Core Viewpoint - The company, WuXi AppTec, reported strong financial performance for the first three quarters of 2025, with significant growth in various business segments, particularly in the CRDMO (Contract Research, Development, and Manufacturing) model, and announced a strategic asset sale to focus on core operations [1][26][29]. Financial Performance - As of September 30, 2025, the company had a backlog of orders amounting to RMB 59.88 billion, representing a year-on-year increase of 41.2% [5]. - The total revenue for the first three quarters of 2025 reached RMB 32.45 billion, with a year-on-year growth of 18.6% [5]. - Revenue from continuous operations grew by 22.5%, with chemical business revenue at RMB 25.98 billion, up 29.3% year-on-year [5][6]. Business Segments - The small molecule drug discovery segment delivered over 430,000 new compounds in the past year, with 250 molecules transitioning from research to development in the first three quarters of 2025 [6]. - The small molecule development and manufacturing (D&M) segment reported revenue of RMB 14.24 billion, a 14.1% increase year-on-year, with a total of 3,430 molecules in the pipeline [6]. - The TIDES (oligonucleotide and peptide) business saw revenue of RMB 7.84 billion, a remarkable growth of 121.1% year-on-year, with a 17.1% increase in backlog orders [7]. Strategic Decisions - The company announced the sale of 100% equity in two subsidiaries for a base price of RMB 2.8 billion to streamline operations and focus on its CRDMO business model [26][29]. - The board of directors approved the asset sale on October 24, 2025, with a unanimous vote, indicating strong internal support for the strategic shift [22][30]. Market Position - WuXi AppTec maintains a strong reputation in the global pharmaceutical R&D industry, adhering to the highest international quality standards and continuously optimizing its integrated CRDMO service model [2][3]. - The company has established a robust client base across various regions, including the US, Europe, and China, with significant revenue contributions from these markets [5].

Core Insights - The article highlights the significant achievements of China in the field of new drug development, attributing these successes to the 2015 reform of the drug review and approval system, which has integrated China's clinical research into global multi-center studies [1] - The 2025 European Society for Medical Oncology (ESMO) conference showcased numerous Chinese experts and their research, indicating a growing international collaboration and interest in Chinese innovative pharmaceuticals [1] - The 2025 Sino-European Academic Forum on Thoracic Diseases emphasizes the importance of cross-cultural collaboration and the sharing of clinical practices and innovations between China and Europe [2] Group 1: Drug Development and Innovation - The 2015 drug policy reform has been pivotal in enhancing China's capabilities in clinical research and drug development, leading to significant advancements in treatment options for various diseases [1] - Chinese innovative pharmaceutical companies are increasingly engaging in international licensing collaborations, with high-quality data disclosure being a critical foundation for these partnerships [1] Group 2: Academic Forum Highlights - The 2025 Sino-European Academic Forum focuses on three main themes: local innovation and clinical practice, global advancements and technological breakthroughs, and cross-cultural collaboration in future medicine [2] - Prominent Chinese scholars presented on topics such as vascular disease treatment strategies and precision lung cancer therapy, showcasing China's achievements in clinical practice and research translation [2] Group 3: Clinical Practices and Technologies - The forum included discussions on the differences in lung cancer early screening practices between China and European countries, highlighting China's proactive approach in early diagnosis [5] - The use of surgical robots in thoracic surgery was emphasized as a means to enhance precision and reduce complications, with potential for remote medical applications and AI-driven surgical procedures in the future [6] - The integration of traditional Chinese medicine with modern oncology practices was explored, focusing on improving patient quality of life and addressing adverse reactions to targeted therapies [6]

