血液肿瘤是最常见的恶性肿瘤之一，近年来发病率持续走高。世界卫生组织(WHO)数据显示，全球血 液肿瘤新发患者数量由2015年的113.3万增长至2021年的130.5万，预计2030年增长至154.6万；中国新发 患者同步增长，预计2030年增长至30万。 在血液肿瘤治疗领域，布鲁顿氏酪氨酸激酶(BTK)抑制剂在多种亚型血液肿瘤疾病治疗中展现出显著优 势。阿斯利康旗下BTK抑制剂的市场表现，正是这一技术优势的生动印证。2024年，这一产品全球销售 额突破30亿美元，位列阿斯利康肿瘤产品第四，而今年前三季度，跃升至第三。 阿斯利康持续发力自主研发的同时，也积极牵手中国合作伙伴，通过业务拓展，赋能血液肿瘤疗法管线 布局的持续完善：与礼新医药达成GPRC5D靶向ADC全球独家合作，加速补充前沿疗法管线；斥资12亿 美元全资收购亘喜生物，一举夯实细胞治疗领域的布局实力，加速构建起多元化疗法矩阵。 在全球创新网络布局中，阿斯利康以最高10亿美元总价收购比利时EsoBiotec，获取其核心的工程化纳 米抗体慢病毒(ENaBL)平台，该平台旗下体内BCMA CAR-T药物已进入临床阶段，2025年1月在中国完 成首例复发/ ...

在国家政策对创新药的大力支持下，我国已有多款BTK抑制剂成功上市并纳入医保目录。截至目前，国 家医保目录纳入了多款BTK抑制剂，其中包括奥布替尼片、阿可替尼胶囊/马来酸阿可替尼片、匹妥布 替尼片等。今年，马来酸阿可替尼片用于CLL/SLLL（慢性淋巴细胞白血病/小淋巴细胞淋巴瘤）等适应 证被正式纳入医保，加之其他药物的成功续约，实现该类血液肿瘤多个疾病阶段的医保覆盖。 科技日报记者 张佳星 12月7日，国家医疗保障局正式公布2025年《国家基本医疗保险、生育保险和工伤保险药品目录》（以 下简称医保目录）。本次调整新增114种药品，目录内药品总数增至3253种，覆盖肿瘤、慢性病、罕见 病等多个治疗领域。肿瘤领域中的马来酸阿可替尼片等多款血液肿瘤新药被纳入。 哈尔滨血液病肿瘤研究所所长、中国临床肿瘤学会监事会监事长马军教授表示，对于慢性淋巴细胞白血 病、套细胞淋巴瘤等血液肿瘤患者来说，避免复发、延长无进展生存期是控制疾病关键。然而，淋巴瘤 临床诊疗长期面临着传统药物安全性不足、易复发、老年患者治疗棘手、与抗酸药等联用兼容性差等痛 点。 随着医学研究的深入发展，布鲁顿氏酪氨酸激酶（BTK）抑制剂等新型靶向药物问世， ...

