LZ901是集团自主开发的重组带状疱疹疫苗，并且是集团的核心产品，旨在预防年龄为40岁及以上成人 带状疱疹及带状疱疹引致的相关并发症的发生(包括带状疱疹后遗神经痛)。截至本公告日期，LZ901的 生物制品许可申请已获中国国家药品监督管理局受理，目前正在评审中。 格隆汇8月18日丨绿竹生物-B(02480.HK)发布公告，集团核心产品LZ901与重组糖蛋白E(gE)亚单位疫苗 HZ/su疫苗(Shingrix®)进行头对头比较的一项随机、主动对照及非劣效性试验，在50岁及以上成人中获 得了积极的免疫原性和安全性数据。该研究招募了301名50岁或以上健康成人，其中至少291名健康成人 接种了两剂LZ901或HZ/su疫苗。研究结果显示，与HZ/su疫苗相比，LZ901在50岁或以上成人中诱导出 更优的细胞免疫原性和表现出更佳的安全性。 ...

Core Viewpoint - Zai Ding Pharma's recent financial report showed steady growth, yet its stock prices fell significantly in both Hong Kong and the US, indicating underlying issues with its business model [3][12]. Financial Performance - In the first half of 2025, Zai Ding Pharma achieved total revenue of $216 million, a year-on-year increase of 15.35%, and reduced net loss by 33.33% [3][12]. - The second quarter of 2025 saw revenue of $110 million, up 9% year-on-year, with R&D and sales management expenses decreasing by 18% and 11% respectively [12]. - Cash and cash equivalents stood at approximately $830 million as of June 30, providing a buffer for market investments and R&D [13]. Product Performance - The ovarian cancer drug "Zele" experienced a significant revenue decline of 9.75% in Q2 2025, dropping from $45 million to $41 million year-on-year [16]. - Zai Ding Pharma's other strategic product, "Aigamod," only saw a 14.47% increase in sales to $26.5 million, falling short of market expectations [18]. - The antibiotic NUZYRA achieved sales of $14.3 million in Q2 2025, showing stable performance [18]. Market Dynamics - The License-in model, which Zai Ding Pharma has relied on, is facing increased competition and shrinking profit margins due to changes in China's pharmaceutical policies and market dynamics [11][25]. - The introduction of the "4+7" centralized procurement policy and regular negotiations for medical insurance have further pressured the profitability of innovative drugs [11][25]. Strategic Shifts - Zai Ding Pharma is attempting to transition towards independent R&D, but faces challenges due to a lack of early-stage development capabilities [26][30]. - The company has initiated its first self-developed antibody project, ZL-1310, which has shown potential in treating small cell lung cancer, but its completion has been delayed to 2027 due to resource allocation issues [28][30]. Leadership and Future Outlook - The founder, Du Ying, has a high compensation package, ranking among the top CEOs globally, which raises questions about the company's operational efficiency [30]. - Zai Ding Pharma aims to continue expanding its product portfolio through the introduction of quality assets and seeks global partnerships to enhance pipeline value [31].

智通财经APP讯，亚盛医药-B(06855)发布公告，公司自主研发的Bcl-2选择性抑制剂利沙托克拉(商品 名：利生妥;研发代码：APG-2575)联合阿扎胞苷(AZA)一线治疗新诊断的中高危骨髓增生异常综合症 (HR-MDS)患者的全球注册III期临床研究(GLORA-4)获美国食品药品监督管理局(FDA)和欧洲药品管理 局(EMA)同意开展。作为利生妥在欧美监管机构获批的第二个全球III期研究， GLORA-4 (NCT06641414)在多国家多中心同步入组，将加速新药上市进程。截止本公告日期，利生妥也是国际上 唯一正推进中高危MDS注册III期临床的Bcl-2抑制剂。该研究有望打破中高危MDS领域长期存在的临床 空白，是利生妥全球临床开发的又一重要里程碑。 GLORA-4研究为国际多中心、随机、双盲III期临床试验，旨在评估利生妥联合AZA对比安慰剂联合 AZA在新诊断的成人HR-MDS患者中的疗效及安全性。 GLORA-4研究已于2024年获CDE临床试验许 可。目前该研究正在全球同步推进患者入组，并已完成中国及欧洲地区的首例患者入组。全球主要研究 者(Leading PI)为美国得克萨斯大学MD安 ...

