【导读】盟科药业第一大股东提请罢免公司董事长等 3 名董事，并公开征集投票权 反对部分议案 中国基金报记者 卢鸰 盟科药业第一大股东强势反击了。 据盟科药业 9 月 24 日晚发布公告，公司第一大股东 Genie Pharma 对公司 2025 年第二次临时股东大会所审议的包括定增等在内的 多项议案均投反对票，并公开征集投票权反对部分议案。 Genie Pharma 还提请在股东大会增加关于罢免 ZHENGYU YUAN （袁征宇）等 3 人董事职务的议案，以及选举杨宗凡等 3 人为董事 的议案。其中， ZHENGYU YUAN （袁征宇）目前是盟科药业董事长、总经理、法定代表人。 此前，盟科药业 9 月 22 日晚发布公告称，拟向海鲸药业发行股票募资不超过 10.33 亿元；海鲸药业拟认购公司 1.64 亿股，发行完成 后将持有盟科药业 20% 股份，成为其控股股东，自然人张现涛将成为实际控制人。 盟科药业 9 月 24 日晚发布公告称，第一大股东 Genie Pharma 认为， ZHENGYU YUAN （袁征宇）在任职期间未能勤勉履责，未进 行及时调查、核查，损害了公司及其他股东的合法权益。具体表现如 ...

Core Insights - Chengdu High-tech Zone is experiencing significant economic growth, with a GDP of 180.91 billion yuan in the first half of 2025, marking a 6.2% increase and accounting for nearly 15% of the city's total GDP [3] - The electronic information industry is a key pillar, with an added value growth rate of 15.9%, and industrial investment exceeding 90% of the total industrial investment in the area [3] Group 1: Government Initiatives - Chengdu has launched a comprehensive service mechanism for enterprises called "进万企、解难题、优环境、促发展," transitioning from "enterprises seeking government" to "government seeking enterprises" [4] - The mechanism has shown effectiveness in various industrial parks, with the government acting as a partner rather than just a landlord [4][5] - The rapid response from the Chengdu High-tech Zone's Digital Economy Bureau has facilitated quick solutions for companies in need of office space and legal assistance [7] Group 2: Industry Development - The Tianfu Changdao Digital Cultural and Creative Park has become a hub for key enterprises in the film production chain, fostering a collaborative environment with a "10-minute cooperation circle" [1][12] - The park has attracted over 60 companies and approximately 6,000 employees, producing over 20 major intellectual properties (IPs) since its opening [15] - Chengdu High-tech Zone is focusing on high-quality development through the "立园满园" initiative, enhancing industrial attraction and ecosystem [12][16] Group 3: Innovation and Achievements - Chengdu High-tech Zone has seen significant achievements in innovation, including the early launch of BOE's 8.6-generation AMOLED production line, which set a new record for construction efficiency [16] - The successful launch of the first domestically produced 4-channel 12-bit 40GSPS high-precision RF direct sampling ADC chip by Chengdu Huamei Electronics Technology Co., Ltd. marks a significant advancement in the high-end RF direct sampling field [19] - The "梧桐计划" provides a comprehensive service system covering the entire lifecycle of enterprises, facilitating project, talent, platform, and financial services [11]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [5] Core Insights - The new drug sector has shown significant movements, with notable increases in stock prices for companies such as Kintor Pharmaceutical, which recently went public in Hong Kong, focusing on unmet clinical needs in oncology and immunology [2][3][21] - The KRAS G12D inhibitor GFH375 from Kintor Pharmaceutical has demonstrated promising clinical data in treating pancreatic cancer and non-small cell lung cancer (NSCLC), with an overall response rate (ORR) of 52% in pancreatic cancer and 68.8% in NSCLC [21][24] Summary by Sections Weekly New Drug Market Review - From September 15 to September 21, 2025, the top five gainers in the new drug sector included Kintor Pharmaceutical (+19.64%), Boan Biotechnology (+8.89%), and others, while the top five losers included Sanofi Pharmaceuticals (-17.16%) and others [1][13] Recommended Stocks to Watch - The report suggests focusing on several potential catalysts in the sector, including academic conferences and insurance negotiations. Key companies to watch include: 1. Differentiated GLP-1 assets: Zai Lab, EQRx, and others 2. Upgraded PD-1 products: CanSino Biologics and others 3. Companies likely to benefit from insurance negotiations: Hengrui Medicine, Kanghong Pharmaceutical, and others [2][17] New Drug Approval and Acceptance - This week, eight new drug applications were approved, and twelve new drug applications were accepted in China [3][25] Clinical Application Approvals - A total of 48 new drug clinical applications were approved, with 32 applications accepted this week [7][29]

