行业周报 | 医药生物 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 11 月 18 日 | 相关研究 【兴证医药】创新药利好不断，三季报 创新药产业链业绩表现继续亮眼 （2025.11.3-2025.11.7）-2025.11.09 【兴证医药】2025 年第三季度医药板块 总体承压，创新药产业链业绩表现强劲 ——医药生物行业 2025 年三季报业绩小 结-2025.11.08 【兴证医药】创新药利好不断，三季报 创新药产业链业绩表现继续亮眼——兴 证医药 2025 年 11 月投资月报- 2025.11.07 分析师：黄翰漾 S0190519020002 huanghanyang@xyzq.com.cn 分析师：孙媛媛 请阅读最后评级说明和重要声明 1/18 ⚫ 2025 年 11 月 10 日—2025 年 11 月 14 日医药生物板块跑赢沪深 300 指数，医药生物 板块全周上涨 3.29%，沪深 300 指数全周下跌 1.08%。 ⚫ 11 月 8 日，圣因生物宣布与礼来公司达成全球研发合作与许可协议，基于圣因 LEAD 技术平台开发 ...

Core Viewpoint - Dize Pharmaceutical has seen a 5.19% increase in stock price, reaching 64.86 CNY per share, with a total market capitalization of 29.913 billion CNY as of November 13 [1] Company Overview - Dize Pharmaceutical (Jiangsu) Co., Ltd. was established on October 27, 2017, and went public on December 10, 2021. The company is located in Wuxi, Jiangsu Province, and focuses on the research and industrialization of innovative drugs, with 100% of its main business revenue derived from drug sales [1] Fund Holdings - Jin Yuan Shun An Fund has a significant holding in Dize Pharmaceutical, with its Jin Yuan Shun An Medical Health Mixed A Fund (007861) maintaining 35,200 shares, unchanged from the previous period, representing 4.26% of the fund's net value, ranking as the seventh largest holding [2] - The Jin Yuan Shun An Medical Health Mixed A Fund was established on July 29, 2021, with a current scale of 38.3683 million CNY. Year-to-date returns are 11.56%, with a one-year return of 0.37%, and a cumulative loss of 54.15% since inception [2] Fund Manager Performance - The fund managers of Jin Yuan Shun An Medical Health Mixed A Fund are Chen Mingjie and Zhang Haidong. Chen has been in position for 2 years and 19 days, managing assets totaling 72.6952 million CNY, with the best return of 5.16% and the worst return of -26.14% during his tenure [3] - Zhang has been in position for 81 days, managing assets of 628 million CNY, with the best return of 1.4% and the worst return of -3.77% during his short tenure [3]

Core Viewpoint - Dize Pharmaceutical has shown a significant increase in stock performance and trading activity, with a notable rise in revenue despite a net loss in profit for the year [1][2]. Group 1: Stock Performance - On November 12, Dize Pharmaceutical's stock rose by 3.44%, with a trading volume of 255 million yuan [1]. - The financing buy-in amount on the same day was 14.46 million yuan, while the financing repayment was 15.54 million yuan, resulting in a net financing buy of -1.07 million yuan [1]. - As of November 12, the total financing and securities lending balance was 165 million yuan, which is 0.59% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Dize Pharmaceutical achieved a revenue of 586 million yuan, representing a year-on-year growth of 73.23% [2]. - The net profit attributable to the parent company was -580 million yuan, reflecting a year-on-year decrease of 3.85% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 8,806, a rise of 5.01% from the previous period [2]. - The average circulating shares per person increased to 46,528 shares, up by 108.97% [2]. - Notable changes in institutional holdings include Yongying Pharmaceutical Innovation Mixed Fund becoming the fourth largest shareholder, increasing its holdings by 2.30 million shares [2].

