Group 1 - The core point of the article highlights the performance of the Zhongzheng 2000 ETF (563300), which opened with a gain of 1.17% at 1.472 yuan [1] - The top-performing stocks within the ETF include Ding Tong Technology, which rose by 2.53%, and Jiao Cheng Ultrasound, which increased by 1.85% [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Huatai-PB Fund Management Co., with a return of 45.49% since its establishment on September 6, 2023, and a monthly return of 6.52% [1]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]

Group 1 - The core point of the article is that Chengdu Xian Dao announced the completion of a share buyback plan by its controlling shareholder, Jin Li, through a significant increase in A-share holdings [1] - From October 13, 2025, to January 30, 2026, the company’s shareholder, Ju Zhi Xian Dao, acquired approximately 950,000 A-shares, representing about 0.24% of the total share capital as of the announcement date [1] - The total amount spent on the share buyback reached approximately 25.1 million RMB, which met the lower limit of the planned buyback amount without exceeding the upper limit [1]

证券代码：688222 证券简称：成都先导 公告编号：2026-004 成都先导药物开发股份有限公司关于 控股股东、实际控制人之一致行动人宁波聚智先导生 物科技合伙企业（有限合伙）增持公司股份计划 实施完毕暨增持结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 成都先导药物开发股份有限公司（以下简称"公司"或"成都先导"）于 2025 年 5 月 23 日在上海证券交易所网站（www.sse.com.cn）披露了《成都先导药物 开发股份有限公司关于宁波聚智先导生物科技合伙企业（有限合伙）增持公司股 份计划的公告》（公告编号：2025-018）。为积极响应中国证监会鼓励上市公司控 股股东、实际控制人增持上市公司股票的号召，且基于对公司未来持续稳定发展 的坚定信心及对公司长期投资价值的认可，公司控股股东、实际控制人 JIN LI(李 进)先生之一致行动人宁波聚智先导生物科技合伙企业（有限合伙）（以下简称"聚 智先导"）拟自 2025 年 5 月 23 日起 12 个月内，通过包 ...

成都高新区交子大道 233 号 中海国际中心 C 座 28 层 邮编：610041 电话：(86-28) 6739-8000 传真：(86-28) 6739-8001 junhecd@junhe.com 北京君合（成都）律师事务所 关于成都先导药物开发股份有限公司 控股股东、实际控制人之一致行动人增持公司股份的 法律意见书 致：成都先导药物开发股份有限公司 北京君合（成都）律师事务所（以下简称"本所"）受成都先导药物开发股 份有限公司（以下简称"公司"或"成都先导"）的委托，就公司控股股东、实际 控制人之一致行动人宁波聚智先导生物科技合伙企业（有限合伙）（以下简称"增 持主体"）增持公司股份（以下简称"本次增持"）相关事宜出具本法律意见书。 本所律师依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以下简称《收 购管理办法》）、《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、 在本法律意见书中，本所律师仅就与本次增持相关问题发表法律意见。本法 律意见书仅供公司本次增持之目的使用，未经本所书面同意，其他任何法人、非 法人 ...

Core Viewpoint - Chengdu Xian Dao announced that its controlling shareholder, JINLI (Li Jin), and a concerted actor, Ningbo Juzhi Xian Dao Biotechnology Partnership (Limited Partnership), have completed a share buyback plan, acquiring a total of 945,600 A-shares, which represents 0.24% of the company's total share capital, for an amount of 25.0984 million yuan (excluding transaction fees) [1] Summary by Categories Share Buyback - The buyback period was from October 13, 2025, to January 30, 2026 [1] - A total of 945,600 shares were repurchased [1] - The total investment for the buyback was 25.0984 million yuan [1]

Core Viewpoint - Chengdu Xian Dao expects to achieve a net profit attributable to shareholders of 104 million to 129 million yuan in 2025, representing an increase of 52.64 million to 75.64 million yuan compared to the previous year, with a year-on-year growth of 102.50% to 147.29% [1] Financial Performance - The expected net profit after deducting non-recurring gains and losses is projected to be between 106 million and 129 million yuan, an increase of 48.56 million to 71.56 million yuan year-on-year, reflecting a growth of 84.55% to 124.59% [1] - The main reasons for the performance change include steady growth in core business and gradual commercialization of new technology business segments [1] Business Segments - The core business segment, DEL, continues to grow steadily, and the UK subsidiary's FBDD/SBDD platform has achieved phased progress [1] - The decrease in fair value change losses in non-operating gains and losses is primarily due to reduced impacts from changes in the fair value of trading financial liabilities [1]

Summary of the Conference Call Record Company Overview - The document pertains to **Guoxin Pharmaceutical** (国信医药), specifically regarding its performance forecast for the year 2025. Key Points and Arguments 1. **Projected Financial Performance**: - The company expects to achieve a net profit attributable to shareholders of **CNY 1.04 to 1.27 billion**, representing a growth of **102.50% to 147.29%** compared to the previous year's profit of **CNY 0.51 billion** [1] - The non-recurring net profit is projected to be **CNY 1.06 to 1.29 billion**, reflecting an increase of **84.55% to 124.59%** from last year's **CNY 0.57 billion** [1] 2. **Core Business Growth**: - The **DEL (DNA-Encoded Library)** business is experiencing steady growth with a high gross margin, contributing significantly to profit enhancement [2] - The UK subsidiary **Vernalis** is also seeing stable growth in its **FBDD/SBDD (Fragment-Based Drug Discovery/Structure-Based Drug Discovery)** platform, with milestone revenues achieved from client projects [2] 3. **New Business Segment Development**: - The **OBT (Oligonucleotide-Based Therapeutics)** segment is expanding its traditional business while leveraging delivery molecule-related services to achieve commercial transformation of small nucleic acid projects, showing significant year-on-year revenue growth [2] - The **ChemSer** segment's revenue has also increased year-on-year due to the high operational efficiency of the automated high-throughput chemical synthesis platform [2] 4. **Reduction in Fair Value Change Losses**: - The company anticipates a decrease in fair value change losses for 2025, primarily due to reduced impacts from changes in the fair value of trading financial liabilities [2]

（一）业绩预告期间 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 2025年1月1日至2025年12月31日 （二）2024年度，公司每股收益0.13元。 三、本期业绩变化的主要原因 （一）主营业务影响 2025年公司通过与全球合作伙伴建立长期稳定的深度协作，商业项目按计划推进。（1）核心业务板块 保持稳健增长：DEL（包括 DEL 库的设计、合成和筛选及拓展应用）作为公司的基石业务报告期内保 持了稳步增长，且该业务保持了较高的毛利率，带来了利润的整体提升；与此同时，英国子公司进一步 巩固了 FBDD/SBDD 平台（基于分子片段与三维结构信息的药物发现技术）的稳步发展，主要业务板 块收入实现稳步增长的同时，DEL和FBDD/SBDD客户项目取得阶段性进展，均实现对应项目里程碑收 入。（2）新技术业务板块方面的商业转化逐步显现：OBT 板块（基于寡核苷酸的药物研发平台）在持 续拓展传统核苷单体合成业务的同时，报告期内借助递送分子相关服务，实现了小核酸一站式项目的商 业转化，报告期内收入同比增长显著； ...