Investment Rating - The report gives a "Recommended" rating for the innovative drug sector, highlighting the potential for value reassessment as companies transition from generic to innovative products [45]. Core Insights - The innovative drug industry is expected to shift from quantity logic to quality logic, emphasizing the importance of differentiated products and internationalization of pipelines [10]. - The medical device market is experiencing a recovery in bidding volumes, particularly in imaging equipment, and is benefiting from government subsidies for home medical devices [10][50]. - The report indicates a significant decline in the retail scale of physical pharmacies, with a cumulative scale of 395.2 billion yuan from January to August 2025, down 2.2% year-on-year [16]. Market Analysis Innovative Drugs - The number of innovative products in the pipeline has increased significantly, with expectations of launching five new innovative products annually over the next three years [45]. - The revenue share from innovative products is projected to exceed 50% by 2025, indicating a successful transition to a more innovative product structure [45]. Medical Devices - The imaging equipment market is recovering, with a notable increase in procurement activities expected in late 2024 [50]. - Home medical devices are benefiting from government subsidies, which are expected to drive growth in this segment [50]. Retail Pharmacy - The retail scale of physical pharmacies has been under pressure due to policy constraints and increased competition, leading to a decline in profitability [16]. - The cumulative scale of retail pharmacies in July and August 2025 was 991 billion yuan, reflecting a 2.5% year-on-year decline [16]. Product Categories - All product categories in the pharmacy sector showed negative growth from January to August 2025, with the largest decline seen in health products, which dropped over 17% [20]. - The pharmaceutical market saw a cumulative scale of 321.7 billion yuan, down 1.2% year-on-year, with specific declines attributed to reduced demand for respiratory medications [24]. Traditional Chinese Medicine - The market for traditional Chinese medicine is experiencing a decline, with a cumulative scale of 302 billion yuan, down 4.7% year-on-year [25]. - The retail scale of traditional Chinese medicine showed signs of stabilization in August, with a slight month-on-month increase [25]. Health Products - The health product market saw a cumulative scale of 149 billion yuan, down 17.7% year-on-year, although there was a slight recovery in August [33]. Chemical Drugs - The top 20 chemical drug categories accounted for 78.0% of sales in July, with notable growth in categories such as hemostatic drugs and immunosuppressants [37][40]. - The market share for chemical drugs in August increased to 78.5%, with several categories showing positive year-on-year growth [38][40].

Core Points - The establishment of the one-stop aircraft maintenance industrial base in Hainan Free Trade Port has significantly enhanced the region's capabilities in aircraft repair, servicing nearly 2,400 aircraft since its opening in 2022 and attracting around 50 domestic and international airlines [1][2] - The Chinese government emphasizes the importance of Hainan Free Trade Port as a key gateway for the country's new era of opening up, aiming to create a modern industrial system with Hainan characteristics [1][3] - The base has successfully attracted international clients, with companies like VietJet Air and Qatar Airways increasing their business due to the efficient services and favorable policies provided by the free trade port [2][3] Summary by Sections Aircraft Maintenance Industrial Base - The one-stop aircraft maintenance industrial base has completed over 2,400 aircraft repairs since its launch in 2022, with a maintenance plan extending to 2026 [1] - The base has gained international recognition, securing its first international business in October 2022 by servicing an Airbus A320 [1][2] Policy Support and Efficiency - The free trade port's policies have led to a 10% to 15% reduction in comprehensive maintenance costs, with benefits such as tax exemptions on imported materials and expedited customs processes [2][3] - The establishment of a bonded "material supermarket" has ensured a sufficient supply of necessary parts, enhancing repair efficiency [2] Industry Ecosystem Development - The industrial ecosystem around the aircraft maintenance base is evolving, with companies like Jinas Aviation Engine Maintenance significantly improving their capabilities, including testing for major engine types [3] - The Hainan Free Trade Port has implemented zero-tariff policies for importing maintenance materials and production equipment, facilitating the growth of a comprehensive aviation industry chain [3] Future Prospects - The upcoming full closure operation of Hainan Free Trade Port on December 18 will further enhance international connectivity and business opportunities for the aircraft maintenance industry [4] - The continuous improvement of the business environment and policy implementation is expected to attract more global resources and foster the growth of modern industries in the region [5]

