今年9月底，公司向港交所递交主板上市申请，拟在"A+H"两地上市。根据招股书，长春高新IPO募资主要用于创新管线研发、潜在全球合作及共同开 发、海外化市场推进、加强公司销售及营销能力等。 值得关注的是，Wind数据显示，截至2025年第三季度末，超达集团持有长春高新18.69%的股份，累计质押股数约3803万股，占公司总股本的9.32%。证监 会要求该公司进一步评估质押对控制权稳定性的影响。此外，针对控股股东上层投资人吉林省信政基金合伙企业（有限合伙）的穿透情况、历史股权变动 合规性及募集资金用途、下属子公司开展相关业务及具体运营情况等问题，证监会要求长春高新进行补充说明。 长春高新发布控股股东股权结构发生变更的公告 编者按：拆解企业招股、估值、上市表现，以专业视角记录资本脉动。投资时间网携手标点财经联袂锻造"解码港股IPO"特别策划，深度探寻每一次资本 浪潮背后的机遇与逻辑，敬请关注。 投资时间网、标点财经研究员 董琳 在医药行业快速变革的背景下，"东北药茅"——长春高新技术产业（集团）股份有限公司（下称长春高新，000661.SZ）控股股东股权划转事宜于日前落 定。 长春高新发布公告称，公司控股股东长春超 ...

Core Insights - The company reported double growth in revenue and net profit for the third quarter, primarily driven by increased sales of growth hormones and antibody drugs [1] - In the fourth quarter, the company aims to enhance operational efficiency and effectiveness, further solidifying the stable growth of its main business while accelerating the improvement of other business segments to achieve the restorative growth target set at the beginning of the year [1] Revenue and Profit Growth - The third quarter saw a significant increase in both operating income and net profit, attributed to the growth in the main business areas of growth hormones and antibody drugs [1] - The company is focused on maintaining this growth trajectory and improving overall business performance in the upcoming quarter [1] Future Outlook - The company plans to continue enhancing operational efficiency and effectiveness in the fourth quarter [1] - There is a commitment to consolidating the stable growth of the main business while also working on the improvement of other business areas [1] - The goal is to achieve the restorative growth target established at the beginning of the year [1]

Core Viewpoint - The company is actively pursuing several strategic initiatives that are expected to enhance its market position and profitability, including the introduction of new products and the divestiture of real estate assets [1] Group 1: Product Development and Market Potential - The company is on the verge of having Jin Nakan (金纳单抗) included in breakthrough therapy designation [1] - Anwo Gao (安沃高新) is set to commence production, with an expected annual output value of 3 billion [1] - The market for insoles and weight loss drugs is substantial, which is anticipated to generate significant profits [1] - The introduction of methylphenidate hydrochloride (盐酸右哌甲酯) is expected to tap into a large market space [1] - Jin Tuoxizhu (金妥昔单抗) and Jin Tuolizhu (金妥利珠单抗) are projected to be billion-dollar products [1] Group 2: Strategic Initiatives and Financial Management - The company is actively advancing its real estate divestiture strategy [1] - The company aims to balance expenditure to maintain stable profits [1] - The growth hormone business currently faces no competition in the market [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.963 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.15%, and a net profit attributable to the parent company of 551 million yuan, a year-on-year decrease of 6.48%. In Q3 2025 alone, the revenue was 670 million yuan, a year-on-year increase of 7.7%, and the net profit was 185 million yuan, a year-on-year increase of 6.56% [4][5] - The company's main business has stabilized and is showing signs of recovery, with positive growth in both revenue and profit in Q3, primarily driven by the growth in revenue from growth hormones and antibody drugs. The decline in profit for the first three quarters is attributed to increased R&D investment, which reached 145 million yuan, a year-on-year increase of 13.08% [5] - The company has successfully introduced two significant long-acting products through business development (BD) collaborations, enhancing its market position in the fields of pediatric growth and assisted reproduction [6] - The company’s affiliate, Bosheng Jian, has made significant progress in its cell therapy platform, with the CD7 CAR-T (PA3-17 injection) being included as a breakthrough therapy and approved for key Phase II clinical trials [7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 2.677 billion yuan, 3.050 billion yuan, and 3.529 billion yuan, respectively, with year-on-year growth rates of 5.6%, 13.9%, and 15.7%. The net profit attributable to the parent company is projected to be 756 million yuan, 848 million yuan, and 987 million yuan for the same years, with year-on-year growth rates of 6.9%, 12.1%, and 16.4% [8][9] - Key financial metrics for 2025 include a gross margin of 78.4%, a return on equity (ROE) of 17.4%, and earnings per share (EPS) of 0.45 yuan [11]

