Core Viewpoint - The collaboration between Sihuan Pharmaceutical and Pfizer for the overseas commercialization rights of SSGJ-707 has set a record for the upfront payment of 1.25 billion USD for a domestic innovative drug, significantly boosting the A-share innovative drug sector [1] Group 1: Stock Performance and Market Reaction - Following the announcement, Sihuan Pharmaceutical's stock surged, with a cumulative increase of 49.2% from May 18 to May 23, and a trading volume of 3.18 billion CNY [1] - The stock's performance is attributed to the rising interest in innovative drugs, with expectations for increased profitability and valuation in the sector due to policy support and AI integration [1] Group 2: Company Strengths and Challenges - Sihuan Pharmaceutical focuses on the research, production, and marketing of innovative biopharmaceuticals, with a strong pipeline of projects in clinical trials, particularly the STSP-0601 injection for hemophilia A and B patients [1] - The termination of several COVID-19 related projects has positively impacted the company's financials, leading to a significant reduction in losses and improved market perception [1] - However, the company's core product revenues are declining, with a 10.81% drop in total revenue to 325 million CNY in 2024, and a 63.69% increase in net losses to 145 million CNY [5][6] Group 3: Product Performance - The main product, Shutaqing, saw a revenue decline of 8.20% to 179 million CNY, while the second major product, Sutai Sheng, experienced a 17.30% drop to 134 million CNY, reflecting challenges in market expansion and competition [5] - The overall revenue from core products has been shrinking, with projections indicating a further decline in Q1 2025 [6] Group 4: Valuation and Future Outlook - The current valuation of Sihuan Pharmaceutical at a price-to-sales ratio of 24.1 times is considered overly optimistic compared to peers, given the declining lifecycle of core products and ongoing cash flow pressures [6] - Despite the challenges, the biopharmaceutical industry holds significant growth potential, and successful breakthroughs in R&D could lead to a turnaround in performance and valuation for the company [6]

舒泰神（北京）生物制药股份有限公司 证券代码：300204 证券简称:舒泰神 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | ■特定对象调研□分析师会议 | | | | | | --- | --- | --- | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | | | | □新闻发布会□路演活动 | | | | | | | □现场参观 | | | | | | | □其他 | | | | | | 参与单位名称 | 国泰海通等 | | | | | | 时间 | 日 2025 11:30-12:30 | 年 | 05 | 月 | 23 | | 地点 | 公司会议室 | | | | | | 上市公司接待人 | 董事长周志文先生 | | | | | | 员姓名 | 董事会秘书、副总经理于茂荣先生 | | | | | | | 证券事务代表蔡晗先生 | | | | | | 投资者关系活动 | 投资者互动问答 | | | | | | 主要内容介绍 | | | | | | | 附件清单 | 调研纪要 | | | | | | 日期 | 2025 日 | 年 | 05 ...

Group 1: Project Development Progress - The STSP-0601 project has completed the IIb clinical trial, achieving the primary efficacy endpoint, and is currently advancing to the III phase with 32 participants planned for enrollment [2][3] - The STSA-1002 injection project is in the final stages of the II phase clinical trial for acute respiratory distress syndrome, aiming for expected clinical progress [5] - The BDB-001 injection project has been included as a breakthrough therapy by CDE in December 2023, with the II phase clinical trial ongoing and participant enrollment completed [6] Group 2: Product Upgrades and Innovations - The STSP-0902 injection is a fourth-generation upgrade of the existing product Su Tai Sheng, focusing on pain reduction, long-lasting effects, and humanization [7] - The company is enhancing its PEG-based products, including already launched products for treating constipation in children and adults [7] Group 3: Research and Development Focus - The company is concentrating on therapeutic areas such as infectious diseases, respiratory and critical care, autoimmune diseases, and neurological disorders, supported by a robust technical platform and experienced R&D team [8] - The company has not abandoned gene therapy, with ongoing research in the HIV project currently in the preclinical stage [9] Group 4: Financial Strategies and Long-term Vision - Since its listing on the Shenzhen Stock Exchange in April 2011, the company has positioned itself as an innovation-driven pharmaceutical company, utilizing various financing methods to alleviate short-term pressures [12] - The company has invested approximately 27 million yuan to support early-stage drug development, demonstrating commitment to innovation over its 23 years of R&D [10][12]

