证券代码：300204 证券简称：舒泰神 公告编号：2025-041 的增资款，即 9,333.33 万元的价款作为增资款余款（以下简称"二期增资款"）， 其中 373.34 万元作为实缴的 70%新增出资额，8,959.99 万元计入目标公司的资 本公积；及（b）乙方（舒泰神）指定的银行账户支付 70%的转让款，即 4,666.67 万元的价款作为转让款余款（以下简称"二期转让款"，与二期增资款合称为"二 期投资款"）。" 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。 一、交易概述 舒泰神（北京）生物制药股份有限公司（以下简称"舒泰神"或"公司"） 于 2024 年 12 月 23 日召开第六届董事会第五次会议、第六届监事会第五次会议， 审议通过了《关于子公司增资扩股暨引入投资者及股权转让的议案》，同意江苏 贝捷泰生物科技有限公司（以下简称"贝捷泰"）增资扩股暨引入投资者及股权 转让事项，并放弃增资扩股的优先认缴出资权、放弃股权转让的优先购买权。该 事项已经独立董事专门会议审议通过。具体内容详见公司于 2024 年 12 月 24 日 披露于巨潮资讯网的《 ...

Core Viewpoint - The rapid decline of A-share innovative drug concept stocks, particularly Shuyou Shen, is driven by market speculation on its pipeline rather than its existing products, which are experiencing declining sales [1][2]. Company Overview - Shuyou Shen's stock price fell by 8.33% to 35.75 yuan, despite reaching a historical high of 43.15 yuan earlier [1]. - The company has seen over a 500% increase in stock price from a low of 5.90 yuan, leading to a market capitalization of approximately 170 billion yuan [1]. - The main revenue sources are two older drugs, with the injection of mouse nerve growth factor (Sutai Sheng) accounting for 41.21% of revenue, which saw a 17.30% year-on-year decline [1][2]. - The second drug, a compound polyethylene glycol electrolyte powder (Shutai Qing), holds a leading market share in bowel preparation but experienced an 8.20% revenue decline, contributing 55.16% to total revenue [2]. Research Pipeline - Shuyou Shen has 15 research pipelines, with the most advanced being a monoclonal antibody (BDB-001) and two protein drugs: STSP-0601 and a new indication for Sutai Sheng [2][4]. - Recent clinical trial results for STSP-0601 showed an effective hemostatic rate of 81.94% for hemophilia A or B patients, significantly exceeding the target value [4]. - The company has reported three new drug progress announcements this year, indicating ongoing development in its pipeline [4]. Market Potential - The global market for hemophilia treatments is estimated at 27.7 billion yuan, with Shuyou Shen's STSP-0601 potentially reaching over 2 billion yuan in domestic sales [6]. - The company identifies a clinical need for effective and affordable treatments for hemophilia patients with inhibitors, as existing options have significant limitations [6]. - The patient population for hemophilia in China is substantial, with over 40,000 cases registered, although those with inhibitors are a smaller subset [6].

