Core Viewpoint - Eddie Pharmaceuticals experienced a stock price decline of 2.04% on November 7, 2023, with a current price of 14.37 CNY per share and a market capitalization of 6.047 billion CNY [1] Financial Performance - For the period from January to September 2025, Eddie Pharmaceuticals achieved a revenue of 552 million CNY, representing a year-on-year growth of 84.83% [2] - The company reported a net profit attributable to shareholders of -6.8405 million CNY, showing an increase of 88.78% year-on-year [2] Stock and Shareholder Information - As of September 30, 2025, the number of shareholders for Eddie Pharmaceuticals was 12,100, an increase of 1.55% from the previous period [2] - The average circulating shares per shareholder decreased by 1.53% to 34,709 shares [2] - Since its A-share listing, the company has distributed a total of 20.16 million CNY in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, notable institutional shareholders include: - Xingquan Commercial Model Mixed Fund (LOF) A, holding 6.229 million shares, ranked as the fifth largest circulating shareholder and a new entrant [3] - Huatai-PineBridge Healthcare Mixed Fund, holding 4.6607 million shares, ranked seventh and also a new entrant [3] - Penghua Medical Technology Stock A, holding 4.1255 million shares, ranked ninth, with a reduction of 2.68 million shares compared to the previous period [3] - Two funds,招商行业精选股票 and 广发价值核心混合 A, have exited the top ten circulating shareholders list [3] Business Overview - Eddie Pharmaceuticals, established on December 15, 2009, and listed on July 20, 2020, is based in Yangzhou, Jiangsu Province [1] - The company's main business involves the exploration, research, and sales of innovative chemical drugs and human-derived protein products, with revenue composition as follows: - Human-derived protein: 41.11% - New drugs: 35.69% - Diagnostic equipment, reagents, and others: 13.62% - Generic drugs: 9.47% - Others (supplementary): 0.11% [1]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a significant improvement in its operational performance for the first three quarters of 2025, driven primarily by the accelerated commercialization of HIV new drugs and the synergistic effects of asset integration. Revenue reached 552 million yuan, a year-on-year increase of 84.83%, with HIV new drug revenue contributing approximately 76.61 million yuan to this growth [6] - The company's net loss narrowed significantly to 6.84 million yuan from 60.94 million yuan in the same period last year, mainly due to an increase in gross profit of 206 million yuan and a reduction in credit and asset impairment losses [6] - The company has made notable progress in its research pipeline, including the initiation of Phase III clinical trials for the integrase inhibitor ACC017 and the approval of clinical trials for the integrase ADC118 combination formulation [6] Financial Data and Profit Forecast - Total revenue is projected to reach 806 million yuan in 2025, with a year-on-year growth rate of 92.8% [2] - The company expects to achieve a net profit of 7 million yuan in 2025, with a significant increase in subsequent years, reaching 166 million yuan by 2027 [2] - The gross profit margin is anticipated to improve from 63.2% in 2025 to 75.2% in 2027 [2] Market Data - As of November 3, 2025, the closing price of the company's stock was 15.41 yuan, with a market capitalization of 6,484 million yuan [3] - The stock has experienced a price range of 18.45 yuan (highest) to 7.02 yuan (lowest) over the past year [3] Research Progress - The company is diversifying its product pipeline in the HIV innovative drug sector, covering various research directions from antiviral treatment to pre-exposure prophylaxis [6] - The approval of the raw material for the drug Mofetil Sodium enhances the supply chain autonomy of core products, while the clinical trial approval for ADB116 expands the company's innovative drug portfolio [6]

