Investment Rating - The investment rating for Changchun High-tech is "Buy" with a target price not specified [5] Core Views - The collaboration with ALK is expected to open a new era in desensitization treatment in China, focusing on allergen-specific immunotherapy products [1][2] - The partnership includes exclusive rights for three products in mainland China, with a collaboration period until December 31, 2039 [2] - The company is projected to have revenue of 135.96 billion, 141.92 billion, and 151.61 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 23.89 billion, 25.45 billion, and 28.09 billion CNY for the same years [3] Summary by Sections Collaboration Details - Changchun High-tech has signed a cooperation agreement with ALK to develop and commercialize allergen-specific immunotherapy products in China [1] - The products include subcutaneous allergen extracts and a skin prick test kit, with Changchun High-tech responsible for sales and promotion in the region [2] Market Potential - China has the largest population of dust mite allergy patients globally, yet the market for allergy immunotherapy is underdeveloped, indicating significant unmet clinical needs [3] Financial Projections - Revenue estimates for 2025-2027 are 135.96 billion, 141.92 billion, and 151.61 billion CNY, with net profits projected at 23.89 billion, 25.45 billion, and 28.09 billion CNY [3] - The company anticipates a decline in revenue and profit due to increased market competition, leading to a downward adjustment in previous forecasts [3] Financial Metrics - The company’s financial metrics include an expected revenue growth rate of 0.97% in 2025, followed by 4.38% and 6.83% in 2026 and 2027 respectively [4] - The projected earnings per share (EPS) for 2025 is 5.86 CNY, with a price-to-earnings (P/E) ratio of 20.58 [4]

Core Insights - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has signed a collaboration agreement with ALK-Abelló A/S for the development and commercialization of allergen-specific immunotherapy products in China [1][2] - Jinsai Pharmaceutical will gain exclusive rights to three ALK products in mainland China, with the collaboration lasting until December 31, 2039 [1][2] - The global allergy immunotherapy market is projected to reach $3.2 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% [1] Company Developments - The partnership aims to significantly enhance the market penetration of allergen immunotherapy products in China, leveraging both companies' strengths and resources [2] - Jinsai Pharmaceutical plans to take over the sales and marketing of ALK's existing products in mainland China starting next month [1][2] - The collaboration is seen as a strategic move for Jinsai Pharmaceutical to diversify its product portfolio and enhance competitiveness in the allergen therapy sector [2] Market Outlook - The CEO of ALK emphasized the importance of timely intervention for allergy symptoms, particularly in children, indicating a focus on pediatric applications [2] - Jinsai Pharmaceutical is expected to submit 3 to 4 important innovative clinical applications in the respiratory field next year, indicating a strong pipeline [2] - Future international market expansion is anticipated as Jinsai leverages ALK's research and commercialization capabilities [2]