机构：华安证券 研究员：谭国超/任婉莹 事件l 2025 年10 月30 日，荣昌生物发布2025 年三季报，公司实现营业收入17.20 亿元，同比+42.27%；归母 净利润-5.51 亿元，同比+48.60%；扣非归母净利润-5.45 亿元，同比+50.31%。单季度来看，公司 2025Q3 收入为6.22 亿元，同比+33.13%；归母净利润为-1.01 亿元，同比减亏65.24%；环比减亏 48.25%；扣非归母净利润为-1.00 亿元，同比减亏67.14%；环比减亏48.45%。 事件2 2025 年10 月15 日，公司自主研发的全球首创BLyS/APRIL 双靶点融合蛋白创新药泰它西普（商品名： 泰爱）用于治疗原发性免疫球蛋白A（IgA）肾病的上市申请，已获国家药品监督管理局药品审评中心 （CDE）受理，并纳入优先审评程序。泰它西普成为IgA 肾病领域首个申报上市的国产原研新药，申报 的剂型为泰它西普注射液（预充式注射器装），将为患者提供更加便捷的给药方式。 点评 销售不及预期风险；研发审批进度不及预期风险；新药研发失败风险；政策不确定风险。 费用率显著降低，财务状况改善显著 前三季度，公司整体 ...

港股创新药概念股走强，荣昌生物涨超9%，信达生物涨超8%，复星医药、君实生物、昭衍新药涨超 5%。 ...

截至10月31日收盘，细胞免疫治疗概念上涨3.58%，位居概念板块涨幅第2，板块内，54股上涨，舒泰 神20%涨停，*ST生物涨停，泽璟制药、三元基因、荣昌生物等涨幅居前，分别上涨16.14%、13.07%、 11.80%。跌幅居前的有ST八菱、C必贝特、普蕊斯等，分别下跌3.04%、1.92%、1.37%。 业 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 重组蛋白 | 3.72 | 培育钻石 | -2.96 | | 细胞免疫治疗 | 3.58 | 国家大基金持股 | -2.96 | | Sora概念(文生视频) | 3.51 | 同花顺果指数 | -2.53 | | AI语料 | 3.42 | 存储芯片 | -2.02 | | 创新药 | 3.35 | 共封装光学(CPO) | -1.87 | | 禽流感 | 3.32 | 超导概念 | -1.76 | | 仿制药一致性评价 | 3.31 | 中芯国际概念 | -1.72 | | 辅助生殖 | 3.23 | 稀土永磁 | -1.57 | | 海南自贸区 ...

证券之星消息，10月31日生物制品板块较上一交易日上涨3.42%，三生国健领涨。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。生物制品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 | 散户净流入(元) | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688765 | C禾元 | 1.92 Z ﺘ | 10.12% | -1.05 Z | -5.53% | -8710.45万 | -4.59% | | 688331 | 荣昌生物 | 1.45 Z | 11.14% | -9725.41万 | -7.49% | -4734.56万 | -3.65% | | 688336 | 三生国健 | 1.41亿 | 17.66% | -5016.15万 | -6.28% | -9094.14万 | -11.38% | | 300009 | 安科生物 | 9028.65万 | 10.31% | -4908.73万 | -5.6 ...

Core Viewpoint - The article highlights a significant surge in the innovative drug sector in China, driven by the introduction of a new commercial insurance innovation drug directory and an increase in business development (BD) activities for domestic innovative drugs, indicating a shift towards global market integration [3][6][8]. Group 1: Market Performance - On October 31, A-share innovative drug stocks experienced a collective surge, with notable gains such as 20% limit-up for Sangfor and 19.99% for Shuyitai [4][5]. - Other stocks like Zai Lab and Yifang Bio also saw increases exceeding 10%, reflecting a strong market sentiment towards innovative drugs [4][5]. Group 2: Policy Changes - The 2025 National Medical Insurance negotiations commenced on October 30, introducing a "commercial insurance innovation drug directory" mechanism, which aims to include innovative drugs that are not yet part of the basic medical insurance directory but have high clinical value [6][7]. - A total of 121 drug names passed the preliminary review for the commercial insurance directory, indicating a robust pipeline of innovative drugs awaiting approval [6]. Group 3: Business Development Activities - There has been a notable acceleration in the "going global" strategy for Chinese innovative drugs, with significant BD transactions reported, including a $11.4 billion deal between Innovent Biologics and Takeda [8][9]. - As of October 21, 2023, there were 115 licensing agreements for Chinese innovative drugs, totaling $101.24 billion, surpassing the entire amount for 2024 [8][9]. Group 4: Industry Outlook - Analysts suggest that the innovative drug sector in China is transitioning from a focus on generics to a more robust innovative landscape, with a long-term positive growth trend evident in BD transaction volumes [9]. - The introduction of the commercial insurance directory is expected to create broader market opportunities for innovative drugs, enhancing their commercial viability [6][7].

