其中，科兴制药基于自身优势领域开发的抗病毒药物人干扰素GB05项目，瞄准的是国内呼吸道合胞病 毒（RSV）儿童吸入溶剂领域的空白，预计Ⅲ期临床最快可于明年完成；针对肿瘤领域对恶病质治疗药 物的需求日益迫切，科兴制药加速推进的GB18项目进度及相关试验结果喜人：GB18在肿瘤恶病质和化 疗恶病质的动物药效模型中，显示出能显著改善体重，改善肌肉萎缩，在改善肌肉纤维微观结构、改善 机体代谢水平和运动功能方面，效果优秀。目前GB18已取得中、美IND批件，预计今年第三季度临床 Ⅰ期将入组。 中长期在研项目中，GB12用于治疗特异性皮炎，其双阻断机制能同时实现抗炎和止痒的效果，同靶点 全球竞争格局清晰。临床前数据显示，GB12在炎症和瘙痒指标上均具有显著优势。据了解，目前市面 上相关药物主要是赛诺菲和再生元合作开发的Dupixent（IL-4Ra靶点），该药在2024年全球销售已达 141亿美元，而全球IL-4Rα/IL-31的在研药企屈指可数，总体竞争格局较为良好。 随着靶向TNF-α的英夫利西单抗和阿达木单抗获批IBD领域相关适应症后，IBD治疗也从传统药物转 向"生物制剂"，全球治疗格局正在发生深刻变化，这一转变 ...

集团持续推进融资渠道多港元化建设，优化融资工具结构。通过精准把握市场窗口，集团及其上市附属 公司先后成功发行中期票据及资产支持证券等，将综合资金成本控制在较低水平。此外，集团着力强化 境内及境外银行授信额度储备及外债管理工作。2025年上半年，集团获得国家各类资金补助约人民币 5000万元。截至2025年6月30日，集团手持现金88.42亿港元，负债水平合理，财务状况健康。 截至2025年6月30日，环保能源共投资落实项目286个，总投资约人民币1012.28亿元，另承接2个委托运 营项目、2个"工程设计-采购-施工-运营"(EPCO) 项目等各类轻资产业务。该等项目设计规模(含委托运 营处理规模)包含但不限于年处理生活垃圾5524.28万吨、年上网电量191.23亿千瓦时、年处理餐厨及厨 余垃圾316.93万吨以及年供应蒸汽191.08万吨。 智通财经APP讯，光大环境(00257)发布截至2025年6月30日止6个月业绩，该集团期内取得收益143.04亿 港元，同比减少8%;公司权益持有人应占盈利22.07亿港元，同比减少10%;每股基本盈利35.92港仙;拟派 发中期股息每股15港仙。 2025年上半年 ...

智通财经APP获悉，中金发布研报称，基于归创通桥(02190)对神经/外周产品放量，及公司费用管控的 看好，上调2025年经调整利润14%至1.92亿元，并首次引入2026年经调整净利润预测2.79亿元。当前股 价对应2025/26年市盈率37/25倍。该行维持跑赢行业评级。考虑港股医疗板块整体回暖，该行上调基于 DCF模型(WACC 10.9%，永续增长率1%)的目标价108%至30港元，对应2025/26年市盈率47/32倍，较当 前股价有28%上行空间。 中金主要观点如下： 1H25业绩超出该行预期 公司公布1H25业绩：收入4.82亿元，同比+31.7%;经调整净利润1.31亿元，同比+68.1%。由于神经/外周 两条业务线国产替代加速，以及公司费用管控得力，上半年收入利润均超出该行的预期。 神经/外周双轮驱动，国产龙头地位逐渐确立 1H25神经/外周业务收入同比+25%/46%。其中存量产品进一步增加医院渗透率和市场份额，而新产品 例如密网支架、髂静脉支架、血管缝合器和外周弹簧圈在外部集采驱动+公司自身销售努力之下也有良 好放量趋势。考虑后续反内卷等积极因素的推动，作为已经建立完整产品管线和强劲营销 ...

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-11 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 | | | 丽珠集团——执行董事、总裁 唐阳刚 | | | 刘大平 丽珠集团——副总裁、丽珠生物总经理 | | 活动参与人员 | 丽珠集团——副总裁、财务负责人 司燕霞 | | | 刘宁 丽珠集团——董事会秘书 | | | 参会投资机构共计 122 家，详见附件。 | | 时间 | 8 月 21 日 13:30-14:30 | | 地点 | 本公司会议室 | | 形式 | 线上接入 一、上半年整体经营情况介绍 | | | （一）业绩彰显经营韧性，核心优势持续夯实 报告期内，公司实现营业收入 亿元，利润总额 62.72 | | | 18.28 亿元，同比增长 13.66%，扣非归母净利润 12.58 亿 | | | 元，同比增长 8.91%。公司业绩增长源自：其一，保证基 | | | 本面和存量产品"稳中有增"，存量产品在激烈市场竞争中 | ...

Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by innovative drug sales and licensing income [1][7]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - Net profit attributable to shareholders reached 4.45 billion yuan, up 29.67% compared to the same period last year [3]. - Total profit amounted to 5.05 billion yuan, reflecting a growth of 34.63% [3]. - The net cash flow from operating activities was 4.30 billion yuan, an increase of 41.80% [3]. - The company's net assets at the end of the reporting period were 58.46 billion yuan, up 28.44% from the previous year [3]. Innovation and R&D - The company invested 3.87 billion yuan in R&D during the first half of 2025, with 3.23 billion yuan classified as expensed R&D [3]. - Six Class 1 innovative drugs were approved for market launch during the reporting period [8]. - The company has over 100 self-innovated products in clinical development and more than 400 clinical trials ongoing domestically and internationally [8]. Sales and Market Expansion - Innovative drug sales and licensing income totaled 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales alone reaching 7.57 billion yuan [7]. - The company received significant licensing payments, including 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [7]. - The company has accelerated its internationalization efforts, with over 20 overseas clinical trials initiated in various countries [9]. Shareholder Activity - Despite the recent increase in stock price, three of the top ten shareholders reduced their holdings in the second quarter [4][6].

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit driven by innovative drug sales and licensing [2][4]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - The net profit attributable to shareholders reached 4.45 billion yuan, reflecting a year-on-year growth of 29.67% [2]. Innovative Drug Development - Innovative drug sales and licensing revenue amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with sales revenue from innovative drugs at 7.57 billion yuan [4]. - Key innovative drugs such as Rivoceranib, Darsylin, and Hengriletin continued to show rapid growth, while older drugs like Arixtra and Pyrrolidine contributed to revenue through new indications [4]. - The company invested 3.87 billion yuan in R&D during the first half of the year, with a total R&D investment exceeding 48 billion yuan as of June 30 [4]. International Expansion - Heng Rui Medicine accelerated its internationalization efforts, with innovative drug licensing becoming a key growth driver [6]. - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [6]. - Strategic partnerships were established, including a collaboration with GSK for the development of up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [6]. Hong Kong Listing - Heng Rui Medicine successfully listed on the Hong Kong Stock Exchange on May 23, raising a total of 11.4 billion HKD (approximately 1.5 billion USD), marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [7].

Financial Data and Key Metrics Changes - In Q2 2025, total revenue reached RMB 2,070 million, representing a year-on-year decrease [5] - Revenue from office software and services increased by 14% year-on-year to RMB 1,360 million, while online games revenue decreased by 26% year-on-year to RMB 952 million [6][13] - Gross profit decreased by 9% year-on-year to RMB 1,854 million, with a gross profit margin of 80% [14][16] - Operating profit before share-based compensation costs decreased by 48% year-on-year to RMB 454 million [15] - Profit attributable to owners of the parent was RMB 532 million, compared to RMB 393 million in the previous year [16] Business Line Data and Key Metrics Changes - Office software and services accounted for 59% of total revenue, while online games and others made up 41% [12] - The WPS AI products saw significant enhancements, with nearly 13 million monthly active AI users in the first half of the year [7] - The online games business is focusing on enriching the classic GX series and expanding into new genres, with the flagship IP, GX3 Online, maintaining a stable user base [8][9] Market Data and Key Metrics Changes - The company is actively participating in bidding for office software among government and enterprise sectors, maintaining a leading market share [8] - The international edition of WPS is being gradually improved to enhance collaboration and security capabilities [8] Company Strategy and Development Direction - The company is committed to increasing R&D investment in AI and collaboration, aiming to enhance product implementation across various office scenarios [10] - The online game business will focus on premier games and global expansion, aiming for long-term operational quality [11] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the gaming industry, particularly regarding the new IP, MetroBrick, which requires time for adjustments and optimization [25][49] - For the office software segment, management expressed confidence in maintaining growth rates similar to the first half of the year, driven by AI collaboration improvements [30] Other Important Information - The company reported cash resources of RMB 25 billion as of June 30, 2025 [17] - Net cash from operating activities was RMB 665 million for 2025, down from RMB 1,374 million in 2024 [18] Q&A Session Summary Question: Performance of MetroBrick and full-year revenue guidance for the gaming sector - Management noted that initial feedback for MetroBrick was positive, but adjustments are needed based on player feedback to enhance the gaming experience [22][23] Question: Outlook for WPS office business in the second half of the year - Management expressed strong confidence in the growth of the WPS office business, expecting continued success driven by AI features [29][30] Question: Trends in active user base and ARPU for JX3 - Management indicated that while there is pressure on maintaining user levels for JX3, they remain confident in its long-term operation [33][34] Question: Differentiation of WPS AI agent from competitors - Management emphasized that their AI solutions are tailored for specific office scenarios, which sets them apart from competitors [36][39]

