证券日报网2月6日讯，福元医药（601089）在接受调研者提问时表示，公司FY101注射液正在按计划进 行I期临床实验，目前获得的I期临床效果达到预期。公司于2025年12月申报IND的项目为自主研发的新 药FY103注射液，该项目已于2025年年末获得境内临床试验申请的受理通知书。后续如获得临床试验批 件并正式启动临床研究，公司将严格按照信息披露要求及时对外披露项目进展情况，敬请关注公司公 告。 ...

证券日报网2月6日讯，福元医药（601089）在接受调研者提问时表示，公司于2025年2月4日完成股份回 购，累计回购股份12000000股，占公司总股本的比例约为2.50%，计划用于股权激励实施。公司将结合 发展战略和人才规划，适时推进股权激励计划，请届时关注公司公告。公司高度重视投资者回报，积极 践行上市公司社会责任，上市至今坚持每年分红，已累计现金分红6.6亿元。 ...

证券日报网2月6日讯 ，福元医药在接受调研者提问时表示，公司创新药的研发立项思路是以市场价值 为导向，聚焦尚未满足的临床需求，进行差异化立项，并切合公司管线及成熟的销售优势。小核酸是继 小分子和抗体后的第三大类药物，福元医药创新药主要聚焦小核酸及小核酸递送系统的研发。公司的 N-ER平台是以福元医药自主研发为技术基础的创新核酸药物发现及递送系统的研发平台。公司已搭建 创新核酸药物设计、合成、修饰、生物学评价、药学研究一体化研发平台。截至目前进展最快的管线在 进行I期临床实验。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

证券日报网讯 1月29日，福元医药发布公告称，公司2025年度财务报表及内控审计签字注册会计师由廖 屹峰、朱俊杰变更为廖屹峰、简艳会。 （文章来源：证券日报） ...

证券代码：601089 证券简称：福元医药 公告编号：临 2026-004 北京福元医药股份有限公司 关于变更签字会计师的公告 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。 北京福元医药股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日、4 月 28 日分别召开第二届董事会第十六次会议和 2024 年年度股东大会，审议通过了《关 于续聘会计师事务所的议案》，同意续聘天健会计师事务所（特殊普通合伙）（以 下简称"天健会计师事务所"）为公司 2025 年度财务及内部控制审计机构。 具体详见公司于 2025 年 4 月 1 日披露的《北京福元医药股份有限公司关于续聘 会计师事务所的公告》（公告编号：临 2025-020），以及 2025 年 4 月 29 日披露的 《北京福元医药股份有限公司 2024 年年度股东大会决议公告》（公告编号：临 2025-029）。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》。 现将相关情况公告如下： 一、本次变更签字会计师的情况 天健会计师事务所作为公司 20 ...

Group 1: New Consumption - Beauty Industry Insights - The GMV of cosmetics on WeChat Video Account is projected to reach 12.18 billion yuan in 2025, with domestic brands expected to dominate the channel [5][6] - In 2025, domestic brands are anticipated to hold an 80.4% market share on WeChat Video Account, with top brands like Zheng Mingming and Lin Qingxuan leading the sales [6][7] - Skincare products are expected to capture 68.9% of the market share in the WeChat Video Account channel, indicating a higher premium potential compared to other categories [6][7] Group 2: WeChat Video Account as a Competitive Platform - WeChat Video Account is seen as a new battleground for beauty brands, offering a unique advantage by integrating public and private domains, allowing brands to retain users for long-term engagement [7] - The beauty-related voice volume in the WeChat ecosystem reached 10.39 million from October 2024 to September 2025, marking a 48% year-on-year growth, with video account voice volume increasing by 121.9% [7] - The platform's clear commercialization logic and empowerment system provide beauty brands with sustainable growth opportunities, making it crucial for brands to establish a presence on this platform [7] Group 3: Pharmaceutical Industry - Fuyuan Pharmaceutical Overview - Fuyuan Pharmaceutical, established in 1999 and listed in 2022, focuses on generic drugs and is expanding into innovative drugs, with a robust portfolio of 209 domestic drug registrations [13][14] - The company reported a revenue of 3.209 billion yuan from drug formulations in 2024, with a compound annual growth rate (CAGR) of 7.75% from 2019 to 2024, indicating stable growth [14][15] - Fuyuan is strategically investing in small nucleic acid innovative drugs, with 23 patents filed, and its core pipeline includes FY101, which is in Phase I clinical trials, targeting a large market of patients with dyslipidemia [15][16] Group 4: Financial Projections for Fuyuan Pharmaceutical - The company is expected to achieve net profits of 465 million yuan, 481 million yuan, and 520 million yuan from 2025 to 2027, with growth rates of -5%, 4%, and 8% respectively [16] - The current price-to-earnings (PE) ratios for these years are projected at 30X, 29X, and 27X, indicating a favorable valuation compared to peers [16]

