（文章来源：证券日报） 证券日报网讯华东医药8月14日在互动平台回答投资者提问时表示，公司在减重及糖尿病治疗领域，重 点围绕GLP-1靶点进行布局，已构筑了包括口服片剂、注射剂在内的长效及多靶点全球创新药和生物类 似药相结合的差异化产品管线，包括已上市的利拉鲁肽注射液，及在研的司美格鲁肽注射液、口服小分 子激动剂HDM1002、复方口服制剂HDM1010、双靶点激动剂HDM1005、长效三靶点激动剂DR10624等 多款产品。 ...

华东医药（000963.SZ）8月14日在投资者互动平台表示，HDM1002体重管理适应症3期临床研究设置了 200mg、400mg及安慰剂三个剂量组，需给药52周，并进行4周安全性随访，共56周，预计于2026年Q4 获得揭盲后的顶线数据。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：1002片二期顶线最高剂量40mg只试验了2周，而礼来最 新减肥药二期以及三期试验中都是最高剂量分别试验了36周和72周，我想问的是，1002片在三期试验中 打算40mg减重试验准备做几周，大概什么时候出顶线结果？谢谢！ ...

Summary of Huadong Medicine Conference Call Company Overview - **Company**: Huadong Medicine - **Industry**: Pharmaceutical Key Points and Arguments Business Strategy and Performance - Huadong Medicine focuses on maximizing efficiency rather than scale, which is reflected in its continuous growth in performance, particularly in the generic drug sales and innovation drug advancement [2][4] - The company's stock price is closely linked to its performance, recovering from a decline due to centralized procurement pressures since 2022, with a positive outlook for 2025 due to favorable policies and temporary procurement pauses in certain departments [2][7] Innovation and Product Pipeline - Significant progress has been made in the innovation drug sector, with a comprehensive pipeline established, particularly in oncology, autoimmune diseases, and metabolic disorders [3][11] - The company has a complete lineup in the endocrine metabolic field, including commercialized liraglutide and upcoming biosimilars of semaglutide, focusing on small molecule GLP-1 and dual-target/triple-target drugs in the weight loss market [2][19][25] Response to Market Challenges - Despite facing centralized procurement pressures, Huadong Medicine maintains a positive long-term growth outlook, especially with new products being launched and a strong sales capability in generics [5][10] - The company has effectively mitigated procurement pressures through a robust patent strategy, limiting competition in the short term [9] Financial Performance - The industrial segment has shown a return to double-digit growth since Q2 2022, indicating strong overall capabilities and resilience in traditional business areas [12] - The stock price has shown a recovery trend, with expectations for continued growth driven by performance recovery and favorable market conditions [7][40] Future Development Directions - The company’s future strategy focuses on four key areas: special raw materials (SRA), animal health, wellness, and medical aesthetics, with optimistic prospects in the medical aesthetics sector despite recent challenges [33][36] - The innovation drug sector is expected to see significant sales growth, with several products projected to reach over 1 billion in sales by 2025 [37] Collaborations and Acquisitions - Recent collaborations include projects in monoclonal antibodies and ADCs, enhancing the product line and market competitiveness [17][20] - The company has successfully introduced several products that complement existing treatments, indicating a strategic approach to expanding its portfolio [15] Market Position and Competitive Advantages - Huadong Medicine has established a strong competitive position in the autoimmune disease market through a diverse product range and differentiated capabilities in topical formulations [31] - The company’s diabetes treatment portfolio includes key drugs with annual sales exceeding 5 billion, showcasing its strong market presence [24] R&D and Management Changes - The R&D system has been restructured to enhance product development efficiency, led by experienced professionals from major pharmaceutical companies [13] - The company is actively pursuing innovative technologies such as ADCs and PROTACs, with several products entering clinical stages [22][38] Overall Market Outlook - The overall outlook for Huadong Medicine remains positive, with expectations for continued growth across various business segments, including pharmaceuticals and wellness products [8][34] - The company is well-positioned to leverage its strengths in innovation and market adaptability to drive future performance [40]

8月13日，华东医药宣布，公司全资子公司杭州中美华东制药有限公司（以下简称"中美华东"）研发的 注射用HDM2020（FGFR2b-ADC）用于治疗晚期实体瘤的I期临床试验在中山大学肿瘤防治中心实现了 首例受试者成功给药。 ...

