香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiangsu Recbio Technology Co., Ltd. 江蘇瑞科生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2179） 自願性公告 本公司取得重組帶狀疱疹疫苗《藥品生產許可證》增項 本公告由江蘇瑞科生物技術股份有限公司（「本公司」，連同其附屬公司，統稱為 「本集團」）自願作出。本公司董事會（「董事會」）欣然宣佈，近日本公司已獲得江 蘇省藥品監督管理局頒發的《藥品生產許可證》增項批准，新增重組帶狀疱疹疫苗 （CHO細胞）及相關佐劑成份的生產範圍（「本次增項」）。本次增項標誌着本集團在 預防用生物製品領域的研發與生產能力實現進一步拓展，為後續藥品上市註冊奠 定堅實基礎。 1 • 企業名稱：江蘇瑞科生物技術股份有限公司 • 許可證編號：蘇20210057 • 發證機關：江蘇省藥品監督管理局 • 生效日期：2025年11月05日 • 有效期至：2026年11月1 ...

Group 1 - Duopule plans to reduce its shareholding by no more than 1%, amounting to a maximum of 619,000 shares [1] - Lideman intends to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, focusing on tuberculosis screening and diagnosis [2] - Huahuan Group is planning a change in control, leading to a temporary suspension of its stock [3] Group 2 - Dongbai Group clarifies it does not engage in duty-free business, maintaining normal operations [4][5] - Changsheng Bearing's actual controller plans to reduce holdings by up to 1.99%, equating to 5.94 million shares [6][7] - Jidian plans to invest 5.698 billion yuan in the Baicheng Phase II coal power project, a key initiative under the national "14th Five-Year Plan" [9][10] Group 3 - Baoneng New Energy reports completion of land-based works for the expansion of the Lufeng Qiaohai Bay Power Plant [11][12] - Changshu Bank proposes to appoint Lu Dingchang as the new president and chief compliance officer [13][14] - Kangqiang Electronics plans to reduce its shareholding by no more than 1%, totaling up to 3.7526 million shares [14] Group 4 - Jilin Chemical Fiber intends to reduce its holdings by up to 2%, equating to 49.1774 million shares [15][16] - CanSino's inhaled tuberculosis vaccine has commenced Phase I clinical trials in Indonesia [17][18] - ST Dongyi's stock has been suspended for review due to significant price fluctuations [19] Group 5 - ST Yatai plans to reduce its holdings by up to 1.98%, totaling 6.4 million shares [20] - Huaren Pharmaceutical intends to reduce its holdings by up to 3%, equating to 35.4663 million shares [21] - Jianglong Shipbuilding's controlling shareholder plans to reduce holdings by up to 2%, amounting to 7.5534 million shares [22] Group 6 - Borui Pharmaceutical's BGM1812 injection has received approval for clinical trials targeting overweight or obesity [23][24] - ST Zhongzhu announces the transfer of 10.38% of its shares, totaling approximately 403 million yuan [25][26] - Shenzhou Digital plans to establish an employee stock ownership plan with a maximum fundraising of 360 million yuan [27][28] Group 7 - Kaichuang Electric plans to establish a joint research center with Tsinghua University, focusing on embodied intelligence [29] - Daming City intends to acquire 19.43% of Baicaibang for 694 million yuan, specializing in communication solutions [29]

