Important News - The high-level economic and trade talks between China and the United States have made substantial progress, reaching important consensus [2] Company News - Ningde Times (810699.HK) will begin its IPO on May 12, with a maximum offer price of 263.00 HKD [3] - Li Auto (02015.HK) has achieved cumulative deliveries of over 300,000 units for the Li L7 [3] - Longfor Group (00960.HK) reported a contract sales amount of 5.13 billion RMB in April, with a cumulative contract sales amount of 22.08 billion RMB from January to April [3] - Rongchang Biopharmaceutical (09995.HK) received approval from the National Medical Products Administration for the injection of Vedicimab for treating HER2-positive late-stage breast cancer with liver metastasis in China [4] - GAC Group (02238.HK) reported April vehicle sales of 116,400 units, a year-on-year decrease of 12.66% [5] - China Overseas Development (00688.HK) achieved a cumulative contract property sales amount of 66.583 billion RMB from January to April [5] - China Jinmao (00817.HK) reported a signed sales amount of 7.001 billion RMB in April [5] - Shimao Group (00813.HK) had a cumulative contract sales total of 9.07 billion RMB in the first four months [5] - China Overseas Hongyang Group (00081.HK) realized a contract sales amount of 2.624 billion RMB in April, a year-on-year decline of 18.1% [5] - Q Technology (01478.HK) sold 31.783 million mobile camera modules in April, a month-on-month increase of 7.9% [5] - Stone Pharmaceutical Group (01093.HK) received approval for clinical trials in the U.S. for SYH2046 tablets [5]

证券研究报告·行业跟踪周报·医药生物 增持（维持） 医药生物行业跟踪周报 [Table_Tag] [Table_Summary] 投资要点 GLP-1 药物成为药王，建议关注博瑞医药、 信达生物、联邦制药等 2025 年 05 月 11 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 东吴证券研究所 1 / 26 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 1.0%、1.2%，相对沪深 300 的超额收益分别为-1.0%、3.4%；本周、年初至今 H 股生物科技指数涨 跌幅分别为-4%、27%，相对于恒生科技指数跑赢-19%、29 %；本周 A 股医疗器械（+1.7%）、中药（+1.5%）、生物制品（+1.1%）股价明显上 涨，原料药（+0.8%）、医疗服务（+0.5%）、化药（+0.6%）及医药商业 （+0.4%）等股价有所下跌；本周 A 股涨幅居前锦好医疗（+24%）、常 山药业（+24%）、海创药业-U（+23%），跌幅居前*ST 葫芦娃(-18%)、 永安药业（-18%）、*ST 苏吴（-15%）；本周 H 股涨幅 ...