Core Insights - The Wuxi High-tech Zone's Talent Training Institute has received widespread appreciation from renowned universities and key local enterprises, highlighting the effectiveness of its innovative model that combines government support, market leadership, and collaboration between schools and enterprises [1][5][10]. Group 1: Talent Development and Education - Since 2022, the Talent Training Institute has focused on the development needs of the Wuxi High-tech Zone's "6+2+X" modern industrial cluster, optimizing talent cultivation mechanisms and offering 21 training sessions that attracted over 19,000 students from 1,078 universities worldwide [5][7]. - The institute has successfully created a practical and efficient platform connecting the supply side of universities with the demand side of enterprises, ensuring that young talents can be attracted, retained, and effectively utilized [5][7]. Group 2: Industry Collaboration and Employment - The institute's collaboration with universities has been validated by thank-you letters from partner institutions, which emphasize that the institute effectively integrates classroom learning with the industrial chain [7]. - Through specialized recruitment events and unique talent attraction activities, students have achieved seamless transitions from training to employment, facilitating direct pathways from campus to the workplace [7][8]. Group 3: Enterprise Feedback and Talent Supply - Key local enterprises, including Dayun Technology and Longxin Technology Group, have expressed gratitude for the institute's efforts in preemptively attracting talent, which has alleviated their demand for skilled personnel [8][10]. - The systematic organization of the institute has provided enterprises with a pool of high-quality young talents, establishing a new "green channel" for talent acquisition [10]. Group 4: Future Directions and Goals - Looking ahead, the Talent Training Institute aims to deepen multi-dimensional cooperation with universities and enterprises, exploring more precise educational models to create a one-stop talent service ecosystem from training to employment integration [11]. - The Wuxi High-tech Zone is committed to enhancing its role in integrating industry and education, contributing to the establishment of a globally influential industrial technology innovation center [11].

记者丨周潇枭 编辑丨张星 10月20日至23日在北京召开党的二十届四中全会，会议审议《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》， 旨在对未来五年发展作出顶层设计和战略擘画，推动事关中国式现代化全局的战略任务取得重大突破。 2021年—2025年，"十四五"时期是我国全面建成小康社会、实现第一个百年奋斗目标之后，乘势而上开启全面建设社会主义现代化 国家新征程、向第二个百年奋斗目标进军的第一个五年。 回顾这五年，世界百年未有之大变局加速演进，全球进入新的动荡变革期，国内改革发展稳定任务艰巨繁重。面对复杂局面，"中国 号"巨轮顶住了惊涛骇浪冲击、经受住了重大风险考验，我国经济社会发展取得新的开创性进展、突破性变革、历史性成就，在全面 建设社会主义现代化国家的壮阔征程上迈出了坚实有力的一步。 "十四五"以来，我国经济总量连续跨越110万亿元、120万亿元、130万亿元，今年预计达到140万亿元左右，中国对世界经济增长的 年均贡献率保持在30%左右；全球创新指数排名跻身前十，中国成为10多年来创新力提升最快的经济体之一，中国空间站、国产大 飞机等大国重器频频亮相，人工智能、量子通信等前沿领域创新硕果累 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China is reviewing the suggestions for the 15th Five-Year Plan, aiming to achieve significant breakthroughs in strategic tasks related to Chinese-style modernization over the next five years [1] Economic Growth and Achievements - During the 14th Five-Year Plan, China's GDP has consistently crossed significant thresholds, reaching approximately 140 trillion yuan in 2023, contributing around 30% to global economic growth [2][3] - China's GDP is projected to reach about 135 trillion yuan in 2024, maintaining a 17.1% share of the global economy, with an average annual growth rate of 5.5%, significantly higher than the global average of 3.9% [3] - The total retail sales of consumer goods in China are expected to reach 48.3 trillion yuan in 2024, with a forecast to exceed 50 trillion yuan in 2025, solidifying its position as the world's second-largest consumer market [6] Domestic Demand and Consumption - Domestic demand has become a major driver of economic growth, contributing an average of 86.8% to economic growth from 2021 to 2024, with final consumption expenditure contributing 59.9% [3][5] - The government has implemented strategies to boost consumption, including tax deductions for childcare and education, and plans to issue long-term special bonds to fund major projects [5] Innovation and Technology - China's R&D expenditure is projected to exceed 3.6 trillion yuan in 2024, marking a 48% increase since 2020, with enterprises accounting for over 77% of this investment [9] - The country aims to transition from a "catch-up" approach to a "leading" position in technology innovation by 2035, focusing on building a self-controlled system for research and industrialization [13] Social Welfare and Employment - The government has prioritized employment, maintaining over 12 million new urban jobs annually during the 14th Five-Year Plan, with an average urban unemployment rate of 5.3% [15] - By 2024, the per capita disposable income of residents is expected to reach 41,000 yuan, reflecting a growth rate of 5.5% after adjusting for inflation [15] Education and Healthcare - Education spending has consistently remained above 4% of GDP, with significant improvements in enrollment rates across various education levels [16] - By the end of 2024, the number of medical institutions in China is expected to reach 1.09 million, with over 95% of residents able to access medical services within 15 minutes [17]

