国泰海通晨报 2025 年 08 月 26 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【计算机研究】金山办公：公司 2025 年上半年经营业绩稳健，加大研发投入并推出 WPS AI 3.0 版本，实现 AI 月活大幅增长，持续夯实 AI 办公时代的竞争优势。 2、【生物医药研究】泽璟制药-U：公司产品放量加速，研发成果密集兑现，核心管线布局收获期， 早研管线稳步挺进，有望进一步提升竞争力，维持"增持"评级。 3、【建筑工程研究】建筑工程业：国办转发关于规范 PPP 存量项目建设和运营的指导意见，对于 存量项目分类分级推进，对于已运营项目要依法履约按效付费，强化政策和资金支持。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 杨林(分析师) 021-23183969 yanglin2@gtht.com S0880525040027 杨蒙(分析师) 021-23185700 yangmeng@gtht ...

商业化持续拓展，早研产品释放积极数据 泽璟制药-U(688266) 泽璟制药 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 廖博闻(研究助理) | 021-23187268 | liaobowen@gtht.com | S0880125042239 | 本报告导读： 公司产品放量加速，研发成果密集兑现，核心管线布局收获期，早研管线稳步挺进， 有望进一步提升竞争力，维持"增持"评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 386 | 533 ...

Summary of Zai Jian Pharmaceutical Conference Call Company Overview - Zai Jian Pharmaceutical focuses on dual-antibody platforms and mature products, with innovative potential in dual-antibody drugs like ZG005 and ZG006, and stable income from mature products such as Donafenib and recombinant human thrombin [2][3] Key Points and Arguments Dual-Antibody Platform - ZG006 shows potential in treating small cell lung cancer (SCLC) with an objective response rate (ORR) close to 60% in third-line and above treatments, outperforming Taletmap's 40% [2][5][9] - ZG005, a PD-1-TIGIT dual-antibody, aims to overcome the limitations of TIGIT monoclonal antibodies and has attracted interest from overseas pharmaceutical companies, indicating potential for international development [2][7] Clinical Progress and Market Potential - Zai Jian Pharmaceutical is a leader in dual-antibody drug development, with significant advancements in cervical cancer treatment, showing progression-free survival (PFS) exceeding 11 months, which is significantly better than competitors [2][9] - The dual-antibody platform has internationalization potential, especially after breakthroughs in lung cancer, which may attract collaborations with foreign pharmaceutical companies [2][10] Product Pipeline Characteristics - The product pipeline includes mature products like Donafenib (for liver cancer), recombinant human thrombin (for hemostasis), and Jikaxitini (for myelofibrosis and autoimmune diseases), providing diversified growth drivers [3][4] Future Development Plans - Zai Jian Pharmaceutical plans to complete a business development (BD) transaction for ZG006 by the end of the year, with expectations to achieve this in the first quarter of the following year [11][16] - Preliminary data for liver cancer and pneumonia treatments are expected to be released by the end of this year or early next year, further validating the internationalization capabilities of their products [11][16] Additional Important Insights - The entry of recombinant human thrombin into medical insurance is expected to enhance revenue growth, while Donafenib is projected to achieve over 10% year-on-year growth [12] - Jikaxitini shows promise in treating autoimmune diseases and may gradually replace other treatments like Ruxolitinib [12][13] - Zai Jian Pharmaceutical is focusing on new fields such as liver cancer, bleeding disorders, and immune inflammation, with a strong emphasis on their innovative dual-antibody platform [14] Recent Data and Significance - Recent data from ZG006 in SCLC treatment indicates a median PFS that could significantly outperform Taletmap, which is crucial for market competitiveness [15] - The ORR for ZG005 in first-line liver cancer treatment is also a key focus, as liver cancer progresses rapidly, making ORR a direct indicator of efficacy [15] This summary encapsulates the critical aspects of Zai Jian Pharmaceutical's conference call, highlighting its strategic focus, product pipeline, clinical advancements, and future growth plans.

