Core Viewpoint - The hair medical concept sector has shown a positive performance with a 1.77% increase, ranking 7th among various concept sectors, driven by significant gains in stocks like Xiaofang Pharmaceutical, Baicheng Pharmaceutical, and Jiuzhitang [1] Group 1: Sector Performance - The hair medical concept sector experienced a 1.77% increase, with 17 stocks rising, including Xiaofang Pharmaceutical (up 6.65%), Baicheng Pharmaceutical (up 6.05%), and Jiuzhitang (up 6.00%) [1] - The sector attracted a net inflow of 114 million yuan from main funds, with Jiuzhitang leading the inflow at 74.56 million yuan [1] Group 2: Fund Inflow Ratios - Baicheng Pharmaceutical, Aoyang Health, and Yisheng Pharmaceutical had the highest net inflow ratios at 10.73%, 7.21%, and 6.37% respectively [2] - Jiuzhitang recorded a net inflow of 74.56 million yuan with a turnover rate of 27.18% [2] - Other notable stocks include Langzi Co. (up 5.16% with a net inflow of 20.14 million yuan) and Aoyang Health (up 1.03% with a net inflow of 10.81 million yuan) [2]

Group 1 - The core viewpoint of the article highlights that Hongshang Asset has conducted research on Baicheng Pharmaceutical, focusing on its dual development strategy of innovative and generic drug research [1] - Baicheng Pharmaceutical is actively seeking new business growth points and has a wide range of innovative drug research projects in critical medical fields such as oncology, autoimmune diseases, neuropsychiatric disorders, and respiratory diseases [1] - The company is advancing several key projects, including the small molecule innovative drug BIOS-0635 for tumor treatment and multiple large molecule innovative drugs, with a strong emphasis on developing a drug targeting the KT6 site for solid tumors [1] Group 2 - Baicheng Pharmaceutical has established multiple mature organoid models for evaluating the efficacy of anti-tumor drugs, personalized precision medicine, and drug toxicity prediction [1] - The company has a new drug research platform that encompasses several key technology platforms, with a team of over 200 people, of which more than 80% hold master's or doctoral degrees [1] - The market potential for the 0618 target, which addresses osteosarcoma (OS) and neuropathic pain, is significant, especially given the large number of OS patients [1] Group 3 - Hongshang Asset was founded in October 2013, in collaboration with Sequoia Capital, and is recognized as a prominent private equity fund company in China [2] - The company focuses on absolute return goals in equity investment strategies, driven by fundamental research capabilities [2] - The investment research team at Hongshang Asset includes experienced professionals from large fund companies and award-winning analysts, ensuring robust management and industry influence [2]

Group 1: Innovation Drug Development - The company is actively pursuing new business growth points through dual development of innovative and generic drugs, focusing on self-initiated innovative drug projects in key medical fields such as oncology, autoimmune diseases, and respiratory diseases [1] - The small molecule innovative drug R&D center has two approved cases, with several ongoing projects including BIOS-0629, BIOS-0623, BIOS-0632, and BIOS-0635, the latter being a key project targeting tumors [1][2] - The global market for targeted cancer drugs is over 60%, with immunotherapy accounting for 23.4% of the market, indicating a growing demand for innovative treatments [2] Group 2: Organoid Technology - Organoids have been recognized as a significant technology since 2013, with multiple mature organoid models developed by the company for drug efficacy evaluation and personalized medicine [3] - The company has established a service platform for organoids, focusing on drug screening, efficacy evaluation, and safety assessment, enhancing the precision and efficiency of drug development [4] Group 3: Market Potential of Drug 0618 - Drug 0618 targets the H3 receptor and addresses two indications: daytime sleepiness in OSA patients, with approximately 2.1 billion OSA patients in China, and neuropathic pain affecting around 90 million people [6] - The market expectations for the competing drug Pitolisant are significant, with projected sales of $582 million in 2023 and $710 million in 2024 [6] Group 4: New Drug R&D Platform and Team - The company’s new drug development encompasses various stages from compound discovery to clinical trials, focusing on both fast follow-on and first-in-class products [7] - The R&D team consists of over 200 members, with more than 80% holding advanced degrees, emphasizing the importance of talent in the industry [8] - The company collaborates with universities and research institutions to attract top talent, ensuring a strong foundation for innovative drug development [8]

