Group 1 - The core point of the article is that Kangtai Biological (300601) has received a notice of acceptance from the National Medical Products Administration for its application for the marketing authorization of a trivalent influenza virus split vaccine [1] - The trivalent influenza virus split vaccine is part of a broader range of influenza vaccines developed by the company, which includes a quadrivalent influenza virus split vaccine that has already been applied for production registration and a quadrivalent influenza virus split vaccine that has been approved for clinical use for the 6-35 month age group [1] - The vaccine series covers all age groups, indicating the company's comprehensive approach to influenza vaccination [1]

净卖出中兴通讯3.53亿、小米集团-W 3.15亿。 据统计，南下资金已连续24日净买入阿里巴巴，共计647.5389亿港元；连续4日净买入中芯国际，共计 16.015亿港元。(格隆汇) 格隆汇9月24日｜南下资金今日净买入港股137.05亿港元。其中： 净买入阿里巴巴-W 53.39亿、腾讯控股26.51亿、山高控股8.8亿、中芯国际6.87亿、华虹半导体2.05亿、 信达生物1.3亿； ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying from Northbound funds, totaling 137.05 billion HKD, with notable net inflows into major stocks like Alibaba and Tencent [1][2]. Group 1: Northbound Fund Activity - Northbound funds recorded a net buying of 137.05 billion HKD on September 24, with 52.25 billion HKD from the Shanghai Stock Connect and 84.8 billion HKD from the Shenzhen Stock Connect [1]. - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and Shankai Holdings (00412) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of 25.68 billion HKD, with total trading volume of 160.93 billion HKD, comprising 93.30 billion HKD in buying and 67.63 billion HKD in selling [2]. - Tencent (00700) had a net inflow of 12.57 billion HKD, with total trading volume of 36.53 billion HKD, consisting of 24.55 billion HKD in buying and 11.98 billion HKD in selling [2]. - Shankai Holdings (00412) experienced a net inflow of 6.32 billion HKD, with total trading volume of 47.93 billion HKD, including 27.13 billion HKD in buying and 20.80 billion HKD in selling [2]. Group 3: Sector Trends - The semiconductor sector saw increased interest, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net inflows of 6.87 billion HKD and 2.05 billion HKD, respectively [6]. - The AI infrastructure investment by Alibaba, amounting to 380 billion HKD over three years, is expected to boost demand for domestic semiconductor manufacturers [6]. - The biotechnology sector also showed activity, with Innovent Biologics (01801) receiving a net inflow of 1.3 billion HKD following the approval of a new indication for its drug [7].

Group 1 - The company, Haohai Biological Technology (06826), announced a share buyback on September 24, 2025, spending HKD 1.4123 million to repurchase 51,900 shares [1] - The buyback price ranged from HKD 26.92 to HKD 27.32 per share [1]

Investment Rating - The report assigns a mid-to-low level investment rating to He Yuan Bio, with an AHP score of 2.59, placing it in the 42.6% percentile of the AHP model [7]. Core Insights - He Yuan Bio is a pioneer in the "rice blood production" industry, having launched the first recombinant human albumin product in China, which was approved in July 2025. This product addresses the market for liver cirrhosis with low albumin levels, which constitutes about 30% of the human serum albumin market [9][14]. - The company has developed two major technology platforms: the OryzHiExp for efficient recombinant protein expression and the OryzPur for protein purification, achieving high purity levels and cost reductions [17]. - He Yuan Bio has a robust pipeline with eight products in development or on the market, targeting various clinical needs across different age groups, thus reducing dependency on any single area [9][14]. Summary by Sections AHP Score and Expected Allocation Ratio - He Yuan Bio's AHP score is calculated to be 2.59, indicating a mid-to-low ranking within the AHP model [7]. - The offline issuance adopts a lock-up mechanism with varying lock-up ratios and periods for different classes of investors [7]. Company Highlights and Features - He Yuan Bio is recognized as the first company to utilize rice endosperm cell bioreactors for large-scale production of pharmaceutical proteins, with a focus on recombinant human albumin [9]. - The company has established a comprehensive sales network across over 30 provinces in China and is preparing for negotiations to enter the national medical insurance directory [21]. - The company has cultivated over 9,000 acres of medicinal rice to ensure a stable supply of raw materials for production [18]. Financial Comparison with Peers - He Yuan Bio has only one product on the market compared to an average of four for comparable companies, indicating a relatively slower development pipeline [25]. - The company's revenue and net profit figures are lower than those of comparable companies, primarily due to the lack of market-ready products [27]. - R&D expenses have shown a compound annual growth rate of 2.8%, slightly above the average of comparable firms [33]. Fundraising Projects and Development Vision - The company plans to use the funds raised from its IPO for the construction of a recombinant human albumin industrialization base, new drug development projects, and to supplement working capital [43]. - The industrialization base project aims to enhance production capacity and meet the growing market demand for human serum albumin [19].

