上海谊众(688091.SH)再遭第二大股东上海凯宝（300039）减持。 7月16日晚间，上海凯宝发布公告，公司拟择机出售所持上海谊众不超过620.11万股。目前，上海凯宝持有上海谊 众股份2470.35万股，持股比例为11.95%，为上海谊众第二大股东。 长江商报记者注意到，2022年，上海凯宝曾减持上海谊众股份104.76万股，成交金额为9727.16万元。时隔两年多 上海凯宝再次计划减持，正值上海谊众股价处于高位。 截至7月17日收盘，上海谊众报67.9元/股，年内累计上涨70%。以此计算，当前上海凯宝的持股市值约为16.77亿 元，本次拟减持部分市值约为4.21亿元。 重要股东高位减持，上海谊众正面临较大的业绩压力。作为一家创新药企，随着产品商业化，2022年上海谊众开 始盈利。但因核心产品直至2024年11月末才被纳入医保目录，在较高的营销费用投入以及产品被纳入医保后经销 商库存降价补偿等因素影响下，上海谊众业绩大幅下滑。 2025年一季度，上海谊众营业收入7103.22万元，同比增长3.39%；净利润1418.6万元，同比下降51.38%。当期公 司的销售费用、研发费用分别为2820.88万元、 ...

Core Insights - The article highlights the transformation of Northeast Pharmaceutical over the past seven years, emphasizing its partnership with the Liaoning Fangda Group, which has led to significant reforms and resource restructuring, resulting in a revitalized company focused on high-quality development [1] Quality Commitment - Northeast Pharmaceutical has maintained a strong commitment to quality, exemplified by its successful passing of an international audit for dietary supplements, achieving a "zero defect" status [2] - The company has invested nearly 300 million yuan in social contributions over the past seven years, focusing on industry poverty alleviation and rural revitalization [2] System Activation - The company has established a robust suggestion system that encourages employees to propose improvements, resulting in over 1,300 suggestions received in the past year, with more than 900 implemented [3] - An effective incentive mechanism has been created, rewarding employees with over 27 million yuan for various innovations in the past three years [3] Risk Management and Innovation - Following its integration into Fangda Group, Northeast Pharmaceutical has adopted advanced management practices, establishing a comprehensive risk control mechanism for major contracts [4] - The company has significantly increased its R&D investment, focusing on identifying high-potential new drug projects through a multi-faceted approach, including independent and collaborative development [4][5] - Northeast Pharmaceutical has developed a robust R&D system in cutting-edge technologies such as TCR-T and CAR-T, positioning itself among the leaders in cell therapy and opening new avenues in biopharmaceutical innovation [5]

Core Viewpoint - The stock of Jinyu Biotechnology Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 15 to July 17, 2025, triggering the abnormal fluctuation standards set by the Shanghai Stock Exchange [2][3]. Group 1: Stock Trading Abnormalities - The stock price of Jinyu Biotechnology rose significantly, with a cumulative increase of over 20% during the specified trading days [2][3]. - The company confirmed that its production and operational conditions remain normal, with no significant changes in the external business environment [4]. Group 2: Financial Performance - The company anticipates a net profit attributable to shareholders of between 57 million to 70 million yuan for the first half of 2025, representing a decrease of 52.92 million to 65.92 million yuan compared to the same period last year, which is a year-on-year decline of 43.05% to 53.63% [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 30 million to 44 million yuan, reflecting a decrease of 63.86 million to 77.86 million yuan year-on-year, a decline of 59.21% to 72.19% [4]. Group 3: Major Events and Developments - The company’s wholly-owned subsidiary, Jinyu Baoling, received a clinical trial approval for an African swine fever subunit vaccine from the Ministry of Agriculture and Rural Affairs [5][12]. - The vaccine development has involved a cumulative investment of approximately 64 million yuan [13]. Group 4: Shareholder and Management Actions - The company’s major shareholder, Inner Mongolia Jinyu Biological Holdings Co., Ltd., confirmed that there are no undisclosed significant matters related to the company, including major asset restructuring or significant transactions [5][8]. - There were no stock trading activities by the company’s directors, senior management, or major shareholders during the period of abnormal stock price fluctuations [8].

