国金证券研报指出，三生国健深度布局自免赛道，存量品种短期贡献稳定收入。公司深耕自免赛道超20 年，已上市三款产品短期有望保障稳定收入和利润贡献。后续在研管线26-28 年有望陆续进入商业化， 现有销售团队、科室经验有望赋能后续新管线的商业化。早研管线赛道优质，有望成为新一代潜力靶 点。基于DCF估值模型，计算合理市值为479亿元，对应目标价77.56元，首次覆盖，给予"买入"评级。 ...

内容概要：生物制剂已成为医药行业增长最快的领域之一。随着人口老龄化的加剧以及公众健康意识的 提升，我国创新药市场规模和增长潜力上均表现出强劲的势头。2024年，中国生物制剂市场规模从2019 年的3120亿元增长至5871亿元，预计2025年中国生物制剂市场规模将达到6752亿元，预计未来五年有望 达到11491亿元。首次研发并上市的原研生物制剂亦被称为创新生物制剂。生物制剂代表了现代医学和 生物技术的巅峰成就，是精准医疗的典范。作为全球生物技术研究最为活跃的国家之一，中国在生物制 剂市场的发展中发挥了重要作用。创新仍是核心驱动力，生物制剂行业属于资本密集型，需要大量研发 投资。得益于国家政策利好、研发投入持续增加以及生物技术的显著发展，中国原研生物制剂市场增长 迅速。预计2030年中国生物制剂的研发支出增长至3088亿元，原研生物制剂市场规模为有望突破1万亿 元。 上市企业：舒泰神[300204]、恒瑞医药[600276]、药明生物[02269]、百济神州[06160]、科兴生物 [SVA]、药明康德[603259]、智飞生物[300122]、万泰生物[603392]、长春高新[000661]、凯莱英 [0 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 1.116 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.80%, primarily driven by increased licensing income from a collaboration project with Shenyang Sansheng and growth in its CDMO business [1] - The net profit attributable to shareholders for the same period was 399 million yuan, a significant increase of 71.15% compared to the previous year [1] - The company received a substantial upfront licensing payment from Pfizer, which contributed to a notable increase in net cash flow from operating activities and total assets compared to the previous year [2] Summary by Sections Financial Performance - Revenue for 2025 is projected to be 4.015 billion yuan, with a year-on-year growth of 236.4% [11] - Net profit for 2025 is expected to reach 2.854 billion yuan, reflecting a year-on-year increase of 305.0% [11] - The company maintained a healthy R&D expense ratio, with total R&D investments amounting to 368 million yuan, a year-on-year increase of 3.87% [1] Innovation Pipeline - The company is actively advancing its innovative pipeline, with several monoclonal antibody projects in various stages of clinical trials, including: 1. Anti-IL-17A monoclonal antibody ("608") for moderate to severe plaque psoriasis, with NDA application accepted [3] 2. Anti-IL-5 monoclonal antibody ("610") for severe eosinophilic asthma, currently in Phase III trials [3] 3. Anti-IL-4Rα monoclonal antibody ("611") for multiple indications, with several Phase III trials ongoing [3][4] 4. Anti-IL-1β monoclonal antibody ("613") for acute gouty arthritis, NDA application submitted and accepted [4] 5. Anti-BDCA2 monoclonal antibody ("626") for systemic lupus erythematosus, currently in Phase Ib/II trials [4] 6. Anti-TLIA monoclonal antibody ("627") for ulcerative colitis, in Phase I trials [8] Investment Recommendations - The company is expected to see significant growth in innovative product launches, maintaining previous profit forecasts with projected revenues of 4.015 billion yuan in 2025, 2.243 billion yuan in 2026, and 2.633 billion yuan in 2027 [9] - The earnings per share (EPS) for 2025 is projected to be 4.63 yuan, with a corresponding price-to-earnings (PE) ratio of 14 [11]

Market Overview - The biopharmaceutical sector experienced a decline of 0.52% on November 27, with Sangfor Biopharma leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Olin Biotech (688319) with a closing price of 25.49, up 4.98% and a trading volume of 103,300 shares, totaling 263 million yuan [1] - Rongchang Biopharma (688331) closed at 96.00, up 4.07% with a trading volume of 65,600 shares, totaling 623 million yuan [1] - Hualan Biological (301207) closed at 24.70, up 2.57% with a trading volume of 222,400 shares, totaling 538 million yuan [1] - Conversely, significant decliners included: - Sangfor Biopharma (688336) closed at 64.70, down 5.40% with a trading volume of 60,400 shares, totaling 400 million yuan [2] - Jindike (688670) closed at 29.32, down 5.11% with a trading volume of 155,900 shares, totaling 453 million yuan [2] - WanTai Biotech (603392) closed at 49.09, down 2.89% with a trading volume of 52,600 shares, totaling 260 million yuan [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 251 million yuan from institutional investors, while retail investors experienced a net inflow of 229 million yuan [2] - Notable capital flows included: - Rongchang Biopharma had a net inflow of 64.13 million yuan from institutional investors, while retail investors saw a net outflow of 39.11 million yuan [3] - Olin Biotech experienced a net inflow of 7.37 million yuan from institutional investors, with retail investors facing a net outflow of 24.86 million yuan [3]

