丨证券研究报告丨 公司研究丨点评报告丨益方生物-U（688382.SH） [Table_Title] 产品管线加速兑现，盈利能力改善 报告要点 [Table_Summary] 2025 年 8 月 22 日，益方生物发布 2025 年半年度报告：2025 年上半年度公司实现营业收入 1916.38 万元，较 2024 年同期增加 28.85%，实现归母净利润-1.19 亿元（2024 年同期为-2.14 亿元）。 分析师及联系人 请阅读最后评级说明和重要声明 [Table_Author] %% %% 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 %% %% research.95579.com 1 1、已授权产品积极拓展 1）贝福替尼（赛美纳®）：贝福替尼已与贝达药业达成商业化合作，其一/二线治疗 NSCLC 适应症均获 NMPA 批准上市，并成功进入《国家医保目录》。截至 2025 年 8 月，贝福替 尼拟用于 EGFR 敏感突变阳性的 IB-IIIB 期 NSCLC 术后辅助治疗的 III 期临床研究以及 贝福替尼联合 MCLA-129 ...

Group 1 - On August 28, Yifang Bio's stock fell by 2.08%, with a trading volume of 723 million yuan [1] - The financing data for Yifang Bio on the same day showed a financing purchase amount of 34.17 million yuan and a financing repayment of 38.78 million yuan, resulting in a net financing outflow of 4.61 million yuan [1] - As of August 28, the total balance of margin trading for Yifang Bio was 118 million yuan, which accounted for 0.75% of its market capitalization [1] Group 2 - As of June 30, Yifang Bio had 9,790 shareholders, a decrease of 7.28% from the previous period, while the average circulating shares per person increased by 7.85% to 40,990 shares [2] - For the first half of 2025, Yifang Bio reported revenue of 19.16 million yuan, representing a year-on-year growth of 28.85%, while the net profit attributable to shareholders was -119 million yuan, an increase of 44.25% year-on-year [2] - Among the top ten circulating shareholders as of June 30, 2025, several new institutional investors entered, including Huatai-PineBridge Innovation Medicine Mixed A and Hong Kong Central Clearing Limited [2]

事件描述 2、在研管线持续推进 1）Taragarestrant（D-0502）：其用于治疗ER 阳性、HER2 阴性局部晚期或转移性乳腺癌适应症的注册 III 期临床试验正在积极推进中；2）D-0120：中国IIb 期临床试验已于2024 年11 月完成，并另于2023 年 4 月在美国启动与别嘌醇联合用药的II 期临床试验；3）D-2570：2025 年4 月，公司D-2570 的III 期临床 试验方案已完成与CDE 沟通。2025年5 月，D-2570 治疗溃疡性结肠炎适应症的II 期临床试验已完成首 例患者给药。 盈利预测：预计公司2025-2027 年归母净利润分别为-2.46 亿元、-2.53 亿元及-2.27 亿元，对应EPS 分别 为-0.42 元、-0.44 元及-0.39 元，维持"买入"评级。 风险提示 1、销售不及预期风险； 2025 年8 月22 日，益方生物发布2025 年半年度报告：2025 年上半年度公司实现营业收入1916.38 万 元，较2024 年同期增加28.85%，实现归母净利润-1.19 亿元（2024 年同期为-2.14亿元）。 事件评论 营业收入同比增长，盈利 ...

Core Viewpoint - The A-share market saw a significant rise in satellite communication concept stocks following the release of the Ministry of Industry and Information Technology's guidelines to promote the development of the satellite communication industry, aiming for over 10 million users by 2030 [1][2]. Group 1: Market Performance - Notable stocks include Chuangyi Information, which rose over 13%, and Zhenlei Technology and Huali Chuantong, both increasing over 10% [1]. - Other companies such as Xingwang Yuda and Fudan Microelectronics also experienced substantial gains, with increases nearing 10% and 8% respectively [1]. - The overall trend indicates a strong market response to the new policies, with various companies in the satellite communication sector showing positive performance [1]. Group 2: Policy Implications - The guidelines propose 19 measures to expand market access, enhance application scenarios, and foster a robust industry ecosystem [2]. - Key areas of focus include supporting low-orbit satellite internet development, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [2]. - The industry is expected to evolve into a new trillion-level market, with a clear policy direction and strategic importance highlighted by the government [2]. Group 3: Investment Opportunities - Analysts suggest monitoring investment opportunities in satellite communication service providers, satellite operation and services, satellite manufacturing, and ground equipment manufacturing [2]. - The report from CITIC Securities emphasizes the ongoing optimization of business access in the satellite communication sector, indicating a potential acceleration in license issuance [2].