| 麦格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股份到高 | | | | (語參聞上述 * 註 | 有投票權股 期(日/月/ | 權益 | | | | | | | | 分自分配 中 | | | CS20250814E00434 | Splendor Power Limited | 1101(L) | 2,000,000(L | HKD 0.4150 | 766.827.087(L) | 9.73(L)14/08/2025 | | | DA20250814E00435 | ਡੀ ਵਿੱਚ | 1101(L) | 2,000,000( | HKD 0.4150 | 1,807,204,242(L) | 22.94(L)14/08/2025 | | 格隆汇8月18日丨根据联交所最新权益披露资料显示，2025年8月14日，协合新能源(00182.HK)获主席刘顺兴在场内以每股均价0. ...

| 股份代號: | 00548 | | --- | --- | | 上市法國名稱: | 深圳高速公路集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 18/07/2025 - 18/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | (請參閱上述 * 註 權益 | 有投票權股 期 (日 / 月 / | | | | | | | | 份自分比 年) | | | | | | | | ( % ) | | CS20250814E00385 | 江蘇交通控股有限公司 | 1101(L) | 7,474,000(L) | HKD 6.8512 | 44.850.000(L) | 6.00(L)14/08/2025 | | CS20250814E00383 | 江蘇雲杉資本管理有限公司 | 1101(L) | 7,474,000(L | ...

国泰环保（301203）8月17日晚间公告，公司近日收到杭州市临平区监察委员会签发的关于公司控股股东、实际控制人、董事长陈柏校的《留置通知书》 和《立案通知书》，陈柏校被立案调查并实施留置。 在公告中，国泰环保称，公司拥有完善的治理结构及内部控制机制，将按照相关法律法规和相关制度规范运作，公司董事会运作正常，生产经营管理情况 正常，公司及下属子公司生产经营稳步推进。上述事项不会对公司正常生产经营产生重大不利影响。 "截至本公告披露日，公司尚未知悉上述事项的进展及结论。"国泰环保表示，公司将持续关注后续进展，对相关工作进行妥善安排，并按照有关法律、法 规的规定和要求，及时履行信息披露义务。 业绩方面，国泰环保2025年一季度实现营业总收入8721.46万元，同比上升6.11%；归母净利润为2659.28万元，同比下降19.66%。2024年，公司实现营业 收入3.16亿元，同比增长1.98%，其中污泥处理服务、成套设备销售业务收入均有所增长；归母净利润为1.32亿元，同比下降4.80%，主要系营业成本有所 上升。 在今年5月份举行的业绩说明会上，有投资者提及公司污泥处理业务在未来是否还有增长空间。国泰环保方面表 ...

Core Viewpoint - Zhongtong Express has officially entered a new phase of "human-machine collaboration" in delivery with the deployment of autonomous delivery vehicles in Shenzhen's Longgang District, enhancing efficiency in logistics operations [2][3]. Group 1: Autonomous Delivery Vehicles - The autonomous vehicles are equipped with multiple sensors, including lidar and high-definition cameras, enabling functions such as obstacle avoidance, traffic light recognition, and automatic parking, suitable for various environments like residential areas and industrial parks [2]. - Each vehicle has a capacity of approximately 600 packages and a range of 200 kilometers, replacing traditional delivery vehicles [2]. - The introduction of these vehicles addresses challenges in old residential areas, where over 60% of the 23 communities served have narrow roads and parking difficulties, thus improving delivery efficiency [2]. Group 2: Operational Efficiency and Cost Reduction - The autonomous delivery vehicles operate twice daily, with a theoretical maximum of transporting 8,000 to 10,000 packages per day, significantly reducing delivery costs by approximately 30% in adverse weather conditions [3]. - Zhongtong Express plans to gradually expand the coverage of autonomous vehicles based on operational data, with plans to add three more vehicles soon and implement a multi-vehicle collaborative delivery system [3]. Group 3: Industry Trends and Future Outlook - The industry is at a turning point for the large-scale application of autonomous delivery vehicles, with expectations of a tenfold growth compared to the previous year by 2025 [4]. - As of July 2025, Shenzhen leads the nation in the application scale of functional autonomous vehicles, with over 800 vehicles on the road and more than 400 dedicated to logistics delivery, aiming to reach a target of 1,000 vehicles within the year [4].

