Core Viewpoint - The CAR-T therapy market in China is facing challenges with high costs and limited market penetration, but there is potential for price reductions and increased insurance coverage in the future [2][16]. Group 1: Company Performance - WuXi AppTec reported a revenue of 106.3 million yuan in the first half of 2025, with sales of its CAR-T drug, Regiokyron, amounting to 81 million yuan [2]. - Legend Biotech's CAR-T drug achieved global sales of 439 million USD (approximately 3.1 billion yuan) in Q2 2025, with total sales for the first half reaching 808 million USD (approximately 5.7 billion yuan), marking a year-on-year growth of 100% [3][10]. - CStone Pharmaceuticals reported a revenue of approximately 51 million yuan in the first half of 2025, a year-on-year increase of about 703.8%, primarily driven by CAR-T products [6]. Group 2: Market Challenges - Legend Biotech has reportedly canceled its sales and marketing team in China, focusing instead on more profitable overseas markets due to underwhelming domestic sales [4]. - The high cost of CAR-T treatments remains a significant barrier to market penetration, with prices exceeding 1 million yuan per treatment, making it unaffordable for most patients in China [15][16]. - The lack of a clear commercial path for CAR-T products in China is a common challenge faced by companies in this sector [4]. Group 3: Pricing and Insurance - The pricing of CAR-T products varies, with WuXi AppTec's Regiokyron priced at 1.29 million yuan, while the lowest-priced product, CStone's Nakiokyron, is priced at 999,000 yuan [8][15]. - Efforts are being made to improve insurance coverage for CAR-T therapies, with several companies submitting applications for inclusion in basic medical insurance and commercial insurance directories [16]. - The development of commercial insurance in China is seen as a key factor in enhancing payment capabilities for CAR-T treatments, which could lead to price reductions in the next five years [16][17]. Group 4: Technological Innovations - Recent advancements in CAR-T technology, such as in vivo production methods, are gaining attention and may offer solutions to the high costs associated with traditional CAR-T therapies [18]. - The production cost of CAR-T therapies is significant, with estimates indicating that the material cost for each treatment is around 43,000 USD, highlighting the need for cost-effective production methods [17][18].

Group 1 - The core viewpoint of the report indicates that the company, Suzhou Planning Design Research Institute Co., Ltd., is experiencing a significant decline in operating performance, prompting the sponsor to continuously monitor the business development and advise management to address the underlying causes of the performance drop [1][2] - The sponsor has conducted six inquiries into the company's fundraising special account and confirmed that the progress of fundraising projects aligns with the disclosed information [1] - The report highlights that there have been no instances of late review of company information disclosure documents, and the company has effectively implemented relevant regulations [1][2] Group 2 - The report notes that the company has not conducted any training sessions related to compliance or governance [1] - The previous sponsor representative, Wang Qian, has been replaced by Mu Jie, who will continue to fulfill the ongoing supervision responsibilities for the company [2][3] - The report confirms that there are no significant changes affecting the performance of major contracts, and no major risks of contract non-fulfillment have been identified [2]

Group 1 - The report is a regular on-site inspection conducted by Changjiang Securities for Suzhou Planning and Design Research Institute Co., Ltd. covering the period from July 1, 2024, to June 30, 2025 [1] - The inspection includes evaluations of corporate governance, internal controls, information disclosure, protection of company interests, use of raised funds, performance, and compliance with commitments made by the company and its shareholders [1][8] - The company has reported a significant decline in performance, with operating revenue of 10,290.70 million yuan for the first half of 2025, representing a year-on-year decrease of 22.11%, and a net profit attributable to shareholders of 503.60 million yuan, down 65.70% year-on-year [8] Group 2 - The inspection methods involved reviewing company bylaws, internal audit documents, management interviews, and financial records to assess compliance and operational effectiveness [1][8] - The company has disclosed delays in its fundraising projects, with announcements made on September 28, 2023, and April 24, 2024, regarding these delays [8] - The report emphasizes the need for the company management to pay attention to the factors affecting performance fluctuations and to fulfill their information disclosure obligations [8]

| 保荐机构名称：长江证券承销保荐有限公司 被保荐公司简称：苏州规划 | | --- | | 保荐代表人姓名：章睿 联系电话：021-65779433 | | 保荐代表人姓名：穆杰 联系电话：021-65779433 | | 现场检查人员姓名：章睿、穆杰 | | 现场检查对应期间：2024 年 月 日至 年 月 日 7 1 2025 6 30 | | 现场检查时间：2025 年 8 月 22 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：（1）查阅公司章程和各项规章制度；（2）查阅公司三会文件及相 | | 关决议；（3）审阅披露信息；（4）访谈公司管理层，了解公司实际经营情况；（5） | | 察看上市公司的主要生产、经营、管理场所。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | 3.股东会、董事会会议记录是否完整，时间、地点、出席人 √ | | 员及会议内容等要件是否齐备，会议资料是否保存完整 | | 4.股东会、董事会会议决议是否由出席会议的相关人员签名 √ | | 确认 ...