Core Viewpoint - The company reported a revenue of 0.19 billion yuan for the first half of 2025, reflecting a year-on-year increase of 28.85%, but incurred a net loss attributable to shareholders of 1.19 billion yuan and a net cash flow from operating activities of -1.07 billion yuan [1] Group 1: Financial Performance - The company achieved a revenue of 0.19 billion yuan, representing a year-on-year growth of 28.85% [1] - The net profit attributable to shareholders was -1.19 billion yuan, while the non-deductible net profit was -1.29 billion yuan [1] - The net cash flow from operating activities was -1.07 billion yuan [1] Group 2: R&D Pipeline and Product Development - The company's R&D pipeline covers multiple therapeutic areas, including oncology, metabolic diseases, and autoimmune diseases, with competitive products [2] - The company has advanced five small molecule compounds to clinical research stages, with two products already approved for marketing in China and included in the National Medical Insurance Directory [2] - Taragarestrant (D-0502) is the first oral SERD inhibitor from a Chinese company to enter clinical trials in the U.S., currently in phase III registration trials in China [2] - D-0120 is the first URAT1 inhibitor from a Chinese company to enter clinical trials in the U.S., with phase IIb trials completed in China [2] - D-2570 has shown significant efficacy in treating moderate to severe psoriasis, outperforming both placebo and existing TYK2 inhibitors, with a phase III trial protocol completed [2] Group 3: Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 to 2027 at -2.57 billion yuan, -2.23 billion yuan, and -0.46 billion yuan respectively [3] - The company possesses a comprehensive in-house R&D system that enhances the success rate of its products and shortens drug development cycles [3] - The company maintains a "buy" rating based on its strong R&D capabilities [3]

2025 年 8 月 28 日 公司研究 研发管线覆盖多个治疗领域，产品极具竞争力 ——益方生物-U（688382.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现营业收入 0.19 亿元，同比+28.85%；归 母净利润为-1.19 亿元；扣非归母净利润为-1.29 亿元；经营活动产生的现金流量 净额为-1.07 亿元。 点评： 研发管线覆盖多个治疗领域，产品极具竞争力。 公司在研产品管线覆盖肿瘤、 代谢疾病、自身免疫疾病等治疗领域。自成立以来，公司已将 5 个小分子化合物 从源头自主发现推进至临床研究阶段，其中贝福替尼二线、一线治疗均已获得 NMPA 批准上市，且均进入《国家医保目录》。格索雷塞已于 2024 年 11 月获 得 NMPA 批准上市。截至 2025 年 6 月 30 日，公司共有 2 款对外授权的上市产 品，1 款处于注册临床试验阶段的产品、2 款处于 II 期临床试验阶段的产品以及 多个临床前在研项目。各临床管线的研发进度均位居各赛道全球或中国前列。 1）Taragarestrant（D-0502）：D-0502 是中国公司中第一个在美国进入临床 试验阶段的口 ...