Core Viewpoint - The article highlights the significant increase in influenza cases and the potential investment opportunities in related products such as vaccines, diagnostic tests, and medications due to the rising demand driven by the flu season [4][5][6]. Group 1: Influenza Situation - The incidence of influenza-like illness (ILI) has risen, with southern provinces reporting an ILI percentage of 4.6% in week 44 of 2025, up from 4.1% the previous week and higher than the same period in 2022 and 2024 [4]. - Northern provinces reported an ILI percentage of 5.1%, also showing an increase from 3.7% the previous week and higher than the same period in previous years [4]. - The flu season in 2025 is expected to be more severe than in previous years, with a notable change in circulating strains, particularly A(H3N2), which may increase the risk of breaking through herd immunity [4]. Group 2: Investment Opportunities - **Influenza Vaccines**: The low penetration rate of flu vaccines in China presents a significant growth opportunity as demand is expected to rise with the flu season approaching [5]. - **Virus Testing**: The demand for rapid and accurate diagnostic tests for respiratory viruses is anticipated to grow, benefiting companies that offer such testing products [6]. - **Cold and Specialty Medications**: The demand for cold medications is expected to increase in Q4 2025, with potential sales exceeding market expectations due to the rising flu cases and the clearing of social inventory formed during the COVID-19 pandemic [6].

Group 1 - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. and its subsidiary Yihui Biotechnology (Shanghai) Co., Ltd. have successfully initiated Phase I clinical trials for two new influenza vaccines: "Influenza Virus Subunit Vaccine (Adjuvant)" and "Quadrivalent Influenza Virus Subunit Vaccine (Adjuvant)" in Hubei province [1] - The World Health Organization (WHO) reports that there are approximately 3 to 5 million severe cases of influenza globally each year, with an average of about 88,000 excess deaths due to respiratory diseases caused by influenza in China from 2010 to 2015 [3] - The overall vaccination rate for influenza in China remains low, with only 3.84% during the 2022-2023 flu season, indicating a significant challenge in establishing an effective immune barrier against influenza [3] Group 2 - The "Adjuvanted Influenza Virus Subunit Vaccine" is designed to meet the vaccination needs of different populations, particularly targeting individuals aged 65 and older, utilizing the company's established platform technology and new adjuvants [4] - The vaccine is administered via intramuscular injection in the deltoid muscle, with low-dose and high-dose groups receiving 0.25ml and 0.5ml per dose, respectively, over a total of one dose on day 0 [4] - Preclinical studies indicate that the adjuvanted influenza virus subunit vaccine significantly enhances antibody levels and neutralizing antibody titers, providing a superior option for the elderly population to combat influenza [4] Group 3 - Zhonghui Biotechnology is focused on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies, with a continuous increase in R&D investment [5] - The company has received clinical approval for several products, including recombinant zoster vaccine, adjuvanted influenza virus subunit vaccine, and lyophilized human rabies vaccine, with multiple innovative vaccine pipelines under development [6] - The company has established large-scale production capabilities, with a first-phase facility covering approximately 68 acres and equipped with international-level GMP production lines for influenza raw materials and formulations [6]

四價流感病毒亞單位疫苗（佐劑） 及三價流感病毒亞單位疫苗（佐劑） 的I期臨床試驗啟動 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：2627） 自願性公告 本公告由江蘇中慧元通生物科技股份有限公司（「本公司」或「中慧生物」，連同其 附屬公司，統稱「本集團」）自願刊發，以告知本公司股東及潛在投資者有關本集 團最新業務發展的資料。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團近期啟動本集團四價流感 病毒亞單位疫苗（佐劑）及三價流感病毒亞單位疫苗（佐劑）的I期臨床試驗。我們 已於2024年7月就在研四價流感病毒亞單位疫苗（佐劑）及於2024年10月就在研三 價流感病毒亞單位疫苗（佐劑）取得中華人民共和國國家藥品監督管理局的新藥臨 床試驗申請批准。 由於隨著年齡的增長，免疫功能自然下降，流感對老年人，尤其是6 ...

