Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1] Core Insights - The overall and weighted holdings of public funds in the pharmaceutical sector reached a new low since 2018 in Q4 2025, with the pharmaceutical heavy holdings accounting for 8.0% of all public funds, down 1.7 percentage points quarter-on-quarter [2][9] - The total scale of pharmaceutical funds in Q4 2025 was 394.6 billion yuan, a decrease of 9.2% from the previous quarter, with active pharmaceutical funds at 177.7 billion yuan, down 14% [20] - The proportion of passive pharmaceutical funds has increased significantly from 18% in Q1 2018 to 55% in Q4 2025, indicating a shift towards passive investment strategies in the sector [20] Fund Holdings Analysis - In Q4 2025, the pharmaceutical sector saw a decrease in active fund holdings, with active pharmaceutical funds accounting for 33% of the total pharmaceutical heavy holdings, up 2 percentage points, while non-pharmaceutical active funds accounted for 26%, down 5.1 percentage points [3][13] - The top five holdings by market value in public funds included Heng Rui Medicine (31.7 billion), WuXi AppTec (29.6 billion), and Innovent Biologics (16.6 billion) [6] - The top three increases in active fund holdings were for Tigermed (1.7 billion), Yimeng Biologics (1.4 billion), and CSPC Pharmaceutical Group (1.3 billion) [6] Sector-Specific Trends - The report highlights a shift in fund holdings towards innovative drugs and CXO services, while traditional Chinese medicine and high-value consumables are underweighted [6] - The report notes that the proportion of holdings in traditional Chinese medicine and biotech has increased, while holdings in BioPharma and CXO have decreased significantly [6][28] - The overall market value of holdings in the Bio-Tech sector reached 7.25% in Q4 2025, marking the highest level since Q1 2018, with active pharmaceutical funds holding 4.9% [28]

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for 19 companies, including Haina Pharmaceutical, which must clarify the specific use of raised funds and the proportion of domestic and overseas uses [1][2] - Haina Pharmaceutical submitted its application to the Hong Kong Stock Exchange on November 7, 2025, with CICC as the sole sponsor [1] - The CSRC has requested Haina Pharmaceutical to provide legal opinions on the compliance of its capital reduction procedures and the legitimacy of its historical equity changes [1][2] Group 2 - Haina Pharmaceutical is a comprehensive pharmaceutical research and manufacturing company that provides CXO services and has proprietary product pipelines [3] - According to Frost & Sullivan, Haina Pharmaceutical ranks second in China for the total number of approved clinical trials and marketing licenses during the reporting period [3] - As of June 30, 2025, Haina Pharmaceutical has 398 ongoing CXO projects, indicating a robust operational capacity in drug development and related services [3]

12月26日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月22日—2025年12月26日)》。 中国证监会国际司公示19家企业补充材料要求，其中，要求海纳医药补充说明募集资金具体用途，境内 外用途占比情况等事项。据悉，海纳医药已于2025年11月7日递表港交所，中金公司（601995）为独家 保荐人。 四、请说明公司及下属公司通过第三方代缴以及未足额缴纳社会保险和住房公积金的具体情况；未完结 诉讼仲裁案件的最新进展，是否构成本次境外发行上市的实质性障碍。 五、请说明募集资金具体用途，境内外用途占比情况，以及履行境内外投资审批、核准或备案程序情 况。 六、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 招股书显示，海纳医药是一家医药研发与制造一体化公司，提供CXO服务；同时，公司拥有专有产品 管线，主要通过医药技术转让对该等管线进行商业化。根据弗若斯特沙利文报告，于往绩记录期间及直 至最后实际可行日期(2025年11月2日)，海纳医药于中国境内从事药物技术转移的CXO服务提供商中， 按获批临床试验及上市许可总数排名第二。根据同一来源，海纳医药于同期提交的临床试 ...

