Summary of Osai Kang's Conference Call Company Overview - **Company**: Osai Kang - **Industry**: Pharmaceutical, focusing on innovative and generic drugs Key Points and Arguments Financial Performance - In the first half of 2025, Osai Kang achieved revenue of 1.007 billion yuan, a year-on-year increase of 9.2% [3] - Net profit attributable to shareholders was 160 million yuan, up 112% year-on-year [3] - R&D investment was 202 million yuan, accounting for 20.03% of revenue [3] - The company expects a revenue growth rate of approximately 10% for the full year, with profit growth expected to exceed revenue growth [4] Product Development and Pipeline - **Key Products**: - **Liatinib (Aoyi Xin)**: Approved for first-line indications, with median PFS of 20.7 months; clinical data published in *The Lancet* [2] - **ASKC 202C MET Inhibitor**: Phase III clinical research initiated; Phase I ORR reached 62.5% [2] - **ASKB 589 Claudin 18.2 Monoclonal Antibody**: Phase III clinical trial ongoing; ORR for high-expression patients at 81.8% [2] - **ASKC 109**: New oral iron supplement expected to submit NBA application this quarter [2] - **ASKG712**: Dual-target ophthalmic drug for AMD, Phase 2A completed, Phase 2B expected to start by year-end [4] R&D Strategy - The company maintains a high R&D investment ratio to enhance core competitiveness [3] - R&D expenses were reduced due to capitalizing certain R&D investments [3] - Plans to launch at least one innovative drug annually over the next three years [4] Market Dynamics - The generic drug segment contributed significantly to sales, with over 1 billion yuan in sales in the first half of 2025, reflecting a growth rate of 9.9% despite market challenges [13] - The oncology product line saw over 15% growth, while chronic disease products grew by 20% [13] Collaborations and Partnerships - Osai Kang has engaged in collaborations for early-stage drug development, including partnerships with Shanghai Institute of Materia Medica and Yaoming Kangde [16] - The company is actively seeking external business development opportunities for overseas licensing of products like Claudin 18.2 and CMET inhibitors [30] Future Outlook - The company aims to maintain steady revenue growth and is confident in achieving a stable growth rate in 2026 [30] - Plans to introduce 1 to 2 new pipelines in the second half of the year to ensure continuous innovation [30] Additional Insights - The company is exploring the potential of TCE technology and its application in clinical settings [22] - Osai Kang's unique peptide shielding technology has shown significant advantages in safety and efficacy compared to competitors [11] Conclusion Osai Kang is positioned for growth with a robust pipeline of innovative drugs, strong financial performance, and strategic collaborations. The company is focused on maintaining its competitive edge through high R&D investment and exploring new market opportunities.

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company reported a revenue of 1.007 billion yuan, representing a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 160 million yuan, which is a significant increase of 111.6% [1]. - The financial performance shows a clear recovery in profitability, with a notable improvement in cash flow and cost structure [1][2]. - The company has a robust pipeline of innovative drug projects, with 42 projects under research, including 9 key projects that are expected to yield results soon [3][4]. Financial Performance Summary - In the first half of 2025, the company achieved a non-recurring net profit of 141 million yuan, marking a 155.7% increase compared to the previous year [1]. - The gross margin for the first half of 2025 was 81.7%, remaining stable year-on-year, while the net profit margin improved by 7.6 percentage points to 14.6% [1]. - The operating cash flow for 2024 was 423 million yuan, reflecting a 42.5% increase, indicating significant cash flow improvement [1]. Business Segment Performance - The company experienced structured growth across its four main business segments: - Anti-infection revenue was 249 million yuan, down 3.8% - Chronic disease revenue was 218 million yuan, up 40.4% - Anti-tumor revenue was 386 million yuan, up 15.4% - Digestive disease revenue was 124 million yuan, down 14.7% [2]. Research and Development Highlights - The company has made significant progress in its innovative drug development, with several projects expected to enter the market soon [3]. - Key projects include: - Liratinib tablets approved for NSCLC treatment - ASKC202 and Liratinib combination therapy data to be presented at the 2025 ESMO conference - ASKC109 capsule in Phase III clinical trials - ASKG712 in Phase IIa clinical trials for nAMD [3]. Profit Forecast - The company is expected to see strong profit growth, with projected net profits of 259 million yuan, 333 million yuan, and 435 million yuan for 2025, 2026, and 2027 respectively [4]. - The earnings per share (EPS) are forecasted to be 0.28 yuan, 0.36 yuan, and 0.47 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 86, 67, and 51 [4].

