[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].

伏美替尼是一种表皮生长因子受体酪氨酸激酶抑制剂（EGFR-TKI），为公司自主研发的1类小分子靶 向药。 具体临床试验为一项评估伏美替尼对比安慰剂辅助治疗携带表皮生长因子受体非经典突变且接受根治性 切除术后伴或不伴辅助化疗的IB-IIIB期非小细胞肺癌受试者的有效性和安全性的随机、对照、双盲、全 球多中心III期研究。 目前针对非经典EGFR突变NSCLC患者，尚无EGFR-TKI药物获批用于术后辅助治疗，存在未满足的临 床需求。 财联社1月17日电，艾力斯公告，公司于近日收到国家药监局核准签发的《药物临床试验批准通知 书》，甲磺酸伏美替尼片新增适应症的临床研究获得药物临床试验批准。 ...

Group 1 - The stock price of Ailis reached a historical high, increasing by 5.05% to 68.28 yuan, with a trading volume of 3.6113 million shares and a transaction amount of 241 million yuan, resulting in a turnover rate of 0.80% [1] - The latest total market capitalization of Ailis in the A-share market is 30.726 billion yuan, with the same amount for the circulating market capitalization [1] - The pharmaceutical and biotechnology industry, to which Ailis belongs, has an overall increase of 0.48%, with 292 stocks rising, including Jincheng Pharmaceutical, Rundu Co., and Asia-Pacific Pharmaceutical, which rose by 12.24%, 9.99%, and 9.90% respectively [1] Group 2 - The latest margin trading data shows that Ailis has a margin balance of 585 million yuan, with a financing balance of 578 million yuan, which decreased by 99.9005 million yuan over the past 10 days, representing a decline of 14.73% [1] - According to the company's third-quarter report, Ailis achieved an operating income of 2.533 billion yuan in the first three quarters, a year-on-year increase of 87.97%, and a net profit of 1.063 billion yuan, a year-on-year increase of 158.99%, with basic earnings per share of 2.3600 yuan and a weighted average return on equity of 23.95% [1]

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a rare innovative pharmaceutical enterprise with proven commercialization capabilities, focusing on oncology and expanding its product line through both internal development and external partnerships [4][5] - The core product, Vomeletinib, has shown rapid sales growth since its approval, contributing to sustained cash flow for the company [5][6] - The company has introduced additional targeted therapies for lung cancer, enhancing its product matrix and marketing advantages [6][7] Summary by Sections 1. Company Overview - The company, established in March 2004, integrates R&D, production, and marketing, focusing on innovative drug development in oncology [18] - It has received multiple accolades, including being listed among the "Top 100 Innovative Pharmaceutical Enterprises in China" [18] 2. Vomeletinib - Vomeletinib is a third-generation EGFR TKI approved for treating NSCLC, with significant sales growth since its market entry [38] - The drug has been included in the national medical insurance directory, increasing accessibility for patients [38] 3. Financial Performance - The company reported a total revenue of 2,018 million yuan in 2023, with a year-on-year growth of 155.1% [7] - The net profit attributable to shareholders for 2024 is projected to be 1,406 million yuan, reflecting a growth of 118.2% [7] 4. Product Pipeline - The company has a robust pipeline, including Vomeletinib, which has multiple ongoing clinical trials for new indications [30] - It has secured exclusive rights for the commercialization of additional drugs, such as the KRAS G12C inhibitor and RET inhibitor, further strengthening its product offerings [29][30] 5. Market Potential - The global NSCLC patient base is substantial, with a strong demand for EGFR TKIs, positioning the company favorably in the market [52] - The increasing incidence of lung cancer in China highlights the growth potential for the company's products [52]

证券代码：688578 证券简称：艾力斯 公告编号：2024-037 上海艾力斯医药科技股份有限公司 第二届监事会第十次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 上海艾力斯医药科技股份有限公司（以下简称"公司"）第二届监事会第十 次会议于 2024 年 12 月 16 日在公司会议室以现场方式召开，本次会议由监事会 主席张晓芳女士召集并主持，应到监事 3 人，实到监事 3 人；本次会议的召集和 召开程序符合《中华人民共和国公司法》等法律法规、规范性文件以及《公司章 程》的相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 经与会监事审议，监事会同意公司及其全资子公司在保证不影响募集资金投 资项目实施、募集资金安全的前提下，使用最高不超过6.50亿元（含本数）的暂 时闲置募集资金进行现金管理，用于购买安全性高、流动性好、有保本约定的投 资产品（包括但不限于保本型理财产品、结构性存款、通知存款、定期存款、大 ...