Group 1 - The CRO sector led the market with a rise of 3.5% on September 30 [1] - Haoyuan Pharmaceutical increased by 6.58% [1] - WuXi AppTec rose by 6.21% [1] - Boteng Co., Ltd. saw an increase of 4.99% [1] - MediSci and Northgrip, as well as Chengda Pharmaceutical, all experienced gains exceeding 4% [1]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **biotechnology and pharmaceutical contract development and manufacturing organization (CDMO)** industry, focusing on companies like **WuXi AppTec**, **Kailai Ying**, and **Boteng** [1][2]. Key Points and Arguments 1. **Order Growth and Capacity Utilization** - WuXi AppTec and Kailai Ying accelerated overseas MNC orders in Q3, leading to increased capacity utilization. Small molecule oral drug orders began to materialize in Q3, expected to contribute to revenue in Q4 and increase gradually next year [1][2]. 2. **Emerging Business Performance** - Kailai Ying's emerging business is nearly at full capacity, particularly in its Tianjin factory, with recent price increases. Boteng's traditional small molecule business also raised prices by approximately 8-10% due to improved capacity utilization, primarily targeting biotech clients [1][5]. 3. **Biosimilar Exemption Benefits** - The exemption for Phase III biosimilars is a significant positive for the large molecule CDMO sector, expected to accelerate overseas orders in Q4 or the first half of next year, positively impacting media and large molecule CGM [1][6]. 4. **Domestic CRO Demand Surge** - Domestic CRO companies saw a further increase in demand in Q3, particularly in pharmacodynamics and toxicology. In vitro pharmacodynamics orders showed a year-on-year growth of 20-30% in H1, reaching 35-40% in Q3, with expectations for continued growth into H1 2026 [1][7][8]. 5. **Biotech Industry Budget Management** - The biotech industry's budget management in 2025 is more relaxed compared to 2024, with reduced pressure on order discounts and price negotiations, leading to an anticipated increase in biotech order prices [1][9]. 6. **Price Trends for Experimental Monkeys** - The price of experimental monkeys increased significantly in Q3, averaging around 95,000 yuan in H1, rising to 110,000-120,000 yuan by late August, reflecting increased demand [1][10]. 7. **Clinical Sector Performance** - The clinical sector saw a 5% growth in total volume in Q3 compared to Q2. Although prices have not yet increased, there is potential for industry-wide price hikes in Q4 due to rising demand and relaxed budgets [1][11]. 8. **Competitive Strategies in Clinical Sector** - Major companies in the clinical sector are adjusting their competitive strategies. For instance, companies like Kailai Ying and KunTuo are focusing on high-margin orders and reducing participation in price wars, which may support future price increases [1][12]. 9. **Impact of External Factors** - The influence of external factors, such as Trump's tweets, on CDMO businesses like WuXi AppTec is limited, as these companies have already engaged with U.S. counterparts regarding capacity issues [1][13][14]. Additional Important Insights - The overall sentiment in the industry is optimistic, with expectations for continued growth in orders and potential price increases across various segments, driven by improved demand and strategic adjustments by key players [1][2][9].

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit of approximately 6.42 million CNY after deducting non-recurring gains, marking a turnaround from losses [1] - The company reported a revenue increase of approximately 16.21% year-on-year, with total revenue reaching 270.6 million CNY [7] - The goal of "revenue recovery and profit turnaround" is a key operational target for the year [1] Group 2: Operational Strategy - The company is focusing on enhancing marketing, R&D, and integrated delivery capabilities while targeting high-value markets, clients, and projects [5][6] - Cost reduction and efficiency improvement measures are being comprehensively implemented [6][7] - The company will adjust production capacity based on specific customer demands [2] Group 3: Share Buyback and Corporate Governance - The company has initiated a share buyback program, with a reduction in registered capital following the approval of relevant meetings held in August and September 2025 [3] - Creditors have a 45-day period to claim debts or request guarantees following the announcement of the share buyback [3] Group 4: Regulatory Compliance - The company has successfully updated its production license for electronic cigarette nicotine [4] - The company emphasizes compliance with legal regulations in its information disclosure practices [7]

