Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The approval of 康方生物's依沃西单抗 for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC) has significantly increased global interest in PD-1/VEGF dual antibodies, indicating a promising investment opportunity in this sector [21][23]. - The report highlights the strong performance of the A-share pharmaceutical index, which has increased by 1.2% this week and decreased by 0.3% year-to-date, outperforming the CSI 300 index by 0.8% and 3.5% respectively [4][9]. - The report suggests a ranking of favored sub-industries as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [10][11]. Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a weekly increase of 1.2% and a year-to-date decrease of 0.3%, while the H-share biotechnology index has increased by 9% this week and 30% year-to-date, outperforming the Hang Seng Technology Index by 7% and 18.5% respectively [4][9]. - Specific sectors such as raw materials (+4.7%), medical services (+3.4%), and chemical drugs (+2.7%) have seen significant price increases, while pharmaceutical commerce (-0.3%), traditional Chinese medicine (-0.5%), and biological products (-0.9%) have experienced declines [4][9]. Research and Development Progress - 康方生物's依沃西单抗 has been approved for use in treating PD-L1 positive NSCLC, marking a significant milestone in the development of PD-1/VEGF dual antibodies [21]. - The report notes that several companies, including 三生制药 and 宜明昂科, are advancing their PD(L)1/VEGF dual antibodies through various clinical stages, indicating a competitive landscape in this therapeutic area [23]. Investment Strategy - The report recommends focusing on growth-oriented stocks primarily in the innovative drug sector, with specific mentions of companies such as 信达生物, 康方生物, and 恒瑞医药 [11]. - For undervalued stocks, the report suggests looking into traditional Chinese medicine companies like 佐力药业 and 东阿阿胶, while high-dividend stocks are recommended from the same sector, including 江中药业 and 云南白药 [11].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][41]. Core Insights - The pharmaceutical fund allocation structure remains balanced, with the overall allocation ratio at a historically low level. As of Q1 2025, the active pharmaceutical fund size reached 188.5 billion yuan, an increase of 12.6 billion yuan from Q4 2024. The passive pharmaceutical fund size reached a historical high of 140.4 billion yuan [4][10]. - The top three sectors for active pharmaceutical theme funds in Q1 2025 are innovative drugs (34%), traditional pharmaceuticals (26%), and CDMO (17%). Notable holdings include BeiGene, Zai Lab, Innovent Biologics, and others, which have seen significant increases in their positions [4][19]. - The pharmaceutical sector's heavy holdings in all funds account for 9.5% (+0.5 percentage points), while the heavy holdings excluding pharmaceutical funds stand at 4.6% (+0.5 percentage points), indicating an increase but still at a relatively low level [5]. Summary by Sections Fund Size and Share - As of Q1 2025, the active pharmaceutical fund size is 188.5 billion yuan, up 12.6 billion yuan from Q4 2024. The passive pharmaceutical fund size is 140.4 billion yuan, marking a historical peak [4][7]. - The active pharmaceutical fund share is 124.6 billion shares, down 15.2 billion shares from Q4 2024, primarily due to stock price increases. The passive pharmaceutical fund share is 266.2 billion shares, up 41.2 billion shares, also reaching a historical high [10][10]. Sector Allocation - As of Q1 2025, there is an over-allocation in innovative drugs, CDMO, traditional pharmaceuticals, and CRO, while sectors like commercial circulation and traditional Chinese medicine are under-allocated [16][18]. - The top holdings in the innovative drug sector include Zai Lab, BeiGene, and others, with significant increases in their market values from Q4 2024 to Q1 2025 [19]. Heavy Holdings - The pharmaceutical sector's heavy holdings in all funds account for 9.5%, with a slight increase, while the ratio excluding pharmaceutical funds is 4.6% [5][5]. - The report highlights the top ten pharmaceutical heavy holdings in both active and passive funds, indicating a trend towards innovative drug companies [21][24].