Group 1 - The cell immunotherapy concept index rose by 1.35%, ranking third among concept sectors, with 35 stocks increasing in value, including Seer Medical which hit the daily limit, and Sunshine Nuohuo, Shutai Shen, and Betta Pharmaceuticals showing significant gains of 12.55%, 11.77%, and 8.35% respectively [1] - The concept sector saw a net inflow of 246 million yuan, with 29 stocks receiving net inflows, and 5 stocks attracting over 50 million yuan in net inflows, led by Huahai Pharmaceutical with a net inflow of 143 million yuan [1] - The top stocks by net inflow included Seer Medical, Huadong Medicine, and Saifutian, with net inflows of 126 million yuan, 106 million yuan, and 74 million yuan respectively [1] Group 2 - The leading stocks by net inflow ratio were Saifutian, Seer Medical, and Hai Xin Co., with net inflow ratios of 20.66%, 18.75%, and 15.23% respectively [2] - Huahai Pharmaceutical had a daily increase of 7.45% with a turnover rate of 7.28%, while Seer Medical increased by 10.04% with a turnover rate of 30.03% [2] - Other notable stocks included Betta Pharmaceuticals with an 8.35% increase and a turnover rate of 5.70%, and Rongchang Bio with a 2.08% increase and a turnover rate of 4.97% [2] Group 3 - Stocks with significant declines included Yaoji Technology, Hainan Hai Pharmaceutical, and Nearshore Protein, which fell by 4.24%, 3.62%, and 3.19% respectively [1] - The overall performance of the cell immunotherapy sector reflects a positive trend, with a majority of stocks experiencing gains, indicating investor confidence in this area [1][2] - The data suggests a strong interest from institutional investors in the cell immunotherapy sector, as evidenced by the substantial net inflows into key stocks [1][2]

Core Viewpoint - The innovative pharmaceutical concept stocks are experiencing significant growth, with notable companies reaching historical highs [1] Group 1: Stock Performance - Xinlitai and Kelun Pharmaceutical both achieved historical highs in stock prices [1] - Yangguang Nuohe is approaching a 20% daily limit increase [1] - Zhongsheng Pharmaceutical previously hit a daily limit increase [1] - Haichen Pharmaceutical, Beida Pharmaceutical, and Hongbo Pharmaceutical saw stock prices rise over 10% [1] - Shutaishen, Haixiang Pharmaceutical, Tigermed, and Huahai Pharmaceutical experienced stock price increases of over 5% [1]

Group 1 - Hongchuang Holdings plans to acquire 100% equity of Shandong Hongtuo Industrial for 63.518 billion yuan, transforming from a single aluminum deep processing business to a full industry chain including electrolytic aluminum, alumina, and aluminum deep processing [3] - LIZHU Group intends to acquire 64.81% of Vietnam's Imexpharm Corporation for approximately 1.587 billion yuan, enhancing its presence in the pharmaceutical sector [4][5] - China Power Construction reported a new contract amount of 386.49 billion yuan from January to April, a year-on-year decrease of 4.9% [7] Group 2 - Wanhua Chemical announced a scheduled maintenance for its production facilities, including a five-month technical upgrade for its Yantai ethylene unit, which will not significantly impact operations [8] - Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions in a timely manner [9] - Highgreat plans to invest 10 million yuan in Blue Core Computing, which focuses on RISC-V architecture chips [10] Group 3 - Xidi Micro plans to increase capital by 30 million USD in its wholly-owned subsidiary Hong Kong Xidi Micro to support its expanding business [12] - Bichuang Technology lost its high-tech enterprise qualification, resulting in an increase in corporate income tax rate from 15% to 25% for the years 2023 to 2025 [13] - Tonghua Dongbao intends to transfer 5.7% of its shares in Xiamen Tebao Biological Engineering for a total of 1.301 billion yuan [16] Group 4 - Tian Tie Technology signed a strategic cooperation agreement with Shenzhen Xinjie Energy to collaborate on solid-state battery lithium metal anode materials [23] - Nanjing Port disclosed that its stock trading has shown signs of market sentiment overheating, indicating potential irrational trading behavior [24] - Zhongnan Media signed a government procurement contract worth 1.009 billion yuan, ensuring stable revenue for its main business [25]

一、股票交易异常波动的情况介绍 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"） 股票（股票简称：舒泰神，股票代码：300204）连续三个交易日（2025年05月20 日、2025年05月21日、2025年05月22日）收盘价格涨幅偏离值累计超过30%，根 据《深圳证券交易所交易规则》等相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 公司董事会已对公司、控股股东及实际控制人就近期公司股票交易发生异常 波动问题进行了核实，现将有关情况说明如下： 证券代码：300204 证券简称：舒泰神 公告编号：2025-033 舒泰神（北京）生物制药股份有限公司 关于股票交易异常波动的公告 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。 重要内容提示： 1、舒泰神（北京）生物制药股份有限公司股票交易连续三个交易日（2025 年05月20日、2025年05月21日、2025年05月22日）收盘价格涨幅偏离值累计超过 30%，根据《深圳证券交易所交易规则》等相关规定，属于股票交易异常波动的 情况。 2、经公司董事会核实，截至本公告披露日，公 ...

