Market Performance - Major stock indices in China saw significant gains, with the North China 50 Index rising over 1% to reach a new high [1] - The FTSE China A50 Index futures increased by more than 1%, while the offshore RMB appreciated by 101 points against the USD, currently at 7.2041 [2] - The Shanghai Composite Index closed up 0.38% at 3393.49 points, with the Shenzhen Component Index up 0.53% and the ChiNext Index up 0.99% [2] Sector Highlights - The coal sector showed strong performance, with companies like Dayou Energy and Jinkong Coal Industry hitting the daily limit, and Shanmei International rising nearly 6% [2] - The solid-state battery concept gained traction, with companies like Lingpai Technology and Ningde Times seeing significant price increases, with Lingpai Technology hitting a 20% limit up [2][4] - The innovative drug sector remained active, with Shuyitai and SanSheng Guojian both hitting the daily limit, and SaiSheng Pharmaceutical rising over 12% [7] Company Developments - Ningde Times, which recently listed on the Hong Kong Stock Exchange, saw its stock rise by over 9% during trading [3] - Bubble Mart reached a new historical high, with its stock price rising over 5% to 220 HKD per share, bringing its market capitalization close to 300 billion HKD [10] - Bubble Mart's Labubu 3.0 product has gained immense popularity globally, leading to long queues in stores and significant price premiums on secondary markets [12] Industry Trends - The solid-state battery sector is identified as a core focus within the lithium battery industry, with companies actively launching new products and materials seeing increased demand [6] - The innovative drug market in China is projected to grow from 132.5 billion USD in 2019 to 159.2 billion USD by 2024, maintaining a global market share of around 15% [9]

伴随着西部A股上市公司披露了2024年年报，高管的薪酬情况随之曝光。 黄桷树财经整理了西部A股上市公司的10位"打工皇帝"。 第一位是创维数字（000810.SZ）副总经理张恩利。 张恩利，男，1979年出生，空军工程大学电力电子与电力传动专业硕士研究生学历，高级工程师，深圳市高层次后备级人才。 2024年，张恩利从创维数字获得的税前报酬总额为890.53万元。截至2024年末，张恩利持有2.5万股创维数字。 值得一提的是，张恩利虽然位列榜首，但他惨遭大幅降薪，2023年他的税前报酬是1482.2万元，2024年的税前报酬实际上降幅为40%。 第二位是重庆啤酒（600132.SH）总裁Lee Chee Kong（中文名：李志刚）。 Lee Chee Kong，男，53岁，马来西亚国籍，毕业于马来西亚北方大学工商管理专业。 在任职于嘉士伯前，Lee Chee Kong曾担任希丁安亚洲区总裁并兼任中国区董事总经理。更早前，他曾担任亨氏中国董事总经理职位，并且在高露洁棕榄 中国及亚太地区长时间从事管理工作。 2024年，龚晖从隆鑫通用获得税前报酬总额为639.91万元。截至2024年末，龚晖持有142.925万股隆 ...

Core Viewpoint - Chengdu Kanghong Pharmaceutical Group Co., Ltd. is focusing on innovation and clinical needs to enhance its research and development efforts for its product pipeline in 2025 [1][2] Financial Performance - In 2024, the company achieved operating revenue of 4.453 billion yuan and a net profit attributable to shareholders of 1.191 billion yuan, representing year-on-year growth of 12.51% and 14.02% respectively [1] - In the first quarter of this year, the company reported operating revenue of 1.199 billion yuan and a net profit of 400 million yuan, with year-on-year increases of 9.7% and 7.09% respectively [1] Strategic Focus - The core competitive advantage of the company lies in its strategic layout and continuous innovation capabilities, which encompass product layout, research and development capacity, production capability, talent reserve, international development, and brand building [2] - The company has developed a diversified research and development system covering traditional Chinese medicine, antibody drugs, gene therapy, and small molecule drugs [2] Product Development - The company is advancing several innovative projects, including the "Shu Gan Jie Yu Capsule" for anxiety disorder in phase III clinical trials, and KH607 for depression in phase II clinical trials, as well as KH110 for Alzheimer's disease in phase III clinical trials [2] - KH815, a dual payload ADC drug, is the first of its kind to enter clinical trials globally, targeting advanced solid tumors with a dual mechanism of action [2] Future Direction - The company will continue to adhere to the business philosophy of "innovation as the core, quality as life" and will drive sustainable high-quality development through product innovation and industrial collaboration [3]

