长春高新：前三季度实现净利润11.65亿元，研发费用达17.33亿元

Core Insights - Changchun High-tech reported a revenue of 9.807 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.60% [1] - The net profit attributable to shareholders was 1.165 billion yuan, down 58.23% year-on-year [1] - The company’s subsidiary, Jinsai Pharmaceutical, achieved a revenue of 8.213 billion yuan, a slight increase of 0.61%, but its net profit dropped by 49.96% to 1.421 billion yuan [1] Financial Performance - Changchun High-tech's subsidiaries showed varied performance: - Jinsai Pharmaceutical: Revenue of 8.213 billion yuan, net profit of 1.421 billion yuan [1] - Baike Biotechnology: Revenue of 0.474 billion yuan, net loss of 0.158 billion yuan [1] - Huakang Pharmaceutical: Revenue of 0.542 billion yuan, net profit of 0.036 billion yuan [1] - Gaoxin Real Estate: Revenue of 0.544 billion yuan, net profit of 0.0002327 billion yuan [1] - R&D expenses for the period amounted to 1.733 billion yuan, an increase from 1.41 billion yuan in the previous period [4] Strategic Developments - Changchun High-tech announced a collaboration between Jinsai Pharmaceutical and Denmark's ALK to develop and commercialize specific immunotherapy products in China [1][2] - The partnership aims to enhance Jinsai's pediatric business and strengthen its competitive advantage in the pediatric field [2] - The company has received multiple approvals for clinical trial applications for its products, indicating ongoing innovation and regulatory progress [2][3] Innovation and R&D Focus - The company has been actively adjusting its strategy and increasing investment in innovation, establishing core technology platforms with independent intellectual property rights [3] - It aims to cover the entire process of innovative drug design, screening, evaluation, process development, and formulation research, integrating artificial intelligence to enhance R&D efficiency [3] - The focus is on high-demand therapeutic areas, particularly in endocrine metabolism and pediatric fields, to support sustainable development and internationalization goals [3]