Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor interest and confidence in the sector [1][5]. Group 1: Market Performance - As of 10:23 on October 15, the Kexin Innovative Drug ETF (589120) saw a rise of nearly 3%, currently up over 2% [1]. - The ETF recorded a net inflow of over 6 million yuan for the day, with a cumulative inflow of over 56 million yuan in the past 10 days [1]. Group 2: Stock Performance - Most component stocks of the Kexin Innovative Drug ETF experienced gains, with Rongchang Bio rising over 6%, Maiwei Bio over 5%, and several others including Ailis and Borui Pharma rising over 3% [3]. - The top-performing stocks by estimated weight include Baiji Shenzhou (9.89%), Ailis (8.60%), and Baili Tianheng (8.16%) [4]. Group 3: Industry Developments - Rongchang Bio announced that its innovative drug, Tai Tasi Pi, for treating primary immunoglobulin A nephropathy, has received acceptance for market application from the National Medical Products Administration (NMPA) [5]. - The upcoming European Society for Medical Oncology (ESMO) conference from October 17 to 21 in Berlin is anticipated to showcase new data on domestic innovative drugs, which could create new business development (BD) opportunities [5][6]. Group 4: Regulatory and Market Insights - Analysts suggest that the impact of tariff policies on China's pharmaceutical industry is limited, with the market having already priced in the effects of drug tariffs [5]. - The number of overseas BD transactions by Chinese innovative drug companies is expected to continue growing, with significant increases in both the number and total transaction value from 2022 to 2025 [6].

Core Viewpoint - The stock of Ailis has shown significant volatility, with a year-to-date increase of 76.24% but a recent decline over the past five and twenty trading days, indicating potential market fluctuations and investor sentiment shifts [1] Financial Performance - For the first half of 2025, Ailis reported a revenue of 2.374 billion yuan, representing a year-on-year growth of 50.57% [2] - The net profit attributable to shareholders for the same period was 1.051 billion yuan, reflecting a year-on-year increase of 60.22% [2] Shareholder Information - As of June 30, 2025, the number of Ailis shareholders increased by 3.61% to 13,000, while the average number of tradable shares per shareholder decreased by 3.48% to 34,578 shares [2] - The company has distributed a total of 653 million yuan in dividends since its A-share listing [3] Institutional Holdings - As of June 30, 2025, major shareholders include the Huaxia SSE STAR 50 ETF, which increased its holdings by 1.3199 million shares to 12.4209 million shares, and the Hong Kong Central Clearing Limited, which reduced its holdings by 2.4609 million shares to 10.3778 million shares [3]

Core Viewpoint - The recent stock transfer of 加科思-B (01167) and its financial performance for the mid-2025 period indicate a significant shift in shareholder structure and a notable improvement in revenue, despite ongoing losses [1] Group 1: Stock Transfer - On October 14, 加科思-B's shares were transferred from HSBC to CITIC Securities, with a market value of HKD 314 million, representing 5.04% of the total shares [1] Group 2: Financial Performance - For the mid-2025 period, 加科思 reported revenue of RMB 45.664 million, compared to zero revenue in the same period last year [1] - The company's attributable loss narrowed to RMB 58.994 million, a 65.1% improvement year-on-year [1] - The revenue growth is primarily attributed to milestone payments from the艾力斯 licensing agreement [1]

Core Insights - The 2025 Zhangjiang Pharmaceutical Valley Global Promotion Conference and International Innovation Conference has commenced, focusing on the full-cycle development system from source innovation to global market application [1][2] - Zhangjiang Pharmaceutical Valley has approved 29 first-class domestic new drugs, with seven innovative drugs set to launch in 2025, showcasing strong source innovation capabilities [1][2] - The establishment of the Zhangjiang Pharmaceutical Valley Comprehensive Service Center aims to enhance industry service capabilities and support the entire lifecycle of enterprises [2] Group 1 - The conference gathered leaders from the National Medical Products Administration, local governments, academicians, top scientists, industry leaders, and capital representatives to discuss the development of the pharmaceutical industry [1] - Seven innovative drugs from companies such as Inpai Pharmaceutical and Fuxing Pharmaceutical are expected to launch in 2025, including the first human-derived long-acting GLP-1 receptor agonist and the first gene therapy drug [1][2] - A total of 38 innovative medical device products have been approved, with four products from Xuan Yu Medical and Shang Yang Medical successfully launched in 2025, marking advancements in cardiac electrophysiology [1][2] Group 2 - Zhangjiang Pharmaceutical Valley has become a global platform for pharmaceutical innovation, with 11 global innovative drugs launched in China to date [2] - The Comprehensive Service Center integrates industry resources and provides a "1+1+1" service system, including a scientist salon, a results display center, and a one-stop service center [2] - The future focus will be on strengthening the entire innovation ecosystem, from source innovation to clinical application, to establish an internationally influential biopharmaceutical industry innovation hub [2]

