机构：国元国际 研究员：林兴秋 【投资要点】 创新药塞络通胶囊研发推进顺利： 公司在中药创新研究成果显著，多项研究及临床项目进展顺利，2025 年上半年公司研发费用为人民币 5037 万元，占营收比例3.0%。Q-B-Q-F 浓缩丸、塞络通胶囊等在研产品稳步推进，创新药塞络通胶囊 已经完成III 期临床试验，目前正在整理法规要求所需要的数据和报告, 预计2026 年有望获得生产批文, 2027 年上市销售。塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新 中药，血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025 年中国老年痴呆患者 患者将突破1000 万人，目前尚无有效的治疗药物。市场空间广阔，将是重磅品种。 受集采等医药行业因素影响，业绩承压： 2025 年前三季度营业额为人民币24.15 亿元，同比减少16.3%。分品种：注射液产品：2025 年前三季度 营业额为人民币7.86 亿元，同比减少23.6%。 软胶囊产品：营业额为人民币3.37 亿元，同比减少13.7%。颗粒剂产品： 营业额为人民币3.91 亿元，同比减少14.5%。中药配方颗粒产品：营业额为人民币7 ...

来源：智通财经网 国元国际指出，塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新中 药，血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025年中国老年痴呆患者患者 将突破1000万人，目前尚无有效的治疗药物，塞络通胶囊市场空间广阔，未来将是重磅品种。 神威药业(02877)涨超3%，截至发稿，涨3.15%，报8.51港元，成交额1048.84万港元。 国元国际发布研报称，神威药业在中药创新研究成果显著，多项研究及临床项目进展顺利，2025年上半 年公司研发费用为人民币5037 万元，占营收比例3.0%。Q-B-Q-F浓缩丸、塞络通胶囊等在研产品稳步推 进，创新药塞络通胶囊已经完成III期临床试验，目前正在整理法规要求所需要的数据和报告，预计2026 年获得生产批文， 2027年上市销售。 ...

智通财经APP获悉，神威药业(02877)涨超3%，截至发稿，涨3.15%，报8.51港元，成交额1048.84万港 元。 国元国际指出，塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新中 药，血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025年中国老年痴呆患者患者 将突破1000万人，目前尚无有效的治疗药物，塞络通胶囊市场空间广阔，未来将是重磅品种。 国元国际发布研报称，神威药业在中药创新研究成果显著，多项研究及临床项目进展顺利，2025年上半 年公司研发费用为人民币5037 万元，占营收比例3.0%。Q-B-Q-F浓缩丸、塞络通胶囊等在研产品稳步推 进，创新药塞络通胶囊已经完成III期临床试验，目前正在整理法规要求所需要的数据和报告，预计2026 年获得生产批文， 2027年上市销售。 ...

神威药业(02877)涨超3%，截至发稿，涨3.15%，报8.51港元，成交额1048.84万港元。 国元国际指出，塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新中 药，血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025年中国老年痴呆患者患者 将突破1000万人，目前尚无有效的治疗药物，塞络通胶囊市场空间广阔，未来将是重磅品种。 国元国际发布研报称，神威药业在中药创新研究成果显著，多项研究及临床项目进展顺利，2025年上半 年公司研发费用为人民币5037万元，占营收比例3.0%。Q-B-Q-F浓缩丸、塞络通胶囊等在研产品稳步推 进，创新药塞络通胶囊已经完成III期临床试验，目前正在整理法规要求所需要的数据和报告，预计2026 年获得生产批文，2027年上市销售。 ...

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 10.04 per share, indicating a potential upside of 22% from the current price of HKD 8.23 [1][4][11]. Core Insights - The innovative drug Seletong Capsule is progressing well in development, having completed Phase III clinical trials and expected to receive production approval in 2026, with market potential targeting vascular dementia, which currently lacks effective treatments [2][6][7]. - The company faced revenue pressure due to industry factors such as centralized procurement, leading to a 16.3% year-on-year decline in revenue for the first three quarters of 2025 [3][8]. - Despite revenue challenges, the company has improved its net profit margin from 30.0% to 37.2% due to reduced sales and distribution costs [3][9]. Financial Summary - Revenue projections for 2025-2027 are estimated at RMB 38.4 billion, RMB 41.1 billion, and RMB 46.0 billion, respectively, with net profits expected to be RMB 9.29 billion, RMB 10.11 billion, and RMB 11.38 billion [4][11]. - The company’s gross margin decreased from 75.3% to 72.2% due to rising raw material costs and pricing pressures from centralized procurement [3][8]. - The company maintains a dividend yield of 6.1%, reflecting its commitment to returning value to shareholders [4][11].

