Financial Performance - The company's revenue for Q3 2025 was ¥177,530,568.81, a decrease of 9.62% compared to the same period last year[4] - Net profit attributable to shareholders was ¥3,026,049.42, down 59.36% year-on-year, while the net profit after deducting non-recurring gains and losses was -¥2,187,164.64, a decline of 221.57%[4] - Total operating revenue for the current period is ¥509,883,681.59, a decrease of 29.3% compared to ¥721,478,652.99 in the previous period[17] - Operating profit for the current period is ¥7,650,161.61, significantly lower than ¥130,833,977.21 in the previous period[17] - The total profit for the current period is 6,124,209.96, compared to 141,537,618.64 in the previous period, indicating a significant decrease[18] - The company reported a basic and diluted earnings per share of 0.06, down from 1.31 in the previous period[18] - The total comprehensive income for the current period is 6,081,603.44, compared to 141,539,867.19 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,946,927,442.14, reflecting a 6.07% increase from the end of the previous year[4] - Total assets increased to ¥3,946,927,442.14 from ¥3,721,188,515.50, an increase of 6.1%[15] - Total liabilities increased to ¥1,361,456,054.42 from ¥1,141,798,731.22, a rise of 19.2%[15] - Non-current assets decreased to ¥2,128,658,111.86 from ¥2,175,714,157.21, a decline of 2.2%[15] Cash Flow - The net cash flow from investment activities improved by 66.55%, amounting to -¥188,482,691.32, primarily due to a significant reduction in long-term asset construction expenditures[8] - The net cash flow from operating activities is -179,785,617.22, slightly improved from -183,055,560.92 in the previous period[19] - The cash inflow from financing activities is 816,782,342.60, an increase from 673,783,342.98 in the previous period[20] - The cash outflow from investing activities is 497,016,464.80, down from 769,026,433.85 in the previous period[19] - The company experienced a decrease in sales revenue from operating activities, with cash received from sales at 237,057,558.97 compared to 419,003,596.04 in the previous period[19] - Cash and cash equivalents decreased to ¥372,740,297.75 from ¥428,969,485.20, a decline of 13.1%[14] - Cash and cash equivalents at the end of the period amount to 357,112,613.75, compared to 225,341,925.33 at the end of the previous period[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,081[10] - The largest shareholder, Shao Chunnan, holds 18.55% of shares, totaling 20,265,000 shares[10] - The second largest shareholder, Lou Jinfang, holds 13.22% of shares, totaling 14,444,700 shares[10] - The total number of restricted shares at the end of the period is 26,138,318, with 40,592,562 shares released during the period[11] - The company has a total of 39,797,964 restricted shares at the beginning of the period[11] - The company plans to release restricted shares on June 20, 2025, for major shareholders[11] - The company has no preferred shareholders or related party transactions among the top shareholders[11] - The top 10 shareholders do not participate in margin trading or securities lending[11] - The company has a total of 1,130,653 shares held by other strategic asset management plans[10] - The total number of shares held by the top 10 unrestricted shareholders is 39,000,000[10] Expenses - Research and development expenses decreased by 40.74% to ¥139,288,938.29, attributed to the optimization of project structures[7] - The company reported a 34.34% reduction in sales expenses, totaling ¥7,446,866.95, due to decreased promotional costs[7] Other Information - The company reported a net credit impairment loss of ¥10,476,858.77, an improvement from ¥13,856,953.86 in the previous period[17] - The company has not undergone an audit for the third quarter financial report[21] - The weighted average return on net assets was 0.12%, down 0.15% from the previous year[4] - Accounts receivable increased to ¥471,756,779.50 from ¥361,493,394.86, an increase of 30.6%[14] - Inventory rose to ¥221,736,301.99 from ¥177,342,362.44, reflecting a growth of 25.0%[14] - The company experienced a significant increase in short-term borrowings, which rose by 102.31% to ¥728,463,642.16 due to new borrowings during the reporting period[7]

