证券代码：000963 证券简称：华东医药 公告编号：2025-087 华东医药股份有限公司 关于与专业投资机构共同投资设立专项医药产业投资基金 暨关联交易的进展公告 （一）基金工商登记情况 1、统一社会信用代码：91330105MAEUUX5G63 2、企业名称：杭州福广鸿泽股权投资合伙企业（有限合伙） 3、类型：有限合伙企业 4、执行事务合伙人：上海福广私募基金管理有限公司 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。 一、对外投资概述 2025 年 08 月，为进一步丰富华东医药股份有限公司（以下简称 "公司"或"本公司"）产业投资生态圈，拓展产业链布局，更好地 借助专业机构的专业力量及资源优势，整合各方资源，提高公司的核 心竞争力，公司与普通合伙人、执行事务合伙人暨基金管理人上海福 广私募基金管理有限公司（以下简称"上海福广"）、有限合伙人杭 州产业投资有限公司（以下简称"杭州产投"）、有限合伙人杭州拱 墅产业基金有限公司（以下简称"拱墅产业"）共同签署了《杭州福 广鸿泽股权投资合伙企业（有限合伙）合伙协议》，共同投资设立"杭 州福广鸿泽股权投资合伙 ...

证券代码：000963 证券简称：华东医药 公告编号：2025-088 华东医药股份有限公司 关于全资子公司获得药物临床试验批准通知书的公告 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。 2025 年 09 月 19 日，华东医药股份有限公司（以下简称"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"）收到 美国食品药品监督管理局（以下简称"美国 FDA"）通知，由中美华 东申报的注射用 HDM2017 药品临床试验申请已获得美国 FDA 批 准， 可在美国开展 I 期临床试验，适应症为晚期恶性实体瘤。现将 有关详情公告如下： 一、该药物基本信息 药物名称：注射用 HDM2017 申请人：杭州中美华东制药有限公司 二、该药物研发及注册情况 注射用 HDM2017 是由中美华东研发并拥有全球知识产权的 1 类生物新药，是一款靶向钙黏蛋白 17（Cadherin 17，LI-cadherin）的 新型抗体药物偶联物（Antibody-drug conjugate，ADC），由抗 CDH17 的单克隆抗体与拓扑异构酶 I 抑制剂通过可裂解连接子偶 ...

Group 1 - The chemical pharmaceutical sector increased by 0.22% on September 22, with Sunflower leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Notable gainers in the chemical pharmaceutical sector included Sunflower, which rose by 19.96% to a closing price of 5.95, and Frontier Biotech, which increased by 5.84% to 15.76 [1] Group 2 - The sector experienced a net outflow of 1.368 billion yuan from institutional investors, while retail investors saw a net inflow of 908 million yuan [2] - Major stocks with significant net inflows from retail investors included Sunflower, which had a net inflow of 55.9352 million yuan [3] - Conversely, stocks like Hengrui Medicine experienced a net outflow of 62.0948 million yuan from retail investors [3]