Summary of Baicheng Pharmaceutical Conference Call Company Overview - Baicheng Pharmaceutical has been transitioning to innovative drug development since 2018, responding to changes in centralized procurement policies and the MH system [2][4] - The company has received two IND approvals for innovative drugs and 11 clinical approvals for improved new drugs [2] Core Business and R&D Focus - The company has three main R&D platforms: small molecule innovative drug development, large molecule innovative drug development, and innovative drug discovery and evaluation [6] - Key products include: - Small molecule drug 0,618 targeting neuropathic pain and OSA (Obstructive Sleep Apnea) daytime sleepiness, with significant market potential [2][14] - Antitumor drug XPO1 target 0,629 showing superior efficacy in mouse trials compared to positive controls [2][15] - Other ongoing projects include 0,623 for itching and pain, 0,632 for neuropathic pain, and 0,635 for tumors [6][18] Business Development (BD) Strategy - Baicheng Pharmaceutical is actively expanding its BD market, targeting global markets including Africa, Southeast Asia, Japan, Korea, and Europe, and has obtained EU CEP certification [2][7] - The company aims to make BD a key focus for 2025, seeking to finalize projects through business collaborations [2][9] Financial Performance and Future Outlook - In Q1 2025, the company continued to experience a pessimistic trend with losses exceeding 20 million yuan, but hopes for gradual improvement throughout the year [3] - The company plans to maintain an annual investment of approximately 20% in innovative R&D [5][19] Market Trends and Regulatory Environment - The domestic and international BD markets are thriving, with increasing quality and quantity of Chinese innovative drugs [7][12] - Recent government policies are supportive of innovative drug development, providing unprecedented opportunities [12] Potential Products and Market Prospects - The 0,618 project is expected to enter Phase II clinical trials in July 2025, with significant market potential due to the high prevalence of OSA [14] - The company has a broad layout in oncology, enteritis, allergy, and itching drugs, with promising market prospects [13] Long-term Vision - The actual controller and chairman of Baicheng Pharmaceutical expresses confidence in the company's long-term development and plans to increase shareholding [10][20] - The company aims to embrace the capital market for stable long-term growth and value creation [10] Class Organoid Technology - Baicheng Pharmaceutical is investing in organoid technology, which is seen as a future trend for drug development, potentially replacing animal testing [11] Conclusion - Baicheng Pharmaceutical is in a transitional phase from generic to innovative drug development, with a strong focus on R&D and strategic partnerships to enhance its market position and product pipeline [20]

Group 1 - The CRO concept stocks experienced a partial surge, with Lingkang Pharmaceutical (603669) hitting the daily limit up [1] - Baicheng Pharmaceutical (301096), Kangpeng Technology, Zhaoyan New Drug (603127), and Kailaiying (002821) also saw increases [1]

Group 1: Company Overview and Investment Activities - The company is Hangzhou Baicheng Pharmaceutical Technology Co., Ltd., with stock code 301096 and abbreviation Baicheng Pharmaceutical [1] - The investor relations activities include online meetings and strategy sessions held from June 9 to June 20, 2025 [2] - Key participants include the Chairman and General Manager, Lou Jinfang, and the Financial Director and Board Secretary, Cheng Dandan [2] Group 2: Drug Development Progress - The company has multiple new drug pipelines, with 2 IND approvals for Class 1 new drugs targeting areas such as the nervous system and oncology [3] - The global market for central nervous system drugs exceeded $500 billion in 2023, with China's market at approximately ¥173.4 billion, indicating significant growth potential [3] - The central nervous system drug market in China is projected to grow from about ¥40 billion in 2025 to ¥200 billion by 2030 [3] Group 3: Specific Drug Projects - BIOS-0623 is a novel pain relief drug with advantages such as rapid onset and lower effective doses, showing superior efficacy compared to pregabalin [4] - BIOS-0632 is a strong AAK1 kinase inhibitor that demonstrates faster onset and better efficacy in diabetic neuropathic pain models compared to existing treatments [4] - BIOS-0629, a potential Best-in-Class second-generation XPO1 inhibitor, shows significant anti-tumor efficacy in various cancer models [5][6] Group 4: Market Trends and Opportunities - The global market for anti-tumor drugs reached $235.7 billion in 2023, with China's market at approximately ¥280 billion, driven by increasing cancer incidence [5] - The autoimmune disease drug market is expected to grow from $113.7 billion in 2018 to $176.7 billion by 2030, with a CAGR of 3.7% globally and over 20% in China [6][7] Group 5: Improved Drug Development - The company has over 20 projects in the improved drug category, with 11 receiving clinical approval, indicating a robust pipeline [10] - The market for improved drugs in China is expected to reach ¥560 billion by 2025, suggesting a favorable investment return [11][12] Group 6: Subsidiary Development - The subsidiary, Saimer Pharmaceutical, aims to become a global supplier of raw materials and formulations, with a production area of over 260 acres and 16.3 million square meters of GMP-compliant facilities [13][14] - Saimer has successfully registered 435 projects and has 49 products approved, showcasing its strong production capabilities [14] Group 7: CRO Business Status - The CRO/CDMO industry is experiencing a downturn due to cautious investment and increased competition, leading to a decline in orders [15][16] - Recent regulatory changes are expected to positively impact the CRO/CDMO sector, potentially restoring investment enthusiasm [16][17] Group 8: International Expansion Plans - The company is accelerating its internationalization efforts, establishing partnerships to enhance global resource connectivity [19] - Saimer has obtained the EU CEP certificate for minoxidil, marking a significant step in international business expansion [19]

