Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, with a foreign sales revenue of CNY 1.095 billion, accounting for 2.61% of total revenue [20] - The pharmaceutical industrial revenue reached CNY 13.811 billion, representing 32.96% of total revenue [13] - The medical beauty business generated CNY 2.326 billion in revenue, with the subsidiary Xinkeli Meixue contributing CNY 1.139 billion [10] Business Development - The company completed its seventh three-year plan, achieving record high revenue and net profit attributable to shareholders [1] - The industrial microbiology business reported a revenue of CNY 711 million, a year-on-year increase of 43.12% [5] - The company is focusing on four strategic directions: xRNA, specialty APIs & intermediates, health & biological materials, and animal health [2] Product Pipeline and Innovation - The company is preparing for the commercial launch of the innovative ADC drug, Ailaha (Somatuzumab), targeting platinum-resistant ovarian cancer [3] - The oral GLP-1 receptor agonist HDM1002 has completed Phase III clinical trials for weight management, with over 800 participants enrolled in earlier phases [4] - The company has 15 new patent authorizations in 2024, including core patents for GLP-1R/GIPR dual-target agonists [6] Market Strategy - The company maintains a global operational layout for its medical beauty business, focusing on high-end markets [2] - The company plans to enhance its market coverage and registration processes to stabilize the performance of its core subsidiary, Sinclair [2] - The company aims to improve the accessibility of its innovative high-priced drugs through diverse payment channels and market penetration strategies [21] Challenges and Responses - The medical beauty sector faces challenges due to macroeconomic slowdowns and declining consumer demand, but is expected to stabilize with new product approvals [30] - The company is actively managing production costs and enhancing operational efficiency to mitigate the impact of drug price negotiations and procurement policies on profit margins [19] - The company is committed to maintaining a cash dividend policy while balancing strategic development and shareholder returns [12]

Market Overview - A-shares experienced a mixed performance with the Shanghai Composite Index closing at 3374.87 points, up by 0.17% [1] - Since April, the market has shown positive changes, particularly after the May Day holiday, with a significant increase in risk appetite driven by favorable policies [1] - The three major indices have all risen since the holiday, with the ChiNext Index leading with over 6% increase, followed by the Shenzhen Component Index and Shanghai Composite Index with over 4% and 2% increases respectively [1] Institutional Research Activity - Institutional investor research activities have significantly increased, with public funds and private funds showing strong engagement [2] - In April, 195 public funds participated in A-share market research, covering 975 stocks across various industries, with a total of 12,800 research instances, doubling from the previous month [2] - The first week after the May Day holiday saw 144 public fund companies involved in research, maintaining a strong momentum with over 1,000 instances in a single week [2] Sector Focus - Public funds are particularly interested in the electronics and pharmaceutical sectors, with notable research on companies like Luxshare Precision and Huadong Medicine [3] - The electronics sector led private fund research with 1,535 instances, while the pharmaceutical sector followed with 1,284 instances [3] - The top ten most researched stocks included Luxshare Precision and Lattice Semiconductor, indicating a strong focus on the electronics industry [3] Market Sentiment and Future Outlook - Recent policy measures have effectively boosted market expectations and confidence, with A-shares currently seen as having high valuation appeal [4] - The main constraint on A-share valuation expansion is the growth rate of earnings, with expectations for a gradual recovery in market sentiment [4] - Specific sectors expected to rebound include electronics, IT services, and machinery equipment, particularly those with high overseas revenue [4] Consumer Market Insights - The strategic value of domestic consumption is gaining attention amid global trade tensions, with investment opportunities identified in areas like trade-in policies and new consumer trends driven by Generation Z [5]

