Core Insights - The A-share listed companies in Chengdu have reported strong performance for the third quarter of 2025, with 91 out of 122 companies profitable, representing a profitability rate of 74.6% [1][3] - Total operating revenue for these companies reached 4340.55 billion, with a net profit totaling 411.75 billion [1][3] - Chengdu Bank led in net profit with 94.93 billion, while Olin Bio achieved the highest year-on-year net profit growth rate at 1079.36% [1][3] Financial Performance - Among the 122 Chengdu A-share listed companies, 58 reported positive year-on-year net profit growth, accounting for nearly 48% [3] - Twelve companies reported net profits exceeding 10 billion, including Chengdu Bank, New Yisheng, and Sichuan Road and Bridge [3] - The net profit growth rates for several companies were remarkable, with Olin Bio at 1079.36% and Zhimingda at 995.37% [3][4] Sector Performance - The economic data from Chengdu shows a GDP of 18226.9 billion for the first three quarters, growing by 5.8% year-on-year, indicating a stable growth environment for listed companies [4] - Various sectors, including electronics, non-ferrous metals, and biomedicine, showed strong performance, particularly driven by downstream demand [4] - New Yisheng reported significant growth in the artificial intelligence sector, with a revenue increase of 221.70% and a net profit increase of 284.37% [4][5] Company Highlights - New Yisheng's revenue for the first three quarters reached 165.05 billion, with a third-quarter revenue of 60.68 billion, reflecting a year-on-year growth of 152.53% [4][5] - Olin Bio achieved a revenue of 5.07 billion, with a net profit of 4747.98 million, marking a year-on-year growth of 1079.36% [5] - Zhimingda, focusing on high-reliability embedded computing, reported a revenue of 5.12 billion, with a net profit turnaround [5]

Group 1: Market Performance - The biopharmaceutical sector increased by 3.42% compared to the previous trading day, with Sanofi leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Group 2: Stock Performance - Sanofi (688336) closed at 72.96, up 20.00% with a trading volume of 115,200 shares and a transaction value of 799 million [1] - Hualan Biological (301207) closed at 21.95, up 17.88% with a trading volume of 239,800 shares and a transaction value of 493 million [1] - Other notable stocks include Rongchang Bio (688331) up 11.80%, Jinke (688670) up 7.45%, and Kangchen Pharmaceutical (603590) up 7.38% [1] Group 3: Capital Flow - The biopharmaceutical sector saw a net inflow of 590 million from institutional investors, while retail investors experienced a net outflow of 268 million [2] - Major stocks like Rongchang Bio and Sanofi had significant net inflows from institutional investors, with 145 million and 14.1 million respectively [2] - Retail investors showed a net outflow in several stocks, including Sanofi and Hualan Biological, indicating a shift in investor sentiment [2]

Core Insights - Kanghong Pharmaceutical's stock increased by 5.09% to 34.05 CNY per share, with a trading volume of 320 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 31.371 billion CNY [1] Company Overview - Chengdu Kanghong Pharmaceutical Group Co., Ltd. was established on October 3, 1996, and went public on June 26, 2015. The company is located at 108 Shuxi Road, Jinniu District, Chengdu, Sichuan Province [1] - The main business areas include research, production, and sales of chemical drugs, traditional Chinese medicine, and biological products [1] Revenue Composition - The revenue composition of Kanghong Pharmaceutical is as follows: - Biological drugs: 54.83% - Traditional Chinese medicine: 32.49% - Chemical drugs: 12.50% - Others: 0.15% - Additional (supplementary): 0.03% [1] Shareholder Insights - Dongzheng Asset Management has a fund that ranks among the top ten circulating shareholders of Kanghong Pharmaceutical. The fund, Oriental Red Medical Upgrade Stock Initiation A (015052), entered the top ten in the third quarter, holding 6.2959 million shares, which is 0.92% of the circulating shares [2] - The fund has achieved a return of 55.78% year-to-date, ranking 484 out of 4216 in its category, and a return of 55.04% over the past year, ranking 530 out of 3889 [2] Fund Performance - The Oriental Red Medical Upgrade Stock Initiation A (015052) fund increased its holdings in Kanghong Pharmaceutical by 149.88 thousand shares in the third quarter, making it the third-largest heavy stock in the fund, with 9.16% of the fund's net value [3] - The fund manager, Jiang Qi, has been in position for 3 years and 218 days, with a total fund asset size of 2.546 billion CNY and a best return of 47.81% during the tenure [2][3]