Core Viewpoint - The announcement by Baicheng Pharmaceutical regarding the lifting of restrictions on 39,600,000 shares, which constitutes 36.25% of the company's total share capital, is significant as it will allow these shares to be traded starting June 20, 2025 [1]. Share Structure Summary - The total share capital before the IPO was 81,125,000 shares, which increased to 108,166,667 shares post-IPO. The shares without trading restrictions account for 23.95% of the total post-IPO shares, while those with restrictions account for 76.05% [1]. - The shareholders applying for the lifting of restrictions include Shao Chunneng, Lou Jinfang, You Minwei, and three investment partnerships, with Shao Chunneng and Lou Jinfang being the controlling shareholders [1][2]. Financial Performance Summary - Baicheng Pharmaceutical's IPO raised a total of 2.153 billion yuan, with a net amount of 1.863 billion yuan after deducting issuance costs. The actual net fundraising exceeded the initial plan by 1.213 billion yuan [5]. - For Q1 2025, the company reported a revenue of 129 million yuan, a decrease of 40.32% year-on-year, and a net loss attributable to shareholders of 26.2 million yuan, down 152.59% year-on-year [5][6]. - In 2024, the company achieved a revenue of 802 million yuan, a decline of 21.18% compared to 2023, with a net loss of 52.7 million yuan, representing a 119.39% decrease year-on-year [7].

Core Viewpoint - The announcement details the lifting of the lock-up period for certain shareholders of Hangzhou Baicheng Pharmaceutical Technology Co., Ltd., allowing for the circulation of previously restricted shares after fulfilling specific commitments [1][2]. Group 1: Share Issuance and Lock-up Period - The company issued 27,041,667 shares during its initial public offering (IPO) on December 20, 2021, resulting in a total share capital of 81,125,000 shares before the IPO and 108,166,667 shares after [1]. - The lock-up period for the shares was initially set at 36 months from the IPO date, which has been extended by an additional 6 months due to the stock price falling below the IPO price for 20 consecutive trading days [15]. Group 2: Shareholder Commitments - Shareholders applying for the lifting of the lock-up include Shao Chunneng, Lou Jinfang, You Minwei, and several investment management partnerships, all of whom have committed to not transferring their shares for 36 months post-IPO [2][3]. - After the lock-up period, shareholders are required to disclose control arrangements and can only sell up to 25% of their shares annually while adhering to specific pricing conditions [3][6]. Group 3: Compliance and Oversight - The company will ensure that shareholders comply with relevant regulations and commitments regarding share sales, including the "Interim Measures for the Management of Shareholder Share Reduction" [16]. - The company’s board will monitor compliance and report on shareholder adherence to commitments in regular disclosures [16]. Group 4: Changes in Share Capital Structure - As of the announcement date, the total share capital stands at 109,228,284 shares, with 39,600,000 shares still under lock-up [2][17]. - The lifting of the lock-up will not change the overall share capital structure, maintaining the total at 109,228,284 shares [17]. Group 5: Underwriting and Verification - The underwriting institution has verified that the application for lifting the lock-up aligns with regulatory requirements and that shareholders have adhered to their commitments made during the IPO [17][18].

证券代码：301096 证券简称：百诚医药 公告编号：2025-030 杭州百诚医药科技股份有限公司 关于首次公开发行前已发行部分股份上市流通的提示性公告 2023 年 11 月 2 日，2022 年限制性股票激励计划首次及预留部分第一个归属 期归属结果暨股份上市，上述归属登记完成后，公司股份总数由 108,166,667 股 增加至 108,919,903 股。具体详见公司于 2023 年 11 月 1 日披露于巨潮资讯网 本公司全体董事、高级管理人员保证公告内容的真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 1、本次解除限售的股份为杭州百诚医药科技股份有限公司（以下简称"公 司"或"发行人"或"百诚医药"）首次公开发行前已发行部分股份。 2、本次解除限售的股份数量为 39,600,000 股，占公司总股本的 36.2543%， 本次解除限售股东户数共计 6 户，限售期为自公司股票上市之日起 42 个月。 3、本次解除限售的股份上市流通日期为 2025 年 6 月 20 日（星期五）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理 ...

国金证券股份有限公司 关于杭州百诚医药科技股份有限公司 首次公开发行前已发行部分股份上市流通的核查意见 国金证券股份有限公司（以下简称"保荐机构"）为杭州百诚医药科技股份 有限公司（以下简称"百诚医药"或"公司"）首次公开发行股票并在创业板上 市的保荐机构，根据《证券发行上市保荐业务管理办法》《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》等规则的要求，对百诚医药首次公开发行前已发行部分股份上 市流通事项进行了审慎核查，核查情况及核查意见如下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意杭州百诚医药科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2021]3566 号）核准，同意公司首次公开 发行股票的注册申请，并经深圳证券交易所同意，公司首次向社会公众公开发行 人民币普通股（A 股）股票 27,041,667 股，于 2021 年 12 月 20 日在深圳证券交 易所上市交易。 公司首次公开发行前总股本为 81,125,000 股，首次公开发行后总股本为 108,166,667 ...