在拓展全球市场方面，复宏汉霖通过多项战略合作加速产品国际化进程：与Abbott签署协议，授予其在 亚洲、拉美等69个国家和地区独家或半独家开发及商业化四款生物类似药和一款生物创新药；与Dr. Reddy's达成HLX15（抗CD38抗体）授权，覆盖美国及欧洲共43个国家和地区；与Lotus就抗PD-1单抗H 药在韩国多项适应症达成独家商业化和半独家开发合作；与Sandoz签署协议，授予其HLX13（抗CTLA- 4抗体）在美国、欧洲、日本、加拿大及澳大利亚的独家商业化权益。 8月25日，复宏汉霖（2696.HK）发布2025年中期业绩显示，上半年实现营收28.195亿元，同比增长 2.7%；毛利润约21.992亿元，同比增长10.5%；毛利润约21.992亿元，同比增长10.5%，净利润3.901亿 元；经营性现金流超7.709亿元，同比增幅达206.8%，持续正向流入，展现出强劲的财务健康状况。 值得关注的是，其海外产品利润同比激增超200%，BD合同现金流入超10亿元，同比增长280%。复宏 汉霖执行董事、首席执行官朱俊博士表示："2025是复宏汉霖加速'全球化2.0'与创新全面升维的关键之 年。我们不断 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 700.46 million yuan and net profit at 80.34 million yuan, marking a year-on-year growth of 576.45% [1] - The company is positioning itself as an innovative multinational pharmaceutical enterprise through its focus on research and development and international expansion [1] Innovation and R&D - The company has established a robust innovation pipeline based on its recombinant protein drug technology platform, focusing on high-value clinical pipelines and antibody drug development technology [2] - The company is developing several new drugs, including GB05 for respiratory syncytial virus (RSV) and GB18 for cancer cachexia, with promising clinical trial results [2][3] - The GB12 project targets specific dermatitis with a dual-blocking mechanism, showing significant advantages over existing treatments, indicating a favorable competitive landscape [3] - The company is also advancing the GB24 project, which addresses intestinal fibrosis in inflammatory bowel disease (IBD) patients, enhancing its competitive edge in gastrointestinal diseases [4] International Expansion - The company has made significant strides in its international commercialization strategy, establishing a marketing network covering over 70 countries and regions [5][6] - The company has successfully registered 18 products for overseas commercialization and received approvals in multiple countries, including the EU [6] - The introduction of high-end complex formulations, such as albumin paclitaxel, marks a transition to a new phase of international expansion, broadening the product portfolio [6] Strategic Positioning - The company is recognized for its innovative capabilities and has been actively participating in international academic events, enhancing its image as an innovative multinational biopharmaceutical enterprise [4][7] - The strategic focus on both innovation and internationalization is expected to drive sustainable growth and establish a positive image for Chinese enterprises in the global market [5][7]

湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20250822 | | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | ■其他：半年度投资者交流电话会议 | | 参与单位名称 | 2025 年 8 月 22 日上午 10:30~11:30：华夏基金：高爽；嘉实基金：曲海峰； | | | 淳厚基金：曹舜卿；国联安基金：王栋；国泰海通证券：肖隽翀；国投瑞银 | | 及人员姓名 | 基金：马柯；华泰保兴基金：池嘉莹；常春藤资产：程熙云；理成资产：吴 | | | 圣涛；睿郡资产：刘力、董承非；圆信永丰基金：胡春霞；长城基金：杨维 | | | 维、杨建华；中欧基金：郭嘉培等，共 名投资者及证券人员 213 | | | 2025 年 8 月 22 日下午 13:30~14:30：国海证券：董伯骏、孙华圳、李永磊、 | | | 张新新；富国基金：毕天宇、沈衡、闫伟、孙彬、毛一凡，共 9 名投资者及 | | | 证券人员 | | 时间 | 2025 年 8 月 22 日上午 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has a continuously enriching innovation pipeline, with the major product S086 expected to see significant volume growth soon [5] - The company achieved a revenue of 2.131 billion yuan in the first half of 2025, representing a year-on-year growth of 4.32%, and a net profit of 365 million yuan, up 6.10% year-on-year [7] - The company is increasing its R&D investment, with a focus on various therapeutic areas including cardiovascular and metabolic diseases [7] Financial Summary - The company’s projected net profits for 2025-2027 are 660 million, 770 million, and 904 million yuan respectively, with year-on-year growth rates of 9.62%, 16.83%, and 17.29% [6] - Revenue forecasts for 2025-2027 are 4.528 billion, 5.431 billion, and 6.302 billion yuan, with growth rates of 12.84%, 19.96%, and 16.02% respectively [6] - The company’s total market capitalization is approximately 57.18 billion yuan, with a circulating market value of about 57.17 billion yuan [3]

国金证券8月22日发布研报称，给予安科生物（300009.SZ，最新价：11.46元）买入评级。评级理由主 要包括：1）主营业务持续发展，母公司业绩整体稳健；2）积极拓展新业务，开拓业绩增长点；3）布 局前沿技术，创新研发加速推进。风险提示：新药研发不达预期的风险，产品销售推广不及预期的风 险，行业政策变化的风险，业务整合、规模扩大带来的集团化管理风险。 （文章来源：每日经济新闻） ...

