每经AI快讯，有投资者在投资者互动平台提问：隆培促生长素的进展贵司有没有跟进？贵司对维昇药 业的投资是否包含相关上市承诺？ 安科生物（300009.SZ）11月20日在投资者互动平台表示，之前维昇药业与药审中心就生产细节进行沟 通，所以审评处于暂停状态，目前相关沟通已经结束，审评开关已经打开，隆培促生长素处于正常审评 中。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.963 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.15%, and a net profit attributable to the parent company of 551 million yuan, a year-on-year decrease of 6.48%. In Q3 2025 alone, the revenue was 670 million yuan, a year-on-year increase of 7.7%, and the net profit was 185 million yuan, a year-on-year increase of 6.56% [4][5] - The company's main business has stabilized and is showing signs of recovery, with positive growth in both revenue and profit in Q3, primarily driven by the growth in revenue from growth hormones and antibody drugs. The decline in profit for the first three quarters is attributed to increased R&D investment, which reached 145 million yuan, a year-on-year increase of 13.08% [5] - The company has successfully introduced two significant long-acting products through business development (BD) collaborations, enhancing its market position in the fields of pediatric growth and assisted reproduction [6] - The company’s affiliate, Bosheng Jian, has made significant progress in its cell therapy platform, with the CD7 CAR-T (PA3-17 injection) being included as a breakthrough therapy and approved for key Phase II clinical trials [7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 2.677 billion yuan, 3.050 billion yuan, and 3.529 billion yuan, respectively, with year-on-year growth rates of 5.6%, 13.9%, and 15.7%. The net profit attributable to the parent company is projected to be 756 million yuan, 848 million yuan, and 987 million yuan for the same years, with year-on-year growth rates of 6.9%, 12.1%, and 16.4% [8][9] - Key financial metrics for 2025 include a gross margin of 78.4%, a return on equity (ROE) of 17.4%, and earnings per share (EPS) of 0.45 yuan [11]

Core Viewpoint - The recent prescription of Palopegteriparatide at a hospital in Hainan marks a significant milestone for the company in the endocrine innovation field, with the drug being the first and only parathyroid hormone replacement therapy globally [1][2]. Group 1: Company Developments - The stock of Viesheng Pharmaceutical (02561) rose by 4.68%, reaching HKD 39.8 [1]. - The CEO of Viesheng Pharmaceutical highlighted the importance of the first prescription of Palopegteriparatide as a step towards innovation in the endocrine sector [1]. - The company is committed to accelerating the domestic approval process for Palopegteriparatide and continuing its focus on innovative endocrine therapies [1]. Group 2: Product Pipeline - The company is advancing its long-acting growth hormone, Long-acting Growth Hormone, which is expected to be approved for domestic use in the second half of 2025, potentially becoming the third long-acting growth hormone in China [2]. - Viesheng Pharmaceutical has two unique products, namely Navepeptide and Palopegteriparatide, with the latter expected to submit a market application by the end of 2025 [2]. - Collaborations with WuXi Biologics and Anke Bio are in place to enhance local production and commercialize products, indicating a promising market outlook [2].

Group 1 - The core point of the news is that Viesheng Pharmaceutical-B (02561) has seen a stock increase of over 4%, attributed to the first prescription of Palopegteriparatide at a hospital in Hainan, marking a significant milestone for the company in the endocrine field [1] - Palopegteriparatide is the first and only parathyroid hormone replacement therapy approved in major markets in Europe and the US, indicating its potential to address traditional treatment challenges for patients [1] - The CEO of Viesheng Pharmaceutical emphasized the importance of this prescription as a step towards innovation in endocrine therapies and the company's commitment to accelerating the drug's approval process in China [1] Group 2 - The company is advancing its long-acting growth hormone, Longpei Growth Hormone, which is expected to be approved for domestic market launch in the second half of 2025, potentially becoming the third long-acting growth hormone in China [2] - Viesheng Pharmaceutical has two unique products, including Palopegteriparatide, which is anticipated to submit a market application by the end of 2025 [2] - Collaborations with WuXi Biologics and Anke Bio have been established to enhance local production and commercialization efforts, indicating a promising market outlook for the company's products [2]

