证券代码：688488 证券简称：艾迪药业 公告编号：2025-067 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。 根据国家医疗保障局网站于 2025 年 12 月 7 日发布的《国家医保局 人力资 源社会保障部关于印发<国家基本医疗保险、生育保险和工伤保险药品目录>以 及<商业健康保险创新药品目录>（2025 年）的通知》（医保发〔2025〕33 号）， 江苏艾迪药业集团股份有限公司（以下简称"公司"）两款抗艾滋病领域国家 1 类新药——艾诺韦林片（商品名：艾邦德®）及艾诺米替片（商品名：复邦德®） 通过了医保谈判，以简易续约方式继续纳入《国家基本医疗保险、生育保险和工 伤保险药品目录（2025 年）》（以下简称"《国家医保目录》（2025 年）"）。现将具 体情况公告如下： 一、药品基本情况 （一）艾诺韦林片 药品名称：艾诺韦林片 注册类别：化学药品 1 类 药品分类：艾滋病毒感染的抗病毒药物 医保分类：乙类 剂型：片剂 江苏艾迪药业集团股份有限公司 关于公司抗 HIV 领域两款创新药续约进入国家医保 目录的自愿性 ...

人民财讯12月7日电，艾迪药业(688488)12月7日公告，公司两款抗艾滋病领域国家1类新药——艾诺韦 林片(商品名：艾邦德)及艾诺米替片(商品名：复邦德)通过了医保谈判，以简易续约方式继续纳入《国 家基本医疗保险、生育保险和工伤保险药品目录(2025年)》。 ...

Core Insights - The biopharmaceutical sector experienced a decline of 0.98% on November 18, with He Yuan Bio leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance Summary - Notable gainers included: - Aopu Mai (688293) with a closing price of 58.80, up 3.38% on a trading volume of 15,900 shares and a transaction value of 93.39 million [1] - Jin Hu Ke (688670) at 26.80, up 2.88% with a volume of 116,300 shares and a transaction value of 319 million [1] - Te Bao Bio (688278) at 77.08, up 1.22% with a volume of 10,800 shares and a transaction value of 82.57 million [1] - Notable decliners included: - Bu Yuan Bio (688765) at 79.95, down 3.89% with a volume of 56,800 shares and a transaction value of 458 million [2] - San Sheng Guo Jian (688336) at 67.60, down 3.87% with a volume of 68,100 shares and a transaction value of 469 million [2] - Wo Wu Bio (300357) at 31.77, down 3.23% with a volume of 77,900 shares and a transaction value of 250 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 981 million from institutional investors, while retail investors contributed a net inflow of 819 million [2] - Key stocks with significant capital flow included: - Hua Lan Vaccine (301207) with a net inflow of 48.51 million from institutional investors [3] - Rong Chang Bio (688331) with a net inflow of 23.62 million from institutional investors [3] - Jin Ke (688670) with a net inflow of 5.53 million from institutional investors [3]

Core Points - The stock price of Eddie Pharmaceuticals dropped by 2.02% on November 18, reaching 14.55 CNY per share, with a market capitalization of 6.122 billion CNY [1] - The company has seen an 85.11% increase in stock price year-to-date, but a 0.07% decline over the last five trading days [1] - Eddie Pharmaceuticals reported a revenue of 552 million CNY for the first nine months of 2025, marking an 84.83% year-on-year growth [2] Financial Performance - The net profit attributable to the parent company for the same period was -6.8405 million CNY, reflecting an 88.78% year-on-year increase [2] - Cumulative cash dividends since the company's A-share listing amount to 20.16 million CNY, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 1.55% to 12,100, with an average of 34,709 circulating shares per shareholder, a decrease of 1.53% [2] - New institutional shareholders include Xingquan Commercial Model Mixed Fund and Huatai-PineBridge Healthcare Mixed Fund, while some existing shareholders have reduced their holdings [3]

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]