Core Insights - Weihai Bank is focusing on building a "green finance" brand by expanding its innovative pathways in green finance, responding quickly to the funding gaps faced by enterprises in green projects [1] - The bank has established a tripartite linkage mechanism involving "head office business guidance + customized branch solutions + third-party professional evaluation" to effectively support green projects [1] - The recently issued green trade finance ABS adheres to the standards of the "Green Finance Support Project Directory (2025 Edition)" and is expected to yield significant environmental and social benefits [1][3] Financial Details - Weihai Bank successfully issued green trade finance ABS on the Shenzhen Stock Exchange, raising 172 million yuan to support local projects in flood prevention, energy conservation, and carbon reduction [3] - The projects funded are projected to save 15,700 tons of standard coal and reduce carbon dioxide emissions by 34,000 tons annually, showcasing both environmental and social benefits [1] Strategic Direction - The bank aims to continue promoting green development, enhancing its green finance innovation efforts, and enriching its green finance product system to support sustainable development for enterprises [1]

Core Viewpoint - The company reported strong financial performance for 1H25, with significant year-on-year growth in revenue, gross profit, and net profit, driven by increased sales volume and prices of aluminum and alumina products [1] Financial Performance - Revenue for 1H25 reached 81.039 billion yuan, up 10.1% year-on-year - Gross profit was 20.805 billion yuan, reflecting a 16.9% increase year-on-year - Net profit attributable to shareholders was 12.361 billion yuan, a 35.0% increase year-on-year - Aluminum alloy sales volume was 2.906 million tons, up 2.4% year-on-year, with sales price increasing by 2.7% to approximately 17,853 yuan/ton - Alumina sales volume was 6.368 million tons, up 15.6% year-on-year, with sales price increasing by 10.3% to 3,243 yuan/ton - Profit per ton for aluminum alloy was 4,505 yuan, up 5.3% year-on-year, while alumina profit per ton was 934 yuan, up 24.8% year-on-year [1] Share Buyback and Future Confidence - The company has executed a significant share buyback plan, repurchasing 2.6 billion HKD worth of shares, totaling 1.87 million ordinary shares, which represents 1.98% of the total share capital as of the end of 2024 - The company plans to continue its buyback program with a target of at least 3 billion HKD, reflecting confidence in future prospects and long-term investment value [1] Industry Position and Development Trends - The company is positioned as a leading player in the aluminum industry, focusing on an integrated green industrial chain - It has established a bauxite supply base in Guinea with an annual production capacity of approximately 60 million tons, ensuring cost advantages for raw materials - After completing domestic capacity relocation and upgrades, alumina production capacity reached 21 million tons/year, an 8% increase year-on-year - The company has a total electrolytic aluminum production capacity of 6.46 million tons/year and is implementing a "north aluminum south move" plan to relocate part of its capacity from Shandong to Yunnan - As of the end of 2024, 1.49 million tons of annual capacity have been relocated, with plans to continue relocating 450,000 tons in 2025 and 1.07 million tons in 2026-2027 - The company has also recovered 25% minority shareholder rights in Yunnan Hongtai, which is expected to increase its electrolytic aluminum equity capacity by 6% - The company is expanding its automotive lightweight business and building a green recycling industry matrix [1] Competitive Advantages - The company