Core Viewpoint - Baicheng Pharmaceutical (301096.SZ) is currently experiencing a decline in stock price, closing at 57.29 yuan with a drop of 3.13%, indicating it is in a state of underperformance since its IPO [1] Group 1: Company Overview - Baicheng Pharmaceutical was listed on the Shenzhen Stock Exchange's ChiNext board on December 20, 2021, with an initial issuance of 27.0417 million shares at a price of 79.60 yuan per share [1] - The stock reached a peak price of 120 yuan on its first trading day, marking the highest price since its listing [1] Group 2: Financial Performance - The total funds raised from the initial public offering (IPO) amounted to 2.153 billion yuan, with a net amount of 1.863 billion yuan after deducting issuance costs [1] - The actual net funds raised exceeded the original plan by 1.213 billion yuan, as the company initially aimed to raise 651 million yuan for its headquarters and R&D center project [1] - The total issuance costs for the IPO were 289 million yuan, including underwriting and sponsorship fees of 262 million yuan [1]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is a long-term phenomenon, with external environmental changes having limited impact. In the first half of 2025, there were 72 License-out transactions, exceeding half of the total for 2024, with a total transaction amount 16% higher than in 2024. Notably, there were 16 transactions exceeding $1 billion each [2] - The small nucleic acid drug sector has seen significant breakthroughs, particularly in the treatment of chronic diseases such as hypertension and hyperlipidemia, with major collaborations and potential milestone payments indicating a robust commercial outlook [3] - The trend towards oral autoimmune drugs is gaining attention, with significant partnerships and clinical advancements in this area, highlighting the importance of oral formulations in autoimmune therapies [4] - Recent clinical data on long-acting insulin analogs shows promising weight loss results, with ongoing developments in combination therapies for metabolic diseases, indicating a growing market potential [5] - The CXO sector is gradually recovering, with an increase in License-out transactions serving as a vital funding source for biotech companies, leading to a resurgence in innovation and clinical development [6] - The 2025 national medical insurance negotiations and the commercial insurance innovative drug directory are crucial for companies involved, with a focus on orphan drugs and imported PD-1/L-1 products [7] Summary by Sections Industry Tracking - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 1.20% and a monthly decline of 3.38%, ranking 25th among 31 industry indices [22][26] Industry Trends and Valuation - The pharmaceutical industry index currently has a PE ratio of 39.05, above the five-year historical average of 31.36, indicating a higher valuation compared to historical trends [48][50] Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical topics, including the growth of the blood products industry and the potential of GLP-1 drugs in chronic disease management [53] Important Policies and News - Recent regulations have been introduced to standardize clinical research and ensure drug traceability, which will impact the pharmaceutical landscape significantly [55][56]

Policy Developments - The Ministry of Industry and Information Technology, along with two other departments, announced the initiation of the 2025 high-end medical equipment promotion application project [1] Drug and Device Approvals - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, aimed at treating cancer pain in adults, with no similar drugs currently on the market [2] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-2129, targeting diabetic peripheral neuropathic pain and osteoarthritis pain, with a total R&D investment of approximately 112 million yuan [3] - Borui Pharmaceutical obtained FDA approval for the clinical trial of BGM1812 injection for overweight or obesity treatment, with no similar products approved globally [4] Capital Market - Hangzhou Yaojiasu Medical Isotope Technology Co., Ltd. announced the completion of several million yuan in angel round financing, aimed at expanding its core team and advancing technology development [5] Industry Events - The National Medical Insurance Administration has identified and addressed multiple cases of abnormal data, enhancing the regulatory capabilities of medical insurance data [7] - Xiangyu Medical signed a cooperation agreement with Zhejiang Provincial People's Hospital to establish a clinical research ward for brain-machine interfaces [8] - A micro "lung chip" with an embedded immune system was developed by researchers from Georgia Tech and Vanderbilt University, potentially revolutionizing disease research [9] Public Opinion Alerts - Shenqi Pharmaceutical faced a significant stock drop after being ordered to rectify issues related to the misappropriation of 44.83 million yuan in sales fees, leading to regulatory actions [10]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

