乐华娱乐(02306)涨16%，中期股东应占溢利同比增近九成，潮玩IP孵化进一步拓宽变现渠道。 优必选(09880)再涨3%，人形机器人订单已达4亿元，近日获中东基金10亿美元战略融资。 汇量科技(01860)再涨超12%，股价刷新历史新高，年内股价累涨超1.1倍。 金风科技(02208)再涨超10%创新高，上半年风电景气加速上行，公司毛利率提升幅度行业领先。 中深建业(02503)放量跳水，一度跌超74%创历史新低，上半年盈转亏至1181万元。 智通财经APP获悉，港股恒生指数涨0.62%；恒生科技指数涨0.82%，港股早盘成交1246亿港元。 恒生生物科技指数持续大涨3.1%，创新药全线上扬，2025年世界肺癌大会即将召开，机构看好创新药 板块估值修复潜力。三生制药(01530)涨9.6%；和铂医药-B(02142)涨5.82%；和黄医药(00013)涨6%；联 邦制药(03933)涨5%；药明生物(02269)涨4.17%。 周六福(06168)涨超13%，旺季黄金消费市场受关注，下周一有望进入港股通名单。 贪玩(09890)涨超5%，公司完成更名并将海外品牌整合升级，上半年海外收入占比提升。 ...

今年以来，我国创新药企BD出海常态化，1~7月，License out(专利授权出海)金额近800亿美元，同比增 长超160%，8月份多家中国创新药公司继续公告大额专利授权交易。有分析认为，2025年中国创新药出 海的本质是通过国别优势替代海外biotech的部分生态位，后续若海外开启一轮降息周期，投融资环境显 著改善，全球创新药产业有望出现新的产业突破和"大药"，中美创新药产业将迎来一轮景气共振。中国 创新药本轮深度参与全球产业链，将充分受益全球创新周期。 智通财经APP获悉，创新药全线上扬，截至发稿，三生制药(01530)涨9.55%，报33.04港元；和铂医药- B(02142)涨6.25%，报16.99港元；和黄医药(00013)涨5.81%，报24.76港元；联邦制药(03933)涨5.52%， 报17.58港元；药明生物(02269)涨5.16%，报37.1港元；恒瑞医药(01276)涨2.95%，报83.75港元。 消息面上，2025年世界肺癌大会(WCLC)将于9月6日至9日在西班牙巴塞罗那举行，多家创新药龙头均 将在会议期间发布重磅新品，学术会议上的研究成果发布和交流将为创新药企业带来新的发 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯邦制藥國際控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 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) | 03933 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.01 | HKD | | 38,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.01 | HKD | | 38,000,000 | 本月底法定/註冊 ...

在研项目进展顺利，动保多维度布局提速 机构：开源证券 研究员：余汝意/阮帅 2025 上半年公司业绩较快增长，在研项目进展顺利2025 上半年公司实现收入75.19 亿元（同比 +4.61%，以下均为同比口径），净利润18.94 亿元（+27.02%），扣非后归属母公司股东的净利润为 18.94（+37.37%）,毛利率52.19%（+5.58pct），净利率25.18%（+4.44pct）。我们看好公司的长期发 展，维持公司的盈利预测，预计2025-2027 年净利润为28.39/24.52/27.05 亿元，当前股价对应PE 为 8.98/10.4/9.43 倍，维持"买入"评级。 制剂板块领跑增长，中间体、原料药及动保板块收入承压制剂产品板块2025 年上半年收入（含对外授 权）同比增长65.9%至39.79 亿元，占集团对外销售总额的52.9%，其中，胰岛素系列表现突出，收入同 比增长74.5%，销量同比+90.4%，海外出口创中国同类产品纪录；对外授权收入达14.34 亿元，主要来 自与诺和诺德达成的UBT251 许可协议；抗生素制剂整体收入下降，但部分产品仍有增长表现。 中间体板块同比下降23.1 ...

Group 1 - Goldman Sachs has lowered the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8% [1] - The earnings forecast has been reduced by 28.4% to 35.6% [1] - The firm expects a weak price cycle for antibiotic active pharmaceutical ingredients over the next two years [1] Group 2 - The sales of the company in the first half of the year increased by 5% year-on-year to 7.5 billion RMB [1] - Core business revenue decreased by 15% year-on-year to 6.1 billion RMB, which was below the firm's expectation of 6.5 billion RMB [1] - Profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and was below the firm's expectations [1] Group 3 - The firm has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "neutral" rating [1] - The sales forecast for high-margin insulin products has been increased by 27% to 30%, benefiting from incremental sales due to exports [1] - The company's gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have been noted [1]

