（编辑 王雪儿） 证券日报网讯 药石科技9月29日在互动平台回答投资者提问时表示，公司在非天然氨基酸领域已构建了 先进的技术平台与产品库，累计研发了数万种非天然氨基酸，现有10000余种目录产品，1300余种现 货，100余种产品具备公斤级以上生产经验，20余种可实现百公斤级供应。公司始终致力于通过持续的 技术创新，为全球客户提供高质量的非天然氨基酸产品及相关技术服务，助力创新药物研发。 ...

Core Insights - The company’s inhalation solution of human interferon α1b has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, indicating its potential significant clinical benefits in antiviral treatment [1] - The product is a key research pipeline in the antiviral field and has progressed to Phase III clinical trials, having received FDA approval for clinical trials earlier this year [1][2] Group 1: Product Development - The GB05 project, which is the inhalation solution of human interferon α1b, is specifically designed for pediatric use to treat lower respiratory tract infections caused by respiratory syncytial virus (RSV) [2] - There is a significant market demand for antiviral drugs targeting RSV infections in infants and young children, and this product aims to fill that gap, potentially becoming the first inhalation formulation for treating pediatric RSV globally [2] - The inhalation solution offers advantages over traditional administration methods, such as faster onset of action and improved patient compliance, particularly for young children who may be averse to injections [2] Group 2: Innovation and Strategy - The company has been focusing on high-quality drug development and internationalization, particularly in the fields of oncology, autoimmune diseases, and antiviral treatments [3] - The inclusion of the GB05 project in the breakthrough therapeutic varieties list is a result of the company's strategic emphasis on innovation and international expansion [3] - The company aims to enhance its global market competitiveness and achieve its goal of becoming an innovative multinational biopharmaceutical enterprise by continuously driving innovation [3]

Core Viewpoint - The announcement by East China Pharmaceutical Co., Ltd. regarding its subsidiary Zhejiang Daor Biotechnology Co., Ltd.'s innovative long-acting triple agonist DR10624 for treating severe hypertriglyceridemia has been recognized as a groundbreaking clinical trial, set to be presented at the AHA 2025 conference [1][2]. Group 1 - The DR10624-201 study results have been selected for presentation at the AHA 2025, highlighting the scientific value and clinical prospects of DR10624 [1]. - The AHA 2025 conference will take place from November 7 to 10, 2025, in New Orleans, Louisiana, and is a premier event for showcasing the latest research in cardiovascular diseases [1]. - The study's lead researcher, Professor Li Jianping, will present the clinical data for the first time at the AHA annual meeting, marking a historic breakthrough for Chinese scholars in the field of cardiovascular research [2]. Group 2 - DR10624 is a first-in-class long-acting triple-target agonist, uniquely targeting FGFR1c/Klothoβ, GLP-1R, and GCGR, and is currently the fastest-developing FGF21 triple-target drug [2]. - The drug is also undergoing a Phase II clinical study in China for treating metabolic-associated fatty liver disease with high risk of liver fibrosis, with the first subject expected to be enrolled by April 2025 [2].

Core Insights - The innovative drug HRS-1893 has achieved a significant breakthrough with a licensing agreement between Heng Rui Medicine and Braveheart Bio, with a potential total transaction value of nearly 8 billion RMB [1][5] - The collaboration highlights the international recognition of China's innovative drug research and the focus on Southeast University's organ-on-a-chip technology [1][5] Group 1: Drug Development and Mechanism - HRS-1893 is designed to treat obstructive hypertrophic cardiomyopathy and functions as a selective inhibitor of cardiac myosin [3] - The drug's development involved collaboration with Professor Gu Zhongze's team at Southeast University, utilizing organ-on-a-chip technology for cell activity screening [3][7] Group 2: Clinical Trials and Licensing Agreement - HRS-1893 received approval for clinical trials in May 2023, marking it as the first new drug in China to use organ-on-a-chip data for such approval [5] - Braveheart Bio will have exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding certain regions in China, with Heng Rui Medicine set to receive an upfront payment of $7.5 million and potential milestone payments totaling up to $1.013 billion [5][8] Group 3: Technological Advancements and Future Plans - The organ-on-a-chip team at Southeast University has made significant advancements in key technologies over the past decade, achieving breakthroughs in high-precision 3D printing and functional biomaterials [7] - Future plans include further technological innovation and collaboration with more pharmaceutical companies to create new pathways for drug development and precision medicine [8]

Core Viewpoint - The company, Sinopharm (002294.SZ), has received a notice of acceptance from the National Medical Products Administration for its innovative small molecule drug SAL0139, which targets hyperlipidemia and aims to provide new treatment options for patients with high cholesterol levels [1] Group 1: Drug Development - SAL0139 is an innovative small molecule drug developed by the company, with the project code SAL0139 [1] - The clinical trial application for SAL0139 has been accepted, indicating progress in the drug development process [1] - Preclinical studies suggest that SAL0139 has the potential to lower low-density lipoprotein cholesterol (LDL-C), a key risk factor for cardiovascular diseases [1] Group 2: Market Implications - If successfully developed and approved, SAL0139 could offer new medication options for patients with hyperlipidemia, addressing unmet clinical needs [1] - The introduction of SAL0139 is expected to enhance patient compliance and expand the company's innovative product pipeline in the chronic disease sector [1]

