A股借壳上市八年后，罗欣药业集团股份有限公司（简称"罗欣药业"，002793。SZ）没能"展翅高 飞"，反而要考虑"如何活下来并补上创新课"。公司借壳东音股份之初，构建了一个充满光环的资本故 事，但72亿元的巨额融资换来的却是超11亿元的累计亏损，公司市值断崖式下跌。2025年，公司再次启 动8.42亿元定增，用于技改降本、补充流动资金，目前仍在推进中。 面对沉重的债务压力，罗欣药业近期不得不"甩卖"资产，缓解资金压力。然而，仿制药高毛利红利 消失叠加创新药还处于烧钱期，罗欣药业产品管线单薄、债务高企、现金流恶化三大问题未解，公司能 否快速修复现金流并重建研发体系、培育新的增长极仍面临重重挑战。 债务压力大 "卡点"甩卖资产自救 一路走来，罗欣药业的发展可谓跌宕起伏。 公司创始人刘保起从药材经营部起步，2005年带领罗欣药业登陆港交所创业板，却因估值低迷和融 资功能受限，于2017年私有化退市。 2020年4月，罗欣药业通过借壳东音股份成功登陆A股，交易作价75.69亿元，成为首家实现港股私 有化退市后又在A股借壳上市的医药公司，市值一度飙升至180亿元。然而，罗欣药业借壳上市后业绩 表现不甚理想，2020年 ...

我们预计公司2025-2027 年营业收入分别为25.3、29.6 和30.0 亿元，同比增速为2.4%、17.2%和1.2%； 归母净利润分别为3.1、5.7 和4.8 亿元，同比增速分别为扭亏、86.3%和-16.0%（2026 及2027 年预测数 据仅包含RAY1225 首付款收入，模型暂未纳入里程碑、销售分成收入）；EPS 分别为0.36、0.67 和0.57 元，当前股价对应PE 分别为61、33 和39 倍，首次覆盖，给予"推荐"评级。 风险提示：医保、集采导致价格不及预期、临床试验进度不及预期、商业化推广不及预期、行业竞争加 剧、行业监管政策波动。 授权产品信息：RAY1225 注射液是众生睿创研发的、具有全球自主知识产权的创新结构多肽药物，具 有GLP-1 受体和GIP 受体双重激动活性，具备每两周注射一次的超长效药物潜力。根据RAY1225 在 REBUILDING-1（针对中国成人的肥胖或超重适应症）研究中展现的积极研究结果：a）有效性： RAY1225 注射液3-9mg 组，治疗24 周后体重降幅达10.1%-15.1%；b）安全性：RAY1225 注射液在3- 9mg 剂量范围内，所 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [31]. Core Insights - The JPMorgan Healthcare Conference highlighted six top candidate drugs in the Chinese market for 2026, with four originating from local innovative companies, showcasing their R&D capabilities that can compete with multinational brands [4]. - The report anticipates continued active merger and acquisition (M&A) transactions in the biopharmaceutical sector, with a projected global M&A transaction volume reaching $5.1 trillion in 2025, led by a 44% increase in the healthcare sector [4]. - Investment strategies suggest focusing on innovative Chinese pharmaceutical companies that are enhancing their global competitiveness, particularly in therapeutic areas like metabolism, chronic diseases, and central nervous system disorders, as well as potential technology platforms such as small nucleic acid drugs and CAR-T therapies [5]. Summary by Sections Industry Overview - The JPMorgan Healthcare Conference showcased 24 Chinese innovative pharmaceutical companies, including BeiGene and Legend Biotech, presenting their latest R&D and commercialization achievements [4]. - The report emphasizes the importance of the Chinese market, identifying six candidate drugs that are expected to make significant impacts in 2026 [4]. Investment Strategy - The report recommends focusing on innovative therapeutic areas beyond traditional oncology and immunology, such as metabolic disorders and chronic diseases [5]. - It also highlights the potential of emerging technology platforms, suggesting investment in companies that are advancing in areas like peptide drugs and small nucleic acids [5]. Market Performance - The pharmaceutical sector experienced a decline of 0.68% last week, while the Shanghai and Shenzhen 300 Index fell by 0.57%, ranking the pharmaceutical industry 17th among 27 sectors [20]. - In contrast, the Hong Kong pharmaceutical sector saw an increase of 2.38%, outperforming the Hang Seng Index, which rose by 2.56%, ranking 6th among 11 sectors [30].

