| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 猪肉 | 2.39 | 可控核聚变 | -3.47 | | 养鸡 | 1.94 | 减速器 | -3.18 | | 创新药 | 1.56 | EDR概念 | -3.01 | | 动物疫苗 | 1.35 | 人形机器人 | -2.90 | | 眼科医疗 | 1.30 | 一体化压铸 | -2.79 | | 细胞免疫治疗 | 1.25 | 汽车热管理 | -2.63 | | 青蒿素 | 1.17 | 无线充电 | -2.51 | | 仿制药一致性评价 | 1.16 | 铜缆高速连接 | -2.49 | | 重组蛋白 | 1.11 | 拼多多概念 | -2.48 | | 生物疫苗 | 1.01 | 智能座舱 | -2.48 | 资金面上看，今日重组蛋白概念板块获主力资金净流出1.72亿元，其中，15股获主力资金净流入，5股 主力资金净流入超千万元，净流入资金居首的是热景生物，今日主力资金净流入5560.70万元，净流入 资金居前的还有皓元医药、睿智医药、贝达药业等，主力资金分别净流入4228. ...

Group 1 - The cell immunotherapy concept index rose by 1.25%, ranking 6th among concept sectors, with 29 stocks increasing in value [1][2] - Notable gainers included Ruizhi Pharmaceutical with a 20% limit up, Hainan Haiyao at limit up, and Shutaishen, Guanhao Biological, and Fosun Pharma with increases of 15.02%, 8.88%, and 5.23% respectively [1][6] - The sector experienced a net outflow of 266 million yuan, with 20 stocks seeing net inflows, and 8 stocks receiving over 10 million yuan in net inflows, led by Hainan Haiyao with a net inflow of 144 million yuan [2][3] Group 2 - Hainan Haiyao, Anke Bio, and Dongcheng Pharmaceutical had the highest net inflow ratios at 35.56%, 5.52%, and 5.27% respectively [3][4] - The top stocks by net inflow included Hainan Haiyao, Fosun Pharma, Ruizhi Pharmaceutical, and Zhaoyan New Drug, with net inflows of 144 million yuan, 54.52 million yuan, 34.78 million yuan, and 31.86 million yuan respectively [2][3] - Stocks with significant declines included Xue Rong Biological, Saifutian, and Jinchang Protein, with decreases of 4.23%, 2.74%, and 2.61% respectively [1][5]

Group 1 - The core viewpoint of the news is the strategic partnership between Betta Pharmaceuticals and Borui Biotech for the commercialization of the drug "Qupashuangzhu" in the Greater China region, which includes exclusive rights for Betta to distribute trastuzumab (brand name: Anruize®) and all rights related to pertuzumab injection [1][4] - Breast cancer is highlighted as the most common malignant tumor among women, with trastuzumab being the first targeted monoclonal antibody drug for HER2-positive breast cancer, and pertuzumab being a recombinant humanized monoclonal antibody that enhances treatment efficacy [3] - The partnership is seen as a significant step in enhancing Betta's market position in breast cancer treatment and accelerating Borui's capabilities in developing large molecule drugs for oncology [4][5] Group 2 - Betta Pharmaceuticals' CEO expressed gratitude for the efforts of both teams, emphasizing that this collaboration marks a milestone in China's biopharmaceutical innovation and industry synergy [4] - The collaboration is expected to provide better treatment options and accessibility for breast cancer patients, aligning with Betta's mission to improve patient outcomes through innovation [4][6] - Borui Biotech's CEO noted that the successful collaboration is built on trust established during the Betanatin® project, and both companies aim to achieve synergistic effects through their combined strengths [5][6]

