3 、此前北大和复旦调查显示 "95 后 " 仅 50% 每周有性生活，这种需求的下滑一定程度上也在冲击伟哥类 药物市场。 核心提示： 1 、国产 " 伟哥 " 枸橼酸西地那非片正面临严重的市场滞销问题，白云山、科伦药业等多家企业销量下 滑、库存激增； 2 、国内获批西地那非类药物达 91 款，扬子江、齐鲁制药等企业涌入，价格战激烈（如齐鲁 " 千威 " 单片 价格低至 2.08 元），此外，原研药如辉瑞万艾可价格降幅超 50% ，凭借品牌优势挤压国产仿制药市场。 凤凰网财经《公司研究院》 ------------------------------------------------ 然而，随着市场竞争加剧、消费观念转变以及社会趋势的变化，这一行业正面临前所未有的挑战。 多家含有"枸橼酸西地那非片"的上市公司在一季度集团出现业绩失速，龙头企业白云山更是营收净利双 下滑、库存高企，曾经的"明星产品"如今陷入滞销困境。 01 国产"伟哥"，严重滞销 曾被誉为"国产伟哥"代名词的枸橼酸西地那非片（西地那非仿制药），正经历前所未有的市场寒冬。国 内多家龙头企业业绩集体承压，库存积压问题凸显。 在白云山2024年年报 ...

当地时间5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。这也是全球 规模最大、最具权威性的临床肿瘤会议，其间将展示国际最前沿的临床肿瘤学科研进展和治疗成效。今 年的ASCO年会中，迪哲医药、科伦药业、中国生物制药等多家本土企业最新在研成果入选，涉及PD-1 单抗、ADC（抗体偶联药物）等领域。入选口头报告的中国研究者原创研究数量也超过去年，达70多 项。 多项研究将公布最新进展 每年的美国临床肿瘤学会，都被视为全球肿瘤领域权威的学术交流盛会，会议期间将展示国际最前沿的 临床肿瘤学科研进展和治疗成效。ASCO年会近日公布的常规摘要显示，中国研究者共计70余项原创研 究入选口头报告，数量超越去年（55项）。从目前公布的具体情况来看，部分研究有望为肿瘤患者带来 全新的治疗选择。 迪哲医药近日公告，公司自主研发的两款源头创新产品DZD8586、DZD6008将亮相ASCO年会，分别展 示在B细胞非霍奇金淋巴瘤（B-NHL）和非小细胞肺癌（NSCLC）领域的3项最新研究进展。其中，治 疗慢性淋巴细胞白血病/小淋巴细胞淋巴瘤（CLL/SLL）的汇总分析成果将以口头报告形式公布，即 DZ ...

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 27, 2025, the fund's latest net value is 1.5582 yuan, reflecting a growth of 0.85% [1] - The fund's one-month return is 3.03%, ranking 1106 out of 4652 in its category, while its six-month return is 0.23%, ranking 3299 out of 4496 [1] - Year-to-date, the fund has achieved a return of 2.43%, ranking 2140 out of 4544 [1] Group 2 - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Kanglong Chemical (6.24%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has seen a recent decline in net value and varying returns over different time frames [1] - As of May 26, 2025, the latest net value of the fund is 1.6119 yuan, reflecting a decrease of 1.60%. The fund's one-month return is 3.10%, six-month return is 0.62%, and year-to-date return is 2.75, with respective rankings of 937 out of 3909, 2718 out of 3796, and 1764 out of 3832 [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Mindray Medical (5.21%) [1] Group 2 - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.613 billion yuan. The fund manager is Ms. Ge Lan [1] - Ms. Ge Lan has a background in biomedical engineering with a Ph.D. from Northwestern University and has held various research and fund management positions since joining China Europe Fund Management in October 2014 [2]

Core Viewpoint - The report highlights the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A, indicating a recent decline in net value but strong returns over various time frames [1]. Fund Performance - The latest net value of the fund is 1.5670 yuan, reflecting a decrease of 1.94% - Over the past month, the fund achieved a return of 3.91%, ranking 171 out of 1959 in its category - In the last three months, the fund's return was 22.33%, ranking 5 out of 1950 - Year-to-date, the fund has returned 30.15%, ranking 17 out of 1943 [1]. Fund Holdings - The top ten stock holdings of the fund account for a total of 64.17%, with the following allocations: - Heng Rui Medicine: 10.23% - Kelun Pharmaceutical: 9.09% - Baile Tianheng: 8.94% - Haizike: 8.27% - Xinlitai: 6.66% - Zai Jian Pharmaceutical-U: 6.10% - Xin Nuo Wei: 4.69% - Rongchang Biotechnology: 3.49% - Nuocheng Jianhua-U: 3.35% - Microelectrophysiology: 3.35% [1]. Fund Background - The Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A was established on June 18, 2015, and as of March 31, 2025, it has a total scale of 4.408 billion yuan - The fund manager is Zhang Wei, who has extensive experience in the pharmaceutical sector [1][2].