Core Viewpoint - The pharmaceutical and biotechnology sector has demonstrated resilience and growth potential in 2023, driven by policy support and industry transformation, leading to a high-quality development phase characterized by innovation and cost control [1][4]. Industry Performance - As of December 8, 2023, the pharmaceutical and biotechnology sector has shown a weighted average increase of 30.64% in market capitalization, ranking 14th among 31 primary industries, but underperforming the CSI 300 index by 3.82 percentage points [2]. - The sector has exhibited significant internal differentiation, with innovation-driven segments outperforming others; for instance, other biological products, chemical preparations, and medical R&D outsourcing saw increases of 57.07%, 54.68%, and 51.87% respectively, while traditional Chinese medicine, vaccines, and blood products lagged with increases of only 3.89%, -0.73%, and -10.85% [2]. Factors Influencing Growth - The strong performance of the innovative drug industry chain is attributed to four key factors: exceeding expectations in earnings from leading companies like BeiGene and WuXi AppTec, ongoing supportive policies for innovative drugs and devices, increased activity in domestic innovative drug business development (BD) transactions, and substantial clinical data disclosures at major global conferences [2]. Recent Adjustments - Since September 2023, the sector has experienced a pullback due to prior significant gains, unmet expectations in some BD transactions, and geopolitical disturbances, with a maximum drawdown of 12.72% from September 1 to November 21 [3]. Valuation Insights - As of December 8, 2023, the sector's price-to-earnings (P/E) ratio stands at 51.75, ranking 10th among primary industries, with a premium of 267.54% over the CSI 300 index and 63.87% over all A-shares (excluding banks), indicating a relatively high valuation level historically [3]. Policy Impact - The policy environment has significantly upgraded support for the pharmaceutical and biotechnology industry, with the "14th Five-Year Plan" emphasizing the development of innovative drugs and medical devices, and the "15th Five-Year Plan" extending support to the entire value chain [6]. - The focus on key technological breakthroughs in areas such as dual antibodies, ADCs, and mRNA is expected to drive further differentiation within the industry [6]. Investment Opportunities - Three main investment themes are highlighted: 1. The innovative drug sector, which is expected to thrive due to policy support and strong performance from leading companies [7]. 2. The CXO sector, benefiting from increased demand for innovative drug development and showing significant performance improvements [7]. 3. Consumer healthcare companies, which are anticipated to recover as consumer demand increases, presenting dual potential for valuation recovery and earnings growth [7]. Technological Integration - The integration of AI technologies into the biopharmaceutical industry is expected to enhance research efficiency and product development, with AI applications improving diagnostic processes and overall healthcare delivery [8].

2023年8月27日，中国证监会发布《统筹一二级市场平衡优化IPO、再融资监管安排》（即"827新 政"），明确阶段性收紧IPO节奏，推动资本市场从"重规模"向"重质量"转型。两年来，A股IPO审核持 续趋严，Wind数据显示，截至2025年8月27日，已有约560家企业主动撤回上市申请，"撤单潮"折射出 企业面对更高信息披露与持续盈利能力要求的战略调整。 在此背景下，一批以研发驱动、尚未实现规模化盈利的创新型医药企业，开始将目光投向更具包容性的 境外资本市场。港交所因其对科技创新企业的制度性支持，正成为越来越多中国生物医药公司的首选上 市地。 构建全链条能力 借力港股迈向价值跃升 作为国内领先的端到端医药研发与生产服务企业，南京海纳医药科技股份有限公司（以下简称：海纳医 药）的发展路径正是这一趋势的生动注脚。公司自2001年成立以来，已从一家临床前CRO逐步成长为 覆盖药物发现、CMC开发、临床研究、注册申报及商业化生产的全链条CXO服务商，并同步构建了具 有自主知识产权的专有管线体系。 | | HERE | ... | 11 | 40-080 | 998 | 1.893 | 1 BIRGE 2808 | ...

