随着生活水平的提高，痛风的发病率越来越高，且呈现年轻化的趋势。 2024年，国内的高尿酸血症患者约2.21亿人，痛风患者约2530万人，相当于每100个人中，就有1-2个人患痛风。 近期，有一家专注于痛风领域的创新药公司冲击港股IPO。 格隆汇获悉，杭州新元素药业股份有限公司（简称：新元素药业）递表港交所，以18A章规则寻求港股上市，由中信 证券担任保荐人。 目前，痛风领域存在未满足的需求，不过，新元素药业也面临恒瑞医药、康缘药业、通化东宝、丽珠医药等老牌企业 的竞争。 丽珠集团、红杉参投，最新估值约30亿元 新元素药业成立于2012年，由史东方博士创立，2025年5月改制为股份公司，总部位于浙江省杭州市钱塘区。 截至2025年9月9日，史博士直接拥有公司已发行股本总额约30.3%的权益。 自成立以来，新元素药业已获五轮股权融资，合计约10.78亿元，主要机构投资者包括凯泰资本、丽珠集团 （000513）、新动力、和达基金、红杉中国、高特佳、达晨资本、倚锋创投等。 其中，凯泰资本从A轮开始参与，连续5轮押注。 在2025年8月的增资中，新元素药业的投后估值约30.52亿元。 | | A輪融資 | A+輸融資 ...

康哲药业(00867)发布公告，旗下德镁医药有限公司(德镁医药，专业聚焦皮肤健康的创新型医药企业， 正申请于香港联合交易所有限公司主板独立上市)连同其附属公司取得磷酸芦可替尼乳膏(芦可替尼乳膏) 轻中度特应性皮炎(AD)的中国三期药物临床研究积极结果。 产品用于轻中度特应性皮炎的中国三期临床研究成功达到主要终点，即使用芦可替尼乳膏治疗8周，达 到研究者整体评估(IGA)评分为0或1分，且较基线改善≥2分的受试者比例，显著高于安慰剂 (63.0%vs9.2%，P<0.001)。关键次要终点，芦可替尼乳膏治疗8周达到湿疹面积及严重程度指数评分较 基线至少改善75%(EASI75)的受试者比例亦显著优于安慰剂(78.0%vs15.4%，P<0.001)。安全性方面，治 疗期出现的不良事件(TEAE)的严重程度大多数为轻度或中度，未发生导致研究药物用药终止的治疗期 出现的不良事件(TEAE)，整体安全耐受性良好。 此外，集团正积极推进产品在中国的新药上市申请(NDA)工作。 该试验是一项在中国人群开展的随机、双盲、安慰剂对照、多中心的临床研究，共入组192例患者，旨 在评估产品治疗轻中度AD的安全性和有效性。该研究组 ...

Core Viewpoint - The company, Renfu Pharmaceutical, is committed to an innovation-driven development strategy, focusing on increasing R&D investment to enhance product reserves and cultivate long-term competitiveness [1] Group 1: Innovation and R&D Focus - The company is concentrating on innovative drugs and high-end generic drugs in specific fields such as anesthetics, neurological medications, steroid hormones, Uyghur medicine, respiratory medications, anti-tumor drugs, and treatments for autoimmune diseases [1] - Significant progress in the company's innovation transformation is expected by the first half of 2025, with the completion of production site verification and clinical site verification for a Class 1 new drug, recombinant plasmid-hepatocyte growth factor injection [1] Group 2: Clinical Approvals - Several projects have received clinical approval, including Class 1 HWS116 injection, chemical drug Class 1 CXJM-66 injection, HW231019 tablets, RFUS-949 tablets, HW201877 capsules, as well as chemical drug Class 2 RFUS-301 injection and esketamine hydrochloride injection [1]

产品用于轻中度特应性皮炎的中国三期临床研究成功达到主要终点，即使用芦可替尼乳膏治疗8周，达 到研究者整体评估(IGA)评分为0或1分，且较基线改善≥2分的受试者比例，显著高于安慰剂(63.0% vs 9.2%，P<0.001)。关键次要终点，芦可替尼乳膏治疗8周达到湿疹面积及严重程度指数评分较基线至少 改善75%(EASI 75)的受试者比例亦显著优于安慰剂(78.0% vs 15.4%，P<0.001)。安全性方面，治疗期出 现的不良事件(TEAE)的严重程度大多数为轻度或中度，未发生导致研究药物用药终止的治疗期出现的 不良事件(TEAE)，整体安全耐受性良好。 此外，集团正积极推进产品在中国的新药上市申请(NDA)工作。 智通财经APP讯，康哲药业(00867)发布公告，旗下德镁医药有限公司(德镁医药，专业聚焦皮肤健康的 创新型医药企业，正申请于香港联合交易所有限公司主板独立上市)连同其附属公司取得磷酸芦可替尼 乳膏(芦可替尼乳膏)轻中度特应性皮炎(AD)的中国三期药物临床研究积极结果。 该试验是一项在中国人群开展的随机、双盲、安慰剂对照、多中心的临床研究，共入组192例患者，旨 在评估产品治疗轻中度AD ...