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为3.61%，近年资本回报率不强。公司业绩具有周期性。去年的净利率为 7.23%，算上全部成本后，公司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中 位数ROIC为15.34%，投资回报也很好，其中最惨年份2022年的ROIC为-8.72%，投资回报极差。公司历 史上的财报相对一般（注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。），公司上 市来已有年报9份，亏损年份2次，显示生意模式比较脆弱。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为10.29%） 据证券之星公开数据整理，近期奥赛康（002755）发布2025年中报。根据财报显示，奥赛康营收净利润 同比双双增长。截至本报告期末，公司营业总收入10.07亿元，同比上升9.2%，归母净利润1.6亿元，同 比上升111.64%。按单季度数据看，第二季度营业总收入4.99亿元，同比上升5.23%，第二季度归母净利 润1.05亿元，同比上升138.95%。 ...

每经AI快讯，奥赛康（SZ 002755，收盘价：23.65元）8月29日发布公告称，公司第七届第三次董事会 会议于2025年8月28日在南京江宁科学园科建路699号A楼3102会议室召开。会议审议了《关于公司2025 年半年度报告全文及摘要的议案》等文件。 2024年1至12月份，奥赛康的营业收入构成为：医药制造业占比97.92%，其他业务占比2.08%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） ...

格隆汇8月28日丨奥赛康(002755.SZ)公布2025年半年度报告，上半年公司实现营业收入10.07亿元，同比 增长9.20%；归属于上市公司股东的净利润1.60亿元，同比增长111.64%；归属于上市公司股东的扣除非 经常性损益的净利润1.41亿元，同比增长155.68%；基本每股收益0.17元。 ...

Core Insights - Aosaikang (002755.SZ) reported a revenue of 1.007 billion yuan for the first half of 2025, marking a year-on-year growth of 9.20%, and a net profit of 160 million yuan, which is a significant increase of 111.64% [1] - The company is focusing on an "innovation-driven development" strategy, leading to the successful commercialization of several new products and establishing a new growth trajectory [1] - Aosaikang's innovative drug pipeline has reached a breakthrough stage, with the approval of its first-class innovative drug, Liratinib tablets (brand name: Aoyixin®), for the treatment of non-small cell lung cancer [1] Financial Performance - In the first half of 2025, Aosaikang achieved a revenue of 1.007 billion yuan, reflecting a 9.20% increase compared to the previous year [1] - The net profit for the same period was 160 million yuan, which represents a remarkable growth of 111.64% year-on-year [1] - The company's R&D investment totaled 202 million yuan, accounting for 20.03% of its revenue [2] R&D Pipeline - Aosaikang currently has a total of 42 projects in its research pipeline, including 9 key innovative drugs in development and several others in preclinical stages [2] - The company has received market approval for 10 new products since 2024, with an additional 6 products having submitted applications for market approval [2] - Notable projects include the third-phase clinical study of the anti-tumor drug ASK202 tablets and the completion of patient enrollment for the oral iron supplement ASK109 capsules [2] Quality Management - Aosaikang emphasizes quality as the foundation of its survival, having passed GMP certification 51 times and setting new quality management goals for 2025 [3] - The company has successfully built two new solid oral dosage production lines that have passed GMP compliance checks, enhancing its production capacity [3] - Aosaikang's quality inspection center has received accreditation from the China National Accreditation Service for Conformity Assessment (CNAS) [3] Strategic Focus - Aosaikang is transitioning from a generic drug manufacturer to an innovative drug developer, focusing on unmet clinical needs and public health threats [4] - The company aims to enhance the accessibility, advancement, and sustainability of medications for patients, aligning with the supportive policies for the innovation drug industry in China [4] - Aosaikang is committed to expanding its innovation boundaries to provide high-quality treatment options for patients [4]