Group 1 - Needham maintains a "Buy" rating for Recursion Pharmaceuticals, with a target price of $8, indicating a potential upside of 68% from the current price of $4.77 [1] - Recursion Pharmaceuticals is recognized as one of the top 12 penny stocks favored by Wall Street hedge funds, highlighting its strong market position [1] - The company is leveraging AI technology in drug development, positioning itself as a leader in the field with proprietary datasets [1][2] Group 2 - Gil Blum, a senior analyst at Needham, emphasizes that Recursion has taken significant steps to extend its financial runway, focusing on its flagship product pipeline, which is expected to sustain cash flow until Q4 2027 [2] - The optimistic outlook for Recursion is supported by anticipated clinical results in the next 12 to 18 months, particularly for the solid tumor drug REC-617 [2] - Other Wall Street firms, such as Morgan Stanley and Bank of America, have a more cautious stance, maintaining "Hold" ratings with target prices of $4.8 and $8, respectively [3] Group 3 - Recursion Pharmaceuticals is a clinical-stage biotech company utilizing cutting-edge AI technology to decode biology and chemistry for accelerated drug development [4] - The company's Recursion Operating System (Recursion OS) integrates high-throughput biological experiments, imaging, and machine learning into a unified platform for drug discovery [4][5] - Recent advancements include the BioHive-2 AI supercomputing cluster and acquisitions that enhance its capabilities in biological and chemical modeling [5] Group 4 - The integration of AI in healthcare is projected to grow significantly, with the market value expected to reach $189.9 billion by 2030, reflecting a CAGR of 43.7% [7] - AI is anticipated to optimize various medical processes, including drug discovery, medical imaging, and precision medicine, thereby reducing innovation cycles and improving patient outcomes [7] - The convergence of AI and pharmaceuticals is seen as a revolutionary trend, with potential breakthroughs in drug design and clinical trials expected in the near future [6]

Core Viewpoint - Chengdu Xian Dao (688222) reported significant growth in revenue and profit for the first half of 2025, indicating a strong performance in the pharmaceutical R&D sector, particularly in small molecules and nucleic acid drugs [1][2]. Financial Performance - The company achieved operating revenue of 227 million yuan, a year-on-year increase of 16.58% [1] - Net profit reached 50.04 million yuan, up 390.72% year-on-year [1] - The net profit after deducting non-recurring items was 53.91 million yuan, reflecting a substantial increase of 2517.66% [1] - The net cash flow from operating activities was 111 million yuan, growing by 51.48% [1] - The overall gross margin for the main business was 53.82%, an increase of 7.23 percentage points year-on-year [1] Business Segments and Growth - Chengdu Xian Dao focuses on four core technology platforms: DEL technology, FBDD/SBDD, OBT, and TPD, which support its drug discovery and optimization capabilities [1][2] - The DEL segment, which includes the design, synthesis, and screening of DEL libraries, generated revenue of 102 million yuan, a year-on-year increase of 40.45% [2] - The OBT segment expanded its traditional nucleoside monomer synthesis business while achieving commercial transformation of small nucleic acid projects [3] - The TPD segment actively explored new business models and initiated new project collaborations based on PROTAC technology [3] Market Strategy and Resource Allocation - The company is leveraging domestic and international resources to optimize its market strategy and meet diverse customer demands [2] - Chengdu Xian Dao's UK subsidiary, Vernalis, confirmed milestone revenue during the reporting period, supporting the steady development of the FBDD/SBDD platform [2] - The company reported a 94.17% year-on-year increase in revenue from ChemSer services, driven by the efficient operation of its automated high-throughput chemical synthesis platform [3] - R&D investment increased year-on-year, while Vernalis adjusted its resource allocation to focus on commercial projects, resulting in a slight decrease in overall R&D expenses [3]

Group 1 - The core point of the article highlights the financing activities of Hong Kong New Drug (513780) on August 18, where it recorded a financing buy amount of 0.27 billion yuan, ranking 1001st in the market [1] - Over the recent three trading days from August 14 to August 18, Hong Kong New Drug had financing buy amounts of 0.28 billion yuan, 0.47 billion yuan, and 0.27 billion yuan respectively [1] - On the same day, the company had a financing repayment amount of 0.29 billion yuan, resulting in a net sell of 141.94 thousand yuan [1] Group 2 - In terms of securities lending, there were no shares sold or net sold on that day, indicating no activity in this area [2]

