（DC）能高效呈递抗原，并且这些细胞能最佳地定位到淋巴组织。尽管直接靶向树突状细胞显著提高了疫 苗的效果，但在体内疫苗递送过程中， 巨噬细胞 的非特异性摄取仍是一个重大挑战。尽管巨噬细胞具有吞 噬作用，但它们将抗原从外周组织运输到淋巴组织以有效刺激初始 T 细胞的能力有限。因此，减少巨噬细 胞介导的纳米疫苗摄取，对于促进淋巴结 （LN） 运输并最终提高疫苗效力至关重要。 2025 年 8 月 18 日，四川大学 宋相容 团队、 刘继彦 团队合作 ，在 Cell 子刊 Cell Biomaterials 上发表 了题为： A precision-engineered dendritic cell-targeted mRNA nanovaccine for enhanced antiviral immunity 的研究论文。 在此，我们开发了一种树突状细胞 （DC） 靶向的 类脂质纳米颗粒 （LLN） 平台 撰文丨王聪 编辑丨王多鱼 排版丨水成文 mRNA 疫苗 在疫苗学领域实现了变革性的进步，其生产速度快，且在多种疾病条件下具有强大的免疫原 性。合成的 类脂质纳米颗粒 （LLN） 已成为一种用途广泛且高效的递送 ...

证券研究报告·公司点评报告·医药生物 新诺威（300765） 2025 年中报点评：持续加码研发，EGFR ADC 下半年有望启动首个海外注册临床 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,539 | 1,981 | 2,392 | 2,765 | 3,294 | | 同比（%） | (3.34) | (21.98) | 20.76 | 15.59 | 19.13 | | 归母净利润（百万元） | 434.44 | 53.73 | 57.30 | 58.91 | 128.17 | | 同比（%） | (40.18) | (87.63) | 6.66 | 2.80 | 117.57 | | EPS-最新摊薄（元/股） | 0.31 | 0.04 | 0.04 | 0.04 | 0.09 | | P/E（现价&最新摊薄） | 171.36 | 1,385.60 | 1,299.09 | 1,263.68 | ...

证券代码：000931 证券简称：中关村 北京中关村科技发展（控股）股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 特定对象调研分析师会议 媒体采访 业绩说明会 新闻发布会路演活动 现场参观 其他 活动参与人员 天风证券 财通基金 周海涛 张 胤 时间 2025 年 8 月 13 日 地点 北京市朝阳区霄云路 26 号鹏润大厦 B 座 22 层公司会议室 形式 线上结合线下（公司会议室） 上市公司接待 人员姓名 副总裁：范秀君 副总裁兼董事会秘书：黄志宇 证券事务代表：胡秀梅 交流内容及具 体问答记录 一、盐酸二氢埃托啡的镇痛机制与传统类鸦片药物（如芬太尼）相比 是否更具靶向性？公司是否掌握其缓释或改良型制剂技术？ 答：盐酸二氢埃托啡与芬太尼类药物同属于强效阿片类镇痛药，通过 激活中枢神经系统内的μ 阿片受体，阻断痛觉信号传递；盐酸二氢埃托啡 对阿片受体的亲和力远高于芬太尼。 缓释或改良制剂的技术不是针对单一品种的，而是一个通用型的技术 应用于不同的品种上。北京华素制药股份有限公司研发中心具备常规缓释 及防滥用缓释制剂相关经验和技术。 1 答：镇痛药的成瘾和滥用是药物本身与机 ...