华源证券研报指出，福元医药仿制药基本盘稳健，小核酸打开成长天花板。公司在稳固仿制药基本盘的 同时，近年来加速布局小核酸创新药，有望打开中长期成长空间。充裕的资金储备与稳健的经营性现金 流，使公司具备以自有资金推进转型创新药的能力。展望未来，1-8批集采品种全国统一接续采购即将 落地，已中标品种若接续有望延续报量、未中标品种或存在边际修复空间；叠加第十一批集采新中标品 种有望贡献增量，仿制药主业有望持续为公司贡献稳定的现金流。公司坚持"仿创结合"的研发战略，前 瞻性切入小核酸赛道，研发投入持续加码，研发费用从2021年的1.8亿元提升至2024年的4.17亿元。考虑 到公司仿制药基本盘稳健，小核酸创新药布局具备长期成长弹性，以及账面现金充沛，首次覆盖，给 予"买入"评级。 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook based on its stable generics business and growth potential in small nucleic acid drugs [5]. Core Insights - The company has a solid foundation in generics, with a stable growth phase, and is strategically positioning itself in the small nucleic acid innovation space, which is expected to drive long-term growth [7][10]. - The generics business is projected to maintain steady cash flow, while the innovative drug segment is anticipated to create a second growth curve, enhancing the company's overall valuation [8][10]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is 28.82 yuan, with a market capitalization of 13,833.60 million yuan [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 3,340 million yuan (2023), 3,446 million yuan (2024), 3,472 million yuan (2025E), 3,852 million yuan (2026E), and 4,266 million yuan (2027E) [6]. - The expected growth rates for revenue are 3.07% (2023), 3.17% (2024), 0.75% (2025), 10.95% (2026), and 10.74% (2027) [6]. - The projected net profit for the same years is 489 million yuan (2023), 489 million yuan (2024), 465 million yuan (2025), 481 million yuan (2026), and 520 million yuan (2027) [6]. - The company’s price-to-earnings (P/E) ratios are estimated at 28.30 (2023), 28.31 (2024), 29.78 (2025), 28.76 (2026), and 26.61 (2027) [6]. Business Overview - The company, formerly known as Wansheng Pharmaceutical, has been in the generics business for over 20 years and has recently expanded into innovative drugs, particularly small nucleic acids [7]. - As of the first half of 2025, the company holds 209 domestic drug registration approvals, with a revenue contribution of 32.09 billion yuan from drug formulations, accounting for 93% of total revenue [7][20]. - The company’s core therapeutic areas include cardiovascular, diabetes, digestive, skin diseases, and chronic kidney disease, which collectively contribute 77% of its revenue [20]. Growth Drivers - The generics business is entering a stable growth phase, with a compound annual growth rate (CAGR) of 7.75% from 2019 to 2024 [10]. - The company is actively investing in small nucleic acid drugs, with R&D expenses increasing from 180 million yuan in 2021 to 417 million yuan in 2024 [10][49]. - The N-ER platform for nucleic acid drug delivery has been established, supporting multiple projects in clinical development [50]. Competitive Position - The company has successfully navigated the challenges posed by national drug procurement policies, with a significant portion of its core products already included in procurement programs [32][43]. - The upcoming unified procurement for previously selected products is expected to stabilize cash flow and enhance the company's competitive position in the generics market [42][43].

格隆汇1月23日丨福元医药(601089.SH)公布，公司收到了国家药品监督管理局颁发的盐酸曲唑酮片（规 格：50mg）（简称"该药品"）《药品注册证书》（证书编号：2026S00087），批准该药品生产。盐酸 曲唑酮片由Angelini研发，最早于1971年10月15日获意大利批准上市，原研未在中国获批上市，本品适 用于抑郁症的治疗，对伴有或不伴有焦虑的患者均有效。 ...