Group 1: Institutional Trading Insights - On the day, 27 stocks were listed on the institutional trading leaderboard, with 16 experiencing net buying and 11 facing net selling [1] - The top three stocks with the highest net buying were: Daqian Ecology (106 million), Yipinhong (96.96 million), and Shutaishen (64.95 million) [1] Group 2: Defense and Military Industry - Guoketiancheng is a company with military qualifications, primarily engaged in the research, production, and sales of infrared thermal imaging and other optoelectronic fields [2] - Lijun Co., Ltd. has a subsidiary, Dekun Aviation, producing aviation components that are already applied in various low-altitude drone models, with future applications in the flying car industry [2] - The 55th Paris Air Show is scheduled for June 16-22, with expectations for the J-10 to make an appearance [2] - The defense and military industry is expected to maintain stable growth due to consistent military spending in China, with a positive outlook for industry scale and profits [2] Group 3: Gallium Nitride (GaN) Technology - The company has developed high-efficiency power products based on third-generation semiconductor GaN and SiC devices for energy stations, data centers, and electric vehicle charging [4] - Nanwei Semiconductor announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which will support GPU systems [4] - GaN technology offers significant advantages over traditional silicon-based devices, including a tenfold increase in electron mobility, a 70% reduction in dynamic losses, and a 50% decrease in heat generation [5]

Core Viewpoint - On May 21, the Shanghai Composite Index rose by 0.21%, with institutional investors appearing on the trading lists of 26 stocks, net buying 12 and net selling 14 [1][3]. Institutional Trading Summary - The stock with the highest net buying by institutional seats was Shutaishen, which closed at the daily limit with a trading volume of 507 million yuan and a turnover rate of 8.01%, resulting in a net buying of 64.96 million yuan [2][4]. - Zhongyou Technology saw a closing increase of 18.18%, with a turnover rate of 23.29% and a trading volume of 728 million yuan, leading to a net buying of 45.04 million yuan [2][4]. - Wangzi New Materials closed up 2.69% with a turnover rate of 62.73% and a trading volume of 2.675 billion yuan, resulting in a net buying of 37.12 million yuan [2][4]. Market Performance Analysis - The average increase of stocks with institutional net buying was 9.32%, outperforming the Shanghai Composite Index [3]. - Stocks like Shutaishen and Lingpai Technology showed strong performance, closing at the daily limit [3]. - Historical data indicates that stocks with institutional net buying have a 45.75% probability of rising the next day and a 41.04% probability of increasing over the next three days [3]. Net Selling Summary - The stock with the highest net selling by institutions was San Sheng Guo Jian, which closed up 19.99%, with a net selling of 48.37 million yuan [3][5]. - Lu Xiao Technology had a net selling of 28.59 million yuan, despite a net inflow of 580 million yuan for the day [3][5]. - Tie Liu Co., Ltd. experienced a net selling of 28.28 million yuan, with a net outflow of 11.58 million yuan [3][5]. Deep and Shanghai Stock Connect - On May 21, nine stocks on the trading list had appearances from the Deep and Shanghai Stock Connect, with net buying amounts of 24.53 million yuan for Hunan Development, 17.52 million yuan for San Sheng Guo Jian, and 12.15 million yuan for Huaxia Happiness [6][7]. - Stocks with net selling included Guoxuan High-Tech, with a net selling amount of 249.66 million yuan [6][7].

Market Overview - On May 21, the Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index increased by 0.44%, and the ChiNext Index gained 0.83% [2] - A total of 53 stocks appeared on the daily trading list, with the highest net inflow of funds into Luxiao Technology (002617.SZ), amounting to 220 million yuan [2][4] Stock Performance - Luxiao Technology saw a closing price increase of 10.03% with a turnover rate of 13.85%, and it accounted for 10.48% of the total trading volume [4][6] - The stock with the highest net outflow was Chengfei Integration (002190.SZ), which experienced a net sell-off of 244 million yuan and a closing price drop of 10% with a turnover rate of 25.08% [4][6] Institutional Activity - On the same day, 27 stocks featured institutional activity, with a total net buy of 53.71 million yuan, where institutions net bought 13 stocks and net sold 14 stocks [6][12] - The stock with the highest institutional net buy was Shutaishen (300204.SZ), which closed up by 20.02% with a turnover rate of 8.01% [7][10] Northbound Capital Flow - Northbound funds participated in 9 stocks, with a total net outflow of 235 million yuan; the net buy was 34.5 million yuan from the Shanghai Stock Connect and a net sell of 269 million yuan from the Shenzhen Stock Connect [12][14] - The stock with the highest net buy from northbound funds was Hunan Development (000722.SZ), with a net buy of 24.53 million yuan, representing 1.84% of the total trading volume [12][14] Divergence in Institutional and Northbound Fund Activity - Notably, both institutions and northbound funds net sold Jingji Zhino (京基智农), while there was a divergence in the activity for San Sheng Guo Jian (三生国健) and Guo Xuan Gao Ke (国轩高科) [14][15] - Institutions net sold San Sheng Guo Jian by 48.37 million yuan, while northbound funds net bought 17.52 million yuan; for Guo Xuan Gao Ke, institutions net bought 25.42 million yuan, contrasting with a net sell of 249 million yuan from northbound funds [14][15]