每经记者｜陈星 每经编辑｜陈旭 NO.3 奇正藏药十味龙胆花胶囊获批国家中药二级保护品种 奇正藏药公告称，公司控股子公司西藏藏药集团股份有限公司的十味龙胆花胶囊获批国家中药二级保护 品种，保护期限自公告日起7年。该药品功能主治为清热化痰、止咳平喘，主要用于呼吸系统疾病的治 疗。 点评：奇正藏药子公司产品获批首家中药二级保护，是对其临床价值与原研地位的权威认可。七年市场 独占期将有效构筑竞争壁垒，利好该呼吸系统药品的市场拓展与销售放量。 ｜2026年1月21日星期三｜ NO.1 昭衍新药预计2025年度净利润约2.33亿元到3.49亿元 昭衍新药1月20日晚间发布业绩预告，预计2025年实现归属于上市公司股东的净利润约2.33亿元到3.49亿 元，同比增加214%~371%。业绩变动主要原因是，报告期内生物资产市场价格上涨叠加自身自然生长 增值，双重因素驱动其公允价值正向变动。 点评：昭衍新药预告2025年净利润大幅增长，主要得益于生物资产公允价值上涨及自然生长增值。这一 非经常性因素短期提振业绩，但也凸显公司盈利对生物资产价格波动的依赖。投资者需关注其主营业务 的持续性与成长性，理性看待利润高增背后的驱动因素 ...

Core Viewpoint - The company Zhaoyan New Drug (603127.SH, 06127.HK) is expected to achieve a net profit attributable to shareholders of approximately 233 million to 349 million yuan in 2025, representing a year-on-year increase of about 214.0% to 371.0% despite a projected revenue decline of 13.9% to 22.1% [3][4]. Group 1: Financial Performance - Zhaoyan New Drug anticipates a revenue of 1.573 billion to 1.738 billion yuan for 2025, which reflects a year-on-year decrease [3]. - The significant increase in net profit is primarily attributed to changes in the fair value of biological assets rather than revenue growth [3][4]. - The rise in fair value is driven by an increase in market prices of biological assets and natural growth, contributing positively to the company's performance [3]. Group 2: Biological Assets - The biological assets referred to by Zhaoyan New Drug mainly consist of experimental monkeys, which are crucial for preclinical evaluations of drugs [4]. - Over 70% of large molecule drugs require monkeys for preclinical trials, and approximately 20%-30% of small molecule chemical drugs also utilize them [4]. - The price of experimental monkeys is closely linked to the innovation and development of new drugs, with prices having fluctuated significantly in recent years [5]. Group 3: Market Dynamics - Following the COVID-19 pandemic, the demand for experimental monkeys surged, leading to prices exceeding 200,000 yuan per monkey in 2022, but prices fell below 100,000 yuan in 2023 due to reduced R&D spending by pharmaceutical companies [5]. - As the pharmaceutical capital market recovers and domestic innovative drugs gain traction, the price of experimental monkeys is expected to rise again, surpassing 100,000 yuan each in 2025 [5][6]. - The current market conditions indicate a supply-demand imbalance for experimental monkeys, with prices for 3-5 year old monkeys reaching 140,000 yuan each, reflecting a recovery in the domestic innovative drug development landscape [6].

