财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为397.5%,原因:向特定对象发行股票，募集资金到位。 在建工程变动幅度为66.92%,原因:公司研发及生产基地一期建设项目投入增长。 交易性金融资产变动幅度为70.58%,原因:公司利用闲置募集资金购买结构性存款。 据证券之星公开数据整理，近期迪哲医药（688192）发布2025年中报。根据财报显示，迪哲医药增收不 增利。截至本报告期末，公司营业总收入3.55亿元，同比上升74.4%，归母净利润-3.77亿元，同比下降 9.46%。按单季度数据看，第二季度营业总收入1.95亿元，同比上升59.83%，第二季度归母净利润-1.85 亿元，同比下降53.38%。 本次财报公布的各项数据指标表现一般。其中，毛利率95.6%，同比减2.11%，净利率-106.77%，同比 增49.73%，销售费用、管理费用、财务费用总计3.55亿元，三费占营收比99.87%，同比减28.75%，每股 净资产3.54元，同比增141.27%，每股经营性现金流-0.58元，同比增20.43%，每股收益-0.87元，同比减 4.82% | 项目 | 2024年中报 | ...

Core Views - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years, showcasing a strong commitment to supporting technological innovation and development in various sectors, including semiconductors, renewable energy, biomedicine, and AI [1][6][12] Group 1: Achievements and Innovations - STAR Market companies have consistently demonstrated their capabilities in "hard technology," with notable breakthroughs in innovative drug development, such as the completion of Phase III clinical trials for a new cancer treatment and FDA approval for another drug [3][5] - Since its inception, the STAR Market has seen a continuous increase in its ability to support and service tech enterprises, leading to a surge in technological innovations [6][11] - By March 2024, STAR Market companies had invested a total of 168.1 billion yuan in R&D, which is more than three times the total net profit of the sector, with approximately 240,000 R&D personnel [10][11] Group 2: Market Structure and Support - The STAR Market has become a vital platform for financing "hard technology" enterprises, with over 589 listed companies raising more than 1.1 trillion yuan through IPOs and refinancing [19][30] - The market has a high proportion of companies in emerging industries, such as new-generation information technology and biomedicine, accounting for over 80% of listed firms [13][24] - The STAR Market's flexible capital tools and inclusive policies have enabled companies to efficiently finance and accelerate their technological advancements [16][24] Group 3: Future Directions and Reforms - Recent reforms, including the establishment of a growth tier for unprofitable companies, aim to attract more resources to new industries and technologies, enhancing the STAR Market's role in supporting innovation [33][35] - The ongoing reforms are expected to improve the balance of investment and financing, protect investors' rights, and foster a more inclusive market environment [36][38] - The STAR Market is positioned to become a key driver of China's technological innovation, with expectations for increased social capital flow into "hard technology" enterprises [38]

Core Viewpoint - The approval of the innovative drug Shuwozhe by Dize Pharmaceutical for treating EGFR exon20ins NSCLC marks a significant advancement in addressing a challenging target that has been difficult to treat with existing therapies [1][2]. Group 1: Drug Approval and Market Position - Dize Pharmaceutical's drug Shuwozhe has received accelerated approval from the FDA for use in adult patients with locally advanced or metastatic NSCLC harboring EGFR exon20ins mutations [1][2]. - Shuwozhe is recognized as the first and only small molecule targeted therapy for EGFR exon20ins NSCLC globally, having previously received approval in China [2]. Group 2: Clinical Research and Development - The approval was based on data from the international multicenter clinical study "Wukong 1B," which demonstrated the efficacy and safety of Shuwozhe in patients with EGFR exon20ins NSCLC [3]. - The drug's submission process involved extensive communication with the FDA, ensuring alignment on data and documentation requirements, and achieving a "zero deficiency" status during the independent registration process [3]. Group 3: Strategic Vision and Internationalization - Dize Pharmaceutical aims for global market competitiveness through solid scientific research and early international multicenter clinical trials [4]. - The company emphasizes the importance of maintaining a clear strategic focus and adaptability in the face of unforeseen events during international clinical trials [4]. - Dize Pharmaceutical's strategy includes direct market entry for its drugs, contrasting with other domestic companies that often rely on external partners for commercialization [4][5].

