Core Viewpoint - Changchun Gaoxin is actively seeking to overcome performance pressure through a collaboration with ALK for the commercialization of allergy immunotherapy products in China [1][2]. Company Overview - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical, has entered into a partnership with ALK to develop and commercialize house dust mite allergy immunotherapy products in China [1]. - The partnership grants Changchun Jinsai exclusive rights to three ALK products in mainland China until December 31, 2039 [1][2]. Financial Performance - In the first half of 2025, Changchun Jinsai achieved a net profit of 1.108 billion yuan [3]. - Changchun Gaoxin's revenue and net profit for 2024 were 13.466 billion yuan and 2.583 billion yuan, respectively, reflecting year-on-year declines of 7.55% and 43.01% [4]. - For the first half of 2025, the company reported revenue of 6.603 billion yuan, a slight decrease of 0.54%, and a net profit of 983 million yuan, down 42.85% year-on-year [4]. Market Potential - China has the highest number of dust mite allergy patients globally, but the market remains underdeveloped with low penetration rates [2]. - The collaboration with ALK is expected to provide new growth opportunities for Changchun Jinsai [5].

Group 1 - The company held its 13th meeting of the 11th Board of Directors on September 17, 2025, with all 9 directors participating in the voting [2][4][5] - The meeting approved a proposal for a collaboration between the subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., and Denmark's ALK-Abelló A/S for the development and commercialization of allergen-specific immunotherapy (AIT) products in China [7][8][11] Group 2 - The collaboration includes exclusive rights for three products developed by ALK in mainland China, which are a subcutaneous injection for house dust mite allergens, a sublingual tablet for allergic asthma and rhinitis, and a skin prick test kit for mite allergens [12][14] - The agreement stipulates a total initial payment of €32.7 million, with additional milestone payments based on regulatory progress and sales performance, potentially totaling €105 million [15][16] Group 3 - ALK is a global specialty pharmaceutical company focused on allergy and asthma treatments, with a significant market share exceeding 45% in the allergen immunotherapy sector [13] - The partnership aims to leverage the growing market potential in China, where the prevalence of dust mite allergies is high but treatment penetration remains low, with less than 1 million patients currently receiving allergen-specific immunotherapy [16]

Core Viewpoint - Changchun Jinsai Pharmaceutical Co., Ltd. has signed a strategic cooperation agreement with ALK-Abelló A/S to jointly develop and commercialize allergen-specific immunotherapy products in China, enhancing the market presence of desensitization treatments in the region [1][2]. Group 1: Partnership Details - The collaboration includes two allergen-specific immunotherapy products and one skin prick test kit developed by ALK [3]. - Jinsai Pharmaceutical will have exclusive rights to sell ALK's subcutaneous dust mite allergen preparation (Andorra), skin prick test kit (Anci), and sublingual tablet (ACARIZAX) in mainland China until December 31, 2039 [3]. - Starting from October 1, 2025, Jinsai will take over the sales and marketing of ALK's already launched products in mainland China and will collaborate on the clinical development of ACARIZAX [3]. Group 2: Market Potential - The global allergy immunotherapy market is projected to reach $3.2 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% [3]. - China has the largest population of dust mite allergy patients globally, yet the market for allergy immunotherapy remains underdeveloped, with fewer than 1 million patients currently receiving desensitization treatment [3]. Group 3: Product Significance - Desensitization therapy is recognized as the only treatment that can potentially alter the natural course of allergic diseases [4]. - Andorra is a well-established desensitization product with unique efficacy benefits, while ACARIZAX is an innovative sublingual tablet that has been approved in multiple countries [4]. - The partnership aims to enhance the accessibility of these breakthrough products to meet the significant unmet clinical needs in China, where the penetration rate of desensitization therapy is below 4% [7].