Core Viewpoint - The stock of Jibeier has experienced a decline of 2.02% on November 10, with a current price of 31.01 CNY per share, despite a year-to-date increase of 41.73% [1] Financial Performance - For the period from January to September 2025, Jibeier achieved a revenue of 704 million CNY, representing a year-on-year growth of 9.52%, and a net profit attributable to shareholders of 197 million CNY, which is a 12.80% increase compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 476 million CNY, with 252 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Jibeier is 7,742, an increase of 28.97% from the previous period, while the average circulating shares per person decreased by 22.46% to 25,759 shares [2] - The top ten circulating shareholders include new entrants such as Caitong Advantage Industry Rotation Mixed A and GF Healthcare Stock A, holding 1.2392 million shares and 959,000 shares respectively [3] Stock Market Activity - On November 10, Jibeier's trading volume reached 40.387 million CNY, with a turnover rate of 0.65% and a total market capitalization of 6.184 billion CNY [1] - The stock has seen a decline of 9.17% over the last five trading days, 6.60% over the last twenty days, and 1.30% over the last sixty days [1] Business Overview - Jibeier, established on November 13, 2001, and listed on May 18, 2020, is primarily engaged in the research, production, and sales of pharmaceuticals [1] - The main revenue sources include Likujun tablets (72.72%), Niqurol tablets (14.20%), Yupingfeng capsules (4.88%), and other products [1]

Core Viewpoint - Zai Jian Pharmaceutical has experienced a significant stock price increase of 55.48% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [1][2]. Company Overview - Zai Jian Pharmaceutical, established on March 18, 2009, and listed on January 23, 2020, is located in Kunshan, Jiangsu Province. The company focuses on the research, production, and sales of chemical and biological new drugs, with 99.97% of its revenue derived from pharmaceuticals [1][2]. Financial Performance - For the period from January to September 2025, Zai Jian Pharmaceutical reported a revenue of 593 million yuan, reflecting a year-on-year growth of 54.49%. However, the net profit attributable to shareholders was a loss of 93.42 million yuan, which is an increase of 4.58% compared to the previous period [2]. Stock Market Activity - As of November 10, Zai Jian Pharmaceutical's stock price was 96.88 yuan per share, with a market capitalization of 25.645 billion yuan. The stock has seen a trading volume of 143 million yuan and a turnover rate of 0.57% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent entry on October 31, where it recorded a net purchase of 187 million yuan [1]. Shareholder Information - As of September 30, 2025, Zai Jian Pharmaceutical had 8,809 shareholders, with an average of 30,049 circulating shares per shareholder. The top ten circulating shareholders include various mutual funds, with notable changes in holdings among some [2].

第一条 评奖宗旨 在港股市场强劲复苏、中国资产价值重估的背景下，此奖旨在表彰在高质量发展、高水平对外开放的历 史进程中，在制度创新和产业变革等方面展现出强大综合实力与前瞻性发展战略的港股上市公司。 第二条 评奖周期 中国证券报上市公司（港股）金牛奖评选工作，每年举办一届。 第三条 奖项设置 在行业遴选和奖项设置方面，着重呼应时代发展脉搏和产业发展方向，重点关注人工智能、新能源、新 材料和生物医药等前沿科技领域的创新突破，表彰在全球化背景下将业务、品牌和技术成功出海的标杆 企业，以及强调在追求商业成功的同时积极履行社会责任、重视股东回报、推动可持续发展的长期价值 的优秀典范。 上市公司（港股）金牛奖共四个大类、11个单项公司奖项，不设置个人奖项。其中，第一类：综合价值 与绩效类，包括卓越港股公司金牛奖、股东回报金牛奖和永续经营金牛奖；第二类：成长与创新类，包 括成长价值金牛奖、科技创新金牛奖、新消费标杆金牛奖和出海创新金牛奖；第三类：公司治理与社会 责任类（ESG），包括公司治理金牛奖、社会责任金牛奖和投资者关系金牛奖；第四类：港股IPO中介 机构金牛奖，涵盖保荐机构、审计机构、法律顾问和其他第三方服务机构。 ...

