问答环节要点生长激素板块：2025年上半年生长激素新患入组同比增长，水针占比超40%，但因2024年 下半年新患入组不佳，2025年上半年营收与去年同期持平。生长激素市场竞争激烈但价格稳定，与维昇 药业合作的长效生长激素"隆培促生长素"预计2025年下半年获批，定位于高端市场。隆培促生长素优 点：安全性好，通过特定技术使生长激素以特定速率缓慢释放，连接结构和载体分子可排出体外；有效 性高，创新技术保持蛋白活性，免疫原性低，IGF - 1应答高于日制剂；稳定性强，优化冷冻干燥工艺， 储存条件更宽松，降低运输和保存负担；便利性与依从性佳，创新自动注射器，隐形针头，每周仅需注 射一次。博生吉公司CAR - T管线布局：包括自体CAR - T，PA3 - 17注射液纳入突破性治疗品种；通用 现货型CAR - T，UTAA09注射液临床试验进展顺利；In vivo CAR - T平台，完成临床前开发进入IIT阶 段；NKCE平台，进展到动物实验阶段。CD7 - CART规划：后续启动II期单臂注册临床并争取附条件上 市，产品获批后计划在一带一路国家直接申报上市，对欧美国家将视情况独立申报或寻找合作。创新药 研发管线：公 ...

Group 1: Company Strategy and Goals - The overall business goal for 2025 is to achieve restorative growth and maintain stable development [3] - The company aims to enhance the sales proportion of growth hormone water injections and expand the indications for growth hormone [3] - The company plans to accelerate the production capacity of the cancer drug Trastuzumab (Ansatin) and deepen brand building and market expansion [3] Group 2: Product Development and Clinical Trials - The clinical trial for "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein injection) has successfully completed Phase II enrollment, with discussions for Phase III trial already held [3] - The company is actively promoting clinical trials for interferon spray and inhalation agents, targeting respiratory infections and gynecological diseases [3] - The "AK1008 Project" (human interferon α2b spray) is in Phase II trials for treating viral infections in children [3] Group 3: Competitive Landscape - Currently, there are 5 companies producing short-acting growth hormones, and several companies are expected to launch long-acting growth hormones [4] - The market for growth hormones is competitive but the overall pricing system remains stable [4] - The strategic partnership with Weisheng Pharmaceutical aims to cover the long-acting growth hormone market and enhance the company's competitiveness in children's growth and development [7] Group 4: Innovation and Collaborations - The company is developing several innovative drugs, including "HuA21 Injection" targeting HER2, which has shown promising safety and efficacy in early trials [4] - Collaboration with Afana Company on "AFN0328 Injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [5] - The company is also involved in CAR-T cell therapy research through its investment in Boshengji Company, which has received implicit approval for clinical trials [5] Group 5: Market Expansion and Future Plans - The company is preparing to expand its international market presence by building FDA and EU-compliant production lines and engaging with foreign distributors [8] - The exclusive agency agreement with Baoji Pharmaceutical for the innovative drug "SJ02" aims to enhance the company's product matrix in the assisted reproduction field [8] - The company anticipates that the launch of long-acting growth hormones and long-acting follicle-stimulating hormones will provide new growth points for its business [8]

Group 1: Financial Performance and Challenges - In 2024, the company experienced its first decline in revenue and net profit, primarily due to decreased sales in its main business segments, including bioproducts and traditional Chinese medicine [2][3] - The company aims for recovery growth in 2025, focusing on enhancing academic promotion and increasing the sales proportion of its water injection products [3] - The sales of "Ansaiting" are expected to show significant year-on-year growth in 2025, while the traditional Chinese medicine segment has resumed production and aims to maintain growth [3] Group 2: Research and Development (R&D) Strategy - The decline in R&D expenditure does not indicate a reduction in R&D efforts; rather, it reflects the clinical product structure and progress at different times [5] - The company is advancing its R&D capabilities and is involved in innovative technology investments, with a focus on clinical trial phases [5] - Future R&D investments are expected to increase as products like "AK2017 Injection" progress to Phase III clinical trials [5] Group 3: Market Expansion and Product Development - The company is actively building production lines compliant with FDA and EU certifications to facilitate overseas market entry [6] - AI technology is being utilized to assist in drug development, including molecular design and data integration for various business applications [8] - The company is developing new formulations of interferon for respiratory infections and gynecological diseases, with ongoing clinical trials for several products [9] Group 4: Clinical Pipeline Overview - The company has several products in clinical trials, including "HuA21 Injection" for HER2-targeted therapy, which has completed Phase Ib/II trials and is preparing for Phase III [10][11] - "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein) is progressing well in clinical trials, having completed Phase II and moving towards Phase III [11] - The company is also exploring new indications for growth hormone and accelerating the development of tumor drugs like "Ansaiting" [9][11]

Group 1 - Arvinas and Pfizer submitted a New Drug Application (NDA) for Vepdegestrant, the first PROTAC drug to seek approval, targeting advanced or metastatic breast cancer patients with ESR1 mutations [1] - The approval of Vepdegestrant could fill a significant treatment gap in the breast cancer market, attracting substantial investment and enhancing the overall industry valuation [1] Group 2 - Beijing Tide Pharmaceutical's TDI01 has been proposed for inclusion as a breakthrough therapy for chronic graft-versus-host disease (cGVHD), indicating its potential in a complex treatment area [2] - TDI01 is a novel ROCK2 inhibitor, and its breakthrough designation could significantly enhance the company's valuation and attract investor interest, bolstering China's innovative drug competitiveness [2] Group 3 - Anke Biotech anticipates significant sales growth for its trastuzumab product, Ansaiting, projecting over 100 million yuan in revenue for 2024 [3] - The positive market performance of Ansaiting enhances Anke Biotech's position in the oncology sector, potentially attracting more investors and supporting future research and market expansion [3] Group 4 - Haiwang Bio announced the termination of its control change and stock issuance, indicating ongoing discussions with state-owned entities for potential equity cooperation [4] - The proactive approach to resource integration and business collaboration may create new growth opportunities for Haiwang Bio, positively influencing market perceptions of its long-term value [4] Group 5 - Green Valley Pharmaceutical has ceased production of its Alzheimer's drug, Ganluo Sodium Capsules, following concerns over its efficacy and safety [6] - The shutdown reflects significant operational adjustments for the company, potentially leading to investor concerns about its future prospects and market confidence [6]