医药日报：BMS-986489在华获批临床

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [11]. Core Insights - The pharmaceutical sector experienced a decline of 0.46% on March 13, 2025, underperforming the CSI 300 Index by 0.06 percentage points, ranking 15th among 31 sub-industries [5]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.26%), pharmaceutical distribution (+1.07%), and blood products (+0.24%), while medical R&D outsourcing (-1.32%), hospitals (-1.17%), and medical consumables (-0.971%) lagged behind [5]. - The approval of BMS-986489 for clinical trials in China marks a significant development, as it is a combination of an anti-Fucosyl-GM1 monoclonal antibody and an anti-PD-1 monoclonal antibody, aimed at treating small cell lung cancer [6]. Market Performance - The report highlights that the pharmaceutical sector's performance is mixed, with specific companies like Saily Medical (+10.01%), Dezhan Health (+9.94%), and Dongfang Ocean (+9.84%) showing significant gains, while Zhejiang Medicine (-6.94%), Tianzhihang (-6.33%), and Berry Genomics (-6.12%) faced notable declines [5]. Company Updates - Baiyunshan reported a revenue of 74.993 billion yuan for 2024, a year-on-year decrease of 0.69%, with a net profit of 2.835 billion yuan, down 30.09% [6]. - Yahuang Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for APL-2302, a USP1 inhibitor targeting advanced solid tumors [6]. - Tianshili received approval for clinical trials of NR-20201, a stem cell injection for treating acute ischemic stroke [7]. - Bai'ao Tai announced the acceptance of its application for marketing authorization of Golimumab injection, a biosimilar targeting TNF-α [7].