Group 1 - The core viewpoint highlights the essential role of SoC and storage chips in the rapid penetration of AI glasses and toys, as well as the upgrade of traditional IoT and wearable devices, with a projected market space expansion of over 100% within three years [1] - The market is catalyzed by multiple factors, with smart terminal-side chips becoming a highly recognized investment direction, driven by early mass production timelines for new AI glasses and increased demand for high-performance, low-power SoCs from leading domestic manufacturers [1] - Investment is rapidly concentrating on key companies such as Fudan Microelectronics, Hengxuan Technology, and Rockchip, leading to a recovery in the semiconductor sector and a ripple effect across materials, equipment, and packaging segments [1] Group 2 - Key companies in the smart terminal-side chip sector include Fudan Microelectronics (market cap: 195.44 billion), Hengxuan Technology (306.89 billion), and Rockchip (432.27 billion), with each company focusing on specific technological advancements such as AI acceleration and low-power wireless SoCs [3] - The industry is categorized into various segments, including terminal-side SoC chips, storage, modules, and ASICs, with notable companies like Broadcom Integration and Allwinner Technology leading in terminal-side SoC chips [4] - The AI application landscape is diverse, encompassing sectors such as healthcare, education, finance, and gaming, with companies like iFLYTEK and Perfect World actively participating in AI-driven innovations [5]

中海医药混合A（000878）基金经理为梁静静。 截至发稿，梁静静累计任职时间5年49天，现任基金资产总规模8.11亿元，任职期间最佳基金回 报-12.8%， 任职期间最差基金回报-24.97%。 资料显示，益方生物科技(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路67弄4号210室，成 立日期2013年1月11日，上市日期2022年7月25日，公司主营业务涉及创新药物的研发、生产和销售。主 营业务收入构成为：技术授权和技术合作收入100.00%。 从基金十大重仓股角度 数据显示，中海基金旗下1只基金重仓益方生物。中海医药混合A（000878）二季度持有股数57.84万 股，占基金净值比例为5.99%，位居第八大重仓股。根据测算，今日浮亏损失约116.26万元。 中海医药混合A（000878）成立日期2014年12月17日，最新规模2.3亿。今年以来收益33.46%，同类排 名1598/8194；近一年收益40.59%，同类排名3329/7963；成立以来收益142.14%。 8月27日，益方生物跌5.03%，截至发稿，报37.96元/股，成交3.26亿元，换手率2.00%，总市值219.53亿 元 ...

Market Overview - The chemical pharmaceutical sector experienced a decline of 1.33% on August 26, with Yuan Dong Biological leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Haixiang Pharmaceutical (002099) with a closing price of 6.41, up 6.13% [1] - ST Suwu (600200) with a closing price of 1.11, up 4.72% [1] - Maiwei Biological (688062) with a closing price of 42.50, up 4.14% [1] - Major decliners included: - Yuan Dong Biological (688513) with a closing price of 63.08, down 10.71% [2] - Guangsheng Tang (300436) with a closing price of 138.88, down 8.60% [2] - Shutaishen (300204) with a closing price of 56.70, down 7.05% [2] Capital Flow - The chemical pharmaceutical sector saw a net outflow of 30.51 billion yuan from institutional investors, while retail investors contributed a net inflow of 18.08 billion yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Haixiang Pharmaceutical (002099) had a net inflow of 78.77 million yuan from institutional investors, while retail investors saw a net outflow of 77.68 million yuan [3] - Other notable stocks with significant capital flows included: - Borui Pharmaceutical (688166) with a net inflow of 78.36 million yuan from institutional investors [3] - Yifang Biological (688382) with a net inflow of 28.31 million yuan from institutional investors but a net outflow of 89.39 million yuan from retail investors [3]

A股市场创新药板块走低，其中，苑东生物跌超8%，阳光诺和跌超6%，海特生物、广生堂跌超5%，益 方生物、立方制药、康辰药业、昂利康、欧林生物跌超4%。 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688513 | 苑东生物 | 1 | -8.86 | 114亿 | 115.73 | | 688621 | 阳光诺和 | | -6.99 | 83.34 乙 | 97.96 | | 300683 | 海特生物 | 1 | -5.87 | 73.20亿 | 135.94 | | 300436 | 广生堂 | 1 | -5.49 | 229亿 | 339.58 | | 688382 | 益方生物-l | | -4.88 | 232亿 | 201.65 | | 003020 | 立方制药 | - | -4.88 | 69.64亿 | 107.81 | | 603590 | 展反约业 | | -4.44 | 80.63亿 | 119.34 | | 002940 | 昂利康 | | -4.31 | ...