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 - The company has abruptly terminated a financing plan involving nearly 500 million yuan, citing changes in market conditions, but the underlying issue is the significant discount in the stock issuance price compared to the market price, raising concerns about potential regulatory scrutiny and shareholder backlash [1][2]. Group 1: Financing and Market Conditions - The company withdrew its application for a private placement of shares, which was intended to raise funds from related parties of the actual controller [1]. - The pricing for the private placement was set at 8.96 yuan per share, which is 73% lower than the market closing price of 15.52 yuan, leading to concerns about the high discount and potential regulatory issues [2]. Group 2: Operational Risks - The company's sales expense ratio has been significantly higher than the industry average, recorded at 37.88%, 41.45%, and 41.20% from 2021 to 2023, raising concerns about its operational health [3]. - The core pharmaceutical business is underperforming, with a projected revenue of only 37 million yuan for the main product in 2024, a decrease of 25.15% year-on-year, and a significant drop in sales volume [3]. Group 3: Disclosure Issues - The company has a troubling history of delayed disclosures, including a lawsuit involving over 100 million yuan, which was not disclosed until July 2023, despite the case being initiated in August 2022 [4]. - A key product from a subsidiary lost its agency rights in May 2022, but the news was not disclosed until August 2022, raising further concerns about transparency [4]. Group 4: Future Challenges - The company has faced substantial asset impairment charges totaling 339 million yuan over the past three years, indicating weaknesses in internal risk management [5]. - Despite the termination of the financing plan, the company claims it will not affect normal operations, but it faces significant challenges in regaining market confidence amid high sales expenses and a trust crisis in disclosures [5].

作为全球首个非激素类外用芳香烃受体(AhR)调节剂，泽立美克服了传统激素治疗的不足。激素药 物治疗特应性皮炎，只能通过抑制炎症起效，却对皮肤细胞有直接损伤. 长期使用会导致皮肤变薄，皮 肤保护屏障脆弱。而泽立美由于其全新的作用机制，在消除炎症的同时，更加对皮肤有修复和保护的作 用。北京大学人民医院皮肤科张建中教授在会上向与会代表阐释了泽立美治疗特应性皮炎的四重治疗机 制：抑制炎症反应、修复皮肤屏障、抗氧化应激及平衡皮肤微生态。"泽立美能多维度干预疾病过程， 体现出明显优势。"张建中教授表示。 第14届国际皮肤病学大会(ICD)近日在意大利罗马举行。本届大会以"皮肤科学的道路"为主题，吸 引了全球5000余名皮肤科专家与会，共同探讨皮肤病诊疗前沿进展。中国团队在会上发布的创新药物泽 立美(本维莫德)乳膏治疗特应性皮炎的研究成果备受参会者关注，这款中国原创新药为全球特应性皮炎 (AD)患者带来了治疗新希望。 临床研究数据充分证明了泽立美对儿童和成人特应性皮炎的卓越疗效。治疗8周时EASI-75(湿疹面 积和严重程度改善75%以上)应答率达54.4%，在2-17岁儿童患者中，EASI-75应答率更是高达69.2%， ...

2025 年皮肤病药物品牌推荐 创新药物探秘，精准匹配患者需求 | 一、市场背景 | | 2 | | --- | --- | --- | | 1.1 摘要 | | 2 | | 1.2 皮肤病药物定义 | | 2 | | 1.3 市场演变 | | 2 | | 二、市场现状 | | 3 | | 2.1 市场规模 | | 3 | | 2.2 市场供需 | | 3 | | 三、市场竞争 | | 4 | | 3.1 市场评估维度 | | 4 | | 3.2 市场竞争格局 | | 5 | | 3.3 十大品牌推荐 | | 5 | | 四、发展趋势 | | 7 | | 4.1 技术革新将成为核心驱动力 | | 7 | | 4.2 竞争格局方面，本土企业将凭借渠道优势和创新升级巩固主导地位 | | 7 | | 4.3 政策与资本共振将加速产业升级 | | 7 | 2025 年皮肤病药物品牌推荐 一、市场背景 1.1 摘要 皮肤病药物行业专注于治疗皮肤疾病，产品多样，市场需求强劲。行业受高监管壁垒 和政策影响大，但患者需求增长驱动市场扩容。预计未来市场规模将持续增长，新型 外用治疗方式的获批将推动行业进一步发展，如科笛集团等企 ...

