四、风险提示及其他相关说明 证券代码：002693 证券简称：*ST 双成 公告编号：2025-047 海南双成药业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 项 目 本报告期 上年同期 亏损：1,300 万元–1,900 万元 归属于上市公司股东的净利润 亏损：1,694.62 万元 比上年同期：下降 12.12%至增长 23.29% 亏损：1,555 万元-2,155 万元 扣除非经常性损益后的净利润 亏损：1,775.95 万元 比上年同期：下降 21.34%至增长 12.44% 基本每股收益 亏损：0.0313 元/股–0.0458 元/股 亏损：0.0409 元/股 营业收入 7,500 万元–9,500 万元 9,489.26 万元 扣除后营业收入 7,200 万元–9,200 万元 9,257.54 万元 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 审计。 三、业绩变动原因说明 （一）预计本报告期归属于上市公司股东的净利润比上年同期下降 12.12% 至增 ...

*ST双成：预计上半年净亏损1300万元-1900万元 智通财经7月14日电，*ST双成(002693.SZ)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润亏损1300万元–1900万元，上年同期亏损1694.62万元。报告期内，医药行业改革不断深化，市场供 求和价格变动较大，集采未中标品种销量下降明显，中标品种价格大幅下降，公司主要品种注射用胸腺 法新在集采新标期同样降价中标，导致境内销售利润有所减少。2025年5月注射用紫杉醇（白蛋白结合 型）简略新药申请（ANDA）获得美国食品和药品监督管理局（FDA）的上市许可批准并已实现出口销 售，以及注射用比伐芦定产品出口收入增长，使得出口利润提升。以上因素导致总体业绩变动不大。 ...

2025 年 07 月 13 日 生物医药Ⅱ 新药周观点：创新药 5 月进院数据更 新，多个新纳入医保创新药快速进院中 本周新药行情回顾： 2025 年 7 月 7 日-2025 年 7 月 13 日，新药板块涨幅前 5 企业：北海 康成（114.5%）、前沿生物（41.4%）、君圣泰（29.4%）、开拓药业 （20.7%）、永泰生物（20.1%）；跌幅前 5 企业：宜明昂科（-19.4%）、 神州细胞（-13.4%）、亚盛医药（-10.0%）、乐普生物（-8.9%）、 荣昌生物（-8.8%）。 本周新药行业重点分析： 从入院总体数量来看，截止 25 年 5 月底入院数据超 200 家的药物主 要有云顶新耀布地奈德肠溶胶囊、百济神州/绿叶戈舍瑞林微球、信 达生物托莱西单抗、海思科考格列汀和克利加巴林、信立泰阿利沙坦 酯氨氯地平和苯甲酸福格列汀、京新药业地达西尼、先声药业曲拉西 利、康方生物卡度尼利单抗、绿叶制药托鲁地文拉法辛缓释片。 本周新药上市申请获批准&受理情况： 近日国家医保局更新了已纳入医保目录创新药截止 2025 年 5 月底的 进院数据，多个 2025 年新纳入医保国产创新药产品正在快速进院中， ...

Core Viewpoint - *ST Shuangcheng has no current plans to acquire a semiconductor company and is actively taking measures to mitigate the risk of delisting by enhancing its marketing strategies and international sales efforts [1] Group 1: Marketing and Sales Strategies - The company is adapting to new national medical insurance and procurement policies to increase sales volume of existing products [1] - Efforts are being made to enhance international sales, particularly following the approval of its injectable paclitaxel (albumin-bound) for legal sale in the U.S., which boosts market competitiveness [1] Group 2: Export and Production - The company aims to maintain existing customer orders in its peptide business while expanding its customer base and utilizing the increased purification capacity of its expanded peptide workshop [1] - Active promotion of pending product approvals and ANDA submissions in the U.S., Canada, and other countries is underway, alongside efforts to secure more CDMO projects and technical collaborations [1] Group 3: CMO Cooperation and Cost Control - The company is leveraging its GMP capabilities in sterile products to pursue external CMO collaborations, particularly with major clients [1] - Continuous cost control measures are being implemented, focusing on optimizing personnel configuration, enhancing efficiency, ensuring reasonable procurement, and monitoring expense rationality [1]

