Core Viewpoint - Changchun High-tech's stock price surged by 11.4% over two trading days, closing at 98.50 yuan per share, with a total market value of 40.18 billion yuan [1] Group 1: Clinical Trial Approval - Changchun High-tech's subsidiary, GenSci, received approval from the National Medical Products Administration for clinical trials of GenSci141 ointment, aimed at treating conditions related to hypogonadism and congenital adrenal hyperplasia in children [3] - The announcement highlighted that drug treatment is the primary method for addressing penile size issues in boys, with no approved medications for this indication until now [3] Group 2: Financial Performance - The company projected a significant decline in net profit for 2025, estimating between 150 million to 220 million yuan, representing a year-on-year decrease of 91.48% to 94.19% [4] - The fourth quarter is expected to show a massive loss of 945 million to 1.015 billion yuan, with a year-on-year increase in losses of 358.74% to 392.72% [5] - The decline in profit is attributed to pricing adjustments in the growth hormone business, ongoing losses from its subsidiary, and high costs associated with new product development [5] Group 3: Market Competition and Future Prospects - The growth hormone market has become increasingly competitive, necessitating Changchun High-tech to seek new revenue growth points [6] - The potential of GenSci141 ointment to drive revenue remains uncertain as it is still in the clinical trial phase [6] - The company has a rich pipeline of products and is focusing on new products with high market potential, such as Jin Peixin and Meishiya, which have shown promising sales figures [7]

报告摘要 市场表现： 2025 年2 月25 日，医药板块涨跌幅+0.84%，跑赢沪深300 指数0.24pct，涨跌幅居申万31 个子行业第14 名。各医药子行业中，其他生物制品(+2.39%)、医院（+2.04%)、医疗耗材(+1.58%)表现居前，线下药 店（+0.32%）、体外诊断(+0.33%)、医疗研发外包（+0.34%)表现居后。个股方面，日涨幅榜前3 位分 别为长春高新(+10.00%)、爱迪特（+9.03%)、常山药业(+8.87%)；跌幅榜前3 位为前沿生物（-4.09%)、 百利天恒（-3.62%）、硕世生物(-2.97%)。 行业要闻： 公司要闻： 赛诺医疗（688108）：公司发布2025 年业绩快报，公司2025 年实现营业收入5.25 亿元，同比增长 14.53%，归母净利润为0.47 亿元，同比增长3057.05%，扣非后归母净利润为0.34 亿元，同比增长 293.82%。 联影医疗（688271）：公司发布2025 年业绩快报，公司2025 年实现营业收入138.21 亿元，同比增长 34.18%，归母净利润为18.88 亿元，同比增长49.60%，扣非后归母净利润为17. ...

2026 年 02 月 25 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260225）：酶替代疗法 Loargys 获 FDA 批准 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/25 25/5/9 25/7/21 25/10/2 25/12/14 26/2/25 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260224）： Molbreevi 获 FDA 授予优先审评资 格>>--2026-02-25 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 电话： E-MAIL：zha ...

专题：A股节后迎高胜率窗口 新一轮上行可期 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2．电网设备 北京科锐、神马股份、杭电股份等多股涨停。 截至收盘，沪指报4146.63点，跌0.01%；深证成指报14503.79点，涨0.19%；创指报3344.98点，跌 0.29%。 盘面上，元件、CPO、铜缆高速连接板块涨幅居前；影视院线、保险、房地产板块跌幅居前。 热点板块： 1．算力芯片 寒武纪涨近10%，聚飞光电、杰普特20cm涨停，中天科技、烽火通信等多股涨停。 消息面上，国产算力芯片龙头海光信息公告，预计一季度实现归属于母公司所有者的净利润6.2亿元— 7.2亿元，同比增长22.56%—42.32%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月26日消息，市场全天探底回升，三大股指涨跌不一。板块方面，算力芯片股午后拉升，明阳电路、 聚飞光电、杰普特20cm涨停；电网设备板块震荡走强，北京科锐、神马股份、杭电股份等多股涨停； 商业航天概念持续走高，抚顺特钢涨停；下跌方面，影视院线板块持续调整，博纳影业领跌；房地产板 块表现低迷，华联控股领跌；创新药板 ...

