| 截至 | 2025 | 年 | 月 8 | 日 28 | | | --- | --- | --- | --- | --- | --- | | 当前股价 | | | | 113.32 | 元 | | 投资评级 | | | | | 买入 | | 评级变动 | | | | | 维持 | | 总股本 | | | | 4.50 | 亿股 | | 流通股本 | | | | 4.50 | 亿股 | | 总市值 | | | | 509.94 | 亿元 | | 流动市值 | | | | 509.94 | 亿元 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 富层大厦 17 楼 艾力斯 688578.SH 2025 年 8 月 28 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 业绩超预期，戈来雷塞开启商业化 事件：公司发布2025年半年报：2025年上半年公司实现营收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%；扣非归母 净利润9.05亿元，同比增长39.92%；研发投入2.97亿元，同比增长12 ...

Core Insights - The company,艾力斯 (688578), reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 2.374 billion yuan, up 50.57% year-on-year, and net profit attributable to shareholders at 1.051 billion yuan, up 60.22% [1][2][3] Financial Performance - Total revenue for Q2 2025 was 1.275 billion yuan, reflecting a year-on-year increase of 52.99% [1] - Net profit for Q2 2025 was 641 million yuan, showing an impressive year-on-year growth of 83.02% [1] - Gross margin improved to 96.87%, up 1.29% year-on-year, while net margin increased to 44.29%, up 6.4% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 1.005 billion yuan, accounting for 42.34% of revenue, an increase of 2.29% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) rose to 2.34 yuan, a 60.27% increase year-on-year [1] - Cash flow from operating activities per share was 2.43 yuan, up 49.62% year-on-year [1] - The company's net asset value per share increased to 13.62 yuan, a 35.87% rise year-on-year [1] Changes in Assets and Liabilities - Cash and cash equivalents increased significantly by 126.32% to 1.048 billion yuan, attributed to higher net cash inflows from operating activities [2] - Accounts receivable rose by 41.36% to 450 million yuan, indicating increased sales [2] - The company saw a substantial increase in intangible assets by 177.49%, due to milestone payments related to the approval of a new indication for a drug [2] Expense Analysis - Research and development expenses grew by 52.83%, reflecting ongoing clinical projects [4] - Sales expenses increased by 52.35%, driven by a larger marketing team and promotional activities [3][4] - Financial expenses rose by 43.38%, primarily due to changes in investment strategies [4] Market Position and Analyst Expectations - Analysts project the company's revenue for 2025 to reach approximately 1.766 billion yuan, with an average EPS forecast of 3.92 yuan [5] - The company has shown strong return on invested capital (ROIC) of 32.14% in the previous year, indicating high capital efficiency [4] Fund Holdings - The largest fund holding艾力斯 is Morgan Emerging Power Mixed A, which has recently increased its position [6] - Other funds have shown varied changes in their holdings, with some increasing and others decreasing their stakes in the company [6]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index has shown a slight increase of 0.29% as of August 27, 2025, with notable stock performances from companies like Ailis and Maiwei Biotech [1] Group 1: Market Performance - The Sci-Tech Innovation Board Biopharmaceutical Index has seen significant stock movements, with Ailis reaching a daily limit increase of 20%, and Maiwei Biotech rising by 9.74% [1] - The market for the Jia Shi Sci-Tech Medicine ETF is active, with a turnover rate of 14.76% and a transaction volume of 45.3 million yuan [3] - Over the past week, the Jia Shi Sci-Tech Medicine ETF has averaged daily transactions of 70.77 million yuan, ranking first among comparable funds [3] Group 2: Fund Performance - The Jia Shi Sci-Tech Medicine ETF has reached a new high in scale at 304 million yuan, leading among comparable funds [3] - The fund's shares have also hit a one-month high of 248 million shares, again ranking first among its peers [3] - The ETF has experienced continuous net inflows over the past eight days, with a peak single-day net inflow of 15.48 million yuan, totaling 51.99 million yuan [3] - The net value of the Jia Shi Sci-Tech Medicine ETF has increased by 67.71% over the past year, with a maximum monthly return of 23.29% since its inception [3] Group 3: Industry Developments - Heng Rui Medicine has announced three business development collaborations with multinational pharmaceutical companies, with upfront payments totaling approximately 720 million USD and potential total transaction amounts exceeding 13.7 billion USD [4] - China National Pharmaceutical has indicated a significant external licensing deal involving potential products, enhancing its international research capabilities [4] - The biopharmaceutical industry is currently experiencing strong performance, with a focus on innovative drugs, medical devices benefiting from policy changes, and companies exceeding mid-year performance expectations [4] Group 4: Key Stocks - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index account for 49.14% of the index, with companies like United Imaging Healthcare and BeiGene among the leaders [5][7] - Notable stock performances include United Imaging Healthcare at 2.01% and Ailis at a significant 20% increase [7]

