Key Points - Jiangnan Water received a stake increase from Lianan Life Insurance, reaching 5.03% of total shares [3] - Yingboer plans to transfer 100% equity of Zhuhai Dingyuan for 239 million yuan to optimize asset structure [4] - Chengbang Co. warns that its stock price fluctuations are not aligned with its fundamentals, as it has seen five consecutive trading days of price increases [6] - Weimais intends to invest 190 million yuan into its subsidiary for a new electric drive assembly project [7] - Fosun Pharma's subsidiary received EU GMP certification for its production facilities, indicating compliance with EU standards [8] - Jingwei Huikai plans to acquire an additional 12.44% stake in Nosi Micro, increasing its control in the semiconductor sector [9] - ST Tongmai will remove its delisting risk warning starting July 4, while continuing other risk warnings [10] - ST Modern seeks to apply for the removal of other risk warnings but will maintain delisting risk warnings [11] - Luxshare Precision is planning to issue H-shares for listing on the Hong Kong Stock Exchange [12] - Hainan Highway intends to purchase a 51% stake in Hainan Jiaokong Petrochemical, which will become a subsidiary [13] - Jucheng Co. plans to transfer 1.25% of its shares through a price inquiry [14] Performance Highlights - Foton Motor reported a 150.96% year-on-year increase in new energy vehicle sales for the first half of the year [15] - Jiangling Motors achieved a total vehicle sales of 172,700 units in the first half, up 8.15% year-on-year [16] - Changan Automobile's sales reached 1.3553 million units in the first half, with new energy vehicle sales growing by 49.05% [17] - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of the year [18] - Jihong Co. anticipates a net profit increase of 55% to 65% for the first half of the year [19] - Nanjing Business Travel expects a net profit decrease of 67.4% to 78.27% for the first half of the year [20] - Madi Technology forecasts a net profit of 25 million to 27 million yuan, marking a turnaround from losses in the previous year [21] Major Contracts - Dash Intelligent signed a contract for an intelligent project worth 11.88 million yuan [22] - Jinyi Industrial won a bid for a 335 million yuan intercity railway materials procurement project [23] - Sichuan Road and Bridge signed a construction contract worth approximately 11.596 billion yuan [24] - Fulian Precision signed a cooperation framework agreement with Chuanfa Longmang for lithium battery material projects [26] Share Buybacks - Kweichow Moutai repurchased 72,000 shares in June, totaling 1.02 billion yuan [27] - Feiwo Technology plans to repurchase shares worth 25 million to 50 million yuan [28] - Nengte Technology intends to repurchase shares worth 300 million to 500 million yuan for capital reduction [29] - CATL has repurchased 6.641 million A-shares for a total of 1.551 billion yuan [30] Shareholding Changes - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [31] - Sanwei Xinan's shareholder intends to reduce its stake by up to 2% [33] - Data Port's shareholders plan to reduce their stakes by up to 2% [34] - Zhuzhou Design's controlling shareholders plan to reduce their stakes by up to 3% [35] - Tianji Co.'s controlling shareholders plan to reduce their stakes by up to 3% [36] - Anjisi's shareholders plan to reduce their stakes by up to 4% [37] Financing Activities - CITIC Securities received approval to issue up to 20 billion yuan in perpetual subordinated bonds [39]

【品大事】 江南水务：获利安人寿举牌 持股比例达5.03% 江南水务(601199)公告，公司当日收到利安人寿出具的《简式权益变动报告书》。截至目前，利安人寿 通过二级市场增持公司股份为4699.54万股，占公司总股本的5.03%。 英搏尔：拟2.39亿元转让珠海鼎元100%股权 英搏尔(300681)公告，为优化公司资产结构，公司将持有的珠海鼎元新能源汽车电气研究院有限公司 （简称"珠海鼎元"）100%股权，转让给珠海芯创精密制造有限公司，交易价2.39亿元。 五连板诚邦股份：公司股价波动偏离公司基本面 诚邦股份(603316)发布股票交易风险提示公告，公司股票自6月26日起连续5个交易日涨停。同期上证指 数下降0.03%。公司下属控股子公司芯存电子主要从事半导体存储器的研发设计、生产和销售，目前业 务规模较小，由于存储行业竞争较为激烈，近两年毛利率处于较低水平。公司股价波动偏离公司基本 面，公司提醒投资者注意二级市场交易风险。 7月2日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 威迈斯：拟向子公司增资1.9亿元 投建新能源汽车电驱总成产品项目 威迈斯(6886 ...

