Core Viewpoint - Changchun High-tech, a leading company in the growth hormone industry, is experiencing a significant decline in net profit, with a forecasted drop of 91.48% to 94.19% for 2025 compared to the previous year [1] Group 1: Financial Performance - In the third quarter of 2025, Changchun High-tech reported a revenue of 9.807 billion yuan, a decrease of 5.6% year-on-year, and a net profit of 1.165 billion yuan, down 58.23% year-on-year [1] - The peak net profit for Changchun High-tech was 4.532 billion yuan in 2023, but it fell by 43% in 2024, indicating a continuing downward trend into 2025 [1] - The company anticipates a net profit of 150 million to 200 million yuan for 2025, marking a substantial decline from previous years [1] Group 2: Market and Product Dynamics - The sales of growth hormones are influenced by the number of adolescents and newborns, with increased competition also impacting performance [2] - Changchun High-tech's long-acting growth hormone and related products have been included in the new national medical insurance directory, effective January 1, 2026, with a price reduction of approximately 75% [2] - The company has adjusted its sales policies and pricing in response to industry policy changes and market conditions, which has contributed to reduced revenue and net profit [2] Group 3: Subsidiary Performance - Changchun High-tech's subsidiary, Baike Biological, is expected to report a net loss of 220 million to 280 million yuan for 2025, marking its first loss since going public, primarily due to intensified competition and decreased vaccination willingness [3] - The sales revenue of the shingles vaccine from Baike Biological has already seen a decline of 71.54% in 2024, continuing to be negatively affected in 2025 [4] - Factors affecting the shingles vaccine sales include public awareness of the disease, vaccination willingness, and increased market competition, leading to unsold inventory and returns [4]

Group 1 - The core announcement is that Changchun High-tech has received acceptance for the clinical trial application of its subsidiary Changchun Jinsai Pharmaceutical's injectable GenSci136 for domestic drug registration [1] - GenSci136 is a Class 1 therapeutic biological product independently developed by Jinsai Pharmaceutical, intended for the treatment of generalized myasthenia gravis (gMG) [2] - If the clinical trial application progresses smoothly, it will help the company expand its business structure, optimize its product structure, and enhance its core competitiveness [2]

Core Viewpoint - Changchun High-tech has reported its worst performance in nearly two decades, with a projected net profit of 150 million to 220 million yuan for 2025, representing a year-on-year decline of 91.48% to 94.19% [2] Financial Performance - The company experienced a significant decline in net profit for the first three quarters of 2025, amounting to 1.165 billion yuan, a decrease of 58.23% year-on-year [2] - The fourth quarter is expected to incur a massive loss of 945 million to 1.015 billion yuan, with a year-on-year increase in losses of 358.74% to 392.72% [2] Business Dependency - The core issue behind the performance decline is the company's heavy reliance on its growth hormone business, which has historically contributed nearly 100% of its net profit [2] - The net profits of Jinsai Pharmaceutical, a subsidiary responsible for the growth hormone business, were 4.217 billion yuan and 4.514 billion yuan in 2022 and 2023, respectively, closely aligning with the overall net profit of Changchun High-tech during the same periods [2] Market Changes - The long-acting growth hormone Jinsai was included in the national medical insurance directory, with a significant price reduction of approximately 75% for the 9mg specification [3] - The inclusion in the medical insurance directory has ended the high-profit era for this business, leading to a drastic compression of profit margins [3] - The market landscape for growth hormones has fundamentally changed, with competitors like Teva Biopharma and Novo Nordisk entering the market, further intensifying price competition [3] R&D and Sales Strategy - To reduce dependency on a single product, the company has increased R&D investment, reaching 2.69 billion yuan in 2024, accounting for 20.0% of revenue [4] - In the first three quarters of 2025, R&D investment was 1.733 billion yuan, a year-on-year increase of 22.96%, representing 17.68% of revenue [4] - Sales expenses have also risen significantly, reaching 3.764 billion yuan in the first three quarters of 2025, accounting for 38.38% of revenue, up from 32.96% in 2024 [4] Transition Challenges - The company is currently facing a transitional phase characterized by the loss of its "old engine" (growth hormone business) and the underperformance of new products [4] - Short-term risks include uncertainties in innovative drug development and underwhelming commercialization of new products, which may prolong the period of performance stabilization [4] - However, in the long term, the short-term impact of price reductions from medical insurance is expected to be absorbed, with the growth hormone business potentially maintaining stable cash flow as prices stabilize and market penetration increases [4]