Summary of Zai Lab's Conference Call Company Overview - Zai Lab is a biopharmaceutical company focused on developing innovative therapies for cancer and autoimmune diseases, with a strong emphasis on clinical research and product pipeline development [2][11]. Key Products and Clinical Data - **ZG006**: - Demonstrated excellent clinical data, particularly in low to medium expression patients, with overall response rates (ORR) of 79% in both 10 mg and 30 mg dosage groups, significantly outperforming existing treatment options [2][3]. - The progression-free survival (PFS) and overall survival (OS) data support the efficacy of TCE class molecules [2][3]. - Accumulated more clinical data, leading to higher expected licensing fees, comparable to the upfront payments for ADC drugs like Darzalex, which typically range in the tens of millions of dollars [2][3][6]. - **ZG005**: - Showed superior ORR and disease control rate (DCR) in cervical cancer compared to AK104, with upcoming data expected for liver cancer and new indications for non-small cell lung cancer (NSCLC) [2][4]. - The combination of immune drugs with Jack inhibitors in NSCLC has shown improved efficacy, with ORR increasing from 44.8% to 62% and PFS extending from 10.3 months to 23.4 months in the KAYO024 trial [5][8]. Market Potential and Strategic Insights - The market potential for Zai Lab's products is bolstered by the accumulation of clinical data, which reduces development risks and increases licensing fees [2][6]. - The company has entered a breakeven stage, with a solid revenue-generating product lineup including Donafenib, Phosphoromycin, and Gikaxtin, alongside innovative products like ZG006 and ZG005 [3][11]. - Zai Lab is actively pursuing combination therapies and has a robust pipeline with both domestic small molecule platforms and overseas antibody platforms, enhancing its long-term growth prospects [11]. Future Expectations - Anticipated data releases from ongoing clinical trials are expected between 2025 and 2026, particularly for ZG005 and ZG006, which are positioned to capture significant market share in their respective indications [8][10]. - The company is expected to provide more data on the efficacy of Jack inhibitors combined with PD-1 therapies, which could further validate their treatment approaches in NSCLC [5][8]. Conclusion - Zai Lab's innovative product pipeline, strong clinical data, and strategic focus on combination therapies position it well for future growth and market success, making it an attractive investment opportunity in the biopharmaceutical sector [11].

