Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has achieved continuous revenue and profit growth for five consecutive years, demonstrating strong operational resilience and sustainable business model [2][3] - The acquisition of Yingu Pharmaceutical allows the company to enter the high-barrier nasal spray market, with significant growth potential anticipated from the core product, phenylquinhydramine nasal spray [2] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market [8] Financial Performance Summary - Revenue is projected to grow from 3,311 million yuan in 2023 to 5,111 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [1] - Net profit attributable to the parent company is expected to increase from 568 million yuan in 2023 to 1,099 million yuan in 2027, reflecting a CAGR of about 13.0% [1] - The company’s return on equity (ROE) is forecasted to remain strong, increasing from 20.3% in 2023 to 24.4% in 2027 [1] Growth Drivers - The company is focusing on channel expansion and differentiation to enhance loyalty and resource allocation in retail pharmacies [3] - The product matrix is diverse, with significant growth potential in core products, particularly in second-tier regions and grassroots medical institutions [3] - The company is embracing digitalization and AI to improve operational efficiency across various functions [3] Market Position - The company is recognized as a leading player in the domestic traditional Chinese medicine patch market, with a well-established brand and extensive product line [8] - The report highlights the company's ability to maintain a competitive edge through effective marketing integration and focus on core products [8]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, predicting a reversal trend in 2025 [4] Core Viewpoints - The innovative drug sector is experiencing strong performance driven by multiple factors, including the completion of quarterly portfolio adjustments, increased policy support from the National Healthcare Security Administration (NHSA) and the National Health Commission, and significant collaborations in the industry [1][11] - The NHSA and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, which will accelerate the commercialization of domestic innovative products and create a positive cycle of profitability and strong R&D investment [20][21] - The report highlights the potential of dual/multi-target antibodies in cancer treatment and innovative drugs addressing unmet clinical needs in chronic diseases as key investment opportunities [1][4] Summary by Sections Innovative Drugs - The innovative drug sector remains the main investment line, with a focus on dual/multi-target antibodies for various cancers and chronic diseases [1][11] - AstraZeneca is in talks for a collaboration worth up to $15 billion for the AK112 drug, which has catalyzed strong performance in related stocks [1] Pharmaceutical Sector - The NHSA's new measures will direct more healthcare resources towards innovative drugs, enhancing their commercialization and profitability [20][21] - The report notes that since 2018, 149 innovative drugs have been included in the healthcare insurance directory, significantly increasing the proportion of new drugs covered [22] Biologics - Changchun High-tech's new drug, Vuxin Qibai monoclonal antibody, has been approved for treating acute gout arthritis, marking a significant advancement in biologics [29][34] - The drug shows rapid onset of action and a substantial reduction in recurrence risk, highlighting its clinical significance [33][34] Traditional Chinese Medicine - Lingrui Pharmaceutical's new indication for its nasal spray is expected to boost sales, with ongoing efforts to expand hospital coverage and OTC sales [38][41] Medical Devices - The report emphasizes policy support for high-end medical devices, predicting accelerated commercialization in various segments such as medical robots and AI [3][4] Medical Services - Recent policies to enhance maternity benefits are expected to stimulate demand in related services [3][4]

Group 1 - The company, Henan Lingrui Pharmaceutical Co., Ltd., announced that its subsidiary, Yingu Pharmaceutical Co., Ltd., received a drug registration certificate from the National Medical Products Administration for a new indication of the innovative drug, Phenylquaternary Ammonium Bromide Nasal Spray, to improve symptoms of runny nose, nasal congestion, nasal itching, and sneezing caused by colds [1] - The drug is classified as a prescription medication and is categorized as a Class 2.4 chemical drug, with specifications of 5ml:5mg and 10ml:10mg [1] - The nasal spray was initially approved for marketing in March 2020 for allergic rhinitis symptoms and is the only approved anticholinergic nasal medication for this condition in China [2] Group 2 - The market size for competing drug types, including nasal corticosteroids and antihistamines, is approximately 5.4 billion RMB [2] - The newly approved indication for the nasal spray is significant as it is the first M receptor antagonist nasal spray for post-cold nasal symptoms in China, offering advantages such as convenience and high safety [2] - The total research and development investment for expanding the indication of the nasal spray has reached approximately 35.97 million RMB [2]

