Group 1: Core Insights - BASF is collaborating with local companies to develop next-generation solid-state battery technology and strengthen partnerships in the automotive coatings sector [1][6] - The company has been operating in China for 140 years, establishing a strong presence and expanding its business footprint significantly since the reform and opening-up [2][3] - By the end of 2024, BASF plans to have built 30 production sites in China, with sales in the Chinese market accounting for over 13% of its global sales [3][4] Group 2: Investment and Development - BASF's largest overseas investment project, the Zhanjiang integrated base, has a total investment of approximately €10 billion and is set to become the company's third-largest production site globally [4][5] - The Zhanjiang base will include a steam cracking unit with an annual capacity of 1 million tons of ethylene and several downstream production facilities [4][5] - The company has invested around €280 million in the Shanghai Innovation Park over the past decade, focusing on sustainable development innovations [3][6] Group 3: Research and Innovation - BASF is increasing its R&D investment in China, particularly in fast-growing sectors such as new energy vehicles and high-end manufacturing [6][7] - The company has established the Asia Open Research Network to facilitate collaboration between its researchers and academic institutions, completing around 200 joint research projects [7] - BASF aims to enhance local innovation capabilities and meet the evolving demands of the Chinese market through strategic partnerships and talent development [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 4.29 billion RMB and a net profit attributable to shareholders of 770 million RMB for the first half of 2025, showing a year-on-year decrease of 2% in revenue but a 17% increase in net profit [1][2]. - The integration with China Resources is progressing well, with expectations for mutual empowerment and complementary advantages, which could lead to a long-term upward trajectory for the company [1][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.23 billion RMB, a net profit of 460 million RMB, and a non-recurring net profit of 400 million RMB, reflecting a year-on-year decrease of 4% in revenue but a 25% increase in net profit [1][2]. - The company’s pharmaceutical industrial revenue for the first half of 2025 was 3.88 billion RMB, representing a 2% year-on-year growth, while the overall national pharmaceutical manufacturing industry saw a decline of 1.2% [2]. R&D Progress - The company is advancing its innovative drug pipeline, with several products in various stages of clinical trials, including traditional Chinese medicine and chemical drugs [3]. - Notable developments include the acceptance of the NDA for Anshen Diban and the completion of Phase III trials for several other products [3]. Strategic Integration - The company officially became a member of China Resources Sanjiu as of March 2025, and has completed initial integration efforts, focusing on operational management and strategic planning [4]. - The collaboration with China Resources is expected to enhance operational efficiency and improve return on equity (ROE) [4]. Earnings Forecast - The forecast for net profit attributable to shareholders is projected to be 1.22 billion RMB in 2025, 1.41 billion RMB in 2026, and 1.53 billion RMB in 2027, indicating growth rates of 27.4%, 15.5%, and 8.6% respectively [5][11]. - The target price for the company is set at 20.37 RMB, based on a PE valuation of 25 times for 2025 [5][8].

Core Insights - Jiangsu Quanxin Biopharmaceutical Co., Ltd. (stock code: 02509.HK) reported a significant revenue increase of 359.69% year-on-year, reaching 206 million yuan for the first half of 2025, while losses were reduced by 83.11% to 30.93 million yuan [1] - The revenue growth was primarily driven by income from licensing agreements and CDMO services, highlighting the company's progress in innovation and commercialization [1][5] Financial Performance - For the six months ending June 30, 2025, the company achieved a revenue of 206 million yuan, a substantial increase of 359.69% compared to the previous year [1] - The net loss for the same period was 30.93 million yuan, significantly reduced by 83.11% year-on-year [1] - As of June 30, 2025, the company had cash and cash equivalents totaling 559 million yuan, providing a solid foundation for future development [1] Product Development - The company has made significant progress in its core product pipeline, with multiple products achieving key milestones [2][3] - QX005N (IL-4Rα monoclonal antibody) has received IND approval for seven indications, making it one of the most advanced candidates in China for this target [3] - QX002N (IL-17A monoclonal antibody) has reached the primary endpoint in its Phase III clinical trial for ankylosing spondylitis and plans to submit a BLA within the year [3] Innovation and R&D - The company is developing a series of long-acting dual antibodies, with four innovative dual antibody pipelines disclosed, three of which are expected to file IND applications within the year [4] - The focus of these dual antibodies is on respiratory and skin diseases, aiming to fill existing treatment gaps [4] Commercialization Strategy - Quanxin Biopharmaceutical has established a diversified commercialization path, utilizing a "self-research + strategic cooperation" model [5] - The company’s first commercial product, Seluxon® (Ustinumab injection), has seen successful commercialization since its approval in October 2024, with over 60,000 units shipped by June 30, 2025 [5][6] - The company has also initiated international expansion, successfully completing its first overseas NewCo transaction with Caldera Therapeutics, Inc. in April 2025 [6] Future Outlook - The company completed a placement of 5 million shares, raising 99 million HKD, which will be used for debt repayment and accelerating the development of new pipelines [7] - With strong innovation capabilities, diversified revenue structures, and a steadily advancing international strategy, the company is positioned to achieve greater development in the global biopharmaceutical market [7]

