资料显示，北大医药股份有限公司位于重庆市两江新区金开大道90号棕榈泉国际中心B座21楼，成立日 期1993年5月18日，上市日期1997年6月16日，公司主营业务涉及化学药品制剂的研发、生产和销售,医 药流通以及医疗服务等业务。主营业务收入构成为：药品34.69%，制剂药34.34%，医药器械及试剂 30.82%，其他(补充)0.13%，商品及材料销售0.03%。 1月13日，北大医药盘中上涨2.14%，截至09:55，报6.68元/股，成交8722.37万元，换手率2.21%，总市 值39.81亿元。 资金流向方面，主力资金净流入43.30万元，特大单买入493.12万元，占比5.65%，卖出435.43万元，占 比4.99%；大单买入1841.19万元，占比21.11%，卖出1855.58万元，占比21.27%。 北大医药今年以来股价涨9.33%，近5个交易日涨3.25%，近20日涨4.05%，近60日涨8.97%。 分红方面，北大医药A股上市后累计派现1.83亿元。近三年，累计派现8105.43万元。 机构持仓方面，截止2025年9月30日，北大医药十大流通股东中，广发量化多因子混合A（005225）位 ...

京新药业 20260112 摘要 金鑫药业传统业务聚焦仿制药、原料药和医疗器械，仿制药涵盖精神神 经、心脑血管等领域，集采影响已逐步消除，原料制剂一体化布局具备 成本优势，收购深圳巨峰进入医用显示器市场，巩固了其在传统制药领 域的地位。 地达西尼作为新一代抗失眠创新药，通过独特机制规避了传统苯二氮卓 类药物的安全性问题，起效迅速且半衰期短，适合多病共存患者，上市 后已进入医保目录，2025 年前三季度销售额达 1.1 亿人民币，超出市 场预期，预计未来两年将迎来快速放量。 JX2,201 是一款靶向降脂的新靶点创新小分子药物，目前处于二期临床 阶段，虽然短期内难以贡献显著业绩，但其 BD 潜力巨大，有望成为公 司远期估值弹性的关键因素，为金鑫药业提供持续增长动力。 金星药业在降脂领域的小分子 LPA 创新药与礼来的莫法贝林结构相似， 后者已进入三期临床，若莫法贝林成功上市，金星的 2,201 也有较高成 药潜力，具备较高的 BD 交易潜力。 Q&A 金鑫药业的业务架构和发展逻辑是什么？ 金鑫药业的业务主要分为传统制药和创新药两大部分。传统业务包括仿制药、 原料药和医疗器械，其中仿制药对营收影响最大。尽管过去由 ...

2026年开年第一场监管审核，就让一批企业的"首仿"愿望遭遇重挫。 近日，国家药监局发布的首批药品通知件信息显示，两个热门品种的口服溶液剂——布立西坦口服溶液与比拉斯汀口服溶液——的仿制上市申 请均被"不予批准"，涉及三家申报企业。这意味着，被行业看好的两大首仿机会，在同一天宣告折戟。 布立西坦作为第三代抗癫痫药物的重要成员，因其起效快、耐受性好、安全性更优等特点，被视为治疗耐药性癫痫的新选择。该药原研产品在 全球市场表现稳健，年销售额已达数亿美元级别。 在国内，其片剂剂型的首仿资格已于去年由一家企业获得，并保持独家。当前，多家企业正在片剂及注射剂赛道上开展临床试验或报产。然 而，口服溶液这一剂型的仿制之路却显得尤为坎坷。公开记录显示，近两年来，已有多家企业的布立西坦口服溶液上市申请连续遭遇失败。目 前，仅有一家企业的同类产品申报进入审评后期阶段，且审评焦点集中在药学层面，如若顺利，有望填补该剂型的市场空白。 抗组胺新贵比拉斯汀：口服溶液赛道接连遇阻 比拉斯汀是一种第二代长效抗组胺药，以快速强效且无显著嗜睡副作用受到关注。其原研片剂已于近年进入中国市场，国内首仿片剂也已获批 上市，市场初步形成。 但与布立西坦 ...

1月9日，舒泰神盘中上涨2.13%，截至13:24，报30.23元/股，成交5.42亿元，换手率4.05%，总市值 144.43亿元。 资金流向方面，主力资金净流出2447.36万元，特大单买入998.25万元，占比1.84%，卖出1490.06万元， 占比2.75%；大单买入8758.90万元，占比16.15%，卖出1.07亿元，占比19.75%。 舒泰神今年以来股价涨10.65%，近5个交易日涨10.65%，近20日涨8.51%，近60日跌16.63%。 资料显示，舒泰神(北京)生物制药股份有限公司位于北京市北京经济技术开发区经海二路36号，成立日 期2002年8月16日，上市日期2011年4月15日，公司主营业务涉及主要从事生物制品和部分化学药品的研 发、生产和销售。主营业务收入构成为：注射用鼠神经生长因子(苏肽生)59.17%，复方聚乙二醇电解质 散33.19%，其他7.63%。 舒泰神所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：生物医药、创新药、抗癌 治癌、仿制药、AI医药等。 截至9月30日，舒泰神股东户数4.65万，较上期增加46.97%；人均流通股9745股，较上期减少31 ...