证券代码：002755 证券简称：奥赛康 公告编号：2025-045 北京奥赛康药业股份有限公司 第七届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京奥赛康药业股份有限公司（以下简称"公司"）第七届监事会第三次会议 于 2025 年 8 月 18 日以电子邮件、专人送达的方式通知各位监事，会议于 2025 年 8 月 28 日以现场会议的方式在南京江宁科学园科建路 699 号 A 楼 3102 会议 室召开。本次会议应到监事 3 人，实到监事 3 人。本次会议符合《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）等法律、行政法规、部门规章、规范性文件和《公司章程》的相关规 定。 会议由监事会主席陈靖先生主持，经与会监事认真审议，一致形成如下决议： 一、审议通过《关于公司 2025 年半年度报告全文及摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：董事会编制和审核《2025 年半年度报告》及《2025 年半年度报告摘要》的程序符合法律、行政法 ...

表决结果：9 票同意，0 票反对，0 票弃权。 二、审议通过《关于修订<公司章程>的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：002755 证券简称：奥赛康 公告编号：2025-044 北京奥赛康药业股份有限公司 第七届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京奥赛康药业股份有限公司（以下简称"公司"）第七届董事会第三次会议 于 2025 年 8 月 18 日以电子邮件、专人送达的方式通知各位董事，会议于 2025 年 8 月 28 日以现场会议的方式在南京江宁科学园科建路 699 号 A 楼 3102 会议 室召开。本次会议应到董事 9 人，实到董事 9 人。公司监事、高级管理人员列席 了会议。本次会议符合《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）等法律、行政法规、部门规章、 规范性文件和《公司章程》的相关规定。 会议由董事长陈庆财先生主持，经与会董事认真审议，一致形成如下决议： 一、审议通过《关于公司 2025 年半年度报告全文及摘要的 ...

北京奥赛康药业股份有限公司 内部审计制度 第一章 总则 第一条 为加强对北京奥赛康药业股份有限公司（以下简称"公司"）及其控 股公司、具有重大影响的参股公司的内部监督和风险控制，保障公司财务管理、 会计核算和生产经营符合国家各项法律法规要求，维护包括中小投资者的所有股 东的合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《中 华人民共和国审计法》、《审计署关于内部审计工作的规定》、《深圳证券交易所股 票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规 范运作》等有关法律、法规和其他规范性文件及《公司章程》的有关规定，并结 合公司实际情况，制定本制度。 第二条 本制度适用于对公司及控股子公司、具有重大影响的参股公司的财 务管理、会计核算和生产经营所进行的内部审计工作。 第三条 本制度所称内部审计是指由公司内部审计机构或人员，对其内部控 制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果 等开展的一种评价活动。 第四条 审计人员应保持严谨的工作态度，在被审公司（部门）提供的资料 真实齐全的情况下，应客观反映所发现的问题。如反映情况失实，应负审计责任。 ...

北京奥赛康药业股份有限公司 股东会议事规则 第一章 总则 第一条 为完善北京奥赛康药业股份有限公司（以下简称"公司"）公司治理 结构，保障股东依法行使股东权利，确保股东会高效、平稳、有序、规范运作， 公司根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司治理准则》、《上市公司股东会 规则》、《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《主板上市公司规范运作》"）等有关法律、法规、规章、规范性文件和《北 京奥赛康药业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结 合本公司实际情况，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东会，保证股东能够依法行使权利。公司董事会应当切实履行职责，认真、 按时组织股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和依法行使 职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年 ...