Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.963 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.15%, and a net profit attributable to the parent company of 551 million yuan, a year-on-year decrease of 6.48%. In Q3 2025 alone, the revenue was 670 million yuan, a year-on-year increase of 7.7%, and the net profit was 185 million yuan, a year-on-year increase of 6.56% [4][5] - The company's main business has stabilized and is showing signs of recovery, with positive growth in both revenue and profit in Q3, primarily driven by the growth in revenue from growth hormones and antibody drugs. The decline in profit for the first three quarters is attributed to increased R&D investment, which reached 145 million yuan, a year-on-year increase of 13.08% [5] - The company has successfully introduced two significant long-acting products through business development (BD) collaborations, enhancing its market position in the fields of pediatric growth and assisted reproduction [6] - The company’s affiliate, Bosheng Jian, has made significant progress in its cell therapy platform, with the CD7 CAR-T (PA3-17 injection) being included as a breakthrough therapy and approved for key Phase II clinical trials [7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 2.677 billion yuan, 3.050 billion yuan, and 3.529 billion yuan, respectively, with year-on-year growth rates of 5.6%, 13.9%, and 15.7%. The net profit attributable to the parent company is projected to be 756 million yuan, 848 million yuan, and 987 million yuan for the same years, with year-on-year growth rates of 6.9%, 12.1%, and 16.4% [8][9] - Key financial metrics for 2025 include a gross margin of 78.4%, a return on equity (ROE) of 17.4%, and earnings per share (EPS) of 0.45 yuan [11]

11月17日，安科生物盘中下跌2.03%，截至10:04，报10.61元/股，成交1.13亿元，换手率0.86%，总市值 177.45亿元。 安科生物所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：民营医院、基因测 序、互联医疗、医疗美容、肝炎治疗等。 截至10月31日，安科生物股东户数7.69万，较上期增加4.63%；人均流通股15886股，较上期减少 4.43%。2025年1月-9月，安科生物实现营业收入19.63亿元，同比增长2.15%；归母净利润5.51亿元，同 比减少6.48%。 分红方面，安科生物A股上市后累计派现26.62亿元。近三年，累计派现12.52亿元。 机构持仓方面，截止2025年9月30日，安科生物十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1952.26万股，相比上期减少126.90万股。招商国证生物医药指数A（161726）位居第五大 流通股东，持股1596.17万股，相比上期减少273.29万股。创新药（159992）位居第七大流通股东，持股 1121.77万股，相比上期增加19.13万股。南方中证1000ETF（512100）位居第九大流通 ...

Core Viewpoint - On November 17, a total of 17 listed companies will have their restricted shares unlocked, with a total market value of approximately 22.745 billion yuan [1] Summary by Category Restricted Shares Unlocking - The total number of restricted shares unlocking on this date is significant, with a total market value of about 22.745 billion yuan [1] - Specific companies and their respective unlocking details include: - Yingte Group (000411): 273,600 shares from equity incentive [1] - East China Pharmaceutical (000963): 1,630,300 shares from equity incentive [1] - Innovation New Materials (600361): 2.867 billion shares from other types [1] - Fida Environmental Protection (600526): 152 million shares with extended lock-up period [1] - New Mileage (002219): 8.7 million shares from equity incentive [1] - Anke Bio (300009): 12.3941 million shares from equity incentive [1] - Songcheng Performance (300144): 2.16 million shares from equity incentive [1] - Keheng Co., Ltd. (300340): 511,400 shares from equity incentive [1] - Haoxiangni (002582): 1 million shares from equity incentive [1] - Zhongzhi Technology (301361): 2.252 million shares from pre-issue [1] - Jack Co., Ltd. (603337): 2.4576 million shares from equity incentive [1] - Tian'ao Electronics (002935): 105,400 shares from equity incentive [1] - Huatuo Cable (605196): 556,000 shares from equity incentive [1] - Yongshuntai (001338): 266 million shares from pre-issue [1] - New World (301277): 149 million shares from pre-issue [1] - Yongxi Electronics (688362): 130 million shares [1] - Kangxi Communication (688653): 3.184 million shares [1]

