（图片来源：上市公司公告） 从行业分布来看，近期筹划赴港上市的A股公司覆盖电子、机械设备、医药生物、食品饮料、化工、传媒等多个领 域。其中，电子行业企业最为集中，华勤技术、芯海科技、露笑科技、极米科技、晶合集成、普源精电等均计划赴港 上市；医药生物领域有科兴制药、可孚医疗两家公司披露相关计划。此外，计算机行业的卓创资讯与万兴科技、传媒 行业的天下秀、食品饮料行业的天味食品、化工行业的美锦能源等也纷纷加入赴港上市行列。 8月以来，A股公司赴港上市步伐明显加快。 据不完全统计，已有近20家A股上市公司宣布拟筹划赴港上市，立讯精密、胜宏科技、军信股份、星环科技等企业已 正式向港交所递交H股发行上市申请。这些企业中不乏细分行业头部企业，如立讯精密、胜宏科技的A股总市值均已 突破千亿元。 8月24日晚，格林美发布公告称，董事会同意公司发行H股股票，并在港交所主板挂牌上市。此前，华勤技术、科兴制 药等A股上市公司于8月22日晚间披露了赴港上市计划。企业普遍表示，拓展国际化战略、优化海外业务布局、提升品 牌知名度、增强境外融资能力及综合竞争力是赴港上市的主要动因。 8月以来，A股公司赴港上市步伐明显加快。 有行业分析师表示 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 700.46 million yuan and net profit at 80.34 million yuan, marking a year-on-year growth of 576.45% [1] - The company is positioning itself as an innovative multinational pharmaceutical enterprise through its focus on research and development and international expansion [1] Innovation and R&D - The company has established a robust innovation pipeline based on its recombinant protein drug technology platform, focusing on high-value clinical pipelines and antibody drug development technology [2] - The company is developing several new drugs, including GB05 for respiratory syncytial virus (RSV) and GB18 for cancer cachexia, with promising clinical trial results [2][3] - The GB12 project targets specific dermatitis with a dual-blocking mechanism, showing significant advantages over existing treatments, indicating a favorable competitive landscape [3] - The company is also advancing the GB24 project, which addresses intestinal fibrosis in inflammatory bowel disease (IBD) patients, enhancing its competitive edge in gastrointestinal diseases [4] International Expansion - The company has made significant strides in its international commercialization strategy, establishing a marketing network covering over 70 countries and regions [5][6] - The company has successfully registered 18 products for overseas commercialization and received approvals in multiple countries, including the EU [6] - The introduction of high-end complex formulations, such as albumin paclitaxel, marks a transition to a new phase of international expansion, broadening the product portfolio [6] Strategic Positioning - The company is recognized for its innovative capabilities and has been actively participating in international academic events, enhancing its image as an innovative multinational biopharmaceutical enterprise [4][7] - The strategic focus on both innovation and internationalization is expected to drive sustainable growth and establish a positive image for Chinese enterprises in the global market [5][7]

本报讯 （记者王僖）8月22日晚，科兴生物制药股份有限公司（以下简称"科兴制药"）发布2025年半年 度报告。报告期内，公司实现营业收入7亿元；归属于上市公司股东的净利润8034.45万元，同比大幅增 长576.45%。 国内市场方面，公司深化区域精细化管理，拓展电商渠道，常乐康、赛若金等产品入驻京东、阿里健康 等平台，电商收入同比增长约90%。产业化建设同步发力，预充式生产线2号线投产且产能爬坡超预 期。 科兴制药有关人士表示，在政策支持、技术创新与全球化战略的共同驱动下，医药行业加速向创新驱动 转型，且随着我国对创新药支持力度的加强，创新成果不断兑现，创新药将进入新的快速发展期。公司 也将聚焦做精做强主业，外抓市场，内抓管理，不断进行创新突破，持续推进"降本增效"，实现盈利能 力稳步提升。 （编辑 何帆） 作为创新型国际化生物制药企业，科兴制药依托重组蛋白、抗体药物等先进技术平台，聚焦抗病毒、肿 瘤、免疫等领域。上半年研发创新成果凸显，不仅获得GB18注射液中国和美国的药物临床试验批准通 知书、干扰素α1b吸入溶液美国临床试验批准通知书，还持续推进长效生长激素等项目I期临床，以及聚 乙二醇化人粒细胞刺激因 ...

