Core Viewpoint - Kelong Pharmaceutical's stock has experienced a decline of 2.04% on November 11, with a current price of 32.25 CNY per share and a total market capitalization of 51.537 billion CNY. The company has seen a year-to-date stock price increase of 10.05%, but has faced recent declines over various trading periods [1][2]. Financial Performance - For the period from January to September 2025, Kelong Pharmaceutical reported a revenue of 13.277 billion CNY, representing a year-on-year decrease of 20.92%. The net profit attributable to shareholders was 1.201 billion CNY, down 51.41% compared to the previous year [2]. - Cumulatively, Kelong Pharmaceutical has distributed a total of 6.898 billion CNY in dividends since its A-share listing, with 3.587 billion CNY distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Kelong Pharmaceutical had 37,100 shareholders, an increase of 8.35% from the previous period. The average number of circulating shares per shareholder decreased by 7.70% to 35,200 shares [2]. - The top ten circulating shareholders include notable funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with several shareholders reducing their holdings compared to the previous period [3]. Stock Market Activity - Kelong Pharmaceutical has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent instance on April 30, where it recorded a net purchase of 318.792 million CNY [1]. - The stock has seen a trading volume of 171 million CNY on the day of the report, with a turnover rate of 0.40% [1]. Business Overview - Kelong Pharmaceutical, established on May 29, 2002, and listed on June 3, 2010, is primarily engaged in the development, production, and sales of large-volume infusion products. The revenue composition includes 48.37% from non-infusion products, 41.28% from infusion products, 7.01% from research projects, and 3.33% from other sources [1]. - The company operates within the pharmaceutical and biotechnology sector, specifically in chemical pharmaceuticals and formulations, and is involved in various concepts such as anesthesia, generic drugs, and innovative drugs [2].

11月11日，必贝特盘中下跌2.01%，截至10:29，报30.65元/股，成交7681.76万元，换手率5.33%，总市 值137.94亿元。 资金流向方面，主力资金净流出679.28万元，大单买入1631.22万元，占比21.24%，卖出2310.51万元， 占比30.08%。 必贝特今年以来股价跌1.16%，近5个交易日跌3.22%。 资料显示，广州必贝特医药股份有限公司位于广东省广州市高新技术产业开发区科学城崖鹰石路25号 A-3栋第七层、第八层，成立日期2012年1月19日，上市日期2025年10月28日，公司主营业务涉及创新 药自主研发。 必贝特所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：抗癌治癌、抗癌药物、生 物医药、次新股、创新药等。 截至10月28日，必贝特股东户数4.80万，较上期增加95870.00%；人均流通股968股，较上期增加 0.00%。2025年1月-9月，必贝特实现营业收入0.00元；归母净利润-1.07亿元。 责任编辑：小浪快报 今年以来必贝特已经1次登上龙虎榜，最近一次登上龙虎榜为11月5日，当日龙虎榜净买入4188.29万 元；买入总计1.11亿元 ...

Core Insights - The stock price of Anglikon increased by 2.07% on November 11, reaching 42.33 CNY per share, with a total market capitalization of 8.539 billion CNY [1] - Year-to-date, Anglikon’s stock has risen by 224.17%, with a recent 3.67% increase over the last five trading days [1] - For the first nine months of 2025, Anglikon reported a revenue of 1.055 billion CNY, a year-on-year decrease of 5.92%, while net profit attributable to shareholders increased by 55.59% to 77.6899 million CNY [2] Financial Performance - Anglikon has been listed on the stock market since October 23, 2018, and has a primary business focus on the research, production, and sales of chemical raw materials and formulations [1] - The revenue composition of Anglikon includes 43.46% from formulations, 39.82% from raw materials, 12.44% from specialty intermediates, 3.72% from others, and 0.56% from pharmaceutical excipients [1] - Cumulative cash dividends since the A-share listing amount to 341 million CNY, with 108 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, Anglikon had 28,500 shareholders, an increase of 54.58% from the previous period, with an average of 6,493 circulating shares per shareholder, a decrease of 35.31% [2] - Notable institutional shareholders include Guangfa Medical Healthcare Stock A, which increased its holdings by 95,050 shares, and new entrants such as Huatai-PineBridge Innovation Medical Mixed A [3]