Group 1 - The core point of the news is that 博腾股份 (Boten Co., Ltd.) experienced a decline of 5.04% in its stock price, reaching 25.06 yuan per share, with a trading volume of 3.05 billion yuan and a turnover rate of 2.37%, resulting in a total market capitalization of 136.69 billion yuan [1] - 博腾股份 is located in Chongqing and was established on July 7, 2005, with its IPO on January 29, 2014. The company specializes in CDMO (Contract Development and Manufacturing Organization) services for chemical raw materials, chemical formulations, and biological products, including gene and cell therapies [1] - The revenue composition of 博腾股份 includes 66.81% from late-stage clinical and commercialization business, 25.76% from early-stage clinical business, 7.11% from emerging business, and 0.32% from other supplementary sources [1] Group 2 - 天弘基金 (Tianhong Fund) has a significant stake in 博腾股份, with its fund 天弘医药创新A (010654) being one of the top ten circulating shareholders. In the second quarter, it reduced its holdings by 513,900 shares, now holding 6.398 million shares, which accounts for 1.28% of the circulating shares [2] - The fund 天弘医药创新A (010654) was established on December 2, 2020, with a latest scale of 707 million yuan. It has achieved a return of 65.45% this year, ranking 432 out of 8172 in its category, and a return of 91.51% over the past year, ranking 853 out of 7995 [2] - The fund manager of 天弘医药创新A is 郭相博, who has been in the position for 7 years and 251 days, managing a total fund asset of 1.243 billion yuan, with the best return during his tenure being 57.37% and the worst being 7.78% [2]

Group 1 - The company, Boteng Co., Ltd. (stock code: 300363), reported that as of September 10, 2025, the total number of shareholders (including both ordinary accounts and margin trading accounts) is 52,244 [1]

股票代码：300363 股票简称：博腾股份 公告编号：2025-051 号 为进一步提高投资者关系管理水平，增强与广大投资者的互动交流，重庆博 腾制药科技股份有限公司（以下简称"公司"）将参加由重庆证监局指导、重庆 上市公司协会联合深圳市全景网络有限公司举办的"重庆辖区 2025 年投资者网 上集体接待日暨半年度业绩说明会"活动，现将有关事项公告如下： 本次活动将通过网络在线交流的方式举行，交流时间为 2025 年 9 月 25 日（星 期四）15:00-17:00，投资者可登录"全景路演"平台（http://rs.p5w.net）参与本 次活动。 届时，公司相关高级管理人员将与投资者进行"一对多"形式的在线交流， 回答投资者关心的问题。 欢迎广大投资者积极参与！ 特此公告。 重庆博腾制药科技股份有限公司董事会 2025 年 9 月 18 日 重庆博腾制药科技股份有限公司 关于参加重庆辖区 2025 年投资者网上集体接待日暨半年度 业绩说明会活动的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

Market Overview - On September 15, the medical services sector rose by 1.58%, led by Zhaoyan New Drug, while the Shanghai Composite Index closed at 3860.5, down 0.26% [1] - The Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Performers - Zhaoyan New Drug (603127) closed at 41.65, with a gain of 10.01% and a trading volume of 597,900 shares, amounting to a transaction value of 2.418 billion [1] - Boteng Co., Ltd. (300363) closed at 28.59, up 9.21%, with a trading volume of 571,200 shares, totaling 1.633 billion [1] - Kanglong Chemical (300759) closed at 35.90, increasing by 6.37%, with a trading volume of 895,600 shares, amounting to 3.178 billion [1] Underperformers - Jukang Life (300143) closed at 12.19, down 5.21%, with a trading volume of 245,900 shares, totaling 306 million [2] - Digital Human (835670) closed at 17.13, down 3.22%, with a trading volume of 55,800 shares, amounting to 9.562 million [2] - BGI Genomics (300676) closed at 53.20, down 3.11%, with a trading volume of 152,700 shares, totaling 81.5 million [2] Capital Flow - The medical services sector saw a net inflow of 502 million from institutional investors, while retail investors experienced a net outflow of 423 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Individual Stock Capital Flow - Kailaiying (002821) had a net inflow of 1.90 billion from institutional investors, while retail investors saw a net outflow of 1.87 billion [3] - Kanglong Chemical (300759) experienced a net inflow of 184 million from institutional investors, with retail investors seeing a net outflow of 1.51 billion [3] - Jiuzhou Pharmaceutical (603456) had a net inflow of 47.19 million from institutional investors, while retail investors experienced a net outflow of 81.89 million [3]