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue growth driven by innovative drugs and collaborations, particularly in the oncology sector, highlighting the successful expansion of the core product Amatinib [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, with innovative drugs and collaboration products contributing 6.145 billion yuan, up 22.1%, accounting for 82.7% of total revenue [1]. - The net profit for H1 2025 was 3.135 billion yuan, reflecting a year-on-year growth of 15.0% [1]. Operational Analysis - The oncology segment generated revenue of 4.531 billion yuan, representing 60.9% of total revenue, with Amatinib's indications continuously expanding [1]. - New approvals for Amatinib include maintenance therapy for NSCLC patients post-surgery and adjuvant therapy, which are expected to drive further growth [1]. - The product has also been approved in the UK, marking it as the first Chinese-origin EGFR-TKI drug to enter the overseas market, contributing to revenue growth [1]. Research and Development Pipeline - The company has a robust R&D pipeline with over 40 innovative drugs and more than 70 clinical trials ongoing [2]. - Key developments include: - B7-H3 ADC for bone and soft tissue sarcomas and SCLC entering Phase III trials [2]. - B7-H4 ADC for ovarian cancer also in Phase III trials and recognized as a breakthrough therapy by CDE [2]. - GLP-1/GIP dual receptor agonist for obesity/overweight in Phase III trials [2]. - TYK2 inhibitors and IL-23p19 monoclonal antibodies for moderate to severe plaque psoriasis in Phase III trials [2]. - Additional innovative drugs such as EGFR/c-Met ADC, KRAS G12D inhibitors, and BTK inhibitors are progressing into clinical stages [2]. Business Development Collaborations - In June 2025, the company granted global exclusive rights (excluding mainland China, Hong Kong, and Macau) for the development, production, and commercialization of the GLP-1/GIP dual receptor agonist HS-20094 to Regeneron, indicating ongoing expansion in global collaboration [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 14.2 billion yuan, 15.8 billion yuan, and 17.8 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 4.7 billion yuan, 5.3 billion yuan, and 6.1 billion yuan [2].

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global MS patient base is substantial, with a market size exceeding $200 billion, primarily focused on RMS treatment, which has limited neuroprotective effects [2][4] - BTK inhibitors are expected to fill the treatment gap in the PMS area by blocking chronic neuroinflammation and slowing neurodegenerative processes, with key data releases anticipated in H2 2025 [5][6] - Companies likely to benefit from this market opportunity include several listed firms, which are positioned to capitalize on the expected growth in the MS treatment landscape [2][3] Group 2: PCB Technology Revolution - The demand for SLP (Substrate-like PCB) is significantly increasing, with expectations that it will closely match IC substrate performance as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more prevalent [6][8] - The SLP manufacturing process has high barriers to entry, and companies with leading positions in this space are expected to gain substantial benefits [6][9] - The requirements for upstream laser direct writing and drilling equipment are increasing, indicating a shift in technology needs within the PCB industry [6][9]

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global market for Multiple Sclerosis (MS) is estimated to have a gap of $20 billion, with BTK inhibitors potentially igniting the MS treatment sector, particularly in the second half of the year [2][3] - The existing market for MS treatments is primarily focused on Relapsing MS (RMS), while BTK inhibitors are expected to address the unmet needs in Progressive MS (PMS) [3][5] - Key companies expected to benefit from this market opportunity include specific listed firms, with significant data readouts anticipated in the second half of 2025 [3][6] Group 2: PCB Technology Revolution - A new process in printed circuit boards (PCBs) is anticipated to trigger a technological revolution, with a notable increase in demand for SLP (Substrate-like PCB) and a rise in requirements for laser equipment [7][8] - SLP technology is expected to closely resemble IC substrates, with significant performance improvements anticipated as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more commercialized [7][8] - Companies with leading positions in SLP technology and those supplying advanced laser writing and drilling equipment are expected to benefit significantly from these developments [7][8]

Important News - The U.S. trade deficit reached a record high in March due to tariffs leading to stockpiling of goods [1] - The EU plans to impose additional tariffs on approximately €100 billion (about $113 billion) worth of U.S. goods if ongoing trade negotiations do not yield satisfactory results [1] - Canadian Prime Minister Carney is set to meet with Trump to discuss trade and relations between the two countries [1] Company News - IBM (IBM.N) and Oracle (ORCL.N) announced an expansion of their partnership to advance agent-based AI and hybrid cloud, integrating IBM's flagship AI product suite, watsonx, into Oracle Cloud Infrastructure (OCI) [2] - The U.S. Department of Justice filed documents in federal court requiring Google (GOOG.O) to divest two core assets from its online advertising business—AdX advertising trading platform and publisher ad server [2] - DoorDash (DASH.N) has reached an agreement to acquire the UK-based food delivery platform Deliveroo for £2.9 billion (approximately $3.9 billion) in equity value [2] - Piper Sandler recently warned that under the worst-case scenario of reduced capital expenditures and continued weak demand in the Chinese market, NVIDIA's (NVDA.O) data center business could face an impact of up to $9.8 billion in annual revenue [2] - AstraZeneca (AZN.O) announced that a new indication for its BTK inhibitor has been approved by the EU for the treatment of mantle cell lymphoma, marking it as the first and only approved inhibitor for this indication in the EU [2] - Tesla (TSLA.O) saw a 62% year-over-year decline in new car sales in the UK for April, marking the lowest level in over two years [2] - Pony.ai (PONY.O) and Uber (UBER.N) announced a strategic partnership, with Pony.ai's Robotaxi service and fleet set to integrate into the Uber platform in the second half of this year [2][3]