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, following a previous application that expired due to the validity period of the prospectus [1] Financial Performance - The company projects revenues of 6.93 million, 6.16 million, and 41.99 million for the years 2023, 2024, and the first half of 2025, respectively [1] - Net losses are expected to be -160 million, -364 million, and -183 million for the same periods [1] - Research and administrative expenses are the primary reasons for the net losses [1] Product Development - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing recombinant biopharmaceuticals using synthetic biology [3] - The company is developing a series of innovative products aimed at addressing key limitations in existing assisted reproductive therapies [3] - The core product, SJ02, is one of the most advanced long-acting recombinant human follicle-stimulating hormone (FSH) products in clinical development in China [3] - As of June 30, 2025, the internal R&D team consists of 242 personnel, accounting for approximately 71.4% of the total workforce [3] - R&D expenditures are projected to be 133 million, 251 million, and 111 million for 2023, 2024, and the first half of 2025, respectively [3] - Core product R&D expenditures are expected to be 80 million, 127 million, and 58 million, representing 44.4%, 34.7%, and 36.0% of total operating expenses for the respective periods [3] Commercial Agreements - The company had a significant commercialization agreement with Organon & Co. that was terminated on July 28, 2025, after less than 11 months of collaboration [4] - Following the termination, the company adjusted its strategy and entered into an exclusive sales agency agreement with Anke Biological in July 2025 for the commercialization of SJ02 in Greater China [4]

Core Insights - Beijing Union Medical College has announced procurement intentions for 24 types of laboratory instruments, with a total budget of 314 million yuan, aimed at enhancing its research capabilities in various medical fields [2][3][21]. Procurement Overview - The procurement includes advanced instruments such as analysis-type flow cytometers, sorting-type flow cytometers, nano-liquid chromatography-high-resolution mass spectrometry systems, real-time fluorescence quantitative PCR instruments, and high-speed centrifuges, with an expected procurement date in September 2025 [3][4][5][6]. Specific Instruments - **Nano-LC-HRMS**: This instrument combines nano-liquid chromatography with high-resolution mass spectrometry, designed for high-sensitivity detection of trace components in complex matrices, widely used in proteomics and metabolomics [4]. - **Sorting-type Flow Cytometer**: A high-precision scientific instrument that utilizes fluorescence labeling for the rapid sorting and collection of target cells from complex samples, applicable in life sciences and medical research [5]. - **Nano Particle Size and Zeta Potential Analyzer**: Used for measuring key physical and chemical parameters of nanoparticles, applicable in biomedicine and environmental monitoring [6]. Budget and Timeline - The total budget for the procurement is 314 million yuan, with the procurement process expected to be completed by September 2025 [2][3]. Research and Development Focus - The instruments are intended to support various research areas, including drug development, environmental analysis, and advanced medical diagnostics, reflecting the institution's commitment to leading in medical research and innovation [19][20][21].

招商证券国际下调集团2025至2026年销售及净利润预测，因公司核心业务表现乏力及BD预期过高，评 级下调至"中性"，目标价由12.9港元下调至9.3港元。该行表示，展望未来，石药集团的前景取决于商业 合作战略及后期管线商业化情况。市场关注其关键资产SYS6010。然而，回顾石药过去在1.1类创新药 物研发的表现，该行认为其在管线临床进展上落后于中国其他大型制药及部分生物药公司。 消息面上，石药集团此前发布中期业绩，上半年收入总额132.73亿元人民币，同比减少18.5%；公司拥 有人应占溢利25.48亿元，同比减少15.64%。招商证券国际发布研报称，石药集团今年二季度收入及净 利润均不及预期，反映肿瘤和神经系统业务线的结构性下行，管理层重申EGFR ADC产品为潜在商业发 展(BD)催化剂，但该行认为市场已消化相关预期。 石药集团(01093)尾盘跌超7%，截至发稿，跌6.45%，报9.7港元，成交额22.13亿港元。 ...

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) fell over 7% towards the end of trading, reflecting market concerns following the release of disappointing interim results for the first half of the year [1] Financial Performance - Total revenue for the first half of the year was 13.273 billion RMB, a year-on-year decrease of 18.5% [1] - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year [1] Market Reaction - The stock price dropped by 6.45% to 9.7 HKD, with a trading volume of 2.213 billion HKD [1] - The decline in stock price indicates that the market has reacted negatively to the company's financial performance and outlook [1] Analyst Insights - According to a report from CMB International, the second quarter revenue and net profit of CSPC Pharmaceutical did not meet expectations, indicating structural declines in the oncology and neurology business lines [1] - The management reiterated that the EGFR ADC product could be a potential catalyst for business development, but the market has already priced in these expectations [1] - CMB International has lowered its sales and net profit forecasts for 2025 to 2026 due to weak core business performance and overly optimistic business development expectations [1] Future Outlook - The future prospects of CSPC Pharmaceutical depend on its commercial cooperation strategy and the commercialization of its pipeline [1] - Market attention is focused on its key asset SYS6010, but the company has lagged behind other large pharmaceutical and biotech companies in clinical progress for Class 1 innovative drugs [1]

展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况，市场关注其关键资产 SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于中 国其他大型制药及部分生物药公司。 招商证券国际发表研究报告指出，石药集团今年二季度收入及净利润均不及预期，反映肿瘤和神经系统 业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂，但 该行认为市场已消化相关预期。该行下调集团2025至2026年销售及净利润预测，因公司核心业务表现乏 力及BD预期过高，下调评级至"中性"，目标价从12.9港元下调至9.3港元。 ...