Core Insights - Anke Bio announced a strategic partnership with Boshengji Pharmaceutical Technology (Suzhou) Co., Ltd. to promote the sales of the PA3-17 injection product, which is a CAR-T cell therapy targeting CD7 [1] - The PA3-17 injection is the first globally approved CAR-T cell therapy for clinical trials targeting CD7, aimed at treating adult relapsed and refractory CD7-positive hematologic malignancies [1] - The product has been included in the list of breakthrough therapies by the National Medical Products Administration (NMPA) and is currently in a critical Phase II clinical trial [1] Summary by Sections - **Strategic Partnership**: Anke Bio and Boshengji have signed a framework agreement for exclusive agency rights for the PA3-17 injection in Greater China, with a formal agreement to follow after the product's market application submission [1] - **Product Details**: PA3-17 injection is developed by Boshengji's subsidiary and is the first of its kind to receive clinical trial approval, focusing on a significant medical need in hematologic cancers [1] - **Future Collaboration**: Boshengji has committed to prioritizing Anke Bio as the exclusive agency for future product launches, ensuring a long-term collaboration for sales and promotion in the region [1]

Core Viewpoint - Anke Bio (300009) is advancing its participation in the CAR-T therapy development through its affiliate, Boshengji, which has initiated a dose escalation plan for its LV009 product and is currently enrolling patients for clinical trials [1] Group 1 - Anke Bio's affiliate, Boshengji, has completed the design for the accelerated dose escalation scheme for its In vivo CAR-T LV009 [1] - The first patient has been enrolled in the clinical trial, with efficacy evaluation expected to begin in approximately two weeks [1] - Boshengji is simultaneously screening additional patients and has initiated ethical reviews at three hospitals to support IND application and business development data acquisition [1]

Core Viewpoint - Anke Bio (300009) announced that its affiliate, Boshengji, has included the PA3-17 injection in the breakthrough therapy category and has entered the critical Phase II clinical trials, aiming to complete patient enrollment within one year and submit a pre-NDA communication request by Q1 2027 [1] Group 1: Clinical Development - The PA3-17 injection has been classified as a breakthrough therapy and is currently in Phase II clinical trials [1] - The company aims to complete the enrollment of all patients within one year [1] - A pre-NDA communication request is expected to be submitted by Q1 2027 [1] Group 2: Indication Expansion - The company is currently submitting an application for pediatric indications [1] - Following the approval for T-ALL/LBL indications, Boshengji plans to expand into other indications, including peripheral T-cell lymphoma, NKT lymphoma, and acute myeloid leukemia [1]