Core Insights - Shanghai is leading the nation in the innovation of pharmaceuticals and medical devices, with 30 approved domestic Class I innovative drugs from 2021 to September 2025, accounting for 17% of the national total [1] - The biopharmaceutical industry in Shanghai reached a scale of 500.57 billion yuan in the first half of this year, with expectations to surpass 1 trillion yuan for the full year [2] - Shanghai's License-out transactions for innovative drugs reached 38 in 2024, representing 35% of the national total, with a transaction value of 30.7 billion USD, accounting for 47% of the national total [3] Industry Growth - The biopharmaceutical industry in Shanghai has shown consistent growth, increasing from 761.71 billion yuan in 2021 to an estimated 984.70 billion yuan in 2024, with a compound annual growth rate of 8.94% [2] - By the end of 2024, Shanghai is expected to have 2,183 biopharmaceutical enterprises, covering manufacturing, services, and wholesale [2] - Shanghai has seen 46 companies go public from 2021 to 2024, with 4 new listings in 2023 alone [2] International Recognition - Since 2021, 9 drugs have been approved in international markets such as the US and Japan, indicating the global recognition of Shanghai's innovative capabilities [3] - Major international pharmaceutical and medical device companies have established headquarters or R&D centers in Shanghai, with 19 out of the top 20 in each category present [2] Policy Support - Shanghai has implemented various policies to support the biopharmaceutical industry, including regulations and action plans focused on synthetic biology, cell and gene therapy, and AI in medicine [4] - A biopharmaceutical industry mother fund with a total scale of 22.5 billion yuan has been established, along with a 10 billion yuan merger fund targeting strategic acquisitions in traditional Chinese medicine, vaccines, and high-end medical devices [4] - From 2021 to 2024, Shanghai's biopharmaceutical sector has secured 238.37 billion yuan in financing, ranking among the top in the country [4] Innovation Ecosystem - Shanghai has built a comprehensive innovation ecosystem that spans from research to clinical application, providing new momentum for high-quality development in the biopharmaceutical industry [5]

Summary of the Conference Call for He Yu Pharmaceutical Company Overview - He Yu Pharmaceutical focuses on the development of small molecule innovative drugs in the oncology field since its establishment in 2016 [3][5] - The company has two significant business development (BD) collaborations: one with Merck for the CSF-1R inhibitor Pimiatinib and another with Elysium Pharmaceuticals for the development of the EGFR C797S mutation inhibitor [3][4] Financial Performance - Total revenue for the first half of the year reached 657 million RMB, primarily driven by an 85 million USD upfront payment from Merck [2][7] - Net profit attributable to shareholders was 329 million RMB, with R&D expenses amounting to 228 million RMB [2][7] - As of the end of the first half, the company had approximately 2.3 billion RMB in cash and liquid financial assets [2][7] Key Products and Clinical Developments Pimiatinib (CSF-1R Inhibitor) - Pimiatinib has received acceptance for NDA submission for the treatment of Tenosynovial Giant Cell Tumor (TGCT) and plans to submit applications to the FDA and EMA [2][8] - Global Phase III clinical data shows an objective response rate (ORR) of 54% at 25 weeks, outperforming existing therapies, with no cholestatic liver injury reported [2][8] - Expected peak sales for Pimiatinib are estimated at 900 million RMB, with a valuation of approximately 9 billion RMB based on a 10x PE ratio [3][15] Ipatasertib (FGFR4 Inhibitor) - Ipatasertib shows an ORR of 36.8% in patients with FGFR19 overexpression in hepatocellular carcinoma (HCC), significantly higher than existing second-line treatments [2][10] - Initial data from a combination therapy with Atezolizumab shows an ORR of 50% for first-line treatment of liver cancer [2][10] - The company plans to complete patient enrollment by 2025 and submit for market approval by 2027, with peak sales expected at 1.5 billion RMB and a valuation of around 4 billion RMB [3][15] Other Products - The company is developing multiple products, including oral PD-L1 inhibitors and PRMT5 inhibitors, with various stages of clinical trials [6][12][14] - The pipeline includes potential products targeting cardiovascular metabolic diseases and autoimmune diseases [13][14] Strategic Partnerships - Collaboration with Merck has resulted in a total of 155 million USD in upfront payments and potential milestone payments of up to 610 million USD for Pimiatinib [2][3] - Partnership with Elysium Pharmaceuticals for the development of the EGFR C797S mutation inhibitor has a total contract value of 188 million USD [2][4] Management Team - The company is led by experienced professionals, including Dr. Xu Yaochang and Dr. Yue Hongping, who have held leadership positions in major pharmaceutical companies [5] Future Outlook - The company aims to expand its product pipeline and explore non-oncology areas, leveraging its expertise in small molecules and linker technology [13][14] - Key milestones for investors include upcoming approvals and clinical trial results for Pimiatinib, Ipatasertib, and oral PD-1 inhibitors [16]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]