Group 1: Market Developments - Shenzhen aims to exceed a total market capitalization of 20 trillion yuan for listed companies by the end of 2027, an increase of 5 trillion yuan from previous targets [1] - The city plans to complete over 200 merger and acquisition projects with a total transaction value exceeding 100 billion yuan by 2027 [1] Group 2: Industry Performance - Shanghai's manufacturing output in the three leading industries grew by 8.5% year-on-year, with artificial intelligence manufacturing increasing by 12.8% [2] - The overall industrial output value in Shanghai increased by 5.7% year-on-year, with strategic emerging industries growing by 7.3% [2] Group 3: Company Announcements - UBI, a major shareholder of Shenyang Biological, plans to reduce its stake by up to 3% due to funding needs for clinical trials and commercialization of new drugs [8] - Sanwang Communication intends to repurchase shares worth between 20 million and 40 million yuan to support employee stock ownership plans [9] - Zhongjuxin reported a net profit increase of 152.24% year-on-year for the third quarter, with total revenue of 314 million yuan [10] Group 4: Financing Activities - Leju Robotics completed a Pre-IPO round of financing amounting to 1.5 billion yuan, with plans for an IPO underway [14] - Xunyu Technology announced over 100 million yuan in Pre-A round financing led by Sequoia China and Hillhouse Capital [15] - Haibo Pharmaceutical completed over 200 million yuan in B round financing, focusing on small molecule targeted drug development [18]

Group 1 - The new development concept proposed by Xi Jinping has led to historic achievements and transformations in China's economic development over the past decade [2][4] - China's GDP growth for the first three quarters of this year is 5.2%, with an expected economic total of around 140 trillion yuan by 2025 [1][2] - The new development concept emphasizes innovation, coordination, green development, openness, and sharing, which are essential for achieving higher quality and more sustainable growth [2][4] Group 2 - The automotive industry, particularly in the field of new energy vehicles (NEVs), has seen significant advancements, with China becoming the first country to produce over 10 million NEVs annually [3] - Companies like Lantu Automotive are leveraging cutting-edge technologies such as AI and IoT to enhance production efficiency, reduce costs, and improve product quality [3] - The NEV industry is transitioning from resource-driven to innovation-driven, focusing on high-end, intelligent, and green development [3][4] Group 3 - The integration of urban and rural development is being accelerated through initiatives like the "Million Project" in Zhejiang, which aims to address regional disparities and promote shared development [7][8] - The implementation of the "Hundred Thousand Project" in Guangdong has led to significant improvements in rural income and economic development [8][9] - The focus on people-centered development is evident in various initiatives that enhance the quality of life and economic opportunities for rural populations [9][10] Group 4 - The opening of the sixth-generation global trade center in Yiwu marks a shift towards digital trade, enhancing China's role in global commerce [12] - China continues to attract foreign investment, with significant contributions from multinational companies establishing research and production facilities in the country [12][13] - The establishment of free trade zones and the promotion of the Belt and Road Initiative reflect China's commitment to high-level openness and international cooperation [13][14]