Summary of Kanghong Pharmaceutical Conference Call Company Overview - **Company**: Kanghong Pharmaceutical - **Date**: October 29, 2025 Key Points Industry and Company Performance - **Biopharmaceutical Segment**: Revenue reached 2.04 billion CNY, a year-on-year increase of 11.36% [2][6] - **Traditional Chinese Medicine Segment**: Revenue was approximately 1.138 billion CNY, up 8.87% year-on-year, mainly driven by products Songling Xuebai Kang and Shugan Jieyu [2][5] - **Chemical Generic Drugs Segment**: Revenue fell to 440 million CNY, a decline of 14.2%, primarily due to the impact of the centralized procurement of Hydrobromide Vortioxetine [2][5][6] - **Overall Revenue**: For the first three quarters of 2025, total revenue was 3.62 billion CNY, reflecting a growth of 6.23% year-on-year [4][17] - **Net Profit**: The net profit attributable to shareholders was 1.033 billion CNY, an increase of 6.08% year-on-year [4] Clinical Trials and Product Development - **Ophthalmology**: - High-concentration Kangbai Xip (KH902/R10) is in Phase II trials for diabetic macular edema and will soon enter Phase III [2][7] - Gene therapy products KA7,631 and KH658 for NAMD are undergoing clinical trials in both China and the US [2][7][25] - **Oncology**: - KH617 for advanced solid tumors and adult diffuse glioma is in Phase II trials, with two subjects enrolled showing promising results [2][8] - The first ADC product KH815 has entered Phase I trials in China and Australia, with 15 subjects enrolled [10][19] - **Neuroscience**: - KH607 for major depressive disorder is in Phase II with over 100 subjects enrolled [11][24] - KH702, a non-addictive pain relief drug, has completed Phase I with 66 subjects [12] Future Outlook - **Revenue and Profit Growth**: The company expects a revenue and profit growth of 5-15% for the full year, although facing pressure in Q4 [5][17] - **Market Positioning**: Kanghong aims to maintain its leadership in the Chinese ophthalmology market, particularly in the anti-VEGF segment, despite increasing competition [18][21] - **R&D Focus**: The company will continue to invest in innovative therapies in ophthalmology, oncology, and neuroscience, with a strong emphasis on gene therapy and ADC technologies [9][14][26] Competitive Landscape - **Ophthalmology Market Trends**: The market is shifting towards anti-VEGFR therapies, with increasing competition from both domestic and international players [13][18] - **Strategic Response**: Kanghong plans to leverage its innovative products and academic promotion teams to navigate market challenges and enhance its competitive edge [18][21] Additional Insights - **Gene Therapy Innovations**: The company is exploring gene therapy for non-ophthalmic indications, focusing on chronic diseases and innovative R&D [14][15] - **Clinical Data Disclosure**: Data for K763 and KH658 is expected to be disclosed in mid-2026, with plans to present findings at major global ophthalmology conferences [25] This summary encapsulates the key insights from the conference call, highlighting Kanghong Pharmaceutical's performance, clinical advancements, future strategies, and market dynamics.

Financial Performance - In the first nine months of 2025, the company achieved revenue of CNY 3.624 billion, a year-on-year increase of 6.23% [1] - Net profit attributable to the parent company was CNY 1.033 billion, up 6.08% year-on-year [1] - Revenue breakdown: - Traditional Chinese medicine: CNY 1.138 billion, up 8.72% [1] - Chemical drugs: CNY 441 million, down 14.21% [1] - Biological drugs: CNY 2.040 billion, up 11.36% [1] R&D Progress - KH902-R10 (high-dose Conbercept for diabetic macular edema) is in Phase II clinical trials [2] - Gene therapy products KH631 and KH658 (for neovascular age-related macular degeneration) are in Phase II in China and Phase I in the U.S. [2] - KH617 (for advanced solid tumors) is in Phase II [2] - Antibody-drug conjugate KH815 (for various advanced solid tumors) is in Phase I in China and Australia [2] - Traditional Chinese medicine KH110 (for Alzheimer's disease) is in Phase III [2] - Small molecule innovation drug KH607 (for depression) is in Phase II [2] Market Insights - The global market for nAMD drugs is expected to become more competitive, with anti-VEGF drugs remaining mainstream [3] - The U.S. market holds a significant share, with China ranking second in terms of market size [3] - The company aims to leverage its product lineup to meet diverse clinical needs in the ophthalmology sector [3] Future Plans - The company will focus on chronic diseases, including cardiovascular, central nervous system, metabolic, and oncology areas for innovative R&D [4] - Plans to expand the pipeline in oncology with antibody conjugates and small molecule drugs [5] - The company anticipates a revenue and net profit growth of 5%-15% for 2025 compared to 2024 [4] Competitive Landscape - Conbercept is currently a leader in the domestic anti-VEGF market [4] - The company plans to enhance its product line with high-concentration Conbercept expected to be approved by 2028 [7] - The company is committed to optimizing drug delivery methods and addressing unmet clinical needs through innovative research [4]