Core Viewpoint - Hainan Haiyao's stock price has shown volatility, with a recent decline of 2.99% and a year-to-date increase of 28.60%, indicating mixed investor sentiment and market performance [1][2]. Company Performance - As of October 31, Hainan Haiyao reported a revenue of 640 million yuan for the first nine months of 2025, a year-on-year decrease of 20.51%, while the net profit attributable to shareholders was -24.2 million yuan, reflecting a growth of 17.91% compared to the previous year [2]. - The company has not distributed any dividends in the last three years, with a total payout of 466 million yuan since its A-share listing [3]. Stock Market Activity - The stock has experienced a 0.81% decline over the last five trading days and a 12.82% increase over the past 20 days, with a 2.84% decrease over the last 60 days [2]. - Hainan Haiyao has appeared on the stock market's "龙虎榜" three times this year, with the most recent appearance on June 3 [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.47% to 75,600, while the average number of circulating shares per person increased by 2.53% to 15,420 shares [2]. - The seventh largest circulating shareholder is Hong Kong Central Clearing Limited, holding 6.6464 million shares, a decrease of 1.1481 million shares from the previous period [3]. Business Overview - Hainan Haiyao, established on December 30, 1992, and listed on May 25, 1994, operates in the pharmaceutical sector, focusing on traditional and Western medicine, fine chemicals, chemical raw materials, health products, and related import-export trade [2]. - The company's revenue composition includes 29.93% from other products, 25.07% from gastrointestinal products, 18.60% from medical services, 13.27% from raw materials and intermediates, and 10.19% from cephalosporin series [2]. Industry Context - Hainan Haiyao is categorized under the pharmaceutical and biological industry, specifically in the chemical pharmaceutical and chemical preparation sectors, and is associated with concepts such as Hainan Free Trade Zone, private hospitals, low-priced stocks, small-cap stocks, and state-owned enterprise reforms [2].

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% from November 3 to November 7, 2025, underperforming compared to the Wind All A index (0.63%) and the CSI 300 index (0.82%) [2][7] - The rise in flu activity was noted, with the percentage of flu-like illness (ILI) cases reported at 4.7% in the week of October 27 to November 2, 2025, indicating an increase compared to previous weeks and years [2][10] - The final overall survival (OS) results from the HARMONi-A study of Ivosidenib combined with chemotherapy for EGFR-mutant non-small cell lung cancer showed a significant improvement in OS, with a median OS of 16.8 months versus 14.1 months for the control group [2][10] Weekly Market Review - The pharmaceutical and biotechnology sector's performance was down 2.4%, with notable declines in medical research outsourcing (-4.93%), chemical preparations (-4.42%), and other biological products (-4.33%) [7][8] - The leading gainers included Hezhi China (61.1%), Wanze Shares (30.3%), and Fuxiang Pharmaceutical (23.3%), while Changshan Pharmaceutical (-20%), Yifang Bio-U (-17.8%), and Guangshengtang (-15.3%) were the biggest losers [10] Industry News and Key Company Announcements - On November 7, 2025, the final OS analysis of the HARMONi-A study was presented, showing significant results for Ivosidenib in combination with chemotherapy [10][12] - According to data from the Chinese Center for Disease Control, flu-like illness percentages in southern provinces increased to 4.6%, while northern provinces reported 5.1%, both higher than the previous week [10][12] - BeiGene reported a total revenue of $1.412 billion for Q3 2025, a 41% year-on-year increase, driven by a 51% growth in global sales of its product [12][14] - Metsera announced a merger agreement with Pfizer, with an estimated total transaction value of approximately $9 billion [12][14]

