证券代码：000963 证券简称：华东医药 公告编号：2025-100 华东医药股份有限公司 关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华东医药股份有限公司（以下简称"本公司"或"公司"）近日 接到控股股东中国远大集团有限责任公司（以下简称"远大集团"） 通知，获悉远大集团将其所持有的本公司部分股份办理了质押，部分 股份办理了解除质押。具体事项如下： 一、股东股份质押基本情况 | 股东名 | 是否为控 股股东或 | 本次质押 | 占其所 | 占公司 | 是否为 限售股 | 是否 为补 | 质押起始 | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 第一大股 东及其一 | 数量（股） | 持股份 比例 | 总股本 比例 | （如是， 注明限 | 充质 | 日 | 质押到期日 | 质权人 | 用途 | | | 致行动人 | | | | 售类型） | 押 | | | | | | 中国远 大集团 有限责 ...

Core Insights - Huadong Medicine's subsidiary, Zhejiang Daer Biotechnology, announced significant results from the Phase II clinical study of the first-in-class long-acting triple agonist DR10624 for treating severe hypertriglyceridemia (SHTG) at the AHA 2025 conference [1][3] Group 1: Product and Clinical Research - DR10624 is a first-in-class long-acting triple-target agonist that uniquely targets FGFR1c/Klothoβ (FGF21R), GLP-1R, and GCGR, designed using the MultipleBody technology platform [2] - The drug intervenes in metabolic regulation by enhancing lipid oxidation, suppressing fat generation, improving insulin sensitivity, promoting fat breakdown, and effectively reducing appetite [2] - The Phase II clinical study results for DR10624 were presented as a groundbreaking report at AHA 2025, marking a significant achievement for Chinese cardiovascular research [3] Group 2: Market Potential and Competitive Landscape - SHTG poses a growing public health burden, with limited effective clinical treatment options currently available, highlighting a significant unmet medical need [3] - Huadong Medicine is preparing for the Phase III clinical study of DR10624, having submitted a clinical trial application to the FDA in September 2025, which was approved in October 2025 [4] - The focus on the FGF21 target presents a high barrier to entry and scarcity in the global market, with few similar drugs in clinical stages, indicating substantial future growth potential [4][5] Group 3: Strategic Positioning - Huadong Medicine's strategic evolution in endocrine therapy has progressed from traditional glucose-lowering drugs to weight management and now to cutting-edge indications like SHTG, enhancing its technological moat [5]

Core Insights - The article highlights the significant achievements of Huadong Medicine's subsidiary, Zhejiang Daor Bio, in the development of DR10624, a first-in-class long-acting triple agonist for treating severe hypertriglyceridemia (SHTG), which was showcased at the AHA 2025 conference [1][3] Group 1: Clinical Trial Results - DR10624 demonstrated a rapid and significant reduction in triglyceride levels, atherosclerotic lipids, and liver fat content in patients with SHTG during its Phase II clinical trial [1][3] - The trial results indicated that 89.5% of patients treated with DR10624 achieved triglyceride levels below 500 mg/dL, and 19.1% reached levels below 150 mg/dL, with a median percentage reduction in triglycerides of up to 75% [6][9] - After 12 weeks of treatment, DR10624 significantly reduced liver fat content, with a median percentage reduction of up to 67% compared to the placebo group [8] Group 2: Mechanism of Action - DR10624 is designed as a long-acting triple-target agonist, uniquely targeting FGFR1c/Klothoβ, GLP-1R, and GCGR, which allows it to intervene in metabolic regulation from multiple dimensions [2][10] - The drug enhances lipid oxidation, suppresses fat generation, improves insulin sensitivity, promotes fat breakdown, and effectively suppresses appetite, showcasing its unique advantages in treating metabolic diseases [2][10] Group 3: Strategic Positioning and Market Potential - The recognition of DR10624 at the AHA conference marks a historic breakthrough for Chinese scholars in cardiovascular research and drug development [3][10] - Huadong Medicine's focus on the FGF21 target, which has high barriers to entry and limited competition, positions the company favorably in the metabolic disease treatment landscape [10][11] - The global interest in FGF21 has led to significant investments from major pharmaceutical companies, indicating a strong consensus on its potential as a core target for metabolic disease therapies [10][11] Group 4: Future Developments - Huadong Medicine is preparing for Phase III clinical trials for DR10624, having submitted clinical trial applications to the FDA and received approvals for various indications [9][12] - The company is expanding its product pipeline, including multiple GLP-1 related products, which are progressing through clinical development for diabetes and weight management [12][13]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector, specifically recommending the innovative drug and medical device industry chain [5][10]. Core Insights - The pharmaceutical sector shows a positive recovery trend in Q3 2025, with overall revenue growth of 0.6% year-on-year and a net profit increase of 0.3% year-on-year. This indicates a return to growth after previous declines [6][13]. - Specific segments such as medical devices and medical research outsourcing are experiencing significant growth, with revenue and net profit growth rates of 10.6% and 0.6% for medical devices, and 10.9% and 47.9% for medical research outsourcing, respectively [13][14]. - The report highlights a continued recommendation for specific A-share and H-share stocks, including 恒瑞医药 (Hengrui Medicine), 科伦药业 (Kelun Pharmaceutical), and others, indicating strong potential for investment [7][10]. Summary by Sections 1. Continued Recommendation for Innovative Drug and Medical Device Industry Chain - The report continues to recommend the innovative drug and medical device industry chain, maintaining "Overweight" ratings for several A-share stocks including 恒瑞医药, 科伦药业, and others, and H-share stocks like 翰森制药 and 三生制药 [7][10]. 2. Recovery Trend in Pharmaceutical Sector Q3 2025 - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year in Q3 2025, with net profit rising by 0.3%. Medical devices and medical research outsourcing are leading this recovery with notable growth rates [13][14]. 3. Performance of Pharmaceutical Sector in October 2025 - In October 2025, the pharmaceutical sector underperformed compared to the broader market, with the SW pharmaceutical index declining by 1.8% while the Shanghai Composite Index rose by 1.9% [15][26]. 4. Performance of Hong Kong and US Pharmaceutical Sectors - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 11.1%, while the US pharmaceutical sector showed strength with a 3.5% increase in the S&P healthcare index [26][27]. 5. Valuation and Premium Levels - As of October 31, 2025, the pharmaceutical sector's premium level relative to all A-shares is at a normal level, with a current relative premium rate of 76.7% [25][28].