截至发稿，楼慧源累计任职时间7年79天，现任基金资产总规模43.33亿元，任职期间最佳基金回报 143.65%， 任职期间最差基金回报-21.86%。 数据显示，交银施罗德基金旗下1只基金重仓三生国健。交银医药创新股票A（004075）三季度增持 21.03万股，持有股数179.45万股，占基金净值比例为3.74%，位居第八大重仓股。根据测算，今日浮亏 损失约619.12万元。 交银医药创新股票A（004075）成立日期2017年3月23日，最新规模26.51亿。今年以来收益32.13%，同 类排名1165/4206；近一年收益29.31%，同类排名1461/4006；成立以来收益183.1%。 交银医药创新股票A（004075）基金经理为楼慧源。 11月27日，三生国健跌5.04%，截至发稿，报64.94元/股，成交3.50亿元，换手率0.85%，总市值400.54 亿元。 资料显示，三生国健药业(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路399号，成立日期 2002年1月25日，上市日期2020年7月22日，公司主营业务涉及抗体药物的研发、生产及销售业务。主营 业务收入构成为：销售商品75.2 ...

Core Viewpoint - Sanofi Pharmaceutical is set to become a star in the pharmaceutical sector by 2025, following its collaboration with Pfizer and the planned spin-off of its subsidiary, Mandi International, for independent listing, marking the potential emergence of a third listing platform within the "Sanofi System" [1][4]. Group 1: Company Developments - Mandi International, a Cayman Islands-registered company, focuses on consumer pharmaceuticals, particularly in skin health and weight management solutions, and is known for its flagship Minoxidil-based hair loss treatment products [5]. - The valuation of Mandi International has increased over nine times since its acquisition by Sanofi Pharmaceutical in 2015 for 528 million yuan [6][7]. - Mandi International's financial performance shows projected revenues of approximately 982 million yuan, 1.228 billion yuan, 1.455 billion yuan, and 743 million yuan for the years 2022 to 2025, with profit margins consistently above 80% [5]. Group 2: Market Strategy - The spin-off aims to allow for more accurate market valuation of Mandi International, isolating consumer healthcare market risks from Sanofi Pharmaceutical's core focus on innovative drugs and biopharmaceuticals [8]. - The spin-off will utilize a stock distribution and new global share issuance method, allowing existing shareholders to receive shares in Mandi International proportionate to their holdings [8]. Group 3: Historical Context - The "Sanofi System" has a clear capital structure, with Sanofi Pharmaceutical focusing on biopharmaceuticals, Sanofi Guojian on antibody drugs, and Mandi International on consumer healthcare, maximizing capital value across different market segments [11]. - The history of Sanofi Pharmaceutical includes its founding in 1993, its listing on NASDAQ in 2007, and its transition to the Hong Kong Stock Exchange in 2015, alongside strategic acquisitions that expanded its product offerings [9][10]. Group 4: Recent Performance - The stock prices of Sanofi Pharmaceutical and Sanofi Guojian have surged significantly this year, with Sanofi Pharmaceutical's stock increasing nearly fourfold, driven by a lucrative business development deal with Pfizer [13][15]. - The deal with Pfizer involves a $1.25 billion upfront payment for a dual-target antibody product, which has sparked a broader rally in the innovative drug sector [14][15].

Group 1 - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2] - The State Council Information Office will hold a press conference on November 27, 2025, to discuss policies related to enhancing the adaptability of supply and demand for consumer goods [2] - The National Development and Reform Commission will hold a news conference on November 27, 2025, to provide updates on relevant policies [2] Group 2 - Guangdong issued a plan to support enterprises in conducting industrial chain integration and mergers, aiming to enhance the competitive advantages of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027 [3] - The China Insurance Industry Association issued a risk warning regarding "Anwo Stock Insurance," clarifying that it is not an approved insurance institution and that stock investment losses are not covered by insurance [3] Group 3 - Changguang Huaxin has achieved mass production of 100G EML in the optical communication field, and 200G EML has begun sampling [5] - Shida Group noted that it has not engaged in business cooperation with Alibaba Cloud despite market rumors [6] - Jindike will not issue new quadrivalent influenza virus split vaccines this year [7] - Zhongshui Fishery reported no significant changes in its operating conditions and external environment [8] - Maoye Commercial is currently operating normally [9] - Industrial Fulian raised the upper limit for share repurchase to no more than 75 yuan per share [10] - China Iron and Steel's controlling shareholder plans to increase its stake in the company by 65 million to 130 million yuan [11] - Boda Pharmaceutical has not organized the production and sale of related influenza drugs, and it is expected that there will be no impact on the company's operating performance for a considerable period [11] - Muxi Co., Ltd. announced that the subscription date for its issuance is December 5 [11] - Pinming Technology may apply for a trading suspension if its stock continues to experience abnormal fluctuations [12]

