有券商医药行业分析师对21世纪经济报道记者表示，长春高新此次赴港IPO的核心看点，在于其作为国 内生物制药领域"平台型龙头"的稀缺性。对长春高新自身而言，赴港上市不仅是融资渠道的拓宽，更是 国际化战略的关键一步。H股发行将直接带来三重价值：资金支持研发管线加速兑现、提升国际品牌影 响力，和优化股东结构。 记者丨季媛媛 编辑丨张伟贤 刘雪莹 曾经凭借生长激素叱咤资本市场的长春高新，在遭遇业绩滑铁卢后，正加速推进赴港上市计划，试图在 困境中寻找新的出路。 9月29日，据港交所披露，长春高新在港交所递交招股书，拟在香港主板挂牌上市。这标志着这家曾在 A股市场创造"神话"的"生长激素茅"正式开启"A+H"双平台上市征程。 近两年利润大跌超42％ 市值5年缩水1570亿元 2021年5月长春高新市值曾超过2100亿元，截至2025年9月30日，长春高新总市值为人民币530亿元，已 缩水约1570亿元。 招股书显示，2022年至2024年，长春高新收入分别约为126.27亿元、145.66亿元和134.66亿元，2025年 上半年实现66.03亿元。同期公司利润分别为42.15亿元、47.76亿元和27.08亿元，202 ...

Group 1 - The trend of A-share pharmaceutical companies listing in Hong Kong has intensified, with 27 new A-share companies submitting applications in September and a total of 78 A-share companies applying to list in Hong Kong this year [2] - Notable companies among the applicants include Lixun Precision (002475.SZ), Siasun (601127.SH), Muyuan Foods (002714.SZ), and Baillie Gifford (688506.SH), with 12 of them being large-cap stocks with market values exceeding 100 billion [2] - Changchun High-tech (000661.SZ), known as "Northeast Medicine King," submitted its prospectus for listing on the Hong Kong Stock Exchange on September 29, with a market value of 53 billion [2][4] Group 2 - Changchun High-tech has achieved a 34% increase in its A-share price year-to-date, but this is significantly lower compared to peers like Hengrui Medicine and Kailai Ying, which have already established dual financing platforms [3] - The company has a strong position in the short-acting human growth hormone (hGH) market, holding a 68.4% market share in 2024, with projected revenue of approximately 9.6 billion RMB from its hGH products [4][6] Group 3 - The Chinese hGH drug market is projected to reach 12.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030, significantly lower than the 17.6% growth rate from 2019 to 2024 [6] - Competition in the long-acting hGH market has intensified, with new products from companies like Teva and Novo Nordisk entering the market [8] Group 4 - Changchun High-tech has diversified its product portfolio, having launched over 45 commercialized drugs, including more than 20 first-in-class products in China [9] - The company has faced a decline in revenue for the first time since 2005, with a 7.55% decrease in 2024, and a further decline in the first half of 2025 [10][12] Group 5 - The company's reliance on a limited number of products has exposed vulnerabilities, as over 90% of its revenue comes from a few key products [14] - Despite the challenges, Changchun High-tech has increased its R&D spending by 30.2% to 1.155 billion RMB in the first half of the year, aiming to develop more innovative products [14]

Group 1 - The article highlights the seasonal increase in crab consumption among the elderly, which may lead to health risks due to high-fat diets and other factors such as lack of sleep and emotional stress [1] - It discusses the heightened risk of cardiovascular diseases and the reactivation of the varicella-zoster virus (shingles) in older adults, particularly those with pre-existing heart conditions [1] - Research indicates that patients with cardiovascular diseases have a higher risk of developing shingles, and the presence of hypertension can further increase the likelihood of postherpetic neuralgia [1] Group 2 - A three-step proactive defense strategy is proposed to combat the dual threat of cardiovascular diseases and shingles, which includes vaccination, maintaining healthy blood pressure and lipid levels, and early identification of symptoms [2] - In Guangdong, initiatives are being implemented to enhance vaccination accessibility, such as the "30-minute vaccination circle" and weekend vaccination services, with specific examples from Shenzhen [2] - The inclusion of shingles vaccine costs in health insurance is also mentioned as a measure to encourage vaccination among the population [2]

