%% %% 丨证券研究报告丨 公司研究丨点评报告丨奥赛康（002755.SZ） [Table_Title] 利润环比向上，早期分子具备 BIC 潜力 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 奥赛康（002755.SZ） cjzqdt11111 2024-11-14 相关研究 [Table_Title2] 利润环比向上，早期分子具备 BIC 潜力 公司研究丨点评报告 [Table_Summary2] 事件描述 2024 年 10 月 31 日，奥赛康发布 2024 年三季度报告：2024 年前三季度实现收入 13.8 亿元， 同比增长 23.6%；实现归属于上市公司股东的净利润 1.3 亿元，实现扭亏。2024Q3 单季度营 业收入 4.6 亿元，同比增长 13.2%；归母净利润 0.51 亿元，环比向上。 事件评论 ⚫ 产品销售保持良好态势，调高 2024E 收入预期。2024 年前三季度实现收入 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.86 yuan, reflecting a reasonable market value of 165.75 billion yuan [2][4]. Core Insights - The company achieved significant revenue growth, with a reported income of 1.384 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.64%. The net profit attributable to the parent company reached 127 million yuan, up 168.79% year-on-year [1]. - The company is in a rapid development phase of innovation, with key clinical pipelines advancing, including a Claudin18.2 monoclonal antibody for gastric cancer in phase III trials and a third-generation EGFR-TKI awaiting approval [1]. - The impact of the tenth batch of centralized procurement is expected to be manageable, with the historical effects largely mitigated and new products enhancing market competitiveness [1]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 1.751 billion yuan, with a year-on-year growth of 21.3%. The net profit attributable to the parent company is expected to be 162 million yuan, reflecting a growth of 209.1% [3]. - The gross margin is forecasted to be 80.5% in 2024, with a net margin of 9.3% [3]. - The earnings per share (EPS) is projected to be 0.17 yuan for 2024, increasing to 0.40 yuan by 2026 [3].

