Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [24]. Core Insights - The company is positioned as an innovative pharmaceutical enterprise focusing on the antiviral field, particularly HIV, and has seen significant growth in its revenue and product sales. The HIV market is expanding, and the company’s innovative drugs, Ainuovirine and Ainomi Tablets, are expected to gain further traction [24][89]. - The company’s revenue for 2023 increased by 68.44% year-on-year, with a projected revenue growth of 35.8%, 67.2%, and 34.7% for 2024, 2025, and 2026, respectively [6][24][91]. Summary by Sections Company Overview - The company integrates drug research, production, and sales, focusing on antiviral drugs and human-derived proteins, particularly in the fields of HIV, inflammation, and stroke [24][19]. Market Dynamics - The total number of HIV infections is continuously rising, leading to an expanding market for anti-HIV drugs. The company benefits from this growth, with its innovative drugs starting to see initial sales increases [3][64]. Financial Performance - The company reported a gross margin of 46.19% in 2023, an increase of 3.29 percentage points year-on-year. The net profit margin improved by 32.37 percentage points to -18.49% [20][40]. - The company’s operating expenses significantly decreased by 17.69% to 51.09% in 2023 [20][30]. Product Pipeline - The company has successfully included its innovative drugs, Ainuovirine and Ainomi Tablets, in the national medical insurance directory, which is expected to enhance their market penetration [42][89]. - The Ainomi Tablets, a first-of-its-kind three-in-one compound formulation, are anticipated to see substantial sales growth [74][89]. Revenue Projections - The company forecasts revenues of 5.59 billion, 9.34 billion, and 12.59 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of -0.08, 0.02, and 0.14 yuan [24][91]. Competitive Landscape - The company’s HIV drugs are competitively priced lower than other market options, which is expected to drive sales growth. The pricing for Ainomi Tablets is set at 24.15 yuan per tablet, significantly lower than competitors [53][89]. Clinical Trials and Efficacy - The company has completed phase III clinical trials for Ainomi Tablets, demonstrating comparable efficacy to existing treatments while showing a lower incidence of adverse effects [81][85]. Strategic Focus - The company aims to enhance its hospital coverage and improve patient education to increase product awareness and adherence among HIV patients [20][42]. Conclusion - The report indicates a strong outlook for the company, driven by its innovative product offerings and the expanding HIV treatment market, with significant revenue growth anticipated in the coming years [24][91].

公证天业会计师事务所（特殊普通合伙） Gongzheng Tianye Certified Public Accountants, SGP 中国. 江苏. 无锡 Wuxi . Jiangsu . China 总机：86 (510)68798988 Tel： 86 (510)68798988 传真：86 (510)68567788 Fax： 86 (510)68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 关于江苏艾迪药业股份有限公司 2023 年年度报告信息披露监管问询函的回复 专项说明 上海证券交易所科创板公司管理部： 根据贵部2024年4月29日下发的上海证券交易所《关于江苏艾迪药业股份 有限公司2023年年度报告的信息披露监管问询函》（上证科创公函【2024】0076 号）的要求，公证天业会计师事务所（特殊普通合伙）（以下简称"我们"）对 问题中提到的需要会计师发表意见的问题进行了认真核查。现将有关问题的核 查情况和核查意见的说明如下（除特别注明外，以下金额单位为人民币元）： 问题一 关于经营业绩。年报显示，2023 年公司实现营业收入 4.11 ...

