长春高新技术产业（集团）股份有限公司 关于下属公司签署 GenSci098 注射液项目独家许可协议的公告 GenSci098 注射液项目独家许可协议。同时，由 RTW Investments LP（以下简称 "RTW"）所管理的 Yarrow 母公司及其他三家相关投资公司作为本次独家许可 母公司担保事项的担保方也在协议上签字。 新纳入医保目录的公告 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。 重要内容提示： 一、交易概述 公司控股子公司长春金赛药业有限责任公司（以下简称"金赛药业"）授权 其下属全资子公司——上海赛增医疗科技有限公司（以下简称"赛增医疗"）作 为技术许可方，与被许可方 Yarrow Bioscience, Inc.（以下简称"Yarrow"）签订 1 证券代码：000661 证券简称：长春高新 公告编号：2025-153 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）下属 公 司 — — 上 海 赛 增 医 疗 科 技 有 限 公 司 与 Yarrow Bioscience, Inc. 签 订 GenSci098 注射液项目 ...

一、董事会会议召开情况 证券代码：000661 证券简称：长春高新 公告编号：2025-152 长春高新技术产业（集团）股份有限公司 第十一届董事会第十五次会议决议公告 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。 1、长春高新技术产业（集团）股份有限公司（以下简称"公司"）第十一 届董事会第十五次会议于 2025 年 12 月 4 日以电话方式发出会议通知。 4、会议由董事长姜云涛先生主持，公司高级管理人员列席了本次会议。 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 经与会董事认真讨论，本次会议审议通过了《关于下属公司签署 GenSci098 注射液项目独家许可协议的议案》。 表决结果：9 票同意，0 票反对，0 票弃权。 近日，公司控股子公司长春金赛药业有限责任公司授权其下属全资子公司— —上海赛增医疗科技有限公司（以下简称"赛增医疗"）与 Yarrow Bioscience, Inc. 签订 GenSci098 注射液项目独家许可协议（以下简称"协议"）。根据协议，赛 增医疗预计可获得 ...

Group 1 - The core viewpoint of the article is that Changchun High-tech (SZ 000661) held its 15th meeting of the 11th Board of Directors on December 15, 2025, to review the proposal for signing an exclusive licensing agreement for the GenSci098 injection project [1] - For the first half of 2025, the revenue composition of Changchun High-tech is as follows: 92.83% from the pharmaceutical industry, 6.81% from real estate, and 0.36% from the service industry [1] - As of the time of reporting, the market capitalization of Changchun High-tech is 37.6 billion yuan [1]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

Core Viewpoint - Changchun High-tech (000661.SZ) faces a complex situation with a weak Q3 report and a favorable policy announcement regarding product inclusion in the national medical insurance directory for 2025, which may signal a shift in its performance despite significant profit declines [2][4]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 9.81 billion yuan, a decrease of 5.6% year-on-year, and a net profit attributable to shareholders of 1.16 billion yuan, down 58.23% [7][8]. - In Q3 alone, revenue was 3.20 billion yuan, reflecting a 14.55% decline, while net profit plummeted 82.98% to 182 million yuan [7][8]. - The company's net profit margin has dropped from 38.57% in 2020 to 10.81% in the first three quarters of 2025, despite maintaining a gross margin above 85% [7]. Market Dynamics - The inclusion of Changchun High-tech's core product, JinSaiZeng (long-acting growth hormone), in the national medical insurance directory is seen as a double-edged sword, potentially increasing market access but also leading to price reductions that could compress profit margins [3][4]. - The domestic growth hormone market is becoming increasingly competitive, with both multinational and local companies intensifying their efforts, which threatens the market barriers that Changchun High-tech has relied on [4][6]. Product Development and Innovation - JinSaiZeng has been included in the insurance directory for treating children with endogenous growth hormone deficiency, with a significant patient population of approximately 7.6 million in China [5]. - The company is also exploring diversification through new product lines, including an IL-1β monoclonal antibody and desensitization therapy products, although these initiatives are still in early stages and may not provide immediate financial relief [14]. IPO and Financing - Changchun High-tech has submitted an application for an IPO on the Hong Kong Stock Exchange, which would mark its seventh direct financing attempt since its listing in 1996, aiming to raise funds for innovation and operational needs [12][14]. - As of September 2023, the company's cash and cash equivalents have decreased by 50.70% year-on-year, totaling approximately 3.16 billion yuan [12].