Summary of Conference Call Records Industry Overview - The pharmaceutical and healthcare sectors are currently experiencing a shift, with companies like沃伍生物, 方盛制药, and 佐力药业 showing strong stock performance and potential investment opportunities due to their solid revenue, profit, and cash flow [1][3] - The medical services industry is facing challenges due to DRG policies and a weak consumer environment, but improvements are expected by 2026 as supply-side constraints and potential mergers or new hospital openings may enhance performance metrics [1][4] Key Companies and Investment Opportunities - **Ophthalmology Sector**: Companies such as 爱尔, 华夏, and 普瑞 are recommended for investment, with expectations of performance release in refractive services by Q1 2026 and improvements in cataract screening next year [1][5] - **Dental Sector**: 通策医疗 is highlighted for its new hospital openings and expected revenue and profit growth in 2026, indicating a turning point for the company [1][6] - **Pharmaceutical Companies**: 流感-related companies like 国邦, 普洛药业, and 联邦制药 are experiencing high capacity utilization and are expected to see significant growth in Q4 and Q1 due to potential shortages and price increases [2][12] Market Trends and Predictions - The blood products industry is consolidating, with a focus on mergers and acquisitions, which may stabilize product prices and enhance demand in the context of flu outbreaks [8] - The vaccine industry is poised for growth with key players like 康华生物 and 康希诺 expected to release significant data and products in 2026, which could drive market interest [9][10] - The traditional Chinese medicine sector is forecasted to recover, with a focus on innovative drug companies and OTC brands that are well-positioned for growth [13] Retail Pharmacy Sector - The retail pharmacy sector is expected to benefit from consolidation as smaller chains face operational pressures, allowing leading companies like 益丰, 大森林, and 老百姓 to capitalize on improved consumer conditions and policy support [14] Conclusion - The overall sentiment in the pharmaceutical and healthcare sectors is cautiously optimistic, with several companies positioned for growth amid a backdrop of regulatory changes and market dynamics. Investors are encouraged to focus on companies with strong fundamentals and growth potential in the coming years [1][3][4][12][14]

Core Viewpoint - The global vaccine industry is undergoing a significant adjustment, with major players experiencing a collective decline in vaccine business due to various macro factors, including a growing public skepticism towards vaccines in the U.S. [2][3][7] Group 1: Financial Performance of Major Vaccine Companies - The latest Q3 financial reports from major vaccine companies, including Sanofi, Merck, Pfizer, and GSK, indicate a downturn in vaccine sales, with a projected 19% decline in total sales for the top ten vaccines in 2024 compared to 2023, amounting to $38.4 billion [4][6]. - Sanofi reported a 17% decline in sales of COVID-19 and flu vaccines, with traditional vaccine revenue dropping 8% to €3.36 billion, primarily due to a slowdown in flu vaccine sales [4]. - Merck's sales of its HPV vaccine Gardasil/GARDASIL 9 fell by 24% to $1.75 billion in Q3, with a staggering 40% drop in revenue for the first three quarters of the year [5]. - Pfizer's COVID-19 vaccine Comirnaty saw a 20% global sales decline, with a 25% drop in the U.S. market, alongside disappointing performances from its pneumonia and RSV vaccines [5][6]. Group 2: Macro Factors Impacting Vaccine Trust - The decline in vaccine trust in the U.S. is attributed to the actions of Robert F. Kennedy Jr., the new Secretary of Health and Human Services, who has promoted anti-vaccine sentiments and policies that undermine public confidence in vaccines [7][8]. - A recent survey indicated that 30% of Americans are skeptical about vaccines, with a significant drop in the belief that childhood vaccines are essential, from 58% in 2019 to 40% in 2024 [8]. - The CDC reported over 1,600 confirmed measles cases in 2025, a stark increase from 285 cases the previous year, highlighting the consequences of declining vaccination rates [9]. Group 3: Historical Context and Future Implications - The current situation in the U.S. vaccine market mirrors Japan's past vaccine industry decline, which was triggered by public trust issues and government policy changes that led to a significant drop in vaccination rates [10][11]. - The ongoing crisis in vaccine trust poses a risk not only to the industry but also to public health, as evidenced by the resurgence of preventable diseases like measles [9][10].