Core Viewpoint - Jiangsu Aidi Pharmaceutical (688488.SH), a leading company in the domestic HIV field, reported a revenue of 552 million yuan for the first three quarters, marking an 84.83% year-on-year increase, with HIV new drug sales reaching 211 million yuan, up 57.12% year-on-year, continuing a trend of rapid growth for three consecutive years [1][2]. Group 1: Financial Performance - The company achieved a revenue of 552 million yuan in the first three quarters, representing an 84.83% increase year-on-year [1]. - Sales from HIV new drugs reached 211 million yuan, reflecting a year-on-year growth of 57.12% [1]. Group 2: Innovation and Product Development - Aidi Pharmaceutical has made significant breakthroughs in its innovative pipeline, particularly in the HIV and human protein fields, with rapid advancements in integrase inhibitors and the approval of a new modified drug in the human protein sector [1][4]. - The company has launched a three-year "Bond Plan" to consolidate resources and enhance the commercialization of HIV new drugs [3]. Group 3: Market Position and Strategy - Aidi Pharmaceutical has established a highly efficient commercialization operation system and a specialized marketing team, focusing on a collaborative model of "medical guidance, market pull, and sales implementation" to achieve stable and rapid growth in HIV new drug sales [2]. - The company has successfully transitioned from a "follower" to a "runner and leader" in the field of anti-HIV drugs, with two national class 1 new drugs already on the market [2]. Group 4: Clinical Research and Global Impact - The clinical research results of the company's key product, "Fubangde," have been published in prestigious international medical journals, demonstrating the clinical and market value of domestic innovative drugs [3]. - Aidi Pharmaceutical's integrase inhibitor, ACC017, has entered phase III clinical trials, expected to enhance market returns alongside its flagship product [4][5]. Group 5: Human Protein Sector - The company has received approval for its second modified new drug, ADB116, in the human protein field, showcasing its commitment to innovation and addressing critical health issues such as ischemic stroke [6]. - ADB116 is designed to improve treatment efficiency for acute ischemic stroke patients, aligning with international treatment guidelines [6]. Group 6: Future Outlook - The company aims to deepen its research and accelerate global expansion, with a vision of sharing its innovative solutions worldwide, reflecting its commitment to internationalization [7].

Group 1 - WuXi AppTec's CAR-T cell therapy, Rikeolunase injection, is expected to be included in the commercial health insurance directory, marking a significant step in China's multi-tiered medical security system [1] - The pricing for Rikeolunase injection is set at 1.29 million yuan per dose, which highlights the potential accessibility of high-cost therapies through the "commercial insurance + innovative drugs" model [1] Group 2 - Green Valley Pharmaceutical was fined 400,000 yuan for illegal promotion of its drug, Ganlutena capsules (Jiuqi Yi), which has faced efficacy controversies since its approval [2] - The fine serves as a significant warning for pharmaceutical companies, especially regarding compliance in marketing practices for new drugs with low public awareness [2] Group 3 - Libang Pharmaceutical has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, focusing on the kidney disease sector with a vertically integrated platform covering R&D, production, and commercialization [3] - The company aims to address the substantial market demand from approximately 850 million kidney disease patients globally, amidst a shortage of innovative therapies [3] Group 4 - Aidi Pharmaceutical's ADC118 tablets, a first-class new drug for HIV, have received clinical approval, representing a significant breakthrough in the development of domestic anti-HIV medications [4] - If clinical trials proceed successfully, ADC118 could disrupt the dominance of imported drugs in the HIV treatment market, providing high-quality domestic options for patients [4] Group 5 - Lepu Biopharma's MRG003 (Vibekotamab) has been approved for marketing, targeting patients with recurrent/metastatic nasopharyngeal carcinoma who have failed at least two lines of systemic chemotherapy and PD-1/PD-L1 inhibitors [5] - MRG003 is the first EGFR ADC new drug approved globally, marking a new milestone for domestic ADC development [5]