对此，康霖生物科技杭州有限公司创始人吴昊泉也深有体会。去年年底，该企业完成了A轮融资， 总金额1.5亿元，其中钱塘产业基金投资1亿元。目前，由康霖生物自主研发的产品KL003细胞注射液， 已经成功治愈数十例地中海贫血症患者，且治疗成本远低于国际竞品。此外，钱塘还帮助企业对接银 行、担保机构，成功争取到专精特新担保贷800万元。 在钱塘新一轮产业基金矩阵中，主导子基金由专注投资钱塘优势主导产业的7只非定向基金和助力 重大项目招引的6只定向基金组成，实现"车药芯化航"全主导产业全生命周期全覆盖。此外，基金阵容 还包括管理子基金和合作子基金。去年，区内企业天镜生物寻求资产重组，管理子基金主动帮助企业与 投资机构开展10余轮对接，最终帮助企业完成超5亿元人民币的C1轮融资，实现资产整合重组。在融资 助力下，该企业发展势头良好，生长激素管线与菲泽妥单抗已提交上市申请，尤莱利单抗与赛诺菲达成 战略合作，另有多个重点管线快速推进中。接下来，钱塘产业基金将继续聚焦硬科技、坚持长周期、提 高容错率，通过市场化方式帮助区内企业快速发展。 作为产业大区，钱塘（新）区本周落地新一轮产业基金矩阵：钱塘和达产业基金，该产业基金按 照"母 ...

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 Insights - The article highlights the significant contributions of Chinese scholars in the latest issue of the journal Nature, with 12 out of 24 papers authored by them, indicating a strong presence in cutting-edge research [1][25]. Group 1: Research on Health and Medicine - A study from Zhaoquan Wang at the Sloan Kettering Cancer Center reveals that high fructose intake in early life impairs microglial phagocytosis and neurodevelopment, potentially increasing anxiety risk during adolescence [1]. - Research by Yang Wei from the NIH discusses the dynamic assemblies and coordinated reactions involved in non-homologous end joining, providing insights into DNA repair mechanisms [4]. - A paper from Gaoqun Zhang at the Max Planck Institute explores the developmental trajectory and evolutionary origin of thymic mimetic cells, shedding light on immune system development [10]. - A study by Lingjie Sang from the University of Texas Southwestern Medical Center identifies glycosaminoglycan-driven lipoprotein uptake as a key mechanism for cancer cells to resist ferroptosis, suggesting a new target for cancer therapy [11]. Group 2: Innovations in Technology and Materials - Research by Jianmin Liang at Arizona State University presents a fully open AI foundation model for chest radiography, outperforming existing models in detecting rare chest diseases [2][4]. - A study from Jack Chun-Ting Liu at Stanford University discovers genes enabling the biosynthesis of baccatin III, a precursor for the anticancer drug paclitaxel, addressing the challenge of sourcing sufficient quantities from natural plants [3]. - A paper from Jia Liu at Harvard University introduces a flexible neural implant that grows with the brain, promising advancements in treating neurological disorders [5]. - Research from Zheng Guo at the University of Science and Technology of China demonstrates a new method to enhance the lifespan of perovskite light-emitting diodes, achieving brightness over 1.16 million nits and a lifespan exceeding 180,000 hours [7]. Group 3: Environmental and Earth Sciences - A study by Jianghui Du at ETH Zurich challenges traditional views on marine biogeochemistry, indicating that various trace elements in the ocean originate from the seafloor [6]. - Research by Peng Gao at Peking University investigates phonon transport dynamics across interfaces, providing insights for thermal interface engineering [8]. - A paper from Wei-Yu Qian at Leibniz University presents the preparation of a neutral nitrogen allotrope, which could open new opportunities for energy storage concepts [9].

Core Points - *ST Shuangcheng (002693) reported a closing price of 8.22 yuan as of June 6, 2025, down 2.72% from the previous week [1] - The company achieved a market capitalization of 3.409 billion yuan, ranking 123rd out of 150 in the chemical pharmaceutical sector and 3924th out of 5148 in the A-share market [1] Company Announcements - *ST Shuangcheng's injectable paclitaxel (albumin-bound) ANDA received approval from the US FDA for market entry, and the company has received a total of 6 million USD in milestone payments [1] - The company signed a licensing and supply agreement, granting exclusive rights to Meitheal Pharmaceuticals, Inc. and Hong Kong King-Friend Industrial Co., Ltd. for the development and production of injectable paclitaxel (albumin-bound) (100mg/vial) in the US [1] - From October 2022 to April 2023, the company received 3 million USD in milestone payments from HKF, and in May 2025, the FDA approved the ANDA, leading to the first shipment to the US [1] - Recently, the company received the remaining 3 million USD in milestone payments, totaling 6 million USD, which will be recognized as deferred revenue according to accounting standards [1]