Investment Rating - The investment rating for the biopharmaceutical industry is "Outperform the Market" (maintained) [2] Core Insights - The biopharmaceutical industry in A-shares has shown marginal improvement in revenue and profit performance in Q3 2025, with a continued high prosperity in innovative drugs and the industry chain [6][7] - The innovative drug sector has demonstrated robust growth, with a revenue increase of 21.41% year-on-year in the first three quarters of 2025, while the CXO sector also showed significant growth [6][10] - There is a focus on undervalued turnaround targets in the medical device and pharmacy sectors, which have shown signs of stabilization and recovery [6][20] Summary by Sections Financial Summary - In the first three quarters of 2025, A-share pharmaceutical companies achieved a total revenue of 17,480.2 billion yuan, a year-on-year decrease of 1.22%, and a net profit of 1,355.8 billion yuan, down 1.00% year-on-year [6][7] - The innovative drug sector generated revenue of 485.6 billion yuan (+21.41%) and a net profit of -4.6 billion yuan, significantly reducing losses [6][10] - The CXO sector reported revenue of 698.7 billion yuan (+11.66%) and a net profit of 163.9 billion yuan (+56.78%) [6][15] Innovative Drug Sector - The innovative drug sector's revenue for Q3 2025 reached 191.7 billion yuan (+50.66%), with a net profit of 13.1 billion yuan (+155.49%) [10] - The growth in revenue is attributed to the rapid commercialization of innovative drug products and milestone payments from product licensing [10][11] CXO Sector - The CXO sector's revenue for Q3 2025 was 247.5 billion yuan (+10.03%), with a net profit of 51.1 billion yuan (+47.69%) [15] - The sector continues to show mid-to-high-speed growth, although there is some internal differentiation among companies [15] Medical Device Sector - The medical device sector reported revenue of 1,776.8 billion yuan (-2.26%) and a net profit of 265.9 billion yuan (-14.05%) in the first three quarters of 2025 [20] - The sector is expected to recover gradually, with recommendations to focus on leading companies benefiting from domestic demand and international expansion [20] Traditional Chinese Medicine Sector - The traditional Chinese medicine sector achieved revenue of 2,548.7 billion yuan (-3.58%) and a net profit of 302.6 billion yuan (-0.85%) in the first three quarters of 2025 [18] - The sector is stabilizing, with ongoing risks from national procurement policies [18] Life Sciences Upstream - The life sciences upstream sector reported revenue of 96.6 billion yuan (+7.96%) and a net profit of 8.6 billion yuan (+32.08%) in the first three quarters of 2025 [24] - The sector is expected to see improvements in demand as inventory depletion phases out and companies increase R&D investments [25]

Investment Rating - The report suggests a cautious investment outlook for the pharmaceutical and biotechnology sector, highlighting a slow recovery influenced by various factors such as price reductions from centralized procurement and healthcare cost control measures [2][12]. Core Insights - The overall performance of the pharmaceutical and biotechnology sector is under pressure, with a slight improvement in Q3 2025. The 452 listed companies in this sector reported total revenue of CNY 1.85 trillion, a year-on-year decrease of 1.9%, and a net profit of CNY 140.6 billion, down 4.8% year-on-year [2][12]. - The sector's overall gross margin stands at 30.87%, down 0.66 percentage points year-on-year, while the net margin is at 8.00%, down 0.28 percentage points year-on-year, indicating historically low profitability [2][29]. - There is significant performance differentiation among sub-sectors, with innovative drugs showing strong growth. The top five sub-sectors by revenue growth in Q3 2025 are innovative drugs (+23.34%), CXO (+12.36%), other biological products (+8.15%), upstream reagents (+6.11%), and pharmacies (+0.74%) [2][35]. Summary by Sections 1. Industry Overview - The pharmaceutical manufacturing industry achieved revenue of CNY 1.82 trillion in the first three quarters of 2025, a year-on-year decline of 2.00%, with total profits of CNY 253.48 billion, down 0.70% year-on-year [11][12]. - The industry's revenue and profit growth rates are significantly below the national industrial growth rate of 6.20%, indicating ongoing pressure [11][12]. 2. Sub-sector Performance - The innovative drug sector continues to perform well, with a revenue increase of 23.34% and a net profit growth of 94.98% in Q3 2025 [2][35]. - The CXO sector also shows strong performance, with a revenue increase of 12.36% and a net profit increase of 55.90% [2][93]. - Other sub-sectors such as upstream reagents and pharmacies also reported positive growth, while traditional sectors like raw materials and vaccines faced significant declines [2][35][137]. 3. Company Recommendations - The report recommends focusing on investment opportunities in innovative drug chains, medical devices, healthcare services, second-class vaccines, chain pharmacies, traditional Chinese medicine, and raw materials [2]. 4. Market Trends - As of November 6, 2025, the pharmaceutical and biotechnology sector has seen an 18.61% increase, underperforming compared to the CSI 300 index [36]. - The sector's valuation is at a historical median level, with a PE ratio of 30.13, indicating a potential for recovery as market conditions improve [41].