Group 1 - The first "doubling fund" in the public fund market for 2025 is the Huatai-PineBridge Hong Kong Advantage Selection A, which has achieved a 99.5% year-to-date return as of June 13, 2025, leading the entire market [1][2] - Among the top 10 funds for year-to-date returns in 2025, 8 are heavily invested in pharmaceutical companies, particularly in the innovative drug sector [1][2] - The innovative drug sector has seen significant growth, with the Wind Innovative Drug Concept Index rising over 25% and the Hang Seng Innovative Drug Index increasing over 53% since April 9, 2025 [2][3] Group 2 - Notable stocks in the innovative drug sector have experienced substantial price increases, with Shuyou Pharmaceutical leading at a 478.84% increase, followed by Sanofi Health at 129.81% [3][4] - The top-performing funds have a high concentration of investments in innovative drug companies, with the most frequently held stock being Kelong Biotechnology-B, which has also doubled in price [4][5] - Fund managers of the top-performing funds are predominantly new faces, with half of them having less than two years of investment experience [5][6] Group 3 - Zhang Wei, the manager of Huatai-PineBridge Hong Kong Advantage Selection A, has maintained a strong focus on the pharmaceutical sector, with the fund's top holdings consistently being in the biopharmaceutical industry [7][8] - The fund has shown resilience despite previous years of losses, with a significant recovery in 2025 attributed to the performance of its long-held innovative drug stocks [9][10] - Zhang Wei's investment strategy emphasizes long-term perspectives and stability in holdings, focusing on companies with global competitiveness and growth potential in the pharmaceutical and biotech sectors [10][11] Group 4 - The performance disparity among active equity funds in 2025 is notable, with 12 funds experiencing declines of over 20%, including several managed by Jin Zicai [13][14] - Jin Zicai's aggressive investment style has led to high turnover rates and concentrated positions, which can result in significant volatility [15][16] - The overall market sentiment towards innovative drugs remains positive, with expectations for continued growth driven by domestic medical demand recovery and supportive policies [10][11]

Core Viewpoint - Shuyou Shen (300204) has been dubbed the "king of A-share gains" in innovative drugs, with a nearly 500% increase in stock price over two months, driven by the progress of three innovative drugs, including the acceptance of the listing application for STSP-0601 by the National Medical Products Administration [1][4][10] Stock Performance - On June 17, Shuyou Shen's stock price opened at 39.1 yuan per share, peaked at 43.15 yuan, and ultimately closed at 35.75 yuan, down 8.33% for the day, with a trading volume of 2.27 billion yuan and a turnover rate of 12.27% [3][4] - The stock has seen a cumulative increase of 470.18% from April 8 to June 17, making it the top performer in the A-share innovative drug sector [4][10] Institutional Involvement - Recent trading data indicates that institutional investors and speculative funds have been the primary drivers behind the stock's price surge, with institutions net buying approximately 211 million yuan from May 27 to June 9 [4][10] New Drug Developments - Shuyou Shen is focused on developing therapeutic drugs for unmet clinical needs, with a particular emphasis on protein drugs and chemical drugs targeting infectious diseases, respiratory and critical illnesses, autoimmune diseases, and neurological disorders [6][10] - The most notable drug in development is STSP-0601, which has received a registration application acceptance notice from the National Medical Products Administration, aimed at treating bleeding in adult patients with hemophilia A or B [6][7][8] Financial Performance - The company has reported net losses for five consecutive years, with revenues declining from 4.25 billion yuan in 2020 to 3.25 billion yuan in 2024, and corresponding net losses increasing from -1.33 billion yuan to -1.45 billion yuan [10][11] - In Q1 of this year, the company reported revenues of approximately 63.21 million