Core Points - The establishment of the one-stop aircraft maintenance industrial base in Hainan Free Trade Port has significantly enhanced the region's capabilities in aircraft repair, servicing nearly 2,400 aircraft since its opening in 2022 and attracting around 50 domestic and international airlines [1][2] - The Chinese government emphasizes the importance of Hainan Free Trade Port as a key gateway for the country's new era of opening up, aiming to create a modern industrial system with Hainan characteristics and advantages [1][5] - The base has successfully attracted international clients, with companies like VietJet Air and Qatar Airways increasing their business due to the efficient services and favorable policies provided by the free trade port [2][4] Summary by Sections Aircraft Maintenance Industry - The one-stop aircraft maintenance industrial base has completed over 2,400 aircraft repairs since its launch, with a maintenance plan extending to 2026 [1] - The base has gained international recognition, with the first international business secured in October 2022, involving the maintenance of an Airbus A320 [1][2] Policy and Economic Impact - The free trade port's policies have led to a 10% to 15% reduction in comprehensive maintenance costs due to tax exemptions and efficient customs processes [2][4] - The value of bonded maintenance goods at Haikou Airport's bonded zone reached 478.6 billion yuan from January to October this year, marking a 71.8% year-on-year increase [4] Industry Ecosystem Development - The industrial ecosystem is evolving, with the base now able to provide a full range of services locally, reducing the need for clients to seek services elsewhere [4] - The introduction of zero tariffs on imported maintenance materials and production equipment has significantly lowered operational costs for companies in the region [4][5] Future Prospects - The official launch of the full island closure operation on December 18 will enhance international exchanges and increase air traffic in Hainan [4] - The ongoing development of a market-oriented, law-based, and international business environment is expected to attract more global resources and foster the growth of modern industries in the free trade port [5]

Core Viewpoint - Haohai Biological Technology (06826.HK) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its market competitiveness in the ophthalmic high-value consumables sector [1]. Group 1: Acquisition Details - The acquisition agreement was signed between Shanghai Haohai Pharmaceutical Technology Development Co., Ltd. (a wholly-owned subsidiary of the company) and the sellers, which include Zhang Jinsong, Shenzhen Jiusi, and Shenzhen Bainai [1]. - Upon completion of the acquisition, the company will hold 100% equity in the target company, which specializes in the manufacturing and sales of orthokeratology lenses and intraocular lenses, as well as the distribution of various imported ophthalmic products in mainland China [1]. Group 2: Strategic Importance - The company has progressively entered the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in the target company in November 2016 and February 2023, respectively [1]. - The target company has become a key subsidiary, contributing to the company's position as a leading manufacturer of intraocular lenses in China [1]. - The acquisition is expected to improve management and operational efficiency of the target company, thereby enhancing the overall competitiveness of the company's ophthalmic products [1].

Core Viewpoint - Haohai Biological Technology (06826) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for RMB 74 million, aiming to enhance its market position in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement was signed on November 7, 2025, between Haohai's wholly-owned subsidiary Shanghai Haohai Pharmaceutical Technology and the sellers [1] - After the completion of this acquisition, the company will hold 100% equity in the target company [1] Group 2: Target Company Overview - The target company specializes in the manufacturing and sales of orthokeratology lenses and artificial lenses, as well as the distribution of various imported ophthalmic products in mainland China [1] - The company has been progressively entering the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in 2016 and 2023, respectively [1] Group 3: Strategic Importance - The acquisition is expected to improve the management and operational efficiency of the target company, thereby enhancing the competitiveness of the company's ophthalmic products in the market [1] - The board believes that this acquisition aligns with the company's development needs and overall business strategy [1]

Core Viewpoint - The company, Haohai Biological Technology, is acquiring the remaining 20% equity of Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its management and operational efficiency in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement involves Haohai's wholly-owned subsidiary, Shanghai Haohai Pharmaceutical Technology, as the acquirer and includes the transfer of equity from Mr. Zhang, Shenzhen Jiusi, and Shenzhen Baina [1] - Upon completion of the acquisition, the company will hold 100% equity in the target company, which specializes in the manufacturing and sales of orthokeratology lenses and artificial lenses [1] Group 2: Strategic Importance - The target company has been a significant subsidiary since Haohai acquired 60% and 20% stakes in November 2016 and February 2023, respectively [1] - The acquisition aligns with the company's strategic goal to strengthen its position as a leading manufacturer of artificial lenses in China and improve market competitiveness in ophthalmic products [1]