Core Viewpoint - Changchun High-tech's 2025 performance forecast indicates a significant decline in key financial metrics, with net profit expected to drop by 91.48%-94.19% compared to 2024, reflecting ongoing challenges in the company's operations [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of 150 million to 220 million yuan for 2025, a drastic decrease from 2.583 billion yuan in 2024 [1][2]. - The non-recurring net profit is projected to decline by 82.09%-84.56%, with basic earnings per share shrinking from 6.42 yuan to between 0.37 yuan and 0.55 yuan [1][2]. - For the first three quarters of 2024, the company reported a revenue of 9.807 billion yuan, down 5.60% year-on-year, and a net profit of 1.165 billion yuan, down 58.23% year-on-year, indicating worsening performance in the fourth quarter [2]. Business Challenges - The decline in performance is attributed to multiple pressures, including pricing adjustments in the growth hormone business following its inclusion in the medical insurance catalog, ongoing losses from subsidiary Baike Biology, and high costs associated with R&D and new product market cultivation [2][3]. - The growth hormone business, which is a key revenue driver, faces significant profit margin compression due to new pricing policies and increased competition from generic drug manufacturers [5][6]. Market Dynamics - The inclusion of long-acting growth hormone in the national medical insurance catalog is seen as a double-edged sword; while it expands patient access, it also necessitates price reductions that adversely affect profit margins [5][6]. - The competitive landscape has intensified, with the market no longer dominated by JinSai Pharmaceuticals, leading to increased pricing pressure and reduced profit contributions from the growth hormone segment [6][12]. Innovation and Strategic Initiatives - Despite short-term pressures, JinSai Pharmaceuticals is advancing its innovation and internationalization strategies, with multiple new product approvals and collaborations aimed at expanding market reach [3][8]. - The company has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to enhance financing channels and support its growth strategy [11]. - Significant R&D investments are being made, with R&D expenses reaching 1.733 billion yuan in the first three quarters of 2025, representing a 22.96% increase year-on-year [9][12]. Future Outlook - The successful commercialization of innovative products, such as JinBeiXin® and MeiShiYa®, which have been included in the medical insurance catalog, is expected to drive revenue growth and offset declines in traditional segments [9][12]. - The internationalization strategy, including partnerships and market expansion efforts, is anticipated to open new growth avenues and enhance the company's competitive position in the global market [11][12].

Core Viewpoint - Changchun High-tech (000661.SZ) is expected to experience a significant decline in operating performance, with a projected net profit attributable to shareholders of 150 million to 220 million yuan for 2025, representing a year-on-year decrease of over 90% [1][4]. Group 1: Financial Performance - In 2024, Changchun High-tech's net profit attributable to shareholders decreased by over 40% year-on-year [2]. - For 2025, the company anticipates a net profit drop of 24.33 billion to 23.63 billion yuan compared to the previous year, with a decline rate of 91.48% to 94.19% [4]. - The company reported a net profit of 1.165 billion yuan for the first three quarters of 2025, down 58.23% year-on-year, with total revenue of 9.807 billion yuan, a decrease of 5.60% [4]. Group 2: Factors Influencing Performance - The decline in net profit is attributed to adjustments in pricing and sales policies for core products, particularly long-acting growth hormones, due to their inclusion in the national medical insurance directory [2][6]. - Increased research and development (R&D) expenses, which reached 2.690 billion yuan in 2024, and higher sales expenses have also impacted profitability [10][12]. - The company is focusing on R&D in traditional areas such as endocrine metabolism and women's health, as well as innovative directions related to tumors, respiratory, and immune systems [10]. Group 3: R&D and Product Development - Changchun High-tech's R&D investment for the first three quarters of 2025 was 1.733 billion yuan, a year-on-year increase of 22.91% [12]. - The company has successfully advanced several products, including the GenSci098 injection project, which received a 70 million USD upfront payment [3][14]. - The R&D expenses have been steadily increasing, with a total of 2.690 billion yuan in 2024, representing 19.97% of total revenue [10]. Group 4: Market Position and Future Outlook - The company has historically relied heavily on growth hormones, which have been referred to as its "cash cow" [6]. - The future ability of Changchun High-tech to reduce its dependence on growth hormones is a key concern for investors [15].

