新药周观点：Biotech2024年报总结，合计归母净利润有望2026年扭亏

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The domestic biotech innovation drug companies are gradually entering a commercialization phase, with losses narrowing significantly. The total operating revenue for 69 A-share and Hong Kong-listed biotech companies reached 92.43 billion yuan in 2024, representing a year-on-year growth of 36% [2][20] - The overall net profit attributable to the parent company for these biotech companies was -19.36 billion yuan in 2024, a substantial reduction from -32.58 billion yuan in 2023, indicating a trend of reducing losses by over 10 billion yuan annually since 2021. It is projected that these companies may turn profitable by 2026 [3][25] - Research and development expenses for these companies decreased by 5% year-on-year to 46.55 billion yuan in 2024, suggesting a slowdown in R&D investment due to the impact of the financing environment and the already high base of R&D costs [4][26] - Sales expenses increased to 32.13 billion yuan in 2024, with a sales expense ratio of 35%, which has slightly declined compared to 2023 [4][30] - The total cash reserves of these biotech companies were 81.87 billion yuan in 2024, a decrease of 13% year-on-year, although core biotech companies maintain sufficient cash reserves [10][31] Summary by Sections Weekly New Drug Market Review - From May 5 to May 9, 2025, the top five companies in the new drug sector by stock price increase were Junshengtai (48.89%), Haichuang Pharmaceutical (22.76%), Zhongsheng Pharmaceutical (8.98%), Keji Pharmaceutical (5.90%), and Hengrui Medicine (3.35%). The top five companies by decline were Fuhong Hanlin (-12.64%), Kanuo Pharmaceutical (-12.40%), Boan Biotechnology (-11.77%), Lepu Biopharma (-11.09%), and Yongtai Biotechnology (-9.37%) [1][15] Weekly New Drug Industry Analysis - The report analyzed the operating revenue, net profit, R&D expenses, sales expenses, and cash reserves of 69 A-share and Hong Kong-listed biotech companies from 2018 to 2024, indicating a positive trend in commercialization and revenue growth [2][20] Weekly New Drug Approval & Acceptance Status - Ten new drug or new indication applications were approved this week, including products from Qingpu Biotechnology, Lijun Microball, and others. Additionally, three new drug applications were accepted, including those from Hengrui Medicine and CSL Behring [11][36]