Group 1 - Feilong Co., Ltd. received a project designation notification letter from a well-known domestic automobile brand, becoming a supplier for a water-side thermal management module, with expected sales revenue during the lifecycle meeting disclosure standards [1] - Hanchuan Intelligent's controlling shareholder received a warning letter from Jiangsu Securities Regulatory Bureau for failing to timely disclose a share pledge contract, which may affect the company's control and stock price [2] - Vanke A completed the redemption of the "20 Vanke 04" corporate bonds, with a redemption amount of 1.5 billion yuan and interest payment of 51.75 million yuan [3][4] Group 2 - China Shenhua reported a 4% year-on-year decline in coal sales volume for April, totaling 35.6 million tons, and a 3.9% decrease in commodity coal production [5] - Shaanxi Black Cat plans to increase capital by 600 million yuan for its wholly-owned subsidiary Xinjiang Black Cat Coal Industry to enhance its capital strength [6][7] - China National Aviation reported an 8.6% year-on-year increase in passenger turnover for April, with a 5.3% increase in passenger capacity [8][9] Group 3 - Huabei Pharmaceutical's subsidiary received approval for clinical trials of a recombinant tetanus vaccine, which is a new generation vaccine with better safety and immunogenicity [10] - China Chemical's subsidiary received a lawsuit notice related to a securities false statement liability dispute [11] - China Metallurgical Group reported a 24.9% year-on-year decline in new contract value for January to April, totaling 308.4 billion yuan [13] Group 4 - Zhongmei Energy reported a 5.8% year-on-year decline in commodity coal sales for April, totaling 21.1 million tons [14] - Huangma Technology announced a plan to reduce holdings of up to 6.26 million shares due to personal funding needs [15] - Aiyingshi proposed a cash dividend of 2.53 yuan per 10 shares for the fiscal year 2024 [16] Group 5 - Shengyi Technology's executives plan to reduce their holdings by a total of 1.49 million shares [17] - CanSino's inhaled tuberculosis vaccine received clinical trial approval in Indonesia [18] - Beidouxingtong completed the acquisition of 51% of Shenzhen Tianli Automotive Electronics Technology Co., Ltd. [19] Group 6 - Spring Airlines reported a 12.29% year-on-year increase in available capacity for April, with a total of 4.73 billion ton-kilometers [20] - Dongya Pharmaceutical's raw material drug received registration certification in South Korea [21] - Shandong Steel plans to establish a sales subsidiary with a registered capital of 20 million yuan [22] Group 7 - Caida Securities appointed Hu Hengsong as the executive vice president [23] - Aibulu's vice president resigned due to personal career planning [24] - *ST Jinguang's stock price surged amid a warning of delisting risk [25] Group 8 - Yunnan Energy Investment plans to implement a 600,000 tons/year salt production energy-saving and carbon reduction project with a total investment of 448 million yuan [27] - Hanyu Group's executives plan to reduce their holdings due to personal funding needs [28] - Jiangsu Boyun's shareholders plan to reduce their holdings by up to 971,300 shares [29] Group 9 - Hainan Airport signed a cooperation agreement with Harbin Institute of Technology (Shenzhen) to establish a joint laboratory [32] - Xiamen Tungsten New Energy plans to acquire 47% of Ganzhou Haopeng Technology Co., Ltd. [33] - Dongfang Materials announced a change in controlling shareholder due to judicial auction of shares [34] Group 10 - Jingyuan Environmental Protection's executives plan to reduce their holdings by a total of 1.176% of the company's shares [35] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for the first four months [36] - ST United is planning a major asset restructuring and has suspended trading [37] Group 11 - *ST Suwu's chairman received a notice of investigation for suspected information disclosure violations [39] - Huagong Technology's subsidiary plans to establish a joint venture [40] - Qibin Group terminated the purchase of 28.78% equity in its subsidiary [41] Group 12 - Huakang Clean signed a construction contract worth 143 million yuan with Dengfeng City General Hospital [42] - Kanghong Pharmaceutical received approval for clinical trials of a drug for postpartum depression [43] - Shengjing Micro plans to repurchase shares worth between 30 million and 50 million yuan [44] Group 13 - Shenghe Resources' subsidiary plans to acquire 100% of Peak Rare Earths Limited for 158 million Australian dollars [45] - Sinopec's controlling shareholder increased its stake by 302 million H-shares, amounting to HKD 1.232 billion [46] - Mingyang Circuit plans to repurchase shares worth between 15 million and 25 million yuan [47] Group 14 - China Oil Engineering's subsidiary won a project in Iraq worth approximately 11.538 billion yuan [48] - Chaojie Co., Ltd. announced the termination of a share transfer agreement [49]