Core Viewpoint - The company, Changchun High-tech Industry (Group) Co., Ltd., announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has received a clinical trial application acceptance notice from the National Medical Products Administration for the domestically produced drug, GenSci136, intended for the treatment of generalized myasthenia gravis (gMG) [1][4]. Group 1: Drug Information - Product Name: GenSci136, an injectable drug developed by Jinsai Pharmaceutical [1] - Application: Acceptance of clinical trial application for domestic production [1] - Indication: Treatment of generalized myasthenia gravis [1][2] Group 2: Disease Background - gMG is an autoimmune disease characterized by neuromuscular transmission disorders, with a global prevalence of approximately 12.4 per 100,000 people and an incidence rate in China of about 0.68 per 100,000 [2] - Traditional treatments include cholinesterase inhibitors, corticosteroids, and immunosuppressants, but about 20% of patients do not respond well to these therapies [2] Group 3: Drug Mechanism and Research - GenSci136 features a novel drug structure and dual-target mechanism, designed to enhance its blocking activity and prolong its half-life in the body [3] - Non-clinical pharmacology, pharmacokinetics, and toxicology studies indicate that GenSci136 has good efficacy and safety, potentially offering a better treatment option for patients with gMG in China [3] Group 4: Company Impact - Successful progress of the clinical trial application could help the company expand its business structure, optimize product offerings, and enhance its core competitiveness [4]

Core Viewpoint - Changchun High-tech announced that its subsidiary, Changchun JinSai Pharmaceutical Co., Ltd., has received the acceptance notice from the National Medical Products Administration for the clinical trial application of GenSci136 injection, marking a significant step in the drug registration process [2] Group 1 - The acceptance notice indicates that the clinical trial application for GenSci136 has been officially recognized by regulatory authorities [2] - This development may enhance the company's product pipeline and potential market offerings in the pharmaceutical sector [2] - The approval process reflects the company's commitment to advancing its research and development initiatives [2]

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]

关于子公司注射用 GenSci136 境内生产药品注册临床试验申请 获得受理的公告 证券代码：000661 证券简称：长春高新 公告编号：2026-008 长春高新技术产业（集团）股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）控股 子公司——长春金赛药业有限责任公司（以下简称"金赛药业"）收到国家药品 监督管理局核准签发的《受理通知书》，金赛药业注射用 GenSci136 的境内生产 药品注册临床试验申请获得受理，现将有关情况公告如下： 一、药品的基本情况 产品名称：注射用 GenSci136 申请事项：境内生产药品注册临床试验 受理号：CXSL2600163 申请人：长春金赛药业有限责任公司 审批结论：经审查，决定予以受理 比 80%，该病被纳入《第一批罕见病目录》。乙酰胆碱受体（acetylcholine receptor， AChR）抗体是最常见的致病性抗体，影响 AChR 的功能及神经-肌肉接头信号传 递，参与 MG 的发生发展。传统治疗主要包括胆碱酯酶抑制剂、糖皮质激素、 ...

Core Viewpoint - Changchun High-tech announced that its subsidiary, Jinsai Pharmaceutical, has had its clinical trial application for the domestically produced injectable GenSci136 accepted by the National Medical Products Administration, marking a significant step in the development of a new treatment for myasthenia gravis [1] Group 1: Product Development - GenSci136 is a Class 1 biological product designed to treat generalized myasthenia gravis, featuring a novel drug structure and a dual-target mechanism of action [1] - The drug aims to provide better treatment options for patients with myasthenia gravis in China [1] Group 2: Business Impact - The progress of this application is expected to broaden the company's business structure and enhance its core competitiveness [1] - The clinical trial process, however, still carries uncertainties that could affect the timeline and outcomes [1]