Core Viewpoint - The global pharmaceutical industry is experiencing a downturn in the capital market due to uncertain policies from the Trump administration, leading to increased cost pressures and a trend of cost-cutting measures among major companies [2][3]. Market Performance - The S&P 500 healthcare sector index has declined by approximately 5% this year, while the overall S&P 500 index has increased by over 7% [2]. - The price-to-earnings (P/E) ratio for the healthcare sector has dropped from nearly 20 times to about 16 times over the past year [3]. Company Actions - Merck has announced a cost-cutting and layoff plan aimed at saving $3 billion annually by 2027, with an expected cost increase of $200 million due to tariffs [3]. - Pfizer has initiated a significant cost reduction plan, targeting net savings of approximately $4.5 billion by the end of 2025 and $7.2 billion by the end of 2027 [4]. - Moderna is facing financial challenges, with its stock price down over 75% in the past year, and plans to cut its workforce by 10% [5]. Future Growth Strategies - Companies are focusing on advancing their drug pipelines to drive future growth, with Novo Nordisk highlighting ongoing clinical trials for key products [6]. - The pharmaceutical industry is facing a wave of patent expirations in the coming years, with nearly $200 billion in sales from drugs set to lose patent protection before 2030 [7]. Mergers and Acquisitions - There has been a notable decrease in large-scale acquisitions in the pharmaceutical sector, with companies now favoring smaller deals to achieve higher returns [8]. - Chinese companies are increasingly attracting interest from global pharmaceutical firms, with licensing deals valued at $35 billion in the first half of the year [9].

Core Viewpoint - The global pharmaceutical industry is facing a downturn in the capital market due to uncertain policies from the Trump administration, leading to increased cost pressures from tariffs and drug price negotiations. Major pharmaceutical companies are announcing cost-cutting measures and layoffs in their recent quarterly reports [2][4]. Group 1: Market Performance - The S&P 500 healthcare sector index, with a total market value of nearly $5 trillion, has declined by approximately 5% this year, while the S&P 500 index has increased by over 7%. The net outflow of funds from U.S. healthcare stocks has surpassed that of any other sector [2]. - The price-to-earnings (P/E) ratio for the healthcare industry has dropped from nearly 20 times a year ago to about 16 times, with Merck and Bristol-Myers Squibb's expected P/E ratios at 8.7 and 7.4, respectively, both below the industry average [4]. Group 2: Cost-Cutting Measures - Merck has announced a cost-cutting and layoff plan aimed at saving $3 billion annually by 2027, with an expected cost increase of $200 million due to current tariff levels. The plan includes $1.7 billion in savings from administrative, sales, and R&D expenses [4]. - Pfizer has initiated a significant cost-cutting plan, targeting approximately $4.5 billion in net savings by the end of 2025 and $7.2 billion by the end of 2027. The company is also in discussions with U.S. officials regarding drug price reductions [5][6]. - Moderna is facing financial challenges, with its stock price down over 75% from its pandemic peak, and has announced a 10% workforce reduction, aiming to cut annual operating expenses by $1.5 billion by 2027 [7]. Group 3: Future Growth and Challenges - The pharmaceutical industry is confronting a wave of patent expirations in the next two to three years, with nearly $200 billion in sales from drugs exceeding $5 billion annually set to lose patent protection before 2030 [10]. - Companies are increasingly focusing on their drug pipelines to drive future growth. Novo Nordisk is investing in late-stage clinical trials for oral semaglutide and Alzheimer's treatments, while Moderna is developing a melanoma vaccine [9][10]. - The trend of large-scale acquisitions in the pharmaceutical sector has decreased significantly, with companies now favoring smaller acquisitions to achieve higher returns. Chinese innovative drugs are gaining attention for their investment value [11].