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. is making its third attempt to go public by submitting an IPO application to the Hong Kong Stock Exchange after previous failures in the A-share market and a terminated acquisition by Chengdu Xian Dao [2][4]. Company Performance - Haina Pharmaceutical's revenue has shown a "high opening and low closing" trend, with revenue of 425 million RMB in 2024, a growth rate slowing to 3.65%, and a net profit decline to 53.3 million RMB [2][6]. - In the first half of 2025, the company reported a revenue of 178 million RMB, a year-on-year decrease of 16.97%, and a net profit of 22.1 million RMB, down 25.82% year-on-year [2][6]. - The gross profit margin has significantly decreased from 60.1% in 2022 to 46% in 2024, although it rebounded to 52.1% in the first half of 2025, still below previous levels [2][6]. Financial Data - Revenue increased from 264.7 million RMB in 2022 to 424.6 million RMB in 2024, but the growth rate has slowed considerably [3][6]. - The net profit for the same period was 59.8 million RMB in 2022, 73 million RMB in 2023, and dropped to 53.2 million RMB in 2024, indicating a decline in profitability despite revenue growth [3][6]. - Cash flow from operating activities turned negative in 2024 at -34.57 million RMB and worsened to -42.45 million RMB in the first half of 2025 [7]. Client Structure and Asset Quality - The company has a low and variable customer concentration, which may indicate insufficient customer loyalty, as the top five customers changed significantly over the reporting period [8]. - Accounts receivable increased from 44.68 million RMB in 2022 to 176 million RMB in the first half of 2025, with the turnover days rising from 43 to 176 days, indicating slower cash collection [8].

Core Viewpoint - Haina Pharmaceutical is attempting to list on the Hong Kong Stock Exchange after two previous failed attempts, facing significant financial challenges including declining revenue and profits, negative cash flow, and high accounts receivable [1][2]. Financial Performance - Haina Pharmaceutical's revenue grew from 265 million RMB in 2022 to 425 million RMB in 2024, but the growth rate slowed significantly from 54.74% in 2023 to 3.65% in 2024 [2]. - In the first half of 2025, the company reported a 16.97% year-on-year decline in revenue to 178 million RMB and a 24% drop in net profit to 22.08 million RMB [2]. - The gross profit margin decreased from 60.1% in 2022 to 47.1% in 2024, with a slight recovery to 52.1% in the first half of 2025, still below historical highs [2]. Business Model and Market Challenges - Haina Pharmaceutical operates under a dual model of "CXO services + MAH transfer," but has faced significant revenue declines in drug technology transfer and proprietary drug sales, with revenues dropping from 127 million RMB in 2023 to 51.98 million RMB in 2024 [2][4]. - The competitive landscape in the CXO sector is intensifying, with Haina's core CXO service revenue decreasing by 26% year-on-year to 132 million RMB in the first half of 2025 [5]. Accounts Receivable and Cash Flow Issues - The company's trade receivables surged from 44.68 million RMB at the end of 2022 to 176 million RMB by June 2025, indicating a nearly threefold increase [5]. - The cash flow from operating activities has been negative, with net outflows of 34.57 million RMB in 2024 and 42.45 million RMB in the first half of 2025, leading to a 67.19% decline in cash and cash equivalents from the end of 2023 [6]. Capital Market Attempts - Haina Pharmaceutical has made three attempts to enter the capital market within three years, with the latest being a submission to the Hong Kong Stock Exchange after a failed IPO on the A-share market and a terminated acquisition deal with Chengdu Xian Dao [7][8]. - Prior to the IPO, the company had received multiple rounds of financing, with a D-round in August 2022 raising 100 million RMB at a post-money valuation of 1.58 billion RMB, but these rounds included performance-based clauses [8]. Investor Sentiment - Some early investors have chosen to exit before the IPO, indicating cautious sentiment regarding the company's prospects, with a total of 5.76% of shares transferred by certain investors in July and August 2025 [9].