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

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。 证券代码：688266 证券简称：泽璟制药 公告编号：2025-018 苏州泽璟生物制药股份有限公司 关于参加 2024 年度科创板创新药行业 集体业绩说明会的公告 ● 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zelgen01@zelgen.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 重要内容提示： 苏州泽璟生物制药股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日 发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度 经营成果、财务状况，公司拟参加由上海证券交易所主办的 2024 年度科创板创 新药行业集体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通， ...

Core Viewpoint - The company achieved a total revenue of 533 million yuan in 2024, representing a year-on-year growth of 37.91%, which meets market expectations and demonstrates excellent performance. Meanwhile, the company reported a non-GAAP net loss attributable to the parent of 171 million yuan, reducing losses by 178 million yuan compared to the same period last year, indicating strong operational performance. In 2025, commercialized products such as Donafenib and Thrombin are expected to further increase revenue, while early-stage products ZG005 and ZG006 are anticipated to release new clinical data, showing promising efficacy. Overall, the company is viewed as having a stable operation and superior early product design, with positive prospects for future development [1][2][6]. Event - On April 19, the company released its 2024 annual report [1]. Financial Performance - In 2024, the company achieved a revenue of 533 million yuan, a year-on-year increase of 37.91%, primarily driven by increased sales of Donafenib. The non-GAAP net loss attributable to the parent was 171 million yuan, a reduction of 178 million yuan from the previous year, mainly due to revenue growth and a decrease in total operating costs. The company’s financial condition is robust, with ample cash reserves of 2.154 billion yuan at the end of 2024. Sales expenses increased by 8.37% to 271 million yuan, while R&D expenses decreased by 21.83% to 388 million yuan due to the varying stages of innovative drugs. Management expenses rose significantly by 251.35% to 58 million yuan, mainly due to the previous year's adjustment of share-based payment expenses [2][3]. Product Pipeline and Clinical Progress - The commercialization process has made breakthroughs, with the drug Jikaxitini (Thrombin) for treating myelofibrosis currently under review for market approval, expected in 2025. The estimated annual new cases of myelofibrosis in China by 2030 is 63,000, with approximately 300,000 existing patients. The drug has shown significant efficacy in Phase III clinical trials, positioning it as a potential best-in-class (BIC) treatment. Additionally, Jikaxitini is in Phase III clinical trials for various immune-inflammatory diseases, showing promising results in treating severe alopecia areata and significant efficacy in idiopathic pulmonary fibrosis [3]. Upcoming Catalysts - The company has numerous catalysts for 2025, including the entry of recombinant thrombin into medical insurance, expected to drive further sales growth. The approval of Jikaxitini is anticipated within the year. More clinical data for ZG005 related to cervical cancer and liver cancer is expected to be disclosed at major conferences, while early-stage data for ZG006 in solid tumors is also anticipated [5][6]. Revenue Projections - The company forecasts revenues of 712 million yuan, 1.54 billion yuan, and 2.5 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at -127 million yuan, -77 million yuan, and 147 million yuan [6].

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]