exhibits significant profit and valuation elasticity, with a capacity-to-market value ratio among the top in comparable electrolytic aluminum companies, poised to benefit from future aluminum price increases - High self-sufficiency in resources, with bauxite and alumina self-sufficiency exceeding 100%, enhancing risk resilience - The current dividend yield stands at 7.8%, providing strong investment appeal - The company is advancing the green aluminum industry chain through both primary and recycled pathways, likely to enjoy higher product premiums in the future [2] Profit Forecast and Valuation - The profit forecast for 2025-2026 remains unchanged at 24.44 billion yuan and 25.12 billion yuan, respectively - The current stock price corresponds to P/E ratios of 8.3x and 8.0x for 2025 and 2026 - Considering market risk appetite and the company's high dividend characteristics, the target price has been raised by 24% to 29.29 yuan, corresponding to P/E ratios of 10.4x and 10.0x for 2025 and 2026, indicating a potential upside of 25% [2]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant increases in revenue and net profit, driven by higher sales prices and volumes of aluminum and alumina products [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 81.04 billion yuan, a year-on-year increase of 10.1% [1]. - The net profit attributable to shareholders reached 12.36 billion yuan, reflecting a 35% year-on-year growth, marking a historical high for the company [1]. - Basic earnings per share were 1.314 yuan, up 36% year-on-year [1]. Business Segments - **Electrolytic Aluminum**: - Sales volume was 2.906 million tons, a 2.4% increase year-on-year, generating revenue of 51.88 billion yuan, up 5.2% [2]. - Average selling price was 17,853 yuan/ton, a 2.7% increase year-on-year, with a unit cost of 13,347 yuan/ton, up 1.9% [2]. - Unit gross profit was 4,506 yuan/ton, reflecting a 5.4% increase year-on-year [2]. - **Alumina**: - Sales volume reached 6.368 million tons, a 15.6% increase year-on-year, with revenue of 20.655 billion yuan, up 27.5% [2]. - Average selling price was 3,243 yuan/ton, a 10.3% increase year-on-year, with a unit cost of 2,310 yuan/ton, up 5.3% [2]. - Unit gross profit was 933 yuan/ton, reflecting a 24.7% increase year-on-year [2]. - **Aluminum Alloy Processing**: - Sales volume was 392,000 tons, a 3.5% increase year-on-year, generating revenue of 8.07 billion yuan, up 6.5% [2]. - Average selling price was 20,615 yuan/ton, a 2.9% increase year-on-year, with a unit cost of 15,800 yuan/ton, nearly unchanged [2]. - Unit gross profit was 4,815 yuan/ton, reflecting a 13.9% increase year-on-year [2]. Cost Management - The company achieved a significant reduction in total expenses, totaling 3.96 billion yuan, down 10% year-on-year [3]. - Sales expenses were 354 million yuan, down 3% due to lower freight costs [3]. - Management expenses were 2.322 billion yuan, down 5% primarily from reduced R&D expenses [3]. - Financial expenses were 1.284 billion yuan, down 18% due to optimized debt structure and lower financing rates [3]. Strategic Initiatives - The company is focused on cost reduction and efficiency improvement, with a capital expenditure of 9.893 billion yuan, up 77.9% year-on-year, aimed at various projects including a green aluminum innovation industrial park [3]. - The company has initiated a share buyback plan with a total amount not less than 3 billion HKD, reflecting confidence in future growth [3]. Investment Outlook - The company is expected to achieve net profits of 22.54 billion yuan, 23.09 billion yuan, and 23.87 billion yuan for the years 2025, with respective year-on-year growth rates of 0.7%, 2.5%, and 3.4% [4]. - The target price is set at 26.07 HKD, based on a 10x price-to-earnings ratio for 2025 [4].