Industry Overview - The Chinese clinical CRO industry is entering a recovery and stable growth phase, transitioning from an offshore outsourcing model to a global contributor of innovative assets over the past decade [2][13] - The industry experienced a growth phase from 2017-2019 and a rapid development period from 2020-2022, with a forecasted compound annual growth rate (CAGR) of over 12% from 2025 to 2028, expecting to exceed 75 billion RMB by 2028 [2][13] - As of December 2025, the average number of clinical trial projects undertaken by each clinical CRO in China increased by 20.6% year-on-year, reaching 42.9 projects, narrowing the gap with the U.S. [5][16] Investment Trends - The investment from multinational pharmaceutical companies in China's clinical trials remains stable, with 25%-30% of Phase III innovative drug trials initiated by these companies over the past eight years [6][17] - Local pharmaceutical companies are also actively investing in innovative drug clinical research, contributing 15%-20% of Phase III trials in China during the same period [6][17] - The financing channels for Chinese innovative drugs have diversified, with a significant increase in licensing and mergers and acquisitions (M&A) transactions, totaling 178 deals in 2024-2025 [9][20] Company Highlights - Tigermed has ranked first in market share in China's clinical CRO sector for several years, with a compound annual growth rate of 14.8% in new orders from 2019 to 2024, surpassing the market's growth rate of 12.5% [11][23] - The average price of domestic clinical trial services is stabilizing after fluctuations in 2022-2023, indicating strong business continuity and resilience [11][23] - In 2025, Tigermed aims for sustainable development, achieving an AAA rating in MSCI ESG, and enhancing its service capabilities through the acquisition of CRO company Micron [11][23] - The company is investing in AI applications and platforms, launching an AI medical translation platform and an AI medical writing platform in 2025 [11][23]

实验动物是药物临床前评价的主要实验对象，实验猴更是临床前研究的重要品种。公开资料显示：70% 以上大分子药物都需要用猴做临床前试验，而小分子化学药也约有20%-30%会用到猴。食蟹猴是实验用 猴中用量最大的品种，占比接近70%。食蟹猴与人类的遗传相似性超过90%，这使其在现有实验动物中 显得尤为珍贵，常被用于各类复杂的医学研究。 昭衍新药的业务涵盖药物非临床服务、药物临床服务、实验模型研究三方面。早在2022年，昭衍新药不 惜累计斥资18亿元收购了广西玮美生物和云南英茂生物这两家实验猴公司。除了并购外，公司还自建了 梧州实验猴繁殖基地。 昭衍新药表示，本报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值 正向变动，为公司业绩做出积极贡献。 昭衍新药所谓的生物资产，主要是实验猴。 1月20日晚间，CRO（医药研发外包）公司昭衍新药（603127.SH、06127.HK）发布年报业绩预告称， 预计2025年实现归属于上市公司股东的净利润约2.33亿元到3.49亿元，同比增长增加约214.0%到 371.0%。 实验猴的价格，与创新药研发的景气度密切相关。2020年新冠疫情出现后，随着多款新 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is transitioning into a new phase characterized by innovation and internationalization, with a focus on commercializing innovative drugs and expanding into emerging markets [1][7]. - The impact of centralized procurement on core products is expected to stabilize, leading to a recovery in revenue and profit growth starting in 2024 [7][13]. - The company has a robust pipeline of nearly 40 innovative drug candidates, with several expected to launch commercially in 2024 [7][23]. Financial Data and Valuation - Total revenue is projected to decline from 8,013 million in 2023 to 7,469 million in 2024, before increasing to 10,061 million by 2026 [2]. - Net profit is expected to decrease from 2,401 million in 2023 to 1,620 million in 2024, with a recovery to 1,955 million by 2026 [2]. - The company’s PE ratio is forecasted to improve from 18.6 in 2024 to 15.4 in 2026, indicating a potential increase in valuation [2]. Business Model and Strategy - The company has evolved from a CSO model to a full-chain innovative pharmaceutical enterprise, focusing on specialized fields such as dermatology and ophthalmology [11][18]. - The internationalization strategy includes expanding into Southeast Asia and the Middle East, with nearly 20 drug applications submitted in these regions [7][11]. - The company plans to spin off its dermatology business, Demy Pharma, for independent listing, enhancing its focus on specialized markets [7][11]. Product Pipeline and Market Potential - The innovative product pipeline includes five drugs that have already been commercialized, with additional candidates in various stages of development [20][24]. - Key products such as Vifor (for chronic kidney disease) and Y-3 (for acute ischemic stroke) are expected to drive future growth [29][37]. - The company is targeting significant unmet medical needs in the Chinese market, particularly in areas like high phosphorus levels in dialysis patients and rabies passive immunity [31][47].

