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

Investment Rating - The report assigns a "Buy" investment rating to the company, with a target price of 47.8 CNY per share, indicating a potential upside from the current price of 39.03 CNY [1][5]. Core Insights - The company reported a Q1 2025 revenue of 10.74 billion CNY, representing a year-over-year increase of 3.1%. The net profit attributable to shareholders was 920 million CNY, up 6.1% year-over-year, while the non-recurring net profit grew by 17.2% year-over-year, indicating strong performance in core operations [5][7]. - The pharmaceutical segment showed steady growth, with the core subsidiary achieving a revenue of 3.62 billion CNY in Q1 2025, a 6.5% increase year-over-year. The innovative drug sales, particularly CAR-T products, are gaining traction with over 70 insurance companies including them in their reimbursement lists [7]. - The medical aesthetics segment is expected to recover, with new high-end products set to launch in 2025, although it faced challenges in Q1 2025 with a revenue decline of 12.3% year-over-year [7]. - The overall gross margin improved to 32.9%, a 0.9 percentage point increase year-over-year, driven by changes in sales structure. However, the R&D expense ratio increased by 2.1 percentage points [7]. - Future profit projections estimate net profits of 4.07 billion CNY, 4.78 billion CNY, and 5.57 billion CNY for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [7][9]. Summary by Sections Company Overview - The company operates primarily in the pharmaceutical and medical aesthetics sectors, with a market capitalization of approximately 68.38 billion CNY and a total share count of 1,754.08 million [1]. Financial Performance - The company reported a Q1 2025 revenue of 10.74 billion CNY, with a net profit of 920 million CNY, reflecting a solid growth trajectory in its core business [5][7]. - The projected net profits for the upcoming years are 4.07 billion CNY for 2025, 4.78 billion CNY for 2026, and 5.57 billion CNY for 2027, indicating a consistent growth outlook [9]. Market Position - The company has a significant market presence, with major shareholders including China Yuanda Group holding 41.67% of the shares. The institutional investor ownership in circulating A-shares is 2.5% [1][2].

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]

Core Points - Company will participate in the "2025 Zhejiang Listed Companies Investor Online Reception Day" on May 13, 2025, to enhance interaction with investors [1][2] - The event will feature discussions on the company's 2024 annual report and Q1 2025 performance, governance, development strategy, operational status, equity incentives, and sustainability [2] - Investors are encouraged to submit questions in advance to ensure targeted communication during the event [2] Event Details - The online event will be held from 15:00 to 17:00 on May 13, 2025, and can be accessed via the "Panorama Roadshow" website or app [1] - Key company executives, including the Chairman and General Manager, will be present to address investor concerns within the scope of information disclosure [2] - A question collection page is available for investors to submit their inquiries by May 12, 2025 [2]

关于参加2025年浙江辖区上市公司投资者网上集体接待日暨 2024年度及2025年第一季度业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 华东医药股份有限公司（以下简称"公司"）2024 年年度报告已于 2025 年 4 月 18 日发布，2025 年第一季度报告已于 2025 年 4 月 25 日发 布。为进一步加强与投资者的互动交流，公司将参加由浙江证监局指 导，浙江上市公司协会主办，深圳市全景网络有限公司承办的"2025 年 浙江辖区上市公司投资者网上集体接待日暨 2024 年度及 2025 年第一季 度业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景 路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 13 日（周二） 15:00-17:00。 届时公司董事长兼总经理吕梁先生、董事会秘书陈波先生、财务负 责人邱仁波先生、独立董事黄简女士、独立董事王如伟先生、独立董事 高向东女士（如有特殊情况， ...

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

Core Insights - The latest net value of ICBC Frontier Medical Stock A (001717) is 2.8300 yuan, reflecting a decrease of 1.77% [1] - The fund has shown a one-month return of 5.28%, ranking 400 out of 471 in its category; a three-month return of 8.06%, ranking 71 out of 471; and a year-to-date return of 7.56%, ranking 113 out of 469 [1] Fund Holdings - The top ten holdings of ICBC Frontier Medical Stock A account for a total of 59.05%, with the largest positions being: - Heng Rui Medicine (10.11%) - Kelun Pharmaceutical (8.01%) - WuXi AppTec (7.72%) - BeiGene (6.85%) - Xinlitai (4.90%) - Zai Lab (4.77%) - Yuyue Medical (4.60%) - New Horizon Health (4.36%) - East China Pharmaceutical (4.20%) - Haizhi Pharmaceutical (3.53%) [1] Fund Overview - ICBC Frontier Medical Stock A was established on February 3, 2016, and as of March 31, 2025, it has a total scale of 9.081 billion yuan [1] - The fund manager is Zhao Bei, who has extensive experience in the healthcare sector [2]