第八届（2025）西湖大会举行当天正值小满节气。主办方设置了以节气命名的特色对话环节——小满茶 座。来自金融资本、产业资本和实体产业的相关负责人，以实践为基石、以融合为导向，展开了一场资 本与产业协同发展的探讨。与会人士指出，各方耐心资本应携手共同构建金融助力科技型产业发展的矩 阵，打造资本强引擎，为新质生产力发展持续注入动能。 范建勋透露，公司目前管理4只产业基金，规模达30亿元，在肿瘤、自身免疫疾病等领域，以及细胞治 疗和CAT-T等前沿性领域均有布局和投资，并取得了良好成果与回报。 "尽管基金运作时间不长，但在前几年'资本寒冬'情况下，我们在生物医药领域已有3家公司上市，实现 了部分退出。"范建勋说，"从社会价值角度看，未来两年，预计有8个至10个新药上市，造福人类。" 如何扩大创新的生态圈、朋友圈？范建勋这样复盘：一是依托贝达药业完整的产业链，涵盖研发、临 床、产业化、商业化等环节；二是建立"两个翅膀"，除规模30亿元的产业基金外，还有"梦工厂"孵化 器，已吸引近300个项目进行孵化与投资，同时引进了300多位高端人才；三是在G—CVC运营中，围绕 产业、前沿科学和临床需求，打造战略布局、协同、延伸和 ...

Group 1 - The core viewpoint is that the pharmaceutical sector is gradually recovering, reflected in the performance of listed companies, despite limited overall index growth [1] - The manager emphasizes a balanced approach to investment, focusing on risk-reward ratios and aiming for excess returns relative to the pharmaceutical index over time [1] - The fund manager has a strong track record, with the fund achieving a return of 87.60% since inception, ranking first in its category for various time frames [1] Group 2 - The fund's investment scope includes various segments of the pharmaceutical and healthcare industry, such as chemical pharmaceuticals, traditional Chinese medicine, biological products, and medical services [2] - The top ten holdings of the fund are diversified across high-growth areas like innovative drugs and medical devices, which helps mitigate individual stock volatility while participating in overall industry growth [2] - The holdings are balanced, reducing the risk associated with any single stock and enhancing exposure to the sector's growth potential [2]

Group 1 - The core viewpoint is that the innovative drug sector is experiencing a significant recovery in stock prices, attracting attention from brokers for research and investment opportunities [2] - The Tianhong Innovative Drug ETF (517380) has seen a net inflow of 3.6 million yuan, with a current scale of 389 million yuan as of May 26 [1] - The Tianhong ETF is the only product that comprehensively covers the innovative drug sector across A-shares and Hong Kong stocks, with a focus on the "Hengsheng Huasheng Hong Kong Innovative Drug Selected 50" index [1] Group 2 - The innovative drug industry is entering a new cycle of value reassessment due to a combination of policy, industry, and performance factors [2] - Longjiang Securities suggests that the previous valuation methods used during the bear market may no longer be applicable, indicating a need for a re-evaluation of the valuation system for innovative drug companies [2] - There has been significant interest from brokers, with nearly 60 companies in the pharmaceutical and biotechnology sector being researched this month, highlighting the sector's attractiveness [2]

Group 1 - The recombinant protein sector experienced a decline of 1.53%, ranking among the top declines in concept sectors as of the market close on May 26 [1][2] - Within the recombinant protein sector, notable declines were observed in companies such as Sanofi (三生国健) and Yipin Pharmaceutical (一品红), while a few companies like ST Wanfang (*ST万方) and Xilong Science (西陇科学) saw increases of 3.19% and 2.76% respectively [1][2] Group 2 - The recombinant protein sector faced a net outflow of 276 million yuan, with 33 stocks experiencing net outflows, and 17 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Sanofi (三生国健), which had a net outflow of approximately 46.36 million yuan, followed by companies like Betta Pharmaceuticals (贝达药业) and Xilong Science (西陇科学) with net outflows of 32.77 million yuan and 29.11 million yuan respectively [2][3] Group 3 - The top gainers in the recombinant protein sector included ST Wanfang (*ST万方) and Kaiyin Technology (凯因科技), which saw net inflows of 9.82 million yuan and 11.86 million yuan respectively [3] - Other companies with significant net inflows included Guoyao Modern (国药现代) with 14.46 million yuan and Rejing Biological (热景生物) with 35.44 million yuan [3]