Summary of Zai Jian Pharmaceutical Conference Call Company Overview - Zai Jian Pharmaceutical has launched three products: Donafenib, Recombinant Human Thrombin, and Jikaxitinib, with a fourth product (Recombinant Human Thyroid-Stimulating Hormone) expected to be approved by the end of the year. These products and commercial collaborations will provide stable cash flow [2][3][4]. Core Pipeline and Product Development - The core pipeline includes molecules 006 and 005. Molecule 006 shows efficacy and safety in small cell lung cancer and neuroendocrine tumors, while molecule 005 shows preliminary efficacy in cervical cancer and neuroendocrine tumors, with potential for combination therapy [2][5]. - Molecule 006 is the first global tri-antibody targeting DU3 expression in small cell lung cancer, with an overall response rate (ORR) of approximately 60% in Phase II clinical trials, outperforming competitors [2][8]. - Molecule 005 is in Phase II clinical trials, with an ORR of 40.9% and a disease control rate (DCR) of 68.2% in second-line cervical cancer patients [2][13]. Sales and Market Potential - Donafenib is projected to achieve sales of 500 million RMB in 2024, covering 1,100 hospitals and 2,000 pharmacies, and included in 26 authoritative guidelines [2][14]. - The domestic peak sales for the four launched or soon-to-be-launched products are expected to reach 6 billion RMB, contributing approximately 18 billion RMB in market value [4][19]. - The market potential for molecule 006 is estimated at 2 billion RMB domestically and 3 billion USD internationally, contributing about 26 billion RMB in market value [10][19]. Collaborations and Partnerships - Zai Jian has partnered with Merck for the promotion of Recombinant Human Thyroid-Stimulating Hormone, with a total licensing fee of 250 million RMB [4][18]. - The collaboration is expected to enhance Merck's existing business in thyroid treatment, leveraging the new product's ability to artificially elevate TSH levels for diagnosis and treatment [18]. Future Catalysts and Expectations - Key catalysts to watch in the second half of 2025 and into 2026 include data readouts for Jikaxitinib in various indications, further data for molecule 005, and ongoing clinical trials for molecule 006 [20]. - The company is transitioning from a biotech to a biopharma model, with significant developments anticipated in the near future [20]. Conclusion - Zai Jian Pharmaceutical is positioned for growth with a robust pipeline and strategic partnerships, aiming for a market valuation of at least 53 billion RMB based on projected sales from its product portfolio [4][19].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has raised over 1.1 trillion yuan in total IPO and refinancing funds in its six years, with Jiangsu enterprises leading the way [1] - The number of Jiangsu companies listed on the STAR Market has grown from 5 to 114, making it the largest group in the country, with a total market capitalization exceeding 1 trillion yuan and cumulative fundraising surpassing 189.8 billion yuan [1][10] - Strategic emerging industries such as biomedicine, integrated circuits, and new energy are advancing simultaneously, showcasing the strong synergy between capital and industry in Jiangsu [1] Fundraising and Corporate Growth - The STAR Market's efficient and transparent mechanisms align well with the innovative characteristics of companies like Suzhou Huaxing Yuan Chuang Technology Co., Ltd., which became the first listed company on the STAR Market [2][3] - Huaxing Yuan Chuang raised 880 million yuan for investments in flat panel display and semiconductor testing production lines, establishing itself as an industry leader [2] - Other companies, such as Suzhou Nano Micro Technology Co., Ltd., have also leveraged STAR Market fundraising to enhance their R&D capabilities and expand their business [3] R&D Investment and Patent Accumulation - Jiangsu STAR Market companies have invested over 20 billion yuan in R&D and hold more than 20,000 patents, indicating strong technological capabilities [5] - Companies like Nanjing Mailland Medical Technology Co., Ltd. have seen significant growth, with R&D expenditures consistently representing a substantial portion of their revenue [5] - Suzhou Naxin Microelectronics Co., Ltd. has focused on the automotive sensor and signal chain industries, achieving a high R&D investment ratio and accumulating numerous patents [6][7] Government Support and Ecosystem Development - The development of STAR Market companies in Jiangsu is supported by government policies that provide financial assistance and resources for high-tech enterprises [8][9] - Various cities in Jiangsu have implemented distinct support measures, such as Suzhou's comprehensive nurturing system for potential listed companies and Nanjing's innovative financial service stations [9][10] - As of June 30, 2023, Jiangsu has 251 companies in the IPO counseling stage, accounting for 16% of the national total, with a significant portion of these being STAR Market candidates [10] Future Outlook - The STAR Market "Jiangsu Legion" is poised for further growth, aiming to convert laboratory patents into market value and enhance its overall innovation capabilities [11]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully fostered high-quality development in China's capital market over the past six years, emphasizing innovation and the importance of "hard technology" in driving economic transformation [1][13]. Group 1: Market Development and Achievements - The STAR Market has grown from 25 initial companies to 589, generating an average of 2.5 patents per hour, particularly in sectors like semiconductors and biomedicine [1]. - The total IPO fundraising reached 925.7 billion yuan and 186.7 billion yuan in refinancing, exceeding 1.1 trillion yuan, significantly benefiting key strategic areas such as integrated circuits and biomedicine [3]. - The board has attracted 379 national-level "little giant" enterprises and 65 manufacturing "single champion" demonstration enterprises, accounting for 71% of the total companies listed [3]. Group 2: Institutional Innovations - The STAR Market has implemented over 20 key institutional rules to support technology innovation, including flexible listing standards and rapid refinancing mechanisms [7]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [11][12]. Group 3: R&D and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, more than three times the net profit, with a median R&D investment ratio of 12.6% [4]. - Companies on the board have accumulated over 120,000 invention patents, with an average of 216 patents per company, showcasing a strong commitment to innovation [4]. Group 4: Talent and Collaboration - More than 60% of the founding teams of STAR Market companies are led by scientists, engineers, or industry experts, fostering a strong link between academia and industry [5]. - Nearly 30% of companies have core products aimed at achieving import substitution and self-control, indicating a focus on domestic innovation [5]. Group 5: Future Outlook - The STAR Market is positioned to continue its role as a "testbed" for reforms, with plans to attract more global innovation elements and support the development of new productive forces [13].