中信建投：发行不超200亿元永续次级公司债券获批 7月2日晚，中信建投（601066）发布公告称，公司收到中国证监会批复，同意公司向专业投资者公开发 行面值总额不超过200亿元永续次级公司债券注册申请。该批复自同意注册之日起24个月内有效，公司 在注册有效期内可以分期发行永续次级公司债券。 蓝思科技：获中信银行9亿元贷款承诺用于股票回购 7月2日晚，蓝思科技（300433）发布公告称，公司收到中信银行股份有限公司长沙分行出具的《贷款承 诺函》，将为其提供不超过9亿元的贷款，专项用于支持公司回购股票。 资料显示，蓝思科技成立于2006年12月，主营业务是智能终端全产业链一站式精密制造解决方案。 所属行业：电子–消费电子–消费电子零部件及组装 华仁药业：全资子公司布美他尼原料药获批上市 7月2日晚，华仁药业（300110）发布公告称，公司收到国家药品监督管理局核准签发的布美他尼原料药 《化学原料药上市申请批准通知书》。布美他尼适用于治疗严重心力衰竭、高血压急症及严重钠潴留 等，其利尿作用强，对肾功能影响小。 资料显示，华仁药业成立于1998年5月，是一家集研发、生产、销售为一体的,以肾科、呼吸科、精麻 科、治疗性 ...

智通财经7月2日电，复星医药(600196.SH)公告称，控股子公司上海复宏汉霖生物医药有限公司收到比 利时联邦药品和保健产品管理局颁发的《药品GMP证书》，认证产品为帕妥珠单抗注射液（HLX11） 和地舒单抗注射液（HLX14）。本次GMP认证所涉生产设施累计投入约为人民币23,582万元。帕妥珠单 抗注射液2024年全球销售额约为33.22亿美元，地舒单抗注射液2024年全球销售额约为74.62亿美元。本 次GMP认证不会对公司现阶段业绩产生重大影响，药品具体销售情况可能受到多种因素影响，具有较 大不确定性。 复星医药：控股子公司获欧盟药品GMP证书 ...

迈威生物 20250627 Q&A 迈威生物此次与齐鲁制药和 Calico 的 BD 合作，对公司整体战略和现金流有 何重要意义？ 此次与齐鲁制药和 Calico 的 BD 合作对迈威生物具有重要的战略意义。首先， 与齐鲁制药就长效升白药（05）达成合作，回流了 5 亿元现金，并可获得最高 两位数的销售提成，这笔资金将有力补充公司的现金流。其次，此举符合迈威 生物聚焦创新的战略转型，公司希望将资源更集中于全球新创新药的推进，包 括上市阶段以及寻求更多 BD 交易机会。对于长效升白药，尽管迈威生物在地 舒单抗（友松）的销售上表现出色，2023 年放量 1.39 亿元，同比增长 230% 以上，国产院内市占率排名第一，院外市场占有率也排名第一，但考虑到长效 升白药需要建立 500 甚至 1,000 人以上的强大销售团队，将该产品授权给在肿 瘤领域销售能力强大的齐鲁制药，是一个非常适合的策略。此外，与 Calico 就 白介 11（IU11）达成海外授权，获得了 2,500 万美元的预付款，这不仅补充 白介 11（IU11）未来可能拓展的适应症包括肿瘤和纤维化相关疾病， 在肿瘤领域有望提升免疫疗法疗效，在纤维化方面 ...