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

美团-W(03690)早盘涨3.82%，机构预计外卖行业竞争格局将保持稳定，平台价值有望长期释放。 智通财经APP获悉，港股恒生指数涨0.12%，涨26点，报21998点；恒生科技指数涨0.81%；港股早盘成 交973亿港元。 蚂蚁拟斥资28.14亿港元收购耀才证券控股权，阿里系板块全线走高。耀才证券金融(01428)再涨20%； 阿里健康（00241）涨6%。 上美股份(02145)涨8%，股价续刷历史新高，机构看好美护板块优质标的长期成长性。 泰格医药(03347)绩后跌超2%，一季度归母净利同比减少近三成，机构指其毛利率水平仍有提升空间。 青岛啤酒股份(00168)绩后跌3.7%，一季度净利润同比增长7.08%。 长江生命科技(00775)再涨超9%，公司在AACR 2025展示多种癌症疫苗数据。 龙源电力(00916)绩后跌超6%，一季度归母净利同比减少21.82%，风电分部收入同比减少1.89%。 荣昌生物(09995)绩后跌8.21%，一季度营收同比增近六成，亏损收窄至2.54亿元。 地平线机器人-W(09660)涨超9%，近日与电装达成战略合作，机构指产业链景气度确定性上行。 赤子城科技(099 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥525,968,624.06, representing a year-on-year increase of 59.17% compared to ¥330,434,802.62 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥254,144,470.06, an improvement from a loss of ¥348,921,696.49 in the previous year[8] - The net cash flow from operating activities was a negative ¥188,315,133.08, showing an improvement from a negative ¥426,289,929.83 in the same period last year[8] - Total operating costs for Q1 2025 were ¥783,824,467.59, up from ¥682,453,542.19 in Q1 2024, reflecting a 15% increase[20] - Net loss for Q1 2025 was ¥254,144,470.06, an improvement from a net loss of ¥348,921,696.49 in Q1 2024[20] - Cash flow from operating activities for Q1 2025 was negative at ¥-188,315,133.08, compared to ¥-426,289,929.83 in Q1 2024, indicating a reduction in cash burn[22] - The company reported a gross profit margin decline, with gross profit for Q1 2025 at ¥-257,855,843.53, compared to a gross profit of ¥-352,018,739.57 in Q1 2024[20] Research and Development - Research and development expenses totaled ¥328,884,698.70, accounting for 62.53% of revenue, down from 100.23% in the previous year, a decrease of 37.70 percentage points[9] - Research and development expenses for Q1 2025 were ¥328,884,698.70, slightly down from ¥331,178,800.01 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,307,345,048.02, a decrease of 3.48% from ¥5,498,518,168.82 at the end of the previous year[9] - Total liabilities as of the end of the reporting period were ¥3,535,919,952.95, compared to ¥3,512,317,547.88 in the previous year[18] - The equity attributable to shareholders decreased by 10.81% to ¥1,771,425,095.07 from ¥1,986,200,620.94 at the end of the previous year[9] - The company's cash and cash equivalents as of March 31, 2025, amount to ¥721,718,278.96, a decrease from ¥762,492,395.54 at the end of 2024[17] - Accounts receivable decreased to ¥331,962,831.52 from ¥383,388,743.02, indicating improved collection efficiency[17] - Inventory levels are reported at ¥638,250,683.99, down from ¥659,368,730.71, suggesting better inventory management[17] - Total current assets decreased to ¥2,160,787,697.47 from ¥2,289,796,373.31, reflecting a tighter liquidity position[17] - The total non-current assets include fixed assets valued at ¥2,415,481,681.93, slightly down from ¥2,457,180,322.07[17] - The company has a long-term equity investment of ¥8,724,070.05, indicating strategic investments in other entities[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,766[14] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 189,566,728 shares, representing a significant portion of the equity[15] - The total number of A-share common shareholders is 6,742, while H-share common shareholders total 24[15] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[23] - The increase in revenue was primarily driven by higher sales volumes of the products TaiTasi and VidiXimab[12] - The company emphasizes the importance of careful consideration by shareholders and potential investors when trading its securities[4]