Core Viewpoint - Oulin Bio is planning to issue overseas shares (H-shares) and apply for listing on the Hong Kong Stock Exchange to enhance its international presence and optimize its capital structure, following the termination of its previous fundraising plan [1][2][3]. Group 1: H-Share Listing Plans - Oulin Bio is currently in discussions with relevant intermediaries regarding the H-share listing, with specific details yet to be determined [1][2]. - The H-share listing will require approval from the company's board, shareholders, and various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2]. Group 2: Termination of Previous Fundraising - The company recently terminated a year-long plan for a private placement that aimed to raise 1.25 billion yuan for the renovation of its vaccine R&D production base [3]. - The initial private placement plan was announced in June of the previous year, with a target of 1.75 billion yuan, but was later reduced due to market conditions [3]. Group 3: Financial Performance - In the first half of the year, Oulin Bio achieved a revenue of 306 million yuan, a year-on-year increase of 35.17%, and a net profit of 13.2 million yuan, marking a return to profitability [4]. - The company's core product, the Tetanus Toxoid Vaccine, has shown significant revenue growth, contributing to 90.99% of total revenue in the first half of the year [4]. Group 4: R&D and Future Projects - Oulin Bio is focusing on balancing R&D investment with operational cash flow, with a total R&D expenditure of 65.25 million yuan in the first half of the year, accounting for 21.33% of revenue [5]. - The company is advancing its pipeline projects, including the recombinant Staphylococcus aureus vaccine, which is expected to complete its Phase III clinical trials by mid-2026 [4][5].

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kerry (Shanghai) Biotechnology Co., Ltd., has had its drug registration application for Brexucabtagene Autoleucel injection accepted by the National Medical Products Administration, targeting adult patients with relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) [1] Group 1 - The drug application is specifically for treating adult patients with relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) [1] - Another indication for the product, aimed at adult patients with relapsed or refractory mantle cell lymphoma (r/r MCL) who have previously undergone second-line or higher treatment, is currently in the bridging clinical trial phase within mainland China (excluding Hong Kong, Macau, and Taiwan) [1]

9月24日，特宝生物大宗交易成交24.57万股，成交额1999.75万元，占当日总成交额的8.24%，成交价 81.39元，较市场收盘价81.39元持平。 | A 200 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | 025-09-24 | 特宝生物 | 688278 | 81.39 1999.75 24.57 | 国泰海湾区委股份 | 全部屋名對貿易 | Ka | ...

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kairui, has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, aimed at treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) in adult patients [1] Group 1 - The product FKC889 is a targeted CD19 CAR-T cell therapy developed and localized in China based on the Tecartus technology licensed from Kite Pharma, a subsidiary of Gilead Sciences [1] - Tecartus was approved for market launch in the United States and Europe in July and December 2020, respectively [1]

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kairui, has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, aimed at treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia in adult patients [1] Group 1 - The product FKC889 is a targeted CD19 CAR-T cell therapy developed and localized in China based on the technology transferred from Kite Pharma, a subsidiary of Gilead Sciences [1] - Tecartus, the original product, was approved for market in the US and Europe in July and December 2020 respectively [1]