Core Insights - The article highlights the journey of Huason Pharmaceutical, founded by You Hongtao, who transitioned from a stable academic career to entrepreneurship driven by a desire to produce affordable medicine for the public [2][3][4] - The company is focusing on original research and innovation, particularly in traditional Chinese medicine and innovative drugs, targeting the global pharmaceutical market [2][6][10] Company Background - You Hongtao founded Huason Pharmaceutical in the 1990s, motivated by a personal experience witnessing a child unable to afford necessary medication [3] - The company has evolved over 28 years, now emphasizing original research and innovation to ensure long-term growth [2] Challenges Faced - The company faced significant challenges during its early years, including financial difficulties and the need for technological breakthroughs [4][5] - A notable incident involved You Hongtao struggling to collect overdue payments to pay employee bonuses, highlighting the harsh realities of entrepreneurship [4] Innovation Strategy - Huason Pharmaceutical has established a dedicated innovative drug division, focusing on oncology and autoimmune diseases, with a commitment to self-sufficiency in healthcare [6][7] - The company has built 22 production lines and a smart factory, allowing for stable cash flow and reinvestment into innovation [7] Research and Development - The company has developed 7 original innovative drugs and 1 modified innovative drug, targeting various cancers and immune-related diseases [9] - Huason has established a PROTAC technology platform and is advancing multiple innovative drug projects, with some already in clinical stages [9] Market Expansion - The company is expanding into the health and wellness sector, particularly through specialized medical foods, addressing the nutritional needs of patients [10][11] - Huason is also focusing on the aging population, developing products aimed at improving sleep, nutrition, and bone health [11] Internationalization Efforts - Huason Pharmaceutical is exporting traditional Chinese medicine to Southeast Asia and chemical drugs to Europe and the US, with several products already registered in Singapore [12] - The company’s production facility has received FDA certification, positioning it well for international market entry [12]

事件 2025 年 7 月 16 日，公司官网宣布，其全球同靶点首创双抗依沃 西单抗，用于一线治疗晚期 pMMR/MSS 型（错配修复功能完整/微 卫星稳定）mCRC(转移性结直肠癌)的注册性 3 期临床研究 （AK112-312/HARMONi-GI6）已完成首例患者入组。 点评 全球领先优势，快速全方位筑建中：潜在全球重磅依沃西，肺 癌、胆道癌、乳腺癌、结直肠癌等关键临床全面展开。（1）结直 肠(CRC)是全球第三大高发恶性肿瘤和第二大癌症死因。2022 年 全球新发病例超过 192.6 万（中国新发病例约 51.7 万），约 95% 的 mCRC 患者为 pMMR 或 MSS 型，此类冷肿瘤，免疫治疗反应不 佳，迄今全球尚无此类患者的一线免疫疗法获批。依沃西联合化 疗的初步疗效较好，且不论 KRAS/BRAF 突变，均可获益。此项临 床的展开，将进一步验证依沃西联合化疗在该患者群体中的优越 性，有望成为前述类型 mCRC 患者全新且高效的一线免疫治疗选 择。（2）此前，在肺癌 3 期临床中已单药头对头击败 K 药的依沃 西，在其联用化疗已在 PD-(L)1（程序性细胞死亡因子受体/配体 1）耐药非小细胞 ...

众生药业分析师会议 调研日期：2025年07月17日 调研行业：中药 参与调研的机构：浙商证券股份、天风证券股份、财通、北京鼎 萨投资、个人投资者等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：众生药业 所属行业：中药 接待时间：2025-07-17 上市公司接待人员：公司 ...

Group 1: IPO Information - The company, Vailizhibo-B (09887.HK), is in the biopharmaceutical industry and is conducting an IPO from July 17 to July 22, with a total of 32.0544 million shares being offered, 10% for public sale and 90% for international placement [1] - The offering price is set between 31.6 to 35 HKD, with a market capitalization estimated between 59.58 billion to 65.99 billion HKD [1][12] - The company has a loss-making P/E ratio and the minimum subscription amount is 3536 HKD, with the listing date scheduled for July 25 [1] Group 2: Company Overview - Founded in 2012, Vailizhibo focuses on innovative antibody drug development for oncology and autoimmune diseases, led by founder Kang Xiaoqiang, a former chief scientist at Eli Lilly [2] - The company has a strong pipeline with 14 drugs in development, 6 of which are in clinical stages, utilizing advanced technologies such as bispecific antibodies and T-cell engagers [3] Group 3: Financial Performance - For the year ending December 31, 2023, the company reported revenue of 8.865 million RMB, with a net loss of 362.249 million RMB [5] - The R&D expenses for the same period were 230.858 million RMB, indicating a significant investment in drug development [5] - As of March 31, 2025, the company had cash reserves of 431 million RMB but faced liquidity issues with current liabilities of 462 million RMB [7] Group 4: Product Pipeline and Market Potential - The core product, LBL-024, is the first PD-L1/4-1BB bispecific antibody entering critical clinical trials, targeting a rare cancer with no approved treatments, showing an objective response rate of 36.7% and a median survival of over 18 months [3][10] - The global market for 4-1BB antibody drugs is projected to reach 2.9 billion USD by 2030, with China expected to grow over 120% [10] Group 5: Investment and Market Sentiment - The IPO is expected to raise approximately 1.122 billion HKD, with cornerstone investors committing 542 million HKD, indicating strong market interest [12][11] - The stock has seen significant interest, with a subscription rate of 295 times on the first day, and expectations of oversubscription reaching 2000 times [13]