Core Viewpoint - Huadong Medicine's subsidiary has received approval for the Phase III clinical trial of MC2-01 cream for treating plaque psoriasis, marking a significant step towards clinical application and enhancing the company's portfolio in dermatological formulations [1][2][3] Group 1: Product Development and Market Potential - MC2-01 cream is a fixed-dose combination of calcipotriene and betamethasone, designed for the topical treatment of adult plaque psoriasis, including scalp psoriasis [2][3] - The Chinese psoriasis treatment market is rapidly growing, with projections estimating it will reach USD 3.25 billion by 2025 and further increase to USD 9.94 billion by 2030 [2] - Approximately 80%-90% of psoriasis patients globally have the plaque type, indicating a significant demand for effective treatment options in China, where the number of plaque psoriasis patients is expected to reach 6.168 million by 2030 [3] Group 2: Competitive Advantage and Product Pipeline - Huadong Medicine has established a comprehensive pipeline in the autoimmune field, with over 20 innovative products in development, covering various conditions including psoriasis, atopic dermatitis, and more [4] - The company has created a "golden product combination" in psoriasis treatment, including monoclonal antibodies, oral medications, and topical formulations, aiming to provide a wide range of options for patients [5][6] - The company is actively pursuing collaborations and has received approvals for multiple products, enhancing its competitive position in the dermatological market [6] Group 3: Strategic Vision and Future Outlook - Huadong Medicine aims to become a globally influential innovative pharmaceutical company, focusing on accelerating strategic layouts across multiple fields and delivering breakthrough treatment solutions for patients [7]

Group 1 - Huadong Medicine's subsidiary has obtained exclusive commercialization rights for the oral JAK1 inhibitor VC005 from Jiangsu Weikail. The company will pay an upfront fee of 50 million RMB and up to 180 million RMB in milestone payments [1] - VC005 is a novel, potent, and highly selective second-generation oral JAK1 inhibitor currently in clinical development for treating inflammatory and autoimmune diseases, with its fastest clinical progress in Phase III for moderate to severe atopic dermatitis [1] Group 2 - Jidan Bio, as the controlling shareholder of Jingchuan Diagnostics, has faced difficulties in understanding the operational status of Jingchuan due to communication issues, leading to a lawsuit for access to financial data [2] - The final ruling requires Jingchuan Diagnostics to provide company documents and financial reports for review by Jidan Bio and its authorized representatives, highlighting management challenges faced by listed companies over their subsidiaries [2] Group 3 - Zhixiang Jintai announced the resignation of two core technical personnel, with one leaving for personal development and the other due to work adjustments, while a new core technical member has been appointed [3] - The biotech industry relies heavily on core technical teams, and while personnel changes are common, the focus should be on the new members' professional backgrounds and alignment with the company's strategy [3] Group 4 - Haisike's innovative drug HSK47977 has received approval for clinical trials, targeting BCL6 protein to inhibit tumor cell development, specifically for non-Hodgkin lymphoma treatment [4] - HSK47977 is a potential first-in-class product with strong anti-tumor activity and selectivity, showing promising results in preclinical studies [4] Group 5 - Zhengda Tianqing has had two class 1 new cancer drugs accepted for clinical trials in China, marking a significant expansion in its oncology pipeline [5][6] - The drugs include a Bcl-xL protein degradation-targeting chimeric compound and a highly selective PARP1 inhibitor, both aimed at treating malignant tumors [5]

Group 1 - The core point of the news is that East China Pharmaceutical has signed an exclusive commercialization agreement for the oral formulation VC005 with Jiangsu Weikail Pharmaceutical Technology Co., Ltd, which is now effective [1] - East China Pharmaceutical (Hangzhou) has obtained exclusive commercialization rights for VC005 in mainland China, with an initial payment of 50 million RMB and potential milestone payments up to 180 million RMB [1] - Jiangsu Weikail has a pipeline of innovative drugs with multiple clinical projects in various stages, covering indications such as cardiovascular, oncology, autoimmune, and inflammatory diseases [1] Group 2 - VC005 is a novel, potent, and selective second-generation oral JAK1 inhibitor, developed for treating inflammatory and autoimmune diseases, with ongoing clinical development for conditions like moderate to severe atopic dermatitis and ankylosing spondylitis [2] - The clinical efficacy of VC005 in moderate to severe atopic dermatitis has shown comparable results to Upadacitinib, with rapid relief of itching observed on the day of administration [2] - VC005 is also in various stages of clinical trials for other indications, including ankylosing spondylitis and rheumatoid arthritis, with a sustained-release formulation under development [2]