Core Viewpoint - The company has decided to terminate its stock issuance plan to specific investors, which has been in progress for over two years, due to changes in market conditions and regulatory scrutiny [2][3][4]. Group 1: Termination of Stock Issuance - The stock issuance plan aimed to raise up to 500 million yuan for working capital but faced criticism due to a significant price difference between the issuance price of 8.96 yuan per share and the market price of 15.52 yuan per share, representing a 73.21% premium [3][5]. - The company emphasized that the termination of the stock issuance will not have a significant adverse impact on its normal business operations and will not harm the interests of shareholders, especially minority shareholders [3][4]. Group 2: Financial Performance and Concerns - The company has faced scrutiny regarding its high sales expenses, which were 185 million yuan, 156 million yuan, and 167 million yuan from 2021 to 2023, accounting for 37.88%, 41.45%, and 41.20% of revenue, respectively, indicating a higher rate than industry peers [5][8]. - The company's main pharmaceutical product, Bimodine Ointment, saw a revenue decline of 25.15% in 2024, with total revenue from pharmaceuticals dropping from 12.23% in 2023 to 9.80% in 2024 [8][9]. Group 3: Regulatory and Compliance Issues - The company has previously received warnings from regulatory bodies for disclosure violations, including delays in reporting significant litigation and changes in core business operations, which have raised concerns about its compliance and risk management practices [7][10]. - The termination of the stock issuance plan may lead to increased regulatory scrutiny, especially regarding the fairness of pricing in related party transactions [4][6].

在全球儿童湿疹治疗领域，一场由中国药企主导的技术革命正在悄然发生。 上海泽德曼医药科技有限公司，凭借全球首款2—12岁儿童适用的非激素AhR类湿疹药物——泽立美乳 膏，为中国创新药在全球树立了新标杆。 作为全球首款不含激素的儿童湿疹药的研发者，泽立美乳膏的出现，不仅为3500万饱受湿疹困扰的中国 儿童带来希望，更成为中国创新药参与全球创新药企竞争的又一个产业代表。 中国创新药进入"DeepSeek"时刻 毫无疑问，中国创新药领域已经进入自己的"DeepSeek"时刻。 在全球创新药版图中,本土药企的产业价值，正在加速从跟跑到领跑的转变。 据Dealogic数据，2024年中国创新药对外授权交易额达127亿美元，连续三年增速超40%，其中首付款超 5000万美元的交易占比飙升至42%。 2025年1—5月，三生制药、科伦博泰等企业通过海外授权获高额首付款。其中，三生制药以12.5亿美元 首付款将在研抗癌药授权给辉瑞，交易总对价达60.5亿美元，创下国产创新药海外授权首付款历史新 高，也刷新国产创新药授权纪录。 资料显示，此轮中国创新药企的突破是全方位的，从肿瘤领域到皮肤领域，均是如此。 3500万中国湿疹儿童的 ...

中国新闻网消息，伴随互联网医疗蓬勃发展，线上购药因便捷高效已成为不少患者的新选择。然而，部分 电商平台处方药销售乱象频发，严重威胁消费者用药安全。 中国新闻网《民生调查局》记者调查发现，在多家电商平台网售处方药过程中，患者无须上传病历、处方 等资料，"医生"在缺乏实质性医疗评估的情况下"秒开"处方，甚至存在"先药后方"现象。此外，部分在线 诊疗平台的处方药销售页面还存在违规展示、超适应症宣传和销售未获批药品的情况。 01 乱象一： 处方审核形同虚设 "先药后方"成潜规则 实测：10s，从问诊到开处方 "秒开"处方、"先药后方"……近日，记者登录多家电商平台，提交购药申请，实测了线上买药的全过程。 记者发现购买处方药的流程异常简便，消费者无须上传病历、处方等资料，在线医生"对药下症"秒回复、 缺乏实质性的医疗评估。 记者在某平台下单处方药玛巴洛沙韦后，平台提示"请选择线下已确诊疾病"。记者仅在"疾病栏"选择了"流 行性感冒"，并确认"已确诊此疾病并使用过该药，且无过敏史、无相关禁忌症和不良反应"。很快，记者的 购药订单通过了验证。 提交清单后，系统跳转至问诊板块。系统显示一位汉中百寿健康互联网医院"医生"已接诊 ...