Core Points - The Hang Seng Index closed at 25,906.65 points, down 1.43% [1] - The Hang Seng Tech Index closed at 5,908.08 points, down 2.37% [1] Company Performance - Semiconductor stocks led the decline, with Hua Hong Semiconductor falling over 7% and SMIC down over 5% [1] - Major tech stocks also experienced losses, with Alibaba down over 4%, Tencent Holdings down over 3%, and JD Group and Baidu Group both down over 2% [1] Sector Performance - The pharmaceutical and biotechnology sector saw gains, with Innovent Biologics rising over 7%, and Fosun Pharma and Rongchang Biologics both increasing over 6% [1]

[Table_StockNameRptType] 荣昌生物（688331） 公司点评 [Table_BaseData] 收盘价（元） 88.66 近 12 个月最高/最低（元）118.88/24.11 总股本（百万股） 564 流通股本（百万股） 162 流通股比例（%） 28.7% 总市值（亿元） 499.7 流通市值（亿元） 143.8 财务状况改善显著，IO+ADC 临床开发加速 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-10-31 | 主要观点： | | --- | | 事件 ⚫[Table_Summary] 1 | 2025 年 10 月 30 日，荣昌生物发布 2025 年三季报，公司实现营 业收入 17.20 亿元，同比+42.27%；归母净利润-5.51 亿元，同 比+48.60%；扣非归母净利润-5.45 亿元，同比+50.31%。单季度 来看，公司 2025Q3 收入为 6.22 亿元，同比+33.13%；归母净利润 为-1.01 亿元，同比减亏 65.24%；环比减亏 48.25%；扣非归母净 利润为-1.00 亿元，同比减亏 67.14%；环比减亏 48. ...

Core Viewpoint - The innovation drug sector in China is experiencing a significant surge, driven by the introduction of a new commercial insurance innovation drug directory and an acceleration in international business development (BD) activities for domestic innovative drugs [1][4][6]. Group 1: Market Performance - On October 31, A-share innovative drug concept stocks collectively surged, with companies like Sanofi and Shuyou Pharmaceutical hitting a 20% limit up, while others like Zai Lab and Yifang Bio saw increases exceeding 10% [2][3]. - The Hong Kong stock market also showed strength in the innovative drug sector, with companies such as InnoCare and Sanofi Pharmaceutical rising over 11% [2]. Group 2: Policy Changes - The 2025 National Medical Insurance Negotiation commenced on October 30, introducing a "commercial insurance innovation drug directory" mechanism for the first time, which aims to include innovative drugs that are not yet part of the basic medical insurance directory but have high clinical value [4]. - A total of 535 drug names passed the formal review for the basic drug directory, while 121 drug names were approved for the commercial insurance innovation drug directory, indicating a significant focus on high-innovation drugs [4]. Group 3: Business Development Acceleration - Since October, there has been a notable increase in the "outbound" progress of domestic innovative drugs, with several high-profile BD transactions, including a strategic cooperation deal worth up to $11.4 billion between Innovent Biologics and Takeda [6][7]. - As of October 21, 2023, there were 115 outbound licensing agreements for Chinese innovative drugs, totaling $101.24 billion, significantly surpassing the $51.9 billion for the entire year of 2024 [7]. Group 4: Industry Outlook - Analysts indicate that the recent surge in BD transactions reflects China's innovative drug industry entering the global mainstream, transitioning from a focus on generic drugs to becoming a leader in certain areas of innovation [7][8]. - The Chinese pharmaceutical industry has completed a transformation from old to new growth drivers, with innovative drugs opening new growth avenues for companies [8].

10月31日盘中，创新药概念股集体走高。截至发稿，三生国健20%涨停，舒泰神涨超14%，透景生命、 迈威生物、泽璟制药、荣昌生物等多股涨超10%。 | 代码 | 名称 | 涨幅 | 现价 | | --- | --- | --- | --- | | 688336 | 三生国健 | +20.00% | 72.96 | | 300204 | 舒泰神 | +14.29% | 36.47 | | 300642 | 透景生命 | +11.97% | 24.78 | | 688062 | 迈威生物-U | +11.69% | 47.23 | | 688266 | 泽璟制药-U | +11.06% | 99.18 | | 688331 | 荣昌生物 | +10.87% | 98.30 | | 300683 | 海特生物 | +10.33% | 34.24 | | 688321 | 微粒化工艺物 | +10.19% | 31.46 | | 600513 | 联环药业 | +10.01% | 21.77 | | 002940 | 昂利康 | +9.99% | 39.73 | | 002370 | 亚太药业 | +9.99% | ...

港股创新药概念股持续走强，荣昌生物涨超8%，信达生物涨超7%，复星医药、君实生物、昭衍新药涨 超5%。 ...