yuan, a year-on-year decrease of 33.45%, while the net loss was reduced to -2.335 million yuan [10][11] Market Outlook - Analysts suggest that the future direction for innovative drug companies should focus on diversification and innovation, emphasizing the importance of R&D investment and market strategy adjustments [12] - Shuyou Shen has indicated plans to utilize various financing methods to alleviate short-term pressures while continuing its commitment to innovative drug development [12]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 55.24 CNY based on the current price of 36.93 CNY [6]. Core Insights - The company has been deeply engaged in the therapeutic drug sector for over 20 years, focusing on infectious diseases, respiratory and critical care, autoimmune diseases, and neurological disorders. It has a rich pipeline of research and sales [1][14]. - The company’s key product, STSP-0601, has received breakthrough therapy designation and has submitted a conditional marketing application, indicating strong potential in the hemophilia treatment market [2][32]. - The company is experiencing a transitional phase with a projected revenue decline in 2024, but it is expected to enter an accelerated growth phase from 2025 onwards [4][25]. Summary by Sections Company Overview - Founded in 2002 in Beijing, the company specializes in innovative drugs across various therapeutic areas and has developed national class 1 new drugs [1][14]. - The company has a stable shareholding structure, with key executives possessing extensive research backgrounds [19][21]. Research and Development Pipeline - The company has multiple products in clinical trials, including STSP-0601 for hemophilia, STSA-1002 for ARDS, and BDB-001 for ANCA-associated vasculitis, all showing promising results [3][4][30]. - STSP-0601 has shown significant efficacy in clinical trials, with a high potential market due to the large number of hemophilia patients in China [2][47]. Financial Projections - The company expects revenues of 3.36 billion CNY in 2025, with a gradual recovery in profitability projected by 2027 [4][5]. - The 2024 revenue is expected to be 3.25 billion CNY, reflecting a 10.81% decrease from the previous year, but the company is on track to reduce losses [25][5]. Market Position and Competitive Advantage - The company is well-positioned in the market with its innovative drug pipeline and has received recognition for its breakthrough therapies, enhancing its competitive edge [2][4]. - The focus on developing high-quality, accessible treatments for chronic conditions like hemophilia is expected to drive future growth [32][34].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 港股蚂蚁金服概念股大幅异动。 A股今日（6月12日）窄幅震荡上扬，创业板指小幅走高；港股回落走低，恒生指数目前跌逾1%，恒生 科技指数跌超2%。 具体来看，三大股指盘中窄幅震荡，沪指、创业板指盘中翻红。截至收盘，沪指微涨0.01%报3402.66 点，深证成指跌0.11%报10234.33点，创业板指涨0.26%报2067.15点，沪深北三市合计成交13037亿元， 较此前一日增加168亿元。 场内近2900股飘绿，酿酒、农业、煤炭、电力等板块走低；银行板块延续强势，南京银行、江苏银行、 成都银行等续创新高；量子科技概念崛起，罗普特（维权）涨停，三未信安涨超13%；IP经济概念爆 发，柏星龙、奥雅股份、德艺文创等涨停；创新药概念再度活跃，舒泰神涨超10%，海思科涨停创出新 高。值得注意的是，今日登陆沪市主板的海阳科技收盘涨386.7%，盘中最高至70元/股，暴涨超500%， 以盘中最高价计算，该股单签盈利超2.9万元。 蚂蚁金服概念异动 云锋金融盘中涨近100% 今日，在A股收盘后，港股蚂蚁金服概念股大幅异动，云锋金融盘中直线飙升，一度 ...

Group 1 - The innovation drug sector is currently experiencing significant attention and growth, with a warning against chasing high-priced stocks like Lianhua Technology and Shutaishen, which have seen substantial price increases [1][5] - 2023 has been a year of explosive new drug approvals, with a notable event on May 29 when the National Medical Products Administration issued 11 new drug approvals, with five coming from innovative drug companies on the Sci-Tech Innovation Board [3][4] - The innovation drug sector has shown a continuous growth trend for seven weeks, breaking through the historical resistance level of 1180 points, indicating strong upward momentum and potential [5] Group 2 - Investors are advised to focus on small-cap stocks that are severely undervalued and possess core technologies, as larger companies with market caps in the hundreds of billions may offer limited profit potential [7] - Notable small-cap stocks include: - Saiseng Pharmaceutical, with a market cap of approximately 6.5 billion yuan, focusing on nerve repair and immune regulation, with a key product being the first domestic nerve glycoside approved for clinical efficacy [9] - Anglikang, with a market cap of around 5.2 billion yuan, transitioning towards tumor microenvironment activation therapies, with several innovative drugs in clinical trials [10] - A third company, referred to as an "invisible king," is developing a long-acting therapeutic vaccine for cardiovascular treatment, with a market cap of less than 3 billion yuan and significant interest from foreign investment firms [11]

