Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

机构观点 营收增长主要依赖核心产品艾可宁及新业务，但增速已降至个位数。净利润亏损同比增亏，主要因2024 年处置子公司收益缺失；研发费用投入1.38亿元至1.45亿元，同比微增，聚焦小核酸药物管线。公司坦 言新药研发周期长、风险高。 股票近期走势 近期股价波动明显，近5日下跌0.82%，反映市场对公司业绩及研发风险的谨慎情绪。 经济观察网前沿生物发布2025年业绩预告，预计营收1.4亿元至1.45亿元，同比增长8.13%至11.99%，增 速持续下滑；归属净利润亏损扩大至2.55亿元至2.9亿元。公司研发重心转向小核酸药物，多款产品处于 早期阶段。 财报分析 分析指出，公司核心产品放量受行业免费药物格局制约，小核酸药物虽为长期增长点，但均处临床前或 早期阶段，未来面临审批、竞争等多重风险。公司需突破盈利瓶颈。 以上内容基于公开资料整理，不构成投资建议。 ...

前沿生物（688221.SH）2月9日在投资者互动平台表示，FB7012为拟治疗高尿酸血症与痛风的小核酸药 物，截至目前尚处于临床前研究。公司将按照信息披露规则对在研项目的进展情况履行信息披露义务， 请持续关注公司公告。药品开发具有一定的不确定性，请您注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：FB7012是否进入I期临床试验？试验结果如何？ ...

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]

Core Viewpoint - Frontier Biotech has disclosed its performance forecast for the fiscal year 2025, expecting revenue growth while still facing net profit losses due to ongoing investments in R&D and operational costs [1] Group 1: Financial Performance - The company anticipates revenue between 140 million to 145 million yuan for 2025, representing a year-on-year increase of 8.13% to 11.99% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be a loss of approximately 288 million to 323 million yuan, which indicates a reduction in losses by about 4.31 million to 39.31 million yuan compared to the previous year [1] Group 2: Revenue Sources - Revenue is primarily derived from the sales of the anti-HIV innovative drug Aikening® and the recently approved far-infrared therapy patch [1] - The reduction in net profit losses is attributed to increased revenue and decreased operating expenses [1] Group 3: R&D Investments - The company plans to invest approximately 138 million to 145 million yuan in R&D for 2025, reflecting a year-on-year increase of 0.58% to 5.68% [1] - The focus of R&D is on small nucleic acid new drug development and early-stage research of other new drugs [1] Group 4: R&D Pipeline - Frontier Biotech is developing a multi-tiered R&D pipeline, with a focus on antiviral business and small nucleic acid innovative drugs as the core development line, supplemented by high-end generic drugs [1] - The company has submitted an IND application for the single-target small nucleic acid drug FB701, which has been accepted for clinical application approval [2] - The dual-target small nucleic acid drug FB7011 has entered supportive research for new drug clinical trial applications, and the preclinical candidate molecule for FB7023 has been identified [2] - The company has also initiated preclinical research for FB2004, a novel interferon-α2 mutant, in collaboration with Fudan University [2] - The generic drug FB3002 for treating musculoskeletal pain has received acceptance for its market approval application and is currently under review [2]