Core Viewpoint - Dize Pharmaceutical experienced a decline of 1.11% in stock price on November 11, with a trading volume of 112 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On November 11, Dize Pharmaceutical had a financing buy-in amount of 6.961 million yuan and a financing repayment of 8.1604 million yuan, resulting in a net financing buy of -1.1994 million yuan [1]. - The total financing and securities balance for Dize Pharmaceutical as of November 11 is 166 million yuan, which accounts for 0.62% of its circulating market value, indicating a high level compared to the past year [1]. - The company had a financing balance of 166 million yuan, which is above the 70th percentile level over the past year [1]. - In terms of securities lending, Dize Pharmaceutical repaid 200 shares on November 11, with no shares sold, and the remaining securities amount to 2,300 shares, with a balance of 137,100 yuan, which is below the 10th percentile level over the past year [1]. Financial Performance - As of September 30, Dize Pharmaceutical had 8,806 shareholders, an increase of 5.01% from the previous period, with an average of 46,528 circulating shares per person, up by 108.97% [2]. - For the period from January to September 2025, Dize Pharmaceutical reported a revenue of 586 million yuan, representing a year-on-year growth of 73.23%, while the net profit attributable to the parent company was -580 million yuan, a decrease of 3.85% year-on-year [2]. - Among the top ten circulating shareholders as of September 30, 2025, Yongying Pharmaceutical Innovation Mixed Fund A ranked fourth with 5.9109 million shares, an increase of 2.2951 million shares from the previous period [2]. - Hong Kong Central Clearing Limited entered as a new sixth-largest circulating shareholder with 4.5066 million shares, while Dongfanghong Medical Upgraded Stock Fund A and Penghua Pharmaceutical Technology Stock A also saw changes in their holdings [2].

Group 1 - The core viewpoint of the article highlights that innovative pharmaceutical companies are transitioning from a "research and development investment phase" to a "commercialization harvest phase," driven by policy benefits, capital support, and clinical demand [1][4][5] Group 2 - Innovative pharmaceutical companies have reported impressive third-quarter results, with BeiGene achieving over 10 billion yuan in revenue, a year-on-year increase of 41.1%, and total revenue for the first three quarters reaching 27.595 billion yuan, up 44.2% [2] - Other leading innovative pharmaceutical companies also showed strong performance, with Hengrui Medicine reporting a revenue of 23.188 billion yuan for the first three quarters, a year-on-year growth of 14.85%, and WuXi AppTec achieving 32.857 billion yuan in revenue, up 18.61% [3] - The sales growth of core products, such as BeiGene's Zebrutinib and Junshi Biosciences' Toripalimab, is driving the performance of these companies, indicating a significant return on investment in research and development [5][6] Group 3 - The innovative drug sector is experiencing rapid growth, with a notable increase in business development (BD) transactions, totaling 92.03 billion USD in the first three quarters of 2025, reflecting a surge in licensing deals for domestic innovative drugs [6] - Analysts from Dongwu Securities express optimism about the innovative drug sector, predicting it will remain a key investment theme in the pharmaceutical industry through 2026, driven by the rising international status of Chinese innovative drug companies and a boom in BD transactions [7]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-58 迪哲（江苏）医药股份有限公司 2022 年限制性股票激励计划首次授予部分第一类激励 对象第二个归属期归属结果暨股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为1,775,000股。 本次股票上市流通总数为1,775,000股。 1. 2022 年 11 月 25 日，公司召开第一届董事会第十二次会议，审议通过了《关 于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2022 年限制性股票激励计划实施考核管理办法>的议案》《关于 2022 年限制性股票激励 计划拟激励对象获授股份数量累计超过公司总股本 1%的议案》及《关于提请股东 大会授权董事会办理公司限制性股票激励计划相关事宜的议案》。公司独立董事就 本次激励计划相关议案发表了独立意见。具体内容详见公司于 2022 年 11 月 28 日 1 在上海证券交易所网站（www.sse. ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Core Viewpoint - Dize Pharmaceutical (688192) has experienced a decline in stock price, closing at 59.77 yuan, down 6.17% from the previous week, with a current market capitalization of 27.459 billion yuan, ranking 15th in the chemical pharmaceutical sector and 692nd in the A-share market [1] Group 1: Company Performance - For the first three quarters of 2025, the company achieved revenue of 586 million yuan, representing a year-on-year growth of 73% [5] - The company's core products, Shuwozhe (舒沃哲) and Gao Ruizhe (高瑞哲), have been successfully included in the national medical insurance directory, maintaining rapid growth post-inclusion [5][6] - The company is currently in a loss-making state but aims to expedite the launch of more products or indications to achieve profitability sooner [3] Group 2: Product Development and Market Position - Shuwozhe is the first and only domestically developed innovative drug approved in the U.S. for EGFR Exon20ins NSCLC, and it has been included in the NCCN guidelines for non-small cell lung cancer [4] - Gao Ruizhe is the first drug targeting the JAK/STAT pathway for peripheral T-cell lymphoma (PTCL), showing significant clinical benefits and the longest median overall survival (mOS) among single-agent treatments for relapsed/refractory PTCL [4] - The company has established a competitive clinical product pipeline with seven products, including Shuwozhe and Gao Ruizhe, which are expected to enhance the company's international standing in the innovative drug industry [4] Group 3: Research and Development Initiatives - The global registration clinical study "JCKPOT8 B part" for Gao Ruizhe has reached its primary research endpoint, and the company is actively validating the new drug application for overseas markets [3] - Birelentinib (DZD8586) has initiated a Phase III clinical study for relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), with active participant recruitment [3] - The company is assessing various overseas collaboration models for Shuwozhe, focusing on global commercialization capabilities and pipeline synergy [2]