Market Overview - The biopharmaceutical sector increased by 0.36% compared to the previous trading day, with Jindike leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Jindike (688670) saw a closing price of 30.90, with a significant increase of 20.00% and a trading volume of 192,400 shares, amounting to a transaction value of 572 million [1] - Rongchang Bio (688331) closed at 92.25, up 5.43%, with a trading volume of 68,800 shares and a transaction value of 635 million [1] - Sanofi (688336) closed at 68.39, up 4.59%, with a trading volume of 74,400 shares and a transaction value of 510 million [1] - Other notable performers include Olin Bio (616889) with a 4.43% increase and Hualan Bio (301207) with a 3.21% increase [1] Fund Flow Analysis - The biopharmaceutical sector experienced a net inflow of 20.94 million from institutional investors, while retail investors saw a net outflow of 57.02 million [2] - Jindike had a net inflow of 57.00 million from institutional investors, despite a net outflow of 19.76 million from retail investors [3] - Rongchang Bio also saw a net inflow of 32.94 million from institutional investors, with retail investors withdrawing 25.48 million [3]

Core Insights - The ITP drug treatment market in China is projected to grow, reaching 2.4 billion yuan in 2024, an increase of 200 million yuan from 2023, and is expected to reach approximately 2.8 billion yuan in 2025 [1][3][4] - Eltrombopag, a novel oral small molecule TPO receptor agonist, has shown excellent efficacy in treating ITP, significantly expanding treatment options for patients [1][4][7] - The sales of Eltrombopag in hospitals reached 376 million yuan in 2023, with an estimated 430 million yuan for the entire year of 2024 [1][4] ITP Drug Treatment Industry Pathway - ITP, or Immune Thrombocytopenic Purpura, is primarily treated with corticosteroids as the first-line therapy, while second-line treatments include platelet-stimulating drugs [2][4] - The incidence of ITP in adults in China is estimated at 5 to 10 per 100,000, with a projected 130,400 patients in 2024 [2][3] ITP Drug Treatment Industry Development Status - The ITP drug treatment market has been expanding, with a notable increase in treatment options due to ongoing research into the disease's pathophysiology [4][6] - The market is characterized by a growing number of patients and an increasing demand for effective treatments [2][3] ITP Drug Treatment Industry Chain - The upstream of the ITP drug treatment industry includes active pharmaceutical ingredients (APIs), chemical raw materials, and related equipment, while the midstream focuses on drug manufacturing [4][6] ITP Drug Treatment Competitive Landscape - Major companies in the domestic ITP drug market include Jiangsu Aosaikang Pharmaceutical, Jiangsu Hengrui Medicine, and Shenyang Sanofi Pharmaceutical, among others [2][6] - Several companies have received approval for Eltrombopag, indicating a competitive environment for generic versions of the drug [6][7] ITP Drug Treatment Development Trends - The treatment of ITP is moving towards targeted and precision medicine, with new therapies showing potential in regulating key immune nodes [7] - Future research may explore the combination of Eltrombopag with existing therapies to enhance treatment outcomes and achieve long-term remission for patients [7]

文 | 野马财经 刘钦文 编辑 | 高远山 一位"药二代"的资本运作，一个家族企业的上市征程，在脱发经济的风口上迎来高光时刻。 "我的每一根头发都有名字"，社交媒体上年轻人的自我调侃，折射出脱发市场的庞大需求。2025年11月20日，三生制药旗下蔓迪国际正式向港交所递交 《招股书》，计划在香港主板上市。 蔓迪国际凭借一款米诺地尔生发剂，在中国脱发药物市场占据57%份额，连续十年排名第一。财务数据显示，2022年至2024年，公司营收从9.82亿元增长 至14.55亿元，复合年增长率达21.7%。 若蔓迪成功上市，这将是"三生系"掌门人娄氏家族的第三个资本市场平台。目前，娄氏家族在资本市场上已有三生制药（1530.HK）、三生国健 （688336.SH）两家上市公司，这位"药二代"，正一步步构建起属于自己的医药帝国。 01 靠"脱发"人群年入14亿，还在布局减肥赛道 "头秃" 焦虑早已不是小众困扰，而是演变为席卷全民的集体焦虑，更催生出一个规模持续爆发的千亿市场。 据灼识咨询数据，2024年中国脱发人群已突破3.39亿，相当于每4个人中就有1人受脱发困扰，而35岁以下群体占比超60%，20-35岁年轻人更是扛起 ...