艾力斯 摘要 • 艾力斯核心产品伏美替尼 2024 年收入达 35.06 亿元，同比增长超 120%，驱动公司整体营收超 35 亿元。该药凭借优化的分子设计，在疗效 和安全性上均表现出色，尤其在脑转移患者中显示出显著优势，有望冲击 同类最优地位。 • 艾力斯积极推进国际化，开展多项国际临床试验，并引进 KRAS G12C、SHP2 和 ROS1 抑制剂等新药，与自研管线形成互补，旨在最大 化商业化优势和肺癌领域资源积累，提升市场竞争力。 • 随着伏美替尼销售放量，艾力斯销售费用率下降，研发费用保持稳定。公 司运营效率有望持续提高，带动利润率上升。KRAS G12D 等自研项目进 入临床，新引进药物逐步上市，为公司未来发展提供动力。 • 非小细胞肺癌是中国发病率最高的癌症之一，治疗依赖基因分型。第三代 EGFR-TKI 如奥西替尼已成主流，但市场竞争激烈，国产药物如伏美替尼 迅速崛起，表明该领域仍有巨大潜力。 • 奥西替尼联合化疗方案虽在 PFS 和 OS 方面有显著获益，但不良反应较高， 限制了其广泛应用。研究表明，该方案更适用于脑转移患者，艾力斯富美 替尼有望降低联合化疗的副作用。 Q&A 请介绍一下艾力斯 ...

艾力斯 20250228 摘要 • 艾力斯伏美替尼收入 2024 年达 35.6 亿元，受益于二线适应症的快速增长， 净利率约为 40%，显示出强劲的盈利能力，预计销售峰值将超过 50 亿元。 • 伏美替尼一线治疗的无进展生存期（PFS）达 20.8 个月，优于奥希替尼， 且安全性更佳，使其在同类药物中具有显著竞争优势。 • 伏美替尼已完成术后辅助治疗患者入组，预计 2028 年获批，有望成为继 奥希替尼后又一术后辅助治疗选择，现有奥希替尼中位无病生存期 （DFS）达 65.8 个月。 • 伏美替尼高剂量使用在外显子 20 突变肺癌中显示疗效，ORR 达 70%，PFS 达 10.7 个月，且安全性良好，预计 2026 年左右获得海外批 准，国内预计 2027 年获批。 • 艾力斯通过引进普拉提布等新药，并合作开发 CGLC 和 SHP2 抑制剂，增 强市场竞争力，SHP2 抑制剂联合用药的二期数据表现全球领先，有望成 为未来增长点。 • 国内 EGFR-TKI 市场中，奥希替尼占据主导地位，但伏美替尼等新竞品的 出现正逐步压缩其市场份额，市场竞争格局正在发生变化。 • 艾力斯二线小细胞肺癌药物已提交 NDA ...

证券时报网讯，艾力斯(688578)2月25日晚间发布业绩快报，2024年公司实现营业总收入35.58亿元，同 比增长76.29%；净利润14.24亿元，同比增长121.08%；基本每股收益3.16元。 报告期内，公司净利润增长主要是由于产品甲磺酸伏美替尼片（商品名"艾弗沙®"）实现销售收入35.06 亿元。 ...

Financial Performance - The total operating revenue for 2024 reached RMB 355,777.79 million, representing a year-on-year increase of 76.29%[2] - The net profit attributable to the parent company was RMB 142,412.42 million, up 121.08% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was RMB 135,151.86 million, up 122.96% year-on-year[2] - The basic earnings per share increased to RMB 3.16, reflecting a growth of 120.98% year-on-year[2] Product Performance - The core product, Fumetinib Mesylate Tablets (brand name "Aifusha®"), generated sales revenue of RMB 350,559.86 million during the reporting period[5] Asset and Equity Growth - Total assets at the end of the reporting period were RMB 591,407.90 million, a 35.13% increase from the beginning of the period[5] - The equity attributable to the parent company increased by 32.52% to RMB 527,713.87 million[5] - The increase in total assets and equity was primarily driven by the substantial growth in operating revenue and profits[8] Return on Investment - The weighted average return on net assets rose to 30.74%, an increase of 12.77 percentage points[2] Cost Management - The company implemented cost control measures that contributed to significant profit growth during the reporting period[6]

[Table_StockNameRptType] 艾力斯（688578） 公司覆盖 艾弗沙开花结果，走出去引进来巩固产品生态 [Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： | 2025-2-20 | | --- | --- | | [Table_BaseData] 收盘价（元） | 69.80 | | 近 12 个月最高/最低（元） | 72.26/31.86 | | 总股本（百万股） | 450 | | 流通 A 股（百万股） | 450 | | 流通股比例（%） | 100 | | 总市值（亿元） | 314 | | 流通市值（亿元） | 314 | [Table_Chart] 公司价格与沪深 300 走势比较 主要观点： ⚫ 伏美替尼商业化快速放量，公司经营业绩实现大幅增长 公司核心产品艾弗沙®（甲磺酸伏美替尼片），自 2021 年获批上 市以来取得了显著的成果。销售方面，伏美替尼凭借成功的医保准 入和公司出色的商业化能力，实现了快速放量。2023 年公司营收 达到 20.18 亿元，同比增长 155.14%，2024 年前三季度营收已达 到 25.33 亿元，同比增长 87.97 ...