Investment Rating - The investment rating for the company is "Buy" [7][13] Core Insights - The company is accelerating its innovation pipeline with 14 Class I innovative drug projects, including dual-target small molecules and biopharmaceuticals, with expectations of 2-3 innovative drugs entering clinical research each year over the next three years [4] - The company has achieved significant overseas certifications for its generic drugs, which is expected to drive a turnaround in performance [8] - The company experienced a decline in revenue and net profit in 2025, but is projected to see improvement in 2026 due to anticipated growth in overseas business and marginal improvements in domestic generic drug procurement [5] Financial Summary - As of Q1-Q3 2025, the company reported revenue of 742 million yuan, a decrease of 12.92%, and a net profit attributable to shareholders of -50.81 million yuan, a decline of 122.35% [5] - Revenue projections for 2025-2027 are 1.196 billion yuan, 1.446 billion yuan, and 1.742 billion yuan, respectively, with net profits expected to be 91 million yuan, 201 million yuan, and 300 million yuan [9][10] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 83.03, 37.57, and 25.10, respectively [5][9]

资金流向方面，主力资金净流入1698.18万元，特大单买入2606.36万元，占比12.58%，卖出1101.43万 元，占比5.32%；大单买入4228.17万元，占比20.41%，卖出4034.92万元，占比19.48%。 1月5日，复星医药盘中上涨2.00%，截至10:11，报27.02元/股，成交2.07亿元，换手率0.36%，总市值 721.55亿元。 复星医药今年以来股价涨2.00%，近5个交易日跌0.11%，近20日涨0.19%，近60日跌9.45%。 资料显示，上海复星医药(集团)股份有限公司位于上海市宜山路1289号A楼,香港铜锣湾希慎道33号利园 1期19楼1917室，成立日期1995年5月31日，上市日期1998年8月7日，公司主营业务涉及药品制造与研发 为核心,业务覆盖医疗器械与医学诊断、医疗服务、医药分销与零售。主营业务收入构成为：抗肿瘤及 免疫调节核心产品45.68%，抗感染核心产品17.53%，代谢及消化系统核心产品13.83%，心血管系统核 心产品9.80%，原料药和中间体核心产品6.43%，中枢神经系统核心产品5.21%，其他业务收入1.52%。 复星医药所属申万行业为：医药 ...

Group 1 - The core viewpoint of the news is that Weixin Kang's stock price has shown a slight increase of 2.09% this year, but has experienced declines over the past five, twenty, and sixty trading days [2] - As of January 5, Weixin Kang's stock price reached 10.74 yuan per share, with a total market capitalization of 4.674 billion yuan [1] - The company has seen a net inflow of main funds amounting to 46.92 thousand yuan, with large single purchases accounting for 13.15% of total transactions [1] Group 2 - Weixin Kang's main business involves the research, production, and sales of chemical drug formulations and their raw materials, with a revenue composition of 72.08% from market services and 27.92% from pharmaceuticals [2] - As of September 30, the number of Weixin Kang's shareholders increased by 14.14% to 16,500, while the average circulating shares per person decreased by 12.39% to 26,333 shares [2] - For the period from January to September 2025, Weixin Kang reported an operating income of 862 million yuan, a year-on-year decrease of 13.27%, and a net profit attributable to shareholders of 219 million yuan, down 9.90% year-on-year [2] Group 3 - Weixin Kang has distributed a total of 624 million yuan in dividends since its A-share listing, with 438 million yuan distributed over the past three years [3] - As of September 30, 2025, several institutions have exited the top ten circulating shareholders, including Guangfa Medical Health Stock A and Xinao Small and Medium Cap Mixed A [3]

公司创新药研发团队覆盖CMC、临床前开发、临床开发及药政事务全流程；仿制药团队聚焦工艺开 发、制剂研究与质量控制。持续推进人才年轻化、专业化建设。 销售费用率下降主要受益于泰欣赞销售收入规模化增长带来的规模效应。公司加强预算管控、优化人员 配置与工作流程，推动销售及管理费用率持续降低。 本周关注点 机构调研要点 公司在2025年以来战略性聚焦医药工业板块，核心创新药替戈拉生片（商品名泰欣赞）销售量同比增长 近140%，进院数量接近2500家。三大适应症"反流性食管炎""十二指肠溃疡""根除幽门螺杆菌"已全面纳 入医保目录，实现医保全覆盖。 P-CAB类药物相较PPI具有起效快、抑酸持久、不受进食和基因型影响、可有效控制夜间酸突破等优 势。泰欣赞30分钟达峰，首剂全效，主要经CYP3A4代谢，药物相互作用少，与阿托伐他汀可安全联 用。含替戈拉生的四联疗法Hp根除率为93.5%，优于艾司奥美拉唑组的86.4%。 公司研发管线中，注射用LX22001已进入Ⅱ期临床试验阶段，普卡那肽片Ⅲ期临床研究报告已完成定 稿，正推进地产化落地。未来将持续深耕消化系统等领域，关注未满足临床需求。 截至2025年12月31日收盘，罗 ...

