Core Viewpoint - The planned 500 million yuan private placement by Guanhao Biotech has been officially terminated after more than two years of planning due to changes in the market environment and considerations of the company's overall development strategy [2][6]. Group 1: Private Placement Details - The private placement was initially approved by the shareholders in April 2023, but the company delayed the implementation multiple times, extending the validity of the resolution [3]. - In January 2024, Guanhao Biotech submitted the application to the Shenzhen Stock Exchange, which was accepted, but the company again extended the resolution's validity in March 2024 [4]. - The termination of the private placement comes after the company had planned to issue up to 55,803,571 shares at a price of 8.96 yuan per share, while the current stock price is 16.41 yuan per share, representing an increase of over 80% [5]. Group 2: Financial Implications - The company has a funding gap of 623 million yuan, which includes minimum cash reserves, repayment of short-term loans, and future large expenditures [6]. - As of the first quarter of 2024, Guanhao Biotech reported cash holdings of 122 million yuan against current liabilities of 146 million yuan [7]. Group 3: Business Performance - Guanhao Biotech's revenue dropped significantly by 22.84% in 2022 to 377 million yuan, with a net loss of 308 million yuan, but there was a recovery in 2023 [8]. - However, in 2024, both revenue and net profit are projected to decline again, with revenue decreasing by 6.60% to 377 million yuan and net profit down by 11.57% to 27.42 million yuan [8]. - The decline in revenue is attributed to decreased income from core products, particularly in the medical device and pharmaceutical sectors [8]. Group 4: Strategic Focus - Guanhao Biotech is shifting its focus towards the cell therapy sector, having established a research and application platform for cell and stem cell technology since 2013 [9]. - The company is currently developing projects in the cell field, including a bioartificial liver and mesenchymal stem cell therapy, both of which are in preclinical research [9]. - The termination of the private placement raises concerns about the viability of the company's "cell strategy," especially as R&D expenditures have been declining for three consecutive years [9].

Core Viewpoint - A technological revolution in the global pediatric eczema treatment field is being led by Chinese pharmaceutical companies, exemplified by Shanghai Zedman Pharmaceutical Technology Co., Ltd. with its innovative non-hormonal eczema medication, Zeli Mei Cream, which sets a new benchmark for Chinese innovative drugs globally [1][4]. Company Summary - Shanghai Zedman Pharmaceutical Technology Co., Ltd. has developed Zeli Mei Cream, the world's first non-hormonal eczema medication suitable for children aged 2 to 12, addressing a significant gap in the safety of pediatric medications [4]. - The company has invested over 350 million yuan in the development of Zeli Mei and has secured 12 domestic and international patents [4]. - Zedman is recognized as a rising star among local innovative pharmaceutical companies, with its chairman, Dr. Chen Genghui, being a prominent figure in the AhR field and the inventor of the globally first innovative drug in this area [3][4]. Industry Summary - The Chinese innovative drug sector is transitioning from a follower to a leader in the global pharmaceutical landscape, with the value of domestic pharmaceutical companies accelerating [2]. - In 2024, the external licensing transaction value of Chinese innovative drugs is projected to reach $12.7 billion, with a growth rate exceeding 40% for three consecutive years [2]. - The success of Zeli Mei Cream is indicative of a broader trend in the Chinese pharmaceutical industry, where local companies are making significant breakthroughs across various therapeutic areas, including oncology and dermatology [3]. Market Demand - There are approximately 35 million children suffering from eczema in China, with the condition significantly impacting their physical and mental well-being [5]. - The treatment landscape for pediatric eczema has been limited, with about 65% of mild to moderate eczema patients relying on hormonal ointments, which can lead to adverse effects in 42% of cases [6][8]. - A significant majority (80%) of parents prefer non-hormonal medications for their children, highlighting a strong market demand for alternatives like Zeli Mei Cream [9]. Clinical Value - Zeli Mei Cream has demonstrated rapid efficacy, with clinical data showing an 83.9% response rate in children and significant improvement in eczema severity within eight weeks of treatment [8]. - The medication offers a safe alternative to traditional hormonal treatments, with most adverse reactions being mild and transient [8].

根据2024年7月发表在《nature reviews drug discovery》（《自然综述：药物发现》）上的一篇文章，从2007年到2023 年，共有350种创新药物在美国的691项临床试验中进行了研究，这些药物源自177家中国制药公司。在此期间，在美 国试验中的6种中国创新药物获得了美国食品药品监督管理局（FDA）的批准，用于10种适应症。 在美临床试验中，中国创新药物开发趋势图片来源：《nature reviews drug discovery》 北京时间周一深夜，美国总统特朗普召开白宫新闻发布会，介绍并签署了有关降低美国处方药价格的行政令。据 悉，该政令旨在制定"最惠国定价"，让当地患者的药品价格与其他发达国家水平保持一致。 5月13日开盘，国内创新药板块行情修复拉升，相关ETF（交易型开放式指数基金）——创新药沪深港ETF涨近2%。 有投资人认为该事件对中国创新药企业的影响没那么"悲观"；也有国内企业告诉记者，上述政令利好仿制药和生物 类似药，可以降低准入门槛，引入竞争。 我国创新药在美研究数量攀升，已有7款产品获批上市 目前，美国是全球第一大医药市场，作为后起之秀的中国创新药企业，一直将美国 ...

证券代码：300238 证券简称：冠昊生物 冠昊生物科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 ☑业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 参与冠昊生物 2024 年度业绩网上说明会的投资者 | | 及人员姓名 | | | 时间 | 年 月 日 2025 4 30 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | 董事长 张永明先生 | | 上市公司接待 | 独立董事 韩俊梅女士、邓超先生 | | 人员姓名 | 副总经理、董事会秘书 徐庆荣先生 | | | 财务负责人 易若峰先生 | | | 为便于广大投资者能够更加全面、深入了解公司的生产经营 | | | 情况，公司于 年 月 日下午 在全景网投资 2025 4 30 15:00-17:00 | | | 者关系互动平台（http://ir.p5w.net）举行 2024 年度业绩网上说明 | ...