Core Viewpoint - The article discusses the development of high-tech zones in China, emphasizing their role as innovation hubs and the need for high-quality development in the context of the 2025 Torch Forum held in Xiong'an New Area, Hebei [1] Group 1: Innovation and Technology Supply - National high-tech zones are critical for industrial innovation, housing 70% of national manufacturing innovation centers and 80% of key laboratories, with companies contributing about 50% of national R&D funding and patents by the end of 2024 [2] - The changing environment during the 14th Five-Year Plan period necessitates a focus on high-level technological self-reliance and new industrialization, with a pressing need for collaboration among enterprises within high-tech zones [2] Group 2: Competitive High-Tech Industry Clusters - Development of industry clusters is vital for stabilizing and enhancing the industrial chain, with examples like Chengdu and Suzhou high-tech zones focusing on leading industries such as electronic information and biomedicine [3] - The Ministry of Industry and Information Technology aims to cultivate new trillion-yuan industry tracks by 2027, focusing on advanced technologies like AI, biomedicine, and low-carbon energy [3] Group 3: Technology Service Industry Development - The technology service industry is essential for efficient conversion of scientific achievements, providing services like R&D and consulting to support deep integration of technological and industrial innovation [4][5] - A comprehensive management service platform for national high-tech zones is being developed to enhance resource sharing and improve the efficiency of technology transfer [6] Group 4: Future Outlook and Strategic Initiatives - The Ministry of Industry and Information Technology plans to streamline technology transfer channels, foster quality technology service institutions, and create a favorable environment for industrial development during the 14th Five-Year Plan [6]

Core Insights - The 2025 BIO-Europe conference was held in Vienna, Austria, from November 3 to 5, showcasing the advancements in biopharmaceuticals and precision medicine from Shanxi Province [3][4] - The Shanxi delegation, organized by the China Council for the Promotion of International Trade Shanxi Committee, included key pharmaceutical companies that aimed to enhance international collaboration and showcase their innovations [3][4] Company Highlights - Shanxi Shuangyan Pharmaceutical Co., Ltd. promoted its high-end active pharmaceutical ingredients and formulations, certified by FDA and EDQM, with exports to over 50 countries [4] - Shanxi Zhendong Pharmaceutical Co., Ltd. showcased its achievements in the modernization of traditional Chinese medicine and functional health foods [4] - Shanxi Naan Biotechnology Co., Ltd. introduced its self-developed Bio-Lattix technology platform and innovative drug pipelines, including ADCs and RDCs [4] - Taiyuan Huarui Qiyuan Technology Co., Ltd. presented the world's first commercial standing CT and diagnostic reagent culture device, attracting attention from medical and investment institutions [4] - Shanxi Jinbo Biopharmaceutical Co., Ltd. displayed its proprietary human-derived collagen new materials and broad-spectrum antiviral bioproducts, highlighting its leading green manufacturing technology [4] - Shanxi Yellow River Traditional Chinese Medicine Co., Ltd. showcased its 300-year-old brand "Yishengtang," emphasizing the integration of traditional Chinese medicine culture with modern research [4] Industry Collaboration - The Shanxi delegation engaged in in-depth discussions with various European biopharmaceutical companies, research institutions, and investment funds during the conference [4] - The delegation leader, Wang Xiu, emphasized the importance of this event in promoting Shanxi pharmaceutical companies to expand into international markets and enhance the global influence of the "Shanxi brand" [4]

Group 1: Core Insights - The "2025 IPEM Private Equity and Industry Conference" highlighted the significance of cross-border capital flow and industrial collaboration as key drivers of economic growth, particularly in the Asian market, with China showcasing immense investment potential and strategic value [1] - Technology investment is viewed as the core engine for global industrial transformation, with intense competition in innovation primarily concentrated in the US and China, especially in fields like commercial space, embodied intelligence, and artificial intelligence [1][2] Group 2: Regional Insights - Europe is recognized for its unique advantages in talent pool, company valuations, and vertical innovation, with increasing unicorns and rising annual financing in the tech market, particularly in AI, deep tech, and green technology [2] - The shift in cross-border investment dynamics is moving from unilateral inflow to multi-polar collaboration, emphasizing the importance of local partnerships and shared profitability for successful globalization [2] Group 3: Supply Chain Advantages - China's supply chain resilience, efficiency, and innovation are becoming central attractions for global capital, particularly in the biopharmaceutical sector, which has integrated deeply into the global supply chain over the past decade [3] - The dual-track policy in China for innovative drug development significantly reduces trial and error costs, positioning China as a global testing ground for pharmaceutical innovation [3] - The upgrade of China's supply chain advantages from cost-driven to technology-driven is evident, with hardware companies rapidly iterating products and forming a comprehensive advantage in sectors like electric vehicles and consumer electronics [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 607 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.09%. The net profit attributable to the parent company was 96 million yuan, up 13.21% year-on-year. In Q3 alone, revenue reached 228 million yuan, a 24.48% increase year-on-year, with net profit growing by 32.98% to 34 million yuan [4] - The clinical business shows signs of recovery, with an increase in order volume and a stabilization of prices due to the recovery in domestic biopharmaceutical demand. The company is expected to see further improvements in gross margin due to refined management and the application of AI technology [4] - The company has optimized its expense structure, with sales expense ratio at 1.66%, management expense ratio at 10.07%, and R&D expense ratio at 7.54% for the first three quarters of 2025. In Q3, the sales expense ratio was 1.65%, management expense ratio decreased to 8.45%, and R&D expense ratio was 6.63% [5] Financial Projections - The company is projected to achieve revenues of 782 million yuan, 873 million yuan, and 972 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 5.1%, 11.7%, and 11.3%. The net profit attributable to the parent company is expected to be 151 million yuan, 174 million yuan, and 200 million yuan for the same years, with growth rates of 7.5%, 15.6%, and 14.7% respectively [6] - The gross margin is expected to improve from 37.1% in 2024 to 38.8% in 2027, indicating a positive trend in profitability [8]