Core Viewpoint - GAC Aion has been recognized as a global unicorn for three consecutive years, ranking 50th in the latest Hurun Research Institute's "2025 Global Unicorn List," and remains the largest new energy vehicle unicorn globally, highlighting its strong position in the competitive new energy vehicle market [1] Advanced Technology Reserve - Advanced technology reserves are identified as the core driving force for sustainable development [2] Safety and Battery Technology - The upcoming GB 38031-2025 battery national standard represents a significant enhancement of safety benchmarks in the industry. GAC Aion's modular battery technology, launched in 2021, meets the new standard's core requirements five years in advance, achieving a record of zero self-ignition among 1.3 million users, showcasing the effectiveness of its self-research system in ensuring safety [3] Intelligent Driving - GAC Aion has addressed the long-standing "technology stratification" issue in the industry by introducing LiDAR technology into mainstream models priced below 150,000 yuan, thus accelerating the popularization of intelligent driving. This move is a result of scaled procurement and self-developed algorithms that lower marginal costs [4] Smart Mobility and Collaboration - GAC Aion is actively working towards the ultimate form of smart mobility, with plans to mass-produce L4 autonomous driving vehicles by the end of 2025 and initiate demonstration operations in major cities by 2026. The collaboration with Didi in the AIDI plan exemplifies its commitment to practical applications rather than mere conceptual showcases [5] Market Performance - GAC Aion's models, such as AION Y and AION RT, have gained significant traction in the market, with AION Y Plus maintaining a strong competitive position in the A-class pure electric SUV sales ranking [6] Charging Network Development - GAC Aion is proactively addressing the industry's charging network challenges by building its own fast-charging stations, with 13,659 stations established by June 2025, and a goal of achieving a density of 10 stations per square kilometer in key urban areas. This approach enhances user experience and redefines the responsibility of charging infrastructure in the industry [7][8] Globalization Strategy - GAC Aion's globalization strategy focuses on building a comprehensive value chain system rather than merely exporting products. The establishment of a smart factory in Indonesia allows for flexible production and local service integration, enhancing user satisfaction and establishing a unified quality standard [9][10] Market Impact - The effectiveness of GAC Aion's strategy is reflected in its market performance, with significant sales growth in Thailand and Indonesia, and a ranking of eighth in global new energy vehicle sales in 2024, solidifying its position as a leading player in the industry [11]

Core Points - A rare brown giant panda was captured on infrared camera in the Qinling Mountains, marking the second sighting in the Shaanxi Zhouzhi National Nature Reserve since April 2021 [1][3] - This sighting is the twelfth recorded instance of this unique color variant in the wild since monitoring began in the province [3] - The brown giant panda is a rare genetic variant within the Qinling panda population, and its presence is significant for research on species diversity, genetics, and ecological adaptation [3] Summary by Categories - **Observation Details** - The video was recorded on January 1, 2025, at 18:15, in the southern valley near the main ridge of the Qinling Mountains [1] - The brown panda exhibited typical territorial behavior by rubbing its body against tree trunks to mark its territory [1] - **Scientific Importance** - The sighting contributes valuable empirical data for research on giant panda biodiversity and genetics [3] - It reinforces the ecological significance of the Zhouzhi National Nature Reserve as a critical habitat for giant pandas [3]

Core Viewpoint - Wuhu Aiteke Automotive Electronics Co., Ltd. (referred to as "Aiteke") is under scrutiny for its IPO process, with notable growth in performance but significant related party transactions, particularly with Chery Automobile, which accounted for over 50% of sales in 2024 [1][4][5]. Financial Performance - Aiteke's revenue and net profit have shown steady growth from 2022 to 2024, with revenues of approximately 2.174 billion, 3.008 billion, and 3.468 billion yuan, and net profits of about 91.75 million, 194 million, and 213 million yuan respectively [4][5]. - The company's accounts receivable have increased consistently, with balances of 745 million, 1.086 billion, and 1.227 billion yuan at the end of each reporting period, representing 34.26%, 36.11%, and 35.39% of total revenue [6]. Related Party Transactions - Aiteke's sales to related parties, primarily Chery Automobile, amounted to approximately 600 million, 1.064 billion, and 1.869 billion yuan from 2022 to 2024, constituting 27.6%, 35.36%, and 53.89% of total revenue [4][5]. - The company has a high concentration of sales among its top five customers, with sales proportions of 73.16%, 80.92%, and 84.38% from 2022 to 2024 [5]. Research and Development - Aiteke's R&D expense ratio is significantly lower than the industry average, with rates of approximately 5.83%, 5.07%, and 5.19% from 2022 to 2024, compared to industry averages of 9.94%, 10.7%, and 9.78% [9]. - The company attributes its lower R&D spending to its smaller revenue scale compared to industry peers and differences in customer structure and product categories [9]. IPO and Fundraising - Aiteke plans to raise approximately 1.5 billion yuan through its IPO, with funds allocated for various projects including the production of automotive electronics and the expansion of production bases [7][8]. - The company aims to enhance capacity and technical accumulation in line with industry trends through these investments [8].