Core Viewpoint - Anke Bio is a leading company in the domestic biopharmaceutical sector, focusing on cell engineering, gene engineering, and precision medicine, with strong R&D capabilities [1] Group 1: Business Performance - In Q3 2025, Anke Bio achieved a revenue of 1.963 billion yuan, ranking 7th among 34 companies in the industry, with the industry leader, Changchun High-tech, generating 9.807 billion yuan [2] - The net profit for the same period was 563 million yuan, also ranking 7th, with the top performer, Tonghua Dongbao, reporting a net profit of 1.188 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Anke Bio's debt-to-asset ratio was 14.81%, lower than the previous year's 17.20% and below the industry average of 26.88%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 75.97%, slightly down from 77.75% year-on-year but still above the industry average of 70.17%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.15% to 73,000, while the average number of circulating A-shares held per shareholder decreased by 10.04% to 16,700 [5] Group 4: Business Highlights - The biopharmaceutical segment showed signs of recovery, with the first antibody drug, "Ansaiting," seeing a sales revenue increase of 298% [6] - Significant progress in business collaborations, including exclusive commercialization rights for recombinant human follicle-stimulating hormone-CTP fusion protein injection [6][7] - The company is advancing its innovation drug transformation with multiple projects making progress, such as the completion of Phase I clinical trials for "PA3-17 injection" [6][7]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 670 million, a year-on-year increase of 7.70%, and a net profit of CNY 185 million, up by 6.56% [3] - For the first nine months of 2025, the company reported a revenue of CNY 1.963 billion, a year-on-year growth of 2.15%, while net profit decreased by 6.48% to CNY 551 million [3] - The growth in Q3 revenue and net profit was primarily driven by increased sales of growth hormones and antibody drugs [3] Product Development and Clinical Trials - The PA3-17 injection from the company's affiliate, Boshengji, is in Phase II clinical trials and aims for conditional market approval [3] - The "AK2017 injection" (recombinant human growth hormone-Fc fusion protein) has completed Phase II clinical trial enrollment and is expected to start Phase III trials in early 2026 [4] - The "HuA21 injection," targeting HER2, showed an objective response rate (ORR) of 80.8% in the 30 mg/kg group during exploratory studies [5] - The "HK010 injection" (PD-L1*4-1BB) is in Phase I clinical trials, showing good efficacy and safety in various cancers [9] Market Strategy and Future Outlook - The company plans to enhance operational efficiency and solidify the growth of its core business while accelerating the development of other business areas [3] - The collaboration with Weisheng Pharmaceutical on the long-acting growth hormone aims to penetrate the high-end market, enhancing product visibility and sales [4] - The company anticipates a market size exceeding CNY 4 billion for follicle-stimulating hormone in 2025, with plans to capture significant market share [10] - Sales and R&D expenses are expected to increase slightly over the next two years due to the rise in innovative drug trials and new product launches [11] Strategic Initiatives - The company has established an innovation research institution in Shanghai to support the development of self-researched and commercially cooperative products [12] - Plans for expanding production capacity include new production lines in northern and eastern regions, expected to contribute to economic growth [12]

Core Viewpoint - Vison Pharma-B (02561) has seen a significant stock price increase, currently trading at 44.68 HKD, reflecting a rise of 2.81% [1] Group 1: Company Developments - The fastest R&D progress for Vison Pharma is with Long-acting Growth Hormone, expected to be approved for domestic market launch in the second half of 2025, potentially becoming the third long-acting growth hormone available in China [1] - The company has two unique products: Napeptide and Parapeptide, with the latter anticipated to submit a market application by the end of 2025 [1] - In June, Vison Pharma partnered with WuXi Biologics to advance localized production, aiming to provide cost-effective and high-value products to meet domestic clinical needs [1] - In July, Vison Pharma collaborated with Anke Bio (300009) to jointly promote product commercialization, indicating promising future market prospects [1]

Core Viewpoint - Vison Pharma-B (02561) has seen a stock price increase of nearly 4%, currently trading at 44.68 HKD, driven by positive developments in its product pipeline and strategic partnerships [1] Group 1: Product Development - The fastest progressing product in Vison Pharma's pipeline is Long-Acting Growth Hormone, expected to receive domestic approval in the second half of 2025, potentially becoming the third long-acting growth hormone approved in China [1] - The company currently has two unique products: Napeptide and Parapeptide, with the latter anticipated to submit a market application by the end of 2025 [1] Group 2: Strategic Partnerships - In June, Vison Pharma entered into a collaboration with WuXi Biologics to advance localized production, aiming to provide cost-effective and high-value products to meet domestic clinical needs [1] - In July, the company partnered with Anke Bio to jointly promote the commercialization of its products, indicating a promising market outlook [1]

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]

Core Viewpoint - Changchun High-tech's stock surged to a six-month high despite disappointing half-year results, driven by optimistic management forecasts regarding innovative drug revenues and potential business development opportunities [1][2]. Group 1: Financial Performance - Changchun High-tech reported a revenue of 6.603 billion yuan, a slight decrease of 0.54% year-on-year, and a net profit of 983 million yuan, down 42.85% year-on-year [1]. - Its subsidiary, Jinsai Pharmaceutical, achieved a revenue of 5.469 billion yuan, an increase of 6.17% year-on-year, but net profit dropped significantly by 37.35% [2]. Group 2: Product Development and Market Position - The company anticipates that revenues from innovative drugs and overseas licensing will exceed 1 billion yuan this year and 1.5 billion yuan next year, with other revenues surpassing traditional growth hormone business by 2027 [1]. - The recently approved drug, Fuxin Qibai monoclonal antibody, is expected to generate peak sales of 5 billion yuan, with a current market price of 8,988 yuan per unit [1][6]. - Jinsai Pharmaceutical is facing increased competition in the long-acting growth hormone market, particularly from Teva Pharmaceutical's newly launched product priced at 1,798 yuan per unit [4][5]. Group 3: Future Outlook and Strategic Plans - The company plans to initiate a Hong Kong IPO in 2026 and aims to add 10-15 new INDs annually from 2025 to 2030, targeting overseas licensing revenues of 5-8 billion yuan by 2030 [1][9]. - Jinsai Pharmaceutical is also preparing for the market entry of three new products, including the promising Fuxin Qibai monoclonal antibody, which is expected to generate 1 billion yuan in sales this year and 6-10 billion yuan next year [6][7].