Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Core Viewpoint - Zhifei Biological announced the acquisition of an invention patent for a vaccine that can prevent Helicobacter pylori infection, along with its preparation method [1] Company Summary - Zhifei Biological and its wholly-owned subsidiaries, Beijing Zhifei Lvzhu Biological Pharmaceutical Co., Ltd. and Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd., received the invention patent certificate from the National Intellectual Property Administration of the People's Republic of China [1]

Group 1 - The core point of the news is that Zhifei Biological has obtained a patent for a vaccine that can prevent Helicobacter pylori infection, which may enhance its product portfolio and market position [1] - Zhifei Biological's revenue composition for the year 2024 is projected to be 99.14% from biological products and 0.86% from other businesses, indicating a strong focus on its core offerings [1] - As of the latest report, Zhifei Biological has a market capitalization of 50.2 billion yuan, reflecting its significant presence in the biotechnology sector [2]

关于取得发明专利证书的公告 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。 重庆智飞生物制品股份有限公司（以下简称"公司"）及全资子公司——北 京智飞绿竹生物制药有限公司（以下简称"智飞绿竹"）、安徽智飞龙科马生物 制药有限公司（以下简称"智飞龙科马"）于近日取得中华人民共和国国家知识 产权局颁发的发明专利证书。具体情况如下： 证券代码：300122 证券简称：智飞生物 公告编号：2025-56 重庆智飞生物制品股份有限公司 上述发明专利是在公司在研管线产品的研发过程中申请获得，将在公司相关 在研产品上应用。该专利证书的取得不会对公司近期生产经营产生重大影响，但 有利于进一步完善公司知识产权保护体系，充分发挥自主知识产权优势，促进技 术创新，提升公司的核心竞争力。 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 10 月 9 日 1 | 发明专利名称 | 专利号 | 专利证书号 | 专利类型 | 专利申请日 | 授权公告日 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | | 一种可预防幽门 ...

Group 1 - Double-Helix Pharmaceutical announced that its associate, Changfeng Pharmaceutical, is expected to be listed on the Hong Kong Stock Exchange on October 8, 2025, with a global offering of 41.198 million shares priced at HKD 14.75 each. Double-Helix holds approximately 3.68% of Changfeng's shares, with a lock-up period of 12 months post-listing [1] - Changfeng Pharmaceutical is involved in the pharmaceutical industry, specifically in the research and development of gene-engineered drugs [2] Group 2 - Lio Corporation has submitted an application to the Hong Kong Stock Exchange for issuing H-shares and listing on the main board [3] - Lio Corporation operates in the mechanical manufacturing and digital marketing sectors [3] Group 3 - Changjiang Securities received approval from the China Securities Regulatory Commission to issue corporate bonds totaling no more than CNY 20 billion, valid for 24 months [4] - Changjiang Securities provides services such as securities and futures brokerage, financial product distribution, investment advisory, asset custody, and margin financing [4] Group 4 - Jingye Intelligent plans to acquire 51% of Hefei Shengwen Information Technology for CNY 108 million, focusing on engineering information technology and intelligent products [5][6] - Jingye Intelligent specializes in the research, development, production, and sales of special robots and intelligent equipment systems [6] Group 5 - Aimeike's subsidiary received approval for the registration of Minoxidil topical solution, a non-prescription drug for treating hair loss [7][8] - Aimeike is engaged in the research, development, production, and sales of biomedical materials and biopharmaceuticals [8] Group 6 - Dalian Heavy Industry expects a net profit of CNY 474 million to CNY 508 million for the first three quarters of 2025, representing a year-on-year increase of 19.91% to 28.52% [9] - Dalian Heavy Industry specializes in the design, manufacturing, assembly, and installation of major technical equipment [9] Group 7 - Huayou Cobalt signed supply agreements with LGES for a total of approximately 76,000 tons of ternary precursor products from 2026 to 2030 [10][11] - Huayou Cobalt focuses on the research, manufacturing, and sales of new energy lithium battery materials and cobalt new materials [11] Group 8 - Zhenjiang Co. plans to reduce its shareholding by up to 5.529 million shares, not exceeding 3% of the total share capital, due to personal funding needs [12] - Zhenjiang Co. is involved in the design, processing, and sales of wind power equipment and components [12] Group 9 - Watson Bio's subsidiary received a drug registration certificate for a 13-valent pneumococcal polysaccharide conjugate vaccine for children [14][15] - Watson Bio specializes in the research, development, production, and sales of human vaccines and biopharmaceuticals [15] Group 10 - Yikang Pharmaceutical's major shareholder plans to reduce holdings by up to 42 million shares, not exceeding 2.04% of the total share capital, due to personal funding needs [16] - Yikang Pharmaceutical is engaged in the production and sales of excipients, raw materials, finished drugs, and new energy materials [16] Group 11 - Sichuan Gold's shareholder plans to reduce holdings by up to 7.56 million shares, accounting for 1.80% of the total share capital [19] - Sichuan Gold focuses on the construction, mining, and sales of gold mines [19] Group 12 - Kangchen Pharmaceutical received approval for a clinical trial of an innovative drug for treating advanced esophageal squamous cell carcinoma [20][21] - Kangchen Pharmaceutical specializes in the manufacturing of chemical drug formulations [21] Group 13 - UCloud plans to repurchase shares worth between CNY 8 million and CNY 10 million for employee stock ownership plans [22] - UCloud provides cloud computing services centered on IT infrastructure [22] Group 14 - Woton Technology announced an adjustment to its share repurchase plan, raising the price cap to CNY 60 per share [24] - Woton Technology specializes in the research, manufacturing, and sales of separation membrane products [24] Group 15 - Five Continents Medical announced plans for shareholders to reduce holdings by up to 126,530 shares, accounting for 1.8606% of the total share capital [26] - Five Continents Medical focuses on the research, manufacturing, and sales of disposable sterile infusion medical devices [26] Group 16 - CIMC Group plans to repurchase A-shares with a total amount not exceeding CNY 5 billion [27] - CIMC Group specializes in logistics and energy equipment solutions [27] Group 17 - Zhifei Biological's subsidiary received a drug registration certificate for a trivalent influenza vaccine suitable for individuals aged 3 and above [29][30] - Zhifei Biological is involved in the research, development, production, and sales of vaccines and biological products [30]