Core Viewpoint - Kexing Pharmaceutical (688136.SH) plans to sell its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., for 15 million yuan to reduce management costs and improve asset operation efficiency [1][13]. Group 1: Company Performance - Kexing Pharmaceutical's stock price has doubled since the beginning of the year, with a significant increase of 156.50% from 21.86 yuan per share at the end of 2024 to 56.07 yuan on June 4 [6][10]. - The company reported a revenue of 14.07 billion yuan in 2024, an increase of 11.75% year-on-year, and achieved a net profit of 31 million yuan, marking a turnaround from previous losses [10][11]. - Despite the revenue growth, the company's R&D expenses significantly decreased to 168 million yuan in 2024, down 51.30% from the previous year [11][13]. Group 2: Shareholder Actions - The controlling shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd., plans to reduce its stake by up to 3%, potentially cashing out over 336 million yuan based on the stock price at the time of the announcement [4][5]. - This is the first time since Kexing Pharmaceutical's IPO that the major shareholder has announced a reduction in holdings, raising market concerns about the intention behind the move [3][5]. Group 3: Market Reactions - Following the announcement of the major shareholder's reduction plan, Kexing Pharmaceutical's stock price fell to 50.95 yuan per share by June 12 [8]. - Market skepticism arose due to the significant stock price increase prior to the reduction announcement, with some investors questioning the motives behind the shareholder's decision [5][6].

Core Viewpoint - The company has established a clear strategy of "innovation + overseas commercialization" and has achieved significant results through five years of careful planning [1] Group 1: Overseas Commercialization Strategy - The company's overseas commercialization strategy focuses on high-quality Chinese pharmaceuticals entering global markets, emphasizing "global selection and global coverage" [2] - The 2.0 strategy includes expanding from emerging markets to the EU, transitioning from biosimilars to high-end complex injectable formulations, and localizing operations [2] - The company aims to enhance its international competitiveness by upgrading product structures and establishing a strong localized operational network in key global markets such as Brazil, Mexico, and Germany [2] Group 2: Innovation and Clinical Development - The company is committed to completing a certain number of innovative drug clinical applications in the US and China each year to accelerate the internationalization of its product pipeline [2] - The company is strengthening its business development capabilities by forming specialized teams in China and Europe and actively seeking deep collaborations with leading global pharmaceutical companies [2] - Several innovative drug projects are currently in the negotiation stage, and the company is increasing its academic exchanges to enhance its international influence in innovative drug research [2] Group 3: Future Growth and Market Expansion - The company has laid a solid foundation for its overseas commercialization strategy since its establishment in 2021, with good sales performance of its albumin paclitaxel product in the EU market [3] - The company plans to introduce new products and drive sales through its established overseas commercialization platform, aiming for long-term business growth [3] - The company targets a 200%-400% increase in export revenue by 2025 compared to 2023, as outlined in its 2024 equity incentive plan [3]

Core Viewpoint - The company is actively adjusting its supply chain in response to the 20% tariff challenge and is focusing on high-barrier, high-margin products to maintain its competitive edge in the pharmaceutical industry [2][4]. Company Overview - The company, Jianyou Co., Ltd., is a pharmaceutical enterprise engaged in drug research, production, and sales, with a diverse product pipeline including cardiovascular, neurological, anesthetics, anti-tumor preparations, and high-value sterile injectables [4]. Financial Performance - In Q1 2025, the company reported a main revenue of 885 million yuan, a year-on-year decrease of 11.85% - The net profit attributable to shareholders was 84.71 million yuan, down 52.19% year-on-year - The net profit after deducting non-recurring gains and losses was 75.32 million yuan, a decline of 56.05% - The debt ratio stood at 26.38%, with investment income of 11.13 million yuan and financial expenses of 21.80 million yuan - The gross profit margin was 34.41% [4]. Product Development - The company’s biosimilar drugs are entering a harvest period, with liraglutide expected to receive FDA approval in April 2024, making the company the third globally to enter the market - Sales of adalimumab (Yusimry) have already surpassed 70 million yuan - Collaborations with Tonghua Dongbao and Double Star Pharmaceutical are progressing well, with a focus on insulin and paclitaxel products [4]. Market Strategy - The company views the U.S. market as a significant revenue source and plans to expand into Europe, the Middle East, and Central and South America by 2030, aiming to become a global enterprise [2][4]. Analyst Ratings - In the last 90 days, 9 institutions have given buy ratings for the stock, with an average target price of 19.21 yuan [5]. Profit Forecast - Detailed profit forecasts indicate expected net profits for 2025 ranging from 10.25 billion yuan to 12.18 billion yuan, with projections for 2026 and 2027 also showing growth [7]. Financing Activity - In the past three months, the stock has seen a net inflow of 52.81 million yuan in financing, with an increase in financing balance, while the net inflow of short selling was 953,600 yuan [7].