Group 1 - The report highlights a transition in the market towards a震荡上行 phase, with a total capital supply of 137.2 billion and a net inflow of 59.8 billion into the market [3][28] - The report indicates that the issuance of equity funds has slightly increased, with the new issuance of equity public funds rising to 428.54 million shares, a change of +2.24% compared to the previous period [28] - The report notes that the net reduction in industrial capital has narrowed, indicating a potential shift in market sentiment [28] Group 2 - The report discusses the performance of the electronics industry, specifically focusing on the company 甬矽电子, which achieved a revenue of 2.01 billion, a year-on-year growth of 23.37%, and a net profit of 30.32 million, a year-on-year growth of 150.45% [11] - The report emphasizes the recovery of the semiconductor industry, driven by the global consumer market and the emergence of AI applications, which has positively impacted the company's revenue [11] - The report mentions that the company has maintained high R&D investment, with 26 new invention patents filed in the first half of 2025, ensuring its competitive edge in advanced packaging technologies [11] Group 3 - The report highlights the performance of the healthcare sector, specifically 华东医药, which reported a revenue of 21.68 billion, a year-on-year increase of 3.39%, and a net profit of 1.81 billion, a year-on-year increase of 7.01% [18] - The report indicates that the pharmaceutical industrial segment has shown strong growth, with a revenue increase of 9.24% in the first half of 2025 [18] - The report notes that the company is set to launch a new innovative drug for ovarian cancer treatment in Q4 2025, which is expected to contribute to future revenue growth [18] Group 4 - The report discusses the coal power sector, specifically浙能电力, which reported a revenue of 35.47 billion, a year-on-year decrease of 11.68%, and a net profit of 3.51 billion, a year-on-year decrease of 10.57% [19] - The report highlights that the decline in coal prices has significantly improved the company's cost structure, with the average coal price dropping to approximately 676 yuan per ton [19] - The report projects that the company's net profit will increase in the coming years, with estimates of 7.93 billion, 8.19 billion, and 8.50 billion for 2025-2027, reflecting a positive outlook for the company [19]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year [1] - The pharmaceutical industrial sector continues to perform well, with the industrial microbiology segment showing strong growth, while the medical aesthetics segment is under pressure [2] - The company is optimizing its expense ratios, with a sales expense ratio of 14.90%, down 0.72 percentage points year-on-year, and a research and development expense ratio of 4.61%, up 1.54 percentage points due to increased investment in innovative drug projects [3] - The sales of innovative drugs are gaining momentum, with a CAR-T product leading the market and a new ADC drug expected to launch in Q4 2025 [4] - Revenue projections for 2025-2027 are estimated at 44.888 billion yuan, 48.998 billion yuan, and 50.855 billion yuan respectively, with net profits of 3.920 billion yuan, 4.533 billion yuan, and 5.119 billion yuan [4] Financial Summary - For 2025, the company is expected to achieve a revenue of 44.888 billion yuan, with a growth rate of 7.12% [6] - The projected net profit for 2025 is 3.920 billion yuan, reflecting a growth rate of 11.61% [6] - The earnings per share (EPS) for 2025 is estimated at 2.23 yuan, with a price-to-earnings (P/E) ratio of 18.64 [6]

Core Viewpoint - Huadong Medicine's stock price has shown volatility, with a year-to-date increase of 23.26% but a recent decline in the last five and twenty trading days [1] Financial Performance - For the first half of 2025, Huadong Medicine achieved a revenue of 21.675 billion yuan, representing a year-on-year growth of 3.39% [2] - The net profit attributable to shareholders for the same period was 1.815 billion yuan, reflecting a year-on-year increase of 7.01% [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.91% to 69,800, while the average circulating shares per person increased by 8.59% to 25,083 shares [2] - Cumulative cash dividends since the A-share listing amount to 8.873 billion yuan, with 3.771 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 39.8384 million shares, a decrease of 6.2825 million shares from the previous period [3] - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as an increase in shares held by China Europe Medical Health Mixed A and a decrease by E Fund CSI 300 Medicine ETF [3] Business Overview - Huadong Medicine, established on March 31, 1993, and listed on January 27, 2000, operates primarily in the production and sales of pharmaceutical products, with a revenue composition of 64.45% from commercial activities and 39.69% from manufacturing [1] - The company is involved in various sectors, including vitamins, pharmaceutical e-commerce, vaccine transportation, peptide drugs, and hepatitis treatment [1]