Summary of Conference Call Records Industry Overview Agriculture Sector - Focus on the application of AI and low-altitude data technologies in agriculture, with a long-term positive impact on leading agricultural technology companies. Short-term effects are limited [1][2] - The pig farming industry is currently profitable, but capacity reduction has not yet begun. Pig prices are expected to fluctuate downwards in the first half of the year, with rising soybean meal prices increasing cost pressures. Recommended stocks include Muyuan Foods and Juxing Agriculture [1][4] Pet Food Industry - The impact of increased tariffs on pet food exports to the U.S. is limited, as major companies have established overseas production capabilities. Companies like Zhongchong and Petty are well-positioned to handle U.S. orders [1][5] - Guobao's brand upgrades for the Maifudi brand include the Buff series and goat milk meat series, enhancing brand recognition and product pricing [1][6][7] - Zhongchong and Petty plan to launch staple food products in 2025, indicating continued rapid growth in the industry [1][9] Planting and Seed Industry - The planting and seed sectors face uncertainty, with expectations for genetically modified crop promotion already priced in. High seed inventories and falling grain prices may lead to bottom-line profitability [1][10] Baijiu (Chinese Liquor) Sector - The baijiu sector is undergoing valuation recovery, with consumption demand during the Spring Festival showing differentiation, leading to market share concentration among leading companies. The price system for Feitian Moutai is stabilizing [1][11] - 2025 is expected to be a year for the baijiu industry to solidify its bottom, with the second quarter being particularly critical [1][12] Key Points and Arguments Agriculture Sector - The agricultural sector's performance post the 2025 Central Document is subdued, with traditional agriculture being stable and conservative language regarding genetically modified crops leading to some capital withdrawal [2] Pig Farming Industry - As of late February, the average price of pigs is approximately 14.5 yuan/kg, down about 10% from before the Spring Festival. Leading companies are achieving profits of around 100 yuan per pig, while excellent family farms can achieve profits of 150-200 yuan per pig [4] Pet Food Industry - The potential increase in tariffs on pet food exports to the U.S. is not expected to significantly impact overall profits, as the majority of companies have adapted their production strategies [5] Brand Upgrades in Pet Food - Guobao's Maifudi brand has undergone significant updates, including a shift in product naming and packaging, which may lead to the Buff series becoming a standalone brand [6][7] Baijiu Sector Trends - The baijiu sector is experiencing a recovery in valuation, with a stable price system for key products like Feitian Moutai. The market is expected to stabilize as core products find their positioning [11][12] Pharmaceutical Innovation - The innovative pharmaceutical sector is performing well, with companies like Heng Rui Pharmaceutical expected to launch nearly ten new products in the next two to three years, leading to explosive growth [3][17] - Bai Jie Shen Zhou is expected to achieve profitability in 2025, with significant revenue from its leading product, Zebu Tini [3][18] Investment Recommendations - Recommended stocks include Muyuan Foods and Juxing Agriculture in the pig farming sector, and Heng Rui Pharmaceutical in the pharmaceutical sector. The baijiu sector recommends high-end brands like Moutai and Wuliangye [1][14][17] Other Important Insights - The planting and seed industry requires close monitoring of new genetically modified crop data and U.S.-China trade relations affecting agricultural tariffs [1][10] - The pet food industry is expected to continue its rapid growth trajectory, with significant product launches planned for 2025 [1][9]