每经AI快讯，有投资者在投资者互动平台提问：公司旗下金派格医用级peg是否可以运用在脑机工程 上？ 长春高新（000661.SZ）1月9日在投资者互动平台表示，公司下属公司所生产的PEG相关原料目前主要 应用于公司长效生长激素产品中。 （文章来源：每日经济新闻） ...

医药板块 11 月表现弱于大盘，但医药商业、中药及原料药表现相对较 好。A 股新增金新药业、亿方生物和特保生物，港股重点配置翰森、三 生制药等。美股标普医疗保健精选行业上涨 9.1%，跑赢标普 500 指数。 金新药业因估值便宜且主业稳健被新增至组合，其 LPA 项目在中国排名 前二，有望成为催化剂。亿方生物股价已跌至低点，TIKTOO 产品预计 未来半年内有授权可能，武田同类产品数据也将成为催化剂。 特保生物主要品种派格宾乙肝适应症获批，新患数量增加，长效 PEG- IFNα2b 集采影响逐步消除，预计明年派格宾将继续高增长，长效生长 激素获批并参加医保谈判，有望放量。 恒瑞医药研发管线强大，集采情况良好，12 月 5 日研发日值得关注。医 疗器械龙头公司具有长期配置价值，竞争格局稳定，终端招标持续复苏， 三季报显示许多企业迎来收入拐点。 预计 2025 年 Q4 及 2026 年医疗器械行业业绩复苏趋势将持续，神经 介入、神经外科等板块表现良好，IVD 行业在 2025 年面临量价承压， 但预计 2026 年出现拐点。 Q&A 国投海融医药对 2026 年的策略观点是什么？ 国投海融医药认为，2025 年 ...

Summary of Conference Call on Growth Hormone Market Industry Overview - The conference focuses on the growth hormone market, particularly long-acting growth hormones and their competitive landscape [1][13][27]. Key Points and Arguments 1. **Market Strategy**: The primary strategy is to maintain existing market share while addressing competition from new entrants. The company emphasizes the maturity and convenience of its product, which has been on the market for ten years [1][5][6]. 2. **Expert Acceptance**: The company is not concerned about new entrants heavily investing in marketing, as the existing expert community has accepted its marketing model. Approximately 2,500 experts in China have varying needs for academic and research support, making it difficult for new entrants to disrupt the market [1][7]. 3. **Outpatient Sales Model**: The outpatient sales model remains crucial, as patients require regular check-ups to adjust medication plans. Parents prefer seeking guidance from specialists in private hospitals or clinics due to strict hospital drug ratio controls [1][8][9]. 4. **Barriers to Entry**: Establishing an outpatient system is challenging for new entrants. They must build a complete service and sales system, which is not easily achievable without existing partnerships with private hospitals [1][11]. 5. **Profitability Threshold**: New entrants need to achieve significant sales volume to become profitable. For instance, Anke needs to sell approximately 10 million units of regular water injections annually for 3-4 years to cover costs [1][12]. 6. **Market Share Distribution**: The market is roughly divided with the company holding an 80% share. Future competitors like Weisheng and Novo Nordisk are expected to launch long-acting products, but success is uncertain due to the company's extensive evidence base [1][13][14]. 7. **Pricing Competition**: If the long-acting growth hormone is priced close to regular water injections, it may lead to a shift in preference among parents due to the convenience of less frequent injections [4][21]. 8. **Clinical Trials**: The company is conducting Phase III clinical trials for adult indications, with results expected in the second half of 2025. The adult market presents significant development potential [2][27][28]. 9. **Market Awareness**: There is a growing awareness among parents regarding children's height issues, but many still lack knowledge about growth hormone testing. Increased marketing efforts could enhance awareness and patient numbers [26]. 10. **Product Development**: The company has several important products in development, including those in the rheumatology field, which are expected to support future growth [29]. Additional Important Insights - **Quality Control Challenges**: Many companies face difficulties in producing growth hormones due to quality control issues during the transition from laboratory synthesis to industrial production [18]. - **Legal Concerns**: The low-price competition from Teriparatide is considered normal within the scope of medical insurance negotiations, with no significant legal risks anticipated [30]. - **Market Dynamics**: The company anticipates potential price adjustments in response to market conditions, which could lead to a price war among competitors [21][22]. This summary encapsulates the critical insights from the conference call regarding the growth hormone market, highlighting the company's strategies, market dynamics, and future prospects.