2025.09.30 本文字数：1127，阅读时长大约2分钟 作者 |第一财经 钱童心 近一周，默克和葛兰素史克（GSK）两大跨国巨头先后宣布换帅，两家公司的长期掌舵者都为女性 CEO，而接替者都从企业内部提拔。高层更替背后也反映了跨国公司面临的挑战正日益加剧。 近期，GSK欧洲药企正在应对关税挑战以及来自美国特朗普政府对药品价格降价的施压。在中国市场 上，GSK所处的疫苗行业也正面临多重挑战。去年12月，智飞生物与GSK变更了双方此前签署的一项疫 苗协议的部分条款，以更低的金额、更长时间销售带状疱疹疫苗，被市场解读为GSK的疫苗需求放缓。 美国证券银行的分析认为，企业在更换CEO时，往往是希望能积极地转移市场情绪。此前，丹麦制药巨 头诺和诺德宣布换帅后，股价应声上涨。 上周，默克集团也宣布，自2026年5月1日起，默克集团现任电子业务CEO毕康明（Kai Beckman）将接 任葛丽鹤（Belén Garijo）担任集团执行董事会主席兼首席执行官。葛丽鹤已在默克任职15年，其中6年 担任医疗健康业务CEO。 默克没有说明葛丽鹤离职的具体原因，但预计她将继续留任默克医疗健康部门的职位。过去两年来，默 克在健康 ...

Core Insights - Recent leadership changes at Merck and GSK reflect increasing challenges faced by multinational companies in the pharmaceutical industry [3][5][6] Group 1: GSK Leadership Change - GSK appointed Luke Miels as the new CEO, effective January 1, 2025, succeeding Emma Walmsley, who served for nine years [5] - Under Walmsley's leadership, GSK's stock price fell approximately 11%, raising investor concerns about the company's ability to achieve its sales target of over £40 billion by 2031 [5] - GSK's recent challenges include tariff issues in Europe and pressure from the U.S. government regarding drug pricing, alongside a slowdown in vaccine demand in China [5] Group 2: Merck Leadership Change - Merck announced that Kai Beckman will take over as CEO from Belén Garijo on May 1, 2026, with Garijo remaining in her role in the healthcare division [6] - Garijo has been with Merck for 15 years and has focused on strategic partnerships rather than large acquisitions, opting for medium-sized deals valued between €500 million and €600 million [6] - Merck is adjusting its supply chain to enhance resilience in response to global trade uncertainties and the complex environment in the Chinese healthcare sector [6]

Core Viewpoint - Changchun High-Tech Industry (Group) Co., Ltd. is accelerating its plan for a Hong Kong IPO to seek new opportunities amid declining performance, particularly due to over-reliance on its growth hormone business [1][8]. Company Overview - The company submitted its prospectus to the Hong Kong Stock Exchange on September 29, aiming for a listing on the main board [1]. - As of September 29, 2025, the company's total market capitalization was approximately RMB 52.583 billion [1]. Business Challenges - The company has faced significant revenue fluctuations, with projected revenues of approximately RMB 126.27 billion, RMB 145.66 billion, and RMB 134.66 billion from 2022 to 2024, and a net profit decline of 43.01% in 2024 [3][4]. - The primary reason for the revenue decline is the company's heavy dependence on its growth hormone business, which has been affected by price controls from centralized procurement policies [4][5]. Market Dynamics - The growth hormone market in China has seen rapid growth, increasing from RMB 4 billion in 2018 to RMB 11.6 billion in 2023, with a compound annual growth rate (CAGR) of 23.9% [4][5]. - Despite holding a 74% market share, the company faces increasing competition, particularly from long-acting growth hormone products, which are gaining market share at a rate exceeding 50% annually [5]. Vaccine Business Performance - The company's vaccine segment has also struggled, with a reported revenue drop of 39.96% year-on-year in Q1 2025, primarily due to decreased sales of the shingles vaccine [6]. IPO Strategy and Goals - The Hong Kong IPO is seen as a critical step for the company to enhance its international presence, improve financing capabilities, and attract international investors [2][8]. - The company aims to expand its overseas revenue, which was only RMB 1.3 billion in 2024, by diversifying its export product categories and increasing international collaborations [8]. Market Environment and Challenges - The current market sentiment for biotech stocks in Hong Kong is cautious, with a high rate of new stock failures, which could lead to valuation pressures for the company [9]. - The company must navigate uncertainties in drug development and commercialization, as well as the competitive landscape influenced by policy changes and market dynamics [10].

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to a drop in sales of the shingles vaccine, which has been attributed to various factors affecting consumer demand and awareness [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 285 million yuan, a year-on-year decrease of 53.93% [1]. - The net profit for the same period was -73.57 million yuan, marking a shift from profit to loss compared to the previous year [1]. Vaccine Sales Analysis - The sales volume of the shingles vaccine during the reporting period was -17,300 doses, resulting in a sales revenue of -65.23 million yuan [1]. - The company sold 86,500 doses of the shingles vaccine at a price of 1,369 yuan per dose, generating approximately 115 million yuan in revenue [2]. - The company also conducted a welfare project, selling 43,900 doses at a discounted price (30-80% of the normal price), which contributed 29.49 million yuan to revenue [2]. Revenue Adjustments - Revenue was further impacted by returns of previously recognized sales, with 147,700 doses returned, leading to a revenue reduction of 196 million yuan [2]. - The company noted that factors such as low disease awareness and consumer willingness to receive the vaccine contributed to the decline in sales and revenue [1][2].