Core Viewpoint - The company, Dize Pharmaceutical, emphasizes its commitment to "source innovation" and "global competition," successfully validating its capability in international multi-center clinical research and overseas approval for innovative drugs [1][3]. Group 1: Company Overview - Dize Pharmaceutical focuses on innovative therapies for malignant tumors and immune diseases, aiming to address unmet clinical needs globally [1][2]. - The company has established seven globally competitive product pipelines, with two leading products, Shuwozhe and Huiruozhe, having reached key clinical trial endpoints and received approvals in China and the U.S. [1][3]. Group 2: Product Development and Clinical Trials - Shuwozhe was included in the NCCN guidelines for treating EGFR exon20ins non-small cell lung cancer (NSCLC) and received FDA approval, filling a significant treatment gap [2][3]. - The company has conducted over 200 clinical trials across more than 20 countries, with ongoing global Phase III clinical studies for Shuwozhe and DZD8586 [4][5]. Group 3: Financial Performance - In 2024, Dize Pharmaceutical reported a revenue of 360 million yuan, a 294% increase year-on-year, and for Q1 2025, revenue reached 160 million yuan, reflecting a 96% growth [6]. Group 4: Strategic Insights - The company advocates for early international multi-center clinical trials to validate drugs and gain international recognition, suggesting that this approach is crucial for domestic pharmaceutical companies aiming for global markets [4][5]. - Dize Pharmaceutical's core strategy involves developing drugs for global competition while establishing technological barriers in familiar and advantageous fields [5][6].

Investment Rating - The report indicates a positive investment outlook for the pharmaceutical and biotechnology sector, particularly focusing on PD-1/VEGF dual antibodies [1]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the Shanghai Composite Index (1.54%) and the Wind All A Index (1.22%). The PD-1/VEGF related stocks led the gains, with other biopharmaceuticals rising by 8.28% [2][7]. - A significant partnership was announced between Bristol-Myers Squibb (BMS) and BioNTech, involving a $11.1 billion agreement to co-develop and commercialize BioNTech's PD-L1/VEGF dual-specific antibody BNT327. This highlights the strategic importance of PD-1/VEGF dual antibodies in the global market [2][3]. - The report emphasizes the increasing interest from multinational corporations (MNCs) in the PD-1/VEGF dual antibody space, suggesting that domestic biotech firms are well-positioned for future business development (BD) opportunities [2][3]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector experienced a 3.64% increase, with notable performances from individual stocks such as Seer Medical (51.5%), Guangsheng Tang (48.6%), and Shenzhou Cell-U (45%) [7][10]. - The report notes that the other biopharmaceuticals sector rose by 8.28%, while medical devices and hospitals saw slight declines [2][7]. Industry News and Key Company Announcements - On July 1, the National Healthcare Security Administration released proposals for the adjustment of the 2025 National Basic Medical Insurance drug catalog, aiming to support innovative drug development [12]. - Significant approvals were noted, including the launch of TQG203 for treating hemophilia and the approval of Liraglutide for obstructive sleep apnea [12][13]. - Strategic investments were highlighted, such as Sanofi's investment in Tianyan Pharmaceutical, which will support the development of SAFEbody antibodies [15]. Company Announcements - Several companies reported significant developments, including the approval of new drugs and strategic partnerships aimed at enhancing their market positions [15][16]. - Notably, the report mentions the approval of innovative drugs that address unmet medical needs, indicating a trend towards more targeted therapies in the market [12][13].

Market Overview - A total of 39 stocks hit the daily limit up, with 10 stocks on consecutive limit up boards, including 3 stocks with three consecutive limit ups or more [1] - The upgrade rate for consecutive limit up stocks is 21.42%, excluding ST and delisted stocks [1] - Over 4,100 stocks in the market declined, indicating a renewed decrease in market risk appetite [1] Individual Stock Performance - Chengbang Co. experienced a significant drop in the afternoon, turning from green to red, contributing to a decline in the overall limit up stock performance [1] - The highest number of consecutive limit up stocks fell to 4 [1] - Among the 14 limit up stocks from the previous day, only 3 advanced, while 4 stocks hit the daily limit down and 2 stocks fell over 9% [1] Sector Performance - The banking sector showed strong performance throughout the day, with CITIC Bank, Industrial Bank, and Everbright Bank each rising over 3% [1] - Several banks, including CITIC Bank, Industrial Bank, Shanghai Pudong Development Bank, Beijing Bank, and Shanghai Bank, reached historical highs [1] Pharmaceutical Sector - Continuous positive news in the innovative drug sector, with Dize Pharmaceutical's Shuwozhe becoming the first independently developed global innovative drug approved in the U.S. [1] - Concept stocks in this sector continued to strengthen, with Sairui Medical achieving four consecutive limit ups, and Weixin Kang and Guosheng Tang achieving two consecutive limit ups [1] - Rejing Biological hit the daily limit up of 20% [1]