股票代码：300363 股票简称：博腾股份 公告编号：2025-050 号 重庆博腾制药科技股份有限公司 关于实际控制人部分股份质押及解除质押的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆博腾制药科技股份有限公司（以下简称"公司"）于近日接到公司控股 股东、实际控制人之居年丰先生函告，居年丰先生将其持有的公司部分股份分别 办理质押及解除质押等业务。具体情况如下： 一、股东股份质押及解除质押基本情况 注：上表中若出现总数与分项数值之和不符的情况，均为四舍五入原因造成。 3、股东股份累计质押情况 截至本公告披露日，公司控股股东、实际控制人居年丰先生、陶荣先生、张 和兵先生（居年丰、陶荣、张和兵三人为一致行动人）所持质押股份情况如下： | | | | 累计质押 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 持股数量 | 持股比 | 股份数量 | 持股份 | 总股本 | 已质押股份 | 占 ...

Group 1 - The A-share market experienced fluctuations on September 12, with a rebound in the innovative drug concept in the afternoon [1] - The Tianhong Innovative Drug ETF (517380) showed a "W" shaped reversal in the morning and continued to strengthen in the afternoon, rising by 1.50% with a trading volume exceeding 58 million yuan [1] - Notable stocks within the Tianhong Innovative Drug ETF included Nocare Pharma-U, which rose over 14%, and Zhaoyan New Drug, which hit the daily limit [1] Group 2 - The Biopharmaceutical ETF (159859) increased by 0.88%, with a trading volume exceeding 90 million yuan, featuring stocks like Junshi Biosciences-U and WuXi AppTec among the top gainers [1] - As of September 11, the Tianhong Innovative Drug ETF had seen a net inflow of over 79 million yuan over four consecutive days, while the Biopharmaceutical ETF had a net inflow of over 220 million yuan over three days [1] Group 3 - The Tianhong Innovative Drug ETF is the largest in the market, covering both A-shares and Hong Kong stocks, and is the only ETF tracking the Hang Seng-Hushen-Hong Kong Innovative Drug Select 50 Index [1] - The Biopharmaceutical ETF closely tracks the Guozheng Biopharmaceutical Index, which covers various sectors including innovative drugs, CXO, vaccines, and blood products [1] Group 4 - The National Medical Products Administration announced measures to optimize the review and approval of clinical trials for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [1] - This initiative supports key national research and encourages global early-stage synchronized research and international multi-center clinical trials [1] Group 5 - Short-term outlook suggests that many innovative drug stocks have seen significant gains since the beginning of the year, which may lead to profit-taking in response to negative news [2] - The biotech sector in China is expected to maintain high investment value due to continuous innovation breakthroughs and improved profitability [2] Group 6 - The Hong Kong innovative drug sector reported a net profit of 1.8 billion yuan in the first half of the year, marking its first profit since turning around [2] - The industry is entering a new cycle driven by profitability, with leading companies achieving profits through the commercialization of products and accelerating the conversion of research value [2]

Core Insights - The stock price of Boteng Co., Ltd. decreased by 2.03% on September 12, trading at 25.06 CNY per share with a market capitalization of 13.669 billion CNY [1] - The company has seen a year-to-date stock price increase of 58.91%, but a recent decline of 3.24% over the last five trading days [1] Financial Performance - For the first half of 2025, Boteng Co., Ltd. reported a revenue of 1.621 billion CNY, representing a year-on-year growth of 19.88%, and a net profit attributable to shareholders of 27.0595 million CNY, which is a significant increase of 115.91% year-on-year [2] - Cumulatively, the company has distributed 1.193 billion CNY in dividends since its A-share listing, with 866 million CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Boteng Co., Ltd. was 52,700, a decrease of 0.75% from the previous period, with an average of 9,502 circulating shares per shareholder, an increase of 0.75% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Tianhong Medical Innovation A, with notable changes in their holdings [3] Business Overview - Boteng Co., Ltd. specializes in CDMO services for chemical raw materials, chemical formulations, and biological CDMO services, including gene and cell therapies [1] - The company's revenue composition includes 66.81% from late-stage clinical and commercialization, 25.76% from early-stage clinical, and 7.11% from emerging businesses [1] Market Position - The company is classified under the pharmaceutical and biological industry, specifically in medical service and medical research outsourcing [1] - Boteng Co., Ltd. is associated with several concepts including CRO, cancer treatment, innovative drugs, and biomedicine [1]