Core Viewpoint - Hubei Kelun Pharmaceutical has received approval for its generic drug, Compound Potassium Hydrogen Phosphate Injection, which is now recognized as the second domestic company to pass the consistency evaluation for this product [1][5]. Group 1: Product Overview - Compound Potassium Hydrogen Phosphate Injection is primarily used as a phosphorus supplement in total parenteral nutrition therapy for patients who need to fast for more than five days due to moderate or major surgeries or other traumas [3]. - The sales of this product exceeded 300 million yuan in 2023, marking a year-on-year growth of 33.55%. In the first two quarters of 2024, sales already surpassed 200 million yuan, with a year-on-year growth rate of 33% [3]. Group 2: Market Competition - A total of 11 companies, including Shijiazhuang Fourth Pharmaceutical and Tianjin Pharmaceutical, hold production licenses for Compound Potassium Hydrogen Phosphate Injection, with Shijiazhuang Fourth Pharmaceutical being the first to pass the evaluation [5]. - There are 30 companies, including Shandong Hualu Pharmaceutical and Chenxin Pharmaceutical, that have submitted applications for the generic version of this product, indicating a competitive market landscape [6]. Group 3: Company Achievements - Since 2025, Kelun Pharmaceutical (including subsidiaries) has had 13 products approved, including Tacrolimus Sustained-Release Capsules and Chloride Injection, with some being the first to pass the evaluation for their respective categories [8].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 国产创新药闪耀 ASCO 国际舞台 2025 年 05 月 25 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -18% -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 2024/5/27 2024/9/24 2025/1/22 2025/5/22 医药生物 沪深300 相关研究 《三抗药物研发进入快车道，建议关 注泽璟制药、三生制药等》 2025-05-18 | 1. 本周及年初至今各医药股收益情况 4 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2. 中国创新药闪耀 ASCO 会议，口头报告数量再创新高 7 | | | | | | | | | 2.1. 2025 ASCO 摘要披露，众多国产抗体和 ADC 类分子亮相口头报告 7 | | | | | | | | | 后线治疗不断迎 ...

2025年05月25日 证券研究报告|行业研究|行业点评 医药生物 中航证券医药生物行业周报:关注 ASCO 2025 数据发布,国产创新药展现丰硕成果 报告摘要 投资要点: 本期 (05.17-05.24) 上证指数收于 3348.37, 下跌 0.57%; 沪深 300 指数收于 3882.27, 下跌 0.18%; 中小 100 指数收于 3882.27, 上 涨 0.62%;本期申万医药行业指数收于 7533.02,上涨 1.78%,在在申 万 31 个一级行业指数中涨跌幅排名居第1位。其中,中药、医药商业、 化学制剂、生物制品、医疗服务、原料药、医疗器械的周涨跌幅分别为 0.19%、1.15%、3.49%、1.74%、1.42%、4.03%、0.48%。 重要资讯: ◆ 三生制药携 PD-1/VEGF 双抗与辉瑞达成战略合作 5 月 20 日,三生制药宣布与跨国药企辉瑞达成战略合作,双方围 绕创新型 PD-1/VEGF 双抗药物（研发代号 SSGJ-707）签署全球许可 协议。根据协议条款,三生制药及其子公司沈阳三生将向辉瑞授予该药 物在除中国大陆以外全球市场的独家权益,涵盖研发、生产制造、市场 推 ...

信达证券研报显示，众生药业原主营业务为相对传统的中成药和仿制药业务，2018年转型创新药研发以来，取得一系列阶 段性成果。昂拉地韦的上市标志着创新药陆续进入商业化兑现阶段。昂地拉韦片临床数据亮眼，上市后有望实现快速放量，分 享流感药物百亿元级别市场份额。 本报记者 丁蓉 5月份以来，A股市场已有广东众生药业股份有限公司（以下简称"众生药业"）、四川科伦药业股份有限公司（以下简 称"科伦药业"）、健康元药业集团股份有限公司（以下简称"健康元"）等多家上市公司披露了其在创新药领域取得的新进展。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示："在政策支持下，近年来我国 创新药产业发展提速。创新药研发周期长、研发成本高，一些企业经过长期的投入和布局，创新药业务逐步迈向业绩兑现 的'收获季'。近一年来，我国创新药获批数量持续增长，产业实现整体性提升。" 5月23日，众生药业发布公告称，根据国家药品监督管理局网站公布的《国家药监局批准昂拉地韦片上市》通知，公司控 股子公司广东众生睿创生物科技有限公司自主研发的一类创新药物昂拉地韦片（商品名：安睿威®，研发代号：ZSP1273）获 批上市。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.24 CNY based on a reasonable valuation level of 24 times the earnings per share for 2025 [2][5]. Core Views - The company is entering a harvest period for innovative drugs, although its main business faces short-term pressure due to the impact of centralized procurement on the infusion and generic drug segments [1]. - The company achieved a revenue of 21.81 billion CNY in 2024, reflecting a growth of 1.67%, and a net profit attributable to the parent company of 2.94 billion CNY, up 19.53% [9]. - The first quarter of 2025 saw a revenue decline to 4.39 billion CNY, down 29.42%, and a net profit of 584 million CNY, down 43.07%, primarily due to high base effects from the previous year [9]. - The ADC platform is expected to yield significant commercial results, with key products like SKB264 receiving regulatory approval for multiple indications [9]. - The antibiotic supply-demand structure remains stable, with synthetic biology products contributing to revenue growth [9]. Financial Summary - The company’s projected financials indicate a revenue increase from 21.45 billion CNY in 2023 to 29.19 billion CNY by 2027, with a compound annual growth rate of approximately 13% [4]. - The net profit attributable to the parent company is expected to grow from 2.46 billion CNY in 2023 to 3.62 billion CNY in 2027, with a notable increase in 2024 [4]. - Earnings per share are projected to be 1.76 CNY in 2025, with a gradual increase to 2.27 CNY by 2027 [4][2]. - The gross margin is expected to stabilize around 50% to 52.7% over the forecast period, indicating a solid profitability outlook [4].