上证报中国证券网讯 8月21日，天坛生物披露2025年半年度报告。上半年，公司实现营收31.10亿元，同比增长9.47%；实现归母净利润6.33亿元，同比下降12.88%。2025年第二季度实现营 报告显示，公司单采血浆站数量及采浆规模持续保持国内领先地位。截至目前，公司下属单采血浆站分布于全国16个省/自治区，单采血浆站总数达107家，其中在营单采血浆站数量达85家。上 创新研发方面，上半年，公司多个在研新产品取得阶段性突破。成都蓉生第四代层析工艺10%浓度静注人免疫球蛋白（规格：2.5g/瓶，10%，25ml）获得《药品补充申请批准通知书》；已提交 上半年，公司积极推动工程项目和信息化建设，加速智能化升级与产业协同发展，有力促进生产及管理质效提升。其中，成都蓉生重组因子车间项目完成竣工验收，注射用重组人凝血因子Ⅷ生产 国际业务方面，上半年，公司积极落实国际化战略布局，持续推进国际市场开发和注册准备工作，开展多个目标市场的产品注册资料编制、申报流程启动工作。同时，实现静注人免疫球蛋白（p 报告显示，公司下辖七家血液制品生产企业，拥有人血白蛋白、人免疫球蛋白、人凝血因子等三大类及重组凝血因子产品、15个品种、 ...

Core Viewpoint - The company, JiuZhiTang Co., Ltd., reported a significant decline in both revenue and net profit for the first half of 2025, attributed to external market conditions and internal reforms [6]. Financial Performance - The company's operating revenue for the reporting period was CNY 1,264,512,369.54, representing a decrease of 24.71% compared to the same period last year [6]. - The net profit attributable to shareholders was CNY 143,773,631.42, down 29.71% year-on-year [6]. - The net cash flow from operating activities showed a significant improvement, reaching CNY 213,061,017.36, an increase of 191.72% compared to a negative cash flow of CNY -232,303,029.43 in the previous year [6]. - Basic and diluted earnings per share were both CNY 0.1699, reflecting a decrease of 29.18% from CNY 0.2399 in the prior year [6]. Asset and Equity Position - Total assets at the end of the reporting period were CNY 5,025,993,962.59, a decrease of 3.56% from CNY 5,211,440,858.19 at the end of the previous year [2]. - The net assets attributable to shareholders were CNY 3,643,101,446.80, down 2.93% from CNY 3,753,212,418.98 [2]. - The weighted average return on equity was 3.84%, a decline of 1.31% from 5.15% in the previous year [2]. Shareholder Structure - The largest shareholder, Heilongjiang Cheneng Industrial Investment Co., Ltd., holds 24.04% of the shares, while the second-largest shareholder, Li Zhenguo, holds 18.91% [2]. - The company underwent a change in control, with Heilongjiang Cheneng becoming the controlling shareholder after acquiring shares from Li Zhenguo [5][6].

九芝堂股份有限公司 2025 年半年度报告全文 公司注册地址、公司办公地址及其邮政编码、公司网址、电子信箱等在报告期无变化，具体可参见 2024 年年报。 信息披露及备置地点在报告期是否变化 □适用 ?不适用 公司披露半年度报告的证券交易所网站和媒体名称及网址，公司半年度报告备置地在报告期无变化，具体可参见 2024 年 年报。 其他有关资料在报告期是否变更情况 □适用 ?不适用 四、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 九芝堂股份有限公司 2025 年半年度报告全文 □是 ?否 本报告期 上年同期 本报告期比上年同期增减 营业收入（元） 1,264,512,369.54 1,679,430,180.36 -24.71% 归属于上市公司股东的净利润（元） 143,773,631.42 204,545,737.13 -29.71% 归属于上市公司股东的扣除非经常性损益的净利 润（元） 经营活动产生的现金流量净额（元） 213,061,017.36 -232,303,029.43 191.72% 基本每股收益（元/股） 0.1699 0.2399 -29.18% 稀释每股收益（元/股） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance shows significant improvement, with a quarter-on-quarter revenue increase of 14.12% and a net profit increase of 25.40% [4] - The company is expected to continue achieving its stock incentive goals, driven by new product launches and accelerated overseas revenue growth [4] - The projected net profits for 2025-2027 are 271 million, 319 million, and 379 million yuan respectively, with corresponding EPS of 1.53, 1.80, and 2.15 yuan [4] Financial Summary - For H1 2025, the company reported revenue of 654 million yuan (down 2.25% year-on-year) and a net profit of 137 million yuan (down 6.77% year-on-year) [4] - Q2 2025 revenue was 349 million yuan (down 1.61% year-on-year, up 14.12% quarter-on-quarter) and net profit was 76 million yuan (up 6.29% year-on-year, up 25.40% quarter-on-quarter) [4] - The company’s revenue is projected to grow from 1,532 million yuan in 2025 to 2,109 million yuan in 2027, with a year-on-year growth rate of 13.5% and 18.5% respectively [8] Business Development - The company has recently received approvals for new products, including sodium nalbuphine injection and butorphanol tartrate injection, contributing to revenue growth [5] - The company is actively expanding its international market presence, with regular shipments of nicardipine hydrochloride injection and plans for a naloxone nasal spray submission in September 2024 [5] - The company has increased its stake in Chao Yang to 30.68%, enhancing its innovation platform value [6]

8月20日，恒瑞医药（股票代码：600276.SH；01276.HK）发布2025年半年度报告。报告显示，2025年 上半年，公司实现营业收入157.61亿元，同比增长15.88%；归属于上市公司股东的净利润44.50亿元， 同比增长29.67%；经营性现金流净额达43.00亿元，同比增长41.80%。营收、净利及经营性现金流净额 均创往年同期新高，业绩进入爆发增长期。公司持续加大创新力度，维持较高的研发投入，报告期内公 司研发投入38.71亿元，其中费用化研发投入32.28亿元。 ...