Core Viewpoint - Haohai Biological Technology (06826.HK) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its management and operational efficiency in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement was signed between Shanghai Haohai Pharmaceutical Technology Development Co., Ltd. (a wholly-owned subsidiary of the company) and the sellers (Zhang Jinsong, Shenzhen Jiusi, and Shenzhen Bainai) [1] - Upon completion of the acquisition, the company will hold 100% equity in the target company [1] Group 2: Target Company Overview - The target company is a limited liability company established in China, primarily engaged in the manufacturing and sales of orthokeratology lenses and intraocular lens products [1] - It also distributes various imported ophthalmic products, including intraocular lenses, ophthalmic viscoelastic devices, and sodium hyaluronate gel for glaucoma surgery in mainland China [1] Group 3: Strategic Importance - The company has progressively entered the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in the target company in November 2016 and February 2023, respectively [1] - The target company has become one of the main subsidiaries of the group, contributing to its position as a leading manufacturer of intraocular lens products in China [1] - The board believes that the acquisition aligns with the company's development needs and overall business planning, enhancing market competitiveness in ophthalmic products [1]

Core Viewpoint - The major shareholder of the company, Rao Jie, has completed a share reduction plan, selling a total of 1.5 million shares, which represents 0.1909% of the company's total equity [1] Summary by Relevant Sections Shareholding Changes - After the reduction, Rao Jie holds 22,966,700 shares, accounting for 2.9230% of the total equity [1] - Prior to the reduction, Rao Jie and his concerted parties held a combined 16.9570% of the total equity, which decreased to 16.7661% post-reduction [1] Compliance and Impact - The share reduction was conducted in accordance with regulatory requirements, and it did not result in a change of control over the company [1] - The reduction is stated to have no significant impact on the company's ongoing operations [1]

证券代码：300832 证券简称：新产业 公告编号：2025-086 深圳市新产业生物医学工程股份有限公司 关于持股 5%以上股东的一致行动人兼董事 减持计划实施完成的公告 公司持股 5%以上股东饶微的一致行动人兼董事饶捷保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证本公告内容与信息披露义务人提供的信息一 致。 深圳市新产业生物医学工程股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日披露了《关于持股 5%以上股东、董事、高级管理人员减持股份的预披 露公告》（公告编号：2025-074，以下简称"减持计划"）。近日，公司收到饶 捷女士出具的《关于股份减持计划实施完成的告知函》，截至 2025 年 11 月 6 日， 其上述预披露的股份减持计划已实施完毕。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、 高级管理人员减持股份》等相关规定，现将上述减持计划的减持结果 ...

Core Insights - Guangdong Province has achieved significant economic growth during the "14th Five-Year Plan" period, with a projected GDP of 14.16 trillion yuan in 2024, maintaining its position as the largest economy in China for 36 consecutive years, with an average annual growth rate of 4.7% over the first four years [1] - The province is focusing on the development of the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging technological innovation to drive industrial upgrades and aiming to establish an international first-class bay area and world-class city cluster [1] Economic Performance - Guangdong's industrial revenue reached 19.41 trillion yuan, and the added value of the service industry was 8.14 trillion yuan, both ranking first in the country [1] - The province's economic reforms are characterized by a focus on high-quality development, with significant breakthroughs in key areas and the replication of successful pilot programs [3] Reform Initiatives - The province has implemented over 60 "national firsts" through the Shenzhen comprehensive reform pilot, with 48 innovative measures promoted nationwide [3] - Guangdong has introduced policies to enhance the business environment, resulting in over 20 batches of application scenario opportunity lists and more than 1,300 innovative projects [3][4] Business Environment - The "Three-Year Action Plan for Building an International First-Class Business Environment in the Greater Bay Area" has been launched, with cities like Guangzhou and Shenzhen accelerating the establishment of innovative business environment pilot cities [4] - As of September, the number of registered business entities in the province exceeded 20 million, with over 9 million being enterprises, indicating a robust development of the private economy [4] Infrastructure and Connectivity - The province is enhancing connectivity within the Greater Bay Area through institutional innovations, facilitating cross-border flows of talent, capital, and data [5] - The "Bay Area Pass" project has been implemented to streamline cross-border travel and cooperation, with significant increases in cross-border vehicle movements and talent exchanges [5] Innovation and Industry Development - Guangdong has maintained its position as the top region for innovation capabilities in China for eight consecutive years, focusing on a comprehensive innovation chain from basic research to technology commercialization [7][8] - The province is promoting both the upgrading of traditional industries and the development of emerging industries, with significant investments in sectors like integrated circuits and new energy storage [9] Collaborative Innovation - The Greater Bay Area is advancing as an international technology innovation center, with collaborative efforts in fields such as artificial intelligence and low-altitude economy [10] - The establishment of joint laboratories and shared access to major technological infrastructures is enhancing regional cooperation and innovation capabilities [10]