Core Viewpoint - The company is focusing on consumer engagement and innovation to enhance product development and meet the needs of children, particularly through direct interaction with young users during product testing events [1][3]. Group 1: Company Overview - Founded in September 2003 in Changsha, Hunan, the company became the first infant formula company listed on the Hong Kong Stock Exchange in October 2009 (stock code 1717.HK) [5]. - The company has established a complete global supply chain with 11 factories and sells products in over 60 countries and regions, focusing on high-end dairy and nutritional products [5]. - The company has developed a comprehensive nutrition care system covering infant formula, health foods, specialized medical foods, and personalized nutrition products [5]. Group 2: Recent Performance - In 2024, the company achieved a revenue of approximately RMB 7.402 billion, representing a year-on-year growth of 0.3%, while the profit attributable to equity holders increased by 35.3% to approximately RMB 236 million [6]. - The company has demonstrated resilience in revenue and profit growth despite external economic challenges [6]. Group 3: Innovation and Product Development - The company emphasizes continuous innovation across its entire supply chain to drive internal growth and high-quality development [6]. - In May of this year, the company launched four new sheep milk raw materials, filling market gaps in hydrolyzed proteins and lactoferrin, which will be applied in various product lines [6]. - The company aims to provide more high-quality, personalized, convenient, and intelligent dairy products to its users in the future [6].

Group 1 - The company has established a joint investment with AglaeaPharma to set up Guangxi Aglaea, focusing on multi-target small molecule compound drug screening and early disease detection and diagnostic technology development [2] - AglaeaPharma's project platform has developed multiple technology platforms, product pipelines, and a series of products, forming a globally integrated innovative research and development system [2] - The company will continue to monitor the project's progress and fulfill its information disclosure obligations in a timely manner [2]

Financial Data and Key Metrics Changes - Net sales increased by 10.1% at constant exchange rates in Q2 2025, primarily driven by immunology, biopharma launches, and Befortus [15][25] - Business EPS was €1.59, up 8.3%, reflecting strong sales performance and improved gross margin [15][25] - Gross margin improved by 1.5 percentage points due to an improved product mix and efficiencies [15] Business Line Data and Key Metrics Changes - New launches generated close to €1,000,000,000 in sales, representing 10% of total sales [6][7] - Dupixent sales reached €3,800,000,000, up 21% in Q2, driven by strong demand across geographies [7][8] - Vaccine business sales increased by 10.3%, benefiting from the late flu season in the Northern Hemisphere [9][10] Market Data and Key Metrics Changes - Dupixent sales in the U.S. reached €2,800,000,000, up 22.7%, leading in both new to brand prescriptions and total prescriptions [8] - Outside the U.S., sales exceeded $1,000,000,000, driven by volume growth in key markets [8] - Anticipated sales split for flu vaccines is about 75% in Q3 and 25% in Q4, with total sales expected to decrease by a mid-teens percentage due to competitive pressures [24][25] Company Strategy and Development Direction - The company refined its 2025 sales guidance to high single-digit percentage growth at constant exchange rates, reflecting confidence in growth drivers [5][25] - The completion of the Blueprint Medicines acquisition strengthens the company's position in rare immunology diseases and enhances its pipeline [12][18] - The company is committed to sustainability, aiming for all new medicines and vaccines to incorporate eco-design principles by 2025 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year business outlook, supported by strong performance from growth drivers [5][25] - The company is navigating uncertainties from potential U.S. tariffs and EU exports, with updates to be provided as more information becomes available [26] - Management highlighted the importance of maintaining a strong market share despite competitive pricing pressures in the flu vaccine market [24][25] Other Important Information - The company is executing a €5,000,000,000 share buyback program in 2025, with over 80% already completed [20] - The anticipated negative year-on-year BOI impact from Regeneron reimbursement is approximately €300,000,000 in 2026 and €800,000,000 in 2027 [22] Q&A Session Summary Question: R&D transformation and pipeline progress - Management acknowledged the progress in R&D but noted that the share price is lagging, indicating a need for pipeline advancements [42][43] - Confidence remains in achieving the targeted increase in Phase III trials and the potential for significant sales by 2030 [43][46] Question: Development spend and pricing pressures - R&D expenses are expected to be slightly up in H2, with SG&A increasing at half the rate of sales growth [51][55] - Management confirmed that pricing pressures in the flu market are being addressed, with expectations for continued market share despite competitive dynamics [72][75] Question: Dupixent growth in China - Dupixent has seen over 30% volume growth in China, with management optimistic about future growth despite pricing pressures [60][62] Question: Expectations for amlitelemab and tariffs - Management emphasized the importance of efficacy and treatment duration for amlitelemab in the atopic dermatitis market [68][69] - No significant impact from tariffs is expected for 2025 due to existing inventory [66][67]