Core Insights - The "2025 Fifth China Health Industry Development and Rehabilitation Service Conference" was successfully held in Beijing, focusing on integrating resources and exploring development paths in the health industry [1] - The conference featured high-level discussions on cutting-edge topics such as innovative drugs, brain-machine interfaces, AI in healthcare, and the transformation of traditional Chinese medicine [1] - A number of innovative case studies were presented, showcasing advancements in various categories including ESG, biotechnology, and mental health services [1] Company Highlights - **Hengrui Medicine**: Invested over 50 billion yuan in R&D, with a focus on patient-centered innovation, resulting in 24 first-class innovative drugs and over 100 products in clinical development [3] - **Hansoh Pharmaceutical**: Reported revenue of 7.434 billion yuan in the first half of 2025, a 14.3% increase, with innovative drugs accounting for 82.7% of total revenue [4] - **China Biologic Products**: Launched "Kumosili," a globally first oral CDK2/4/6 inhibitor for breast cancer, showing significant efficacy and safety in clinical trials [5] - **East China Pharmaceutical**: Focused on endocrine, autoimmune, and oncology fields, with over 90 innovative drug projects and a 35.99% increase in R&D investment [7] - **Changchun High-tech**: Developed over 40 candidate drugs, leveraging advanced drug development platforms and AI technology [8] - **Fuhong Hanlin**: An international biopharmaceutical company with 10 approved products globally, focusing on oncology and autoimmune diseases [9] - **Tonghua Dongbao**: A leader in diabetes treatment, expanding its product line to include various insulin and oral hypoglycemic agents [10] - **Shutai Shen**: Invested 2.3 billion yuan in R&D, significantly above the industry average, focusing on innovative biopharmaceuticals [11] - **Hualing Pharmaceutical**: Developed a novel oral hypoglycemic agent, "Huatangning," with significant sales growth since entering the insurance list [12][13] - **Kangtini Pharmaceutical**: Focused on organ fibrosis treatment, with its lead product F351 showing promise for chronic hepatitis B-related liver fibrosis [14]

Vaccine ETFs - There are two ETFs named Vaccine ETF, one managed by Guotai Fund tracking the Guozheng Vaccine and Biotechnology Index, consisting of 50 companies in the biotechnology sector with an average market capitalization of approximately 54.5 billion CNY [1] - The second Vaccine ETF is managed by Harvest Fund, tracking the CSI Vaccine and Biotechnology Index, which includes up to 50 companies involved in vaccine research and production, with 43 constituent stocks and an average market capitalization of about 20.5 billion CNY [2] - The overlap between the two indices includes 19 common stocks, with 31 unique to the Guozheng index and 24 unique to the CSI index [3] - The historical performance shows that the CSI Vaccine and Biotechnology Index has outperformed the Guozheng index in annualized returns over the past year, three years, and five years, although both indices have negative returns over the last three and five years [5] - The CSI index has a higher annualized volatility compared to the Guozheng index [5] Satellite ETFs - There are two ETFs named Satellite ETF, one managed by Yongying Fund tracking the Guozheng Commercial Satellite Communication Industry Index, which includes 50 companies with an average market capitalization of approximately 38.6 billion CNY [9] - The second Satellite ETF is managed by Fortune Fund, tracking the CSI Satellite Industry Index, which also consists of 50 companies with an average market capitalization of about 26.6 billion CNY [10] - Both indices share 28 common stocks, with each having 22 unique stocks [11] - The Guozheng Commercial Satellite Communication Industry Index has outperformed the CSI Satellite Industry Index in annualized returns over the past year and three years, while the CSI index has outperformed in the five-year period [12][13] - The annualized volatility of both indices is relatively similar across one, three, and five years [13] - The valuation levels indicate that the Guozheng index's TTM P/E ratio is at the historical 100th percentile, while the CSI index's TTM P/E ratio is above the 90th percentile [15][17]