Core Viewpoint - The article emphasizes the significant role of the Science and Technology Innovation Board (STAR Market) in driving high-quality development in China's capital market, showcasing its achievements in fostering "hard technology" and innovation over the past six years [1][15]. Group 1: Institutional Framework and Market Dynamics - The STAR Market was established to address critical challenges and facilitate a virtuous cycle between technology, industry, and capital, with a focus on "hard technology" [3]. - A total of 54 companies listed without profitability have found success, with 22 of them turning profitable, highlighting the board's inclusive listing standards [4]. - The STAR Market has attracted over 1.1 trillion yuan in capital through IPOs and refinancing, significantly benefiting key strategic sectors like integrated circuits and biomedicine [5]. Group 2: Innovation and R&D Investment - In 2024, companies on the STAR Market invested a total of 168 billion yuan in R&D, which is more than three times their net profit, indicating a strong commitment to innovation [7]. - The cumulative number of invention patents from STAR Market companies exceeds 120,000, with an average of 216 patents per company, showcasing their innovative capabilities [7]. - Approximately 30% of companies have products or projects that are industry-first, and over 80% focus on achieving import substitution and self-sufficiency [8]. Group 3: Reform and Ecosystem Development - The STAR Market has implemented over 20 key institutional rules to create an optimal capital ecosystem for technological innovation, serving as a model for other markets [10]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [14]. - The STAR Market has seen significant activity in mergers and acquisitions, with over 110 new industry mergers reported in the past year, reflecting a dynamic market environment [11]. Group 4: Future Outlook - The STAR Market is poised to further enhance its role in supporting technological self-reliance and the development of new productive forces, with ongoing reforms expected to attract more global innovation elements [15][16].

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

Summary of Zai Jian Pharmaceutical Conference Call Company Overview - **Company**: Zai Jian Pharmaceutical - **Year**: 2024 - **Revenue**: 533 million CNY, a year-on-year increase of 37.91% primarily driven by Donafenib [2][6] - **Net Profit**: -138 million CNY, a decrease of over 50% year-on-year, attributed to revenue growth and R&D expenditure planning [2][6] Key Products and Developments - **Donafenib**: - Approved for liver cancer and thyroid cancer, now included in medical insurance [2][6] - Expected sales of over 500 million CNY in 2024, with steady growth anticipated in 2025 [3][15] - **Recombinant Human Thrombin**: - Launched and included in medical insurance as of December 2023 [15] - **Jikaxitinib**: - Recently approved for myelofibrosis, expected to enter medical insurance negotiations by the end of the year [3][15] - **006 (DLL4 Triantibody)**: - Targeting small cell lung cancer, showing superior data compared to Pembrolizumab in ASCO presentations [2][8] - **005 (PD-1/TIGIT Bispecific Antibody)**: - First-line treatment for cervical cancer, with promising ASCO data showing an unconfirmed OR of 82% [2][8] R&D and Innovation - **R&D Platforms**: - Focus on small molecule drugs, complex protein biologics, and antibody new drugs, covering oncology, bleeding disorders, and inflammatory diseases [2][5] - **U.S. R&D Center**: - Achieved significant progress in anti-tumor fields, complementing domestic R&D efforts [5] - **Future Pipeline**: - Multiple late-stage products nearing commercialization, contributing to sustained revenue and profit growth [3][5] Financial Performance - **Revenue Growth**: - Driven by the commercialization of Donafenib and other products, with a focus on optimizing cost structure and improving operational efficiency [2][6] - **R&D Investment**: - High-intensity R&D spending with a stable sales expense ratio, leading to improved overall operational efficiency [5][6] Market Position and Strategy - **Overseas Market Expansion**: - Active in small cell lung cancer, aiming to compete with Amgen in first-line treatments [3][10] - **Potential Collaborations**: - Focus on partnerships with multinational companies for PDL1 and ADC products in small cell lung cancer [11][10] Challenges and Future Directions - **005 Product Challenges**: - Facing hurdles in the TIGIT pathway, with several overseas trials failing to meet primary endpoints [12] - **Future Product Expansion**: - Plans to explore combinations of PD-1/TIGIT with other products to address non-small cell lung cancer resistance [14] Conclusion - **Growth Potential**: - The company is well-positioned for future growth with a robust pipeline and established products, indicating a strong market presence and potential for significant revenue generation [9][17]