在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场 需求、IP可持续性成为投资者关注的焦点。 作者：罗文利 封图：现场供图 8月20日，泡泡玛特（09992.HK）召开2025年中期业绩发布会。发布会上，泡泡玛特董事长兼 CEO王宁对今年全年的业绩指引提出了比年初预测的200亿元更高的数字："300亿也没问题。" 8月19日晚，泡泡玛特发布了一份"全面开花"的半年成绩：营收为138.8亿元，同比增长204.4%； 经调整净利润为47.1亿元，同比增长362.8%。 在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场需求、IP可持续性成为投资者关注的 焦点。 今年上半年，LABUBU作为泡泡玛特旗下IP在全球市场迎来爆发增长。半年报显示，LABUBU所 属的THE MONSTERS营收为48.1亿元，占营收比重为34.7%，该IP去年同期营收为6.26亿元，同 比增长约668.4%。泡泡玛特联席首席运营官司德称，毛绒（品类）的需求量过大，目前公司仍在 追产能的阶段，"坦白地说，我们下半年产能确实会面临比较大的挑战"。 泡泡玛特供应链中心总裁袁俊杰在业绩发布会上透露，泡泡玛特当前一个月的毛绒品类产量等同于 ...

Group 1 - The 2025 China Retail High-Quality Development Conference was held in Nanchang, focusing on new opportunities and paths for high-quality development in the retail industry [1] - The retail industry in China is undergoing a critical transformation, with technological innovations such as AI, big data, and IoT reshaping retail formats [1] - The integration of online and offline retail models is becoming mainstream, necessitating accelerated digital transformation and innovation in business models [1] Group 2 - Consumers are demanding higher convenience, personalization, and experiential shopping, making unique and immersive shopping experiences key to attracting customers and building brand loyalty [1] - The Chinese Ministry of Commerce and six other departments have issued a plan outlining five main tasks to enhance retail innovation: scenario-based transformation, quality supply, digital empowerment, diversified innovation, and supply chain enhancement [1] - The internationalization of China's retail industry is progressing, with a focus on aligning with international standards such as CPTPP and DEPA to develop competitive retail brands and service standards [2]

Group 1 - The core theme of the conference is "Rapid Transformation, Crossing New Cycles," focusing on the future development of the health industry driven by five major forces: AI revolution, breakthroughs in life sciences, deepening medical reform, the rise of the silver economy, and accelerated internationalization [1] - The Chinese pharmaceutical terminal market is currently undergoing adjustments, with an expected annual market size decline of 2.9%. Sales in hospital and pharmacy channels are projected to decrease by 5.7% and 0.4% respectively, while e-commerce growth has slowed to 5.8% from double digits [1][2] - The long-term positive trend in the market remains unchanged, driven by continuous health demand growth, a rational payment structure, and innovation upgrades in drug supply [1] Group 2 - AI development and application are seen as the foundational basis for industry transformation, significantly improving the efficiency of innovative drug research and development, precise disease diagnosis, and comprehensive health management [2] - The timeline for innovative drug development has been drastically reduced from 15 years to between 1.5 to 3 years, with costs decreasing to 1/100 of traditional methods. This positions China as a global leader in innovative drug development [2] - By 2035, the Chinese innovative drug market is expected to reach 3.5 trillion yuan, accounting for approximately 15% of the global market, with over 40% of revenue coming from overseas markets [2] Group 3 - The silver economy is projected to become a significant growth market, with the Chinese silver market expected to exceed 10 trillion yuan by 2025, of which 35% will be in health care [2] - The shift in health demand from "survival-type" to "quality-type" is driven by the 300 million "new retirees" [2] - The conference, hosted by Zhongkang Technology, has been held for 18 consecutive years, featuring multiple forums and attracting over 60,000 participants [3]