[Table_StockNameRptType] 艾力斯（688578） 公司覆盖 艾弗沙开花结果，走出去引进来巩固产品生态 [Table_Rank] 投资评级：买入 首次覆盖 | 报告日期： | 2025-2-20 | | --- | --- | | [Table_BaseData] 收盘价（元） | 69.80 | | 近 12 个月最高/最低（元） | 72.26/31.86 | | 总股本（百万股） | 450 | | 流通 A 股（百万股） | 450 | | 流通股比例（%） | 100 | | 总市值（亿元） | 314 | | 流通市值（亿元） | 314 | [Table_Chart] 公司价格与沪深 300 走势比较 -20% 0% 20% 40% 60% 80% 艾力斯 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com 主要观点： ⚫ 伏美替尼商业化快速放量，公司经营业绩 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company's flagship product, Furmonertinib, is rapidly gaining market share with multiple indications, including first-line and second-line treatments for non-small cell lung cancer (NSCLC), postoperative adjuvant therapy, and specific mutations such as PACC and exon 20 mutations [1][12]. - The company has shown significant revenue and profit growth, with projected revenues of 35.5 billion yuan in 2024, a 75.9% increase year-on-year, and a net profit of 14.3 billion yuan, reflecting a 122% increase [14][4]. - The company is expanding its product pipeline through both internal development and external partnerships, including collaborations for RET inhibitors and KRAS inhibitors [3][12]. Summary by Sections Company Overview - The company focuses on developing third-generation EGFR inhibitors, with Furmonertinib being a key player in the market [1][12]. - The company has a stable shareholding structure, with significant ownership by the founders [29]. Product Performance - Furmonertinib has demonstrated superior efficacy and safety compared to competitors like Osimertinib, with a median progression-free survival (mPFS) of 20.8 months in first-line treatment [2][43]. - The product is also being evaluated for postoperative adjuvant therapy, with clinical trials underway [48][49]. Market Potential - The NSCLC market is substantial, with over 1.06 million new cases in China in 2022, and the company is well-positioned to capture market share as existing patents for competitors expire [30][39]. - The report highlights the potential for Furmonertinib to address unmet medical needs in specific mutation types, such as PACC, where no effective treatments are currently available [60][61]. Financial Projections - The company is expected to achieve net profits of 14.3 billion yuan in 2024, 17 billion yuan in 2025, and 20 billion yuan in 2026, indicating strong growth prospects [4][5]. - The company's price-to-earnings (P/E) ratio is projected to decrease significantly, making it an attractive investment compared to peers [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Insights - The company, Ailis (688578), reported a significant performance in 2024, with total revenue expected to reach 3.55 billion yuan, a year-on-year increase of 76%. The net profit attributable to shareholders is projected to be 1.43 billion yuan, reflecting a 121.99% increase [7]. - The core product, Fumetnib, has been included in the national medical insurance directory for two indications, contributing to a steady increase in market share and sales revenue. The company has also implemented cost control measures to enhance profitability [7]. - The expansion of indications for Fumetnib is ongoing, with recent approvals for clinical trials aimed at new treatment applications, which are expected to further boost the company's performance [7]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 3.55 billion yuan, net profit of 1.44 billion yuan - 2025: Revenue of 4.22 billion yuan, net profit of 1.67 billion yuan - 2026: Revenue of 5.28 billion yuan, net profit of 1.94 billion yuan [8][9]. - Earnings per share (EPS) are projected to be 3.19 yuan in 2024, 3.72 yuan in 2025, and 4.32 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 21.96, 18.85, and 16.22 respectively [8][9].

公司核心产品甲磺酸伏美替尼片被续约纳入国家医保目录后，销售收入持续增长，同时公司有效采取多 项降本增效措施，严格控制各项成本费用，促使公司业绩得到大幅提升。 证券时报e公司讯，艾力斯(688578)1月20日晚间公告，预计2024年度实现归属于母公司所有者的净利润 为14.3亿元，与上年同期6.44亿元相比，增加121.99%。 ...

Financial Performance - Revenue for the quarter increased by 15% compared to the same period last year [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new international markets, contributing to a 20% increase in global sales [4]. - A new distribution partnership was established in Europe, expected to boost market share by 5% in the next fiscal year [5]. Product Development - Launched three new products, which accounted for 25% of total revenue this quarter [6]. - R&D investment increased by 10% to accelerate the development of next-generation technologies [7]. Operational Efficiency - Implemented new cost-saving measures that reduced production costs by 6% [8]. - Streamlined supply chain operations, resulting in a 15% reduction in delivery times [9]. Strategic Partnerships - Formed a strategic alliance with a leading tech company to co-develop innovative solutions [10]. - Signed a long-term agreement with a major supplier to ensure stable raw material costs [11]. Customer Engagement - Customer satisfaction scores improved by 10% due to enhanced service and support initiatives [12]. - Launched a new loyalty program that increased repeat customer purchases by 18% [13]. Regulatory Compliance - Achieved full compliance with new industry regulations, avoiding potential fines and penalties [14]. - Conducted internal audits to ensure adherence to environmental and safety standards [15]. Workforce Development - Increased employee training programs, leading to a 12% improvement in workforce productivity [16]. - Introduced new employee benefits, resulting in a 20% reduction in staff turnover [17]. Technology Innovation - Invested in AI-driven analytics tools to enhance decision-making processes [18]. - Developed a proprietary software platform that improved operational efficiency by 25% [19]. Sustainability Initiatives - Reduced carbon emissions by 10% through the adoption of renewable energy sources [20]. - Launched a company-wide recycling program, achieving a 30% reduction in waste [21]. Risk Management - Implemented new risk assessment protocols to mitigate potential financial and operational risks [22]. - Established a dedicated crisis management team to handle unforeseen events [23]. Shareholder Value - Increased dividend payouts by 5%, reflecting strong financial performance [24]. - Announced a share buyback program to enhance shareholder value [25].