Core Viewpoint - The Chinese innovative drug market is entering a rapid development phase, with local leading companies like Heng Rui benefiting from policy support and industry expansion opportunities [1] Company Performance - Heng Rui Pharmaceutical reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [2] - The company has received a total cash dividend of over 9.3 billion yuan, enhancing investor returns [1] - The company has established a differentiated competitive advantage through over 50 billion yuan in R&D investment and has 24 innovative drugs approved for sale in China [1] Industry Trends - The innovative drug sector is experiencing accelerated commercialization and increased business development (BD) transactions, leading to a sustained trend of rapid growth in performance [1] - Other innovative drug companies, such as Zai Lab and DiZhe Pharmaceutical, are also reporting significant revenue growth, with Zai Lab achieving a 54.49% increase in revenue to 593 million yuan [3] - The industry is expected to continue its growth trajectory, supported by favorable national policies and increasing international collaboration [4][5] R&D Focus - Heng Rui's innovative drugs, including Rivoceranib and Darsylis, are addressing unmet clinical needs, contributing to their revenue growth [2] - Zai Lab emphasizes its differentiated product pipeline focusing on oncology and autoimmune diseases, aiming to fill domestic gaps in treatment options [3] - The industry is witnessing a rise in R&D investments, with companies like Yi Fang Bio reporting a total R&D investment of 190 million yuan for the first three quarters of 2025 [4] Future Outlook - Analysts predict a new round of growth for the pharmaceutical sector, particularly in innovative drugs, as the international standing of Chinese innovative drug companies rises [5] - The innovative drug sector is expected to remain a key investment theme in the pharmaceutical industry through 2026, driven by increased BD transactions and international collaborations [5]

Core Viewpoint - Dize Pharmaceutical's stock performance and financial metrics indicate a mixed outlook, with significant revenue growth but ongoing net losses, reflecting challenges in profitability despite strong sales growth [1][2]. Group 1: Stock Performance - On November 5, Dize Pharmaceutical's stock price remained unchanged at 0.00%, with a trading volume of 234 million yuan [1]. - The financing buy-in amount for Dize Pharmaceutical on the same day was 9.97 million yuan, while the financing repayment was 12.63 million yuan, resulting in a net financing outflow of 2.66 million yuan [1]. - As of November 5, the total balance of margin trading for Dize Pharmaceutical was 166 million yuan, which accounts for 0.58% of its market capitalization [1]. Group 2: Financial Performance - For the period from January to September 2025, Dize Pharmaceutical reported a revenue of 586 million yuan, representing a year-on-year growth of 73.23% [2]. - The company's net profit attributable to shareholders was -580 million yuan, showing a year-on-year decrease of 3.85% [2]. - As of September 30, 2025, the number of shareholders increased to 8,806, up by 5.01%, with an average of 46,528 circulating shares per person, an increase of 108.97% [2]. Group 3: Shareholder Composition - As of September 30, 2025, the fourth largest circulating shareholder was Yongying Pharmaceutical Innovation Mixed Fund A, holding 5.91 million shares, an increase of 2.30 million shares from the previous period [2]. - Hong Kong Central Clearing Limited entered as a new sixth largest shareholder with 4.51 million shares [2]. - Other notable changes include an increase in holdings by Dongfanghong Medical Upgrade Fund A and a decrease by Penghua Pharmaceutical Technology Fund A among the top ten circulating shareholders [2].