4月22日晚间，冠昊生物（300238）(300238.SZ)披露2024年年度报告及2025年一季报。在行业变革等因 素影响下，2024年公司收入利润同比小幅下滑，营业收入实现3.77亿元，归母净利润2741.69万元。至 2025年一季度，公司收入利润恢复正增长，营业收入同比增长3.67%，实现9479.71万元，归母净利润同 比增长3.30%，实现1486.61万元，经营状况有所改善。 更值得一提的是公司在干细胞领域的布局。近年来，细胞行业在全球范围内持续蓬勃发展，展现出巨大 的潜力与活力。国内方面，尤其在2024年，国家药监局药审中心相继发布多项文件，如《免疫细胞治疗 产品临床试验技术指导原则(试行)》《人源干细胞产品药学研究与评价技术指导原则(试行)》等，从监 管政策层面为细胞治疗产业化明晰方向，规范细胞产品的药学研发与临床试验流程。政策环境的优化， 为细胞创新技术和产品的转化落地创造了有利条件。 此外，年报披露，公司在研的生物人工肝项目，目前正推进细胞药物的药学研究和体外支持装置等第三 类医疗器械性能研究工作，公司正积极与相关医院等多方合作申请开展临床前研究。若相关研发后续顺 利实现商业化，或将为 ...

Financing Overview - A total of 11 financing events occurred in Shanghai this week, with 6 disclosing amounts totaling approximately 390 million yuan [3][7] - The highest number of financing events took place in Songjiang District with 3 occurrences, followed by Pudong New District with 2 [3] Company Financing Dynamics - NeuShen Therapeutics completed a multi-million dollar Series A financing on April 18, led by Shanghai Biomedical Fund, with existing shareholders also participating. The funds will be used to advance clinical development of its core product NS-041 [13][14] - QiSeLian Biotechnology announced the completion of its angel round financing on April 17, focusing on personalized cell therapy and anti-aging technology [15][16] - WeiTi Robotics secured nearly 100 million yuan in angel and angel+ round financing on April 15, with investments from various venture capital firms. The funds will support the development of its bionic perception systems [17][18] - FuKe New Materials completed a Pre-A round financing of several tens of millions on April 15, aimed at enhancing its eco-friendly waterproof and oil-proof agents [19][20] - YiRen Technology completed a Pre-A round financing of several tens of millions on April 19, focusing on spatiotemporal intelligent data services [22][24] - DeYin Technology announced the completion of several tens of millions in angel round financing on April 18, aimed at expanding its elderly care robot product line [25][26] - JuErDa Technology secured 12 million yuan in angel round financing on April 17, focusing on cybersecurity solutions [27][28] - LiangWei Technology completed an angel+ round financing on April 14, focusing on interface-free material development [29][30] - JinZe Biotechnology completed a Pre-A round financing on April 14, focusing on intelligent detection and intervention products for cognitive disorders [31][32] - YunShen Technology completed an A round financing on April 14, focusing on semiconductor materials and equipment [33][34] - ShangGuang Communication completed an A+ round financing on April 15, focusing on laser communication technology [35][36] Industry Focus - The medical health sector saw 3 financing events this week, focusing on cell therapy, chemical preparations, and in vitro diagnostics [10][37] - The release of the first "White Paper on the Survival Status of Small Cell Lung Cancer Patients in China" highlights challenges in clinical diagnosis and patient survival [37] - Recent government policies are fostering high-quality development in the pharmaceutical industry, with a focus on innovative drugs and cell therapy, particularly in Shanghai, which has become a leader in this field [38]

Core Insights - The company reported a revenue of 248 million yuan for 2024, marking a year-on-year growth of 21.16% [1] - The establishment of the "Regenerative Medicine Center" signifies a strategic expansion into cell therapy, potentially becoming a new growth highlight for the company [1] - The completion of the first phase of the Lingang Industrial Base enhances the company's production capabilities, positioning it as a leading provider of one-stop services for cell and gene therapy product development [1] Financial Performance - The company achieved CDMO sales revenue of 135 million yuan, an increase of 26.12% compared to the previous year [2] - New CDMO business orders exceeded 270 million yuan during the year, indicating strong demand and order progress [2] - The company assisted clients in obtaining 12 IND approvals within the reporting period, contributing to a total of 44 IND approvals to date [2] Strategic Initiatives - The company initiated a share repurchase plan in 2025, having repurchased approximately 18.73 million shares, accounting for 2.8853% of total shares, with an average price of 5.34 yuan per share [2] - Part of the repurchased shares is intended for equity incentives, aiming to align the interests of the core team with the company's long-term development [2] - The company continues to leverage its diverse technical capabilities across various cell therapy fields, including oncolytic viruses, AAV gene therapy, CAR-T/NK, and stem cells [2]