Core Insights - The annual adjustment of the National Medical Insurance (NMI) catalog has progressed, with negotiations for the 2025 NMI drug catalog and commercial insurance innovative drug catalog taking place from October 30 to November 3, involving 120 domestic and foreign companies [1] - The introduction of the commercial insurance innovative drug catalog is a significant highlight, marking its first establishment, with 141 submissions and 121 passing the preliminary review [1][2] - The NMI's focus is on "basic protection," which has led to high-value innovative drugs like CAR-T therapies not being included in the basic catalog, while the commercial insurance catalog aims to cover high-innovation drugs that exceed basic insurance limits [2] Group 1 - The NMI negotiations involved 127 drugs for the basic catalog and 24 for the commercial insurance catalog, with the new catalogs expected to be released in early December and implemented on January 1 [1] - The commercial insurance innovative drug catalog respects the market position of commercial insurance companies, differing from the NMI catalog adjustments [2] - Five CAR-T therapies are in the preliminary review for the commercial insurance catalog, indicating a growing acceptance of high-value therapies in the market [2][3] Group 2 - The support from commercial insurance for high-value innovative products like CAR-T therapies is seen as essential for risk-sharing among patients and promoting industry development [3] - There is a need for national involvement to enhance the role of commercial insurance in rare disease coverage, as profitability concerns may limit insurance companies' willingness to cover patients with pre-existing conditions [3] - The potential for innovative drugs included in both NMI and commercial insurance catalogs to experience rapid revenue growth is highlighted, benefiting patients and leading to increased flexibility for related companies [4]

Investment Rating - The report maintains a focus on innovative pharmaceuticals and medical devices, highlighting key A-share and H-share targets for investment [6][32]. Core Insights - The pharmaceutical sector showed a good recovery in Q3 2025, with overall revenue increasing by 0.6% year-on-year and net profit attributable to shareholders rising by 0.3% year-on-year [11][32]. - Medical equipment benefited from procurement recovery, with Q3 revenue and net profit growth of 10.6% and 0.6% year-on-year, respectively [11][32]. - Medical R&D outsourcing continued to achieve high growth, with Q3 revenue and net profit growth of 10.9% and 47.9% year-on-year [11][32]. - The offline pharmacy sector improved, with Q3 revenue and net profit growth of 2.1% and 37.8% year-on-year [11][32]. Summary by Sections 1. Focus on Innovative Pharmaceuticals and Medical Devices - Key A-share targets include Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Changchun High-tech Industry, Jiangsu Nhwa Pharmaceutical, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, APT Medical, and related target Guangdong Zhongsheng Pharmaceutical [6][32]. - Key H-share targets include Hansoh Pharmaceutical Group, 3SBio, Akeso, and related target Innovent Biologics, WuXi AppTec [6][32]. 2. Q3 2025 Pharmaceutical Sector Recovery - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year, with net profit attributable to shareholders up by 0.3% year-on-year [11][32]. - Specific segments such as medical devices and medical R&D outsourcing showed significant growth [11][32]. 3. October 2025 Market Performance - In October 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 1.8% while the SHCOMP rose by 1.9% [14][32]. - The relative premium of the pharmaceutical sector compared to all A-shares was at a normal level, with a current relative premium rate of 76.7% [23][32]. 4. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed, with the Hang Seng Healthcare index falling by 11.1% [24][32]. - In contrast, the U.S. S&P 500 healthcare sector rose by 3.5% [24][32].