Core Viewpoint - Danuo Pharmaceutical has submitted its IPO application to the Hong Kong Stock Exchange, focusing on the development of new drugs for bacterial infections and metabolic diseases, with significant attention on its star product, TNP-2198, which targets Helicobacter pylori infections [1][2] Group 1: Company Overview - Danuo Pharmaceutical was established in 2013 and has developed a pipeline of seven innovative assets, with three core products attracting significant attention [2] - The company currently has no commercialized products or revenue, with core product investments accounting for a large proportion of total R&D expenses [5] Group 2: Key Products - TNP-2198 is the company's star product and the first new molecular entity candidate for treating Helicobacter pylori infections, which is linked to various upper gastrointestinal diseases and is a major cause of stomach cancer. In 2024, the estimated number of Helicobacter pylori infections is 620 million in China and 4.08 billion globally [2] - TNP-2092 injection targets implant-related bacterial infections and has a three-target antibacterial mechanism. It has received IND approval from both the National Medical Products Administration and the FDA [3] - TNP-2092 oral formulation is the first multi-target antibacterial candidate for treating metabolic-related diseases of the gut microbiome, with clinical data showing its efficacy in reducing blood ammonia levels compared to rifaximin [3] Group 3: Financial Situation - Danuo Pharmaceutical has completed seven rounds of equity financing, with a post-financing valuation of 2.013 billion yuan after the recent E round [5] - As of March 2025, the company has a net debt of 930 million yuan and cash and cash equivalents of only 146 million yuan, indicating a need for substantial funding to continue R&D [5] Group 4: Commercialization Challenges - The company faces financial pressure and commercialization challenges, with significant R&D expenditures and no revenue from commercialized products [4][5] - Danuo Pharmaceutical has signed an exclusive commercial cooperation agreement with Yuan Da Life Sciences Group for TNP-2198, which includes potential payments up to 775 million yuan, contingent on market access and inclusion in the medical insurance directory [6]

Group 1 - The National Equities Exchange and Quotations (NEEQ) announced a preliminary list of 322 companies proposed for the innovation layer, with 308 companies meeting profit or revenue standards, indicating strong profitability and growth potential [1][2] - The average revenue of these companies in 2021 was 370 million yuan, and the average net profit was 30.0161 million yuan, representing increases of 53.90% and 200.11% respectively compared to previously disclosed annual reports [1] - The average return on equity reached 17.45%, exceeding previous reports by 10.61 percentage points, with compound annual growth rates for revenue and net profit over the past two years at 22.47% and 43.68% respectively [1] Group 2 - Among the proposed companies, 221 meet the financial criteria for listing on the Beijing Stock Exchange, with nearly half reporting net profits exceeding 25 million yuan [1][2] - Two companies in the electronic equipment manufacturing sector are advancing based on R&D investment standards, with one company exceeding 90 million yuan in R&D expenses [2] - The revised tier management measures allow for six annual adjustments to the innovation layer, enhancing the growth path for small and medium-sized enterprises on the New Third Board [3]

Core Viewpoint - The financing activities of Hong Kong New Drug (513780) indicate a trend of net selling in recent trading days, suggesting potential investor caution or profit-taking behavior [1] Financing Summary - On August 11, Hong Kong New Drug (513780) had a financing buy amount of 0.11 billion, ranking 1267th in the market, with a financing repayment amount of 0.14 billion, resulting in a net sell of 2.1273 million [1] - Over the last three trading days (August 7-11), the financing buy amounts were 0.21 billion, 0.18 billion, and 0.11 billion respectively, showing a declining trend in financing buy [1] Securities Lending Summary - On the same day, there were no shares sold or net sold in securities lending, indicating a lack of short-selling activity [1]

Core Viewpoint - JingTai Holdings (02228) has seen a significant stock increase of nearly 7%, currently trading at 7.58 HKD with a transaction volume of 669 million HKD, following a major partnership announcement with DoveTree for a pipeline collaboration worth approximately 47 billion HKD [1] Group 1: Partnership Details - On August 5, JingTai Technology announced a collaboration with DoveTree, involving a total order scale of about 47 billion HKD, with an initial payment of 4 billion HKD already received [1] - The collaboration focuses on the development of multiple innovative drug assets, granting DoveTree exclusive global development and commercialization rights [1] - JingTai Technology is expected to receive further payments and potential milestone payments totaling approximately 46.6 billion HKD [1] Group 2: Market Impact and Expert Insights - This partnership sets a new record in the AI and robotics drug development sector [1] - Dongwu Securities highlighted that DoveTree LLC was founded by Professor Gregory Verdine, a Harvard Chemistry Department tenured professor and a pioneer in chemical biology, who has co-founded over ten biotech companies, including five publicly listed ones [1] - The total package amount for this commercial collaboration is reported to be 5.89 billion USD, exceeding market expectations, and the collaboration is expected to achieve significant commercial milestones under the endorsement of a Harvard professor, indicating substantial future growth potential for the company [1]