在创新药浪潮中，博安生物是其中一股不容忽视的力量。 2024年，凭借已成功上市3款产品，博安生物实现总营收7.3亿元，这一营收规模达到2021年的四倍以上，并首次迈入年度盈利的关键拐点，EBITDA转正为 1.8亿元，净利润转正为7319万元。 但盈利并非终点，博安生物还在不断挖潜多款创新生物药的临床价值，以及积极布局重点项目的战略合作。例如，近期在美国获批临床的BA1302（CD228 ADC），便具备BD潜质。 01 BA1302具备BD潜质 BA1302是靶向CD228的创新型ADC药物，也是国内首个、全球第2个进入临床阶段的CD228 ADC。 CD228蛋白是首次在黑色素瘤中发现的GPI锚定糖蛋白，在肿瘤细胞迁移和增殖中发挥作用，在非小细胞肺癌（NSCLC）、乳腺癌、黑色素瘤、间皮瘤、结 肠癌、胰腺癌等多种实体肿瘤中高表达，并在正常组织低表达。 BA1302的抗体部分为创新的全人源抗CD228单抗，源自博安生物专有的全人抗体转基因小鼠BA-huMab®，它只结合膜形式的CD228而不结合其可溶形式 sMFI2，这种良好的结合特异性降低了非特异性结合，确保了更高的疗效及安全性；化学部分采用创新的连接子 ...

复星医药 20250529 摘要 2024 年复星医药制药业务收入达 289.24 亿元，同比增长 54.83%， 分部业绩 33.04 亿元，同比增长 54.83%，分部利润 32.50 亿元，同比 增长 65.73%，制药板块研发投入 49.10 亿元，占收入的 16.98%，其 中研发费用 30 亿，占收入的 10%，是核心增长引擎。 2024 年医疗健康服务业务收入 76 亿，同比增长 14%；分部业绩 0 亿 同比增加 2 亿；分部利润亏损 3 亿同比减少亏损 1 亿。公司发力重点专 科建设、智慧医疗与一体化运营，提升运营效率和服务能力。 2024 年经营性现金流 44.77 亿元，同比增长 31.13%。归母净利润 27.7 亿元，同比增长 16.08%，扣非后归母净利润 23.14 亿元，同比 增长 15.1%。通过资产剥离带来现金回流近 30 亿元。 2025 年 Q1 营收 94.20 亿元，同比下降，研发费用 7.37 亿元。经营性 现金流 10.56 亿元，同比增长 15.08%。归母净利润 7.65 亿元，同比 增长 25.42%，扣非后归母净利润 4.10 亿元，同比减少。 公司持续 ...

Core Insights - The company is facing a dangerous expansion paradox with significant fixed asset investments of 1.894 billion yuan and ambitious capacity expansion plans, while experiencing a low capacity utilization rate of only 26.15% and actual drug sales revenue of 145 million yuan [1][2] Group 1: Sales Performance - The company's main products are underperforming, with a drastic decline in sales revenue. The projected sales for three key drugs were expected to reach between 1.435 billion to 1.762 billion yuan by 2025, but actual revenue for 2024 is only 145 million yuan, less than one-tenth of the optimistic forecast [2] - The drug Junmaikang (similar to Adalimumab) saw a 70% drop in shipment volume from approximately 166,900 units in 2023 to 48,800 units in 2024, facing intense competition and high costs [2] - The drug Mailishu (similar to Dexamethasone) also fell short of expectations, with actual sales of only 84,400 units and revenue of 42.09 million yuan in 2023, compared to a forecast of at least 300,000 units and 180 million yuan [2] - The drug Maiweijian (similar to Dexamethasone) was only approved by the end of March 2024, with shipments of just 12,530 units, limited by fewer approved indications and a lengthy market access process [2] Group 2: Capacity Expansion and Financial Strain - Despite poor sales performance, the company has aggressively expanded its production capacity, with fixed assets increasing by 165.49% to 1.653 billion yuan by the end of 2024, and total fixed assets and construction in progress reaching 1.894 billion yuan, accounting for 44.31% of total assets [3] - The actual capacity utilization rate is only 26.15%, with a production and sales rate of 81.08%. The company anticipates annual fixed asset depreciation costs of approximately 130 million yuan, nearly equal to its total drug sales revenue for 2024 [3] Group 3: Debt and Cash Flow Challenges - The company is under significant financial pressure, with short-term borrowings and long-term borrowings due within one year totaling 1.035 billion yuan by the end of 2024, leading to a debt-to-asset ratio of 63.61% and a negative operating cash flow of -956 million yuan [4] - The company is relying on two strategies to address its financial challenges: completing an H-share IPO for capital infusion and hoping for future revenue from unlisted pipelines to cover debts [4] Group 4: Leadership and IPO Uncertainty - The chairman and general manager of the company is under investigation for suspected insider trading, which has caused a significant drop in stock price and raised concerns about the impact on the H-share IPO process [5] - Although the company claims the investigation does not affect daily operations or the IPO plan, the Hong Kong Stock Exchange has strict scrutiny over management stability and integrity, which could delay the IPO process significantly [6] - The company submitted its prospectus for the Hong Kong IPO on January 6, and must complete the hearing or listing within six months, or the prospectus will become invalid, adding pressure to resolve the investigation quickly [6]

