Group 1 - Changchun High-tech's controlling shareholder, Changchun Chaoda Investment Group, has undergone a change in its equity structure, with 19% of its shares being transferred to Changchun New Area Industrial Investment Group [2] - The transfer of shares is part of an internal optimization of state-owned assets as decided by the Changchun New Area State-owned Assets Supervision and Administration Bureau [2] - Despite the changes, the controlling position of Changchun Chaoda remains unchanged, with the actual controller still being the New Area State-owned Assets Bureau [2] Group 2 - In 2023, Changchun High-tech has made significant progress in the innovative drug sector, including the launch of the first domestic innovative biological agent for acute gouty arthritis [3] - The company has also established a partnership with Denmark's ALK-Abello A/S for allergen-specific immunotherapy products, expanding its product pipeline in the respiratory allergy field [3] - The company is focusing its core resources on promoting new products like Jinbeixin and Meishiya, aiming to cultivate these as new profit growth points [3]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 9.807 billion CNY, a decrease of 5.60% year-on-year [3] - Net profit attributable to shareholders was 1.165 billion CNY, down 58.23% compared to the previous year [3] - Subsidiary JinSai Pharmaceutical generated revenue of 8.213 billion CNY, a slight increase of 0.61%, but net profit decreased by 49.96% to 1.421 billion CNY [3] - Subsidiary Baike Bio reported revenue of 474 million CNY, a significant decline of 53.76%, with a net loss of 158 million CNY, down 164.76% [3] - Subsidiary Huakang Pharmaceutical's revenue was 542 million CNY, down 5.38%, with a net profit of 36 million CNY, an increase of 2.46% [3] - Subsidiary Gaoxin Real Estate achieved revenue of 544 million CNY, a decrease of 7.97%, with a net profit of 23,700 CNY, down 99.39% [3] New Product Developments - JinBeiXin (伏欣奇拜单抗), a new treatment for acute gouty arthritis, was launched in July 2025, generating over 55 million CNY in sales by Q3 2025 [5] - The product MeSiYa, targeting cancer-related cachexia, achieved nearly 100 million CNY in sales during the first three quarters of 2025 [5] - The company is focusing resources on promoting new products with high market potential to drive future growth [5] Collaborations and Partnerships - The company has partnered with ALK-Abelló A/S to expand its product pipeline in the respiratory allergy field, leveraging its sales channels for rapid promotion [6] - The collaboration includes both injectable and tablet forms of desensitization products, with plans to expedite clinical trials for the tablet version [6] Research and Development Pipeline - The company is advancing clinical trials in traditional areas like endocrine metabolism and women's health, as well as innovative directions in oncology and immunology [7] - Key projects include: - GenSci134, a long-acting growth hormone for adults, currently in Phase I trials [8] - GenSci098, a TSHR antagonist for thyroid conditions, progressing through Phase I trials [8] - GenSci120, a PD-1 agonist, expected to enter Phase II trials in early 2026 [8] - Multiple antibody-drug conjugates (BsADC) for various cancers are in the pipeline, with clinical trial applications submitted [8] H Share Listing Progress - The company submitted its H Share listing application to the Hong Kong Stock Exchange at the end of September 2025, receiving regulatory acceptance in mid-October [9]

Strategic Planning - The company emphasizes the importance of long-term strategic vision in innovative drug development, particularly in international expansion beyond the U.S. market [2] - The potential overseas transaction value for the company reached $14 billion by the end of 2024, highlighting the urgency of international business development [3] - The company is actively pursuing a strategic transformation to build a high-expectation, high-tech, and high-barrier second growth curve [3] Product Development - The company has a mature growth hormone industry with 12 approved indications, maintaining a leading market share in China [4] - The long-acting growth hormone product has undergone extensive clinical trials, demonstrating safety and efficacy over three years with over 10,000 real-world applications [4] - The company is expanding its product pipeline, with several new products expected to be approved in 2025, including liquid flu vaccines and long-acting follicle-stimulating hormones [6][7] Financial Performance - The company is experiencing increased expenses due to new product development and market promotion, which may impact short-term performance [13] - The company plans to control costs while ensuring the smooth implementation of strategic plans [14] - The company has a profit distribution plan for 2024, with a commitment to maintain a minimum dividend payout ratio of 40% [15] Research and Development - The company is focused on enhancing its R&D capabilities, with ongoing projects in various therapeutic areas, including pediatric and women's health [9] - The Shanghai R&D headquarters is under construction, aiming to consolidate global biopharmaceutical innovation resources [11] - The company is committed to increasing R&D investment sustainably while ensuring a favorable return on investment [10] Market Expansion - The company is prioritizing international market development, leveraging domestic strengths to enhance overseas sales [12] - The company is actively pursuing regulatory approvals for its products in foreign markets, adapting to varying requirements [12] - The company is exploring potential licensing opportunities for its innovative drugs [12] Operational Efficiency - The company is optimizing its sales team efficiency and focusing on core product lines to enhance commercialization capabilities [14] - The company is implementing cost-saving measures while maintaining a stable core team [18] - The company is transitioning its real estate operations towards a lighter asset model, integrating with its pharmaceutical projects [18] Governance and Compliance - The company adheres to strict regulations regarding related party transactions, ensuring transparency and compliance [20] - The company is committed to improving investor relations and information disclosure practices [20]