Core Insights - The company reported a significant decline in net profit despite a slight decrease in revenue, indicating a severe deterioration in profitability driven by rising costs and declining core business performance [2][3][4] Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 9.807 billion yuan, a year-on-year decrease of 5.6%, with Q3 revenue dropping 14.55% to 3.204 billion yuan [2][4] - The core subsidiary, Jinsai Pharmaceutical, generated revenue of 8.213 billion yuan, a slight increase of 0.61%, but its net profit plummeted by 49.96% to 1.421 billion yuan, highlighting the challenge of maintaining revenue without profit growth [4] Cost Structure - Total expenses, including sales, management, and R&D, surged by 1.139 billion yuan, with sales expenses increasing by 620 million yuan to 3.764 billion yuan, reflecting aggressive marketing efforts [2][5] - The total of these expenses accounted for 48.87% of revenue, up 29.89% year-on-year, leading to a drop in net profit margin from 28.13% in 2024 to 10.81% [5][6] Market Challenges - The core product, growth hormone, faces multiple pressures, including a declining birth rate and increased competition from other companies, which has eroded its market dominance [5][10] - The company is experiencing a "difficult transformation" as it attempts to pivot towards innovative drugs, but current R&D investments are not yet yielding significant returns [9][10] Innovation Pipeline - The company has over 40 candidate drugs in its pipeline, with significant investments in R&D amounting to 1.733 billion yuan for the first three quarters, but these efforts are still in the early stages and unlikely to offset declines in core business in the short term [9][10] - Recently launched innovative drugs have contributed minimally to revenue, with total sales of less than 160 million yuan compared to the 8 billion yuan from the growth hormone business [9][10] Future Outlook - The company plans to raise funds through a Hong Kong listing to support R&D and international expansion, but the success of these initiatives remains uncertain and may not provide immediate relief to current performance pressures [12] - The ongoing challenges in the growth hormone market, coupled with high R&D costs and a lengthy commercialization timeline for new drugs, suggest that the company will continue to face significant headwinds in the near future [10][12]

Core Viewpoint - Shengxiang Bio reported a revenue of 1.244 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 20.49%, with a net profit attributable to shareholders of 191 million yuan and a net profit of 157 million yuan after deducting non-recurring gains and losses [1] Group 1: Financial Performance - For the first nine months of 2025, Shengxiang Bio achieved a revenue of 1.244 billion yuan, reflecting a year-on-year increase of 20.49% [1] - The company reported a net profit of 191 million yuan, with a non-recurring net profit of 157 million yuan [1] Group 2: Strategic Initiatives - Shengxiang Bio has initiated and is actively promoting a "diagnosis and treatment integration" strategy through both external acquisitions and internal innovation, enhancing the synergy of its product matrix and technology platform [1][2] - The acquisition of Zhongshan Haiji, which specializes in growth hormone business, complements Shengxiang Bio's pediatric infection diagnosis business, facilitating the construction of a "screening-diagnosis-treatment" integrated industrial closed loop [2] Group 3: Research and Development - The company invested 237 million yuan in R&D during the first three quarters, accounting for 19.07% of its revenue, and obtained over 130 new domestic and international registration certificates [2] - Shengxiang Bio led a 280 million yuan financing round for Zhenmai Bio to accelerate the domestic replacement and international breakthrough of high-throughput sequencing technology [2] Group 4: Fund Establishment - Shengxiang Bio plans to invest 370 million yuan to establish the Hunan Jinfurong Shengxiang Bio Fund Partnership, targeting investments in AI medical applications and innovative medical devices [3] - The fund aims to raise a total of 1 billion yuan, with Shengxiang Bio holding a 37% stake [3] - The establishment of this fund is expected to enhance the company's business expansion and industry chain extension, further solidifying its comprehensive strategic layout in the medical field [3][4]