Core Insights - Kanghong Pharmaceutical (002773.SZ) reported its Q3 2025 results, revealing that 29 institutional investors hold a total of 372 million shares, accounting for 40.43% of the company's total equity [1] - The top ten institutional investors collectively hold 39.56% of the shares, with a decrease of 1.38 percentage points compared to the previous quarter [1] Institutional Holdings - The top ten institutional investors include Chengdu Kanghong Technology Industry Group Co., Ltd., Hong Kong Central Clearing Limited, Agricultural Bank of China - Dacheng RuiXiang Mixed Securities Investment Fund, and others [1] - The number of institutional investors holding shares has remained stable, with a slight decrease in the proportion held by the top ten [1] Public Fund Activity - In the current period, 13 public funds increased their holdings, with notable funds including Oriental Red Medical Upgrade Stock A and Baoying Medical Health Hong Kong-Shenzhen Stock A, representing an increase of 0.54% [2] - Conversely, 8 public funds reduced their holdings, including Dacheng Competitive Advantage Mixed A and Dacheng Strategy Return Mixed A, with a decrease of 0.59% [2] - Six new public funds disclosed their holdings this period, while 247 public funds did not disclose their holdings compared to the previous quarter [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly in the current period [2]

Core Insights - The oral disintegrating tablet (ODT) market in China is experiencing significant growth due to advancements in pharmaceutical technology and increasing consumer demand for convenient and efficient drug formulations [1][8] - The market size for oral disintegrating tablets in China is projected to reach 1.159 billion yuan in 2024 and is expected to grow to 1.230 billion yuan in 2025 [1][8] Industry Overview - Oral disintegrating tablets are a drug formulation that dissolves quickly in the mouth, offering advantages such as ease of use, rapid absorption, high bioavailability, and fewer side effects [4] - These tablets are particularly suitable for children, the elderly, and patients with swallowing difficulties, making them ideal for emergency medications and various therapeutic areas [4][6] Market Dynamics - The demand for oral disintegrating tablets is driven by the aging population in China, with the elderly population expected to reach 219.69 million by the end of 2024, reflecting a year-on-year increase of 1.35% [6] - Approximately 50% of individuals have difficulty swallowing traditional tablets and capsules, highlighting the need for formulations that dissolve without water [6] Industry Chain - The industry chain for oral disintegrating tablets includes upstream raw materials (active pharmaceutical ingredients, super disintegrants, binders, sweeteners), midstream production, and downstream sales channels (medical institutions, pharmacies, e-commerce) [7] Competitive Landscape - The market features competition from both domestic and foreign companies, with notable domestic players like Kanghong Pharmaceutical, Huahai Pharmaceutical, and Kelun Pharmaceutical, as well as foreign firms like Pfizer and Eli Lilly [9] Development Trends - Continuous technological innovation is expected, focusing on new formulation techniques and excipient applications to enhance drug solubility and stability [11] - The trend towards personalized medicine may lead to the development of oral disintegrating tablets tailored for specific patient demographics, such as children and the elderly [12][13] - Strengthening industry integration will be crucial, with a focus on building a complete ecosystem around oral disintegrating tablets, including raw material supply, production improvements, and market promotion [14]

Core Insights - Kanghong Pharmaceutical reported a revenue of 1.17 billion yuan for Q3 2025, representing a year-on-year growth of 4.75% [2] - The net profit attributable to shareholders for Q3 2025 was 303 million yuan, showing a year-on-year increase of 7.71% [2] - For the first three quarters of 2025, the company achieved a total revenue of 3.624 billion yuan, which is a 6.23% increase compared to the same period last year [2] - The net profit attributable to shareholders for the first three quarters of 2025 reached 1.033 billion yuan, reflecting a year-on-year growth of 6.08% [2]

2022 年股票增值权激励计划第三个行权期行权条件成就的 法律意见书 二〇二五年十月 北京通商（成都）律师事务所 关于 成都康弘药业集团股份有限公司 | | | 释义 在本法律意见书中，除非文中另有说明，下列词语具有如下涵义： | 本所 | 指 | 北京通商（成都）律师事务所 | | --- | --- | --- | | 公司或康弘药业 | 指 | 成都康弘药业集团股份有限公司 | | 本激励计划 | 指 | 成都康弘药业集团股份有限公司 年股票增值权激励计划 2022 | | 《激励计划（草案）》 | 指 | 《成都康弘药业集团股份有限公司 2022 年股票增值权激励计 划（草案）》 | | 《考核办法》 | 指 | 《成都康弘药业集团股份有限公司 年股票增值权激励计 2022 | | | | 划考核实施管理办法》 | | 股票增值权 | 指 | 公司授予激励对象在一定条件下通过模拟股票市场价格变化的 方式，获得由公司支付的兑付价格与行权价格之间差额的权利 | | 激励对象 | 指 | 本激励计划中获得股票增值权的公司外籍核心员工（不包括独 立董事、监事、单独或合计持有公司 5%以上股份的股东或实 | | ...

Group 1 - The core point of the article is that Kanghong Pharmaceutical announced an adjustment to its organizational structure during its board meeting held on October 28, 2025 [1] - For the first half of 2025, Kanghong Pharmaceutical's revenue composition was 99.97% from the pharmaceutical manufacturing industry and 0.03% from other businesses [1] - As of the report, Kanghong Pharmaceutical has a market capitalization of 29.9 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]