以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者： MD 出品：明亮公司 ！ 近日， 锅圈（ 02157.HK ） 公布了公司 2024年全年财报 ， IPO早知道消息显示 ， 24全年锅圈 实现收入64.70亿元，同比增长6.2%；毛利14.17亿元，同比增长4.9%， 毛利率为 21.9%； 核心经 其中值得一提的是锅圈在会员运营上的实践。锅圈截至 2023年 底，大约有 2700万会员， 在 2024年 底，这一数字大约为4133万。锅圈从去年开始改造自己的会员运营体系，而杨明超预计，今年第一 季度的会员增速会更快。 "（锅圈）将 通过会员 体系 来提到店、 提复购、提 客单价 。 "杨明超说，" 我 们的会员客单价远 超我们平均客单价，而在消费频次方面，高充值会员是低充值会员的两倍。 " 在拓店方面，锅圈 全年净增新乡镇门店 287家 ，而考虑到中国乡镇规模庞大 （ "48000个乡镇，下 面还有65万个行政村"），锅圈仍将进一步下沉加密，覆盖县乡市场 。 营利润为 3.11亿元，同比增长3.1%。 在渠道方面，截至 2024年末 ，锅圈 ...

证 券 研 究 报 告 乐普生物-B（02157.HK）2024 年业绩点评 强推（维持） 营收大幅增长，多款核心产品进入研发晚期 目标价：6.02 港元 事项： 乐普生物发布 2024 年业绩，2024 年公司实现营业收入 3.68 亿元（+63.21%）， 其中：1）普特利单抗销售收入达 3.00 亿元，较 2023 年销售额的 1.01 亿元增 长约 3 倍，2）BD 收入 0.22 亿元，来自 CMG901 里程碑付款，3）CDMO 服 务收入 0.46 亿元；年内亏损 4.24 亿元。2024 年末，公司现金收支实现基本持 平，货币资金余额 4.01 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 368 | 895 | 1,571 | 1,772 | | 同比增速(%) | 63.0% | 143.4% | 75.5% | 12.7% | | 归母净利润(百万) | -411 | -100 | 138 | 1 ...

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a technical bull market, leading to a revaluation of innovative pharmaceutical companies, driven by improved liquidity and policy expectations [1][17] - The Hang Seng Index has risen over 20% this year, while the Hang Seng Healthcare Index has increased by over 40%, indicating strong market performance [1] - The revaluation of the innovative drug sector is attributed to global capital reassessing the long-term logic of China's innovative drug industry [1][19] Group 2 - AI medical technology breakthroughs, comprehensive policy support, and enhanced commercialization capabilities are expected to provide greater valuation expansion potential for Hong Kong's innovative drug sector compared to A-shares [4] - Companies with differentiated innovative pipelines and commercialization potential are becoming market focal points, entering a phase of valuation expansion [4][21] - Lepu Biopharma's 2024 financial report validates this logic, showcasing rapid commercialization and differentiated advantages in its three major pipelines [4][21] Group 3 - Lepu Biopharma achieved approximately 368 million yuan in revenue for 2024, with its main product, Pu You Heng®, generating around 300 million yuan, marking a threefold increase from the previous year's 100 million yuan [6] - The company has established a complete commercialization loop through a specialized marketing team, enhancing its market penetration and professional trust [6][7] - Lepu Biopharma has completed access to procurement platforms in 27 provinces and covers approximately 81 key cities with its sales channels [6] Group 4 - Lepu Biopharma's R&D pipeline focuses on three major areas: ADC, cancer immunotherapy, and oncolytic viruses, which collectively build competitive barriers [9][16] - The ADC pipeline, particularly the core product MRG003, demonstrates significant clinical potential and has received priority review from NMPA and orphan drug designation from FDA [11][13] - The company is also advancing other ADC candidates, such as MRG004A and MRG006A, which show promising clinical results and potential for broad application across various cancers [13][14] Group 5 - The supportive policy environment and recovering capital market are expected to accelerate industry growth and enhance valuation recovery [19][21] - The global healthcare financing activities are rebounding, with an estimated total of $58.2 billion in 2024, indicating a positive trend after two years of decline [19] - Lepu Biopharma is positioned at a critical point for performance and valuation growth, driven by strengthened commercialization capabilities and breakthroughs in its pipeline [21]

截至2025年3月31日 09:40，恒生医疗保健指数(HSHCI)上涨0.02%，成分股乐普生物-B(02157)上涨4.72%，翰森制药(03692)上涨4.66%，晶泰控股-P(02228)上 涨4.13%，锦欣生殖(01951)上涨3.04%，百济神州(06160)上涨2.66%。恒生医疗ETF(513060)上涨0.84%，最新价报0.48元，盘中成交额已达2.30亿元，暂居可 比ETF1/3。 规模方面，恒生医疗ETF近半年规模增长2.70亿元，实现显著增长，新增规模位居可比基金1/3。 数据显示，杠杆资金持续布局中。恒生医疗ETF最新融资买入额达4.20亿元，最新融资余额达5.76亿元。 绝对收益方面，截至2025年3月28日，恒生医疗ETF自成立以来，最高单月回报为28.34%，最长连涨月数为4个月，最长连涨涨幅为38.75%，上涨月份平均收 益率为7.00%。 超额收益方面，截至2025年3月28日，恒生医疗ETF近1年超越基准年化收益为2.04%。 消息面上，3月26日国家医保局召开优化医药集采工作研发会，会后相关优化细则《进一步优化药品集采政策的方案（征求意见稿）》流出，主要内容包 括： ...