Group 1 - Longjian Co., Ltd. won a bid for a highway maintenance project in Heilongjiang with a contract value of 483 million yuan, accounting for 2.64% of the company's expected revenue for 2024 [1] - Transsion Holdings plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [1] - Good Home's controlling shareholder intends to reduce its stake by up to 2.7%, equivalent to no more than 39.4468 million shares [1][2] Group 2 - Xinhua Insurance reported a cumulative premium income of 181.973 billion yuan from January to October, representing a year-on-year growth of 17% [2][4] - Zhejiang Jiaokao is part of a consortium that plans to bid for a new urbanization project with an estimated total investment of 11.103 billion yuan [4] Group 3 - Changchun High-tech received approval for clinical trials of a vaccine for adolescents and adults [6] - XinNuoWei's application for the listing of Pertuzumab injection has been accepted, targeting HER2-positive breast cancer [8] - Dash Smart won a bid for an intelligent project at the new Huanggang Port inspection building, valued at 55.056 million yuan, which is 1.74% of its expected revenue for 2024 [8] Group 4 - Electronic City is involved in a lawsuit for debt recovery, with the amount in dispute estimated at 777 million yuan [9] - Haibo Technology signed a strategic cooperation agreement with CATL for a cumulative procurement of no less than 200 GWh of electricity from 2026 to 2028 [10] Group 5 - Renfu Pharmaceutical's HW231019 tablets have entered the second phase of clinical trials for postoperative pain relief [11] - Tonghua Dongbao received a drug registration certificate for Aspart Insulin injection from the Dominican Republic [11] Group 6 - Shaanxi Construction reported winning major projects worth a total of 1.016 billion yuan in October [12] - Fuzhou Environmental Protection plans to change its stock name to "Fuzhou Technology" [12] Group 7 - Panlong Pharmaceutical's gel patch for knee osteoarthritis has received approval for clinical trials [15] - Zhongyida's application for a specific stock issuance has been terminated by the Shanghai Stock Exchange [16] Group 8 - Zhizhong Home's controlling shareholder reduced its holdings of convertible bonds by 905,000 units, accounting for 13.51% of the total issued [19] - Haibo Co., Ltd. plans to establish a subsidiary with an investment of 1 billion yuan for high-end component projects [21] Group 9 - Caina Co. plans to use 57 million yuan of idle funds to purchase structured deposits [23] - Zhendong Pharmaceutical's new drug for acute ischemic stroke has entered the IIa phase of clinical trials [25] Group 10 - Weiman Sealing's overseas subsidiary plans to lease a factory in Saudi Arabia for 5 years at a total rent of approximately 54.039 million yuan [26] - Yiling Pharmaceutical's application for Memantine Hydrochloride has been approved for market entry [28] Group 11 - Dongfang Zhizao plans to acquire 70% of Saifu Machinery for 27.4887 million yuan [30] - JianKai Technology's actual controller intends to transfer 3% of the company's shares through inquiry [31] Group 12 - Rejing Bio plans to repurchase shares worth between 100 million and 200 million yuan [32] - Bangji Technology has decided to terminate a major asset restructuring project due to failure to reach an agreement [34] Group 13 - Huadong Pharmaceutical's application for the marketing license of a new drug has been accepted [36] - Zhonggu Logistics' shareholder plans to reduce its stake by up to 3% [38] Group 14 - Bohui Innovation's subsidiary received approval for a clinical trial of a vaccine for invasive infections [40] - Shannon Chip's shareholder pledged 0.27% of the company's shares for financing [42] Group 15 - Shanghai Petrochemical appointed a new general manager [44] - Jiaojian Co. plans to reduce the holdings of some directors and executives by up to 0.35% [46] Group 16 - Weiting Electric plans to raise no more than 300 million yuan through a private placement [47] - Zhongjin Irradiation plans to invest approximately 200 million yuan in an electronic accelerator manufacturing project [49] Group 17 - Tongxing Technology signed a framework agreement to invest 3.2 billion yuan in a sodium battery project [50] - Hongri Da plans to establish a subsidiary focused on semiconductor packaging [51] Group 18 - Shanghai Kaibao's new drug for acute ischemic stroke has received approval for clinical trials [53] - Yitong Century announced a change in its control structure, becoming a company without a controlling shareholder [55]