Core Viewpoint - Anke Biological (300009) reported on October 29 that the company's growth hormone new patient enrollment has continued to increase, with the water injection form of growth hormone accounting for a growing proportion of the overall growth hormone product line, enhancing the company's product competitiveness and contributing to profit growth [1] Group 1 - The company has seen a continuous increase in new patient enrollment for its growth hormone products [1] - The water injection form of growth hormone is becoming a larger part of the company's overall growth hormone product portfolio [1] - The increase in product competitiveness is expected to lead to profit growth for the company [1]

Core Viewpoint - Changchun High-tech has submitted an application for overseas listing (H shares) on the Hong Kong Stock Exchange, following a significant decline in its stock price, which has dropped over 70% since 2021 due to price reductions in its core product, growth hormone, resulting in a projected decline in revenue and net profit for 2024 and the first half of 2025 [2][10]. Financial Performance - In 2024, Changchun High-tech's revenue is expected to be 13.466 billion yuan, a year-on-year decrease of 7.55%, while net profit is projected at 2.583 billion yuan, down 43.01% [4]. - For the first half of 2025, the company anticipates revenue of 6.603 billion yuan, a slight decline of 0.54%, and a net profit of 983 million yuan, down 42.85% [4]. - The gross profit margin from drug sales has decreased from 91.6% in 2022 to 88.6% in the first half of 2025 [6]. Core Business Impact - The main revenue and profit contributions come from the growth hormone business of Jinsai Pharmaceutical, which saw a revenue of 10.671 billion yuan in 2024, down 3.73%, and a net profit of 2.678 billion yuan, down 40.67% [10]. - In the first half of 2025, Jinsai Pharmaceutical's revenue was 5.469 billion yuan, a year-on-year increase of 6.17%, but net profit decreased by 37.35% to 1.108 billion yuan [10]. - The vaccine business of Baike Biotechnology also faced challenges, with revenue dropping to 1.229 billion yuan in 2024, down 32.64%, and a net profit of 232 million yuan, down 53.67% [11]. Market Challenges - The growth hormone product has been included in centralized procurement in several provinces since 2022, leading to significant price reductions and increased competition from similar products [10]. - The company's international revenue remains low, with only 130 million yuan in 2024, accounting for 0.97% of total revenue, and 1.13% in the first half of 2025 [12].

Core Viewpoint - Changchun High-tech has submitted an application for overseas listing (H shares) on the Hong Kong Stock Exchange, following a significant decline in its stock price, which has dropped over 70% since 2021 [2][3]. Financial Performance - In 2024, Changchun High-tech's revenue and net profit are expected to decline for the first time in nearly 20 years, with projected revenue of 13.466 billion yuan, a decrease of 7.55%, and net profit of 2.583 billion yuan, down 43.01% [6][7]. - For the first half of 2025, the company is projected to report revenue of 6.603 billion yuan, a slight decrease of 0.54%, and a net profit of 983 million yuan, down 42.85% [8]. - The gross margin for drug sales has decreased from 91.6% in 2022 to 88.6% in the first half of 2025 [10]. Core Business Impact - The main revenue and profit contributions come from two subsidiaries: Jinsai Pharmaceutical and Baike Biological, both of which have experienced declining gross margins from 93.5% to 90.9% and from 87.2% to 78.4%, respectively, from 2022 to the first half of 2025 [12][13]. - Jinsai Pharmaceutical's revenue is projected to be 10.671 billion yuan in 2024, down 3.73%, with a net profit of 2.678 billion yuan, a decrease of 40.67% [16]. - Baike Biological is expected to report revenue of 1.229 billion yuan in 2024, down 32.64%, and a net profit of 232 million yuan, down 53.67% [17]. Market Challenges - The decline in revenue and profit is attributed to the inclusion of growth hormone products in centralized procurement programs across various provinces, leading to significant price reductions [16]. - The company faces increased competition as similar products from other companies have entered the market, disrupting its previous monopoly [16]. - The international expansion of Changchun High-tech remains in its early stages, with overseas revenue accounting for only 0.97% in 2024 and 1.13% in the first half of 2025 [17].

