported a net profit of 305 million yuan for the first half of 2025, up 12.24% year-on-year [3] - Fudan Microelectronics anticipates a net profit decline of 39.67% to 48.29% for the first half of 2025 [3] - Jinbei Electric achieved a net profit of 296 million yuan for the first half of 2025, a 7.46% increase year-on-year [4] Group 3 - Huaneng International reported a net profit of 9.262 billion yuan for the first half of 2025, a 24.26% increase year-on-year [4] - Quzhou Development is planning to issue shares to acquire assets, leading to a temporary stock suspension [4] - Huaye Fragrance's controlling shareholder plans to reduce their stake by up to 3% [5] Group 4 - Zhongbei Communication's subsidiary terminated a planned acquisition due to a lack of consensus on key issues [6] - Saiwei Electronics' major shareholder reduced their stake by 1.06% [7] - Suzhou Planning's shareholders plan to collectively reduce their stake by up to 4.5% [7] Group 5 - *ST King Kong received court approval for a new 100 million yuan debt during its pre-restructuring period [8] - Anche Detection's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [9] - Ruishun Technology's shareholders plan to reduce their stake by up to 3.0013% [11] Group 6 - Guanghuan New Network's controlling shareholder's associates plan to reduce their stake by up to 0.08% [13] - Shanghai Auto Parts' shareholders plan to reduce their stake by up to 1.75% [14] - Aosaikang's shareholder plans to reduce their stake by up to 1.48% [14] Group 7 - Edifier's director plans to reduce their stake by up to 850,810 shares [14] - Xintian Pharmaceutical elected a new chairman and vice chairman [15] - Sanbaisuo adjusted its investment plan to increase investment in its subsidiary in Vietnam by 20.52 million USD [17]

Macro News - The International Monetary Fund (IMF) has significantly raised China's economic growth forecast for this year by 0.8 percentage points to 4.8%, reflecting stronger-than-expected economic activity in the first half of the year and lower actual tariff rates compared to previous predictions [4] - In the first half of the year, state-owned enterprises in China reported total operating revenue of 4,074.96 billion yuan, a year-on-year decrease of 0.2%. Their total profit amounted to 218.25 billion yuan, down 3.1% year-on-year, and tax payments were 300.26 billion yuan, a decline of 0.8% [4] Industry News - Hong Kong's "Stablecoin Regulation" will come into effect on August 1, with the Hong Kong Monetary Authority releasing five regulatory documents for licensed stablecoin issuers [7] - The China Photovoltaic Industry Association issued a statement refuting claims made by some media regarding "anti-involution" in the photovoltaic industry, particularly concerning polysilicon, stating that the reports were severely inconsistent with actual conditions [7] Company News - WuXi AppTec announced an adjustment to its share repurchase price ceiling to no more than 114.15 yuan per share [11] - The PCB industry is experiencing a significant improvement in market conditions compared to the same period last year, especially for high-end products, with strong demand and rising prices [9] - Changchun High-tech announced that its innovative drug, Amlodipine Besylate Oral Solution, has received approval from the FDA for market launch in the United States [12]