Core Insights - Anke Bioengineering (Anke Bio) held an investor meeting on November 11, 2025, attracting 48 institutions including major funds and securities firms [1][2] - The meeting focused on the company's core product development progress and strategic planning, with key executives participating in discussions with investors [1] Product Development Progress - Anke Bio's subsidiary, Boshengji, is advancing in the innovative drug sector with five major platforms: - CD7-CAR-T (PA3-17 injection) is in critical Phase II clinical trials for T-ALL/LBL indications [3] - in vivo CAR-T (LV009) has initiated patient enrollment and is designed for B-ALL/NHL and autoimmune diseases [3] - NKCE platform is in animal testing for dual-specificity NKB69 and NKB61 targeting autoimmune diseases [3] - UCAR-Vδ1T platform has received CDE clinical trial approval for UTAA09 injection and is in animal testing for UTAA61 injection targeting solid tumors [3] - PD-1 agonist is in preclinical stages with promising data presented at the 2025 American Rheumatology Conference [3] Investor Focus and Responses - The company aims to complete patient enrollment for CD7-CAR-T within one year and plans to submit a pre-NDA communication by Q1 2027 [4] - Expansion into additional indications post-approval for T-ALL/LBL is planned, including peripheral T-cell lymphoma and acute myeloid leukemia [4] - The international strategy includes direct registration in Belt and Road countries and potential collaborations for clinical trials in Europe and the U.S. [4] R&D Strategy - Anke Bio employs a dual approach in drug development, focusing on both independent research and strategic partnerships to accelerate product maturity [6] - Collaborations include exclusive agreements for products like long-acting follicle-stimulating hormone and growth hormone with domestic leading research teams [6] - The investor meeting highlighted the company's technological capabilities and pipeline advancements, with significant interest in CAR-T therapies [6]

Group 1: Company Overview and R&D Progress - The company has a global competitive edge in early research capabilities and a full-chain development and production capacity for plasmids, lentiviruses, and CAR-T cell processes [3][4] - It operates the largest fully automated and intelligent cell commercialization base in the Asia-Pacific region [3] - The company has five innovative drug products and platforms, including CD-7-CAR-T and a unique in vivo lentivirus transfection mechanism for CAR-T generation [3][4] Group 2: Clinical Trials and Product Pipeline - The CD7-CAR-T (PA3-17 injection) has entered critical Phase II clinical trials, with plans to complete patient enrollment within one year and submit a pre-NDA communication application by Q1 2027 [4][5] - The LV009, targeting B-ALL/NHL and autoimmune diseases, has completed preclinical development and is in the investigator-initiated trial (IIT) phase [4] - The company is also advancing the UTAA09 injection for T lymphocyte malignancies and UTAA61 injection for solid tumors, currently in animal testing [4] Group 3: Market Expansion and Strategic Partnerships - The company plans to apply for direct market approval in Belt and Road countries post-product approval and is in discussions with the FDA to use Chinese clinical data for direct registration in the U.S. [5] - It aims to establish business partnerships for overseas expansion, potentially through licensing or collaborative development [5] Group 4: Research and Development Strategy - The company employs a dual approach in drug development, focusing on both independent research and commercial collaborations [6][7] - It has secured exclusive agency agreements for certain products and is actively seeking to integrate leading research teams and technologies into its platform [7] Group 5: Ongoing Research and Future Plans - The LV009 is currently in a dose escalation scheme, with the first patient enrolled and efficacy evaluation expected soon [7] - The PD-1 agonist has shown promising preclinical data and is set to initiate investigator-initiated clinical trials in 2026 [7]

Market Overview - The precision medicine sector experienced a slight decline of 0.01% on November 12, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Zhongyuan Xiehe saw a significant increase of 10.00%, closing at 28.61 with a trading volume of 311,400 shares and a transaction value of 857 million [1] - Yangpu Medical and Beilu Pharmaceutical also reported gains of 4.13% and 2.96%, respectively [1] - Guomai Technology, on the other hand, declined by 3.17%, closing at 11.62 [2] Capital Flow - The precision medicine sector saw a net inflow of 311 million from institutional investors, while retail investors experienced a net outflow of 318 million [2] - Major stocks like Zhongyuan Xiehe and Yaoming Kangde attracted significant institutional investment, with net inflows of 1.941 billion and 76.27 million, respectively [3] Individual Stock Highlights - Zhongyuan Xiehe had a net institutional inflow of 1.941 billion, accounting for 22.65% of its trading volume, while retail investors withdrew 932 million [3] - Yaoming Kangde also saw a net institutional inflow of 76.27 million, with retail investors withdrawing 430 million [3] - Other notable stocks with positive institutional inflows include Beilu Pharmaceutical and Yangpu Medical, with net inflows of 33.03 million and 26.56 million, respectively [3]