Group 1 - WuXi AppTec's CAR-T drug, Rikeolunase injection, is expected to be included in the commercial health insurance innovation drug directory, marking a significant step in China's multi-tiered medical security system [1] - The drug is the first domestically approved Class 1 CAR-T therapy, with a pricing of 1.29 million yuan per injection, which aims to alleviate the pressure on basic medical insurance [1] - This breakthrough not only facilitates the realization of cutting-edge technology value but also promotes the formation of a complete closed loop from R&D to commercialization in the biopharmaceutical industry [1] Group 2 - Green Valley Pharmaceutical was fined 400,000 yuan for illegal promotion of the drug Ganluotena capsules (brand name: Jiuqi Yi), which has been controversial regarding its efficacy since approval [2] - The fine serves as a significant warning for pharmaceutical companies, especially for new drugs with low public awareness, emphasizing the importance of compliance in marketing practices [2] Group 3 - Libang Pharmaceutical has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, focusing on the kidney disease sector as a global leading biopharmaceutical company [3] - The company has established a vertically integrated platform covering R&D, production, and commercialization, creating a core competitive advantage in a market with approximately 850 million kidney disease patients [3] Group 4 - Aidi Pharmaceutical's ADC118 tablets, a Class 1 new drug for HIV-1 treatment, have received clinical approval, marking the first domestically developed integrase inhibitor combination therapy to enter clinical trials in China [4] - This development represents a significant breakthrough in the research and development of new drugs for AIDS in China, potentially providing high-quality domestic treatment options for HIV patients [4] Group 5 - Lepu Biopharma's MRG003 (Vebecotuzumab) has been approved for marketing by NMPA, aimed at treating recurrent/metastatic nasopharyngeal carcinoma patients who have failed at least two lines of systemic chemotherapy and PD-1/PD-L1 inhibitors [5] - MRG003 is the world's first approved EGFR ADC new drug, marking a new milestone for domestic ADC products [5]

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Insights - The approval of Aidi Pharmaceutical's core product, Dolutegravir Sodium, marks a significant breakthrough in the vertical integration of the anti-HIV drug supply chain, enhancing the company's competitiveness and cost control in the domestic market [5][7] - The approval aligns with national policies encouraging innovation in the pharmaceutical industry and supports the high-quality development of the biopharmaceutical sector, showcasing the increasing R&D capabilities of domestic pharmaceutical companies [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.19% compared to the CSI 300 index, with absolute returns of 13.9% [3] Key Events - Aidi Pharmaceutical announced the approval of its core product, Dolutegravir Sodium, by the National Medical Products Administration (NMPA), which is a key drug in the WHO's first-line treatment for HIV [5][6] Investment Recommendations - The report suggests focusing on other antiviral companies, particularly those with existing products or strong R&D capabilities in chronic viral diseases like HIV and hepatitis B [7] - It also recommends investing in specialty raw material and CDMO companies, highlighting the value of firms with high-quality standards and technological barriers [7]

Group 1 - Eddie Pharmaceuticals (688488.SH) reported its Q3 2025 results on October 31, 2025, with 13 institutional investors holding a total of 216 million shares, representing 51.44% of the company's total equity [1] - The top ten institutional investors include Guangzhou Weimei Investment Co., Ltd., Weimei Investment (Hong Kong) Co., Ltd., AEGLE TECH LIMITED, and others, collectively holding 51.23% of the shares, which is a decrease of 1.26 percentage points from the previous quarter [1] Group 2 - In the public fund sector, one fund, the Xingquan Business Model Mixed (LOF) A, increased its holdings by 0.64% compared to the previous period [2] - Three public funds reduced their holdings, including Penghua Medical Technology Stock A, with a total decrease of 0.65% [2] - Three new public funds disclosed their holdings this period, including Huatai-PineBridge Medical Care Mixed, Yongying Medical Health A, and Hongtu Innovation Medical Care Stock [2]