Core Viewpoint - The company, Xiansheng Zaiming Pharmaceutical Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, aiming to establish a dedicated financing platform for its oncology business, which is currently under the parent company, Xiansheng Pharmaceutical [1][8]. Financial Performance - The company reported revenues of 1.522 billion yuan, 1.296 billion yuan, and 1.238 billion yuan for the years 2023, 2024, and the first nine months of 2025, respectively [2]. - Despite stable revenue growth, the company remains in a loss position due to high R&D and sales expenses, recording net losses of 336 million yuan, 506 million yuan, and 303 million yuan for the same periods [6]. - R&D costs were 831 million yuan, 708 million yuan, and 512 million yuan for 2023, 2024, and the first nine months of 2025, with R&D expenses exceeding 50% of revenue in 2023 and 2024 [5]. Business Strategy - The company focuses on the development and commercialization of innovative oncology drugs, having five commercialized products that contribute over 90% of total revenue [4]. - The split from Xiansheng Pharmaceutical allows the company to optimize its financial structure while maintaining absolute control over the oncology business [2]. - The company has established a sales and marketing team of over 1,200 people to enhance product marketization [5]. Market Position and Collaborations - Xiansheng Zaiming has engaged in multiple licensing collaborations with companies like AbbVie, Ipsen, and NextCure, with a potential total transaction value exceeding 2.8 billion USD [5]. - The company ranks first in the number of oncology asset transactions and fourth in total value among Chinese biopharmaceutical companies [5]. Challenges and Considerations - The company faces challenges related to high market channel concentration, with the top five customers accounting for over 65% of revenue [11]. - The overall gross margin has decreased from approximately 72% to 68.1%, attributed to structural adjustments in revenue sources and product mix [12]. - The company has set a timeline for its IPO process, needing to submit its application by June 2027 and complete the listing by the end of 2028, with penalties for delays [12].

Market Overview - The Hong Kong stock market experienced a decline on January 19, with the Hang Seng Index falling by 0.76% [1] - The pharmaceutical sector faced significant losses, particularly in the innovative drug industry, with major stocks like Alibaba Health and others in the AI medical concept continuing to drop [1][10] Innovative Drug Sector Performance - The innovative drug sector saw a broad adjustment, with leading companies experiencing declines: China Biologic Products fell by 6.19%, CanSino Biologics by 3%, and others like Innovent Biologics and Hansoh Pharmaceutical dropped over 4% [1][13] - The Hong Kong Stock Connect Innovative Drug ETF (520880) fell by 2.72%, marking a three-day losing streak and losing both the 10-day and 60-day moving averages, with trading volume increasing by over 50% to 390 million HKD [11][12] Factors Influencing Market Sentiment - The adjustments in the innovative drug sector are attributed to the market digesting sentiments post the JPMorgan Healthcare Conference, which concluded on January 15, and a cautious outlook ahead of upcoming earnings forecasts for 2025 [4][15] - The market is currently in a phase of waiting for actual revenue and profit data, leading to a tendency to avoid uncertainty, particularly for companies that are not yet profitable or are in the early stages of commercialization [4][15] Future Outlook for Innovative Drug Sector - The innovative drug sector is expected to see significant earnings forecasts from leading companies in 2025, which could present opportunities for valuation recovery if results exceed expectations [5][16] - The sector's long-term fundamentals remain strong, with projections indicating that the total overseas licensing revenue for innovative drugs could reach 135.7 billion USD in 2025, reflecting global recognition of Chinese pharmaceutical R&D capabilities [16] - Continued policy support is anticipated, with the National Medical Products Administration expected to approve 76 innovative drugs in 2025, the highest globally, and ongoing optimization of the review and approval processes [16] Investment Strategy - The Hong Kong Stock Connect Innovative Drug ETF (520880) is positioned as a high-elasticity T+0 investment tool, focusing exclusively on innovative drug R&D companies [5][16] - The ETF's index features a significant concentration of leading companies, with the top ten holdings accounting for over 73% of the total weight, indicating a strong representation of the sector's core strengths [6][17]