文｜周涛 科兴制药的创新药研发近期取得重要进展。9月24日，科兴制药披露公司管线人干扰素α1b吸入溶液被 国家药品监督管理局药品审评中心纳入突破性治疗品种名单。 作为儿童呼吸道合胞病毒（RSV）专用药，该药有望成为全球首款干扰素吸入制剂，为全球儿童呼吸道 感染提供新的解决方案。呼吸道合胞病毒（RSV）是引起婴幼儿急性呼吸道感染最常见的病毒病原， WHO关于儿童急性呼吸道感染的病因学研究表明，RSV感染占儿童呼吸道疾病的60%以上。 科兴制药（688136.SH）在9月底宣布筹划发行H股赴港上市，成为当月25家公告拟赴港上市的A股公司 之一。在这波"A+H"股热潮中，截至10月2日，还有76家A股公司已向港交所递表排队等待聆讯。 纵观此次赴港上市潮，不仅包括立讯精密、牧原股份等知名企业，医药企业更是表现突出。科兴制药在 公告中表示，赴港上市目的是为了深化公司"创新+国际化"的战略布局，加快海外业务发展，拓宽多元 融资渠道。 今年以来，资本市场上的"A+H"模式愈发受到国内上市公司的青睐。仅9月份就有25家A股上市公司先 后公告筹划赴港上市，其中包括领益智造、博瑞医药、海澜之家、科大智能等各行业龙头企业。 从行业 ...

Summary of the Conference Call for Junxin Co., Ltd. Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Waste Management and Green Energy Key Points Industry and Market Expansion - Junxin Co., Ltd. is actively expanding into overseas markets, focusing on Central Asia and Southeast Asia, with projects initiated in Kyrgyzstan, including Bishkek, Osh, and Issyk-Kul, aligning with the Belt and Road Initiative [2][3][5] - The company plans to enhance its international brand image through these expansions [2][5] Financial Strategy and Capital Expenditure - The company aims to attract long-term and international investors through its planned listing in Hong Kong, with the issuance price and timing yet to be determined [2][5][25] - Capital expenditure for 2025 is projected at approximately 500 million RMB for the Bishkek project, with future expenditures for additional projects estimated between 600 to 700 million RMB [3][10] Performance Metrics - For Q1 2025, the company reported a net profit of 41 million RMB, with stable waste processing volumes and pricing mechanisms contributing to overall growth [2][11] - New projects in Pingjiang and Liuyang have an 85% capacity utilization rate, contributing a net profit of 10 million RMB in Q1, with an expected annual profit of 30 million RMB [2][12] Domestic Market Dynamics - The domestic market is becoming saturated, with no new domestic projects planned aside from the paused Changsha Phase III project due to stable waste volumes and intense competition [2][14][16] - The company is cautious about new acquisitions, focusing on international market expansion instead [15][16] Regulatory and Operational Challenges - The green electricity direct supply policy has impacted the IDC cooperation model, necessitating coordination with local power grids and government [6][8] - The approval process for IDC projects involves multiple stages, with key timelines needing attention to ensure smooth progress [8][9] Future Outlook - The company anticipates stable growth in waste processing volumes, with a projected online electricity generation of 459 kWh/ton in 2025 [20] - Long-term trends indicate a steady increase in waste processing due to population growth in Changsha, despite current stability [18] Cash Flow and Dividend Policy - Junxin Co., Ltd. maintains a healthy cash flow, with operational cash flow expected to meet project expansion and dividend plans [24] - The company has a high dividend policy, ensuring a stable dividend yield while pursuing international business and IDC model expansion [28] Strategic Focus - The company is committed to solid waste treatment and green energy sectors, aiming to become a distinctive player in the industry [26][27] - Future development will prioritize overseas business and new IDC business models, positioning the company at the forefront of the industry [28]