Core Viewpoint - Goldman Sachs has downgraded the sales forecast for China National Pharmaceutical Group (03933) for the years 2023 to 2027 by 17.7% to 17.8%, and the earnings forecast has been reduced by 28.4% to 35.6% due to expected weak pricing cycles for antibiotic active pharmaceutical ingredients [1] Group 1: Sales and Earnings Forecast - The sales forecast for the company has been reduced significantly, reflecting a challenging market environment for its products [1] - The earnings forecast has been adjusted downward, indicating a more pessimistic outlook for profitability in the coming years [1] Group 2: Product Performance - The company is expected to see a 27% to 30% increase in sales of high-margin insulin products, benefiting from incremental sales driven by exports [1] - The sales revenue for the first half of the year increased by 5% year-on-year to 7.5 billion RMB, but core business revenue fell by 15% year-on-year to 6.1 billion RMB, which was below Goldman Sachs' expectation of 6.5 billion RMB [1] Group 3: Profitability and Costs - The company's profit increased by 27% year-on-year to 1.9 billion RMB, but core profit declined and fell short of expectations [1] - The gross margin for intermediates and bulk pharmaceuticals has been eroded, and increased administrative expenses due to business expansion consulting fees have impacted profitability [1] Group 4: Stock Target and Rating - Goldman Sachs has raised the target price for the stock from 15.29 HKD to 16.07 HKD, maintaining a "Neutral" rating [1]

Group 1 - The core viewpoint highlights the recent surge in the stock prices of innovative pharmaceutical companies in China, with notable increases in companies such as Four Seasons Pharmaceutical, Hengrui Medicine, and WuXi AppTec [1] - Foreign investments have intensified in Chinese innovative drug companies, with significant share purchases by entities like the Government of Singapore Investment Corporation (GIC) and BlackRock [1] - GIC increased its stake in Hengrui Medicine by acquiring 40.22 million shares at an average price of 12.7133 HKD per share, raising its ownership from 1.62% to 6.37% [1] Group 2 - The domestic innovative drug sector has experienced rapid growth, with 83 licensing agreements reached this year, totaling approximately 84.53 billion USD, including upfront payments of 4.32 billion USD [2] - The upcoming World Conference on Lung Cancer (WCLC) from September 6-9, 2025, is expected to showcase 35 oral presentations by Chinese scholars, highlighting the clinical data of domestic new drugs [2] - There is optimism regarding the value recovery of core assets in the second half of the year, as noted by Zhongyou Securities [2]

点击蓝字，关注我们 今日上午港股 1. 光伏股早盘走高，信义光能(00968)涨超3%；福耀玻璃(03606)涨超3%；协鑫新能源(00451)涨超3%； 新特能源(01799)涨超1%。 国内头部多晶硅企业纷纷上调报价，市场关注多晶硅产业重组进展。 8. 中国重汽(03808)涨超3%， 根据第一商用车网初步掌握的数据，2025年8月份，重卡销量延续高增态势 机构看好行业景气度。 9. 和誉-B(02256)涨超6%， 和誉近期发布公告称，公司连续回购并获外资股东增持，稳步推进匹米替尼 注册上市。 10. 微创机器人-B(02252)再涨超11%， 花旗发布研报称，微创机器人上半年营收1.76亿元，同比增77%， 机器人行业再迎热度，公司商业化进程稳健推进。 昨日 美股 1. 蔚来(NIO.US)涨3.13%， 蔚来汽车2025年8月交付31,305辆汽车，同比增长55.2%；于2025年至今交付1 66,472辆汽车，同比增长30.0%。 2. 恒瑞医药(01276)再涨超5%， 9月2日，恒瑞医药发布公告，收到国家药监局签发关于HRS-7172片的 《药物临床试验批准通知书》。 3. 青岛银行(0386 ...

Core Viewpoint - Federal Pharmaceutical (03933) reported a positive performance for the first half of 2025, driven by a one-time contribution from the UBT251 licensing fee and increased sales of insulin products [1] Financial Performance - The company's revenue for H1 2025 reached 7.519 billion yuan, representing a year-on-year increase of 4.8% [1] - Gross profit amounted to 3.924 billion yuan, with a gross margin of 52.2%, reflecting a year-on-year increase of 5.6 percentage points [1] - Pre-tax profit was 2.420 billion yuan, showing a year-on-year growth of 27.24% [1] - Net profit stood at 1.894 billion yuan, marking a year-on-year increase of 27.02% [1] Product Development and Collaborations - The company has made significant progress in its research projects, with several formulation products achieving key milestones [1] - Liraglutide injection has been approved for market launch, and polyethylene glycol eye drops have passed approval [1] - The application for semaglutide injection has been accepted, and ceftriaxone sodium for injection has passed the consistency evaluation for generic drugs [1] - The licensing agreement with Novo Nordisk for UBT251 further enhances the company's innovative drug collaboration strategy [1]

Core Viewpoint - Federal Pharmaceutical (03933) reported a strong performance for the first half of 2025, with significant revenue and profit growth driven by licensing fees and increased sales of insulin products [1] Financial Performance - The company achieved a revenue of 7.519 billion yuan, representing a year-on-year increase of 4.8% [1] - Gross profit reached 3.924 billion yuan, with a gross margin of 52.2%, up by 5.6 percentage points year-on-year [1] - Pre-tax profit was 2.420 billion yuan, showing a year-on-year growth of 27.24% [1] - Net profit amounted to 1.894 billion yuan, reflecting a year-on-year increase of 27.02% [1] Project Development - The company has made significant progress in its research projects, with multiple formulation products achieving key milestones [1] - Liraglutide injection has been approved for market launch, and polyethylene glycol eye drops have passed approval [1] - The application for semaglutide injection has been accepted, and ceftriaxone sodium for injection has passed the consistency evaluation for generic drugs [1] - The licensing agreement with Novo Nordisk for UBT251 further enhances the company's innovative drug collaboration strategy [1]