Summary of Deyuan Pharmaceutical Conference Call Company Overview - Deyuan Pharmaceutical focuses on the development, production, and sales of drugs for metabolic diseases, particularly diabetes and hypertension [2][11]. Key Points Industry and Market Dynamics - The global diabetes market is projected to grow from USD 64.1 billion in 2024 to USD 76.1 billion by 2029, with China expected to have 174 million diabetes patients by 2045 [15]. - The hypertension market is also expanding, with over 300 million patients in China, indicating a significant demand for antihypertensive medications [15]. - The Chinese generic drug market has seen rapid growth, with a market size of CNY 586.9 billion in 2022, expected to grow significantly due to patent expirations and supportive policies [19]. Financial Performance - In the first three quarters of 2025, Deyuan achieved a revenue of CNY 796 million, a year-on-year increase of 21.88%, and a net profit of CNY 159 million, up 37.86% [3][13]. - The gross margin improved to 84.10% in 2025, up from 80.07% in 2022, driven by new product approvals [8][9]. - The company expects net profit to reach CNY 1.9 billion in 2025, CNY 2.14 billion in 2026, and potentially CNY 2.4-2.5 billion in 2027, with a growth rate of 10%-15% [2][10]. Product Development and Pipeline - Deyuan plans to launch 50 generic drug varieties by 2027, each contributing an average of CNY 50 million in revenue, targeting a sales scale of over CNY 2 billion for the generic drug segment [2][4]. - Key innovative drugs in development include DYX 116 (a GLP-1 triple agonist for diabetes and weight loss) and DYX 216 (for resistant hypertension), with DYX 116 expected to complete Phase I clinical trials by the end of 2025 [2][4][5]. Competitive Advantages - Deyuan has a strong product line in diabetes and hypertension, with a unique market position for its first generic drug, Bo Ka Qing [14]. - The company benefits from the collective procurement policy, which has allowed it to rapidly increase sales and market share while optimizing cost structures [16][17]. Research and Development - Deyuan invests significantly in R&D, with plans to obtain one new drug IND annually. The R&D expenses for 2024 were CNY 117 million, accounting for approximately 13% of revenue [20][9]. - The company has over 30 projects in development, including collaborations with research institutions to develop new diabetes treatments [20][6]. Future Outlook - Deyuan's strategy includes expanding its product offerings in diabetes and hypertension, with expectations of 8-10 new approvals annually [24]. - The success of innovative drugs like DYX 116 and DYX 216 could significantly enhance the company's competitive position and valuation [24]. Risks and Challenges - Potential risks include the failure of innovative drug development and the impact of collective procurement on generic drug pricing [10][16]. Conclusion Deyuan Pharmaceutical is well-positioned in the growing markets for diabetes and hypertension treatments, with a robust pipeline of generic and innovative drugs. The company's financial performance and strategic initiatives suggest a positive outlook for future growth and market expansion.

1.市场监管总局部署2026年重点任务，包括：持续深化公平竞争治理，加力破除行政性垄断，加强反垄断反不正当竞争执法，深入整治"内卷式"竞争；推动 提高经营主体发展质量，完善市场准入退出制度，提升经营主体信用水平，强化知识产权和商业秘密保护。强化平台经济常态化监管，压实平台企业"守门 人"责任，突出抓好平台规则治理，加快平台监管"一库一码一系统"建设。 2.两家中国AI企业同步公布港股IPO详情：通用GPU公司天数智芯拟发行约2543万股H股，每股144.60港元；大模型公司智谱华章拟发行约3742万股H股，每 股116.20港元。两家企业H股均预计于2026年1月8日在港交所挂牌交易。 3.据相关报道，近期在多个省份的药品采购平台上，都出现了进口减肥药司美格鲁肽注射液降价的信息。据悉，这是厂家诺和诺德主动调价后的结果，一些 电商平台也在跟进调整相关产品价格。司美格鲁肽在中国市场的专利即将于今年三月到期，多家本土企业已经准备退出价格更便宜的仿制药。 热点聚焦 4.COMEX黄金期货跌4.45%，报4350.2美元/盎司；COMEX白银期货跌7.2%，报71.64美元/盎司。现货白银大跌近9%，现货钯金跌超15% ...