华安证券：给予安科生物买入评级

Core Viewpoint - Anke Biopharmaceuticals (安科生物) has been rated as a "Buy" by Huazhong Securities, highlighting its successful collaboration in BD (Business Development) and progress in innovative drug pipelines [1] Financial Performance - In the first half of 2025, Anke Biopharmaceuticals reported revenue of 1.292 billion yuan, a slight decrease of 0.51% year-on-year, and a net profit attributable to shareholders of 367 million yuan, down 11.92% year-on-year [1] - The company's non-recurring net profit was 342 million yuan, reflecting a year-on-year decline of 12.38% [1] Business Segments - The biopharmaceutical segment showed signs of recovery, achieving revenue of 969 million yuan, a year-on-year increase of 7.49% [2] - The first antibody drug, trastuzumab injection "Ansaiting," experienced rapid growth with sales increasing by 298% year-on-year, becoming a key driver of performance [2] - Traditional business segments faced challenges, with the Chinese medicine segment revenue at 145 million yuan, down 27.10% year-on-year, and the chemical synthesis drug segment at 72 million yuan, down 11.55% year-on-year [4] Strategic Collaborations - The company has made significant strides in BD collaborations, introducing two major long-acting products to enhance its market position in pediatric growth and assisted reproduction [3] - A strategic partnership with Weisheng Pharmaceutical was established for the long-acting growth hormone, which is expected to solidify the company's leading position in the growth hormone market [3] - An exclusive commercialization agreement was signed with Baoji Pharmaceutical for a long-acting follicle-stimulating hormone, anticipated to be the first of its kind in China [3] R&D and Innovation - Anke Biopharmaceuticals is advancing its innovative drug development, with several products in clinical trials, including a CAR-T cell therapy and an oncolytic virus therapy [5][6] - The company is also collaborating on a therapeutic mRNA vaccine for HPV-related precancerous lesions, currently in Phase Ib clinical trials [6] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 2.677 billion, 3.050 billion, and 3.529 billion yuan, with year-on-year growth rates of 5.6%, 13.9%, and 15.7% respectively [7] - Net profit forecasts for the same period are 756 million, 862 million, and 997 million yuan, with growth rates of 6.9%, 14.0%, and 15.6% respectively [7]