Group 1 - The company is currently facing significant price reductions in the long-acting growth hormone due to collective procurement by provincial alliances, raising concerns about the potential impact on net profit when nationwide procurement occurs [1] - The company is unable to predict the future sales policies for new products as they will be determined based on policy requirements, industry conditions, and market situations [1] - The recent change in the controlling shareholder's equity structure is aimed at optimizing the resource allocation of state-owned enterprises and is not expected to affect the company's normal operations [1] Group 2 - The company is exploring the potential revenue and profit from its gout medication, which is anticipated to enter the medical insurance system, although specific timelines and financial impacts remain uncertain [1] - The company emphasizes that any significant developments that meet disclosure standards will be communicated in accordance with information disclosure obligations [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15] Core Insights - The core product, Pegb interferon α-2b injection (brand name: Pegbin), has received approval for a new indication for functional cure of chronic hepatitis B, which is expected to enhance its market position [2][3] - The company reported a revenue of 2.48 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 26.9%, and a net profit of 666 million yuan, up 20.2% [1][8] - The approval of Pegbin is based on clinical trial results showing that 31.4% of patients achieved HBsAg seroclearance and sustained HBV DNA suppression after treatment [2][3] Financial Performance - For the first three quarters of 2025, the company achieved quarterly revenues of 673 million yuan, 837 million yuan, and 969 million yuan, with year-on-year growth rates of 23.5%, 29.9%, and 26.7% respectively [1][8] - The net profit for the same period was 182 million yuan, 246 million yuan, and 238 million yuan, with year-on-year growth rates of 41.4%, 40.0%, and -4.6% respectively [1][8] - The gross margin for the first three quarters of 2025 was 92.6%, with a net margin of 26.9% [9] Revenue and Profit Forecast - The company forecasts revenues of 3.77 billion yuan, 4.96 billion yuan, and 6.40 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.07 billion yuan, 1.54 billion yuan, and 2.17 billion yuan [4][18] - The projected PE ratios for 2025, 2026, and 2027 are 29x, 20x, and 14x respectively [3][15] Market Position and Product Development - Pegbin is currently the only long-acting interferon product in China, and the company is expected to benefit from the growing patient population with chronic hepatitis B [3][15] - The approval of long-acting growth hormone further enhances the company's product portfolio, which is anticipated to contribute to sales growth [3][15]

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]

Summary of the Conference Call for Jichuan Pharmaceutical Company Overview - **Company**: Jichuan Pharmaceutical - **Date**: October 27, 2025 Key Points Financial Performance - **Revenue**: Q3 revenue decreased by 33% year-on-year, totaling 11.8 billion CNY, with a total revenue of 39.32 billion CNY for the first three quarters, also down 32% [2][3] - **Net Profit**: Net profit attributable to shareholders fell by 47% to 2.98 billion CNY in Q3, and 46% to 10.2 billion CNY for the first three quarters [2][3] - **Non-recurring Profit**: Non-recurring net profit decreased by 54% to 2.39 billion CNY in Q3, and 49% to 8.6 billion CNY for the first three quarters [2][3] - **Cost of Sales**: Operating costs decreased by 23% year-on-year, with Q3 costs at 2.6 billion CNY, down 30% [9] Product Performance - **Key Products**: - Sales of potassium sulfate increased by 25% year-on-year, reaching 1.1 billion CNY in Q3 [4] - Sales of phenylephrine hydrochloride reached 40 million CNY in Q3, totaling 80 million CNY for the first three quarters [5] - **Retail Sales**: Retail sales maintained a healthy inventory level, achieving a completion rate of 100% in September and October, with monthly sales around 2-3 billion CNY [6] New Product Developments - **Innovative Drugs**: - Adult indications for the flu product have been approved, with adolescent indications expected to be approved in H1 2026 [7] - Long-acting growth hormone expected to be commercialized by early 2028 [7] - NDA for post-operative intestinal recovery product LB1,148 expected in June 2026 [7] - Pediatric constipation granules NDA accepted, with several other products in various stages of clinical trials [7] Cost and Expense Management - **Gross Margin**: Gross margin decreased by 0.9 percentage points year-on-year but increased by 3.9 percentage points quarter-on-quarter [9] - **Expense Ratios**: - Sales expense ratio at 34%, down 3.7 percentage points year-on-year; management expense ratio at 8.2%, up 3 percentage points; R&D expense ratio at 6.9%, up 1.8 percentage points [9] Market Outlook - **Q4 and 2026 Projections**: - Q4 expected to see a market recovery with a narrowing decline; 2026 revenue growth target set at single digits, with higher profit growth anticipated [11] - **Essential Drug Directory**: The essential drug directory project is expected to be completed this year, potentially benefiting the company’s pediatric products [12] Competitive Landscape - **Market Share**: The company retained half of the market share for potassium sulfate after successful bidding in the centralized procurement [4][17] - **New Product Launches**: The company is focusing on innovative marketing strategies for flu drugs, with plans for significant sales during the flu season [13][14] Dividend Policy - **Dividend Expectations**: The company aims to maintain a stable dividend level despite a decline in performance this year, with efforts to ensure satisfactory returns for shareholders [10] Inventory Management - **Inventory Levels**: Retail inventory is estimated at 1-2 billion CNY, equivalent to about one month of sales, while hospital inventory remains stable at around 40 days [9] Future Strategies - **R&D Focus**: The company is building an innovative drug R&D team, focusing on small molecule drugs and exploring new technology directions [16] Conclusion - **Overall Sentiment**: Despite facing significant challenges in 2025, the company expresses confidence in future performance driven by new product launches and market recovery strategies [25]