Core Viewpoint - Kanghong Pharmaceutical is actively advancing its drug pipeline, focusing on innovative treatments and maintaining a strong market position in the ophthalmology sector, particularly with its anti-VEGF product, Conbercept [1][3]. Group 1: Drug Development and Clinical Trials - The company is conducting a review for Lifisert eye drops at the National Medical Products Administration [1]. - KH109 and KH110 are in Phase III clinical trials, with KH109 already having completed subject enrollment and KH110 still in the process [1]. - KH110 aims to provide an innovative Chinese medicine solution for Alzheimer's disease, potentially enhancing the company's competitiveness in this therapeutic area [2]. - The clinical research for anxiety disorders using KH109 is progressing steadily, with completion of Phase III enrollment expected by April 2025 [1][2]. Group 2: Market Performance and Strategy - The company anticipates double-digit growth for Shugan Jieyu capsules in 2024, outpacing the overall antidepressant market growth [1]. - Kanghong Pharmaceutical has successfully entered multiple national procurement lists for its chemical drugs, including the Shongling Xue Mai Kang capsule, which has been selected in 23 provinces [2]. - The company is committed to increasing R&D investments across innovative drugs, traditional Chinese medicine, and chemical generics to provide high-quality, cost-effective products [2]. Group 3: Competitive Landscape - Conbercept has established itself as a leader in the Chinese anti-VEGF market, competing against top global brands [3]. - The company has a successful track record of overcoming challenges in the market, demonstrating confidence in maintaining its competitive edge [3]. - The incidence rates for the five major indications of anti-VEGF products are stable, suggesting consistent market demand [3]. Group 4: Management and Operational Efficiency - The company plans to enhance internal control management and performance evaluation to improve overall management efficiency [4]. - There is a focus on advancing infrastructure projects for planned production and improving brand promotion and marketing management [4]. - Financial management will be strengthened, with an emphasis on cost control, budget execution, and monitoring of fund operations to mitigate financial risks [4].

Group 1: Clinical Trials and Research - KH631 and KH658 are currently in clinical trials, with safety and efficacy data not yet fully compiled [2] - KH631's clinical data is expected to be disclosed at the 2025 ARVO conference [2] - The company has a diverse R&D system covering traditional Chinese medicine, antibody drugs, gene therapy, and small molecule drugs [10] Group 2: Financial Performance and Projections - In 2024, the company achieved a revenue of CNY 4,452,657,799, a year-on-year increase of 12.51%, and a net profit of CNY 1,191,230,760.93, up 14.02% [14] - For 2025, the company projects a revenue growth of 5%-15% and a net profit growth of 5%-15% compared to 2024 [9] - R&D expenses in 2024 increased by 33.57% to CNY 604,378,287.33 [8] Group 3: Strategic Focus and Market Position - The core competitive advantage lies in strategic layout and continuous innovation across various product lines [3] - The company is focusing on enhancing internal control management and performance assessment to improve overall management efficiency [26] - The company maintains a strong market position in the anti-VEGF sector, with confidence in overcoming competition from global brands [6] Group 4: Product Development and Pipeline - Key products in clinical trials include KH631 for nAMD, KH658 for nAMD, and KH617 for advanced solid tumors [5] - The company is advancing the clinical trials of KH110 for Alzheimer's disease and KH109 for anxiety [15] - The company is actively responding to market competition and regulatory changes, particularly in the traditional Chinese medicine sector [8] Group 5: Future Outlook and Industry Trends - The pharmaceutical industry is viewed as a "perpetual sunrise industry" with significant growth potential [13] - The company is committed to increasing R&D investments to provide high-quality, cost-effective products [22] - The company is exploring international collaboration opportunities to enhance its global market presence [30]

