Core Viewpoint - On October 15, 2023, Olin Bio conducted two block trades totaling 1,092,200 shares, amounting to 20.93 million yuan, with a transaction price of 19.16 yuan, reflecting a discount of 23.24% compared to the closing price of the day [1] Trading Activity - The total trading volume for the two block trades was 1,092,200 shares, with a total transaction value of 20.93 million yuan [1] - The transaction price of 19.16 yuan represented a discount of 23.24% relative to the closing price of 24.96 yuan on the same day [1] - In the last three months, Olin Bio has recorded 17 block trades with a cumulative transaction value of 93.56 million yuan [1] Market Performance - Olin Bio's stock closed at 24.96 yuan, showing an increase of 4.22% on the day, with a turnover rate of 1.62% and a total trading volume of 163 million yuan [1] - Over the past five days, the stock has declined by 8.24%, with a net outflow of funds totaling 8.73 million yuan [1] Financing Data - The latest margin financing balance for Olin Bio is 318 million yuan, which has increased by 5.37 million yuan over the past five days, representing a growth rate of 1.72% [1] Company Background - Chengdu Olin Bio Technology Co., Ltd. was established on December 11, 2009, with a registered capital of 4,059.336 million yuan [1]

Core Points - The 14th China International Patent Technology and Product Trade Fair and the 25th China Patent Award Ceremony were held in Dalian, Liaoning [1] - The patent technology "Shortened Human Papillomavirus Type 16 L1 Protein" developed by Xiamen Wantai Biological Pharmacy and Xiamen University won the China Patent Gold Award [1] Technology Features - The technology utilizes E. coli as an expression vector, creating a domestic production route for HPV vaccine antigens, differing from international methods [3] - The domestically developed bivalent HPV vaccine "Xinkening" shows comparable immune effects to imported vaccines in multiple studies [3] - Compared to the eukaryotic expression systems commonly used abroad, this technology simplifies the process, increases yield, and reduces costs [3] Application and Market Entry - The first domestic bivalent HPV vaccine using this patented technology was launched in 2019, covering over 360 cities nationwide and included in free vaccination programs in 15 provincial governments [3] - In 2021, the vaccine received prequalification from the World Health Organization and gained market access in 21 countries, including Thailand, Morocco, and Indonesia [3] - The first domestic nine-valent HPV vaccine is set to launch in September 2025, with research published in The Lancet Infectious Diseases indicating comparable protective efficacy to imported counterparts [3] - The vaccine is priced at 499 yuan per dose and is currently being administered in several provinces, targeting women aged 9 to 45 [3]

智通财经APP获悉，全球生物技术并购回暖迹象正在加速。伦敦上市、由施罗德集团管理的国际生物技术信托(IBT)因屡次押中收购标的而受到关注——数 据显示，该基金截至9月底的过去一年净资产价值回报率为27%，击败92%的同类基金;截至9月底净资产约2.85亿英镑(3.81亿美元)，投资组合覆盖约90只股 票，其中罕见病领域占比接近三分之一。 与此同时，Needham统计，2018年以来155宗上市生物科技公司收购中，70%以上标的拥有后期在研资产，44%已有商业化产品。IBT持仓的肝病药企 Madrigal Pharmaceuticals(MDGL.US)、罕见病公司Avidity Biosciences(RNA.US)及Insmed(INSM.US)均被视为潜在标的;其中Insmed今年股价已翻倍，因其药物 Brinsupri获FDA批准用于罕见肺病治疗。 图2 据了解，上周诺和诺德(NVO.US)宣布收购肝病药物公司Akero Therapeutics(AKRO.US)，后者为IBT前十大持仓之一，成为该基金2020年以来第33宗、2025年 第八宗被收购的持仓。年内已被收购的还包括Intra-Cellula ...

Core Viewpoint - Zhonghui Biotech-B (02627) has submitted an application to the China Securities Regulatory Commission for the conversion of 81.662 million unlisted shares into H-shares and their listing on the Hong Kong Stock Exchange, scheduled for October 15, 2025 [1] Group 1 - The company plans to convert 81.662 million unlisted shares into H-shares [1] - The application for the conversion and listing has been submitted to the China Securities Regulatory Commission [1] - The expected date for the listing on the Hong Kong Stock Exchange is October 15, 2025 [1]

Group 1 - The company Zhonghui Biotech-B (02627.HK) announced that it has submitted an application to the China Securities Regulatory Commission for the conversion of 81,661,895 unlisted shares into H-shares [1] - The conversion aims for the listing of these shares on the Hong Kong Stock Exchange, facilitating full circulation of H-shares [1] - The expected date for this conversion and listing is October 15, 2025 [1]

Group 1 - The company Dongbao Biological announced that its 13th meeting of the 9th board of directors will be held on October 15, 2025, at its headquarters in Baotou [1] - The meeting will review the proposal regarding not adjusting the conversion price of "Dongbao Convertible Bonds" [1]

HKE Xuanzhu Biopharmaceutical Co., Ltd. 軒竹生物科技股份有限公司 軒竹生物 WALL 12 8 来源：市场资讯 （来源：香港交易所脈搏/HKEx Pulse） ...