Core Viewpoint - The stock of Kexing Pharmaceutical has experienced significant fluctuations, with a cumulative closing price deviation exceeding 30% over three trading days, prompting a notice of abnormal trading [1][2]. The company emphasizes that its innovative drug projects are still in the preclinical stage, indicating uncertainty in future progress [2]. Group 1: Company Performance and Financials - Kexing Pharmaceutical is primarily engaged in the research, production, and sales of recombinant protein drugs and microbiome preparations, focusing on antiviral, hematology, oncology, immunology, and degenerative diseases [3]. - The company reported a significant decline in profits post-IPO, with net profits dropping from 1.39 billion yuan in 2020 to a loss of 902.95 million yuan in 2022. However, in 2024, it achieved a revenue of 1.407 billion yuan, a year-on-year increase of 11.75%, and a net profit of 31.48 million yuan, marking a return to profitability [4]. - Kexing currently has six proprietary products on the market and has introduced 16 products in key disease areas such as oncology and diabetes [5]. Group 2: Research and Development - The company has ten innovative drug projects in development, with nine still in the preclinical stage, highlighting the uncertainty in the R&D pipeline [6]. - R&D investment for 2024 was reported at 199 million yuan, a decrease of 42.31% year-on-year, with the proportion of R&D investment to revenue dropping from 27.39% in 2023 to 14.14% [6]. - The number of R&D personnel decreased from 208 in 2022 to 138 in 2024, indicating a significant reduction in workforce [7]. - Kexing is actively pursuing internationalization and aims to complete a certain number of clinical submissions for innovative drugs in the US and China each year, while also enhancing its business development capabilities [8].

Core Viewpoint - The article discusses the competitive landscape of the injectable paclitaxel (albumin-bound) market in the U.S., highlighting the success of domestic companies like Double-Crane Pharmaceutical in overcoming patent barriers and achieving FDA approval for multiple indications, while also addressing the challenges faced by other companies in the same sector [1][2][5]. Group 1: U.S. Competitive Landscape - Double-Crane Pharmaceutical received FDA approval for its injectable paclitaxel (albumin-bound) in May 2025, marking it as one of the few Chinese anti-tumor generics to enter the U.S. market [2]. - The company successfully challenged the original patent of Abraxane, leading to a settlement that allowed it to bypass the patent barrier and secure approval for three indications: metastatic breast cancer, non-small cell lung cancer, and pancreatic cancer [2][6]. - Another domestic company faced challenges and only received approval for a single indication (metastatic breast cancer) due to differences in clinical data submission and patent challenge strategies [3]. Group 2: Industry Competition - The U.S. market for albumin-bound paclitaxel generics is characterized by high barriers to entry and low approval rates, with significant technical and patent challenges [5]. - Key factors contributing to the competitive landscape include complex manufacturing processes, stringent FDA requirements, and a dense patent network surrounding the original drug [5][12]. - Double-Crane's success is attributed to its robust R&D and registration strategies, effective GMP management, and a well-planned patent challenge approach [8][10]. Group 3: Market Impact - The case of Double-Crane serves as a reference for other Chinese pharmaceutical companies looking to enter international markets, emphasizing the need to balance patent risks with market opportunities [8]. - The U.S. market for albumin-bound paclitaxel is projected to grow, with estimates indicating a market size of $12.8 billion by 2025, driven by the entry of generics and expanded indications [8][10]. - The competitive landscape is expected to evolve, with a forecasted market size of $18.5 billion by 2030, influenced by the adoption of combination therapies [8]. Group 4: Domestic Competitive Landscape - The domestic market for albumin-bound paclitaxel is highly competitive, with multiple manufacturers and aggressive pricing strategies [12]. - Double-Crane's product has not yet received approval in China, indicating a potential gap in its domestic strategy [12]. - The pricing pressure in the domestic market is evident, with prices for competing products dropping significantly, raising questions about Double-Crane's willingness to engage in domestic competition [12].