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 [Table_Invest]买入|维持 奥赛康(002755)公司点评报告 2024 年 10 月 31 日 [Table_Title] 扣非净利润连续转正，全年有望扭亏为盈 ——奥赛康(002755.SZ)2024 年三季度报告点评 [Table_Summary] 事件： 奥赛康于近日发布2024年三季度报告：2024前三季度公司实现收入超13.8 亿元（同比+23.6%），实现归母净利润近 1.3 亿元（同比+168.8%）、扣非 归母净利润超 1.0 亿元（同比+145.6%）。2024Q3 实现收入 4.6 亿元（同 比+13.2%），实现归母净利润 5142.3 万元（同比+296.3%、环比+16.7%）、 扣非归母净利润 4700.6 万元（同比+216.4%、环比+48.8%）。公司连续 3 个季度实现扣非归母净利润扭亏为盈，扣非净利润环比快速增长。 抗感染类和慢性病类高速增长，EGFR 三代抑制剂一线治疗申请 NDA 公司营收按产品分，主要有抗感染类、抗肿瘤类、慢性病类和消化类，2024 上半年合计收入占当 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥461,884,945.51, representing a 13.23% increase year-over-year[2] - Net profit attributable to shareholders was ¥51,423,214.50, a significant increase of 296.25% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥47,006,089.12, up 216.37% year-over-year[2] - The company reported a net profit of ¥109,679,781.38, a 149.86% increase compared to the previous year[5] - The net profit for Q3 2024 was ¥109,679,781.38, a significant recovery from a net loss of ¥219,963,187.35 in the same period last year, marking a turnaround of approximately 149.8%[12] - Operating profit for the quarter was ¥130,476,262.44, compared to an operating loss of ¥214,762,325.22 in Q3 2023, indicating a substantial improvement[12] - Total operating revenue for Q3 2024 reached CNY 1,384,454,586.25, an increase of 23.6% compared to CNY 1,119,748,100.35 in the same period last year[11] - The company reported a total comprehensive income of ¥113,765,759.91, a significant improvement from a loss of ¥205,905,094.78 in the same quarter last year[12] - The basic earnings per share for Q3 2024 was ¥0.14, recovering from a loss per share of ¥0.20 in the previous year[12] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date reached ¥447,539,961.30, showing a remarkable increase of 4,858.75%[5] - Cash flow from operating activities increased to ¥447,539,961.30, a recovery from a negative cash flow of ¥9,404,569.09 in the previous year[13] - The company's investment activities generated a net cash outflow of ¥330,534,996.03, compared to a net outflow of ¥105,600,912.14 in Q3 2023[13] - The cash flow from investing activities was negative at ¥-330,534,996.03, primarily due to increased purchases of financial products[5] - The financing activities resulted in a net cash outflow of ¥46,749,451.42, a decrease from a net inflow of ¥167,186,491.72 in the same quarter last year[14] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,955,163,114.25, reflecting a 12.24% increase from the end of the previous year[2] - Total assets rose to CNY 3,955,163,114.25, compared to CNY 3,523,881,824.92, marking a growth of 12.2%[10] - Total liabilities increased to CNY 829,239,882.21 from CNY 513,199,460.61, reflecting a rise of 61.6%[10] - The company's equity attributable to shareholders was ¥2,987,635,531.04, which is a 3.02% increase compared to the previous year-end[2] - The company's equity attributable to shareholders reached CNY 2,987,635,531.04, up from CNY 2,899,985,004.21, an increase of 3%[10] Accounts and Inventory - Accounts receivable increased by 50.72% to ¥212,996,731.27, primarily due to increased revenue[5] - Accounts receivable increased to ¥212,996,731.27 from ¥141,321,772.09, reflecting a growth of approximately 50.6%[8] - Inventory increased to ¥186,547,469.30 from ¥167,488,565.20, showing a rise of about 11.4%[8] - Total current assets increased to ¥2,560,459,703.31 from ¥2,186,481,431.88, representing a growth of approximately 17.0%[8] Research and Development - Research and development expenses decreased by 60.06% to ¥165,585,331.02, focusing on key advantageous products[5] - R&D expenses for the quarter were CNY 165,585,331.02, significantly lower than CNY 414,550,119.50 in the previous year, indicating a decrease of 60%[11] Other Information - The company has not disclosed any new product or technology developments in this report[7] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[7] - The report does not provide specific future outlook or performance guidance[7] - Cash and cash equivalents rose to ¥1,127,202,068.77 from ¥1,047,046,980.60, an increase of about 7.7%[8] - Cash and cash equivalents at the end of the quarter were CNY 524,953,469.88, compared to CNY 210,528,776.20, indicating a significant increase of 149.5%[10] - The company recorded a tax expense of ¥14,988,316.43, compared to ¥5,301,048.28 in Q3 2023, reflecting an increase in taxable income[12] - Long-term equity investments slightly increased to ¥106,283,284.19 from ¥104,515,740.18, a growth of about 1.7%[8] - The company reported a significant increase in trading financial assets to ¥955,695,869.43 from ¥713,826,223.29, a growth of approximately 33.9%[8] - Deferred income tax assets decreased to CNY 23,495,302.19 from CNY 25,729,709.70, a decline of 8.7%[10]

该议案已经公司审计委员会审议通过，议案内容详见同日发布于巨潮资讯网 （www.cninfo.com.cn）的《2024 年第三季度报告》。 北京奥赛康药业股份有限公司（以下简称"公司"）第六届董事会第十六次会议 于 2024 年 10 月 20 日以电子邮件、专人送达的方式通知各位董事，会议于 2024 年 10 月 30 日以现场表决的方式在南京江宁科学园科建路 699 号 A 楼 2218 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 2024 年第三季度报告的议案》 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：2024-033 北京奥赛康药业股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真 ...

证券代码：002755 证券简称：奥赛康 公告编号：2024-034 北京奥赛康药业股份有限公司 第六届监事会第十三次会议决议公告 北京奥赛康药业股份有限公司（以下简称"公司"）第六届监事会第十三次会议 于 2024 年 10 月 20 日以电子邮件、专人送达的方式通知各位监事，会议于 2024 年 10 月 30 日以现场表决的方式在南京江宁科学园科建路 699 号 A 楼 2218 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。 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。 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 2024 年第三季度报告的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 《公司第六届监事会第十三次会议决议》 特此公告。 北京奥赛康药业股份有限公司监事会 经审核，监事会认为：董事会编制和审 ...