Core Viewpoint - Changchun High-tech has submitted an application for overseas listing (H shares) on the Hong Kong Stock Exchange, following a significant decline in its stock price, which has dropped over 70% since 2021 due to price reductions in its core product, growth hormone, resulting in a projected decline in revenue and net profit for 2024 and the first half of 2025 [2][10]. Financial Performance - In 2024, Changchun High-tech's revenue is expected to be 13.466 billion yuan, a year-on-year decrease of 7.55%, while net profit is projected at 2.583 billion yuan, down 43.01% [4]. - For the first half of 2025, the company anticipates revenue of 6.603 billion yuan, a slight decline of 0.54%, and a net profit of 983 million yuan, down 42.85% [4]. - The gross profit margin from drug sales has decreased from 91.6% in 2022 to 88.6% in the first half of 2025 [6]. Core Business Impact - The main revenue and profit contributions come from the growth hormone business of Jinsai Pharmaceutical, which saw a revenue of 10.671 billion yuan in 2024, down 3.73%, and a net profit of 2.678 billion yuan, down 40.67% [10]. - In the first half of 2025, Jinsai Pharmaceutical's revenue was 5.469 billion yuan, a year-on-year increase of 6.17%, but net profit decreased by 37.35% to 1.108 billion yuan [10]. - The vaccine business of Baike Biotechnology also faced challenges, with revenue dropping to 1.229 billion yuan in 2024, down 32.64%, and a net profit of 232 million yuan, down 53.67% [11]. Market Challenges - The growth hormone product has been included in centralized procurement in several provinces since 2022, leading to significant price reductions and increased competition from similar products [10]. - The company's international revenue remains low, with only 130 million yuan in 2024, accounting for 0.97% of total revenue, and 1.13% in the first half of 2025 [12].

新京报贝壳财经讯（记者陈维城）10月15日，毕马威正式发布《第三届生物科创领航50企业报告》显 示，中国不断叠加的政策红利推动国内创新药步入黄金发展期，而人工智能对研发范式与效率的重塑， 也在驱动CDMO（医药领域合同研发生产组织）从"成本竞争"向"价值创造"战略转型。诸多因素交织， 使得外资医药企业加速重构对华投资，而中国企业也正探索从"中国制造"到"全球创新"多元化出海模 式。 在国内的政策支持和全球医药产业链重构等多种因素推动下，中国生物创新药的全球化已从"可选项"升 级为"必选项"。《报告》显示，创新药企的出海地域也在不断拓展。除了成熟的欧美市场，新兴的"一 带一路"国家正在成为新的重要市场。这种地域多元化战略不仅降低了企业对单一市场的依赖，更与中 国推动"健康丝绸之路"的建设相契合。 当前，全球产业链供应链加速调整，中国生物科创行业延续其强劲的逆周期韧性，成为全球创新版图中 日益重要的一极。毕马威中国生命科学行业审计主管合伙人黎志贤表示，中国企业聚焦细胞治疗及基因 治疗、体外诊断、AI制药等新兴赛道，正以其颠覆性的创新力量，引领生物创新领域在核心技术攻 关、产业链协同创新上的突破。从"创新链"到"产 ...

Core Viewpoint - Changchun High-tech has submitted an application for overseas listing (H shares) on the Hong Kong Stock Exchange, following a significant decline in its stock price, which has dropped over 70% since 2021 [2][3]. Financial Performance - In 2024, Changchun High-tech's revenue and net profit are expected to decline for the first time in nearly 20 years, with projected revenue of 13.466 billion yuan, a decrease of 7.55%, and net profit of 2.583 billion yuan, down 43.01% [6][7]. - For the first half of 2025, the company is projected to report revenue of 6.603 billion yuan, a slight decrease of 0.54%, and a net profit of 983 million yuan, down 42.85% [8]. - The gross margin for drug sales has decreased from 91.6% in 2022 to 88.6% in the first half of 2025 [10]. Core Business Impact - The main revenue and profit contributions come from two subsidiaries: Jinsai Pharmaceutical and Baike Biological, both of which have experienced declining gross margins from 93.5% to 90.9% and from 87.2% to 78.4%, respectively, from 2022 to the first half of 2025 [12][13]. - Jinsai Pharmaceutical's revenue is projected to be 10.671 billion yuan in 2024, down 3.73%, with a net profit of 2.678 billion yuan, a decrease of 40.67% [16]. - Baike Biological is expected to report revenue of 1.229 billion yuan in 2024, down 32.64%, and a net profit of 232 million yuan, down 53.67% [17]. Market Challenges - The decline in revenue and profit is attributed to the inclusion of growth hormone products in centralized procurement programs across various provinces, leading to significant price reductions [16]. - The company faces increased competition as similar products from other companies have entered the market, disrupting its previous monopoly [16]. - The international expansion of Changchun High-tech remains in its early stages, with overseas revenue accounting for only 0.97% in 2024 and 1.13% in the first half of 2025 [17].