Core Insights - Shenzhen is recognized as a city of innovation, leading in research and development (R&D) investments among major cities in China, with a strong emphasis on high-quality economic development [1] Group 1: R&D Investment and Personnel - In 2024, Shenzhen's R&D expenditure ranks second among major cities in China, while its R&D intensity is the highest nationwide [1] - BYD leads in R&D personnel with 121,600 employees and an R&D investment of 30.9 billion yuan in the first half of 2025, making it the top company in Shenzhen [2][4] - Industrial Fulian and ZTE also have over 30,000 R&D personnel, with 12 Shenzhen-listed companies employing more than 5,000 R&D staff [2] Group 2: R&D Investment Proportions - 13 Shenzhen-listed companies have an R&D personnel ratio exceeding 60% of their total workforce [3] - The highest R&D personnel ratio is held by Meige Intelligent at 83.53%, followed by Holitech at 82.06%, and Zhongke Lanyun at 80.84% [2] - In the first half of this year, 13 Shenzhen-listed companies invested over 1 billion yuan in R&D, while 22 companies invested over 600 million yuan [5] Group 3: R&D Outcomes and Patents - The companies with the highest R&D investment-to-revenue ratios include Kesi Technology at 84.88%, followed by Zhixin Precision at 60.61%, and Bangyan Technology at 56.08% [5] - The top three companies in terms of patent numbers are ZTE, BYD, and Haiyang Wang, with 13 Shenzhen-listed companies holding over 2,000 patents [5]

目前国内医药生产企业众多，竞争较为激烈，昂利康始终坚持将研发作为企业的核心发展动力，注重业 内合作，立足于开发具有临床价值的优质产品。经过多年的发展，在口服头孢类抗生素原料药、alpha 酮酸原料药、心血管类制剂、吸入用麻醉原料药、抗雄性激素中间体及植物源胆固醇系列产品上均具有 显著优势。公司是国内最早掌握酶法技术的口服头孢类原料药生产厂家之一；公司是国内最大的alpha 酮酸原料药生产厂家，也是费森尤斯卡比的核心原料药供应商之一；公司是国内钙拮抗剂类抗高血压制 剂的主要生产企业之一，苯磺酸左氨氯地平片在国内市场具有较高的市场占有率；公司是国内主要的吸 入用麻醉原料药和制剂一体化的生产企业；公司是国内较早以植物甾醇生物发酵所得产品为起始原料生 产甾体药物中间体的企业，是国内首家实现植物源胆固醇规模化生产的企业，在抗雄性激素中间体、植 物源胆固醇、植物源维生素D系列等细分领域已取得行业领先地位。 此次入选两项榜单，既是对昂利康创新工作的肯定，也将激励企业继续前进。未来，昂利康将继续坚持 研发投入，加强专利布局，推动更多优质医药产品上市，为浙江省民营经济高质量发展贡献力量，助力 公众健康事业发展。 昂利康主要从事 ...

作者：Jasper 虽然有研复材从产业的角度阐述了自身的优势，但似乎并未正面回应交易所问询的是否具有先进性问题，此外，结合有研复材的规模体量上面看，有研复 材的研究团队的数量貌似并不能支撑整个公司的技术研发和创新上。 来源：IPO魔女 2025年12月12日，北京有研金属复合材料（北京）股份公司（以下简称"有研复材"）将迎来上交所科创板IPO上市委员会上市审核，公司保荐机构为中信 证券，拟募集资金9亿元。 据上会稿披露，有研复材已取得145项境内发明专利，然而，这些专利大部分是继受取得，来自母公司中国有研或有研工研院，并且，有部分专利和技术 超过10年，这些引起了交易所的质疑与问询，有研复材是否独立拥有研发创新能力？以及这些专利权属转移的公允性、是否有隐性限制等未充分披露？部 分技术是否仍具有先进性？此外，截至报告期末。有眼复材研发人员合计56人，与有研复材的规模相比，研发团队人数之少，是否能够撑起公司科研创 新？另外，有研复材虽曾经作为央企下面的部门，如今已经独立，然而与母公司等相关企业的关联交易一直存在，关联交易的必要性和合理性遭质疑。 此外，本次上会其中一项的募投项目是关于产能扩产的，拟募集资金6.44 ...