Group 1 - The A500ETF fund (512050) saw a slight increase of 0.09% as of 9:59 AM, with significant holdings like AiLiSi reaching a strong limit up, and other stocks such as Zhongke Chuangda, Yanshan Technology, and Guolian Shares also rising [1] - The A500ETF fund's trading volume approached 800 million yuan, making it the leader among similar funds [1] - Cambricon Technologies reported a substantial revenue of 2.881 billion yuan for the first half of 2025, marking a year-on-year growth of 4347.82%, and a net profit of 1.038 billion yuan, indicating a turnaround from losses [1] Group 2 - The A500ETF fund employs a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-sectors of the market, and emphasizes sectors like AI, pharmaceuticals, and renewable energy [2] - Compared to the CSI 300, the A500ETF fund has a natural "barbell" investment characteristic, favoring new productive forces [2] Group 3 - According to Zheshang Securities, the market is experiencing a systematic slow bull trend, with the Shanghai Composite Index breaking through the 2021 high of 3731 points and surpassing the 3800-point mark [1] - The next medium-term target for the index is projected to challenge the 0.618 retracement level of the maximum decline from 5178 to 2440 since 2015, indicating significant potential for further growth [1]

Group 1 - The core viewpoint of the news highlights the mixed performance of the three major stock indices, with the Sci-Tech 50 ETF (588000) showing an upward trend, increasing by 1.65% as of 10:09 AM, driven by a strong performance from its holding stock, Ailis, which surged by 20% [1] - The State Council has issued an opinion on the implementation of the "Artificial Intelligence +" initiative, focusing on integrating AI into six key areas by 2027, with a target application penetration rate exceeding 70% for new intelligent terminals and agents [1] - Tianfeng Securities' latest report indicates optimistic growth for the global semiconductor industry, driven by AI, with a focus on the upcoming peak season in Q3 and the performance elasticity of storage, power, foundry, ASIC, and SoC sectors [1] Group 2 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 63.74% of its holdings in the electronics sector and 11.78% in the pharmaceutical and biological sector, indicating a concentrated industry distribution [2] - The ETF involves multiple sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, showcasing a high content of hard technology [2] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to maintain their focus on the Sci-Tech 50 ETF [2]

Group 1 - The stock of Ailis reached the daily limit on August 27, with a price of 114.17 yuan and a trading volume of 1.164 billion yuan, reflecting a turnover rate of 2.38% and a fluctuation of 14.90% [2] - Among the stocks on the Sci-Tech Innovation Board, 282 stocks were up, with 5 stocks rising over 10%, including Ailis, while 291 stocks were down, with significant declines in Hanbang Technology, Huili Pharmaceutical-W, and Huichen Co., which fell by 8.66%, 8.13%, and 7.27% respectively [2] Group 2 - Ailis experienced a net inflow of main funds amounting to 26.4365 million yuan on the previous trading day, with a net inflow of 14.7895 million yuan over the last five days [3] - As of August 26, the margin trading balance for Ailis was 850 million yuan, with a financing balance of 845 million yuan, an increase of 14.2611 million yuan or 1.72% from the previous trading day, and a securities lending balance of 5.38 million yuan, which increased by 123.8 thousand yuan or 2.36% [3] - The semi-annual report released on August 27 showed that Ailis achieved an operating income of 2.374 billion yuan in the first half of the year, a year-on-year increase of 50.57%, and a net profit of 1.051 billion yuan, a year-on-year increase of 60.22% [3] - In terms of institutional ratings, Ailis received buy ratings from two institutions in the past month, with Caifeng Securities issuing an "overweight" rating on August 20 and another report on August 14 [3]