Core Points - The stock price of Eddie Pharmaceuticals increased by 2.13% on November 12, reaching 14.87 CNY per share, with a market capitalization of 6.257 billion CNY [1] - The company has seen a year-to-date stock price increase of 89.19%, but has experienced slight declines in the last 5, 20, and 60 trading days [1] - Eddie Pharmaceuticals reported a revenue of 552 million CNY for the first nine months of 2025, representing a year-on-year growth of 84.83% [2] Company 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 contributions from human-derived proteins (41.11%), new drugs (35.69%), diagnostic equipment and reagents (13.62%), and generic drugs (9.47%) [1] - The company operates within the pharmaceutical and biotechnology sector, specifically in the biopharmaceuticals category [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 1.55% to 12,100, with an average of 34,709 circulating shares per shareholder, a decrease of 1.53% [2] - The company has distributed a total of 20.16 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - New institutional shareholders include Xingquan Commercial Model Mixed Fund and Huatai-PineBridge Healthcare Mixed Fund, while some previous shareholders have exited the top ten list [3]

Macro Economic Insights - The Producer Price Index (PPI) showed a year-on-year increase, driven by the non-ferrous and downstream manufacturing sectors, with October PPI at -2.1%, an improvement from previous expectations of -2.3% [3][7] - The Consumer Price Index (CPI) for October was reported at 0.2%, slightly above the expected -0.1%, indicating a modest recovery in consumer prices [3][4] Industry Analysis Electric Forklift Industry - The penetration rate of electric forklifts is increasing, with a current rate of 67.87% in China, lower than the global average of 72.23% and Europe's 88.71%, suggesting significant growth potential [11] - The industry is moving towards automation and intelligence, with a notable increase in sales of unmanned forklifts, which saw a year-on-year growth of 266.7% in the first half of 2025 [12] Coal Mining Sector - The price of thermal coal has surpassed 800 RMB per ton, driven by supply constraints and increased demand due to seasonal heating needs, with prices expected to stabilize between 800-860 RMB [22][24] - The focus on coal prices is on achieving a balance between coal and power generation profitability, with a target price of around 750 RMB for 2025 [25] Media and Entertainment - The gaming sector continues to show strong performance, with significant revenue increases from mobile games and a focus on expanding into overseas markets [27] - The rise of video podcasts is noted as a new growth curve for content platforms, with Bilibili reporting a 270% increase in consumption time for video podcasts in Q1 2025 [18] Pharmaceutical Sector - The company is advancing its HIV drug pipeline, with the ACC017 tablet entering phase III clinical trials, indicating strong growth potential in the HIV treatment market [39][40] - The global sales of HIV integrase inhibitors are projected to reach nearly 25 billion USD in 2024, highlighting the market's growth trajectory [39] Semiconductor Industry - The domestic storage chip market is expected to see significant growth due to increasing demand driven by AI applications, with AI servers requiring substantially more storage than traditional servers [33] - Domestic equipment manufacturers are making breakthroughs in key processes, which is expected to enhance the localization rate of storage equipment [36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully completed the first patient enrollment in the Phase III clinical trial of ACC017, an HIV integrase strand transfer inhibitor (INSTI) [3] - The global sales of HIV integrase inhibitors are expected to reach nearly $25 billion in 2024, with products containing Bictegravir (BIC) and Dolutegravir (DTG) accounting for approximately $21 billion [3] - The company reported a revenue of 552 million yuan for the first three quarters of 2025, representing a year-on-year increase of 84.83%, while the net profit attributable to the parent company was -7 million yuan, an increase of 88.78% year-on-year [3] - The company anticipates steady growth in its HIV drug sales and maintains revenue forecasts of 737 million, 1.037 billion, and 1.237 billion yuan for 2025, 2026, and 2027 respectively [3] Financial Summary - For 2025, the company expects revenue of 737 million yuan, with a year-on-year growth of 76.4% [5] - The projected net profit for 2025 is -2 million yuan, with a significant turnaround expected in subsequent years, reaching 44 million yuan in 2026 and 88 million yuan in 2027 [5] - The gross margin is projected to improve from 46.2% in 2023 to 81.2% by 2027 [5] - The company’s current price-to-sales (P/S) ratios are projected to be 8.2, 5.8, and 4.9 for 2025, 2026, and 2027 respectively [3] Research Pipeline - The company is making significant advancements in its HIV treatment and prevention pipeline, with the ACC017 tablet entering Phase III clinical trials and other innovative products progressing through clinical stages [4] - The company has established a comprehensive HIV research pipeline, including the first domestically developed integrase combination preparation entering clinical trials and multiple long-acting HIV prevention drugs nearing IND submission [4]