Core Viewpoint - Four social security fund portfolios are collectively trapped in a leading company that claims to have broken the overseas monopoly, with its stock price plummeting from 104 yuan to around 20 yuan, a decline of 80% over three years [1][3]. Group 1: Company Performance - The company has broken a 30-year overseas monopoly in three key areas, achieving over 60% market share in domestic palladium carbon catalysts for chloroacetic acid, and facilitating the mercury-free transformation of domestic acetylene-based PVC production lines with gold-based catalysts [3]. - Despite its technological strengths, the company reported a net profit decline from 1.13 billion yuan in 2023 to 930 million yuan in 2024, primarily due to falling precious metal prices and increased depreciation and personnel costs from new project launches [3]. - The company holds over a hundred patents and has established deep ties with leading industry players, which may have attracted social security funds to invest [3]. Group 2: Market Trends - A significant number of previously high-performing stocks in the A-share market have seen their prices halved, with 26 stocks that had profits exceeding 1 billion yuan experiencing declines of over 50% from their 2021 peaks [4]. - The valuation bubble burst is identified as the primary driver of this downturn, with companies like China Duty Free and Longi Green Energy experiencing drastic declines in stock prices due to inflated valuations and industry cycle reversals [6]. - The market has shifted away from traditional blue-chip stocks, favoring those with popular concepts, policy support, or short-term elasticity, leading to a collective sell-off of white horse stocks [11]. Group 3: Social Security Fund Strategy - Social security funds, traditionally viewed as "smart money" in the A-share market, have collectively been trapped in 31 leading stocks that have seen continuous declines over three years, with an average price-to-earnings ratio of around 10 times [6]. - The funds have been observed to buy into stocks at declining prices, often leading to deeper losses, as seen in the case of stocks like Shede Spirits and Mindray Medical [7][8]. - The social security fund's investment strategy emphasizes asset rebalancing, maintaining a value investment philosophy despite current market challenges [12].

Core Viewpoint - The inclusion of two drugs, JinSaiZeng and MeiShiYa, in the National Medical Insurance Directory for 2025 reflects the recognition of their clinical value and innovation by the National Healthcare Security Administration, which is expected to enhance market promotion and sales scale for the company [1][4]. Group 1: Drug Information - JinSaiZeng (Generic name: JinPei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, indicated for various growth disorders in children and is the only long-acting growth hormone product in China with over 150,000 real-world data supporting its long-term efficacy and safety [1]. - MeiShiYa (Generic name: Acetate Medroxyprogesterone Oral Suspension) is developed by Baosheng Pharmaceutical and authorized for exclusive distribution by JinSai Pharmaceutical, indicated for appetite loss in patients with acquired immunodeficiency syndrome and cachexia in cancer patients [3]. Group 2: Insurance Payment Scope - JinSaiZeng is covered for children with endogenous growth hormone deficiency (GHD) causing growth retardation, with the insurance payment standard effective from January 1, 2026, to December 31, 2027 [2]. - MeiShiYa is covered for appetite loss in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients, with the same insurance payment standard effective period [4]. Group 3: Impact on the Company - The inclusion of these drugs in the National Medical Insurance Directory is expected to positively impact the company's market presence and sales performance, although the exact financial implications remain uncertain at this time [4].

Core Insights - Changchun High-tech's subsidiary, Changchun JinSai Pharmaceutical, has two products newly included in the National Medical Insurance Directory: JinSaiZeng (long-acting growth hormone) and MeiShiYa (oral suspension of medroxyprogesterone acetate) [2][3] - JinSaiZeng is the world's first long-acting growth hormone approved in January 2014, with multiple indications beyond primary growth hormone deficiency, including Turner syndrome and idiopathic short stature [2] - MeiShiYa is developed by Bosheng Pharmaceutical and is indicated for appetite loss in AIDS patients and significant weight loss in cancer patients [3] R&D Investment and Strategy - In the first three quarters, Changchun High-tech's R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion yuan, with R&D accounting for 17.68% of total revenue [3] - This increase reflects the company's commitment to R&D and its transition towards becoming an innovative global pharmaceutical company [3] - The approval of clinical trial applications for GenSci142 capsules, aimed at treating bacterial vaginosis, indicates the company's efforts to diversify and optimize its product structure [3]