证券代码：688488 证券简称：艾迪药业 公告编号：2024-023 江苏艾迪药业股份有限公司 关于2023年年度报告的信息披露监管问询函的 回复公告 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。 江苏艾迪药业股份有限公司（以下简称"公司"或"艾迪药业"）于 2024 年 4 月 29 日收到上海证券交易所下发的《关于江苏艾迪药业股份有限公司 2023 年 年度报告的信息披露监管问询函》（上证科创公函【2024】0076 号），公司就函 件关注的相关问题逐项进行了认真的核查落实，现就函件相关问题回复如下： 问题一 经查询公开资料，2022 年及 2023 年尿激酶粗品、乌司他丁粗品对应的终端 制剂销售价格稳定，番泻叶颗粒的销售均价比去年上升 15%，具体如下表所示： | 药品名 | 生产厂商 | 2023 | 年价格 | 2022 | 年价格 | 终端市场变化情况 | | --- | --- | --- | --- | --- | --- | --- | | 称 | | | | | | | | | 南京南大 | 137 ...

华泰联合证券有限责任公司 关于江苏艾迪药业股份有限公司 2023 年年度报告的信息披露监管问询函的核查意见 江苏艾迪药业股份有限公司（以下简称"公司"或"艾迪药业"）于近日收 到上海证券交易所下发的《关于江苏艾迪药业股份有限公司 2023 年年度报告的 信息披露监管问询函》（上证科创公函【2024】0076 号）（以下简称"《问询 函》"），并对《问询函》进行了书面答复，公司年审机构公证天业会计师事务 所（特殊普通合伙）对相关问题发表了专业意见，相关答复情况详见公司披露的 关于 2023 年年度报告的信息披露监管问询函的回复公告及公证天业会计师事务 所（特殊普通合伙）关于公司 2023 年年度报告的信息披露监管问询函回复的专 项说明。 在合理信赖公证天业会计师事务所（特殊普通合伙）相关专业意见的基础上， 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）对需 要发表意见的公司答复内容、答复依据进行了核查，并逐项发表意见如下： 问题一 关于经营业绩。年报显示，2023 年公司实现营业收入 4.11 亿元，同比增长 68.44%，主要系人源蛋白粗品业务收入较上年增加 1.16 亿元。毛利率方面，尿 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 化学制剂 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 公 司 点 评 报 告 ＃dyCompany＃ 艾迪药业 （688488.SH） 000009 ＃title＃ 2024Q1 符合预期，抗艾新药放量可期 ＃createTime1＃2024 年 5 月 15 日 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-------|------------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 411 550 862 1138 | | | | 同比增长 | 68.4% | 33.7% | 56.7% | 32.0% | | 归母净利 ...

⚫ 人源白蛋业务出现波动，强化产业链布局有望增厚收益。2023 年公司 人源蛋白业务表现良好，其中尿激酶粗品收入 1.77 亿元（+71.46%）， 主要由于来自于南大药业采购额增加；乌司他丁粗品收入 7955.21 万 元（+98.15%），主要由于天普生化采购恢复。2024 年 1 季度公司人源 蛋白粗品业务收入较上年同期减少 3821.41 万元，我们预计主要是由于 客户季节性采购金额波动和尿激酶集采降价影响。公司公告拟收购南大 药业 31.161%股权，进一步强化产业链布局，有望增厚收益。 [Table_ReportDate] 艾迪药业(688488)公司简评报告 | 2024.05.14 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 16.10 | | 一年内最高 / 最低价（元） | 17.40/9.63 | | 市盈率（当前） | -75.14 | | 市净率（当前） | 6.08 | | 总股本（亿股） | 4.21 | | | 67.75 | ⚫ 事件：公司发布2023年报，2023年实 ...

[Table_Title] 创新药销售持续改善，进入快速增长阶段 [Table_Rank] 评级： 买入 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 资料来源：聚源数据 | --- | --- | |---------------------------|------------| | | | | 最新收盘价（元） | 16.10 | | 一年内最高 / 最低价（元） | 17.40/9.63 | | 市盈率（当前） | -75.14 | | 市净率（当前） | 6.08 | | 总股本（亿股） | 4.21 | | | 67.75 | ⚫ 盈利预测和估值。我们预计 2024 年至 2026 年公司营业收入分别为 5.67 亿元、8.17 亿元和 10.97 亿元，同比增速分别为 37.9%、44.0%和 34.4%； 归母净利润分别为-0.35 亿元、0.35 亿元和 1.63 亿元，以 5 月 13 日收盘 价计算，对应 PE 分别为-194.2 倍、194.3 倍和 41. ...