药品名称：KH607 片 剂型：片剂 适应症：产后抑郁症 注册分类：化药 1 类 证券代码：002773 证券简称：康弘药业 公告编号：2025-021 成都康弘药业集团股份有限公司 关于公司收到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、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 近日，成都康弘药业集团股份有限公司（以下简称"公司"）收 到国家药品监督管理局签发的《药物临床试验批准通知书》。现将相 关情况公告如下： 一、药品基本信息 1 / 2 三、对公司的影响 由于药品从研发、临床试验、审评和审批的结果以及时间都具有 一定的不确定性，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 成都康弘药业集团股份有限公司董事会 2025 年 5 月 14 日 2 / 2 受理号：CXHL2500223、CXHL2500224 审批结论：同意开展治疗产后抑郁症的临床试验 二、产品简介 KH607 是我公司自主研发的小分子 γ-氨基丁酸 A 亚型（GABAA） 受体正向变构调节剂，属于化药 1 类创新药，剂型为口服固体制剂片 剂,2023 年已获批同意开展治疗抑郁症的临床试验。 ...

Core Viewpoint - Kanghong Pharmaceutical has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of 8.09% [1] Company Overview - Chengdu Kanghong Pharmaceutical Group Co., Ltd. was established in 1996 and focuses on the research, production, sales, and after-sales service of biological products, traditional Chinese medicine, chemical drugs, and medical devices [1] - The company possesses advanced research and development centers and standardized industrial production bases, with a marketing network that spans the entire country [1] Shareholder Activity - Three funds under Dacheng Fund have entered the top ten shareholders of Kanghong Pharmaceutical, including: - Dacheng Strategy Return Mixed A, which increased its holdings in Q1 of this year - Dacheng Competitive Advantage Mixed A, which also increased its holdings in Q1 - Dacheng Rui Xiang Mixed A, which entered as a new shareholder in Q1 [1] - The performance of these funds in 2023 is as follows: - Dacheng Strategy Return Mixed A: 1.46% return, ranking 2872 out of 4548 - Dacheng Competitive Advantage Mixed A: 4.62% return, ranking 1825 out of 4548 - Dacheng Rui Xiang Mixed A: 2.35% return, ranking 2545 out of 4548 [1] Fund Management - The fund manager for Dacheng Strategy Return Mixed A, Dacheng Competitive Advantage Mixed A, and Dacheng Rui Xiang Mixed A is Xu Yan [5][7] - Xu Yan holds a master's degree in management from Fudan University and has extensive experience in fund management, having worked at Dacheng Fund Management Co., Ltd. since 2007 [6]

为充分尊重投资者，提升交流的针对性，现就公司二〇二四年度 业绩网上说明会提前向投资者公开征集问题，广泛听取投资者的意见 和 建 议 。 投 资 者 可 于 2025 年 5 月 14 日 （ 星 期 三 ） 16 ： 00 前 访 问 https://ir.p5w.net/zj/，进入问题征集专题页面进行提问。公司将 在本次年度业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 证券代码：002773 证券简称：康弘药业 公告编号：2025-020 成都康弘药业集团股份有限公司 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。 成都康弘药业集团股份有限公司（以下简称"康弘药业"、"公 司"）《2024年年度报告》《2024年年度报告摘要》已于2025年4月 发展规划，公司将于2025年5月15日（星期四）下午15：00至17：00 在全景网举行康弘药业二〇二四年度网上业绩说明会，本次说明会将 采用网络远程方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次业绩说明会。 ...

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。 成都康弘药业集团股份有限公司（以下简称"康弘药业"、"公 司"）《2024年年度报告》《2024年年度报告摘要》已于2025年4月 26日披露。为使投资者进一步了解公司的财务状况、经营情况及公司 发展规划，公司将于2025年5月15日（星期四）下午15：00至17：00 在全景网举行康弘药业二〇二四年度网上业绩说明会，本次说明会将 采用网络远程方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次业绩说明会。 证券代码：002773 证券简称：康弘药业 公告编号：2025-020 成都康弘药业集团股份有限公司 关于举行二〇二四年度网上业绩说明会的公告 出席本次业绩说明会的人员有：公司董事长柯尊洪先生，董事、 总裁柯潇先生，董事、副总裁钟建荣女士、殷劲群先生，独立董事周 德敏先生、邓宏光先生、许楠女士，副总裁、财务总监钟建军先生， 副总裁徐燕华女士，董事会秘书邓康先生。 为充分尊重投资者，提升交流的针对性，现就公司二〇二四年度 业绩网上说明会提前向投资者公开征集问题，广 ...