（编辑 袁冠琳） 证券日报网讯 众生药业9月26日在互动平台回答投资者提问时表示，公司始终坚定按照"中药为基、创 新引领，聚焦特色的医药健康企业"的战略目标定位，继续夯实公司核心能力，积极努力做好经营，促 进公司持续稳定发展，并持续专注于创新药研发，提高公司在资本市场的知名度和认可度，维护上市公 司在资本市场的良好品牌形象，通过健康的发展切实维护广大投资者利益，为股东带来更好的回报。 ...

Core Viewpoint - Heng Rui Pharmaceutical is positioned as a leading domestic innovative pharmaceutical company, focusing on R&D, production, and promotion of high-quality drugs, with significant growth potential despite market concerns about future growth [1][2]. Group 1: Company Overview - Established in 1970, Heng Rui specializes in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [1]. - The company has achieved leading performance and market capitalization in the domestic pharmaceutical sector [1]. Group 2: Market Dynamics - The peak impact of centralized procurement for generic drugs has passed, with only two products, Sevoflurane and Iodine-131, still facing procurement risks, which are expected to have limited impact [1]. - The company is actively promoting its formulation export business, which is anticipated to become a new growth point for its generic drug operations [1]. Group 3: Innovation and R&D - Since 2021, the company has seen a peak in the commercialization of its innovative pipeline, with a total of 11 products expected to be approved from 2021 to 2024, including drugs with significant market potential [2]. - The projected revenue from innovative drugs for 2025-2027 is expected to reach 15.3 billion, 19.2 billion, and 24 billion yuan, with a compound annual growth rate exceeding 20% from 2024 to 2027 [2]. Group 4: Internationalization - The company is enhancing its internationalization efforts, having initiated 20 clinical trials overseas by mid-2025, and is actively seeking partnerships with leading global pharmaceutical companies [2]. - The licensing of innovative drugs to external parties is expected to become a regular business practice, significantly enhancing the company's global influence and industry recognition [2]. Group 5: Financial Projections - Projected revenues for Heng Rui Pharmaceutical from 2025 to 2027 are estimated at 34.573 billion, 37.735 billion, and 43.314 billion yuan, with year-on-year growth rates of 23.5%, 9.1%, and 14.8% respectively [3]. - The expected net profit attributable to the parent company for the same period is forecasted to be 9.999 billion, 11.109 billion, and 12.821 billion yuan, with growth rates of 57.8%, 11.1%, and 15.4% respectively [3].

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 9月25日10:00 - 11:00，华东医药在公司会议室接待了来自花旗银行、Carlyle、Sumitomo Mitsui DS Asset Management等15家机构的15位投资者，进行了现场调研。公司首席科学官刘东舟、董事会秘书陈波参 与接待。 公司经营情况概述 华东医药成立于1993年，1999年在深交所上市，业务覆盖医药全产业链，拥有医药工业、医药商业、医 美、工业微生物四大业务板块。2025年上半年，公司实现营业收入216.75亿元，归属于上市公司股东的 净利润18.15亿元。公司连续十六年登上《财富》中国500强，入选美国《制药经理人》全 ...