Summary of Key Points from the Conference Call of Jianyou Co., Ltd. Company Overview - Jianyou Co., Ltd. started with heparin raw materials and has gradually developed into enoxaparin sodium injections, small molecule injections, and large molecule biosimilars, establishing three growth curves with significant synergy in the industrial chain, production technology, registration, commercialization, and marketing [2][4] Core Business and Market Position - The company has a strong presence in the U.S. market, with formulation revenue accounting for over 70% and overseas formulation revenue approximately 54% [2][9] - The heparin preparation market has a natural growth rate of about 5%, with a projected global market size of $6.05 billion in 2024, expected to reach around $10 billion by 2034 [5][25] - The biosimilar market is expected to grow significantly, with projections of a market size between $30 billion and $35.5 billion in 2024, potentially reaching over $120 billion by 2032 [11][12] Future Growth Drivers - The U.S. Inflation Reduction Act (IRA) is expected to enhance the profitability of biosimilars by restructuring insurance payment systems, encouraging doctors to prescribe lower-cost biosimilars [2][13] - Jianyou's biosimilar products, such as adalimumab, are anticipated to generate $30 million in sales by 2025, with significant orders for liraglutide and plans for rapid approval of high-concentration adalimumab [2][14][16] Production and Capacity - The company has 12 FDA-approved injection production lines, with capacity utilization expected to reach 80%-90% by the end of 2026 to 2027 [2][21] - The U.S. sterile injection market is in a long-term shortage, providing Jianyou with a competitive advantage due to its strong commercialization capabilities and production capacity [2][21] Financial Performance and Projections - Expected revenues for 2025 and 2026 are projected to be $5.5 billion and $7 billion, respectively, with net profits ranging from $1.15 billion to $1.5 billion [5][29] - The overall revenue growth rate is expected to reach 30%-34.8%, driven by high-margin products and a stable domestic market [29] Strategic Advantages - Jianyou has significant advantages in the industrial chain, including vertical integration from raw materials to finished products, ensuring product quality and pricing power [6] - The company has developed strong sales networks through acquisitions and partnerships, enhancing its market position and reducing sales costs [8][24] Challenges and Risks - The heparin raw material business faces challenges from price fluctuations due to the pig farming cycle and epidemic risks, but a price stabilization is expected by 2025 [28] - The company has taken measures to mitigate risks, including significant inventory write-downs, allowing for flexible price adjustments [28] Conclusion - Jianyou Co., Ltd. is well-positioned for future growth with a strong product pipeline, significant market opportunities in biosimilars, and a robust production capacity. The company is expected to benefit from favorable regulatory changes and market dynamics, making it an attractive investment opportunity [10][29]

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.41 RMB [8][9] Core Views - The company's revenue for 2024 is projected to be 39.24 billion RMB, with a slight decrease of 0.20% year-over-year, while the net profit is expected to turn positive at 8.26 billion RMB [1] - The biopharmaceutical business, particularly the biosimilar drugs, is expected to drive performance improvement throughout the year [1] - The company has seen strong growth in its formulation segment, with a revenue increase of 10% year-over-year in 2024, particularly in non-heparin formulations which grew by 24% [2] - The biosimilar drugs are anticipated to become the next growth engine, with significant revenue contributions from products like Adalimumab and Liraglutide [3] Revenue and Profit Forecast - The company forecasts net profits of 10.25 billion RMB, 13.46 billion RMB, and 16.62 billion RMB for the years 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 24%, 31%, and 23% [5] - The earnings per share (EPS) are projected to be 0.63 RMB, 0.83 RMB, and 1.03 RMB for the same years [5] Financial Metrics - The company's revenue for 2024 is expected to be 39.24 billion RMB, with a slight decline from the previous year, while the net profit is projected to be 8.26 billion RMB [1][7] - The gross margin is expected to decline to 43.21% in 2024, primarily due to pressures in the heparin raw material segment [4] - The company has a market capitalization of approximately 16.95 billion RMB as of May 8 [9]

Group 1 - The company achieved profitability in 2024 with a revenue of approximately 1.407 billion yuan (+11.75%), driven by a significant increase in overseas income, which reached about 225 million yuan (+62.07%) [1] - The company reported a net profit attributable to shareholders of approximately 31 million yuan in 2024, recovering from a loss of about 190 million yuan in 2023 [1] - In Q1 2025, the company generated revenue of approximately 354 million yuan (-1.97%), with a net profit attributable to shareholders of about 26 million yuan (+106.21%) [1] Group 2 - The rapid growth of overseas revenue is highlighted, with a year-on-year increase of 84.33% in Q1 2025, following the successful sales of albumin paclitaxel in the EU [2] - The company has covered all emerging market countries with populations over 100 million and GDPs in the top thirty, indicating a strong market presence [2] - By the end of 2024, the company had introduced 16 products and submitted over 120 registration applications in more than 60 countries, with several products expected to be approved for sale in 2025 [2] Group 3 - The company has established five leading technology platforms for drug development, including recombinant protein drugs and antibody drugs, with two assets in Phase III clinical trials [3] - The company has received clinical approval in the US for its inhaled human interferon α1b solution, indicating progress in its innovative drug pipeline [3] Group 4 - The company is expected to see revenue growth from 1.781 billion yuan in 2025 to 2.495 billion yuan in 2027, with net profits projected to increase from 106 million yuan to 253 million yuan during the same period [4] - The current market valuation corresponds to a PE ratio of 72.24X for 2025, 41.80X for 2026, and 30.14X for 2027, suggesting a favorable investment opportunity [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].