长春高新亦积极扩大已获批产品的适应症覆盖范围，以针对更广泛的患者人群。例如，金赛增于2024年 获批用于ISS及特纳综合症，成为中国唯一在PGHD以外有获批适应症的LAGH产品，其三项适应症覆盖 了中国约 82.3%的儿童矮小症人群。 截至2025年9月23日，长春高新拥有逾40种处于临床阶段或已提交新药临床试验 (IND)申请的候选药 物，其中包括14种处于III期临床或新药上市申请(NDA)阶段的候选药物及15种1类创新药。多种候选药 物展示出全球同类首创或同类最佳的潜力。 业绩方面，于2022年度、2023年度、2024年度及2025年截至6月30日止六个月，该公司实现收入分别约 为126.27亿元、145.66亿元、134.66亿元、66.03亿元人民币；同期，年/期内利润约为42.15亿元、47.76 亿元、27.08亿元、9.32亿元人民币。 据港交所9月29日披露，长春高新（000661）技术产业(集团)股份有限公司(简称：长春高新)向港交所主 板提交上市申请书，中信建投（601066）国际为其独家保荐人。长春高新(000661.SZ)已经在深交所上 市。 招股书显示，长春高新是中国领先的创新驱 ...

智通财经APP获悉，据港交所9月29日披露，长春高新技术产业(集团)股份有限公司(简称：长春高新)向港交所主板提交上市申请书，中信 建投国际为其独家保荐人。长春高新(000661.SZ)已经在深交所上市。 长春高新已在内分泌及代谢疾病、女性健康、免疫及呼吸系统疾病、肿瘤、疫苗及中成药领域建立了强大且多元化产品组合。于往绩记 录期间及截至2025年9月23日，长春高新成功推出13种新药产品，例如于2023年1月获批的带状疱疹疫苗（截至2025年9月23日首个及唯一 一个国内研发的带状疱疹疫苗）；注射用Firsekibart（金蓓欣®）（于2025年6月获批用于急性痛风性关节炎的中国首个1类创新生物 药）；于2024年6月获批的黄体酮注射液(II)（金赛欣®）（中国首个皮下注射的水溶性黄体酮注射液并纳入2024年国家医保药品目录）以 及于2025年8月获批的液体鼻喷流感疫苗。 长春高新亦积极扩大已获批产品的适应症覆盖范围，以针对更广泛的患者人群。例如，金赛增于2024年获批用于ISS及特纳综合症，成为 中国唯一在PGHD以外有获批适应症的LAGH产品，其三项适应症覆盖了中国约 82.3%的儿童矮小症人群。 截至2 ...

智通财经APP获悉，据港交所9月29日披露，长春高新技术产业(集团)股份有限公司(简称：长春高新)向港交所主板提交上市申请书，中信 建投国际为其独家保荐人。长春高新(000661.SZ)已经在深交所上市。 长春高新已在内分泌及代谢疾病、女性健康、免疫及呼吸系统疾病、肿瘤、疫苗及中成药领域建立了强大且多元化产品组合。于往绩记 录期间及截至2025年9月23日，长春高新成功推出13种新药产品，例如于2023年1月获批的带状疱疹疫苗（截至2025年9月23日首个及唯一 一个国内研发的带状疱疹疫苗）；注射用Firsekibart（金蓓欣®）（于2025年6月获批用于急性痛风性关节炎的中国首个1类创新生物 药）；于2024年6月获批的黄体酮注射液(II)（金赛欣®）（中国首个皮下注射的水溶性黄体酮注射液并纳入2024年国家医保药品目录）以 及于2025年8月获批的液体鼻喷流感疫苗。 长春高新亦积极扩大已获批产品的适应症覆盖范围，以针对更广泛的患者人群。例如，金赛增于2024年获批用于ISS及特纳综合症，成为 中国唯一在PGHD以外有获批适应症的LAGH产品，其三项适应症覆盖了中国约 82.3%的儿童矮小症人群。 截至2 ...

Core Viewpoint - 百克生物 is facing challenges in the vaccine market, leading to a decline in revenue and profit, but is implementing strategies to enhance public awareness and drive demand for its products [2][3]. Group 1: Company Overview - 百克生物 specializes in the research, production, and sales of human vaccines, with approved products including varicella vaccine, nasal influenza vaccine, herpes zoster vaccine, and liquid nasal influenza vaccine [1]. - The company has a leading market share in varicella vaccine and is the only domestic provider of the nasal influenza vaccine, which significantly improves vaccination compliance [1][3]. - The herpes zoster vaccine is the first of its kind developed for individuals aged 40 and above in China, providing a new preventive option for the public [1][3]. Group 2: Financial Performance - In the first half of 2025, 百克生物 reported revenue of 285 million yuan and a net loss of 73.57 million yuan, with a non-recurring net profit loss of 82.23 million yuan [2]. - The decline in revenue and profit is attributed to a significant drop in the issuance of non-immunization planning vaccines, with some products seeing a decrease of over 50% in issuance batches [2]. Group 3: Market Challenges and Strategies - The company is closely monitoring market dynamics and is adopting innovative marketing strategies to enhance public awareness of related diseases and stimulate demand for vaccinations [2][3]. - 百克生物 is committed to an innovation-driven development strategy, increasing R&D investment to accelerate the progress of its pipeline and prepare for future growth opportunities [2].