Core Insights - Benda Pharmaceutical reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%, with a net profit of 403 million yuan, up 15.67% year-on-year [2] - The company achieved a revenue of 918 million yuan in Q1 2025, marking a 24.71% increase year-on-year, with a net profit of 100 million yuan, a 1.99% increase year-on-year [2] Financial Performance - In 2024, the sales expenses were 1.094 billion yuan, with a sales expense ratio of 37.8%, up 3 percentage points year-on-year; R&D expenses were 502 million yuan, with a R&D expense ratio of 17.4%, down 8.7 percentage points year-on-year [3] - For Q1 2025, sales expenses were 280 million yuan, maintaining a sales expense ratio of 30.53%, while R&D expenses were 113 million yuan, with a R&D expense ratio of 12.35%, down 8.41 percentage points year-on-year [3] Product Development and Market Position - The core product, ALK inhibitor Ensartinib, is experiencing steady growth due to its long usage duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [4] - The company is expanding its product portfolio in the lung cancer field and has four candidates in development for EGFR-mutant NSCLC, including MCLA-129 and CFT8919 [4] Future Outlook - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027 respectively, with net profits adjusted to 661 million yuan and 930 million yuan for 2025 and 2026 [6] - The ongoing commercialization of Ensartinib in overseas markets and the acceptance of BPI-16350's application in China are anticipated to contribute to new revenue streams [5]

Investment Rating - The investment rating for the company is "Accumulate" [6][8]. Core Views - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%, and a net profit attributable to shareholders of 403 million yuan, up 15.67% year-on-year [1]. - The first quarter of 2025 saw a revenue of 918 million yuan, a year-on-year increase of 24.71%, with a net profit of 100 million yuan, growing 1.99% year-on-year [1]. - The company is expected to see significant revenue growth driven by its core products, particularly the ALK inhibitor Ensartinib, which has been included in the medical insurance directory and received clinical guideline recommendations [3][5]. Financial Performance - The company is projected to achieve revenues of 3.702 billion, 4.516 billion, and 5.162 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 661 million, 930 million, and 1.030 billion yuan in the same years [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% [12][13]. Cost Management - In 2024, the company increased its sales expenses to 1.094 billion yuan, a 28.10% increase from 2023, while R&D expenses decreased to 502 million yuan, down 8.7 percentage points [2][4]. - The management expenses for 2024 were reported at 269 million yuan, reflecting a decrease of 1.4 percentage points year-on-year [2]. Product Development - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development targeting EGFR mutations [4]. - The strategic cooperation for the commercialization of plant-derived recombinant human serum albumin injection has been accepted for priority review by NMPA [4]. Market Position - The company’s core product, Ensartinib, is expected to see robust growth due to its long treatment duration and favorable competitive landscape, especially in the post-operative adjuvant indication [3][5]. - The company is also advancing its international commercialization efforts, with Ensartinib approved for ALK-positive NSCLC in the U.S. and undergoing EMA listing procedures [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][8]. Core Insights - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [1]. - In Q1 2025, the company achieved a revenue of 918 million yuan, reflecting a year-on-year growth of 24.71%, with a net profit of 100 million yuan, a slight increase of 1.99% [1]. - The company is focusing on enhancing management efficiency by streamlining R&D expenses while increasing sales promotion efforts, with sales expenses for 2024 amounting to 1.094 billion yuan, a 28.10% increase from 2023 [2]. Financial Performance - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 661 million yuan in 2025, 930 million yuan in 2026, and 1.030 billion yuan in 2027 [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% for 2024 [12][13]. Product Development and Market Position - The company's core product, the ALK inhibitor Ensartinib, is experiencing steady growth due to its long treatment duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [3]. - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development, including MCLA-129 and CFT8919, aimed at enhancing its competitive edge [4]. - Several products are nearing commercialization, including Ensartinib, which has received approval for first-line treatment in the U.S. and is progressing well in clinical trials [5].