关于参加 2023 年度科创板制药专场集体业绩说明会暨 2024 年第一季度业绩说明会的公告 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。 重要内容提示： 证券代码：688488 证券简称：艾迪药业 公告编号：2024-020 江苏艾迪药业股份有限公司 （三） 视频和线上文字互动平台：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （四）投资者可于 2024 年 5 月 17 日(星期五)16：00 前通过邮件、电话等形 式将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍 关注的问题进行回答。 http://roadshow.sseinfo.com/） 投资者可于 2024 年 5 月 17 日(星期五)16：00 前通过邮件、电话等形式将 需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍关注 的问题进行回答。 江苏艾迪药业股份有限公司（以下简称"公司"）已分别于 2024 年 4 月 16 日 及 2024 年 4 月 26 日发 ...

江苏艾迪药业股份有限公司 2024 年度"提质增效重回报"行动方案 为推动持续优化经营、规范治理和积极回报投资者，坚持把高质量发展作为 首要任务，大力发展新质生产力，增强投资者信心，维护全体股东利益，促进公 司高质量、可持续发展，江苏艾迪药业股份有限公司（以下简称"公司"或"艾 迪药业"）结合公司自身发展战略、经营情况和财务情况，特制定2024年度"提 质增效重回报"行动方案，并于2024年4月25日经公司第二届董事会第二十二次会 议审议通过。具体如下： 江苏艾迪药业股份有限公司是一家致力于探索、研发和销售创新性化学药物 以及人源蛋白产品的创新型制药企业。面对2023年经营发展过程中的机遇与挑战， 公司始终以提升核心竞争力为前进方向，以积极推进主营业务健康发展为落脚点， 研发管线纵深布局推进，商业化格局逐渐打开，产能建设有序推进，自身造血能 力逐步增强。 2024年，公司将围绕专注领域深度布局，推进产品研发进展和商业化，主要 包括以下几个方面： （一）加速推动抗艾滋病在研管线项目 在抗HIV病毒领域，公司紧跟药物研发国际发展趋势，深度开发抗艾滋病在 研管线，不断完善产品架构，打造系列抗艾产品，为HIV感染者提 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥92,893,957, representing a decrease of 17.52% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥13,606,889.35, indicating a significant loss[3]. - Total operating revenue for Q1 2024 was ¥92,893,957, a decrease of 17.6% compared to ¥112,621,308.59 in Q1 2023[19]. - Net loss for Q1 2024 was ¥13,606,889.35, compared to a net profit of ¥486,169.74 in Q1 2023, indicating a significant decline in profitability[20]. - Basic and diluted earnings per share for Q1 2024 were both -¥0.03, compared to ¥0.0012 in Q1 2023[21]. Research and Development - Research and development expenses totaled ¥20,314,126.77, an increase of 31.16% year-over-year, accounting for 21.87% of operating revenue, up by 8.12 percentage points[3][6]. - The company continues to focus on new product development, which has led to increased R&D investments despite the decline in revenue[6]. - Research and development expenses surged to ¥17,748,750.48 in Q1 2024, up 80.5% from ¥9,828,619.27 in Q1 2023[20]. Assets and Liabilities - The total assets at the end of Q1 2024 were ¥1,752,515,683.14, a slight increase of 0.34% from the end of the previous year[4]. - The company's total liabilities increased to ¥569.06 million from ¥491.57 million, representing a rise of approximately 16%[16]. - The company's total liabilities amounted to ¥638,693,728.75 in Q1 2024, an increase from ¥621,027,157.38 in Q1 2023[17]. - The total equity attributable to shareholders decreased to ¥1,113,821,954.39 in Q1 2024 from ¥1,125,538,212.91 in Q1 2023, a decline of 1.0%[17]. Cash Flow - The net cash flow from operating activities was -¥70,322,344.42, indicating a negative cash flow situation[3]. - Cash inflow from operating activities was ¥72,666,436.67 in Q1 2024, compared to ¥67,546,626.96 in Q1 2023, reflecting a growth of 7.3%[22]. - The net cash flow from operating activities was -$70.32 million, compared to -$56.42 million in the previous year, indicating a decline in operational cash generation[23]. - Cash inflow from investment activities totaled $246.55 million, down from $423.24 million year-over-year, with a net cash flow from investment activities of $46.03 million compared to $101.65 million previously[23]. - Cash inflow from financing activities was $140.30 million, significantly higher than $52.40 million in the prior year, resulting in a net cash flow