Core Viewpoint - Changchun High-tech's stock price is experiencing a slight decline, reflecting market fluctuations and investor sentiment in the biopharmaceutical sector [1] Company Overview - Changchun High-tech operates in the biopharmaceutical industry, focusing on the production and sales of biological drugs and traditional Chinese medicine [1] - The company's core subsidiary, Jinsai Pharmaceutical, specializes in the research and development of genetically engineered biological drugs, including a series of growth hormone products [1] Recent Developments - Jinsai Pharmaceutical's application for clinical trials of the self-developed injection GenSci143 has been accepted by the National Medical Products Administration [1] - GenSci143 is a bispecific antibody-drug conjugate targeting B7-H3 and PSMA, which has potential dual therapeutic effects in targeted chemotherapy and tumor immunotherapy [1] Financial Performance - On the trading day, Changchun High-tech's stock price was reported at 103.33 yuan, with a maximum of 103.99 yuan and a minimum of 102.90 yuan, and a trading volume of 574 million yuan [1] - The company experienced a net outflow of 55.31 million yuan in principal funds on that day, with a cumulative net outflow of 107 million yuan over the past five days [1]

Core Viewpoint - Changchun High-tech's 2024 annual report indicates a slight decline in revenue and profit due to increased R&D investment and external competitive pressures, with revenue at 13.466 billion and net profit at 2.583 billion [1] Financial Performance - In Q1 2025, the core subsidiary Jinsai Pharmaceutical reported a revenue of 2.617 billion, showing a return to growth year-on-year [1] - The company plans to distribute a cash dividend of 2.6 per 10 shares, totaling 1.047 billion, alongside a share buyback of 420 million, making the total return to shareholders 1.467 billion, which is 56.81% of the annual net profit [2] - Cumulatively, since its listing, the company has returned 4.967 billion to shareholders, exceeding its fundraising total by 159.25% [2] R&D Investment - R&D investment reached 2.690 billion in 2024, representing 19.97% of revenue, with an 11.20% year-on-year increase, positioning the company as a leader among 24 disclosed firms in the biopharmaceutical sector [4] - The company has a robust pipeline with 24 key products in clinical stages and plans to launch 10 new drugs covering 20 indications in the next five years [5][6] Product Development and Market Position - The company has received drug registration certificates for several products, including long-acting growth hormone for specific indications, and has 7 pipelines in the application stage and 9 in phase III clinical trials [5] - The company maintains a strong position in the growth hormone market, with 12 approved indications and significant revenue from Jinsai Pharmaceutical, which exceeded 10 billion [8][9] International Expansion - The company is accelerating international sales of growth hormone products, achieving a revenue of 99 million in foreign markets, a 454% increase year-on-year [9]