Core Viewpoint - The recent policy announced by Trump to align U.S. drug prices with the lowest global prices could lead to a significant decrease in prescription drug prices in the U.S., potentially by 30% to 80%, raising concerns among pharmaceutical companies, especially those exporting to the U.S. [1][2] Group 1: Market Performance - As of May 13, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) rose by 2.42%, with notable increases in stocks such as BeiGene (06160) up 4.15% and Innovent Biologics (01801) up 3.14% [1] - The Hong Kong Pharmaceutical ETF (159718) opened high and increased by 2.04%, with a latest price of 0.70 yuan, and a one-month cumulative increase of 3.32% [1] - The CSI Pharmaceutical and Medical Device Innovation Index (931484) increased by 0.87%, with stocks like East China Pharmaceutical (000963) rising by 2.23% [4] Group 2: Trading Volume and Liquidity - The Hong Kong Pharmaceutical ETF had a turnover of 1.72% during the trading session, with a transaction volume of 4.0999 million yuan, and an average daily transaction volume of 95.7602 million yuan over the past month [1] - The latest scale of the Medical Innovation ETF (516820) reached 1.588 billion yuan [4] Group 3: Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index accounted for 60.54% of the index, including BeiGene (06160) and WuXi Biologics (02269) [5] - The top ten weighted stocks in the CSI Pharmaceutical and Medical Device Innovation Index represented 66.51% of the index, featuring companies like Hengrui Medicine (600276) and WuXi AppTec (603259) [8]

Core Viewpoint - The announcement highlights the promising results of the clinical trial for DR10624, a novel long-acting triple agonist developed by Zhejiang Daor Biotechnology, a subsidiary of Huadong Medicine, for treating obesity with hypertriglyceridemia, showcasing significant efficacy in reducing liver fat and improving metabolic parameters [1][2][3]. Group 1: Clinical Trial Results - DR10624 demonstrated significant reductions in liver fat content (LFC) after 12 weeks, with relative decreases of 51.9%, 77.8%, 79.0%, and 75.8% across different dosage groups compared to a placebo group reduction of 26.3% [2]. - All dosage groups of DR10624 showed statistically significant reductions in fasting triglycerides (TG) compared to the placebo [2]. - The drug also improved insulin sensitivity, with HOMA-IR reductions of -42.7% and -35.9% for the 50mg and 75mg groups, respectively, while the placebo group showed an increase of +5.77% [2]. Group 2: Drug Development and Future Prospects - The clinical trial results support the potential of DR10624 in treating severe hypertriglyceridemia and metabolic-associated fatty liver diseases [3]. - DR10624 is currently undergoing Phase II clinical trials in China for treating metabolic-associated fatty liver disease with high fibrosis risk and alcohol-related fatty liver disease, with the first subject enrolled by April 2025 [3]. - A separate Phase II trial for DR10624 in treating severe hypertriglyceridemia has completed patient enrollment, with topline results expected in Q3 2025 [3]. Group 3: Company R&D Investment - Huadong Medicine has increased its R&D investment, with a reported 2024 expenditure of 2.678 billion yuan, a 16.77% year-on-year increase, and direct R&D spending accounting for 12.91% of pharmaceutical industrial revenue [4]. - The company is actively integrating AI technology to enhance drug development and production efficiency [4]. - The release of clinical data for DR10624 marks a significant advancement in the product's development and strengthens the company's competitive position in the endocrine treatment sector [4].