Core Insights - The company reported a total revenue of 41.906 billion yuan for 2024, representing a year-on-year growth of 3.16% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 3.352 billion yuan, showing a year-on-year increase of 22.48% [1] - The fourth quarter alone generated revenue of 10.428 billion yuan, with a year-on-year growth of 1.94%, and a net profit of 870 million yuan, reflecting a significant year-on-year increase of 42.7% [1] Segment Performance - **Industrial Segment**: Achieved revenue of 13.811 billion yuan, a year-on-year increase of 13.05%, with a net profit of 2.876 billion yuan, up 29.04% [1] - **Industrial Microbiology**: Recorded sales revenue of 711 million yuan, marking a substantial year-on-year growth of 43.12% [1] - **Commercial Segment**: Generated revenue of 27.092 billion yuan, with a modest year-on-year increase of 0.41% [1] - **Medical Aesthetics Segment**: Reported revenue of 2.326 billion yuan, a decline of 4.94% year-on-year, although domestic medical aesthetics business saw an increase of 8.32% to 1.139 billion yuan [1] Innovation Pipeline - In the oncology field, the self-developed ROR1 ADC product HDM2005 received FDA orphan drug designation, with multiple innovative ADC projects planned for submission in mid-2025 [2] - In the endocrine field, the oral GLP-1 receptor agonist HDM1002 achieved positive phase II results, with plans to start phase III clinical trials in April 2025 [2] - The company is also advancing in autoimmune and rare diseases, with the self-developed product HDM3010 currently in phase III clinical trials for vitiligo [2] Financial Projections - The company is expected to achieve revenues of 45.199 billion yuan, 48.905 billion yuan, and 52.035 billion yuan for the years 2025 to 2027, respectively [3] - The net profit attributable to the parent company is projected to be 4.041 billion yuan, 4.545 billion yuan, and 5.173 billion yuan for the same period [3] - Corresponding price-to-earnings ratios are estimated at 16.75, 14.89, and 13.08 times for 2025 to 2027 [3]

Group 1: WanTai Bio - WanTai Bio announced that its HIV urine self-test kit has received prequalification (PQ) certification from the World Health Organization (WHO), marking it as the first HIV antibody urine self-test kit globally to achieve this status [1] - This certification allows the product to participate in procurement projects by the United Nations and other global multilateral organizations, enhancing the company's international competitiveness [1] - The recognition from WHO is expected to boost investor confidence in the company's research and market potential [1] Group 2: East China Pharmaceutical - East China Pharmaceutical's subsidiary received approval from the National Medical Products Administration (NMPA) for the clinical trial of HDM2005, an antibody-drug conjugate targeting ROR1 for treating diffuse large B-cell lymphoma (DLBCL) [2] - The drug is currently in the fifth dose escalation phase of its clinical trial in China, with no dose-limiting toxicities reported so far [2] - The approval of HDM2005's clinical trial represents a significant advancement in the company's research and development in the oncology field [3] Group 3: GuiChuang TongQiao - GuiChuang TongQiao announced that it will remove the "B" designation from its stock name starting May 9, 2025, indicating that it no longer falls under the category of unprofitable companies [4] - This change reflects the company's achievement of higher operational and performance standards, which is expected to enhance its influence in the capital market and investor recognition [4]

华东医药股份有限公司 证券代码：000963 证券简称：华东医药 公告编号：2025-039 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 5 月 6 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 国家药品监督管理局（NMPA）核准签发的《药物临床试验批准通知 书》（通知书编号：2025LP01259），由中美华东申报的注射用HDM2005 临床试验申请获得批准，现将有关详情公告如下： 一、该药物基本信息 | 产品名称 | 注射用HDM2005 | | --- | --- | | 申请事项 | 临床试验 | | 注册分类 | 治疗用生物制品1类 | | 受理号 | CXSL2500175 | | 适应症 | 本品联合利妥昔单抗、环磷酰胺、多柔比星（或表柔比 星）和泼尼松（R-CHP）治疗既往未经系统性治疗的弥 | | | 漫大B细胞淋巴瘤（DLBCL） | | 申请人 | 杭州中美华东制药有限公司 | | 结论 | 根据《中华人民共和 ...