上海艾力斯医药科技股份有限公司 2025 年第三季度报告 证券代码：688578 证券简称：艾力斯 上海艾力斯医药科技股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 （二） 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 | 非经常性损益项目 | 本期金额 | 年初至报告期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益，包括已计提资产减值 | | 21,117.84 | | | 准备的冲销部分 | | | | | 计入当期损益的政府补助，但与公司正常经营 ...

艾力斯公告，第三季度营收为13.59亿元，同比增长42.03%；净利润为5.65亿元，同比增长38.77%。前 三季度营收为37.33亿元，同比增长47.35%；净利润为16.16亿元，同比增长52.01%。 ...

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

10月27日，艾力斯涨5.04%，截至发稿，报112.45元/股，成交3.27亿元，换手率0.66%，总市值506.02亿 元。 资料显示，上海艾力斯医药科技股份有限公司位于上海市浦东新区周浦镇凌霄花路268号，成立日期 2004年3月22日，上市日期2020年12月2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：药品销售收入99.93%，推广服务收入0.06%，其他0.00%。 万家医药量化选股混合发起式A（020491）成立日期2024年1月12日，最新规模750.7万。今年以来收益 26.75%，同类排名3480/8226；近一年收益27.14%，同类排名3178/8099；成立以来收益19.75%。 万家医药量化选股混合发起式A（020491）基金经理为尹航。 截至发稿，尹航累计任职时间5年100天，现任基金资产总规模5.02亿元，任职期间最佳基金回报 66.32%， 任职期间最差基金回报-11.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投 ...

截至6月30日，艾力斯股东户数1.30万，较上期增加3.61%；人均流通股34578股，较上期减少3.48%。 2025年1月-6月，艾力斯实现营业收入23.74亿元，同比增长50.57%；归母净利润10.51亿元，同比增长 60.22%。 机构持仓方面，截止2025年6月30日，艾力斯十大流通股东中，华夏上证科创板50成份ETF（588000） 位居第五大流通股东，持股1242.09万股，相比上期增加131.99万股。香港中央结算有限公司位居第七大 流通股东，持股1037.78万股，相比上期减少246.09万股。易方达上证科创板50ETF（588080）位居第九 大流通股东，持股931.25万股，相比上期增加26.09万股。中欧医疗健康混合A（003095）位居第十大流 通股东，持股915.25万股，为新进股东。 资料显示，上海艾力斯医药科技股份有限公司位于上海市浦东新区周浦镇凌霄花路268号，成立日期 2004年3月22日，上市日期2020年12月2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：药品销售收入99.93%，推广服务收入0.06%，其他0.00%。 责任编辑：小浪快报 ...

10月23日，艾力斯盘中下跌2.00%，截至10:56，报103.17元/股，成交1.45亿元，换手率0.31%，总市值 464.26亿元。 资金流向方面，主力资金净流出546.40万元，特大单买入272.07万元，占比1.88%，卖出297.07万元，占 比2.05%；大单买入3355.75万元，占比23.14%，卖出3877.14万元，占比26.73%。 艾力斯今年以来股价涨74.57%，近5个交易日跌2.49%，近20日跌4.74%，近60日涨7.85%。 资料显示，上海艾力斯医药科技股份有限公司位于上海市浦东新区周浦镇凌霄花路268号，成立日期 2004年3月22日，上市日期2020年12月2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：药品销售收入99.93%，推广服务收入0.06%，其他0.00%。 艾力斯所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：抗癌药物、生物医药、抗 癌治癌、创新药、中盘等。 截至6月30日，艾力斯股东户数1.30万，较上期增加3.61%；人均流通股34578股，较上期减少3.48%。 2025年1月-6月，艾力斯实现营业收入23. ...