Group 1 - The core viewpoint of the news is that Changchun High-tech Industry (Group) Co., Ltd. has submitted a listing application, with CITIC Securities International as the sole sponsor [1] - Established in 1993, the company initially focused on infrastructure and real estate development in Changchun, and strategically shifted its focus to the pharmaceutical industry in 1996 [1] - Changchun High-tech has developed a comprehensive capability in research, manufacturing, and commercialization through investments in subsidiaries such as Jinsai Pharmaceutical, Baike Biological, and Huakang Pharmaceutical [1] Group 2 - The company has become a leading innovation-driven pharmaceutical group in China, covering therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [1] - According to Frost & Sullivan, Changchun High-tech is one of the few pharmaceutical companies in China that has achieved full industry chain capabilities in the aforementioned drug types [1] - The product portfolio includes over 45 commercialized drugs, with more than 20 being first-in-class products globally and/or in China [1] Group 3 - Recently, the company has faced short-term pressure, with over 90% of its drug sales revenue coming from six major products [2] - A projected revenue decline of 7.5% year-on-year for 2024 is attributed to the normalization of shingles vaccine sales and a decrease in sales of the company's water injection product [2] - Financial data shows that the company achieved revenues of 12.63 billion, 14.57 billion, 13.47 billion, and 6.60 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, with significant profit declines [2]

Core Viewpoint - Changchun High-tech has submitted a listing application to the Hong Kong Stock Exchange, aiming to expand its market presence after being listed on the Shenzhen Stock Exchange. The company is recognized as a leading innovation-driven pharmaceutical group in China, with a comprehensive product portfolio across various drug categories [1]. Group 1: Company Overview - Changchun High-tech is a prominent pharmaceutical group in China, focusing on therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine, with capabilities in R&D, production, and commercialization across all major drug registration types [1]. - The company has established a competitive and diversified product matrix driven by a differentiated innovation strategy, leading to strong financial performance and sustainable growth [1]. Group 2: Product Development and Pipeline - As of September 23, 2025, Changchun High-tech has successfully launched 13 new drug products, including the first domestically developed shingles vaccine approved in January 2023 and the first innovative biological drug for acute gouty arthritis approved in June 2025 [2]. - The company is actively expanding the indications of its approved products to cover a broader patient population, such as the approval of Jin Sai Zeng for ISS and Turner syndrome in 2024, which addresses approximately 82.3% of the pediatric short stature population in China [2]. Group 3: Financial Performance - The company reported revenues of approximately RMB 126.27 billion, RMB 145.66 billion, RMB 134.66 billion, and RMB 66.03 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits for these periods were approximately RMB 42.15 billion, RMB 47.76 billion, RMB 27.08 billion, and RMB 9.32 billion [3].

Core Viewpoint - Changchun High-tech Industry (Group) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Construction Investment International as the sole sponsor, indicating its intention to expand its market presence after being listed on the Shenzhen Stock Exchange [1][3]. Group 1: Company Overview - Changchun High-tech is a leading innovation-driven pharmaceutical group in China, covering therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine, with comprehensive capabilities in R&D, production, and commercialization across all major drug registration types [3][4]. - The company has established a strong and diversified product portfolio in various therapeutic areas, including endocrine and metabolic diseases, women's health, immune and respiratory diseases, tumors, vaccines, and traditional Chinese medicine [4]. Group 2: Financial Performance - The sales revenue of Changchun High-tech's pharmaceutical products reached RMB 12.7 billion in 2024, maintaining over RMB 10 billion for four consecutive years [3]. - The company has consistently ranked among the "Top 100 Pharmaceutical Enterprises in China" for eight consecutive years since 2017 [3]. - Revenue figures for the fiscal years 2022 to 2025 show a growth trajectory, with revenues of approximately RMB 126.27 billion, RMB 145.66 billion, RMB 134.66 billion, and RMB 66.03 billion for the first half of 2025 [5][7]. Group 3: Product Development and Pipeline - As of September 23, 2025, Changchun High-tech has over 40 candidate drugs in clinical stages or submitted for IND applications, including 14 in Phase III clinical trials or NDA stages and 15 first-class innovative drugs [5]. - The company has successfully launched 13 new drug products during the historical record period, including the first domestically developed shingles vaccine approved in January 2023 and the first innovative biological drug for acute gouty arthritis approved in June 2025 [4][5].