Sales and Market Expansion - RemeGen's sales of Taitasip for systemic lupus erythematosus (SLE) saw significant growth in 2024, benefiting from its inclusion in the national medical insurance catalog and being approved in over 1,000 hospitals in China[10]. - The commercialization team for Taitasip has over 800 professionals, and the company plans to expand market coverage in 2025[10]. - The sales of VidiSita for treating locally advanced or metastatic gastric cancer (GC) also increased significantly in 2024, with approval in over 1,000 hospitals in China[11]. - RemeGen's oncology commercialization team consists of approximately 600 professionals, aiming to improve market penetration in 2025[11]. - The company has established independent sales teams for autoimmune and oncology products, with over 1,000 hospitals approved for the sale of Taizhisip and Vidisicimab as of December 31, 2024[42]. Clinical Development and Trials - The company is conducting Phase III clinical trials for VidiSita in combination with PD-1 therapy for HER2-expressing patients, with positive results reported[13]. - Taitasip received full approval from NMPA in July 2024 for treating rheumatoid arthritis (RA) and has ongoing clinical trials for other indications[10]. - The company is actively conducting Phase III clinical trials for RC18 in multiple indications, including IgA nephropathy and myasthenia gravis, with patient recruitment completed for both studies by mid-2024[24]. - The company is exploring additional indications for RC18, including membranous nephropathy and autoimmune diseases, with ongoing investigator-initiated studies[26]. - The company is actively pursuing clinical trials for RC48 in various cancers, addressing significant unmet medical needs in the oncology space[27]. - The company has initiated a Phase III clinical trial for Vidisicimab combined with PD-1 therapy in first-line UC, currently enrolling patients[34]. - The company has initiated a Phase III clinical trial for RC28-E in DME and a Phase II trial in DR, with patient recruitment completed by December 31, 2024[39]. Financial Performance - Revenue increased from RMB 1,076.1 million in 2023 to RMB 1,710.2 million in 2024, driven by strong sales of the immunotherapy product Taitasip and the oncology product Vidisicimab[45]. - Research and development expenses rose from RMB 1,306.3 million in 2023 to RMB 1,539.8 million in 2024, with clinical trial expenses increasing by RMB 234.42 million due to ongoing drug development, particularly overseas[50][52]. - Selling and distribution expenses increased from RMB 775.2 million in 2023 to RMB 948.8 million in 2024, primarily due to higher marketing investments[48]. - The net loss for the company decreased from RMB 1,511.2 million in 2023 to RMB 1,468.4 million in 2024[57]. - The company reported a distributable reserve of approximately RMB 2,110 million as of December 31, 2024[171]. Governance and Management - The company has adhered to all applicable corporate governance code provisions as of December 31, 2024, ensuring high standards of corporate governance to protect shareholder interests[95]. - The board composition maintains a balance between executive and independent non-executive directors to ensure strong independence and effective judgment[95]. - The company emphasizes the importance of effective internal controls and accountability within its management structure[95]. - The management team has extensive experience in the pharmaceutical industry, with Lin Jian having over 35 years and Wang Liqiang over 26 years[75][76]. - The company has established mechanisms for obtaining independent advice for the board, ensuring effective governance[116]. Risks and Challenges - The company faces various risks and uncertainties related to its financial condition and additional funding needs, which are outlined in the risk management section[156]. - The company has incurred significant net losses since its inception and expects to continue doing so in the foreseeable future, raising concerns for potential investors about the risk of losing most of their investment[159]. - The success of the company's business and financial outlook largely depends on the success of its clinical and preclinical candidates; failure to complete clinical development or obtain regulatory approval could severely impact operations[160]. - The regulatory approval process from agencies like the Chinese FDA and EMA is lengthy and unpredictable; failure to obtain timely approvals could significantly harm the business[160]. - The company faces intense competition, and competitors may successfully develop or commercialize competing drugs before the company can[162]. Employee and Compensation - The total employee count as of December 31, 2024, is 3,497, with total compensation costs for 2024 amounting to RMB 1,175.2 million, up from RMB 1,152.3 million in 2023[65]. - The company has provided competitive salaries and benefits to employees, particularly key personnel, to maintain talent quality[65]. - The company has granted 850,000 shares to executive director Wang Weidong, with a vesting period until December 31, 2026[187]. - The company has granted 1,200,000 shares to executive director He Ruyi, with a vesting period until December 31, 2025[187]. - The company has a total of 20,000 shares granted to employees, with an exercise price of HKD 50.50, reflecting a closing price of HKD 51.70[187]. Shareholder Relations - The company emphasizes the importance of timely and accurate information disclosure to enhance transparency and investor relations[149]. - Shareholders holding 10% or more of the shares can request a special general meeting, with the board required to respond within 10 days[142]. - The company has established effective communication channels with investors, including a dedicated investor mailbox for inquiries[147]. - The company is committed to maintaining and developing investor relations through timely public disclosures and effective communication strategies[146]. - The company does not recommend the payment of a final dividend for the year ending December 31, 2024[167].

Group 1 - Hong Kong's Hang Seng Index rose by 0.07%, gaining 16 points to close at 21,997 points, while the Hang Seng Tech Index increased by 0.50% [1] - Yao Cai Securities surged by 66% as it plans to acquire Ant Group at a premium of approximately 17.6% [1] - Jin Mao Yin Mao saw a 9.6% increase in share price, with a name change to "Zhu Feng Gold" effective tomorrow, as institutions believe its market value does not reflect the potential for upstream business expansion [1] - Pop Mart's shares rose over 11%, driven by the Labubu phenomenon, which helped its official app reach the top of the US App Store shopping chart [1] - Bluko's stock increased by over 7%, with institutions indicating that the company's new product rhythm is accelerating, leading to high growth expectations [1] - Gu Ming's share price rose over 9%, reaching a new historical high, with an increase of more than 1.4 times from its IPO price [1] - Luoyang Molybdenum's shares rose over 4%, reporting a 90% year-on-year increase in net profit for the first quarter, and plans to acquire Lumina Gold [1] - Green Power Environmental's shares once rose by 9%, with a 33.21% year-on-year increase in net profit attributable to shareholders for the first quarter, reaching 185 million yuan [1] - Rongchang Bio's shares rose over 4% ahead of its performance report, with multiple results selected for the 2025 ASCO oral presentation, and positive Phase III data for Taitasip [1] - Real estate stocks collectively declined, with institutions stating that Q2 real estate policies are leaning towards stabilization rather than strong stimulus, with Jin Hui Holdings down 5% and Greentown China down 3% [1] Group 2 - China Shenhua's shares fell by 3.57% post-earnings, with coal business volume and price declining, resulting in an 18% year-on-year drop in net profit for the period [2] - BYD Electronics' shares dropped by 7% after earnings, with a slight year-on-year increase in revenue and profit, and changes in iPhone shipment structure potentially affecting its mid-frame business [2] Group 3 - Chifeng Gold's shares fell by 3.66% post-earnings, but the stock has still seen a cumulative increase of nearly 60% this month, with net profit for the first quarter increasing by over 140% due to rising gold prices [3]

Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant growth in its net value and returns over various time frames [1] - As of April 21, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.6127 yuan, reflecting a growth of 2.27% [1] - The fund's one-month return is 14.21%, ranking 9th out of 4672 similar funds; the three-month return is 36.72%, ranking 18th out of 4599; and the year-to-date return is 34.02%, ranking 36th out of 4590 [1] Group 2 - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with significant positions in companies such as Heng Rui Pharmaceutical (9.81%), Innovent Biologics (8.55%), and others [1] - The fund was established on November 13, 2019, and as of December 31, 2024, it has a total scale of 2.02 billion yuan [1] - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the industry since 2022 [2]

Core Viewpoint - The recent performance of the Zhongyin Innovation Medical Mixed A fund shows a decline in net value but strong returns over various time frames, indicating potential resilience in the healthcare investment sector [1]. Fund Performance Summary - The latest net value of Zhongyin Innovation Medical Mixed A is 1.5786 yuan, down by 2.81% - The fund's one-month return is 13.30%, ranking 7 out of 4623 in its category - The three-month return stands at 38.74%, ranking 14 out of 4566 - Year-to-date return is 31.19%, ranking 24 out of 4559 [1]. Holdings Summary - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with the following key positions: - Heng Rui Pharmaceutical: 9.81% - Xinda Bio: 8.55% - Huaneng Pharmaceutical: 8.41% - Kangfang Biotech: 8.35% - Kangnuo Ya-B: 8.32% - Kelun Botai: 7.87% - BeiGene-U: 6.24% - Rongchang Bio: 5.96% - Hansoh Pharmaceutical: 3.98% - Xin Nuo Wei: 3.11% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and extensive experience in the investment sector, having previously worked at Taikang Asset Management and Zhonggeng Fund Management - Zheng joined Zhongyin Fund Management in 2022 and has managed multiple funds since then, including the Zhongyin Innovation Medical Mixed Fund [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the superior clinical data of Taitasep in treating generalized Myasthenia Gravis (gMG), showing significant improvement in patient scores compared to the existing competitor VYVGART [1][2]. - The commercialization strategy for Taitasep includes increasing specialized representatives in the neuroimmunology field, enhancing physician education, and encouraging clinical experts to explore more cases [1]. - The report anticipates that the approval of Taitasep for gMG will drive long-term sales growth, supported by a clear commercialization strategy and strong clinical data [1][2]. Summary by Sections Clinical Data - The Phase III study of Taitasep involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores at 24 weeks compared to 0.91 points in the placebo group, with 98.1% of patients showing improvement of at least 3 points [1]. - The QMG scores improved by an average of 8.66 points in the Taitasep group versus 2.27 points in the placebo group, with 87% of patients achieving an improvement of at least 5 points [1]. Commercialization Strategy - The company plans to submit the application for Taitasep's gMG indication in mainland China, which has been accepted for priority review, with expectations for approval in 2024 [1]. - The strategy includes expanding the sales force, enhancing education on Taitasep's advantages over VYVGART, and establishing a platform for expert feedback [1]. Future Catalysts - Upcoming catalysts include multiple new indication submissions and product approvals, as well as progress in Taitasep's overseas Phase III trials expected to complete enrollment by the end of the year [1].