Financial Performance - In the first nine months of 2025, the company achieved a revenue of ¥853,360,357.81, representing a year-on-year growth of 16.86% [2] - The net profit attributable to shareholders was ¥344,866,533.27, reflecting a growth of 26.67% compared to the same period last year [2] - Sales revenue for the "Dust Mite Drops" product was ¥794,221,951.72, an increase of 13.38% year-on-year [2] - Sales revenue for the "Artemisia Pollen Allergen Sublingual Drops" reached ¥44,756,599.93, marking a significant growth of 117.58% [2] - Revenue from skin prick test solutions was ¥11,046,360.42, with a year-on-year increase of 94.10% [2] Dividend Distribution - The company plans to distribute cash dividends of ¥1.00 per 10 shares (before tax) based on a total share capital of 523,584,000 shares, pending approval from the shareholders' meeting [3] Research and Development - The "Artemisia Pollen Allergen Sublingual Drops" received a clinical trial summary report in July 2025, confirming its long-term efficacy [4] - The "Dermatitis Diagnostic Patch 02" for diagnosing IV-type allergic reactions entered Phase I clinical trials in August 2025 [4] - The "Aflatoxin Prick Solution" completed its Phase I clinical trial summary report in September 2025 [4] Sales and Marketing Strategy - The company has increased resource allocation towards sales and marketing, enhancing management efficiency through a refined sales structure [5][6] - The company views increased competition positively, believing it will benefit market education and growth in the desensitization market [7] Product Pipeline - The "Dust Mite Membrane" is currently in Phase I clinical trials, while the "Dermatitis Diagnostic Patch 01" is in Phase II [8] - The company aims to enrich its product pipeline to enhance market competitiveness, with several products in preclinical research [8] Regulatory and Pricing Updates - The National Healthcare Security Administration issued guidelines in June 2025 regarding pricing for allergen skin tests, allowing for cumulative charges for different allergens [9] Summary of Future Directions - The company will continue to focus on the diagnosis and treatment of allergic diseases, optimize its sales management system, and enhance resource investment in academic promotion [11] - Ongoing efforts will be made to improve operational efficiency and control R&D expenditures while ensuring steady growth and returns for investors [11]

Core Insights - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has signed a collaboration agreement with ALK-Abelló A/S for the development and commercialization of allergen-specific immunotherapy products in China [1][2] - Jinsai Pharmaceutical will gain exclusive rights to three ALK products in mainland China, with the collaboration lasting until December 31, 2039 [1][2] - The global allergy immunotherapy market is projected to reach $3.2 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% [1] Company Developments - The partnership aims to significantly enhance the market penetration of allergen immunotherapy products in China, leveraging both companies' strengths and resources [2] - Jinsai Pharmaceutical plans to take over the sales and marketing of ALK's existing products in mainland China starting next month [1][2] - The collaboration is seen as a strategic move for Jinsai Pharmaceutical to diversify its product portfolio and enhance competitiveness in the allergen therapy sector [2] Market Outlook - The CEO of ALK emphasized the importance of timely intervention for allergy symptoms, particularly in children, indicating a focus on pediatric applications [2] - Jinsai Pharmaceutical is expected to submit 3 to 4 important innovative clinical applications in the respiratory field next year, indicating a strong pipeline [2] - Future international market expansion is anticipated as Jinsai leverages ALK's research and commercialization capabilities [2]

Core Viewpoint - Changchun High-tech announced a collaboration between its subsidiary Jinsai Pharmaceutical and Denmark's ALK-Abelló A/S for the development and commercialization of allergen-specific immunotherapy (AIT) products in China, specifically targeting house dust mites (HDM) [1] Group 1: Partnership Details - Jinsai Pharmaceutical will jointly develop and commercialize ALK's HDM allergen-specific immunotherapy products in China [1] - Jinsai Pharmaceutical has secured exclusive agency rights for three products independently developed by ALK within mainland China [1] Group 2: Financial Terms - An initial payment of €32.7 million will be made by Jinsai Pharmaceutical [1] - Jinsai Pharmaceutical will pay a milestone payment of €40 million upon regulatory approval for clinical trials of the ACARIZAX sublingual tablet for adults, adolescents, and children in China [1] - Future sales performance of the products in the Chinese market may lead to additional milestone payments of €105 million [1]