Core Viewpoint - Eddie Pharmaceutical is an innovative company in the domestic anti-HIV drug sector, focusing on the exploration, research, and sales of innovative chemical drugs and human-derived protein products [1] Group 1: Business Performance - For Q3 2025, Eddie Pharmaceutical reported revenue of 552 million yuan, ranking 21st among 34 companies in the industry, with the industry leader, Changchun High-tech, generating 9.807 billion yuan [2] - The company's net profit for the same period was 16.11 million yuan, ranking 22nd in the industry, with the top performer, Tonghua Dongbao, achieving a net profit of 1.188 billion yuan [2] - The main business composition includes human-derived proteins at 149 million yuan (41.11%), new drugs at 129 million yuan (35.69%), diagnostic equipment and reagents at 49.35 million yuan (13.62%), and generic drugs at 34.31 million yuan (9.47%) [2] Group 2: Financial Ratios - As of Q3 2025, Eddie Pharmaceutical's debt-to-asset ratio was 41.35%, higher than the previous year's 40.23% and above the industry average of 26.88% [3] - The gross profit margin for the same period was 65.72%, an increase from 52.81% year-on-year, but still below the industry average of 70.17% [3] Group 3: Executive Compensation - The chairman, Fu Helian, received a salary of 1.1336 million yuan in 2024, an increase of 13,900 yuan from 2023 [4] - The president, Zhang Jie, earned 3.7593 million yuan in 2024, up by 745,800 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.55% to 12,100, with an average holding of 34,700 circulating A-shares, a decrease of 1.53% [5] - New significant shareholders include Xingquan Commercial Model Mixed A and Huatai-PineBridge Healthcare Mixed, while some previous top shareholders have exited [5] Group 5: Growth Prospects - In the first half of 2025, Eddie Pharmaceutical's revenue grew by 100.19% year-on-year to 362 million yuan, with a net profit of 9.19 million yuan, marking a turnaround from losses [6][7] - Key growth drivers include the recovery of sales from the already launched product, Ainomi, and the expansion of the HIV drug business [6] - The company is advancing its research on the ACC017 enzyme inhibitor and plans to submit IND applications for long-acting HIV prevention drugs by the end of 2025 [6][7]

会议召开时间：2025 年 11 月 10 日 （星期一）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 证券代码：688488 证券简称：艾迪药业 公告编号：2025-065 江苏艾迪药业集团股份有限公司 关于召开 2025 年第三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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期五）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 ad@aidea.com.cn 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。 江苏艾迪药业集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状 ...

Financial Performance - The company's revenue for the third quarter reached ¥189,915,553.50, representing a year-on-year increase of 61.21%[4] - The total profit for the quarter was a loss of ¥5,944,294.57, with a net loss attributable to shareholders of ¥16,031,453.91[4] - The company reported a net cash flow from operating activities of ¥27,488,827.13 for the year-to-date period[4] - The net profit attributable to shareholders increased due to the total profit growth from the beginning of the year to the end of the reporting period[9] - Cash flow from operating activities increased due to higher sales revenue and improved collection compared to the same period last year[9] - The net profit for the first three quarters of 2025 was ¥16.1 million, a turnaround from a net loss of ¥61.7 million in the same period of 2024[30] - The operating profit for the first three quarters of 2025 was ¥28.5 million, compared to an operating loss of ¥77.3 million in 2024[30] Research and Development - Research and development expenses amounted to ¥24,027,176.88, accounting for 12.65% of total revenue, a decrease of 6.44 percentage points compared to the previous year[4] - The company plans to continue increasing investment in new drug promotion and research and development efforts[4] - Research and development expenses for the first three quarters of 2025 were ¥65.0 million, slightly up from ¥64.0 million in 2024, indicating continued investment in innovation[30] - The Phase III clinical trial for the integrase inhibitor ACC017 has officially commenced, with ethical approvals obtained from multiple hospitals, indicating strong progress in HIV treatment development[15] - The compound ADC118, a new drug for HIV treatment, has received clinical trial approval, potentially offering differentiated advantages in patient care if successfully launched[16] - The raw material for the drug Dolutegravir has been approved for market application, which will enhance supply security and reduce production costs for the company[17] - The company is advancing its research on long-acting HIV prevention drugs, with promising preliminary results indicating good antiviral activity and safety[18] - The product pipeline includes a diverse range of HIV treatments, showcasing the company's