Core Viewpoint - Baicheng Pharmaceutical (301096.SZ) has received clinical trial approval from the National Medical Products Administration (NMPA) for its self-developed innovative drug BIOS-0623-Z4 tablets, which are aimed at treating cancer pain in adults and are the first of their kind in this indication [1] Group 1 - The drug BIOS-0623-Z4 tablets utilize a non-opioid target mechanism for adult cancer pain treatment [1] - There are currently no other drugs on the market with the same target mechanism and indication as BIOS-0623-Z4 tablets [1] - BIOS-0623-Z4 tablets are classified as a Class 1 chemical drug and are categorized as an innovative drug that has not been launched domestically or internationally [1]

Core Viewpoint - 百诚医药's innovative drug BIOS-0623-Z4 has received clinical trial approval from the National Medical Products Administration (NMPA) in China, marking a significant milestone for the company in the oncology pain management sector [1] Company Summary - 百诚医药 has developed BIOS-0623-Z4, a non-opioid drug targeting adult cancer pain treatment, which currently has no other drugs with the same target and indication available in the market [1] - The drug is classified as a Class 1 chemical drug and is categorized as an innovative drug that has not been marketed domestically or internationally [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration (NMPA) for clinical trials of its innovative drug BIOS-0623-Z4, which targets adult cancer pain relief and is the first of its kind in its mechanism and indication [1] Group 1: Drug Development - BIOS-0623-Z4 is a non-opioid drug developed by the company, specifically designed for the treatment of adult cancer pain [1] - The drug is classified as a Class 1 medication and has no other drugs on the market with the same target mechanism and indication [1] - The clinical trial application for BIOS-0623-Z4 was accepted on July 10, 2025, and has been approved for clinical trials to relieve adult cancer pain [1] Group 2: Regulatory Approval - The approval was granted based on the review of the application in accordance with the Drug Administration Law of the People's Republic of China and relevant regulations [1] - The approval indicates that the clinical trial application meets the necessary requirements for drug registration [1]

Core Viewpoint - The company, Baicheng Pharmaceutical, has received clinical trial approval from the National Medical Products Administration (NMPA) for its innovative drug BIOS-0623-Z4, which is aimed at treating cancer pain in adults and is the first of its kind with a non-opioid target mechanism [1] Group 1 - The drug BIOS-0623-Z4 is developed independently by the company and is classified as a Class 1 chemical drug [1] - There are currently no other drugs on the market that share the same target mechanism and indication as BIOS-0623-Z4 [1] - BIOS-0623-Z4 is categorized as an innovative drug that has not been launched domestically or internationally [1]

证券代码：301096 证券简称：百诚医药 公告编号：2025-049 杭州百诚医药科技股份有限公司 关于创新药BIOS-0623-Z4片获得临床试验批准通知书的公告 本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。 杭州百诚医药科技股份有限公司（以下简称"公司"）近日获悉，公司自主研发 的创新药 BIOS-0623-Z4 片获得国家药品监督管理局（NMPA）临床试验批准通知书。 现将情况公告如下： 一、药品基本情况 药品名称：BIOS-0623-Z4 片 注册分类：1 类 适应症：缓解成人癌痛 申请人：杭州百诚医药科技股份有限公司 受理号：CXHL2500675、CXHL2500676 特此公告。 杭州百诚医药科技股份有限公司董事会 2025 年 9 月 29 日 目前所处审批阶段：IND 获批（临床试验获批） 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 7 月 10 日受理的 BIOS-0623-Z4 片临床试验申请符合药品注册的有关要求，同意本品开 展缓解成人癌痛的临床试验。 二、药品的其他情况 面对全球癌症负担日益加重以及 ...