（原标题：细分赛道频出"领头羊"，横琴怎么做到的？丨洞见横琴2025） 南方财经记者彭敏静 横琴报道 9月5日，《横琴粤澳深度合作区建设总体方案》迎来发布四周年。一直以来，横琴粤澳深度合作区（简 称"合作区"）紧密对接澳门"1+4"经济适度多元发展策略，着力推进"四新"产业发展。 作为面积仅106平方公里的"一隅之地"，横琴既无传统工业基础，也无大量土地资源承载重资产项目。 但横琴与澳门一河之隔的区位，叠加政策优势，使其注定要走一条差异化道路。 四载耕耘，合作区始终以"啃硬骨头"的魄力跳出发展惯性，在全球前沿细分赛道开辟独特路径。这背 后，是对自身禀赋的清醒认知、对产业规律的深刻把握，更是琴澳协同释放的制度创新合力。 （横琴粤澳深度合作区） 在区域发展的竞速赛中，合作区从一开始就跳出了"传统产业大招商"或"风口式招商"的"规模崇拜"，而 是思考"只有在这里才能做成什么"。 在干细胞领域，这种定力尤为显著。当许多地区因研发周期长、投入风险高而对细胞治疗产业望而却步 时，横琴已培育出爱姆斯坦这样的领军企业。 爱姆斯坦自创立便致力于干细胞药物自主研发，并努力将干细胞技术推向临床治疗。爱姆斯坦与澳门大 学的合作深入且 ...

8月20日，以"未来已来：先进疗法与精准医疗铺就治愈之路"为主题的中关村论坛会员主题分享活动成功举办，吸引了论坛合作伙伴及会员单位代表70余 人参与。与会者共聚一堂，围绕先进疗法与精准医疗领域的技术突破、实践成果及未来趋势展开了深入交流与探讨。 近年来，从化药、CD38单抗、CAR-T，再到BCMA×CD3 双抗、GPRC5D×CD3双抗，先进疗法与创新药品为末线到一线的患者铺就了治愈之路。此外， 2025 年是精准医疗的关键年，无论是从创新药与创新疗法、规范化诊疗方面，还是医院管理、全病程管理以及医疗保险方面，都在重塑人类生命健康的 新格局。北京市委书记尹力近期到北京经济技术开发区围绕推动医药健康产业高质量发展调研时指出，进一步加强干细胞药物创新研发，推出更多低成 本、高水平的创新药。深化人工智能技术在药品研发、功能预测等方面的广泛应用，提升研发质量效益。加强产业链上下游衔接配合，推动干细胞相关产 业更好发展。 本场活动由汇每极致医疗董事长、汇海长寿医学创办人屈伟担任嘉宾主持，中关村论坛运营机构中关村国际会展公司董事长兼总经理裘里晶做开场发言。 本次活动充分发挥中关村论坛会员体系平台优势，整合资源积极赋能， ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11][12]. Core Insights - The company is entering a new development phase with the actual controller being the Heilongjiang State-owned Assets Supervision and Administration Commission, following a significant share transfer agreement [8][20]. - The company has a well-established product portfolio in both prescription and OTC drugs, with a strong brand presence in various therapeutic areas [2][9][40]. - The company is actively developing stem cell drugs targeting ischemic stroke, pulmonary alveolar proteinosis, and autism, indicating a promising competitive landscape [10][25]. Summary by Sections Company Overview - The company has a history of over 300 years and has evolved into a large modern pharmaceutical enterprise with 23 subsidiaries, focusing on R&D, production, and sales [20][25]. Product Portfolio - The company’s OTC products focus on tonics and cover multiple fields, including traditional Chinese medicine, with notable products like Liuwei Dihuang Wan and Donkey-hide Gel Blood Granules [2][40][41]. - The prescription drug segment is centered around cardiovascular and neurological products, with key offerings such as Xuexitong Injection and Angong Niuhuang Wan [9][62][66]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.481 billion, CNY 2.716 billion, and CNY 2.976 billion, respectively, with net profits expected to be CNY 231 million, CNY 299 million, and CNY 375 million [11][12]. Market Position - The company has a strong market presence, with several products achieving over CNY 100 million in sales, including Xuexitong Injection and Angong Niuhuang Wan, which are among the top in their respective categories [25][66][67].

随着《深圳经济特区细胞和基因产业促进条例》等政策落地实施，相关产业将获得进一步发展。茵冠生 物正加快推动多款干细胞药物进入产业化阶段，此次融资取得阶段性进展，将强化其研发管线，也意味 着资本对细胞治疗产业化落地的看好。 采写：南都N视频记者 王睦广 近日，总部位于深圳市光明区的深圳市茵冠生物科技有限公司（以下简称"茵冠生物"）宣布取得市场化 融资的阶段性进展，已获得数千万元融资。本次融资由海南坤承万禧管理合伙企业（以下简称"坤承万 禧"）投资，将推进茵冠生物干细胞创新药的临床进展及国际化商业合作。 公开资料显示，作为细胞治疗领域的高新技术企业，茵冠生物建立了行业领先的"一馆一库四平台"体 系，布局研发管线十余条，干细胞平台4款干细胞药物获IND临床试验申请受理。茵冠生物的竞争力还 体现在临床资源整合上，其与国内一批三甲医院合作开展临床研究备案项目，其中4项已获批并启动招 募。 坤承万禧首席投资官表示，茵冠生物集合了领先技术、科研、生产和商业化能力，是吸引投资的核心， 希望通过此次合作，助力茵冠生物高速发展及赋能国际化合作。 ...

Group 1 - The core viewpoint of the event emphasizes the significant market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs), alongside the rapid development of artificial intelligence providing more possibilities for disease treatment [1] - The Chinese innovative drug industry has been accelerating its international expansion, with a notable increase in the accessibility of innovative biopharmaceuticals over the past decade [1] - The establishment of a standardized clinical-grade stem cell resource bank is identified as a core support for the sustainable development of the industry, necessitating simultaneous advancements in technological innovation and ethical regulations [1] Group 2 - The roundtable discussion highlighted the shift in human health perspectives from "fighting diseases" to "controlling life quality," driven by breakthroughs in emerging biotechnologies [2] - The event aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [2] - Future discussions will focus on cutting-edge technologies such as artificial intelligence, photonics, and synthetic biology, promoting the integration of future technologies with future industries [2]

Group 1 - The 42nd National Pharmaceutical Industry Information Annual Conference and the 2025 Beijing-Changping Life Science Forum were held in Beijing, showcasing the strength and vitality of pharmaceutical innovation in Beijing [1] - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, with 40 developed by Chinese companies, indicating a strong domestic R&D capability [1] - A significant milestone was achieved in January when Beijing's first stem cell drug was approved, and multiple multinational companies announced the establishment of innovation R&D centers in Beijing [1] Group 2 - The National Healthcare Security Administration introduced 16 specific measures to support the high-quality development of innovative drugs, emphasizing the importance of genuine innovation and differentiation [2] - The measures aim to enhance the clinical application and payment capabilities of innovative drugs, while also promoting collaboration between public and commercial insurance [2] - The Beijing Future Pharmaceutical Industry Chain Research Institute was established to support key technology collaboration and promote international development of the pharmaceutical industry [2] Group 3 - The Changping District released support measures to promote the development of the pharmaceutical and health industry, focusing on cross-border R&D cooperation and alignment with international standards [3] - The policy aims to address technological gaps in cutting-edge fields such as brain-machine interfaces, AI drug development, and cell gene therapy [3]