Core Viewpoint - The current "medication" market rally is distinct from previous ones, with leading gains concentrated in innovative pharmaceutical companies, particularly strong performance in the Hong Kong stock market [1][2] Group 1: Market Performance - On June 9, both Hong Kong and A-share innovative pharmaceutical sectors saw significant gains, with the Hang Seng Innovative Drug ETF rising by 4.08% and the Hong Kong Stock Connect Medical ETF increasing by 4.25% [3] - Notable individual stock performances included 3SBio (01530.HK) reaching a peak of 22.5 HKD, just shy of its historical high, and a 260% increase in its stock price since February [3] - The A-share innovative drug index rose by 31.5% and the Hong Kong innovative drug index surged by 61.54% since April 9, with several stocks doubling in value [4] Group 2: Catalysts for Growth - The surge in innovative drug stocks is attributed to multiple factors, including recent approvals for 11 innovative drugs from eight companies and promising clinical data for major diseases [5] - The upcoming 2025 ASCO annual meeting will feature 73 research studies from China, a 30% increase from the previous year [5] Group 3: Long-term Positive Factors - Many leading companies are approaching breakeven points, with significant revenue growth reported, particularly for Ascentage Pharma (332.31% growth) [7][8] - The overseas licensing deals have seen substantial increases, with a record-breaking deal of 6.05 billion USD for 3SBio's drug rights to Pfizer [9] - The overall licensing-out transactions in the innovative drug sector have surged, with 41 transactions in Q1 2024 alone, totaling 36.93 billion USD [9] Group 4: Policy Support - Recent policy changes are favorable for innovative drug companies, including optimized centralized procurement policies and increased support for innovative drugs in government reports [10] - The 2024 government work report includes 38 new innovative drugs in the medical insurance catalog, the highest ever, with plans for further optimization in 2025 [10] Group 5: Market Outlook - The valuation of the pharmaceutical sector remains relatively safe compared to other growth industries, with a current TTM P/E ratio of 27.1 times [11] - Some analysts suggest that the innovative drug sector is transitioning from following to leading in the global market, indicating a new era for domestic innovation [11] - However, there are concerns about potential short-term volatility due to rapid price increases and profit-taking by investors [11]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ A股今日强势上扬，沪指盘中突破3400点，创业板指涨超1%；港股亦走强，恒生指数涨超1%重返24000 点上方，恒生科技指数大涨近3%，自4月低点涨幅超过20%，迈入技术性牛市。 行业方面，当地时间2025年5月30日至6月3日，2025年美国临床肿瘤学会（ASCO）年会在美国芝加哥 举行。随着美国临床肿瘤学会（ASCO）年会的召开和落幕，以及今年国内药企屡屡斩获大额全球授权 交易，二级市场反响热烈。 光大证券指出，本次年会见证了中国药企在新药研发方面的活跃度和竞争力，其间多项成果和数据惊艳 亮相，持续看好国产创新药的发展前景，特别是在临床进展和国际化布局方面有优势的企业。此外，5 月7日以来，我国已推出一揽子金融政策支持稳市场稳预期，其中货币政策和财政政策的支持力度均较 大。考虑到降息降准政策，业绩稳健增长、具备高股息特征的龙头药企具备较强的投资吸引力。 稀土板块活跃 具体来看，三大股指盘中震荡走高，沪指一度收复3400点，创业板指、北证50指数涨超1%。截至收 盘，沪指涨0.43%报3399.77点，深证成指涨0.65%报10250 ...

热点概览： A股三大指数今日高开高走，截至收盘，沪指涨0.43%一度站上3400点，深成指涨0.65%，创业板指涨1.07%，北证50指数涨1.08%。全 市场成交额13126亿元，较上日放量1355亿元。全市场超4100只个股上涨。 板块题材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前；贵金属、白酒板块跌幅居前。 盘面上，创新药概念再度爆发，舒泰神（300204）、常山药业（300255）、海辰药业（300584）、睿智医药（300149）、联化科技 （002250）、众生药业（002317）等多股涨停。足球概念持续活跃，共创草坪（605099）6连板，金陵体育（300651）涨超10%。互 联网金融板块走强，南华期货（603093）、恒宝股份（002104）涨停。核电股午后活跃，百利电气（600468）、哈焊华通 （301137）、合锻智能（603011）涨停。贵金属板块领跌，赤峰黄金（600988）、山东黄金（600547）跌幅居前。 暗盘资金一眼洞悉庄家意图>> 涨停天梯榜： 【6连板】 共创草坪。 【5连板】 金时科技（002951）。 【4连板】 中嘉博创（000889）、易明医药（0 ...