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]

Core Viewpoint - Lepu Biopharma-B (02157.HK) reported a total revenue of approximately RMB 367.8 million for the year ending December 31, 2024, representing a year-on-year growth of 63.2% [1] Group 1: Revenue Breakdown - The revenue from the sales of Puyouheng® (Pralsetinib injection) reached approximately RMB 300.3 million in 2024, which is three times the revenue of approximately RMB 101.4 million recorded in 2023 [1] - The company recorded approximately RMB 22 million in revenue from licensing business, derived from milestone payments and technology transfer services under the CMG901 licensing agreement [2] - Revenue from CDMO services amounted to approximately RMB 45.5 million [3] Group 2: Sales and Marketing Strategy - The company has established an efficient sales and marketing team for the commercialization of Puyouheng®, focusing on product promotion, positioning, and brand management strategies [1] - The team aims to enhance brand recognition among leading doctors and patient groups through academic promotion activities and product education [1] - As of December 31, 2024, the company has completed the bidding process on procurement platforms across 27 provinces in China and has covered approximately 81 cities through various sales channels [2] Group 3: Strategic Partnerships and Future Outlook - The company is committed to advancing global cooperation strategies and actively pursuing external licensing collaborations [2] - In January 2025, the company entered into an exclusive licensing agreement with ArriVent, granting them global exclusive rights to develop, manufacture, and commercialize MRG007 outside Greater China, with potential total payments of up to USD 1.2 billion [2] - The company strategically utilizes its remaining production capacity to provide CDMO services to Lepu Medical and/or its subsidiaries, generating approximately RMB 45.5 million in related revenue for 2024 [3]