Core Insights - The announcement by East China Pharmaceutical (华东医药) regarding its subsidiary Zhejiang Daer Biotechnology's (道尔生物) innovative long-acting triple agonist DR10624 has garnered significant attention due to its promising clinical trial results for treating obesity with hypertriglyceridemia [1][2][9] Group 1: Clinical Trial Results - DR10624 has shown remarkable efficacy in reducing liver fat content (LFC) in a Phase Ib/IIa clinical trial, with reductions of 51.9%, 77.8%, 79.0%, and 75.8% for the 12.5 mg, 25 mg, 50 mg, and 75 mg dosage groups respectively, compared to a placebo group reduction of 26.3% [2][4] - In subjects with baseline LFC ≥8%, the relative reductions were even more pronounced, with reductions of 58.3%, 83%, 89.2%, and 87.2% for the respective dosage groups, again significantly outperforming the placebo group [4][5] - A notable 66.7%, 88.9%, 100%, and 85.7% of subjects in the respective dosage groups achieved a relative reduction of LFC ≥50%, indicating a high likelihood of histological resolution of steatohepatitis [6] Group 2: Drug Development and Pipeline - DR10624 is currently undergoing additional clinical trials in China for treating metabolic-associated fatty liver disease with liver fibrosis and severe hypertriglyceridemia, with results expected in the third quarter of 2025 [6][9] - The company has a robust pipeline of over 80 innovative drug candidates, focusing on endocrine, autoimmune, and oncology fields, with significant advancements in GLP-1 targeted products [7][9] - The oral small molecule GLP-1 receptor agonist HDM1002 has completed its first subject enrollment for weight management in a Phase III trial, with further studies in diabetes also progressing [7][8] Group 3: Market Position and Future Outlook - East China Pharmaceutical is positioning itself as a leader in the endocrine field, with DR10624's breakthrough results and ongoing development of other GLP-1 related products enhancing its competitive edge [9] - The increasing focus on multi-target agonists, particularly those targeting GLP-1, GCGR, and FGF21R, is expected to drive future growth and innovation within the company [6][9] - The company's commitment to R&D is reflected in its significant investment, with a reported R&D expenditure of 2.678 billion yuan, marking a 16.77% year-on-year increase [8]

自愿披露关于控股子公司DR10624的临床研究结果在2025 年欧洲肝病研究学会（EASL）年会发布的公告 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。 近日，华东医药股份有限公司（以下简称"公司"）控股子公司浙 江道尔生物科技有限公司（以下简称"道尔生物"）自主研发的全球首 创（First-in-class）的靶向成纤维细胞生长因子 21 受体（Fibroblast growth factor 21 receptor，FGF21R）、胰高血糖素受体（Glucagon receptor，GCGR）和胰高血糖素样肽-1 受体（Glucagon-like peptide-1 receptor，GLP-1R）的长效三重激动剂 DR10624 在新西兰治疗肥胖合 并高甘油三脂血症的 Ib/IIa 期临床研究结果在荷兰阿姆斯特丹举办的 2025 年欧洲肝病研究学会年会（EASL Congress 2025）上首次发布。 研究结果 "DR10624, a First-In-Class, FGF21 Receptor (FGF21R)/Glucagon Receptor ...

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7624.71 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.46% in the past month, 3.56% in the past three months, and 2.43% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the CSI 300 Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings of the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.5%), WuXi AppTec (15.98%), Pian Zai Huang (6.77%), Yunnan Baiyao (5.51%), Kelun Pharmaceutical (4.73%), New Horizon (3.69%), East China Pharmaceutical (3.68%), Shanghai Raist (3.39%), Changchun High-tech (3.33%), and Fosun Pharma (3.23%) [1] - The market segment of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.75% and the Shenzhen Stock Exchange accounts for 36.25% [2] - In terms of industry composition, chemical drugs account for 43.27%, pharmaceutical and biotechnology services for 21.11%, traditional Chinese medicine for 19.35%, and biological drugs for 16.27% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the periodic sample adjustments, which are fixed until the next scheduled adjustment unless a temporary adjustment is required [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index [2]