随着政策发力和产业升级，上海工业生产保持增长态势。 具体到人工智能方面，上海市政府副秘书长张英此前介绍，目前上海正抢抓战略机遇，深化人工智能全 产业链布局，实现创新企业、产业规模、人才数量"三个倍增"。在这过程中，重点打造"5个高地"：包 括敏捷高效的产业创新策源地、赋能百业的垂类应用示范地、开放融通的产业生态集聚地、年轻活跃的 创新创业首选地、智能向善的治理合作先行地。 前三季度，上海全市工业增加值同比增长5.2%。全市规模以上工业总产值同比增长5.7%，增速比上半 年提高0.1个百分点。从行业产值完成情况看，铁路、船舶、航空航天和其他运输设备制造业同比增长 15.9%，电气机械和器材制造业增长14.3%，计算机、通信和其他电子设备制造业增长12.1%。另外，前 三季度，全市固定资产投资中，工业投资增长20.3%，快于全市固定资产投资增速14.3个百分点。 上海市发展改革研究院副院长马海倩对第一财经表示，今年上海工业增速表现是逐季抬升，工业增长的 韧性和内生动力有所显现和增强。此外工业投资数据也不错，今天的投资可能就是明天的产出"投资未 来可能会有高产出、高成长性的行业，从中长期拉长时间线来看，就是一个良性 ...

分红方面，艾力斯A股上市后累计派现6.53亿元。 艾力斯所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：抗癌药物、生物医药、抗 癌治癌、创新药、百元股等。 截至6月30日，艾力斯股东户数1.30万，较上期增加3.61%；人均流通股34578股，较上期减少3.48%。 2025年1月-6月，艾力斯实现营业收入23.74亿元，同比增长50.57%；归母净利润10.51亿元，同比增长 60.22%。 10月22日，艾力斯盘中上涨2.05%，截至10:14，报106.05元/股，成交1.46亿元，换手率0.31%，总市值 477.23亿元。 资金流向方面，主力资金净流入1486.42万元，特大单买入1653.04万元，占比11.30%，卖出1052.14万 元，占比7.19%；大单买入4288.76万元，占比29.31%，卖出3403.23万元，占比23.26%。 艾力斯今年以来股价涨79.44%，近5个交易日跌0.20%，近20日跌3.91%，近60日涨10.93%。 资料显示，上海艾力斯医药科技股份有限公司位于上海市浦东新区周浦镇凌霄花路268号，成立日期 2004年3月22日，上市日期2020年 ...

Core Insights - The attitude of foreign capital towards Chinese medical assets has dramatically reversed within a year, shifting from a neutral to a positive outlook on the biotechnology sector in China [1][3][7] Group 1: Market Sentiment Shift - Morgan Stanley's report titled "China Biotech: Innovation Dawn" indicates that China's biotechnology sector is now viewed as a critical part of the global new drug supply chain, with projected pharmaceutical revenues reaching $34 billion by 2030 and $220 billion by 2040 [1][3] - The number of foreign institutions conducting research on Chinese biotech companies has surged, with notable firms like State Street Bank and BlackRock showing increased interest [1][2] - The collective buying actions of foreign investors, such as JPMorgan and Citigroup, reflect a significant shift in sentiment towards Chinese innovative drug companies [2][5] Group 2: Investment Dynamics - The efficiency of converting research interest into actual holdings is evident, as seen in the stock price surge of WuXi AppTec, which rose by 6.52% due to increased foreign investment [2] - Major foreign investors have increased their holdings in key Chinese biotech firms, indicating a trend of strategic accumulation among top foreign capital [5][6] - The report highlights that foreign capital is now viewing specific sectors in China as essential assets in the global technology race, with over 90% of U.S. investors expressing plans to increase exposure to Chinese stocks, particularly in biotechnology [6][7] Group 3: Industry Evolution - The narrative surrounding China's pharmaceutical industry has shifted from being cost-driven to innovation-driven, acknowledging the significant advancements in the sector [3][4] - Morgan Stanley and Goldman Sachs both emphasize the growing recognition of China's innovative capabilities in biotechnology, with expectations that several leading biotech firms will reach breakeven by 2025-2026 [4][8] - The report outlines that the Chinese biotech sector is becoming a key player in filling the revenue gaps created by patent expirations in multinational corporations (MNCs), with an estimated $115 billion revenue loss due to patent cliffs by 2035 [8][10] Group 4: Future Projections - By 2040, China's share of FDA-approved drugs is expected to rise from 5% to 35%, with a projected global sales figure exceeding $1.22 trillion even in the most pessimistic scenarios [25][27] - The report anticipates that the collaboration between MNCs and Chinese biotech firms will intensify, driven by the need to address revenue shortfalls from patent expirations [10][14] - The overall improvement in clinical trial data integrity and the increasing number of new molecular entities launched in China are contributing to a more favorable investment landscape [20][22]

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].