杜萨表示，瑞典支持多边主义和自由贸易，视中国为重要经贸伙伴，鼓励瑞中双方企业进一步深化 绿色转型、创新研发等领域合作，支持欧盟与中国通过协商解决经贸摩擦，推动欧中、瑞中经贸关系迈 上新台阶。 人民网斯德哥尔摩7月30日电 （记者殷淼）7月30日，国际贸易谈判代表兼副部长李成钢在瑞典斯 德哥尔摩会见瑞典对外援助与外贸大臣杜萨，双方就中瑞、中欧经贸关系等议题进行交流。 李成钢表示，瑞典是首个与新中国建交的西方国家，也是首个与中国签订双边投资保护协定的国 家。今年是两国建交75周年，中方愿与瑞方一道，推动中瑞经贸合作翻开新的篇章。中国对外开放的大 门只会越开越大，愿进一步扩大瑞典优质商品进口，欢迎瑞典担任今年进博会主宾国，也欢迎瑞典企业 继续投资中国、深耕中国，希望瑞方为中国企业提供开放、公平、非歧视的营商环境。同时，希望瑞方 在欧盟内发挥积极作用，推动欧方与中方共同落实好中欧领导人会晤达成的共识，坚定维护以世贸组织 为核心的多边贸易体制，并妥善解决经贸摩擦。 ...

编辑 陈艳婷 据央视新闻消息，7月30日，商务部国际贸易谈判代表兼副部长李成钢在斯德哥尔摩会见瑞典对外援助 与外贸大臣杜萨，双方就中瑞、中欧经贸关系等议题进行交流。 杜萨表示，瑞典支持多边主义和自由贸易，视中国为重要经贸伙伴，鼓励瑞中双方企业进一步深化绿色 转型、创新研发等领域合作，支持欧盟与中国通过协商解决经贸摩擦，推动欧中、瑞中经贸关系迈上新 台阶。 李成钢表示，瑞典是首个与新中国建交的西方国家，也是首个与中国签订双边投资保护协定的国家。今 年是两国建交75周年，中方愿与瑞方一道，推动中瑞经贸合作翻开新的篇章。中国对外开放的大门只会 越开越大，愿进一步扩大瑞典优质商品进口，欢迎瑞典担任今年进博会主宾国，也欢迎瑞典企业继续投 资中国、深耕中国，希望瑞方为中国企业提供开放、公平、非歧视的营商环境。同时，希望瑞方在欧盟 内发挥积极作用，推动欧方与中方共同落实好中欧领导人会晤达成的共识，坚定维护以世贸组织为核心 的多边贸易体制，并妥善解决经贸摩擦。 ...

李成钢表示，瑞典是首个与新中国建交的西方国家，也是首个与中国签订双边投资保护协定的国家。今 年是两国建交75周年，中方愿与瑞方一道，推动中瑞经贸合作翻开新的篇章。中国对外开放的大门只会 越开越大，愿进一步扩大瑞典优质商品进口，欢迎瑞典担任今年进博会主宾国，也欢迎瑞典企业继续投 资中国、深耕中国，希望瑞方为中国企业提供开放、公平、非歧视的营商环境。同时，希望瑞方在欧盟 内发挥积极作用，推动欧方与中方共同落实好中欧领导人会晤达成的共识，坚定维护以世贸组织为核心 的多边贸易体制，并妥善解决经贸摩擦。 杜萨表示，瑞典支持多边主义和自由贸易，视中国为重要经贸伙伴，鼓励瑞中双方企业进一步深化绿色 转型、创新研发等领域合作，支持欧盟与中国通过协商解决经贸摩擦，推动欧中、瑞中经贸关系迈上新 台阶。 7月30日，李成钢国际贸易谈判代表兼副部长在斯德哥尔摩会见瑞典对外援助与外贸大臣杜萨，双方就 中瑞、中欧经贸关系等议题进行交流。 ...

Core Viewpoint - The meeting between China's Vice Minister of International Trade Negotiations, Li Chenggang, and Sweden's Minister for Foreign Aid and Trade, Johan Forssell, emphasizes the importance of strengthening economic and trade relations between China and Sweden, particularly in light of the 75th anniversary of diplomatic relations [1] Group 1: Economic Cooperation - China expresses willingness to expand imports of high-quality Swedish goods and welcomes Sweden as the guest country for this year's China International Import Expo [1] - Both parties aim to deepen cooperation in areas such as green transformation and innovative research and development [1] Group 2: Trade Environment - China requests Sweden to provide an open, fair, and non-discriminatory business environment for Chinese enterprises [1] - Sweden supports multilateralism and free trade, viewing China as an important economic partner [1] Group 3: EU Relations - China hopes Sweden will play a positive role within the EU to facilitate the implementation of agreements reached during China-EU leadership meetings [1] - Both sides agree on the importance of resolving trade frictions through consultation and maintaining a multilateral trade system centered around the WTO [1]