Core Viewpoint - The company has successfully obtained the Drug Registration Certificate for its trivalent influenza virus split vaccine, marking a significant achievement in its commitment to dual-driven technology and market strategies [1] Group 1: Product Development - The trivalent influenza vaccine was developed by the company's wholly-owned subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd [1] - This vaccine adds to the company's existing portfolio, which includes a quadrivalent influenza vaccine already approved for market and other vaccines in various stages of clinical trials and approval [1] Group 2: Market Strategy - The successful registration of the trivalent influenza vaccine demonstrates the company's innovative research and development capabilities [1] - The company aims to enhance its comprehensive competitiveness and promote sustainable and steady growth by offering a diverse range of high-quality products to meet public health needs [1]

Core Viewpoint - The company, Zhifei Biological Products (300122.SZ), has successfully obtained a drug registration certificate for its trivalent influenza virus split vaccine from the National Medical Products Administration, showcasing its innovation and research capabilities [1] Group 1: Product Development - The trivalent influenza vaccine is developed by the company's wholly-owned subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd [1] - This achievement reflects the company's commitment to a dual-driven strategy of "technology & market," laying a solid foundation for further market expansion [1] Group 2: Product Portfolio - The newly registered trivalent influenza vaccine complements the company's existing product lineup, which includes a quadrivalent influenza virus split vaccine already approved for market, a quadrivalent/trivalent influenza vaccine (for children) currently under review, and a quadrivalent influenza vaccine (ZFA02 adjuvant) in Phase I/II clinical trials [1] - The comprehensive range of influenza vaccines covers all age groups and enhances the variety of products offered by the company [1] Group 3: Strategic Goals - The company aims to provide more high-quality products to meet public health needs, strengthen its overall competitiveness, and promote sustainable and steady development [1]

Group 1 - The core point of the article is that Zhifei Biological has recently obtained a patent for a method to detect quality differences in immune adjuvants, which may enhance its product offerings and competitive edge in the biopharmaceutical industry [1] - Zhifei Biological's revenue composition for the year 2024 is heavily reliant on biological products, accounting for 99.14% of total revenue, indicating a strong focus on this segment [2] - As of the latest report, Zhifei Biological has a market capitalization of 49.7 billion yuan, reflecting its significant position in the market [3]

Core Viewpoint - The company Zhifei Biological's subsidiary has received a drug registration certificate for its influenza virus split vaccine, which is aimed at individuals aged 32 and above to prevent infections caused by the influenza virus [1] Group 1: Product Development - The newly approved trivalent influenza vaccine is one of the main products for influenza prevention both domestically and internationally [1] - The company has a diverse range of influenza vaccine products, including an already approved quadrivalent influenza virus split vaccine and a trivalent influenza virus split vaccine that is currently in clinical trials [1] Group 2: Market Position - The vaccine series covers all age groups, indicating a comprehensive approach to influenza prevention [1] - The company is expanding its product offerings with various types of influenza vaccines, enhancing its market presence [1]

关于公司自主产品流感病毒裂解疫苗获得药品注册证书的公告 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。 重庆智飞生物制品股份有限公司（以下简称"公司"）于近日获悉，由公司全 资子公司安徽智飞龙科马生物制药有限公司（以下简称"智飞龙科马"）研发的 流感病毒裂解疫苗（以下简称"三价流感疫苗"）获得国家药品监督管理局出具 的《药品注册证书》，现将相关情况公告如下： 一、药品基本情况 1、药品通用名称：流感病毒裂解疫苗 2、药品批准文号：国药准字 S20250053 3、注册分类：预防用生物制品 4、剂型：注射剂 证券代码：300122 证券简称：智飞生物 公告编号：2025-55 重庆智飞生物制品股份有限公司 岁及以上人群预防流感病毒引起的感染性疾病，是目前国内外预防流感的最主要 产品之一。 公司自主研发的流感病毒裂解疫苗成功获得《药品注册证书》，是公司坚持 贯彻"技术&市场"双轮驱动的重要成果，展现了公司创新研发实力，为公司进一 步拓展市场奠定了坚实基础。本次获得药品注册证书的三价流感疫苗，与公司已 获批上市的四价流感病毒裂解疫苗、处于申报上市审评中的四价/三价流 ...