Group 1 - The core viewpoint of the news highlights significant advancements in innovative drug companies, particularly the approval of new drugs by regulatory authorities, indicating a positive trend in the sector [1][2] - DiZhe Pharmaceutical's new drug, Shuwozhe, has received FDA approval for treating advanced non-small cell lung cancer, marking it as China's first independently developed innovative drug approved in the U.S. [1] - The National Healthcare Security Administration has introduced guidelines for adjusting the commercial health insurance innovative drug directory, which will include drugs with significant clinical value that exceed basic insurance coverage [2] Group 2 - The innovative drug sector has shown impressive growth in the first half of 2025, although it is currently experiencing a short-term adjustment [2] - China's innovative drug industry is transitioning from "importing and imitating" to "innovative output," enhancing its international competitiveness [2] - The innovative drug ETF Guotai (517110) has performed well, gaining 2.80% on July 3, indicating strong market interest in this sector [3][4]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3461.15, up by 0.18%, while the Shenzhen Component Index increased by 1.17% to 10534.58 [2][3] - The total market capitalization of the Shanghai Composite Index is 6718.87 billion, with a price-to-earnings (PE) ratio of 12.38 and a price-to-book (PB) ratio of 1.28 [3] Economic Indicators - The June China Warehousing Index stands at 51%, indicating continued expansion in the warehousing sector, with key sub-indices showing improvement [15][16] - The People's Bank of China conducted a 572 billion yuan reverse repurchase operation, with a rate of 1.40%, resulting in a net withdrawal of 4521 billion yuan on that day [17][18] - The Caixin China Services PMI for June recorded at 50.6, reflecting a slight decline from May, indicating a slowdown in the services sector [19] Industry Dynamics - In June 2025, 147 domestic game licenses were issued, marking a 17-game increase from May and a 43-game increase year-on-year, indicating a rise in approval efficiency [28][29] - The CMI index for June 2025 is reported at 105.15, showing a year-on-year increase of 5.09% but a month-on-month decrease of 11.99%, suggesting short-term pressure in the domestic engineering machinery market [30][31] - Wind and solar power generation utilization rates fell below 95% in May, with wind utilization at 93.2% and solar at 94.2%, indicating potential challenges in renewable energy consumption [32][34] Company Updates - DiZhe Pharmaceutical (688192.SH) received FDA approval for its drug Shuwotai, marking it as the first globally approved innovative drug for a specific type of lung cancer [35][36] - Warner Pharmaceutical (688799.SH) announced that its subsidiary received approval for the listing of a raw material drug, enhancing its product line and competitive edge [37][38]

Group 1 - The Hang Seng Index Company will announce the second quarter review results on August 22 [1] - The Guangdong vehicle policy aims to launch by November with a daily quota of 100 vehicles [1] Group 2 - 康视云 is listed today, with 蓝思科技 and five other stocks available for subscription [1] - Luxshare Precision is planning to issue shares overseas and list on the Hong Kong Stock Exchange [1] - Ganfeng Lithium has completed the acquisition of the remaining 40% stake in Mali Lithium [1] - Xiaopeng Motors issued 293,600 Class A ordinary shares under its equity incentive plan [1] - Lei Jun stated that the subscription rate for Xiaomi Group's SU7 and SU7 Ultra is less than 15% [1] - Honghua Group signed drilling rig sales agreements totaling over 100 million USD [1] - Diligent Pharma received accelerated approval from the US FDA for its product Shuwozhe [1]

Market Overview - The A-share market is experiencing a downward trend, with major indices showing declines, including the Shanghai Composite Index down by 0.79% and the Shenzhen Component Index down by 1.21% [2][4][7] - The overall market sentiment is cautious due to external factors such as the U.S. Federal Reserve's monetary policy and geopolitical tensions in the Middle East [9][10] Industry Dynamics - The photovoltaic industry is facing price weakness, with significant reductions in transaction prices for silicon materials and wafers, indicating a potential oversupply situation [30][32] - The lithium iron phosphate energy storage system has seen a price increase of 6% month-on-month, with the average winning bid price reaching 0.4561 yuan/Wh [33] - Commercial banks are accelerating the issuance of secondary capital bonds and perpetual bonds, reflecting a strong demand for capital supplementation amid declining profitability [36][38] Company Updates - DiZhe Pharmaceutical has completed patient enrollment for its global Phase III clinical trial of Shuwotai, a targeted therapy for advanced non-small cell lung cancer [44] - Hunan Huazhu High-Tech Co., Ltd. announced the early termination of a share reduction plan by a major shareholder, indicating potential stability in shareholder confidence [46] - The strategic partnership between Tao Motor and K-Scale aims to enhance the development of humanoid robots, focusing on cost reduction and market expansion [27][29]