Core Viewpoint - Frontier Biopharmaceuticals (Nanjing) Co., Ltd. forecasts a revenue increase for 2025, while also projecting a higher net loss compared to the previous year, primarily due to the absence of investment gains from subsidiary disposals in 2024 [2][5]. Group 1: Performance Forecast - The company expects to achieve an operating revenue of approximately CNY 140 million to CNY 145 million in 2025, representing a year-on-year increase of 8.13% to 11.99% [2][5]. - The projected net loss attributable to shareholders is estimated to be between CNY 255 million and CNY 290 million, an increase in loss of approximately CNY 53.62 million to CNY 88.62 million compared to 2024 [2][5]. - The net loss excluding non-recurring gains and losses is expected to be between CNY 288 million and CNY 323 million, a reduction in loss of approximately CNY 4.31 million to CNY 39.31 million, mainly due to revenue growth and reduced expenses [2][5]. Group 2: Revenue Sources - Revenue is primarily derived from the sales of the innovative anti-HIV drug Aikening (generic name: Aibowei Tai), the agency product Viread (Tenofovir), and the newly approved far-infrared therapeutic patch (Xiaoyan Yipai) [2][5]. - The sales of Aikening are focused on the inpatient market, with continued growth in outpatient revenue, supported by its reputation as a preferred medication for hospitalized patients [5][6]. Group 3: R&D and Commercialization Progress - The company is focusing on the research and development of small nucleic acid drugs and has submitted IND applications for several candidates, including FB7013 and FB7011, which are in various stages of clinical development [7][8]. - The company has completed nationwide sales registration for the agency product Viread and has initiated commercial promotion for the far-infrared therapeutic patch [6][8]. - R&D expenses are projected to be between CNY 138 million and CNY 145 million, reflecting a year-on-year increase of 0.58% to 5.68%, as the company emphasizes early-stage development of new drugs [5][7].

证券日报网讯1月30日，前沿生物发布公告称，公司预计2025年度实现营业收入约14，000.00万元到 14，500.00万元，同比增加8.13%到11.99%，归属于上市公司股东的净利润亏损约25，500.00万元到亏 损29，000.00万元，增加亏损约5，361.74万元到8，861.74万元。 ...

此外，2025年度，公司预计实现营业收入约1.4亿元到1.45亿元，同比增加8.13%到11.99%，营业收入主 要来自抗HIV创新药艾可宁（通用名：艾博韦泰）、代理产品缬康韦（盐酸缬更昔洛韦）及报告期获批 的远红外治疗贴（小沿易贴）的销售收入。 前沿生物表示，本次净利增亏主要系2024年度处置子公司股权产生7183.65万元的投资收益，2025年度 无该类投资收益所致。 北京商报讯（记者 丁宁）1月30日晚间，前沿生物（688221）发布2025年业绩预告显示，经财务部门初 步测算，预计2025年归属净利润约-2.55亿元到-2.9亿元，同比增亏。 ...

格隆汇1月30日丨前沿生物(688221.SH)公布，经财务部门初步测算，预计2025年度实现营业收入约 14,000.00万元到14,500.00万元，同比增加8.13%到11.99%，营业收入主要来自抗HIV创新药艾可宁® （通用名：艾博韦泰）、代理产品缬康韦®（盐酸缬更昔洛韦）及报告期内获批的远红外治疗贴（小沿 易贴®）的销售收入。 经财务部门初步测算，预计2025年度归属于上市公司股东的净利润亏损约25,500.00万元到亏损29,000.00 万元，增加亏损约5,361.74万元到8,861.74万元，主要系2024年度处置子公司股权产生7,183.65万元的投 资收益，2025年度无该类投资收益所致；预计2025年度归属于上市公司股东的扣除非经常性损益的净利 润亏损约28,800.00万元到亏损32,300.00万元，减少亏损约431.12万元到3,931.12万元，主要系本报告期 营业收入增长以及期间费用降低所致。 ...

证券代码：688221 证券简称：前沿生物 公告编号：2026-003 1、经财务部门初步测算，预计2025年度实现营业收入约14,000.00万元到 14,500.00万元，同比增加8.13%到11.99%，营业收入主要来自抗HIV创新药艾可 宁®（通用名：艾博韦泰）、代理产品缬康韦®（盐酸缬更昔洛韦）及报告期内获 批的远红外治疗贴（小沿易贴®）的销售收入。 前沿生物药业（南京）股份有限公司 2025 年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 2、经财务部门初步测算，预计2025年度归属于上市公司股东的净利润亏损 约25,500.00万元到亏损29,000.00万元，增加亏损约5,361.74万元到8,861.74 万元，主要系2024年度处置子公司股权产生7,183.65万元的投资收益，2025年度 无该类投资收益所致；预计2025年度归属于上市公司股东的扣除非经常性损益的 净利润亏损约28, ...