上海市委副书记、市长龚正今天（4月14日）主持召开市政府常务会议，会议指出，医疗卫生服务新业 态、新模式不断涌现，要完善医疗卫生行业综合监管制度，以严的基调深化全面监管，从事后处置转向 全过程监管，依托 人工智能、 大数据、 区块链等技术，对医疗机构执业行为、药品器械流通、医保基 金使用等实施穿透式监管，切实保障群众合法权益。要以审慎包容的态度助力创新发展，通过更高水平 监管、更优制度供给，支持和规范医学人工智能、细胞治疗等新技术以及 互联网医疗、国际医疗旅游 等新业态创新发展，更好满足群众高品质健康需求。 ...

Core Viewpoint - The recent forum at the 2025 Zhongguancun Forum highlighted the transformative impact of AI and other advanced technologies on the healthcare industry, emphasizing a shift from efficiency enhancement to value creation in medical innovation [2][3]. Group 1: Technological Drivers - AI, gene editing, and cell therapy are identified as core drivers for the next five years, leading to a disruptive transformation in business models beyond just optimizing R&D processes [3]. - The integration of AI in healthcare has evolved from simple efficiency tools to generative tools, with significant implications for drug development timelines [3]. - The commercialization of AI in pharmaceuticals is approaching a tipping point, transitioning from efficiency improvements to value creation [3]. Group 2: Market Dynamics and Investment Strategies - In a challenging financing environment, companies should focus on cash flow and leverage AI to enhance original R&D models, creating opportunities for mergers and acquisitions [4]. - The domestic advancements in cell and gene therapy, particularly CAR-T and mRNA technologies, are nearing global standards, with supportive policies and faster approval processes boosting confidence in the sector [5]. - The ongoing pressure from cost control policies and centralized procurement is reshaping the industry landscape, favoring leading domestic companies while creating a competitive environment [6]. Group 3: Policy Implications - The continuous push for cost control in healthcare is seen as both a challenge and a mechanism for identifying top-tier companies, with a layered market emerging for innovative products [6]. - The current policy environment provides a window for domestic companies to capture market share through low-cost strategies before entering a phase of intense competition [6]. - Investment in healthcare should aim to enhance accessibility at the grassroots level, with a focus on innovative drugs and medical devices that lower costs and improve efficacy [7]. Group 4: Future Outlook - The next five years will witness a deep synergy between technology, policy adaptation, and capital empowerment in the healthcare sector, characterized by both the clearing of valuation bubbles and intensified competition [7]. - The healthcare industry is undergoing a comprehensive transformation, with each segment from cell therapy to AI pharmaceuticals reshaping industry norms [7]. - Investors must find a dynamic balance in technological insights, policy predictions, and portfolio management to capture growth amidst uncertainty [7].

Core Viewpoint - Northeast Pharmaceutical is focusing on technological research and development to adapt to the rapidly changing pharmaceutical industry, particularly through strategic acquisitions and product innovation [1][2][5]. Group 1: Company Strategy and Development - The acquisition of Dingcheng Peptide Source has allowed Northeast Pharmaceutical to quickly obtain a complete product line and enhance its research and development capabilities, laying a solid foundation for strategic transformation and establishing a competitive advantage in the biopharmaceutical sector [1][2]. - The company has shifted its focus from primarily raw materials and chemical generics to a more integrated approach, emphasizing both generics and innovative drugs, thereby enhancing its market competitiveness [5]. - Northeast Pharmaceutical aims to leverage its integrated "raw materials + formulations" advantage to strengthen independent research and accelerate the pace of industrial transformation [5]. Group 2: Research and Development Focus - The company is actively promoting product research and development in response to market and clinical needs, ensuring a stable product pipeline and enhancing its leading position in the generics field [1][3]. - Dingcheng Peptide Source has developed a comprehensive technical platform for TCR-T and CAR-T cell therapy products, targeting various cancers with over ten cell therapy products in development [3]. - Northeast Pharmaceutical is committed to advancing its research capabilities by recruiting high-end talent and fostering an innovative environment, which is crucial for its growth in the biopharmaceutical sector [4]. Group 3: Market Position and Future Outlook - The pharmaceutical industry is undergoing rapid iterations, and Northeast Pharmaceutical is positioning itself to achieve breakthroughs in the biopharmaceutical field through strategic acquisitions and increased research efforts [2][5]. - The company plans to continue focusing on oncology and other therapeutic areas, aiming for significant progress in its projects within the next three years [3]. - By capitalizing on the mixed reform opportunities and enhancing its innovation capabilities, Northeast Pharmaceutical is determined to transition from a traditional chemical drug leader to a biopharmaceutical powerhouse [4][5].

