作为营收支柱的硬脑膜补片业务，正面临多重压力。集采政策冲击下的价格体系松动、国产竞品的技术 追赶，叠加自身产品迭代缓慢，共同构成了增长瓶颈。单一产品依赖的商业模式，在市场竞争加剧的背 景下更显脆弱。 研发投入的持续收缩与技术转化的低效，使得第二增长曲线迟迟未现。人工肝、CAR-T等前沿布局与核 心业务缺乏协同，而核心产品创新"断档"的隐患，正让公司在行业变革中逐渐失去主动权，未来发展的 不确定性进一步放大。 业绩增长的背后 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 冠昊生物的半年报数据看似显现出回暖迹象，营收与利润的双增长为这家曾被视为"再生医学明星"的企 业带来短暂的市场关注。但拉长周期观察，核心业务的增长停滞与结构性矛盾已逐渐显现。这家曾以再 生医学技术为标签的企业，正陷入"短期数据回暖"与"长期发展乏力"的张力之中。 2025年半年报显示，公司营收2.01亿元，同比微增5.89%；归母净利润2040万元，增速仅1.27%。 若将时间轴拉长至五年，这份"平淡无奇"的中报，不过是公司漫长估值消化周期的最新注脚。 Wind数据显示，2020—2024年，公司营收从4.37亿元降至3 ...

Group 1: Financial Performance and Dividend Policy - The company has not distributed dividends for 7 consecutive years due to negative distributable profits, which complies with relevant regulations [3][18] - The management is focused on improving operational efficiency and resource allocation to meet future dividend conditions [7][18] - The company emphasizes the importance of shareholder returns and plans to develop a cautious dividend policy based on actual profit distribution conditions [3][18] Group 2: Core Business Areas - The company focuses on three main business segments: materials, pharmaceuticals, and cell therapy [3][11] - Key products in the materials segment include biological dura mater patches and sterile biological dressings, applicable in various medical fields [3][11] - The pharmaceutical segment features products like Bimekizumab, which treats inflammatory and autoimmune diseases [3][11] Group 3: Research and Development Progress - The company is actively advancing research in stem cell therapy and has ongoing projects in various medical fields, including liver disease and skin conditions [5][9] - The biological artificial liver project is currently in the preclinical research stage [9][18] - The company collaborates with several hospitals for clinical studies in areas such as cartilage repair and severe psoriasis treatment [5][9] Group 4: Market and Investor Relations - The company acknowledges the need for improved communication with investors regarding clinical results and project updates [6][9] - There are no current plans for share buybacks, but the company will adhere to regulations if such plans arise in the future [9][18] - The management is committed to maintaining transparency and fulfilling information disclosure obligations as required by regulations [6][9]

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].

Group 1 - The core point of the news is the introduction of an executive order by President Trump aimed at lowering prescription drug prices in the U.S. through a "most-favored-nation pricing" model, aligning local drug prices with those in other developed countries [1][5] - Following the announcement, the domestic innovative drug sector in China experienced a significant market reaction, with related ETFs rising nearly 2% after an initial drop [1][5] - The executive order is perceived to favor generic drugs and biosimilars, potentially lowering entry barriers and increasing competition in the U.S. market [6][7] Group 2 - From 2007 to 2023, 350 innovative drugs from 177 Chinese pharmaceutical companies were studied in 691 clinical trials in the U.S., with 7 products approved for market [2][4] - Notable approved Chinese innovative drugs include BeiGene's BTK inhibitor, Legend Biotech's CAR-T therapy, and Junshi Biosciences' PD-1 inhibitor, with significant sales growth reported for these products in the U.S. market [4][5] - The impact of the drug pricing executive order on Chinese innovative drug companies is mixed; while some companies may face pressure on pricing, others may benefit from reduced competition in the generic drug space [7][8] Group 3 - Investment sentiment towards Chinese innovative drug companies remains cautiously optimistic, with some investors believing the impact of the pricing policy may not be as severe as anticipated [7][8] - The market share of U.S. sales is significant for many Chinese companies, with one leading company reporting a 107.5% year-on-year increase in sales for its core product in the U.S. [4][8] - The overall effect of the executive order on the pharmaceutical landscape is still uncertain, with companies advised to closely monitor developments [8][9]

Financial Performance - The company achieved a revenue of 37,748.31 million yuan in 2024 [3] - The total profit amounted to 2,801.93 million yuan, with a net profit attributable to shareholders of 2,741.69 million yuan [3] Future Strategies - The company plans to optimize its product structure based on industry and market evaluations to ensure sustainable development [2] - Future profit growth will rely on core product technology upgrades, market share expansion, and alignment with national policy directions [4] Capital Raising and Stock Performance - The company is proceeding with a private placement at a price lower than the current stock price, adhering to regulatory policies [3] - The stock price is influenced by various market factors, and the company is committed to sustainable development and protecting investor interests [6] Industry Outlook - The biomedicine industry is undergoing significant changes, with a complex market environment in 2024 [4] - The company is focused on its main business while exploring new opportunities in line with national policies and industry trends [5] Project Updates - The clinical trial for the company's product for atopic dermatitis is actively ongoing [5] - The Zhongshan Tianhao Pharmaceutical Technology project was completed in 2024 and will gradually commence production [5]