Company News - *ST Yazhen's stock experienced a significant deviation with a cumulative increase of 12% over three consecutive trading days, leading to a suspension of trading starting August 7, 2025, for a maximum of 10 trading days for verification [2] - BeiGene reported a 45.8% year-on-year increase in product revenue for the first half of 2025, totaling 17.36 billion yuan, with total revenue of 17.52 billion yuan, up 46.0% year-on-year, and a net profit of 450 million yuan, marking a return to profitability [2] - Xianhe Co. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project, with the first phase investment of about 5.5 billion yuan expected to generate an annual output value of approximately 5.15 billion yuan [3] - Tianyang Technology is planning to acquire a stake in Shanghai Tonglian Financial Services Co., with key transaction details yet to be determined, and it is not expected to constitute a major asset restructuring [3] - Shiyun Circuit's products have entered the supply chain of NVIDIA and AMD through OEM [4] - Defu Technology has developed ultra-thin high-strength copper foil products for applications in solid-state batteries and drones, with bulk supply already achieved [4] - Funeng Technology has completed sample delivery of sulfide all-solid-state batteries to a leading humanoid robot client and is in discussions with other major clients regarding solid-state battery needs [4] Industry Highlights - The national power grid has seen record-high electricity loads due to extreme weather, with the maximum load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts compared to last year's peak [5] - The South Korean government will implement a temporary visa waiver policy for Chinese group tourists starting September 29, 2025, lasting until June 2026 [6] - The U.S. government has canceled a $500 million mRNA vaccine development project, which is seen as a significant move away from mRNA vaccine research [7] - Jingtai Holdings announced a collaboration worth approximately 47 billion HKD (about 5.99 billion USD) in the AI drug discovery field, marking one of the largest public collaborations in this sector globally [8] - The V2G industry is expected to grow significantly with the increasing number of electric vehicles, aiming for large-scale commercial application by 2030 [9][10] - The convertible bond market is experiencing a "strong redemption wave," with over 90 convertible bonds announced to exit the market due to rising stock prices [11] - CITIC Construction believes that China's commercial aerospace industry is entering a rapid development phase, with increased satellite launch frequencies and the initiation of bidding for the Qianfan constellation [12] - Huatai Securities indicates that the foundation for a long-term stabilization in the real estate sector is being established, with a focus on stabilizing price expectations and activating housing demand [13] - Tianfeng Securities warns that the risk of "re-inflation" in the U.S. remains, influenced by tariffs and consumer price levels [14]

Core Viewpoint - The U.S. government has decided to cancel approximately $500 million in funding for mRNA vaccine development, marking a significant shift away from mRNA technology in public health strategy [2][3]. Group 1: Decision Details - U.S. Health and Human Services Secretary Robert F. Kennedy Jr. announced the cancellation of the mRNA vaccine development project, which includes the termination of 22 contracts related to mRNA technology by the Biomedical Advanced Research and Development Authority (BARDA) [2][3]. - The decision is influenced by consultations with top experts from the National Institutes of Health (NIH) and the FDA, concluding that the risks of mRNA technology outweigh its benefits for respiratory viruses like COVID-19 and influenza [3][4]. - The U.S. Department of Health and Human Services plans to redirect the canceled funds to "safer and broader vaccine platforms" that remain effective even with viral mutations [3]. Group 2: Expert Opinions - Many experts argue that mRNA vaccines have a significant advantage in rapid development and adaptability, which is crucial for responding to emerging viruses and variants [6]. - Dr. Peter Hotez criticized the decision as undermining national biosecurity and promoting a "pseudo-scientific agenda" [6]. - Dr. Paul Offit expressed concern that the decision was made without scientific evidence, potentially exposing the nation to unnecessary risks [6]. Group 3: Industry Impact - The cancellation of contracts with companies like Moderna and others indicates a broader shift in the U.S. government's approach to vaccine development, which may affect future innovations in the biomedical field [5][6]. - The U.S. Department of Health and Human Services is also terminating contracts with Emory University and Tiba Biotech, which were working on mRNA-based antiviral platforms [6].

Core Viewpoint - The development of albumin-recruiting lipid nanoparticles (LNP) enhances the safety and efficacy of mRNA vaccines by avoiding liver accumulation, addressing the limitations of traditional PEG-LNP formulations [2][4][7]. Group 1: Research Background - The invention and development of lipid nanoparticle (LNP) delivery systems have been milestones in the widespread application of mRNA vaccines [2]. - Traditional PEG-LNP formulations have shown certain shortcomings, particularly in mRNA cancer vaccines that require high doses and multiple administrations for effective tumor suppression [2][7]. - Concerns include the strong immunogenicity of mRNA-LNP platforms, which can lead to adverse reactions such as allergic shock and cytokine release syndrome due to repeated injections [2][7]. Group 2: Research Findings - A study published in Nature Materials by researchers from Tsinghua University and the National University of Singapore introduced a new albumin-recruiting lipid nanoparticle system [3][4]. - This new system avoids accumulation in the liver, thereby enhancing the safety and efficacy of mRNA vaccines [4][7]. - The research team developed a library of ionizable lipids that can bind to albumin, serving as an alternative to traditional PEG-coupled lipids [7]. - The newly formulated EB-LNP demonstrated high in vivo expression levels and effective transport to lymph nodes via muscle lymphatics, minimizing liver accumulation and addressing the hepatotoxicity associated with traditional LNP formulations [7][8]. Group 3: Vaccine Efficacy - The EB-LNP delivered mRNA vaccines exhibited exceptional anti-tumor and anti-viral efficacy, triggering strong cellular and humoral immune responses, including robust activation of cytotoxic T lymphocytes and significant production of neutralizing antibodies [8][10]. - Overall, the albumin-recruiting LNP system shows great potential as an effective and low-toxicity delivery platform for developing efficient mRNA vaccines [10].