2025年8月27日，艾力斯(688578.SH)发布2025年中报。 公司营业总收入为23.74亿元，在已披露的同业公司中排名第20，较去年同报告期营业总收入增加7.97亿元，实现5年连续上涨，同比较去年同期上涨 50.57%。归母净利润为10.51亿元，在已披露的同业公司中排名第5，较去年同报告期归母净利润增加3.95亿元，实现5年连续上涨，同比较去年同期上涨 60.22%。经营活动现金净流入为10.93亿元，在已披露的同业公司中排名第7，较去年同报告期经营活动现金净流入增加3.62亿元，实现4年连续上涨，同比 较去年同期上涨49.62%。 公司最新资产负债率为12.10%，在已披露的同业公司中排名第18。 公司最新毛利率为96.87%，在已披露的同业公司中排名第2，较上季度毛利率增加0.12个百分点，实现5个季度连续上涨，较去年同期毛利率增加1.23个百分 点。最新ROE为17.15%，在已披露的同业公司中排名第2，较去年同期ROE增加2.61个百分点。 公司摊薄每股收益为2.34元，在已披露的同业公司中排名第1，较去年同报告期摊薄每股收益增加0.88元，实现5年连续上涨，同比较去年同期上涨60.27% ...

Core Viewpoint - The company, Shanghai Ailis Pharmaceutical Technology Co., Ltd., has announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 4.00 RMB per 10 shares, totaling 180 million RMB, which represents 17.12% of the net profit for the first half of 2025 [2][16][15]. Company Overview - The company is listed under the stock code 688578 and is referred to as Ailis [3]. - The total share capital as of June 30, 2025, is 450 million shares [2][16]. Financial Data - The net profit attributable to shareholders for the first half of 2025 is 1,051,235,341.42 RMB [16]. - The undistributed profits of the parent company as of June 30, 2025, amount to 1,757,254,173.14 RMB [16]. Profit Distribution Plan - The proposed cash dividend is 4.00 RMB per 10 shares, with a total cash dividend of 180 million RMB (including tax) [2][16]. - The company will not issue bonus shares or increase capital reserves during this distribution [2][15]. Governance and Compliance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the semi-annual report, ensuring no false statements or omissions [1][6]. - The supervisory board has reviewed and approved the semi-annual report and the profit distribution plan, affirming compliance with relevant laws and regulations [5][9]. Fund Management - The company has established a system for managing raised funds, ensuring they are stored in dedicated accounts and used according to regulations [22][23]. - As of June 30, 2025, the balance of the raised funds is 40,086,120.13 RMB, with a total of 1,436,697,370.69 RMB used [23][24]. Investment Projects - The company has adjusted its investment in research and development projects, increasing the total investment in the new drug development project to 106,615.87 million RMB [35][37]. - The company has also made changes to its fundraising project allocations, ensuring funds are used effectively for ongoing and new projects [39].

证券代码：688578 证券简称：艾力斯 公告编号：2025-019 上海艾力斯医药科技股份有限公司 关于 2025 年半年度利润分配方案的公告 重要内容提示： 一、利润分配方案内容 民币 1,757,254,173.14 元。经董事会决议，公司 2025 年半年度拟以实施权益分派 股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每 10 股派发现金红利 4.00 元（含税）。截至 2025 年 6 月 元（含税），现金分红金额占公司 2025 年半年度合并报表中归属于上市公司股东 的净利润的比例为 17.12%。本次不送红股，不进行资本公积金转增股本。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股 本发生变动的，公司拟维持分配总额不变，相应调整每股分配比例。如后续总股 本发生变化，将另行公告具体调整情况。 根据公司 2024 年年度股东大会审议通过的《关于提请股东大会授权董事会 进行 2025 年中期分红的议案》，股东大会授权公司董事会根据股东大会决议在符 合利润分配的条件下制定具体 ...

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