长江证券承销保荐有限公司 关于苏州规划设计研究院股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：长江证券承销保荐有限公司 | 被保荐公司简称：苏州规划 | | --- | --- | | 保荐代表人姓名：章睿 | 联系电话：021-65779433 | | 保荐代表人姓名：穆杰 | 联系电话：021-65779433 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 6 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | ...

长江证券承销保荐有限公司 关于苏州规划设计研究院股份有限公司 2025 年度持续督导培训情况的报告 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（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》《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（2025 年修订）》等相关法律、法规和规范性文件的规定，长江证券承销保 荐有限公司（以下简称"长江保荐"、"保荐机构"）作为苏州规划设计研究院股 份有限公司（以下简称"公司"、"苏州规划"）首次公开发行股票并在创业板上 市的保荐机构，对公司控股股东和实际控制人、董事、监事、高级管理人员、部 分中层以上管理人员等进行了持续督导培训，具体情况如下： 一、本次培训的基本情况 1、培训时间：2025 年 8 月 19 日 2、培训地点：苏州规划会议室、线上会议 3、培训方式：现场培训及视频会议，部分培训对象通过网络会议接入 4、培训人员：穆杰、章睿 5、培训对象：公司控股股东和实际控制人、董事、监事、高级管理人员、 部分中层以上管理人员等 二、本次培训的主要内容 本次培训通过会议演示培训讲 ...

Financial Performance - The company reported total revenue of 103 million yuan for the first half of 2025, a decrease of 22.11% year-on-year [1] - The net profit attributable to shareholders was 5.036 million yuan, down 65.7% compared to the previous year [1] - In Q2 2025, total revenue was 56.6589 million yuan, reflecting a year-on-year decline of 24.89% [1] - The net profit for Q2 2025 was 1.8103 million yuan, a significant drop of 83.93% year-on-year [1] Profitability Metrics - The gross margin decreased to 33.88%, down 12.28% year-on-year [1] - The net margin fell to 4.79%, a decline of 56.53% compared to the previous year [1] - The total of selling, administrative, and financial expenses reached 23.4918 million yuan, accounting for 22.83% of total revenue, an increase of 42.24% year-on-year [1] Asset and Liability Management - Cash and cash equivalents decreased to 142 million yuan, down 40.51% year-on-year [1] - Accounts receivable stood at 253 million yuan, a decrease of 6.89% year-on-year [1] - Interest-bearing debt was reported at 114 million yuan, down 7.61% year-on-year [1] Shareholder Metrics - The net asset per share was 8.36 yuan, a decrease of 25.03% year-on-year [1] - Earnings per share dropped to 0.04 yuan, down 69.23% compared to the previous year [1] - Operating cash flow per share increased to 0.13 yuan, a significant rise of 401.68% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 2.46%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 15.78%, suggesting better investment returns in the past [3] - The company's net profit margin was 9.37%, indicating average added value from products or services [3] Debt Servicing Capability - The company has a healthy cash asset position, which supports its debt servicing ability [3] Business Model Insights - The company's performance is primarily driven by research and development and capital expenditures, necessitating careful evaluation of capital spending projects [3] - There is a need to monitor the actual conditions behind these driving factors to assess potential financial pressures [3] Accounts Receivable Concerns - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 870.74% [4]

Core Insights - Suzhou Planning (301505.SZ) released its semi-annual report for 2025 on August 27, 2025, detailing institutional investor holdings [1] Group 1: Institutional Holdings - As of August 26, 2025, four institutional investors disclosed holdings in Suzhou Planning A-shares, totaling 15.78 million shares, which represents 13.79% of the total share capital [1] - The institutional investors include Suzhou Kafka Investment Management Center (Limited Partnership), Suzhou Poplar Forest Tianrong Investment Center (Limited Partnership), Ningbo Meishan Free Trade Port Zone Zhu Feng Investment Management Center (Limited Partnership), and Shanghai Guangxian Yudi Enterprise Management Center (Limited Partnership) [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.04 percentage points [1]

Group 1 - The company, Suzhou Planning (301505), reported a revenue of 103 million yuan for the first half of 2025, representing a year-on-year decline of 22.11% [1] - The net profit for the same period was 5.036 million yuan, showing a significant year-on-year decrease of 65.70% [1] - The basic earnings per share (EPS) stood at 0.04 yuan, with a weighted average return on equity (ROE) of 0.51% [1]

证券代码：301505 证券简称：苏州规划 公告编号：2025-062 苏州规划设计研究院股份有限公司 关于续聘 2025 年度审计机构的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、本次聘任会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 2、苏州规划设计研究院股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开了第五届董事会第四次会议和第五届监事会第四次会议，分别审议 通过了《关于续聘 2025 年度审计机构的议案》，同意聘请公证天业会计师事务 所（特殊普通合伙）（以下简称"公证天业"）为公司 2025 年度财务报告和内部 控制审计机构，聘期一年。该议案尚需提交公司股东大会审议，现将有关事项 公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息。 （1）会计师事务所名称：公证天业会计师事务所（特殊普通合伙） （2）成立日期：公证天业创立于 1982 年，是全国首批经批准具有从事证券、 期货相关业务资格及金融业 ...