commitment to innovation and long-term growth in the sector[19] - The injection drug ADB116 has received approval to start clinical trials for treating acute ischemic stroke, marking significant progress in the company's human protein drug development[20] Market and Sales Strategy - The increase in revenue was primarily driven by a ¥28,864,200 increase in HIV drug business income and the consolidation of Nanda Pharmaceutical's data for three months compared to one month in the previous year[4] - The company has established a commercial operation system for HIV new drugs, focusing on "medical guidance, market pull, and sales implementation" as its core marketing strategy[14] - The company has optimized market promotion strategies based on clinical research data and real-world study results to support the commercialization process[14] - The company conducted diverse activities in key provinces to enhance awareness of the metabolic advantages of its HIV drug, particularly focusing on weight and blood lipid issues[14] - The company is committed to a differentiated sales model to ensure effective release of commercial value[14] Financial Position - Total assets at the end of the reporting period were ¥1,844,943,110.70, a decrease of 1.32% from the previous year[5] - The company's total assets decreased from ¥1,869.6 million in 2024 to ¥1,844.9 million in 2025, a decline of 1.3%[27] - Total liabilities decreased from ¥802.5 million in 2024 to ¥763.0 million in 2025, a reduction of 4.9%[27] - The company's total current assets amounted to approximately RMB 895.79 million, showing a slight increase from RMB 894.93 million at the end of 2024[25] - The company's cash and cash equivalents stood at approximately RMB 341.02 million, reflecting a stable liquidity position compared to RMB 335.34 million at the end of 2024[25] - The company's cash and cash equivalents increased, contributing to improved liquidity and financial stability[30] - The total equity attributable to shareholders decreased slightly from ¥980.9 million in 2024 to ¥978.0 million in 2025, indicating a stable equity position despite operational challenges[27] Cash Flow - In the first three quarters of 2025, the cash inflow from operating activities reached ¥622,963,170.44, a significant increase of 58% compared to ¥394,442,257.42 in the same period of 2024[32] - The net cash flow from operating activities was ¥27,488,827.13, recovering from a loss of ¥927,675.73 in the previous year[33] - Total cash outflow from operating activities was ¥595,474,343.31, up from ¥395,369,933.15 in the prior year, indicating increased operational expenditures[33] - Cash inflow from investment activities totaled ¥315,741,499.87, down 54% from ¥685,229,113.92 in the same period last year[33] - The net cash flow from investment activities was ¥5,546,049.83, a decrease of 89% compared to ¥51,924,796.07 in 2024[33] - Cash inflow from financing activities was ¥371,924,000.00, an increase of 7% from ¥348,968,000.00 in the previous year[33] - The net cash flow from financing activities showed a decline to -¥20,227,793.53 from a positive ¥55,183,664.22 in the same period last year[33] - The ending balance of cash and cash equivalents was ¥337,018,912.63, slightly up from ¥327,907,012.16 in the previous year[33] - The company reported a significant increase in cash received from other operating activities, which rose to ¥111,673,725.51 from ¥26,250,012.03 in the prior year[32] - The total cash outflow for investment activities was ¥310,195,450.04, down from ¥633,304,317.85 in the same period last year, reflecting a reduction in capital expenditures[33] Non-Operating Income - Non-operating income included government subsidies amounting to ¥4,349,000, contributing positively to the financial results[7] - The company reported a decrease in credit impairment losses and asset impairment losses by approximately 37.36 million yuan compared to the same period last year[9] - Basic and diluted earnings per share increased due to the rise in net profit attributable to shareholders from the beginning of the year to the end of the reporting period[9] International Expansion - The registration certificate for the drug Anomi-T has been granted in Zanzibar, allowing for commercial sales and marking a step forward in international market expansion[23] - The company has actively participated in international academic conferences, enhancing its influence in the global HIV field and showcasing its research capabilities[22]