医药生物/化学制药 泽璟制药（688266.SH） 营收同比稳健增长，早研管线展现 BIC 潜力 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 107.60 | | 一年最高最低(元) | 109.89/45.30 | | 总市值(亿元) | 284.83 | | 流通市值(亿元) | 284.83 | | 总股本(亿股) | 2.65 | | 流通股本(亿股) | 2.65 | | 近 3 个月换手率(%) | 68.4 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 泽璟制药 沪深300 相关研究报告 《Q3 收入端环比持续增长，早研创新 进入收获期—公司信息更新报告》 -2024.10.28 公司后期管线稳步推进，大单品吉卡昔替尼针对骨髓纤维化适应症已申报 NDA， 预计 2025H1 获批。早期管线中，ZG006（CD3×DLL3×DLL3 三抗）在 I 期临 床中展现出优异的抗肿瘤疗效，尤其在 10m ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company's revenue for 2024 reached 533 million yuan, a year-on-year increase of 37.91%, while the net profit attributable to the parent company was -138 million yuan, a reduction in losses by 50.52% [1] - In Q1 2025, the company reported revenue of 168 million yuan, a year-on-year increase of 54.87%, with a net profit of -28.26 million yuan, a reduction in losses by 28.45% [1] - The clinical trial data for the drug ZG006 exceeded expectations, with a 66.7% objective response rate (ORR) in patients receiving doses of 10 mg or higher [2] - ZG005, a PD-1/TIGIT bispecific antibody, shows potential as a first-in-class (FIC) drug, with promising efficacy data in cervical cancer patients [3] - The company has multiple commercialized or near-commercialized products, with a reasonable pipeline that is expected to yield significant clinical and commercial advancements [4] Financial Performance - The company's revenue projections for 2025 and 2026 have been revised down to 820 million yuan and 1.20 billion yuan, respectively, with a forecasted revenue of 1.60 billion yuan for 2027 [5] - The net profit estimates for 2025 and 2026 have been adjusted to -20 million yuan and 121 million yuan, respectively, with a projected net profit of 282 million yuan for 2027 [5] - The company reported a total market capitalization of approximately 28.48 billion yuan [6] Clinical Pipeline - ZG006 has completed the dose escalation phase in patients with advanced small cell lung cancer or neuroendocrine cancer, with a new clinical trial set to begin in the U.S. in September 2024 [2] - ZG005 is undergoing multiple clinical trials for various solid tumors, with expectations for several indications to reach proof of concept (POC) this year [3] - The company currently has two marketed products and two products under review, with several others in clinical stages [4]

医药生物/化学制药 泽璟制药（688266.SH） 营收同比稳健增长，早研管线展现 BIC 潜力 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/22 | | --- | --- | | 当前股价(元) | 107.60 | | 一年最高最低(元) | 109.89/45.30 | | 总市值(亿元) | 284.83 | | 流通市值(亿元) | 284.83 | | 总股本(亿股) | 2.65 | | 流通股本(亿股) | 2.65 | | 近 3 个月换手率(%) | 68.4 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 泽璟制药 沪深300 相关研究报告 《Q3 收入端环比持续增长，早研创新 进入收获期—公司信息更新报告》 -2024.10.28 《营收环比稳健增长，持续增强早研 管线布局能力—公司信息更新报告》 -2024.8.25 《国内 biotech 领航者，即将步入创新 药密集收获期—公司首次覆盖报告》 -2024.7.2 | 余汝意（分析师） | ...

公司报告 | 公司点评 泽璟制药（688266） 证券研究报告 业绩增长符合预期，在研品种将在 ASCO 会议披露数据 事件 公司公布 2024 年年度报告和 2025 年第一季度报告。2024 年，公司实现营 业收入 5.33 亿元，同比增长 37.91%；归母净利润为-1.38 亿元，同比减亏 50.52%。2025 年第一季度，公司实现营业收入 1.68 亿元，同比增长 54.87%； 归母净利润为-2826.22 万元，同比减亏 28.45%。 在研项目 ZG006 初步有效性数据超预期，预计 ASCO 将更新数据 ZG006 在晚期小细胞肺癌或神经内分泌癌患者中 I 期剂量递增阶段已完成 入组。已经完成的爬坡剂量组分别为 0.1、0.3、1、3、10、30、60 mg 组， 可评估 24 例受试者，其中大多数受试者（17/24）既往曾接受过至少两线 抗肿瘤药物系统治疗。有效性方面，在 21 例疗效可评估的小细胞肺癌 （SCLC）受试者中，7 例获得部分缓解（PR），5 例疾病稳定（SD）且其中 4 例为缩小的 SD。在接受 ZG006 10mg 及更高剂量的 9 例 SCLC 受试者 中（10 mg ...