Core Viewpoint - Baike Biotech (688276) held a performance briefing on September 1, 2025, to discuss its operating results and financial status for the first half of 2025, highlighting challenges in vaccine sales and strategies for recovery [1][2]. Financial Performance - In the first half of 2025, Baike Biotech achieved revenue of 285 million yuan, with a net loss of 73.57 million yuan and a non-recurring net loss of 82.23 million yuan [2]. - The decline in revenue and profit was attributed to external factors, intensified market competition, and decreased willingness among vaccine recipients to get vaccinated [2]. Research and Development - The company has established five core technology platforms for vaccine development, including virus large-scale culture technology, formulation and adjuvant technology, genetic engineering technology, bacterial vaccine technology, and mRNA vaccine technology [3]. - R&D investment in the first half of 2025 was 98.20 million yuan, accounting for 34.47% of revenue, a significant increase from 13.83% in the same period last year [3]. Pipeline Projects - Baike Biotech is focusing on 13 vaccine projects and 3 human monoclonal antibodies for infectious disease prevention [4]. - Key projects include the liquid nasal influenza vaccine, which has received production approval, and the DTP vaccine (three-component), currently in Phase III clinical trials [4]. - The company is also advancing several other vaccines and monoclonal antibodies through various stages of clinical trials, including rabies monoclonal antibody and HSV-2 vaccine [4].

Core Viewpoint - The company is adapting to external challenges and market competition by innovating marketing strategies and increasing R&D investments to enhance public awareness of disease prevention and stimulate demand for vaccinations [1][2][3]. Group 1: Financial Performance and R&D - In the first half of 2025, the company reported a significant decline in operating performance due to external factors and decreased vaccination willingness among the public [1]. - The company invested CNY 98.2 million in R&D, accounting for 34.47% of its revenue, with 16 ongoing projects, 11 of which are in clinical trial or registration stages [3]. Group 2: Product Development and Approvals - The company received approval for its liquid nasal spray influenza vaccine, enhancing its product portfolio and competitive edge [2]. - The company is conducting clinical research to expand the influenza vaccine's target population to include adults aged 18-59, aiming to provide new immunization options [2]. Group 3: Marketing Strategies - The company is implementing innovative marketing strategies focused on academic promotion and public education to correct misconceptions and increase awareness of its vaccines [4]. - The company participated in major academic conferences to showcase its technological breakthroughs and clinical applications in the field of live attenuated vaccines [4]. Group 4: Social Collaboration and International Expansion - The company collaborates with local governments to integrate vaccines into public health projects, aiming to alleviate the economic and psychological burdens of diseases like shingles [5]. - The company is actively pursuing international market expansion and product registration in countries like Russia, enhancing its global presence [6].

根据市场公开信息及4月21日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 1）百克生物 （淡水泉(北京)投资管理有限公司参与公司特定对象调研&业绩说明会） 调研纪要：百克生物2024年及2025年第一季度业绩下滑明显，分别下降32.64%和39.96%，主要因带状 疱疹疫苗销售受影响。公司计划通过多种方式提升带状疱疹疫苗市场认知度，继续稳固水痘疫苗市场地 位，并推进国际市场的扩展。研发方面，多个项目取得进展，包括液体鼻喷流感疫苗、狂犬单抗等。 2025年，公司预计研发投入和销售费用率将提升，随后逐步下降。 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设有办公室。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 2）秦川机床 （淡水泉投资参与 ...

Group 1: Ganyuan Food - Ganyuan Food plans to conduct in-depth research in the Southeast Asian market starting in Q4 2024, with an accelerated product export strategy in 2025 [1] - The company is addressing raw material fluctuations through advance reserves, supply chain alternatives, and increasing direct procurement [1] - The growth in accounts receivable is primarily due to the staggered impact of the Spring Festival, leading to increased receivables during peak sales periods [1] - The growth of mixed nuts and bean snacks is attributed to bulk snack channels and overseas markets [1] - A significant promotional effort in Q1 2024 resulted in lower e-commerce gross margins, but gross margins are expected to rise year-on-year in Q1 2025 [1] - Sales expenses in Q1 2025 are expected to increase due to the initiation of the Southeast Asia export strategy, including market research, product design, sales personnel costs, and new celebrity endorsement fees [1] Group 2: Lepu Medical - Lepu Medical is optimistic about future profit growth from structural heart, dermatology, and neuro-regulation businesses [2] - The company has set profit margin assessments for each business segment and is controlling costs to maintain healthy cash flow [2] - The trend of centralized procurement may moderate, with significant regional differences across provinces [2] - The impact of US-China tariffs on the company is limited, and the domestic substitution process for some products may accelerate [2] - The promotion of new cardiovascular interventional products is progressing smoothly, with a sales target for coronary interventional business set for a 10% year-on-year increase [2] - The non-invasive blood glucose meter is undergoing further testing, and the candidate drug MWN101 has completed Phase II clinical trials [2] - The brain-computer interface business is in the incubation stage, and the market share of coronary stents has not met expectations, prompting increased focus on this area [2] - The AI business will increasingly integrate with hardware devices, and opportunities exist for DSA product promotion amid US-China trade tensions [2] - The company is placing greater emphasis on the neuro-regulation pipeline due to competition in the cardiac electrophysiology sector [2] - The TAVR product aims to enhance its popularity through reasonable pricing [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance for 2024 and Q1 2025, with decreases of 32.64% and 39.96% respectively, primarily due to the impact on shingles vaccine sales [3] - The company plans to enhance market awareness of the shingles vaccine through various methods while maintaining its position in the chickenpox vaccine market and expanding into international markets [3] - In terms of R&D, multiple projects have made progress, including liquid nasal spray flu vaccines and rabies monoclonal antibodies [3] - The company anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decline [3]

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]