Core Viewpoint - The performance in H1 2025 meets expectations, with the consolidation of Zhongshan Haiji and Hong'an Jiyuan enhancing company performance. The apparent revenue shows steady growth, but internal business growth is under pressure due to lower respiratory disease incidence compared to the same period last year and the impact of VAT rate adjustments. The respiratory disease incidence remains low in Q3 2025, and internal revenue growth is expected to remain under pressure. However, the apparent revenue is anticipated to achieve stable year-on-year growth in the second half of the year. The company, as a leader in the molecular diagnostics industry, has a rich product matrix and high industry recognition, with a clear first-mover advantage in respiratory testing. The expansion of home testing services further contributes to revenue growth, and the company is optimistic about achieving integrated diagnosis and treatment through mergers and self-research [1][3][8]. Financial Performance - In H1 2025, the company achieved operating revenue of 869 million yuan, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 163 million yuan, up 3.84%. The net profit after deducting non-recurring items was 136 million yuan, an increase of 12.19%. The basic earnings per share were 0.28 yuan. In Q2 2025, the operating revenue was 393 million yuan, a year-on-year increase of 20.59%, while the net profit attributable to shareholders was 71 million yuan, a decrease of 6.21% [2][3]. Business Segments - The performance of Zhongshan Haiji's growth hormone business was notable, contributing 216 million yuan in revenue during the consolidation period. Hong'an Jiyuan contributed 10.54 million yuan in revenue. Excluding the contributions from these two companies, the company's internal business revenue declined by 10% year-on-year in H1 2025. The overall performance in H1 2025 met expectations, despite the internal growth being under pressure due to lower respiratory disease incidence and VAT adjustments [3][4]. Product Development - In the molecular diagnostics field, the company has launched its first fungal testing reagent, significantly improving the efficiency of diagnosing invasive pulmonary fungal diseases. The company is leveraging an "Internet + Healthcare" home testing model to drive respiratory product sales directly to consumers, with promising prospects for expanding this model to other product categories [4]. Investment and Mergers - The company is actively seeking quality targets for investment and collaboration, having acquired 100% of Zhongshan Haiji's shares to establish a foothold in the growth hormone sector. This acquisition supports long-term development in pediatrics and aids in creating an integrated health solution strategy. The company has also increased its investment in Zhenmai Bio to accelerate the domestic replacement of gene sequencing solutions and promote international breakthroughs in gene technology [6][7]. Financial Metrics - In H1 2025, the company's gross profit margin was 73.28%, a decrease of 3.99 percentage points year-on-year, primarily due to price reductions in high-margin respiratory testing kits and VAT policy adjustments. The sales expense ratio was 31.83%, while the management expense ratio decreased to 12.09%. The research and development expense ratio was 17.71%, and the financial expense ratio was -3.98% due to reduced interest income from deposits. The net operating cash flow was -143 million yuan, compared to -63 million yuan in the same period last year [7]. Future Outlook - Looking ahead to the second half of the year, the company expects to be affected by VAT rate adjustments and the unbundling of testing project packages. The respiratory disease incidence remains low, and internal revenue growth is anticipated to remain under pressure in Q3 2025. However, the consolidation of Zhongshan Haiji and Hong'an Jiyuan is expected to contribute to revenue growth, with apparent revenue projected to achieve stable year-on-year growth in the second half [8]. Profit Forecast and Valuation - In the short term, with the significant improvement in domestic PCR testing efficiency and clinical awareness, the penetration rate of molecular diagnostics is expected to rise rapidly. The company, as a leader in molecular diagnostics, is poised for steady development in various fields, including respiratory, maternal and child health, hepatitis, and blood screening. However, short-term performance may be volatile due to respiratory disease incidence, VAT rate adjustments, and policy impacts. In the medium to long term, the company has strong advantages in R&D, channels, and branding, actively expanding into new application areas in molecular diagnostics [9].