Core Insights - Hainan Province Jin Kong Group and Hainan Province Financial Investment Group have jointly established a private equity investment fund with a total scale of 250 million yuan [1] Group 1: Fund Details - The fund, named Hainan Financial Investment Fund Partnership (Limited Partnership), completed its business registration on October 17 [1] - Jin Kong Capital Company serves as the fund manager and general partner, while Cai Jin Cai Rui Investment Company acts as the limited partner [1] Group 2: Investment Focus - The fund will primarily invest in projects related to the construction of the Hainan Free Trade Port, including the Hainan Free Trade Port Innovation Investment Fund and its sub-funds [1] - Investment targets include the "4+3+3" industrial system in Hainan, with a focus on commercial aerospace, digital economy, biomedicine, and advanced manufacturing [1] - The fund also aims to strategically invest in future industries such as marine economy and low-altitude economy [1]

Core Viewpoint - Eddie Pharmaceuticals experienced a stock price decline of 2.04% on November 7, 2023, with a current price of 14.37 CNY per share and a market capitalization of 6.047 billion CNY [1] Financial Performance - For the period from January to September 2025, Eddie Pharmaceuticals achieved a revenue of 552 million CNY, representing a year-on-year growth of 84.83% [2] - The company reported a net profit attributable to shareholders of -6.8405 million CNY, showing an increase of 88.78% year-on-year [2] Stock and Shareholder Information - As of September 30, 2025, the number of shareholders for Eddie Pharmaceuticals was 12,100, an increase of 1.55% from the previous period [2] - The average circulating shares per shareholder decreased by 1.53% to 34,709 shares [2] - Since its A-share listing, the company has distributed a total of 20.16 million CNY in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, notable institutional shareholders include: - Xingquan Commercial Model Mixed Fund (LOF) A, holding 6.229 million shares, ranked as the fifth largest circulating shareholder and a new entrant [3] - Huatai-PineBridge Healthcare Mixed Fund, holding 4.6607 million shares, ranked seventh and also a new entrant [3] - Penghua Medical Technology Stock A, holding 4.1255 million shares, ranked ninth, with a reduction of 2.68 million shares compared to the previous period [3] - Two funds,招商行业精选股票 and 广发价值核心混合 A, have exited the top ten circulating shareholders list [3] Business Overview - Eddie Pharmaceuticals, established on December 15, 2009, and listed on July 20, 2020, is based in Yangzhou, Jiangsu Province [1] - The company's main business involves the exploration, research, and sales of innovative chemical drugs and human-derived protein products, with revenue composition as follows: - Human-derived protein: 41.11% - New drugs: 35.69% - Diagnostic equipment, reagents, and others: 13.62% - Generic drugs: 9.47% - Others (supplementary): 0.11% [1]

Core Insights - New Source's stock price increased by 2.12% on November 7, reaching 18.31 CNY per share, with a total market capitalization of 8.9 billion CNY [1] - The company has seen a year-to-date stock price increase of 16.62%, with a 10.37% rise over the last five trading days [1] Financial Performance - For the period from January to September 2025, New Source reported revenue of 951 million CNY, a year-on-year decrease of 14.36%, and a net profit attributable to shareholders of 201 million CNY, down 35.39% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 900 million CNY, with 607 million CNY distributed over the last three years [3] Business Overview - New Source, established on March 13, 2003, and listed on August 25, 2010, is located in Jiaozuo City, Henan Province, and specializes in the R&D, production, and sales of PVP series products, high-value pharmaceutical excipients, and in vitro diagnostic services [1] - The company's revenue composition includes: 39.57% from other PVP products, 28.35% from PVPK30 powder, 14.80% from the Oruisi series, and smaller contributions from precision medical services and early cancer diagnosis [1] Shareholder Information - As of October 20, New Source had 19,900 shareholders, a decrease of 1.49% from the previous period, with an average of 22,604 circulating shares per shareholder, an increase of 1.51% [2] Industry Classification - New Source belongs to the Shenwan industry classification of basic chemicals, specifically in the category of other chemical products, and is associated with concepts such as cancer treatment, innovative drugs, medical devices, biomedicine, and in vitro diagnostics [2]