Core Insights - Shanghai's biopharmaceutical industry is experiencing rapid growth, with 38 license-out transactions expected to reach $30.7 billion in 2024, accounting for nearly one-third of the national total [1] - The industry has a compound annual growth rate of 8.94%, with a projected market size exceeding 1 trillion yuan this year [1] - Shanghai is building a world-class innovation ecosystem to enhance its role as a leading biopharmaceutical hub [1] Industry Development - Since 1993, biopharmaceuticals have been a key focus in Shanghai, with industrial output surpassing 200 billion yuan by 2024 [2] - Recent regulations and action plans have been implemented to support innovation across the entire biopharmaceutical value chain [2] - The establishment of the Shanghai Clinical Innovation Transformation Research Institute aims to facilitate the commercialization of clinical results from hospitals [2][3] Clinical Innovation - The clinical results commercialization model allows hospitals to transfer patent rights to the institute, which then partners with investors to form companies [3] - This model addresses challenges hospitals face in managing clinical results and enhances the efficiency of technology transfer [3] Foreign Investment and Local Innovation - Shanghai has attracted major international pharmaceutical companies, with 19 out of the top 20 global firms establishing headquarters or R&D centers in the city [5] - The city is fostering collaboration between multinational and local companies, enhancing innovation capabilities [5][6] Policy Support - Shanghai has introduced comprehensive policies covering the entire biopharmaceutical industry chain, promoting R&D and manufacturing [8] - The city has recognized significant achievements in biopharmaceutical innovation, such as the development of the first domestically produced targeted drug for colorectal cancer [8][9] Financial Investment - The biopharmaceutical sector relies heavily on patient capital due to its high-risk and long-cycle nature [12] - Shanghai has established a 22.5 billion yuan biopharmaceutical industry fund to support strategic mergers and acquisitions [13][14] - From 2021 to 2024, the sector has seen cumulative financing of 238.37 billion yuan, with 1,494 financing events [13]

Summary of New Stock Offerings from October 13 to October 17 Core Viewpoint A total of five new stocks will be available for subscription in the upcoming week, covering industries such as home furnishings, pharmaceutical manufacturing, and computer communication equipment. Notable companies include Marco Polo, a leader in the domestic ceramic tile industry, and Heyuan Bio, a pioneer in the large-scale production of pharmaceutical proteins using rice embryo cell bioreactors. Group 1: Marco Polo - Marco Polo is the leading company in the domestic ceramic tile industry, with its "Marco Polo Tile" brand value ranking first in the industry for over a decade [2] - The company has a total market value of 14.79 billion, with an issuance price-to-earnings ratio of 14.27, significantly lower than the industry average of 32.2 [2] Group 2: Heyuan Bio - Heyuan Bio is recognized as the first in China to utilize rice embryo cell bioreactors for the large-scale production of pharmaceutical proteins, referred to as "rice hematopoiesis" [3] - The company is set to have its human albumin injection HY1001 approved by July 2025 [3] Group 3: Super Electronics - Super Electronics is a major global supplier of automotive electronic PCBs, covering the demand for PCBs across various parts of vehicles [4] - The company operates in the computer, communication, and other electronic equipment manufacturing sector [4] Group 4: Xi'an Yicai - Xi'an Yicai has developed into the largest producer and seller of 12-inch silicon wafers in mainland China, ranking sixth globally [4] - The company operates in the computer, communication, and other electronic equipment manufacturing sector [4] Group 5: Bibet - Bibet focuses on the independent research and development of innovative drugs, targeting major diseases such as tumors, autoimmune diseases, and metabolic diseases [4] - The company operates in the pharmaceutical manufacturing industry [4]

策 略 研 究 新股分析 2025 年 10 月 10 日 必贝特：拥有全球首创小分子双靶点 抑制剂 ——注册制新股纵览 20251010 本期投资提示： 证 券 研 究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 报 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，我们测算必贝特 AHP 得分为 2.02 分、2.02 分， 分别位于科创体系 AHP 模型总分 32.9%分位、36.2%分位，均处于下游偏下水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 40%、20%、20%，对应配 ...