Core Viewpoint - The news highlights the performance and business operations of Shenzhen Hepalink Pharmaceutical Group Co., Ltd., emphasizing its strong international revenue and the impact of RMB depreciation on its financials [2][3]. Company Overview - Shenzhen Hepalink Pharmaceutical Group Co., Ltd. was established in 1998 and is a leading multinational pharmaceutical company with A+H dual financing platforms [2]. - The company's main business includes the heparin industry chain, biopharmaceutical CDMO, and the investment, development, and commercialization of innovative drugs [2][7]. - As of September 30, 2025, the company reported a revenue of 4.194 billion yuan, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 29.04% to 554 million yuan [7]. Financial Performance - The company’s overseas revenue accounted for 93.04% of total revenue, benefiting from the depreciation of the RMB [3]. - The revenue composition includes 63.06% from formulations, 18.59% from CDMO, 16.05% from heparin sodium and low molecular weight heparin raw materials, and 2.30% from other sources [7]. - The company has distributed a total of 4.21 billion yuan in dividends since its A-share listing, with 514 million yuan distributed over the past three years [8]. Market Activity - On November 10, the stock price of Hepalink increased by 0.90%, with a trading volume of 45.0469 million yuan and a turnover rate of 0.29%, bringing the total market capitalization to 18.15 billion yuan [1]. - The stock has seen a net outflow of 1.201 million yuan from major funds today, indicating a lack of strong buying interest [4][5]. Technical Analysis - The average trading cost of the stock is 11.57 yuan, with the current price near a support level of 12.33 yuan, suggesting potential for a rebound if this level holds [6].

Core Viewpoint - The stock of Haishike has shown a significant increase of 64.01% year-to-date, despite a recent decline of 2.96% over the past five trading days, indicating volatility in its performance [1][2]. Financial Performance - For the period from January to September 2025, Haishike achieved a revenue of 3.3 billion yuan, representing a year-on-year growth of 19.95%. However, the net profit attributable to shareholders decreased by 22.66% to 295 million yuan [2]. - Cumulatively, Haishike has distributed 3.673 billion yuan in dividends since its A-share listing, with 687 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Haishike increased by 12.87% to 12,900, with an average of 37,342 circulating shares per shareholder, down by 11.40% [2]. - The top ten circulating shareholders include several institutional investors, with notable increases in holdings from entities such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited [3]. Stock Market Activity - On November 10, Haishike's stock price rose by 2.04% to 54.09 yuan per share, with a trading volume of 123 million yuan and a turnover rate of 0.48%. The total market capitalization reached 60.576 billion yuan [1]. - The net outflow of main funds was 237,700 yuan, while large orders showed a mixed trend with 9.09 million yuan in purchases and 10.61 million yuan in sales [1]. Business Overview - Haishike Pharmaceutical Group Co., Ltd. specializes in the research, development, production, and sales of chemical pharmaceuticals, with its main revenue sources being anesthetic products (39.81%), cooperative product-related income (23.59%), and other therapeutic areas [1]. - The company is categorized under the pharmaceutical and biological industry, specifically in chemical pharmaceuticals and formulations, and is involved in various concept sectors including Helicobacter pylori, hypertension treatment, and innovative drugs [1].