Summary of Jichuan Pharmaceutical Conference Call Company Overview - Jichuan Pharmaceutical is currently positioned with a high cost-performance ratio, indicating a favorable future trend for investors to focus on and allocate resources towards [2][3] Key Products and Sales Strategies - The company launched the product "Jike Shun" in July 2025, which has received online sales permission from JD Health. An increase in flu incidence in Q4 is expected to boost its sales [2][4] - Key products include: - "Pudilan Oral Liquid" focusing on expanding the outpatient market - "Children's Chiqiao Qingre Granules," an exclusive pediatric product - The company also has secondary products such as "Huanglong Cough Granules," "San'ao Tablets," and "Chaihu Granules," forming a strong product matrix in the respiratory field, reinforcing its leading position in OTC channels and pediatrics [5] Research and Development Pipeline - The company has ongoing research pipelines, including PDE4 and long-acting growth hormone products, which are in the late stages of development and warrant attention for their progress [2][4] Financial Performance and Cash Flow - As of now, the company has nearly 10 billion in cash reserves, with a projected dividend payout ratio of 76% for 2024. This financial strength supports the investment case for Jichuan Pharmaceutical [6] Regulatory Environment and Market Impact - The recent revisions to the national essential drug management measures are expected to advance in Q4 or after the next National People's Congress, potentially enhancing inpatient volumes. The market's expectations in this regard are not yet fully realized, making it a point of interest for investors [7] Overall Market Outlook - Despite a significant decline in the first half of 2024 due to high comparative bases, the third quarter showed improvement, indicating a positive trend for the company's overall profitability moving forward [3]

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical sector in China is driven by innovative drugs, particularly companies with Business Development (BD) and Technical Services (TS) capabilities, leading to a BD-driven bull market for innovative drugs [1][2][10] - The Chinese pharmaceutical industry benefits from advantages such as an engineer dividend, rapid clinical advancement, and low costs, making it competitive in areas like dual antibodies, triple antibodies, and weight loss drugs [1][4][5] Core Insights and Arguments - The innovative drug sector receives policy support across research, payment, and commercialization, with high-end commercial insurance and medical insurance covering innovative drugs, encouraging rapid market entry post-approval [1][11] - The CRO (Contract Research Organization) industry is benefiting from the return of BD funds, with significant investments in innovative drug research, leading to strong performances from companies like WuXi AppTec and Kelun [1][13] - The medical device sector is characterized by high competition in traditional devices, while innovative devices like robots and endoscopes are in an import substitution phase, with market rotation favoring companies with new products [1][12] Investment Opportunities - Current and future investment opportunities are concentrated in innovative drugs, CROs, and consumer healthcare sectors, with companies like Heng Rui Medicine and BeiGene emerging as leaders in the previous bull market [7][10] - The focus on innovative drugs is expected to continue, with significant potential in PD-1 upgrade technology platforms and breakthroughs in areas like oncology, diabetes, and autoimmune diseases [3][15] Market Trends and Dynamics - The pharmaceutical industry has undergone significant changes, with a shift from pandemic-related demand to a focus on innovative drugs, particularly after a downturn in the market over the past four to five years [2][10] - The global pharmaceutical market is seeing a surge in interest in oncology, weight loss, and autoimmune diseases, with Chinese companies achieving upgrades through diligent restructuring and accelerated clinical progress [17][20] Challenges and Risks - The consumer healthcare sector faces challenges due to economic changes leading to price sensitivity among consumers, particularly in dental services and blood products, which are affected by strict hospital prescription regulations [14][30] - The CRO industry has faced difficulties due to poor financing data and reduced orders, although there are signs of recovery driven by BD funding [13][25] Future Outlook - The innovative drug market is expected to see a rise in the proportion of innovative drug spending from approximately 5%-11% to potentially 20% in the future, supported by national policies [21] - The medical device market is stable, with significant players in the U.S., Switzerland, and China, while domestic companies are encouraged to enhance their competitiveness through innovation and international collaboration [23][28] Conclusion - The focus on innovative companies and essential medical products is crucial for future growth, with a global perspective on valuation comparisons to uncover more investment opportunities [9][10]

Core Viewpoint - Anke Bio has been actively involved in the reproductive health sector for years, with a comprehensive product range from reproductive testing to therapeutic drugs, and aims to leverage a partnership with Baoji Pharmaceutical for market expansion [1] Group 1: Company Strategy - The company has established a dedicated reproductive and antiviral division to promote market segmentation and enhance product visibility [1] - A specialized team of over 300 members is in place to support the marketing efforts for the long-acting follicle-stimulating hormone once it is launched [1] Group 2: Product Development - The long-acting follicle-stimulating hormone is expected to generate significant revenue by the year 2026 [1] - The company is currently in the process of regulatory review for the long-acting growth hormone in collaboration with Weisheng Pharmaceutical [1] - The company anticipates that both the long-acting growth hormone and the long-acting follicle-stimulating hormone will quickly enter the market, providing new growth opportunities for its business performance [1]