证券代码：600285 证券简称：羚锐制药 公告编号：2025-028 号 河南羚锐制药股份有限公司 关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，河南羚锐制药股份有限公司（以下简称"公司"）子公司银谷制药有 限责任公司（以下简称"银谷制药"）收到国家药品监督管理局核准签发的《药 品注册证书》，批准银谷制药自主研发的 1 类创新药苯环喹溴铵鼻喷雾剂新增适 应症，用于改善感冒引起的流涕、鼻塞、鼻痒和喷嚏症状。现将相关情况公告如 下： 一、 药品的基本情况 处方药/非处方药：处方药 审批结论：据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准增加适应症，新增适应症为："本品适用于改善感 冒引起的流涕、鼻塞、鼻痒和喷嚏症状"，发给药品注册证书。 二、药品的其他情况 银谷制药苯环喹溴铵鼻喷雾剂（必立汀）于 2020 年 3 月获批上市，用于改 善变应性鼻炎引起的流涕、鼻塞、鼻痒和喷嚏症状。苯环喹溴铵鼻喷雾剂（必立 汀）作为国内唯一获批适用于变应性鼻炎的鼻用抗胆碱能药 ...

Core Viewpoint - Lingrui Pharmaceutical's subsidiary, Yingu Pharmaceutical, has received approval from the National Medical Products Administration for the new indication of phenylpropanolamine nasal spray to treat cold symptoms, enhancing its market position in the nasal medication sector [1] Group 1: Product Development - The phenylpropanolamine nasal spray is now approved for alleviating symptoms such as runny nose, nasal congestion, nasal itching, and sneezing caused by colds [1] - Previously, the product was approved for treating symptoms related to allergic rhinitis and is included in the "Chinese Guidelines for Diagnosis and Treatment of Allergic Rhinitis" [1] - This nasal spray is the only approved anticholinergic nasal medication for allergic rhinitis in China, with a market size of approximately 5.4 billion yuan [1] Group 2: Market Impact - The new indication for cold symptoms positions the product as the first M receptor antagonist nasal spray for post-cold nasal symptoms in China, which is expected to enhance its product strength [1] - Cumulative research and development investment for this product has reached approximately 35.97 million yuan [1]

Summary of Key Points Core Viewpoint - Lingrui Pharmaceutical (600285) has experienced a decline in stock price, closing at 23.64 yuan as of June 13, 2025, down 1.79% from the previous week [1] Company Announcements - Lingrui Pharmaceutical announced a cash dividend of 0.90 yuan per share, with the record date set for June 19, 2025. The ex-dividend date and payment date are both June 20, 2025 [1] - The total cash dividend distribution amounts to 510,403,937.40 yuan, based on a total share capital of 567,115,486 shares [1] - Different types of shareholders will receive varying actual cash dividends: - Individual shareholders and securities investment funds (holding period over 1 year) will receive 0.90 yuan per share - QFII shareholders will receive 0.81 yuan per share (after a 10% corporate income tax deduction) - Hong Kong Stock Exchange investors will also receive 0.81 yuan per share (after a 10% tax deduction) - Other institutional investors and corporate shareholders will receive a pre-tax cash dividend of 0.90 yuan per share [1]

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

证券代码：600285 证券简称：羚锐制药 公告编号：2025-027 重要内容提示： 每股分配比例 A 股每股现金红利0.90元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 河南羚锐制药股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本567,115,486股为基数，每股派发现金红利0.90 元（含税），共计派发现金红利510,403,937.40元。 者重大遗漏，并对其内容的真 ...