Group 1 - The stock price of Huadong Medicine increased by 2.02% on September 18, reaching 42.90 CNY per share, with a trading volume of 297 million CNY and a market capitalization of 75.248 billion CNY [1] - Year-to-date, Huadong Medicine's stock price has risen by 27.41%, with a recent 5-day increase of 1.11%, a 20-day decrease of 5.42%, and a 60-day increase of 7.79% [1] - The company reported a revenue of 21.675 billion CNY for the first half of 2025, representing a year-on-year growth of 3.39%, and a net profit of 1.815 billion CNY, up 7.01% year-on-year [2] Group 2 - Huadong Medicine has distributed a total of 8.873 billion CNY in dividends since its A-share listing, with 3.771 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 7.91% to 69,800, while the average circulating shares per person increased by 8.59% to 25,083 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 39.8384 million shares, a decrease of 6.2825 million shares from the previous period [3]

Core Insights - The Medical Health Index (980016) closed at 7114.13 points on September 17, with a slight increase of 0.22% and a trading volume of 34.146 billion yuan, indicating a turnover rate of 1.06% [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 18 stocks rose while 30 stocks fell on the same day [1] - Bai Li Tian Heng led the gains with a rise of 4.08%, while Junshi Biosciences recorded the largest decline at 2.52% [1] Group 2: Top Constituents - The top ten constituents of the Medical Health Index are as follows: - WuXi AppTec (603259) with a weight of 13.58%, latest price at 109.29 yuan, and a market cap of 322.57 billion yuan, increased by 2.09% [1] - Hengrui Medicine (600276) with a weight of 10.87%, latest price at 70.13 yuan, and a market cap of 465.47 billion yuan, increased by 1.42% [1] - Mindray Medical (300760) with a weight of 8.17%, latest price at 66.66 yuan, and a market cap of 290.25 billion yuan, decreased by 0.09% [1] - United Imaging Healthcare (688271) with a weight of 4.14%, latest price at 151.60 yuan, and a market cap of 124.94 billion yuan, decreased by 0.90% [1] - Other notable constituents include Pianzai Shou (600436), Aier Eye Hospital (300015), and Fosun Pharma (600196) [1] Group 3: Capital Flow - The Medical Health Index constituents experienced a net outflow of 601 million yuan from major funds, while retail investors saw a net inflow of 615 million yuan [1] - Detailed capital flow for major stocks indicates that WuXi AppTec had a net inflow of 4.28 million yuan from major funds, while Hengrui Medicine saw a net outflow of 3.43 million yuan [2]

华东医药（000963.SZ）9月17日在投资者互动平台表示，因跨国生产转移涉及较复杂的监管要求、费用 较高且时间跨度较长，合作方目前尚无在中国落地生产的具体计划。公司正在就炎朵®在中国市场的供 货事宜，积极与合作方沟通。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问："炎朵"因合作方没有及时供货而迟迟不能上市销售，请 问公司除了与合作方积极沟通外还有其它应对措施吗？请问"炎朵"有引进国内自主生产的计划吗？ ...

Core Viewpoint - The announcement by East China Pharmaceutical Co., Ltd. regarding its subsidiary Zhejiang Daor Biotechnology Co., Ltd.'s innovative long-acting triple agonist DR10624 for treating severe hypertriglyceridemia has been recognized as a groundbreaking clinical trial, set to be presented at the AHA 2025 conference [1][2]. Group 1 - The DR10624-201 study results have been selected for presentation at the AHA 2025, highlighting the scientific value and clinical prospects of DR10624 [1]. - The AHA 2025 conference will take place from November 7 to 10, 2025, in New Orleans, Louisiana, and is a premier event for showcasing the latest research in cardiovascular diseases [1]. - The study's lead researcher, Professor Li Jianping, will present the clinical data for the first time at the AHA annual meeting, marking a historic breakthrough for Chinese scholars in the field of cardiovascular research [2]. Group 2 - DR10624 is a first-in-class long-acting triple-target agonist, uniquely targeting FGFR1c/Klothoβ, GLP-1R, and GCGR, and is currently the fastest-developing FGF21 triple-target drug [2]. - The drug is also undergoing a Phase II clinical study in China for treating metabolic-associated fatty liver disease with high risk of liver fibrosis, with the first subject expected to be enrolled by April 2025 [2].