证券代码：000963 证券简称：华东医药 华东医药股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系 | □特定对象调研 □分析师会议 □媒体采访 | | | --- | --- | --- | | | □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 ☑其他 现场调研 | | | 参与单位名 | 参与单位：花旗银行、Carlyle、Sumitomo Mitsui DS Asset Management、 、 | | | | American Century Investment Management Macquarie Investment | | | 称及人员姓 | Management 、 Federated Hermes 、 Point72 Asset Management | 、 | | 名 | Handelsbanken Fonder、Polar Capital、Kieger、3W Fund Management | 等 | | | 机构投资者 15 人。 | | | 时间 | 年 月 日 2025 9 25 10:00-11:0 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company, Heng Rui Medicine [1][9]. Core Views - Heng Rui Medicine is positioned as a leading domestic innovative pharmaceutical company, leveraging innovation and internationalization to achieve rapid growth. The company is expected to see significant revenue from external licensing, which is anticipated to become a normalized business practice [6][9]. Financial Projections - Total revenue is projected to reach 27,985 million in 2024, with a year-on-year growth rate of 22.6%. By 2027, revenue is expected to grow to 43,314 million, reflecting a growth rate of 14.8% [2]. - Net profit attributable to shareholders is forecasted to be 6,337 million in 2024, increasing to 12,821 million by 2027, with growth rates of 47.3% and 15.4% respectively [2]. - Earnings per share are expected to rise from 0.95 in 2024 to 1.93 in 2027 [2]. Company Overview - Heng Rui Medicine, established in 1970, focuses on the research, production, and promotion of high-quality drugs, particularly in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [6][13]. - The company has experienced significant growth, with revenue increasing from 364 million in 1998 to 27,985 million in 2024, representing a compound annual growth rate of 18% [13]. Market Position and Growth Potential - Despite concerns about future growth, the company has substantial room for expansion based on the proportion of innovative drug revenue, market share in covered areas, and international revenue [14][15]. - The company’s innovative drug revenue is projected to grow significantly, with estimates of 153 billion, 192 billion, and 240 billion for the years 2025 to 2027, respectively, indicating a compound annual growth rate exceeding 20% [8][9]. Internationalization and Licensing - The company is making strides in internationalization, having initiated 20 clinical trials overseas by mid-2025. External licensing is expected to become a regular business practice, enhancing the company's global influence [6][9]. - Revenue from external licensing is projected to reach 61.1 billion in 2025, with 19.5 billion confirmed in the first half of 2025 [9]. Risk Mitigation and Stability - The peak impact of centralized procurement on the company’s generic drug business has passed, with current risks being minimal. The company is also actively pursuing export opportunities for its formulations, which are expected to become new growth points [6][8][41].

Summary of the Conference Call for Sanofi Pharmaceutical Company Overview - **Company**: Sanofi Pharmaceutical - **Date**: September 25, 2025 - **Industry**: Pharmaceutical, specifically oncology and biopharmaceuticals Key Points and Arguments Clinical Research and Product Development - Sanofi's CFL2 platform is conducting 4 domestic Phase 2/3 clinical studies covering various cancer indications, including non-small cell lung cancer (NSCLC) [2][3] - The Phase 3 clinical trial for first-line NSCLC is benchmarked against PD-1 K, indicating active exploration in tumor treatment [2][3] - The company has achieved a collaboration agreement with Pfizer worth $60.5 billion, along with a $100 million investment, highlighting global recognition of its innovation capabilities and international product potential [2][3] - The PD-1 VEGF dual antibody drug 707 has set a domestic record for licensing amounts [2] Financial Performance - Revenue growth from 5.3 billion RMB in 2019 to 9.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 11% [2][6] - Gross margin remains stable at over 80%, with 2024 gross profit projected to reach 7.8 billion RMB [6] - The core product, TEBIO, is the only commercialized TPO product globally, generating over 5 billion RMB annually and maintaining a strong market position [2][5] Market Trends and Competitive Landscape - The global interest in PD-L1 VEGF dual antibodies is increasing, with companies like Summit, Kanyin, BMS, and Merck showing significant engagement in this area [4][9] - Sanofi is advancing multiple innovative pipelines, including PD1 and HER2 dual antibodies, with projected revenues reaching 10 billion, 11 billion, and 12.2 billion RMB in the coming years [4][13] Product Performance - TEBIO's revenue increased from 2.3 billion RMB in 2019 to 5 billion RMB in 2024, with a market share of approximately 30% in the platelet production market [12] - The hair growth product, Mandi, has maintained rapid growth, with a market share exceeding 70% and revenue projected to rise from 250 million RMB in 2019 to 1.35 billion RMB in 2024 [12] - New products, including Claretone cream for acne and oral paclitaxel, are expected to enter commercialization, with peak sales potential estimated at 10 billion RMB [5][14] Future Outlook - Sanofi's future development potential is significant, with validated innovative assets and a solid market position for core products [13] - The company is actively pursuing multiple innovative pipelines, which are in various clinical stages, expected to yield outstanding data and drive growth [13] - The internal business is projected to generate revenues of 10 billion, 11 billion, and 12.2 billion RMB in the next few years, maintaining a buy rating [13] Additional Products and Market Contributions - Other products like EPO and Yisai Psaipin are contributing to revenue, with several in late-stage clinical or approval phases [14] - The introduction of Semaglutide for weight management will further enrich the product line [14] Conclusion Sanofi Pharmaceutical demonstrates strong growth potential through its innovative drug development, solid financial performance, and strategic collaborations, positioning itself favorably in the competitive pharmaceutical landscape.