Core Insights - The import of the anti-cancer drug Somatuzumab injection (brand name: Ailahu) has successfully cleared customs in Beijing, marking a significant step in the nationwide supply chain for ovarian cancer treatment [1][3] - This drug is the first targeted FRα ADC (antibody-drug conjugate) approved globally, specifically developed for patients with platinum-resistant recurrent ovarian cancer (PROC), and is recognized as a "precision missile" in the industry [3] Group 1 - The drug has been introduced to the market by East China Pharmaceutical Co., Ltd., and its successful customs clearance signifies the completion of the entire import circulation chain [1][3] - The customs clearance process was efficient, taking only 30 minutes, demonstrating the effectiveness of the customs operations [3] - The customs provided a tailored clearance plan considering the drug's temperature sensitivity, ensuring quality control during the import process [3] Group 2 - The drug's arrival is expected to provide hope for many ovarian cancer patients, emphasizing the importance of timely access to life-saving medications [3] - The customs authority implemented a "24/7" appointment inspection service to facilitate immediate checks upon arrival, addressing the critical need for rapid delivery of anti-cancer drugs [3]

Core Insights - The company emphasizes innovation in drug development as its core strategy, with over 90 innovative drug pipeline projects currently in progress [1] - The focus of the company's R&D is on major disease areas such as endocrinology, oncology, and autoimmune diseases, with a forward-looking and differentiated advantage in target layout [1] - Despite intense industry competition, the company is at the forefront in terms of technical accumulation and clinical advancement speed in its niche areas, with several potential products expected to achieve milestone breakthroughs in the next 2-3 years [1] - The company plans to continuously enhance R&D conversion efficiency and accelerate the market launch of key products to reward investor trust with innovative results [1]

Core Viewpoint - The company has successfully initiated the market entry of its product ELAHERE® (Somatuzumab Injection) under the "Hong Kong and Macau Drug and Medical Device Access" policy, with significant sales revenue projected for the upcoming years [1]. Group 1: Product Launch and Sales - The product ELAHERE® has achieved sales revenue exceeding 45 million yuan from January to September 2025 [1]. - The official market launch of ELAHERE® in the domestic market is progressing smoothly, with plans for a formal rollout in November 2025 [1].

Core Viewpoint - Huadong Medicine is a leading comprehensive pharmaceutical enterprise in China, with core businesses covering pharmaceutical manufacturing, distribution, and medical aesthetics, benefiting from a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Huadong Medicine achieved a revenue of 32.664 billion yuan, ranking first among 110 companies in the industry, exceeding the industry average by 2.8 billion yuan and the median by 838 million yuan [2] - The net profit for the same period was 2.742 billion yuan, ranking third in the industry, above the industry average by 299 million yuan and the median by 782.9 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huadong Medicine's debt-to-asset ratio was 38.65%, down from 39.80% year-on-year, but higher than the industry average of 35.26% [3] - The gross profit margin for Q3 2025 was 33.52%, up from 32.55% year-on-year, but lower than the industry average of 57.17% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.50% to 68,800, while the average number of circulating A-shares held per household increased by 1.53% to 25,500 [5] Group 4: Management and Compensation - The chairman of Huadong Medicine, Lv Liang, received a salary of 2.4 million yuan in 2024, unchanged from 2023 [4] Group 5: Innovation and Growth - The company reported a significant increase in revenue from innovative products, with sales and agency service income reaching 1.675 billion yuan in the first three quarters, a year-on-year growth of 62% [6][7] - The company maintains high R&D investment, with the approval of a new drug, Maleic Acid Mevanertinib Tablets, in October 2025 [6] - The medical aesthetics business is under pressure, while the industrial microbiology segment showed a revenue growth of 28.48% year-on-year [6] Group 6: Future Projections - Analysts project Huadong Medicine's net profit for 2025-2027 to be 3.841 billion, 4.464 billion, and 5.005 billion yuan, reflecting year-on-year growth rates of 9.4%, 16.2%, and 12.1% respectively [6] - Another analysis anticipates net profits of 3.88 billion, 4.54 billion, and 5.28 billion yuan for the same period, with growth rates of 10.4%, 17.0%, and 16.5% respectively [7]