生长激素龙头企业长春高新（SZ000661）交出了一份令市场震惊的业绩预告。 2026年1月30日晚间，公司发布2025年度业绩预告，预计全年实现归母净利润1.5亿元至2.2亿元，与上年 同期的25.83亿元相比，同比大幅下滑91.48%至94.19%。 对于业绩的急剧下滑，长春高新在公告中列举了多重原因。其中包括：伴随公司相关研发工作推进及多 款产品进入临床阶段，相关研发费用同比增加；长效生长激素等产品纳入国家医保目录后，相关产品销 售策略及定价进行了调整，影响了收入和利润；同时，控股子公司长春百克生物科技股份公司因行业竞 争加剧等因素预计出现亏损，进一步拖累整体业绩。 具体数据显示，该公司预计2025年度实现的归母净利润区间为1.5亿元至2.2亿元。而在2024年，这一数 字为25.83亿元，最高降幅高达94.19%。 与此同时，长春高新预计2025年扣除非经常性损益后的净利润（下称扣非净利润）同样呈现出下跌态 势。业绩预告显示，公司预计2025年扣非净利润为4.37亿元至5.07亿元，而上年同期为28.30亿元，同比 下降幅度预计在82.09%至84.56%之间。 另外，长春高新控股子公司长春百克生物科 ...

Core Viewpoint - Changchun High-tech (000661) has seen a significant stock price increase following the announcement of a licensing agreement for the GenSci098 injection project, indicating a strategic move towards internationalization and diversification in its product offerings [1][2]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has entered into an exclusive licensing agreement with Yarrow Bioscience, which includes an upfront payment of $120 million, with $70 million being non-refundable [1][2][3]. - The agreement allows Yarrow to develop and commercialize GenSci098 outside of China, while Changchun retains rights for development and commercialization within China [2][3]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach up to $1.365 billion, in addition to a sales commission exceeding 10% of net sales once the product is launched [3][4]. - The financial performance of Changchun High-tech has faced challenges, with a reported revenue decline of 7.55% and a net profit drop of 43.01% last year, primarily due to decreased sales of its short-acting growth hormone product [6][7]. Group 3: Strategic Focus and Market Position - Changchun High-tech is focusing on expanding its product lines beyond growth hormones, targeting areas such as pediatrics, women's health, and anti-aging [6][7]. - The company has increased its R&D investment by 17.32% year-on-year, indicating a commitment to innovation and product development [6][7]. - The company is also pursuing international market expansion, having submitted a listing application to the Hong Kong Stock Exchange to raise funds for global collaboration and development [7].

Core Viewpoint - Changchun High-tech's stock price surged by 3.77% following the announcement of a licensing agreement with Yarrow Bioscience, which includes a $120 million upfront payment and potential milestone payments totaling up to $1.365 billion [1][5]. Group 1: Licensing Agreement Details - The agreement involves Changchun High-tech's subsidiary, Shanghai Saizeng Medical Technology, which will receive a $120 million upfront payment, including a non-refundable $70 million [1][5]. - Saizeng Medical retains the rights to develop and commercialize the GenSci098 injection in China, while Yarrow gains exclusive global rights outside of China [3][5]. - The GenSci098 injection is a monoclonal antibody for treating thyroid-related diseases, with clinical trials already approved in China and the U.S. [3][5]. Group 2: Strategic Rationale - The choice of Yarrow, a new biotech company, over traditional multinational pharmaceutical companies was based on the potential for faster overseas development and commercialization [6][7]. - Changchun High-tech's strategy includes diversifying its product lines beyond growth hormones, with a focus on pediatric, women's health, and anti-aging products [8][9]. Group 3: Financial Performance and Future Outlook - In 2024, Changchun High-tech's revenue and net profit are projected to decline by 7.55% and 43.01%, respectively, primarily due to decreased sales of its short-acting growth hormone product [8][9]. - The company has increased its R&D investment by over 17% year-on-year, indicating a commitment to innovation and international expansion [8][9]. - Despite a significant increase in overseas sales for its subsidiary, the contribution to total revenue remains below 1%, highlighting the need for further international market development [9].