Core Insights - Company plans to establish a wholly-owned subsidiary, Shenzhen Qibin Technology Development Co., Ltd., with a registered capital of 100 million yuan to streamline its R&D business chain and optimize its R&D system and processes [1][2] - The new subsidiary will serve as the investment entity for setting up another subsidiary, Shenzhen Qibin Technology Co., Ltd., also with a registered capital of 100 million yuan [1][2] Group 1 - The headquarters is located in Shenzhen, leveraging the city's rich technological innovation resources and favorable environment for R&D innovation [2] - Bao'an District in Shenzhen is highlighted as a key area for industrial development, benefiting from multiple strategic opportunities such as the opening of the Shenzhen-Zhongshan Corridor and the integration of the Pearl River Delta [2] - The company aims to establish a "dual platform" (resource platform + strategic investment platform) to enhance its R&D system and management mechanisms [2] Group 2 - Qibin Technology will act as a collaborative platform for external R&D investments, while Qibin Technology Co., Ltd. will manage internal R&D projects, incubation, and technology transfer [2] - The coordinated operation of the "dual platform" is expected to strengthen the company's core competitiveness in R&D innovation and support its long-term development in the high-end glass sector [2]

旗滨科技主要作为公司对外开展研发投资的合作平台;旗滨技术主要作为公司内部研发管理平台，承担 科技项目管理、孵化和科技成果转化等相关职能。通过"双平台"协同运作，公司将加快构建新型研发管 理体制与运行机制，进一步强化研发创新核心竞争力，为公司在高端玻璃领域的持续领跑与长远发展注 入强劲动力。 旗滨集团（601636）(601636.SH)发布公告，为进一步理顺公司研发业务链条，优化研发体系和业务程 序，促进新业务孵化，外部投资兼并、团队引进等工作高效开展，公司拟投资设立全资子公司深圳市旗 滨科技发展有限公司，注册资本10,000万元。并以新设立的深圳市旗滨科技发展有限公司为投资主体， 投资设立孙公司深圳市旗滨技术开发有限公司，注册资本10,000万元。 ...

公司管理总部位于深圳，依托深圳丰富的科技创新资源与浓厚的科技创新氛围，为研发创新提供了良好 环境。宝安作为深圳工业大区、先行示范区重点城区及粤港澳大湾区枢纽核心地，叠加前海总规落地、 深中通道开通、环珠江口一体化推进等多重战略机遇，在区位交通、产业配套、人才集聚、政策支持等 方面的优势日益凸显，是布局研发创新基地、链接全球创新资源的优选区域。为进一步完善公司研发体 系，构建"战略赋能+创新驱动"新型管理体制与运行机制，确定公司"双平台"（资源平台+战略投资平 台）定位，公司拟在深圳市宝安区投资设立全资子公司旗滨科技，并以旗滨科技为投资主体，投资设立 孙公司旗滨技术。旗滨科技主要作为公司对外开展研发投资的合作平台；旗滨技术主要作为公司内部研 发管理平台，承担科技项目管理、孵化和科技成果转化等相关职能。通过"双平台"协同运作，公司将加 快构建新型研发管理体制与运行机制，进一步强化研发创新核心竞争力，为公司在高端玻璃领域的持续 领跑与长远发展注入强劲动力。 格隆汇12月11日丨旗滨集团(601636.SH)公布，为进一步理顺公司研发业务链条，优化研发体系和业务 程序，促进新业务孵化，外部投资兼并、团队引进等工作高效 ...

