Core Viewpoint - Changchun Gaoxin is actively seeking to overcome performance pressure through a collaboration with ALK for the commercialization of allergy immunotherapy products in China [1][2]. Company Overview - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical, has entered into a partnership with ALK to develop and commercialize house dust mite allergy immunotherapy products in China [1]. - The partnership grants Changchun Jinsai exclusive rights to three ALK products in mainland China until December 31, 2039 [1][2]. Financial Performance - In the first half of 2025, Changchun Jinsai achieved a net profit of 1.108 billion yuan [3]. - Changchun Gaoxin's revenue and net profit for 2024 were 13.466 billion yuan and 2.583 billion yuan, respectively, reflecting year-on-year declines of 7.55% and 43.01% [4]. - For the first half of 2025, the company reported revenue of 6.603 billion yuan, a slight decrease of 0.54%, and a net profit of 983 million yuan, down 42.85% year-on-year [4]. Market Potential - China has the highest number of dust mite allergy patients globally, but the market remains underdeveloped with low penetration rates [2]. - The collaboration with ALK is expected to provide new growth opportunities for Changchun Jinsai [5].

Group 1 - The company held its 13th meeting of the 11th Board of Directors on September 17, 2025, with all 9 directors participating in the voting [2][4][5] - The meeting approved a proposal for a collaboration between the subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., and Denmark's ALK-Abelló A/S for the development and commercialization of allergen-specific immunotherapy (AIT) products in China [7][8][11] Group 2 - The collaboration includes exclusive rights for three products developed by ALK in mainland China, which are a subcutaneous injection for house dust mite allergens, a sublingual tablet for allergic asthma and rhinitis, and a skin prick test kit for mite allergens [12][14] - The agreement stipulates a total initial payment of €32.7 million, with additional milestone payments based on regulatory progress and sales performance, potentially totaling €105 million [15][16] Group 3 - ALK is a global specialty pharmaceutical company focused on allergy and asthma treatments, with a significant market share exceeding 45% in the allergen immunotherapy sector [13] - The partnership aims to leverage the growing market potential in China, where the prevalence of dust mite allergies is high but treatment penetration remains low, with less than 1 million patients currently receiving allergen-specific immunotherapy [16]