金融界2025年8月12日消息，工银前沿医疗股票C(010685) 最新净值3.2900元，下跌0.81%。该基金近1个 月收益率7.38%，同类排名279|656；近6个月收益率28.87%，同类排名62|637；今年来收益率28.12%， 同类排名105|635。 简历显示：赵蓓女士:硕士,曾在中再资产管理股份有限公司担任投资经理助理。2010年加入工银瑞信,现 任研究部副总监、医疗保健研究团队负责人,2014年11月18日至今,担任工银医疗保健行业股票型基金基 金经理;2015年4月28日至今,担任工银瑞信养老产业股票型基金基金经理;2016年2月3日至今,担任工银瑞 信前沿医疗股票型基金基金经理。2018年7月30日至2019年12月23日起担任工银瑞信医药健康行业股票 型证券投资基金基金经理。2020年05月20日至2022年6月14日担任工银瑞信科技创新6个月定期开放混合 型证券投资基金基金经理。2025年4月9日起担任工银瑞信新经济灵活配置混合型证券投资基金(QDII)基 金经理。 工银前沿医疗股票C股票持仓前十占比合计59.44%，分别为：恒瑞医药（9.51%）、科伦药业 （9.16%）、信立 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][47]. Core Insights - The white spot market for vitiligo treatment is vast, with a potential market size expected to reach 21.7 billion yuan by 2030, driven by an increasing number of patients and the need for effective treatments [3][15][39]. - Current treatment options are inadequate, with no approved products specifically for vitiligo in China, highlighting a significant gap in the market that innovative drugs could fill [3][26]. - The competitive landscape is favorable, with several small pharmaceutical companies and leading firms vying for market share, and key products expected to receive approval soon [3][39]. Summary by Sections Part 1: Patient Demographics and Health Risks - The prevalence of vitiligo is significant, with approximately 22.83 million patients in China, of which 54.01% are receiving treatment [3][15]. - The condition is associated with severe psychological impacts, including a higher incidence of depression among patients [3][10]. Part 2: Current Treatment Limitations - Existing treatments, primarily involving drug therapy and phototherapy, have shown limited effectiveness, necessitating the introduction of new drugs with higher repigmentation rates [3][24]. - The current market lacks approved medications specifically for vitiligo, with existing drugs primarily approved for other conditions [3][26]. Part 3: Competitive Landscape and Drug Development - The vitiligo treatment sector is characterized by a lack of approved products, with several drugs in various stages of clinical trials, including one in Phase III and six in Phase II [3][39]. - JAK inhibitors are identified as key targets in drug development, with the first approved topical JAK1/JAK2 inhibitor, Ruxolitinib cream, showing promising sales growth [3][32][39]. - The innovative drug market for vitiligo is projected to reach 10 billion yuan, with significant interest in companies like Kangzheng Pharmaceutical and TianKang [3][39]. Part 4: Investment Recommendations - The report suggests focusing on the progress of drug development in the vitiligo sector and monitoring companies involved, including Kangzheng Pharmaceutical, TianKang, Huadong Medicine, and others [3][39].

Transaction Overview - On August 8, 2025, East China Pharmaceutical Co., Ltd. (the "Company") announced that its wholly-owned subsidiary, East China Pharmaceutical (Hangzhou) Co., Ltd., entered into an exclusive commercialization cooperation agreement with Jiangsu Weikail Pharmaceutical Technology Co., Ltd. for the product VC005 [2] - The agreement grants East China Pharmaceutical (Hangzhou) exclusive commercialization rights for VC005 in mainland China, with an upfront payment of 50 million RMB and potential milestone payments up to 180 million RMB [2][10] Parties Involved - East China Pharmaceutical (Hangzhou) Co., Ltd. is a wholly-owned subsidiary established in 2005, primarily engaged in the wholesale and retail of pharmaceutical products and medical devices [3] - Jiangsu Weikail Pharmaceutical Technology Co., Ltd., founded in 2010, focuses on innovative drug development and has a robust pipeline with multiple clinical projects targeting various diseases [4] Product Information - VC005 is a novel, potent, and highly selective second-generation oral JAK1 inhibitor, currently in clinical development for treating autoimmune diseases such as moderate to severe atopic dermatitis and ankylosing spondylitis [8] - The product has shown promising results in clinical trials, with efficacy comparable to existing treatments and a favorable safety profile [8][15] Financial Arrangements - The financial structure of the agreement includes a 50 million RMB upfront payment and milestone payments triggered by specific regulatory events, totaling up to 180 million RMB [10] Cooperation Significance - The partnership aims to address the urgent clinical needs in autoimmune diseases, particularly in the area of oral formulations, which are expected to enhance patient compliance and treatment accessibility [14][16] - The collaboration will enrich the Company's pipeline in dermatology and strengthen its competitive position in the autoimmune disease sector [17][18] Future Plans - The Company plans to utilize its existing commercial channels and expertise to promote VC005 effectively, aiming for a differentiated market position in the autoimmune treatment landscape [18][19]