Summary of the Conference Call Industry Focus - The report focuses on the pharmaceutical industry, specifically highlighting innovative drugs and contract research organizations (CXO) Core Insights and Arguments - Continuous recommendation of innovative drugs with positive growth outlook, including: - 恒瑞医药 (Hengrui Medicine) - 华东医药 (East China Pharmaceutical) - 翰森制药 (Hansoh Pharmaceutical) - 贝达药业 (Betta Pharmaceuticals) - 信立泰 (Sinopharm) - 科伦药业 (Kelun Pharmaceutical) - 百利天恒 (Baili Tianheng) - 荣昌生物 (Rongchang Biopharmaceutical) - 科伦博泰生物 (Kelun Biotech) - 石药集团 (Shijiazhuang Pharmaceutical Group) [1][1][1] - Recommendation of CXOs showing signs of profit growth turning points, including: - 药明生物 (WuXi Biologics) - 药明康德 (WuXi AppTec) [1][1] - Positive outlook on domestic replacement of innovative medical devices, specifically: - 惠泰医疗 (Huitai Medical) [1] - Anticipation of recovery in consumer healthcare, particularly: - 爱尔眼科 (Aier Eye Hospital) [1] Other Important Points - The report emphasizes the ongoing trend of recommending companies that are positioned well within the pharmaceutical sector, particularly those that are expected to benefit from market dynamics and growth opportunities - The focus on innovative drugs and CXOs indicates a strategic approach to capitalize on emerging trends in the healthcare market - The mention of domestic replacements in medical devices suggests a shift towards local production and innovation, which could impact market competition and supply chains - The recovery in consumer healthcare points to potential growth areas as the market stabilizes post-pandemic

2025 年 05 月 09 日 王睿哲 C0062@capital.com.tw 目标价(元) 47.8 公司基本信息 | 产业别 | | | | 医药生物 | | --- | --- | --- | --- | --- | | A 股价(2025/5/8) | | | | 39.03 | | 深证成指(2025/5/8) | | | | 10197.66 | | 股价 12 个月高/低 | | | | 40.8/25.63 | | 总发行股数(百万) | | | | 1754.08 | | A 股数(百万) | | | | 1751.94 | | A 市值(亿元) | | | | 683.78 | | 主要股东 | | | | 中国远大集团有 | | | | | | 限责任公司 | | | | | | (41.67%) | | 每股净值(元) | | | | 13.72 | | 股价/账面净值 | | | | 2.85 | | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | | 5.8 | 13.5 18.8 | | | 近期评等 | | | | | | 日期 | 收盘价 | | 评级 ...

Company Performance - In Q1 2025, the company reported revenue of 10.74 billion yuan, a year-over-year increase of 3.1%, and a net profit attributable to shareholders of 920 million yuan, up 6.1% year-over-year [1] - The company's non-recurring net profit was 900 million yuan, reflecting a year-over-year growth of 7.0%, while the actual year-over-year growth of non-recurring net profit was 17.2%, indicating double-digit growth [1] - The core subsidiary, China Medical East, achieved revenue of 3.62 billion yuan in Q1 2025, a year-over-year increase of 6.5%, with a consolidated net profit of 843 million yuan, up 12.2% year-over-year [2] Product Performance - The sales of innovative drugs are gaining momentum, with the CAR-T product, Saikeze, seeing a steady increase in effective orders, now covered by over 70 insurance providers [2] - The company’s overseas medical beauty segment faced challenges, with revenue from UK-based Sinclair down 12.3% year-over-year, while domestic medical beauty subsidiary achieved revenue of 250 million yuan, a slight decline of 1.4% [2] - The company’s medical commercial segment performed steadily, with Q1 2025 revenue of 6.93 billion yuan, a year-over-year increase of 3.2%, and a net profit of 120 million yuan, up 7.3% year-over-year [2] Financial Metrics - The overall gross margin for Q1 2025 was 32.9%, an increase of 0.9 percentage points year-over-year, driven by changes in sales structure [3] - The company’s expense ratio was 22.0%, an increase of 0.8 percentage points year-over-year, primarily due to a 2.1 percentage point increase in R&D expense ratio [3] Future Outlook - The company is expected to see continued growth, with diminishing marginal impacts from centralized procurement and the launch of new innovative drugs and medical beauty products [3] - Projected net profits for 2025, 2026, and 2027 are 4.07 billion yuan, 4.78 billion yuan, and 5.57 billion yuan, representing year-over-year growth rates of 15.9%, 17.6%, and 16.5% respectively [3] - The company has received a "buy" investment rating with a target price of 47.8 yuan [1][3]