Group 1 - The fourth extraordinary general meeting of shareholders originally scheduled for October 23, 2025, has been postponed to October 30, 2025 [2][3] - The postponement is due to the ongoing approval process by the state-owned enterprise involved in the transaction, ensuring the smooth execution of the deal and protecting shareholders' rights [2] - Other arrangements, including the equity registration date and agenda items for the meeting, remain unchanged [2][4] Group 2 - The postponed meeting will take place at 14:30 on October 30, 2025, with online voting available on the same day [3] - The network voting period will be from 9:15 to 15:00 on the day of the meeting, with specific time slots for trading system voting [3] - Shareholders or their agents are responsible for their own travel and accommodation expenses when attending the meeting [5]

Company Overview - Bid Pharma's stock increased by 5.2%, reaching 68.14 CNY per share, with a trading volume of 16.89 million CNY and a turnover rate of 0.59%, resulting in a total market capitalization of 6.193 billion CNY [1] - The company, established on April 27, 2007, and listed on October 11, 2022, focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from molecular building block aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1] Fund Holdings - According to data, one fund under Xinda Australia, the Xinao Small and Medium Cap Mixed A (610004), holds a significant position in Bid Pharma, with 227,200 shares, accounting for 6.11% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a floating profit of approximately 765,800 CNY today [2] - The Xinao Small and Medium Cap Mixed A fund was established on December 1, 2009, with a current size of 216 million CNY, yielding 22.89% year-to-date and ranking 3,418 out of 8,234 in its category [2] Fund Manager Performance - The fund manager, Zeng Guofu, has a tenure of 17 years and 87 days, with a total fund size of 481 million CNY, achieving a best return of 109.1% and a worst return of -57.43% during his tenure [3] - Co-manager Li Diandian has been in position for 1 year and 6 days, managing a fund size of 570 million CNY, with a best return of 35.83% and a worst return of 14.26% during his tenure [3]

Core Insights - The article highlights significant achievements in China's healthcare system during the 14th Five-Year Plan, emphasizing improvements in health service capacity, accessibility, and equity, leading to a notable enhancement in public health [1] Group 1: Medical Technology Advancements - The launch of NanoForge, the world's first AI nano drug delivery platform, marks a breakthrough in drug development, enhancing the efficiency of RNA and small molecule drug delivery [2] - China now accounts for over 20% of new drug research globally, ranking second in new drug development, with several innovative drugs approved, including the anti-tumor drug Zebutinib [2] - The development of domestic medical devices, such as photon-counting CT and orthopedic surgical robots, has improved treatment precision and patient outcomes [3] Group 2: Healthcare Service Quality Improvement - The "Xi He No. 1" AI model has been developed to provide remote medical advice, significantly reducing misdiagnosis rates and improving patient survival chances [4] - The healthcare system aims to decentralize medical services, ensuring that serious illnesses are treated within provinces, while general and routine care is accessible at the community level [4] - By 2024, the total number of healthcare institutions in China is expected to reach 1.09 million, with a workforce of 15.78 million healthcare professionals [6] Group 3: Medical Insurance Expansion - The introduction of the "medical insurance wallet" allows for the transfer of personal account funds across provinces, enhancing the convenience of medical payments for families [7] - A comprehensive medical insurance system has been established, with over 12.36 billion people using the medical insurance code, facilitating easier access to healthcare services [8] - The implementation of long-term care insurance has benefited 1.9 million people, addressing the needs of individuals requiring long-term care [8] Group 4: Cost Reduction and Service Enhancement - Various healthcare policies have collectively reduced the financial burden on low-income populations by over 650 billion yuan, while drug price governance has significantly lowered medication costs [9] - The establishment of a unified national medical insurance information platform has improved service efficiency, with direct settlement for cross-province medical services increasing dramatically [9] - The ongoing development of China's healthcare system is closely aligned with the public's health aspirations, promising more affordable and quality health services in the future [9]