记者丨韩利明 编辑丨季媛媛 张伟贤 曾静娇 2月25日，长春高新（000661.SZ）以涨停收盘，报97.26元/股，收获2026年开年以来首个涨停；2月26日 公司股价持续上行，截至14：30左右，报100元/股，涨幅2.82%，总市值达408亿元，股价两日累计涨超 12%。 | | 100.00 +2.74 +2.82% | | | | | 広官同射 000661 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 14:33:33 交易中 | | | | | | 通融/ + | | 委比 | 80.74% 委差 | 3758 | Wind ESG评级 | BBB | | 详情 | | 卖五 | 100.05 | 122 | રેસ | 8.05% 120日 | | -3.22% | | 卖四 | 100.04 | 42 | 5日 | 13.52% 250日 | | 4.97% | | 卖三 | 100.03 | 130 | 20日 | 2.36% 52周高 | | 141.77 | | 卖二 | 100.02 | વેરુ | 60日 | 0 ...

0.000 .. -4.701 ■ 在 rota to 新浪财经客户端 2 2 1 3 A sina the Sina Finance Mobile Version er 論 193 limily.all(... billathal) 来源：股市直击 2月26日，生物制品板块短线拉升，长春高新触及涨停，三生国健涨超7%，欧林生物、特宝生物、荣昌 生物跟涨。 长春高新受到关注的核心驱动力来自创新药领域的多项关键突破。公司自研的全球首款儿童小阴茎治疗 软膏获批临床，伏欣奇拜单抗作为国内首个IL-1β单抗上市后销售强劲且多地缺货。更重要的是， GenSci098注射液获得13.65亿美元海外BD大单且首付款已到账，为公司带来重大业务增量。公司正从 传统生长激素业务向肿瘤、免疫、内分泌等多管线创新药转型，这些积极进展引发市场广泛关注。 ...

Market Overview - On February 25, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.86 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.46 trillion yuan, an increase of approximately 260.48 billion yuan compared to the previous trading day. A total of 3540 stocks rose, 1529 fell, and 121 remained unchanged, with thematic sectors showing strong performance [1]. Popular Stocks - The top ten popular stocks in A-shares include Baogang Group, Aerospace Development, Changchun High-tech, Yuntianhua, Hancable, Northern Rare Earth, Hebang Biotechnology, Jinzhengdai, Chuanjinnuo, and Lioo [1][2]. Baogang Group - Baogang Group's market attention is driven by its advantages in rare earth resources and the effectiveness of its strategic transformation. The price of rare earth concentrate has been raised for the sixth consecutive time, indicating an improvement in its bargaining power within the rare earth industry chain. The production of rare earth steel reached a historical high of 1.5 million tons, supported by its exclusive supply rights from the world's largest rare earth mine [3]. Aerospace Development - Aerospace Development's rise in popularity is attributed to dual advancements in governance optimization and strategic layout. The company has recently completed a standardized board of directors' restructuring and revised several management systems. Its subsidiary, Aerospace Tianmu, is advancing the "Tianmu No. 1" satellite project through capital increase and expansion, enhancing its strategic positioning in military informationization and commercial aerospace [3]. Changchun High-tech - Changchun High-tech is gaining attention due to significant breakthroughs in the innovative drug sector. The company has received clinical approval for the world's first ointment for treating pediatric micropenis and has strong sales for its IL-1β monoclonal antibody. Additionally, it secured a $1.365 billion overseas business development contract, marking a substantial business increment [4]. Yuntianhua - Yuntianhua's market interest stems from its resource advantages and external demand. The company possesses nearly 800 million tons of phosphate reserves with a self-sufficiency rate of 100%. The production of its 100,000-ton iron phosphate project has commenced, and the upcoming spring farming season is expected to boost phosphate fertilizer demand [4]. Hancable - Hancable's popularity is driven by technological advantages underpinned by policy support. The State Grid's investment plan of 4 trillion yuan is expected to stimulate demand for high-end cables, particularly in ultra-high voltage and flexible direct current sectors. The company has core technologies in ±535kV submarine cables and has optimized its governance structure to enhance competitiveness [5]. Northern Rare Earth - Northern Rare Earth's market focus is influenced by policy, supply-demand dynamics, and performance. As a leader in the rare earth industry, the company benefits from national protection policies and the tightening of supply controls, which have improved the supply-demand balance and driven up rare earth prices. The company's net profit is expected to increase by 116.67% to 1.346 billion yuan [5]. Hebang Biotechnology - Hebang Biotechnology's rise is linked to resource layout and positive business developments. The company has obtained exploration rights for over 1,000 square kilometers of gold mines in Australia and is advancing multi-metal mining projects in Xinjiang. Its methionine business is experiencing growth, and external factors such as rising commodity prices are enhancing profitability [6]. Jinzhengdai, Chuanjinnuo, and Lioo - Jinzhengdai is benefiting from increased attention in the fertilizer industry, with rising domestic urea prices and improved governance structure. Chuanjinnuo is seeing a significant profit increase of 144%-180% due to international phosphate prices exceeding $700 per ton. Lioo has capitalized on AI marketing and liquid cooling server trends, achieving a net profit increase of 469.1% [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金石杂谈 昨天，资本市场一则消息在医药圈炸锅，长春高新又出"神药"了？股价瞬间拉涨停，2亿资金封单。 导火索是公司的一纸公告，公司GenSci141软膏境内生产药品注册临床试验申请获批。 双氢睾酮软膏，主要用于改善因性腺功能减退症、5α-还原酶2缺乏症等原因导致的儿童小阴茎。在此之 前，全球无一款获批专门药物，国内只能用外源性雄激素"超说明书用药"。 据用户提供的资料，儿童小阴茎存量患者超50万，每年新增5-10万。中国市场峰值销售中性预测15-25 亿，若2028年上市，2030年单品收入可达20亿，贡献净利润8-10亿——占长春高新当前净利70%+，对 应市值增量200-300亿。 对此，网友纷纷调侃"阴伟达"，更有人认为，这个称呼直接导致了量化高潮。不过，该公司并未登上龙 虎榜。 就在近期，公司发布2025年的业绩预告，直接爆雷：预计全年归母净利润只有1.5亿到2.2亿元，2024年 同期则是25.83亿，净利同比暴跌91.48%到94.19%。 至于这款神药是否真的这么神？看不懂，我们一起吃瓜看戏吧！ 明细 ▲ -10.0 ...