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (Haina Pharmaceutical) has submitted its IPO application to the Hong Kong Stock Exchange, following the termination of a major asset restructuring plan with Chengdu Xian Dao in June 2025, which was aimed at acquiring approximately 65% of Haina Pharmaceutical's shares [1][6]. Group 1: IPO Details - Haina Pharmaceutical's IPO application is sponsored exclusively by China International Capital Corporation (CICC) [1]. - The company previously attempted to go public on the A-share Growth Enterprise Market, with an initial fundraising target of 850 million yuan, but withdrew its application in June 2024 after receiving inquiries from the Shenzhen Stock Exchange [1][6]. - The funds from the current IPO are intended for research and development activities, capacity expansion, quality control enhancement, and general corporate purposes [1][2]. Group 2: Business Overview - Established in 2001, Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides Contract Research Organization (CRO) and Contract Manufacturing Organization (CMO) services [2]. - The company ranks second in China for the total number of approved clinical trials and marketing licenses among domestic CXO service providers [2]. - Haina Pharmaceutical's revenue primarily comes from CXO services, with revenue contributions of 65%, 69.1%, 87.8%, and 78.2% during the reporting periods from 2022 to the first half of 2025 [2]. Group 3: Financial Performance - The company's revenue for the reporting periods was 265 million yuan, 410 million yuan, 425 million yuan, and 178 million yuan, with net profits of 59.77 million yuan, 73.01 million yuan, 53.30 million yuan, and 22.08 million yuan respectively [3]. - In 2024, Haina Pharmaceutical experienced a revenue growth of 3.65% but a net profit decline of 27%, indicating a situation of "increased revenue without increased profit" [3]. - The company's gross margin decreased from 60.1% in 2022 to 46% in 2024, before recovering to 52.1% in the first half of 2025 [3]. Group 4: Client Dynamics - The company has seen significant changes in its top five clients over the reporting periods, with only Client A remaining consistent [4][5]. - The largest single client has changed twice within a span of three and a half years, indicating potential volatility in client relationships [5]. Group 5: Cash Flow and Receivables - Haina Pharmaceutical's net cash flow from operating activities was positive in 2022 and 2023 but turned negative in 2024, with net cash flows of 76.55 million yuan, 113 million yuan, -34.57 million yuan, and -42.45 million yuan [5]. - The company has experienced an increase in accounts receivable and corresponding turnover days, with accounts receivable reaching 171 million yuan and turnover days extending to 111 days by 2024 [5].

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (referred to as "Haina Pharmaceutical") is making another attempt to enter the capital market by submitting a listing application to the Hong Kong Stock Exchange (HKEX) after previously failing to go public on the ChiNext board and attempting a merger with Chengdu Xian Dao [1][6] Group 1: Company Overview - Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides CXO services and has proprietary product pipelines primarily commercialized through technology transfer [1] - The company ranks second in China for the total number of approved clinical trials and market licenses during the reporting period [1] Group 2: Financial Performance - In the first half of this year, Haina Pharmaceutical experienced a decline in both revenue and net profit, with revenue of 178 million yuan and net profit of 22.08 million yuan, compared to 214 million yuan and 29.76 million yuan in the same period last year [3] - The company's cash flow from operating activities has been negative since last year, with net cash flow of approximately -34.57 million yuan in 2023 and -42.45 million yuan in the first half of this year [3] Group 3: Market Strategy - The funds raised from the HKEX listing are intended to support R&D activities, expand production capacity, enhance quality control, and for general corporate purposes [2] - The HKEX is seen as a favorable platform for Haina Pharmaceutical due to its market inclusivity, international investor base, and standardized approval processes [2] Group 4: Challenges and Future Directions - Haina Pharmaceutical needs to enhance its competitiveness by focusing on R&D innovation, optimizing cost control, diversifying its business, and improving cash flow management [4][5] - The company has made multiple attempts to enter the capital market, including a previous IPO application on the ChiNext board and a failed merger with Chengdu Xian Dao [6]