Core Insights - The stock price of Xinlitai has increased by 95.79% year-to-date, with a recent trading price of 59.58 CNY per share as of November 10 [1] - The company reported a revenue of 3.241 billion CNY for the first nine months of 2025, reflecting an 8% year-on-year growth, and a net profit of 581 million CNY, up 13.93% [2] - Xinlitai has distributed a total of 7.204 billion CNY in dividends since its A-share listing, with 1.649 billion CNY distributed over the past three years [3] Company Overview - Xinlitai Pharmaceutical Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 3, 1998, with its stock listed on September 10, 2009 [1] - The company's main business includes the research, production, and sales of pharmaceuticals and medical devices, with revenue composition as follows: 81.69% from formulations, 8.54% from devices, 7.17% from raw materials, and 2.59% from others [1] Shareholder and Market Activity - As of September 30, 2025, Xinlitai had 25,200 shareholders, an increase of 4.87% from the previous period, with an average of 44,249 circulating shares per shareholder, down 4.64% [2] - The top ten circulating shareholders include notable funds, with China Europe Medical Health Mixed A being the second-largest shareholder, increasing its holdings by 1.0162 million shares [3]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The report highlights a significant mismatch in supply and demand within the oral medication market for autoimmune diseases, indicating a potential shift driven by new molecular entities (NME) [6][15] - The overall market for psoriasis is valued at $27 billion, with oral medications currently holding only a 9% market share, suggesting substantial growth potential as demand shifts towards oral therapies [6][15] - The report emphasizes the long-term growth potential of innovative drugs in China, supported by a robust pipeline and increasing global competitiveness [8][20] Summary by Sections 1. Autoimmune Oral Medication Market - There is a large demand for oral medications in the autoimmune sector, with 75% of patients willing to switch from injectable therapies to oral options [6][15] - Current oral therapies are insufficient in efficacy and safety compared to biological agents, leading to a significant gap in market share [6][15] - New Tyk2 inhibitors and other NMEs are identified as having promising potential to meet this demand [6][15][16] 2. Industry Overview and Investment Recommendations - The A-share pharmaceutical sector saw a decline of 2.4% from November 3 to November 7, 2025, underperforming the CSI 300 index by 3.22 percentage points [7][17] - The report recommends focusing on innovative drug companies, CXO services, and companies with strong R&D capabilities as key investment opportunities [8][20][22] 3. Market Performance - The report notes that the pharmaceutical sector's overall valuation as of November 7, 2025, is 30.05, with a relative valuation premium of 122.72% over the CSI 300 index [40] - The report provides insights into the performance of various sub-sectors, highlighting the relative strength of the biopharmaceutical and medical device sectors [35][40] 4. Specific Sector Insights - **Innovative Drugs**: The report is optimistic about the long-term trends in innovative drugs, citing strong growth and global competitiveness [8][20] - **CXO Services**: The report indicates a recovery in the CXO sector, driven by increased demand and improved profitability [22][23] - **Medical Devices**: The report suggests that the medical device sector is showing signs of recovery, with opportunities arising from policy changes and procurement improvements [27][28] - **Traditional Chinese Medicine**: The report highlights the potential for growth driven by innovation and favorable policy changes [30][31]

Core Viewpoint - The stock of Jibeier has experienced a decline of 2.02% on November 10, with a current price of 31.01 CNY per share, despite a year-to-date increase of 41.73% [1] Financial Performance - For the period from January to September 2025, Jibeier achieved a revenue of 704 million CNY, representing a year-on-year growth of 9.52%, and a net profit attributable to shareholders of 197 million CNY, which is a 12.80% increase compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 476 million CNY, with 252 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Jibeier is 7,742, an increase of 28.97% from the previous period, while the average circulating shares per person decreased by 22.46% to 25,759 shares [2] - The top ten circulating shareholders include new entrants such as Caitong Advantage Industry Rotation Mixed A and GF Healthcare Stock A, holding 1.2392 million shares and 959,000 shares respectively [3] Stock Market Activity - On November 10, Jibeier's trading volume reached 40.387 million CNY, with a turnover rate of 0.65% and a total market capitalization of 6.184 billion CNY [1] - The stock has seen a decline of 9.17% over the last five trading days, 6.60% over the last twenty days, and 1.30% over the last sixty days [1] Business Overview - Jibeier, established on November 13, 2001, and listed on May 18, 2020, is primarily engaged in the research, production, and sales of pharmaceuticals [1] - The main revenue sources include Likujun tablets (72.72%), Niqurol tablets (14.20%), Yupingfeng capsules (4.88%), and other products [1]