Group 1: R&D and Innovation - Northeast Pharmaceutical focuses on "small molecule innovative drugs + biological drugs" for significant cost reduction and efficiency improvement [2] - The company has developed over 10 cell therapy products targeting pancreatic cancer, colorectal cancer, gastric cancer, liver cancer, and glioma [3][4] - The TCR-T and CAR-T cell therapy products are part of a complete technology platform and product transformation system [3] Group 2: Core Business and Product Lines - Northeast Pharmaceutical is a major producer and exporter of chemical raw materials and formulations, with a comprehensive business covering chemical pharmaceuticals, medical commerce, and biopharmaceuticals [3][10] - The company has over 400 types of chemical raw materials and formulations, with products exported to over 100 countries and regions [3][11] - Key product categories include antibiotics, reproductive system products, and health products, among others [3] Group 3: Future Plans and Market Position - The company plans to submit one new product for IND approval and another for clinical trials in 2025 [5] - Northeast Pharmaceutical aims to leverage its integrated "raw materials + formulations" advantage to enhance R&D and accelerate product launches [10][11] - The company is positioned to capture market opportunities in the rapidly evolving biopharmaceutical sector, particularly in cell therapy [6][10] Group 4: Competitive Advantages - Northeast Pharmaceutical has established a unique TCR sequence discovery platform, enabling rapid development of TCR sequences for personalized treatment [7] - The company has a comprehensive TCR drug development platform that includes target discovery, sequence evaluation, and process development [7] - The firm has a strong clinical application capability, with multiple cell therapy products undergoing clinical research in top hospitals [9]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately $2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in earnings [1] - The life sciences segment achieved a revenue of $455 million in 2024, growing by 10.2% year-over-year, with an adjusted operating profit of $90 million, up 15.5% [2] - The CDMO business saw a revenue decline of 13.2% to $95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue increase of 24.6% to $54 million, with adjusted operating profit remaining stable at approximately $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Summary by Sections Financial Performance - The company achieved a total revenue of $594 million in 2024, with a significant turnaround in net profit to $2.96 billion from a loss of $95 million in 2023 [5] - The projected net profits for 2025 and 2026 are $248 million and $235 million, respectively, with an expected EPS of $0.12 and $0.11 [4][5] Business Segments - Life Sciences: Revenue of $455 million in 2024, with a focus on innovation and automation leading to improved operational efficiency [2] - CDMO: Revenue of $95 million in 2024, with a forecasted recovery in 2025 due to new project acquisitions [3] - Synthetic Biology: Revenue growth of 24.6% in 2024, driven by expanding customer base and market penetration [3] Valuation Metrics - The company’s current valuation is considered low, with projected PE ratios of 14, 15, and 7 for 2025, 2026, and 2027, respectively [4]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period in 2023 [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58% [2][8] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14][15] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed signs of recovery in the second half of 2024 [14][17] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [15][16] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - After the deconsolidation, the market capitalization of Legend Biotech was $6.8 billion, with Genscript holding a 47.51% stake valued at approximately $3.231 billion [16][17]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period last year [7][17] - The continuing business segments are expected to show positive trends in 2025, with revenue from continuing operations projected at approximately $594.5 million, representing a year-on-year increase of 6.1% [3][14] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15% [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [3][14] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed a recovery with a growth rate of about 38% in the second half of 2024 [3][14] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [14] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year, with an adjusted gross profit of about $22.6 million [3][14] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [5][16]