智通财经APP获悉，国元国际发布研报称，神威药业(02877)中药创新研发进展顺利，核心产品塞络通胶 囊（针对血管性痴呆的创新中药）已完成III期临床试验，预计2026年获批、2027年上市。目前受集采影 响，营收与毛利率承压，未来随着新药上市，产品结构将优化，业绩有望恢复增长。给予"买入"评级， 目标价10.04港元/股。 2025年前三季度营业额为人民币24.15亿元，同比减少16.3%。分品种：注射液产品：2025年前三季度营 业额为人民币7.86亿元，同比减少23.6%。软胶囊产品：营业额为人民币3.37亿元，同比减少13.7%。颗 粒剂产品：营业额为人民币3.91亿元，同比减少14.5%。中药配方颗粒产品：营业额为人民币7.26亿 元，同比减少11.8%。营收下降的主要原因是中药品种纳入集采的影响。2025年中期毛利率由去年同期 的75.3%下降至72.2%，主因是中药材采购成本上升及全国中成药集采带来的价格压力。净利率则由 30.0%提升至37.2%，主要得益于销售及分销成本同比下降20.7%，行政开支下降12.9%。经营活动现金 流净额为5.66亿元，同比增长0.4%，显示公司控费增效显著。公司 ...

国元国际发布研报称，神威药业(02877)中药创新研发进展顺利，核心产品塞络通胶囊(针对血管性痴呆 的创新中药)已完成III期临床试验，预计2026年获批、2027年上市。目前受集采影响，营收与毛利率承 压，未来随着新药上市，产品结构将优化，业绩有望恢复增长。给予"买入"评级，目标价10.04港元/ 股。 国元国际主要观点如下： 创新药塞络通胶囊研发推进顺利 公司在中药创新研究成果显著，多项研究及临床项目进展顺利，2025年上半年公司研发费用为人民币 5037万元，占营收比例3.0%。Q-B-Q-F浓缩丸、塞络通胶囊等在研产品稳步推进，创新药塞络通胶囊已 经完成III期临床试验，目前正在整理法规要求所需要的数据和报告,预计2026年有望获得生产批文,2027 年上市销售。塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新中药， 血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025年中国老年痴呆患者患者将突 破1000万人，目前尚无有效的治疗药物。市场空间广阔，将是重磅品种。 公司的口服产品占比为65.8%，注射液占比为34.2%，产品结构合理，抗风险能力提升。预计2025 ...

Core Insights - The article discusses how Shijiazhuang, an old industrial city in Hebei Province, is transforming its economy by focusing on high-quality industrial development and creating five major industrial clusters worth over 100 billion yuan each [1][3]. Industrial Development - Shijiazhuang is revitalizing its economy by optimizing traditional industries, strengthening emerging sectors, and planning for future industries, with a focus on biomedicine, new-generation electronic information, advanced equipment manufacturing, modern food, and modern commercial logistics [1][3]. - The city has established a systematic approach to promote the five major industrial clusters, emphasizing policy guidance, technological innovation, and project construction [3][4]. Electronic Information Industry - The Luquan Economic Development Zone in Shijiazhuang has become a hub for the electronic information industry, hosting major companies and research institutes, and forming six advantageous industrial chains in semiconductor chips, modern communication, and more [2][4]. - The electronic information sector has seen significant growth, with revenue projected to increase from 771.7 billion yuan in 2021 to 1,381.7 billion yuan by 2024, reflecting an annual growth rate of 12.1% [5]. Biomedicine Sector - Shijiazhuang is recognized as a "Pharmaceutical Capital," with major companies like Shijiazhuang Pharmaceutical Group leading the industry. However, challenges remain in core technology and high-end talent acquisition [2][5]. - The biomedicine industry is expected to grow from 771 billion yuan in 2021 to 1,257.2 billion yuan by 2024, with an annual growth rate of 10.8% [5]. Innovation and R&D - The city has invested heavily in R&D, with a budget of 211.6 billion yuan for 2024, aiming to enhance technological innovation and industry integration [6][8]. - Shijiazhuang has established numerous partnerships with universities and research institutions to foster innovation, resulting in over 400 cooperation agreements and the establishment of multiple innovation platforms [7][8]. Talent Development - The city has implemented a talent strategy that includes various incentives and support measures, attracting over 10,000 young talents in 2024 alone [12][15]. - Shijiazhuang has created a favorable environment for talent retention, including housing support and financial incentives, contributing to its recognition as a top city for talent attraction [13][15]. Business Environment - Shijiazhuang is focused on creating a market-oriented, law-based, and international business environment, streamlining administrative processes and enhancing service efficiency for enterprises [9][10]. - The city has introduced measures to protect intellectual property rights, which are crucial for fostering innovation and ensuring fair competition [11].

致：香港交易及結算所有限公司 公司名稱: 中國神威藥業集團有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/ ...

Core Viewpoint - Shenwei Pharmaceutical (02877) reported a significant decline in revenue for the nine months ending September 30, 2025, with a total revenue of RMB 2.415 billion, representing a year-on-year decrease of 16.3% [1] Revenue Breakdown - The revenue from injection products decreased by 23.6% to RMB 786 million [1] - The revenue from soft capsule products decreased by 13.7% to RMB 337 million [1] - The revenue from granule products decreased by 14.5% to RMB 391 million [1] - The revenue from traditional Chinese medicine formula granules decreased by 11.8% to RMB 726 million [1] - The revenue from other dosage forms decreased by 6.1% to RMB 175 million [1]