一、药品基本情况 项目名称：马来酸奈拉替尼片 证券代码：002755 证券简称：奥赛康 公告编号：2024-032 北京奥赛康药业股份有限公司 关于子公司马来酸奈拉替尼片 获得药品注册证书的公告 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"）的全资子公司江苏奥赛 康药业有限公司（以下简称"子公司"）于近日收到国家药品监督管理局（以下 简称"药监局"）核准签发的马来酸奈拉替尼片《药品注册证书》，相关情况如下： 于早期 HER2 乳腺癌患者的扩展辅助治疗药物。国家药品监督管理局于 2020 年 4 月批准马来酸奈拉替尼片进口上市，商品名为贺俪安®，NERLYNX®，规格为 40mg，适用于人类表皮生长因子受体 2（HER2）阳性的早期乳腺癌成年患者， 在接受含曲妥珠单抗辅助治疗之后的强化辅助治疗。 乳腺癌居全球恶性肿瘤发病率第一位，是女性恶性肿瘤患者死亡的主要原因， 也是中国女性发病率最高的癌症。奈拉替尼作为全球首个乳腺癌强化辅助口服治 疗药物已经被国际国内多个权威指南推荐。早期乳腺癌中 HER2+患者约占 20~3 ...

证券代码：002755 证券简称：奥赛康 公告编号：2024-031 北京奥赛康药业股份有限公司 关于对控股子公司增资的公告 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、误导性陈述或重大遗漏。 一、增资情况概述 AskGene Limited（以下简称"AskGene"）是北京奥赛康药业股份有限公司（以 下简称"公司"）的控股子公司，公司由全资子公司江苏奥赛康药业有限公司通过 其全资子公司Sea Glory Group Limited持有AskGene已发行股份。 Sea Glory Group Limited拟以现金2.2亿元人民币向AskGene增资，上海泰福 谨通企业管理合伙企业（有限合伙）拟以现金3,000万元人民币向AskGene增资。 本次增资完成后，公司持有AskGene已发行股份数的比例由59.07%提高到62.86%， 公司仍为AskGene的控股股东，AskGene仍将纳入公司合并报表范围。本次增资 资金主要用于AskGene日常运营、研发等。 公司第六届董事会第十五次会议审议通过了《关于对控股子公司增资的议 案》，本次增资事项不构成关联交易，也不构成《上市公司重大 ...

证券代码：002755 证券简称：奥赛康 公告编号：2024-030 公司董事会同意对控股子公司 AskGene Limited 增资，并授权公司管理层签 署、修订、接受与此次增资相关的协议、交易文件、法律文件或相关的交易安排。 具体内容详见公司同日披露于《证券时报》、《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）的《关于对控股子公司增资的公告》（公告编号：2024- 031）。 表决结果：9 票同意，0 票反对，0 票弃权。 二、备查文件 北京奥赛康药业股份有限公司 第六届董事会第十五次会议决议公告 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"）第六届董事会第十五次会 议于 2024 年 9 月 27 日以电子邮件、专人送达的方式通知各位董事。会议于 2024 年 10 月 8 日以现场表决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》（ ...

Investment Rating - The report initiates coverage on Aosaikang (002755) with a rating of "Buy" [2][11]. Core Views - The company is transitioning towards innovation, with the potential for significant growth in its pipeline, particularly with ASKB589 leading the way in gastric cancer treatment [2][11]. - The negative impact of centralized procurement is gradually dissipating, and the company has reached a turning point in its performance, with a return to positive revenue growth in 2024H1 [8][27]. - The company has a robust pipeline of innovative drugs and is focusing on differentiated products to drive future growth [8][11]. Summary by Sections 1. Overview - Aosaikang has a strong foundation in generic drugs and is now entering a phase of innovation with multiple products expected to reach commercialization soon [11][23]. 2. Financial Performance - The company forecasts revenue growth from 1.65 billion in 2024 to 2.47 billion in 2026, with net profit expected to turn positive in 2024 [11][12]. - The earnings per share (EPS) are projected to be 0.12, 0.22, and 0.31 for 2024, 2025, and 2026 respectively [11][12]. 3. Product Pipeline - ASKB589, a Claudin 18.2 monoclonal antibody, is in Phase III clinical trials and is expected to lead the market in gastric cancer treatment [11][12]. - ASK120067, a third-generation EGFR-TKI, is nearing approval and is positioned to compete in a significant market [11][12]. - ASKC109, a new oral iron supplement, is in Phase III trials and is expected to address the limitations of existing treatments [11][12]. 4. Market Dynamics - The company is adjusting its product mix in response to the pressures of centralized procurement, with a notable shift from digestive drugs to oncology and chronic disease treatments [8][27]. - The competitive landscape for PPI drugs is changing, with new products like right lansoprazole entering the market [79][80]. 5. Research and Development - Aosaikang has established a strong R&D platform focusing on small molecule targeted therapies and innovative biological drugs, with significant investments in new drug development [23][72]. - The company is leveraging its proprietary technology platforms to enhance the development of cytokine-based therapies [72][73].