大商业保持稳健发展，大南药业务短期承压：①大商业板块为公司收入基石。2020-2024 年间大商业板 块收入CAGR 约6%，2024 年大商业板块收入达545.5 亿元（同比+3%），2025H1 大商业板块收入增速 仍超4%，收入规模达290亿元。考虑近年来大商业业务一直处于稳健发展，叠加公司在华南等地具备较 强竞争力，我们认为公司的大商业板块收入将实现稳健增长。②大南药方面，2025H1 中药收入占比约 60%。2020-2024 年间大南药板块收入CAGR 约-1%，其中中药收入CAGR 约8%，而化药收入CAGR 约-11%。2024 年大南药板块收入97.56 亿元（同比-10%），其中中药收入60.66 亿元（同比-3%），而 化药收入36.9 亿元（同比-20%）。中成药业务近年处于去库存的周期，而化药业务由于行业竞争加 剧、限抗令、集采等因素影响有所下降，大南药业务短期承压。③大健康方面，2020-2024 年间大健康 板块收入CAGR 约5%，2024 年大健康板块收入达97.05 亿元（同比-13%），2025H1 大健康板块收入增 速仍超7%，收入规模达70 亿元。公司目前正推行多个新 ...

惠泰医疗 （688617.SH）抛出一份大额回购方案。 12月9日， 惠泰医疗 公告，公司拟使用自有资金以集中竞价交易方式回购公司股份，回购资金总额区间 为2亿元至2.5亿元，回购价格不超过315元/股，所回购股份将全部用于员工持股计划或股权激励。 从业绩表现来看，公司增长势头强劲。2025年前三季度， 惠泰医疗 实现营收18.67亿元、归母净利润 6.23亿元，同比分别增长22.47%、18.02%。 长江商报记者注意到，研发创新是 惠泰医疗 的核心竞争力。2020年至2025年前三季度，公司研发费用 累计达11.66亿元，每年研发费用率维持在超13%的高位，为业务长期拓展筑牢技术根基。 研发费用率达13.66% 公开资料显示， 惠泰医疗 成立于2002年，专注于心脏电生理和血管介入 医疗器械 的研发、生产和销 售。在成立初期，公司便实现关键突破，取得国内首个电生理电极导管注册证书，填补了国内技术空 白。 公告显示， 惠泰医疗 本次回购资金总额下限为2亿元，上限为2.5亿元，资金来源为自有资金，回购价 格设定为不超过315元/股。预计此次回购股份数量在63万股至79万股，占总股本的0.45%至0.56%。 ...

Core Viewpoint - The company emphasizes the importance of continuous innovation in drug development to adapt to the evolving pharmaceutical industry and ensure effective clinical outcomes [2] Company Insights - The company, Shijiazhuang Yiling Pharmaceutical Co., Ltd., stresses the need for increased investment in innovative drugs to maintain competitiveness in the market [2] - The company believes that having comprehensive and robust evidence to support the efficacy of its products is crucial for success across different market cycles [2]

Group 1: Strategic Partnerships - Royal Philips has granted Kefu Medical brand authorization for various home health monitoring devices in Greater China, including blood glucose meters, blood pressure monitors, thermometers, and pulse oximeters, following a comprehensive evaluation of the company's capabilities [2] - The collaboration aims to deepen R&D synergy and localization, integrating international branding with leading Chinese technology and industrial capabilities [2] Group 2: Overseas Business Growth - Kefu Medical has made significant progress in its global strategy, achieving high growth in overseas business due to accumulated customer resources and enhanced customer loyalty [2] - B2B order amounts are steadily increasing, supported by successful integration of acquisitions such as Huazhou and Ximan, which are releasing synergistic effects for sustained international business growth [2] Group 3: Product Development in Respiratory Sector - The respiratory machine segment focuses on user needs, with plans to launch three new respiratory machines and masks in 2026, incorporating AI algorithms for real-time sleep analysis and advanced noise reduction technology [3] - Kefu's respiratory machines have seen rapid sales growth since launch, achieving leading performance in both product capabilities and online sales channels, driving revenue growth for the second half of the year and beyond [3] Group 4: Future Development Plans - Over the next 3-5 years, Kefu Medical will focus on independent innovation and global expansion, while deepening strategic cooperation with Royal Philips to promote high-quality development [4] - The company plans to increase R&D investment in core categories such as respiratory health, hearing assistance, rehabilitation care, and home testing, aiming for product intelligence upgrades and the establishment of a proprietary technology platform [4] - Kefu Medical will enhance its overseas localization capabilities and steadily expand its international market presence through a combination of organic growth and acquisition strategies [4]