Core Insights - Changchun Gaoxin announced that its product Jinbeixin is expected to be approved by the end of June 2025 and will start sales in mid-July 2025, with good sales performance already reported [2] - The company has established a sales team of over 200 people and is rapidly increasing its coverage in hospitals and channels [2] - The product Meishiya, targeting cancer-related anorexia-cachexia syndrome, has generated nearly 100 million yuan in sales revenue in the first three quarters of this year [2] - The company plans to actively promote its products in conjunction with national medical insurance negotiations to enhance recognition and acceptance among hospitals, doctors, and patients [2] - The company aims to focus resources on new products with high market potential to drive new business growth and support its diversification and transformation efforts [2]

针对癌性厌食-恶病质治疗领域的美适亚产品，通过一年多的推广，今年前三季度销售收入已接近1亿 元，后续公司将结合国家医保国谈进展等，积极推进相关产品的推广销售工作。 人民财讯10月31日电，关于重点新产品情况，长春高新（000661）10月30日在机构电话会议上表示，金 蓓欣2025年6月底获批后，7月中旬开始上市销售，目前销售情况良好，2025年第三季度已经实现销售收 入超过5500万元。公司目前已搭建两百余人的销售团队，也在迅速提升医院、渠道等覆盖率。 ...

Core Viewpoint - Changchun High-tech, once known as "Northeast Medicine King," has faced a significant decline, with its market value evaporating by 160 billion yuan and stock prices plummeting by 84%. However, the approval of a new gout drug, "Jinbeixin," and plans for a Hong Kong IPO have sparked hopes for a turnaround [1][3]. Group 1: R&D and IPO Strategy - Over the past three years, Changchun High-tech has invested more than 6 billion yuan in R&D, with the R&D expense ratio soaring to nearly 20% in 2024. The company has increased its workforce by 2,518 employees, primarily in R&D and self-immune drug promotion [3]. - The company announced the preparation for an H-share listing on July 1, aiming to open up overseas financing channels to alleviate the financial pressure from its 6 billion yuan R&D "black hole" [3]. - Despite the low liquidity in the Hong Kong market, the policy allowing unprofitable innovative drug companies to list provides a lifeline for Changchun High-tech [3]. Group 2: New Drug Approval and Market Challenges - The National Medical Products Administration approved the new drug "Jinbeixin" for acute gouty arthritis, offering new hope for Changchun High-tech. Clinical data shows that it can significantly reduce pain and recurrence risk for patients [6]. - However, the market path for Jinbeixin is fraught with challenges, including competition from domestic rivals and pricing pressures. The expected price of Jinbeixin is 2,000 yuan per injection, which may deter patients if it is not included in medical insurance [7]. Group 3: Diversification Attempts and Lessons Learned - Jinbeixin is not the first attempt at diversification for Changchun High-tech. The company's shingles vaccine, launched in 2022, initially showed promise but saw a revenue drop from 1.82 billion yuan in 2023 to 1.23 billion yuan in 2024, with a 53% decline in net profit [8]. - The decline in the shingles vaccine's market share was attributed to its lower efficacy compared to competitors' products, highlighting the challenges of diversification [8]. Group 4: Decline of Growth Hormone and Future Outlook - The company's growth hormone product, which once held a 75% market share, has seen its revenue significantly impacted by price reductions due to national medical procurement policies, leading to a 43% drop in net profit in 2024 [9]. - Looking ahead, Changchun High-tech has 24 products in clinical stages across various fields, including oncology and reproductive health, indicating potential for future growth if successful in diversifying its product offerings [10].

Core Viewpoint - Changchun High-tech has received approval for its innovative drug Jinbeixin, marking a significant milestone in its transformation efforts after facing declining revenues and profits due to market pressures and reliance on a single product [1][2][3] Group 1: Company Performance - Changchun High-tech's stock price has dropped from a peak of 515.9 yuan per share in 2021 to 98.8 yuan per share currently, resulting in a total market capitalization of 40.3 billion yuan [1] - The company is experiencing its first dual decline in revenue and net profit in nearly 20 years, with significant pressure from the market environment and competition [1] - Revenue from its subsidiary Baike Biotech, which launched a shingles vaccine, peaked at over 1.8 billion yuan in 2023 but fell to 1.23 billion yuan in 2024, with net profit decreasing to 230 million yuan [1] Group 2: Research and Development - Under the leadership of General Manager Jin Lei, Changchun High-tech has increased its R&D investment from 1.66 billion yuan to nearly 2.7 billion yuan over the past three years [3] - The company has developed 23 research pipelines, with 6 classified as Class 1 new drugs, including Jinbeixin, which is seen as a key product for the company's transition [3] - Jinbeixin is the first Class 1 new drug in China for the treatment of acute gouty arthritis, with market potential estimated to reach 1 to 2 billion yuan, although it may not match the performance of its flagship growth hormone product [3]

Core Viewpoint - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, has received approval from the National Medical Products Administration for the injection of Fushen Qibai monoclonal antibody (trade name: Jinbeixin), which is indicated for acute attacks of gouty arthritis in adults who are intolerant to or have contraindications for non-steroidal anti-inflammatory drugs and/or colchicine, as well as those unsuitable for repeated use of steroid hormones [1] Group 1 - The newly developed Fushen Qibai monoclonal antibody is a fully human anti-IL-1β monoclonal antibody that specifically binds to human IL-1β, blocking the production of inflammatory mediators induced by IL-1β [1] - Key clinical trial results indicate that Fushen Qibai can take effect within 6 hours, with pain relief comparable to steroids at 72 hours, and a nearly 90% reduction in the risk of first recurrence within 6 months, demonstrating good safety [1] - The approval of this product is expected to enrich the company's product portfolio in the adult autoimmune field and enhance its competitiveness in the pharmaceutical market [1]