华鑫证券：给予安科生物买入评级

Core Viewpoint - Anke Biopharmaceuticals is undergoing a stable transition towards innovative drugs, with a focus on long-term development, as highlighted in the recent research report by Hu Boxin and Wu Jinghuan from Huaxin Securities, which maintains a "buy" rating for the company [1] Financial Performance - In the first half of 2025, Anke Biopharmaceuticals reported revenue of 1.292 billion yuan, a decrease of 0.51% year-on-year; net profit attributable to shareholders was 367 million yuan, down 11.92%; and net profit after deducting non-recurring gains and losses was 342 million yuan, a decline of 12.38%. However, the net cash flow from operating activities increased by 53.75% to 316 million yuan [2] Investment Highlights - The main business remains robust, with the biopharmaceutical segment reversing last year's decline, generating 969 million yuan in revenue, which accounts for 75% of total revenue and represents a year-on-year growth of 7.49%. Notably, sales of the injection drug Trastuzumab "Ansaiting" surged by 298% [3] - The company is advancing its production line construction, with new production lines for growth hormone injections and Trastuzumab having completed production licensing and are currently in the registration and review phase [3] Business Expansion and Collaborations - Anke Biopharmaceuticals secured exclusive commercialization rights for the innovative drug Recombinant Human Follicle Stimulating Hormone-CTP Fusion Protein Injection in mainland China and Hong Kong, Macau, which was approved for market launch on August 25, 2025. Additionally, a strategic cooperation framework agreement was signed with Weisheng Pharmaceutical for the soon-to-be-approved Longpei Growth Hormone [4] Innovation and R&D Strategy - The company is accelerating its transition to innovative drugs through a combination of independent research and equity investments, focusing on multiple directions including monoclonal antibodies, bispecific antibodies, ADC, CAR-T cell therapy, and oncolytic viruses. Key projects include the completion of Phase III clinical trials for a recombinant anti-VEGF humanized monoclonal antibody and ongoing clinical trials for various other innovative drugs [5] Profit Forecast - Revenue forecasts for Anke Biopharmaceuticals are projected at 2.828 billion yuan for 2025, 3.357 billion yuan for 2026, and 3.946 billion yuan for 2027, with corresponding earnings per share (EPS) of 0.48, 0.56, and 0.65 yuan. The current stock price corresponds to price-to-earnings (PE) ratios of 24.4, 21.1, and 18.3 times for the respective years [6]