Core Viewpoint - The approval of the two biosimilar drugs, Deshu Single Antibody Injection, by the Macau Drug Regulatory Authority marks a significant milestone for the company, as it is the first major oncology drug from its collaborative products to gain market entry in the Hong Kong and Macau regions [1][2]. Group 1: Product Details - The two approved products are Deshu Single Antibody Injection in 60mg (brand name: Boyoubai) and 120mg (brand name: Boluoga), which are biosimilars of Prolia and Xgeva, respectively [1][2]. - Boyoubai is indicated for osteoporosis in postmenopausal women at high risk of fractures, while Boluoga is used for treating giant cell tumors of bone that cannot be surgically removed or where surgery may lead to severe functional impairment [2]. Group 2: Market Potential - The Chinese market for Deshu Single Antibody is projected to reach 3.741 billion yuan by 2025 and may exceed 10 billion yuan by 2030, driven by an aging population and increasing treatment rates [3]. - In Macau, the population aged 65 and above accounted for 13.66% in 2023, indicating a significant demand for treatments related to osteoporosis and cancer [3]. Group 3: International Strategy - The company has adopted a "global selection, global coverage" strategy, focusing on high-growth emerging markets and the EU, leveraging cost-effective high-end biosimilars [4]. - The establishment of local teams in various countries aims to enhance market responsiveness and competitiveness, facilitating the introduction of products into the European and American markets [4]. - The approval of Deshu Single Antibody in Macau, along with the existing product "Kuyang Capsule" in Hong Kong, enhances the company's market presence in the Guangdong-Hong Kong-Macau Greater Bay Area [4].

科创板的"明星"生物药企迈威生物（688062.SH）近日陷入双重风波：董事长兼总经理刘大涛因涉嫌短 线交易被证监会立案调查，叠加公司三年累计亏损超30亿元的业绩压力，其赴港IPO的"输血"计划能否 扭转困局，引发市场关注。 董事长突遭立案，短线交易疑云待解 5月9日晚间，迈威生物公告称，公司实控人、第三大股东刘大涛因涉嫌短线交易被证监会立案。尽管公 司强调调查"不涉及日常经营"，但市场反应剧烈，次日股价暴跌15.46%，总市值缩水至79.88亿元。资 料显示，刘大涛持股1510万股（占比3.78%），其交易细节尚未披露，但此次事件无疑为迈威生物本就 承压的资本市场形象再添阴霾。 三年亏超30亿：研发"豪赌"难掩盈利困局 作为一家全产业链布局的生物制药公司，迈威生物近年业绩堪称"烧钱黑洞"。财报显示，2022-2024年 公司净亏损分别达9.55亿、10.53亿、10.44亿元，累计亏损超30亿元。尽管2024年营收同比增长56.28% 至2亿元，但研发投入占比仍高达391.86%，核心产品君迈康®等上市时间短，销售难以覆盖成本。 更严峻的是，公司资产负债率从2022年的40.44%飙升至2024年的63.6 ...