Core Viewpoint - Changchun High-tech aims to enhance its international presence and innovation capabilities by issuing H-shares for listing on the Hong Kong Stock Exchange, with funds primarily allocated for R&D, clinical trials, and international market expansion [1][3]. Fundraising Purpose - The funds raised will be used for two main directions: advancing the innovation pipeline, including clinical trials and regulatory affairs, and establishing a commercial team overseas for global collaboration and market expansion [1][3]. Financial Performance - Since 2022, Changchun High-tech's stock price has experienced significant fluctuations due to rumors surrounding the centralized procurement of growth hormones, culminating in a decline in both revenue and net profit for the first time in nearly two decades in 2024 [3]. Innovation Pipeline - The company has over 40 projects in clinical stages or IND applications, including 11 Class I innovative biological agents and 4 Class I innovative chemical drugs, focusing on endocrine and metabolic diseases, women's health, immune and respiratory systems, and oncology [3][4]. Key Products - GenSci134, a long-acting growth hormone, is currently undergoing Phase I clinical trials for adult growth hormone deficiency and has received IND approval for pediatric growth hormone deficiency and idiopathic short stature [4][5]. - GenSci074, an NK3R antagonist for treating vasomotor symptoms in menopausal women, is in Phase II clinical trials, with competition from other drugs in the same category [7][8]. Oncology Pipeline - The company is developing several innovative drugs targeting prostate, breast, and ovarian cancers, including GenSci139, GenSci140, and GenSci143, which are expected to enter Phase I clinical trials by Q4 2025 [10][11]. - GenSci139 targets low-expressing HER2 tumors and faces a competitive landscape with existing ADC therapies [11][12]. - GenSci140 aims to expand patient coverage for FRα-positive cancers and is the only FRα dual-target ADC in development in China [13][14]. - GenSci143 targets both B7-H3 and PSMA antigens, potentially offering broader patient coverage but is still in early development stages [15]. Other Therapeutic Areas - GenSci098 is a TSHR antagonist for treating thyroid-associated ophthalmopathy, indicating the company's diversification into immune and respiratory diseases [16].

Core Viewpoint - The article discusses the growing market for growth hormone treatments in children, highlighting the increasing demand from parents who wish to enhance their children's height through medical interventions, despite the associated costs and potential side effects [20][21][23]. Group 1: Height Prediction and Growth Factors - A commonly accepted method for predicting a child's future height is based on the parents' heights, with a formula that includes a genetic baseline and a variable component that can be influenced by environmental factors [3]. - Key hormones affecting height during childhood include sex hormones and growth hormones, with the latter determining the growth rate [4]. Group 2: Market Dynamics and Consumer Behavior - The growth hormone market has evolved significantly over the past decade, with companies investing heavily in marketing and education to promote the use of growth hormones for children [17][19]. - The demand for growth hormone treatments has led to a substantial market, with some companies achieving annual revenues in the billions [19]. Group 3: Treatment Options and Costs - Common forms of growth hormone available in the market include powder, short-acting, and long-acting injections, with differences in administration frequency and pricing [5]. - The financial burden of growth hormone treatments can be significant, with families spending tens of thousands of yuan over the years for their children's height enhancement [15][16]. Group 4: Clinical Practices and Parental Expectations - Many parents are increasingly seeking growth hormone treatments for their children, often bringing them to clinics at younger ages than before, driven by societal pressures and personal aspirations [8][10]. - There is a notable trend of parents willing to invest heavily in treatments, reflecting a broader societal perception that height can influence social and economic outcomes [16][21]. Group 5: Regulatory and Market Challenges - The growth hormone market faces challenges such as regulatory scrutiny and price competition due to collective procurement initiatives, which have led to reduced profit margins for manufacturers [23]. - Despite the declining profitability for some companies, the persistent demand from parents for height enhancement treatments remains strong, indicating a complex market landscape [23].

以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 文 ｜ 胡香赟 编辑 ｜ 海若镜 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ Pexels 我想"再高一点" 春日，宜万物生长，包括人类幼崽的身高。 在讲究科学的时代，孩子的身高理所应当地也应遵循某种可量化的生长公式。 一个颇受大众认可的方法是，根据父母身高来预测孩子未来的身高区间。比如，男孩子的身高区间=（父亲身高+母亲身高+13厘米）÷2±7.5厘米。 公式前半部分就是所谓的"遗传靶身高"，即由遗传决定的无法改变的身高基数。而后半部分的"±7.5厘米"，则是可以通过后天努力改变的部分——只需 要"充分发挥孩子的生长潜能"。 梁宇在一家药企从事研发工作，出于职业敏感，女儿萱萱还在上幼儿园时，就开始关注她的身高问题。她坦言自己和先生都不算高，对孩子未来的身 高"没有过大期待，她个子不高，这点从小就能看出来"。 尽管如此，萱萱上大班后，梁宇还是开始给她报了跳绳兴趣班。运动、光照、补充维生素D，最初梁宇选择的是最朴素的科学"长个儿"方法。 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 如果可以，谁都希望自己的孩子 是人 ...

Core Viewpoint - Changchun High-tech has reported a significant decline in both revenue and net profit for the first time in 20 years, indicating a challenging financial situation for the company amid industry pressures [2][4][5]. Financial Performance - In the past year, Changchun High-tech achieved revenue of 13.466 billion yuan and a net profit of 2.583 billion yuan, representing declines of 7.55% and 43.01% year-on-year, respectively [2]. - The first quarter of 2025 continued this downward trend, with revenue and net profit again decreasing, with net profit dropping by 44.95% year-on-year [4]. Business Segments - The company operates in four main segments: biological products, vaccines, traditional Chinese medicine, and real estate, with the majority of its performance driven by its subsidiary, Jinsai Pharmaceutical, particularly in growth hormone products [7]. - In Q1 2025, Jinsai Pharmaceutical reported revenue of 2.617 billion yuan, a year-on-year increase of 5.94%, but its net profit fell by 38.31% [7]. Market Dynamics - The growth hormone market is facing increased competition with new entrants and products, which has led to a significant drop in Changchun High-tech's stock price from a peak of 497.54 yuan per share in 2021 to 85.24 yuan per share [5][9]. - The company is under pressure to diversify its product offerings, with plans to reduce the contribution of growth hormone products to 60% in five years and 30% in ten years [8]. Product Development - Changchun High-tech has been expanding the indications for its growth hormone products, which now cover 11 conditions, but this has not yet translated into improved financial performance [8]. - The long-acting growth hormone formulations are gaining traction, with their revenue share increasing to approximately 32% in 2024 and 35% in Q1 2025 [13]. Competitive Landscape - The growth hormone market is becoming increasingly competitive, with several new products approved for market entry, indicating a shift in the industry dynamics [9][10]. - The market remains focused on pediatric applications, but there is potential for expansion into adult indications, which could reshape the competitive landscape [10][12].