编者按： 华夏时报（www.chinatimes.net.cn）记者 张斯文 于娜 北京报道 本专题将立足宏观视野，剖析政策东风与市场机遇；深入微观肌理，聚焦产业跃迁与企业沉浮。我们将从政策导 向、产业链条、公司战略等多维度切入，既展现蓬勃发展的成就，也直面存在的挑战与隐忧，力求发现问题，并 提出具有前瞻性与操作性的建设性意见。 期待这一系列报道能为关注中国医药创新未来的读者，提供有价值的洞察与启发。敬请垂注。 近期创新药概念股在A股和港股市场均表现出强劲的上涨势头，创新药ETF国泰（517110）年内涨超25%，港股创 新药ETF（513120）年初至今涨幅已超过60%。 冠昊生物作为一家创新药概念公司，股价同样受到二级市场追捧。 2025年5月13日至6月12日，冠昊生物累计上涨28.56%，股价最高达到18.38元。尤其是在6月3日，公司股价达到阶 段性高点，当日涨幅达19.97%，属于医疗器械行业当日十大牛股之一。 但此后，冠昊生物股价出现明显回落，6月4日下跌8.87%，报收于16.75元。6月12日股价报收于16.97元，较6月3 日的高点下跌约2.3%。 （来源：同花顺） 然而，《华夏时报》记者 ...

2024年11月，由上海泽德曼医药科技有限公司陈庚辉博士团队主导研发的本维莫德乳膏(商品名：泽立美)在我国获批上市，成为全球首个用于2岁及以上特 应性皮炎患者的非激素外用创新药。紧随其后，美国Dermavant公司开发的同成分药物Tapinarof乳膏(商品名：VTAMA)于同年12月获FDA批准。尽管两者核 心成分相同，但在疗效、价格及患者可及性上却呈现显著差异。 研发背景：中国原研，中美同源 本维莫德的发现可追溯至20世纪90年代，陈庚辉博士在加拿大西蒙弗雷泽大学研究时，发现异小杆线虫共生菌产生的本维莫德具有抗炎特性。此后，他联合 创立加拿大Welichem公司并取得专利。2000年，本维莫德知识产权分属中加两地，陈庚辉博士回国在深圳创立天济药业，与Welichem公司同步推进开发。 2012年，葛兰素史克(GSK)获得海外开发权益，后于2018年转售美国Dermavant公司。历经多年研发，泽立美凭借本土化优势率先在中国上市，而VTAMA则 成为美国市场的"高价新星"。 根据III期临床试验数据，泽立美与VTAMA在治疗8周后均展现出优异疗效： EASI75应答率：泽立美组54.4%vs VTAMA组5 ...

中国银屑病药物行业调研简报 | 2025/04 www.leadleo.com 报告标签：银屑病、自免产品、仿制药 2025年4月 1 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 头豹调研简报 | 2025/04 银屑病药物行业 Q1：为什么卡泊三醇倍他米松软膏的首仿获批具有里程碑意义？ 银屑病患者 有关节症状 评估其活动指数、并发症，并进行患者教育 红皮病型及脓疱型 寻常型 轻度 中重度 外用药 外用药物治疗 系统治疗 光疗 无效 生物制剂 证实诊断 记录严重程度 评估并发症 NSAID DMARD 无效 NSAID：非甾体类抗炎药 DMARD：抗风湿病药物 图表1：中国 ...