近日，美国疫苗制造巨头莫德纳（Moderna）宣布，将裁减约10%的员工，以应对疫苗销售下降带来的财务压力。随后，该公司股价应声跳水，连续大 跌。 公司股价已跌超90% CEO：我们尽了一切努力避免影响就业 莫德纳首席执行官Stephane Bancel在致员工的信中表示："我们尽了一切努力避免影响就业，但今天，重塑我们的运营结构，确保成本结构与业务实际相 匹配，是保持专注和财务纪律的必要举措，同时继续加大对科研的投资，朝着2027年目标迈进。" | | | 随着疫苗销售收入下降，莫德纳正在采取措施削减成本。就在上个月，莫德纳突然宣布，由于全球及日本商业环境发生变化，将取消在日本建设mRNA药 物生产工厂的计划。今年5月，莫德纳表示，到2027年，将把年度运营支出削减约15亿美元。 公司正面临重重危机 仍执着于研发新一代新冠疫苗 福无双至，祸不单行。除了财务危机，莫得纳还面临的另一挑战——由于美国卫生部长罗伯特·F·肯尼迪对疫苗的批评，导致美国卫生官员在政策上发生 变化。 例如，美国卫生部门已撤销关于儿童和孕妇接种某类疫苗的长期建议，缩小了莫德纳最新版某类疫苗的适用范围，同时终止了该公司开发禽流感疫苗的合 同 ...

Core Viewpoint - Moderna is facing significant financial pressure due to declining vaccine sales, leading to a decision to cut approximately 10% of its workforce, which has resulted in a sharp decline in its stock price [1][3][6]. Financial Performance - Moderna's stock price has dropped over 90% from its peak, with its market capitalization plummeting from nearly $200 billion (approximately 1.44 trillion RMB) to under $10.5 billion (approximately 75.7 billion RMB) [6]. - The company reported a more than 75% decline in stock price over the past year, indicating a deteriorating financial situation [6]. Workforce Reduction - The layoffs will affect hundreds of employees globally, with the total number of employees expected to fall below 5,000 by the end of the year [5][6]. - CEO Stephane Bancel emphasized the necessity of restructuring operations to align cost structures with actual business needs while maintaining a focus on research investment [3]. Strategic Challenges - Moderna is facing multiple challenges, including criticism from U.S. health officials that has led to changes in vaccine recommendations, impacting the market for its latest vaccine [7]. - The company has also canceled plans for a new mRNA production facility in Japan due to changes in the global business environment [6]. Revenue Projections - Moderna has significantly lowered its revenue expectations for the year, particularly for its RSV vaccine, which has not gained widespread market attention [8]. - The company has postponed its goal of achieving breakeven profitability by two years, now expecting to reach this milestone by 2028 instead of 2026 [8]. Future Outlook - Despite current challenges, CEO Bancel remains optimistic about Moderna's future, citing three approved products and the potential for up to eight additional products to be approved in the next three years [9]. - The company continues to invest in the development of a new generation of COVID-19 vaccines, with recent FDA approval for a third vaccine targeting new variants [9]. Competitive Landscape - Comparatively, BioNTech, another vaccine manufacturer, has successfully adjusted its strategy post-pandemic, resulting in a stock price increase of nearly 25% over the past year, with a market capitalization exceeding $26 billion, more than double that of Moderna [9].