股票频道更多独家策划、专家专栏，免费查阅>> 股吧单日讨论量激增，核心话题聚焦公司创新药研发进展、国际化布局以及业绩转型预期。看多观点认 为公司研发管线储备充足，技术授权带来长期现金流支撑，叠加行业风口加持有望迎来估值修复；看空 观点则担忧公司过往业绩持续下滑，创新药研发周期长、不确定性高，转型阵痛仍未结束，后续业绩释 放存在变数。 股市有风险，投资需谨慎！本文仅为公开信息整理与客观分析，不构成任何投资建议，投资者应自主判 断、审慎决策，自行承担投资风险。 责任编辑：安东 2月25日午后，长春高新快速涨停，当日涨幅9.98%，上涨8.84元，股价来到97.26元，当日总成交额 14.17亿元，总市值升至396.68亿元。当天生物制品板块同步短线拉升，相关个股跟涨明显。 消息面上，男童性发育不良"网红神药"来了，长春高新公告，近日子公司金赛药业GenSci141软膏境内 生产药品注册临床试验申请获得批准，该药品拟用于改善因高促性腺激素性性腺功能减退症、5α-还原 酶2缺乏症、先天性肾上腺皮质增生症及特发性原因导致的儿童小阴茎，目前尚无获批相关适应症的药 物。公司呈现研发驱动加国际化布局的发展态势，子公司金赛药业 ...

公告显示，GenSci141软膏是金赛药业研发的一款双氢睾酮软膏，属于化学药品2.2类、2.4类。适应症为 用于改善因高促性腺激素性性腺功能减退症、5α-还原酶2缺乏症、雄激素合成减少的先天性肾上腺皮质 增生症、特发性的原因导致的儿童小阴茎。截至目前，对于改善儿童小阴茎的治疗，一直未有药物获批 相关适应症。 本报讯 2月25日，长春高新技术产业（集团）股份有限公司（以下简称"长春高新"）发布公告称，子公 司长春金赛药业有限责任公司（以下简称"金赛药业"）收到国家药品监督管理局核准签发的《药物临床 试验批准通知书》，金赛药业GenSci141软膏境内生产药品注册临床试验申请获得批准。 长春高新在公告中称，公司将积极推进上述研发项目，并严格按照有关规定及时对项目后续进展情况履 行信息披露义务。 （文章来源：证券日报） ...