Group 1 - Huayang Intelligent's shareholder, Fosun Weiying, plans to reduce its stake by up to 285.42 million shares, representing no more than 5% of the company [1] - Kangtai Biological's controlling shareholder's concerted actor, Du Xinglian, intends to reduce its stake by up to 272.4 million shares, which is no more than 0.24% of the total share capital [2] - Mindray Medical has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [4] Group 2 - Junpu Intelligent's chairman, Liu Yuan, resigned for personal reasons, and Wang Jianfeng was elected as the new chairman [6] - Mingchen Health's actual controller and executives plan to collectively reduce their stake by up to 8.61 million shares, accounting for 3.27% of the total share capital [7] - Zhongheng Design's directors and executives plan to reduce their stake by up to 151.57 million shares, representing no more than 0.55% of the total share capital [9] Group 3 - ST Erya and its actual controller, Zheng Jiping, are still under investigation by the China Securities Regulatory Commission [10] - Qicai Chemical's shareholder, Beijing Fengyan, plans to reduce its stake by up to 399.12 million shares, accounting for 0.98% of the total share capital [11] - Aier Eye Hospital plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders, totaling approximately 744 million yuan [12] Group 4 - Meiri Interactive's actual controller's concerted actor plans to reduce its stake by up to 394.74 million shares, which is 1% of the total share capital [13] - Maipu Medical's pre-IPO shareholder plans to reduce its stake by up to 67.05 million shares, representing no more than 1% of the total share capital [15] - Qinchuan Machine Tool's subsidiary plans to increase its registered capital from 50 million yuan to 200 million yuan, introducing new investors [17] Group 5 - Guiyang Bank's proposed director, Yu Rui, has resigned due to work reasons [19] - Guiyang Bank plans to acquire Xifeng Development Village Bank and establish a branch [20] - Aojing Medical's directors and executives plan to collectively reduce their stake by up to 25.28 million shares, accounting for no more than 0.19% of the total share capital [21] Group 6 - Zhongji Xuchuang intends to issue H-shares and list on the Hong Kong Stock Exchange [22] - ST Huatuo's stock will have its risk warning lifted, changing its name to Shiji Huatuo [25] - *ST Gaohong's stock has been delisted from the Shenzhen Stock Exchange [27] Group 7 - Tianwo Technology plans to publicly transfer a 7.12% stake in Qinghai Haihe Railway Transportation Co., with an assessed value of approximately 8.54 million yuan [28] - Xingye Technology's major shareholder plans to reduce its stake by up to 886.65 million shares, representing no more than 3% of the total share capital [29] - Jiangnan Chemical has successfully acquired 100% equity of Chongqing Shun'an Explosive Materials Co., with a transfer base price of 1 billion yuan [31]