Group 1 - US stock market saw a significant rebound from intraday lows on Friday, with the S&P 500 rising by 0.13% and the Dow Jones increasing by 0.16%, while the Nasdaq Composite fell by 0.22%, marking its worst weekly performance since April [1] - Microsoft experienced its longest losing streak since 2011, with eight consecutive declines, while Tesla dropped over 3.6% following the approval of Elon Musk's $1 trillion compensation plan at the shareholder meeting [2] - Gold fluctuated around $4,000, ending a two-week decline, while crude oil prices briefly rose above $60 but ultimately fell by over 1.7% for the week [3] Group 2 - Bitcoin briefly dipped below $100,000 but later surged over 4.6%, while Ethereum rose by over 4.3%, reclaiming the $3,400 mark [4] - The US government shutdown situation appears to be improving, with Democrats softening their stance, although Republicans have rejected the proposal but acknowledged progress [4] - The EU AI legislation may face pressure to lower its thresholds due to collective pressure from tech giants [5] Group 3 - Google launched its next-generation AI image model, Nano Banana 2, capable of quickly generating 4K images and solving calculus problems [6] - The Chinese government issued a document to accelerate the cultivation of scenarios and promote large-scale applications in the AI field, focusing on key technology breakthroughs and standard construction [7] - A white paper on carbon peak and carbon neutrality in China indicated that the proportion of non-fossil energy consumption is expected to increase from 16.0% in 2020 to 19.8% in 2024 [8] Group 4 - The People's Bank of China increased its gold reserves by 30,000 ounces in October, marking the 12th consecutive month of increases [10] - China's October CPI rose by 0.2% year-on-year, with the core CPI reaching its highest level since March 2024, while the PPI saw its first year-on-year increase of the year [11] Group 5 - Various brokerage strategies are focusing on year-end style rebalancing, with analysts suggesting that sectors like new energy, pharmaceuticals, and food and beverage may show weaker performance as they face profit-taking pressures [12] - Analysts recommend focusing on sectors with independent logic and improving ROE, such as chemicals, non-ferrous metals, and electric new energy, which are at historical low points in profitability and industry prosperity [13] Group 6 - NAND flash memory prices are set to increase significantly, with SanDisk raising contract prices by up to 50%, leading to some manufacturers pausing shipments to reassess pricing [14] - The flu activity in China has risen sharply, with most provinces entering the flu epidemic period, prompting increased production of antiviral medications [16] - The Ministry of Agriculture and Rural Affairs released guidelines for building a smart agriculture standard system, aiming for a comprehensive standard system by 2030 [17] - The smart agriculture market in China is projected to exceed 100 billion yuan in 2024, growing by 11.7% year-on-year, driven by policy support and increased fiscal investment [18] Group 7 - Several companies announced significant transactions, including Suzhou planning to acquire 100% of Dongjin Hangke for 250 million yuan, and Guocheng Mining proposing to pay 3.168 billion yuan for a 60% stake in Guocheng Industrial [19] - Huadian Energy plans to invest 12.043 billion yuan in a wind power project, while Huadian Science and Technology signed a contract for a major offshore wind power project [20] - Fangzheng Technology is investing 1.364 billion yuan to expand its AI production base in Chongqing, addressing capacity bottlenecks in high-end products [21]

Core Viewpoint - The company is advancing its self-developed HIV drug ACC017, which is currently undergoing a Phase III clinical trial to evaluate its efficacy and safety in treatment-naive adults with HIV-1, with the first participant enrolled on November 7, 2025 [1][3]. Drug Overview - ACC017 is a novel integrase strand transfer inhibitor (INSTI) with a unique chemical structure, aimed at blocking the integration of the HIV genome into the host DNA, and is intended for the treatment of HIV infection [1][2]. - The global sales of HIV integrase inhibitors are projected to reach nearly $25 billion in 2024, with products containing Bictegravir (BIC) and Dolutegravir (DTG) accounting for approximately $21 billion [1]. Research and Development Progress - The company received approval from the National Medical Products Administration for the clinical trial of ACC017 on January 5, 2024 [2]. - A Phase I clinical study was completed in August 2024, showing good safety profiles and effective absorption for once-daily dosing [2]. - A Phase I/II study for treatment-naive HIV patients was completed in July 2025, confirming good safety and efficacy when combined with FTC/TAF [2]. Impact on the Company - If approved, ACC017 is expected to provide a differentiated advantage in clinical treatment, offering a domestic innovative alternative to imported drugs, thereby expanding the company's HIV product line and diversifying its revenue sources [3]. - The successful enrollment of the first participant in the Phase III trial is not expected to have a significant impact on the company's recent performance [3].