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 367.8 million, representing a year-over-year increase of 63.2%[12] - The company reported a net loss attributable to owners of approximately RMB 411.4 million for the year ended December 31, 2024, up from a loss of approximately RMB 22.1 million in 2023[12] - The company recorded a net loss of RMB 424.19 million for the year ended December 31, 2024, compared to a net loss of RMB 30.30 million in 2023[82] - The gross profit for the year ended December 31, 2024, is RMB 292.97 million, compared to RMB 197.08 million in 2023, indicating a gross margin improvement[82] - The company reported a significant increase in revenue, reaching RMB 1.5 billion for the fiscal year ending December 31, 2024, representing a 25% year-over-year growth[127] Revenue Sources - Revenue from the commercialization of Puyuheng® (Putilizumab Injection) amounted to RMB 300.3 million, approximately three times the revenue of RMB 101.4 million recorded in 2023[4] - The group recorded approximately RMB 22.0 million in revenue from licensing business, derived from milestone payments and technology transfer services under the CMG901 licensing agreement[20] - CDMO services generated approximately RMB 45.5 million in revenue for the group[20] - Revenue from pharmaceutical product sales reached RMB 300.3 million, up from RMB 101.4 million in the previous year, representing a growth of 196%[96] - Revenue from CDMO services amounted to approximately RMB 45,497,000 in 2024, compared to zero in 2023, accounting for 12.37% of total revenue[97] Research and Development - R&D expenses decreased from approximately RMB 458.1 million for the year ended December 31, 2023, to approximately RMB 437.7 million for the year ended December 31, 2024, a reduction of about 4.4%[12] - The total R&D expenses for the year ended December 31, 2024, amount to RMB 437.70 million, slightly decreased from RMB 458.07 million in 2023[82] - Research and development costs (excluding depreciation, amortization, and employee benefits) increased to RMB 274,524,000 in 2024 from RMB 249,019,000 in 2023[106] - The company plans to strengthen its ADC platform and develop innovative technologies to support the next generation of drug development[45] - The company is focused on developing innovative biotherapies for autoimmune and oncology treatments, with ongoing clinical trials expected to yield results in the next 12 months[125] Clinical Trials and Product Development - The company is conducting I/II phase trials for MRG003 in combination with Puyuheng® for solid tumors, with positive data presented at major conferences[5] - MRG007 has shown strong anti-tumor activity in preclinical models and an exclusive licensing agreement was signed with ArriVent, potentially yielding up to $1.2 billion in milestone payments and royalties[9][11] - CG0070 received Breakthrough Therapy Designation (BTD) from the CDE for the treatment of BCG-unresponsive bladder cancer, highlighting its innovative and effective profile[13] - MRG003 received acceptance for its new NDA for R/M NPC from the National Medical Products Administration, currently undergoing priority review[21] - The company plans to launch two new products in the oncology space by the end of 2025, targeting a combined market potential of RMB 500 million[131] Financial Position - As of December 31, 2024, cash and cash equivalents stood at RMB 401.3 million, compared to RMB 426.0 million in 2023, remaining relatively stable year-over-year[12] - The company's bank borrowings increased to RMB 794.4 million in 2024 from RMB 694.3 million in 2023, with unsecured loans accounting for RMB 534.1 million[64] - The company's equity attributable to owners decreased to RMB 702.8 million in 2024 from RMB 896.9 million in 2023, a decline of 21.6%[84] - The group's debt-to-asset ratio as of December 31, 2024, is 70.1%, an increase from 62.7% as of December 31, 2023[68] - Current liabilities increased to RMB 1,043.5 million in 2024 from RMB 899.6 million in 2023, reflecting a rise of 16%[85] Strategic Initiatives - The company has established a highly efficient sales and marketing team for the commercialization of Putili monoclonal antibody, covering approximately 81 cities in China[20] - The company is strategically leveraging remaining capacity to provide CDMO services, expecting to generate up to RMB 36.0 million in related revenue in 2025[20] - The company plans to expand its market presence through new product launches and strategic partnerships in the oncology sector[123] - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2026[129] - The company has initiated a new marketing strategy focusing on digital channels, aiming to increase customer engagement by 40%[128]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The report highlights that the commercialization of the company is beginning to show results, with the ADC pipeline entering a harvest phase [5][16]. - The company is focusing on precision oncology, with a diverse pipeline that includes antibodies, ADCs, bispecific antibodies, and oncolytic viruses [8][41]. - The ADC drugs are being developed with innovative technologies and are targeting new indications to avoid market saturation [8][41]. Summary by Sections Company Overview - The company is described as a fully integrated biotech firm that is expanding through continuous development and innovation [6]. - The report emphasizes the comprehensive patent layout and deep investment in IO+ADC, indicating a promising future [6]. ADC Pipeline - Multiple ADCs are highlighted as having first-in-class potential, with MRG003 expected to be the first approved EGFR ADC in China [6][8]. - MRG004 is anticipated to be the first domestic TF-ADC, while CMG901 is on track to be the first Claudin18.2 ADC to market [6][8]. - The oncolytic virus CG0070 is expected to be a preferred treatment option for NMIBC [6]. Financial Projections and Valuation - The report forecasts revenues of 306 million, 504 million, and 870 million CNY for 2024, 2025, and 2026 respectively, with growth rates of 36%, 65%, and 73% [11]. - The net profit is projected to be -405 million, -278 million, and -207 million CNY for the same years, indicating significant losses initially but improving over time [11]. - The valuation is based on discounted cash flow and pipeline sales peak multiples, estimating a market value of 100.8 billion and 114.1 billion HKD [8][11]. Clinical Data and Efficacy - MRG003 has shown promising efficacy in clinical trials for NPC and HNSCC, with an overall objective response rate (ORR) of 47.4% and a disease control rate (DCR) of 79.0% [28][49]. - The safety profile of MRG003 is favorable, with most adverse events being mild to moderate and no treatment-related deaths reported [28][42]. - The report suggests that MRG003 combined with PD-1 therapy could become the new standard treatment for NPC, potentially replacing existing regimens [42][39].

（於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2157 2024 中期報告 目錄 | --- | --- | |-------|--------------------------| | | | | 2 | 公司資料 | | 4 | 財務概要 | | 5 | 管理層討論及分析 | | 23 | 其他資料 | | 28 | 中期財務資料的審閱報告 | | 29 | 中期簡明綜合全面虧損表 | | 30 | 中期簡明綜合資產負債表 | | 32 | 中期簡明綜合權益變動表 | | 33 | 中期簡明綜合現金流量表 | | 34 | 中期簡明綜合財務資料附註 | | 59 | 釋義及技術詞彙 | 樂普生物科技股份有限公司 二零二四年中報 2 非執行董事 楊紅冰先生 核數師 蒲珏女士 公司資料 執行董事 蒲忠傑博士（董事長） 隋滋野博士（總經理） 胡朝紅博士（聯席總經理） （自2024年1月31日起退休） 聯席公司秘書 李昀軼女士 黎少娟女士(FCG, HKFCG) 授權代表 蒲忠傑博士 黎少娟女士(FCG, HKFCG) | --- | --- | |-------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Lepu Biopharma Co., Ltd. 樂普生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2157） 截至2024年6月30日止六個月的 中期業績公告 董事會欣然宣佈本集團截至2024年6月30日止六個月的未經審核綜合中期業績， 連同2023年同期之比較數字。 業務摘要 於報告期內及直至本公告日期，我們在推進產品管線及業務營運方面均取得重 大進展： 普佑恆®（普特利單抗注射液）的銷售收入合共人民幣94.8百萬元，較2023年同期 增加一倍。 於報告期內，本集團錄得總收入人民幣133.3百萬元，主要來自銷售普佑恆®（普 特利單抗注射液）。於2024年上半年，本集團錄得銷售普佑恆®（普特利單抗注射 液）的收入為人民幣94.8百萬元，較2023年同期錄得約人民幣44.0百萬元增加一 倍。 ADC管線及其與癌症免疫的聯合療法的重大進展 － MRG003：我們已完成NPC ...