from financing activities of $35.86 million, up from $17.89 million[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,237[8]. - The largest shareholder, Guangzhou Weimei Investment Co., Ltd., holds 22.46% of the shares, totaling 94,500,000 shares[8]. Market and Product Development - In Q1 2024, the sales revenue of HIV new drugs reached RMB 35.71 million, representing a year-on-year growth of 76.52%[10]. - The company has established a commercial operation system for HIV new drugs, focusing on patients with lipid and weight issues who demand a high quality of life[10]. - The company is actively advancing its overseas market strategy, which is expected to create new growth points for its HIV innovative drug business[11]. - The clinical trial for the drug Ainomi Tablets has shown positive results in its 96-week Phase III study[11]. - The clinical trial results for the drug Anomiravir (复邦德®) showed a viral suppression rate of 96.6% (<50 copies/mL) after 96 weeks, outperforming historical data of similar imported products[12]. - The real-world study of the Anovelin regimen demonstrated comparable efficacy to the Efavirenz regimen, with a significant reduction in adverse effects related to lipid metabolism and central nervous system issues[13]. - The Phase I clinical trial of the new integrase inhibitor ACC017 has shown good safety across all dosage groups, with no severe adverse events reported[13]. - The company plans to present its Phase III clinical research results at the upcoming AIDS 2024 conference in Germany, enhancing its international academic presence[13]. - The company aims to leverage academic publications to promote its core products on the international stage, indicating a strategic focus on global market expansion[13]. Other Financial Metrics - The company reported non-recurring gains of ¥3,772,815.54 for the period, primarily from government subsidies and financial asset disposals[6]. - The company's cash and cash equivalents increased to ¥256.84 million from ¥225.36 million at the end of 2023, reflecting a growth of approximately 14%[15]. - The accounts receivable rose to ¥210.49 million, up from ¥182.42 million, indicating a growth of about 15%[15]. - The long-term equity investments increased to ¥97.88 million from ¥91.87 million, showing a growth of about 6.5%[16]. - The company reported an investment income of ¥7,573,963.00 in Q1 2024, up from ¥4,079,688.68 in Q1 2023, marking an increase of 85.1%[20]. - Deferred income tax liabilities rose to ¥6,474,799.56 in Q1 2024 from ¥6,278,458.48 in Q1 2023, an increase of 3.1%[17]. - The company paid $35.99 million to employees, an increase from $35.41 million year-over-year, reflecting a rise in employee compensation[23]. - Tax payments increased to $5.17 million from $2.23 million, indicating a higher tax burden on the company[23]. - Cash outflow for other operating activities was $30.78 million, slightly down from $32.02 million, showing a minor reduction in operational expenses[23]. - The company reported cash outflow for investment activities of $200.52 million, down from $321.59 million, indicating a reduction in capital expenditures[23]. - The impact of exchange rate changes on cash and cash equivalents was a positive $9,368, contrasting with a negative impact of -$271,524 in the previous year[23]. - The company did not adopt new accounting standards for the current reporting period, maintaining consistency in financial reporting[24].