Investment Rating - The report maintains a "Buy" rating for the company [1][7][13] Core Insights - The company recently received approval for a new indication of Savolitinib, which will expand its treatment options for lung cancer patients [6] - The ATTC pipeline is set to enter clinical development, with the first candidate expected to begin trials by the end of 2025 [6] - The company's revenue for the first half of 2025 was $278 million, a year-on-year decrease of 9.16%, primarily due to increased competition in the Chinese market [4][5] Financial Performance - The company reported a net profit of $455 million for the first half of 2025, benefiting from the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals, which generated $416 million in after-tax proceeds [4] - The revenue forecast for 2025, 2026, and 2027 is $610 million, $695 million, and $771 million respectively, with expected growth rates of -3.22%, 13.88%, and 11.07% [7][9] - The projected net profit for the same years is $419 million, $113 million, and $136 million, with growth rates of 1,011.38%, -73.01%, and 20.58% respectively [7][9] Product Performance - Domestic sales of Furmonertinib (爱优特®) decreased by 29.51% year-on-year to $43 million due to intensified competition [5] - However, overseas sales of Furmonertinib (FRUZAQLA®) increased by 24.75% year-on-year to $163 million, attributed to market expansion into over 30 countries [5] Market Position - The company’s stock has a market capitalization of HKD 210.7 billion, with a 12-month high of HKD 34.8 and a low of HKD 18.36 [3]

Core Insights - Junsheng Tai Pharmaceutical-B (02511) announced a collaboration with the Institute of Medicinal Biotechnology of the Chinese Academy of Medical Sciences to evaluate the treatment potential of its core product HTD1801 for chronic kidney disease associated with type 2 diabetes (CKD with T2DM) [1] - The project has received approval from the Chinese Academy of Medical Sciences, focusing on innovative drug mechanisms and clinical research for diabetes and chronic kidney disease [1] - This collaboration aims to leverage the resources of the Institute and the company's expertise in metabolic diseases to accelerate clinical development and enhance product application value [1] Product Development - HTD1801 is the core product of Junsheng Tai Pharmaceutical and the main focus of this collaboration, acting as an oral anti-inflammatory and metabolic regulator targeting the gut-liver system [2] - It features a unique dual mechanism that activates AMPK and inhibits the NLRP3 inflammasome, demonstrating potential in improving multiple health indicators such as blood sugar, blood lipids, kidney function, weight, liver function, and cardiovascular health [2] - Over ten global clinical trials have shown HTD1801's potential for treating comorbidities associated with type 2 diabetes, chronic kidney disease, obesity, dyslipidemia, and fatty liver [2]

Core Insights - The collaboration between Junsheng Tai Pharmaceutical and the Chinese Academy of Medical Sciences aims to evaluate the therapeutic potential of the core product HTD1801 for treating chronic kidney disease associated with type 2 diabetes [1][2] - The project has received approval from the Chinese Academy of Medical Sciences, focusing on innovative drug mechanisms and clinical research for diabetes and chronic kidney disease [1] - The partnership leverages the research advantages of the Academy and the company's expertise in metabolic diseases to accelerate clinical progress and enhance product value [1] Product Details - HTD1801 is the core product of Junsheng Tai Pharmaceutical, designed as an oral anti-inflammatory and metabolic regulator targeting the gut-liver system [2] - It features a unique dual mechanism that activates AMPK and inhibits the NLRP3 inflammasome, showcasing its potential in treating multiple comorbidities such as type 2 diabetes, chronic kidney disease, obesity, dyslipidemia, and fatty liver [2] - Over a dozen global clinical trials have demonstrated that HTD1801 can simultaneously improve various health indicators, including blood sugar, blood lipids, kidney function, weight, liver function, and cardiovascular health [2]

HTD1801是君圣泰医药核心产品，也是本次合作开发主要产品。它是一种靶向肠－肝系统的口服抗炎 及代谢调节剂，具有全球首创的激活AMPK并抑制NLRP3炎症小体的独特双机制。全球开展的十余项临 床试验显示，HTD1801可同步改善血糖、血脂、肾功能、体重、肝功能、心血管、炎症等指标，展现 出对2型糖尿病、慢性肾病、肥胖、血脂异常、脂肪肝等多个适应症的共病治疗潜力。 中国医学科学院成立于1956年，是我国最高医学研究机构和领衔医学教育机构。以引领我国医学科技与 教育发展和维护人民健康为己任，医疗领衔行业，为我国现代科学医学体系的建立和发展做出了重要贡 献。 医药生物技术研究所(药生所)是中国医学科学院的直属研究所，其重点领域是微生物药物、抗感染药 物、与生物技术药物研究，在国内一直保持相关学科和领域的研究优势。药生所具备综合的新药研究体 系，在抗感染、抗代谢综合徵、及抗癌等领域的新药研发方面均取得重要进展，已成为不可替代的国家 战略科技力量。 格隆汇8月12日丨君圣泰医药-B(02511.HK)公告，集团的全资附属公司深圳君圣泰生物技术有限公司与 中国医学科学院医药生物技术研究所("药生所")共同开展课题合作， ...

在京东金融主办的投资策略会上，工银瑞信研究部联席总经理赵蓓表示，中国当前创新药总规模为2000 亿元至3000亿元，未来市场潜力巨大。近十年政策全面支持创新药产业发展。中国成为全球创新药的研 发中心，美国市场授权引入的产品中已经有23％来自中国药企，且这个比例在过去5年逐年提升。欧美 的MNC也面对大量的专利到期问题，急需更多的产品补充管线，国产创新药的出海机会有希望继续增 多。 ...

Group 1: Industry Overview - The innovative drug development sector in China is experiencing significant growth, with 43 innovative drugs approved in the first half of 2025, a 59% increase year-on-year, nearing the total of 48 approved in 2024 [1] - The industry is transitioning from a quantity-focused model to a quality-driven approach, enhancing its competitiveness against global pharmaceutical companies [1][2] - The average time for drug approval has decreased from 420 working days in 2017 to 235 days, reflecting improved efficiency in the review process [2] Group 2: Rare Disease Drug Development - The Chinese government has implemented measures to accelerate the review and approval of rare disease drugs, addressing previous accessibility issues [2] - Several rare disease drugs, such as those from Beihai Kangcheng and Fosun Pharma, received approval in the first half of 2025, indicating progress in this area [2] Group 3: International Collaboration and Licensing - Chinese pharmaceutical companies are increasingly engaging in licensing agreements and collaborations with multinational firms, enhancing their global presence [8][10] - Notable partnerships include the licensing of a PD-1/VEGF dual antibody product to Pfizer and a collaboration with GSK to develop up to 12 innovative drugs [9][10] - These collaborations are expected to improve the international recognition and market access of Chinese innovative drugs [10][12] Group 4: Clinical Trial and Regulatory Advancements - Companies like Dizhe Pharma have successfully navigated the FDA approval process for their innovative drugs, showcasing the potential for Chinese drugs in international markets [15] - The establishment of a national-level public technology platform and global clinical trial network is essential for supporting the internationalization of Chinese innovative drugs [21] Group 5: Challenges and Future Directions - Despite advancements, challenges remain in achieving global competitiveness, particularly in areas such as original innovation and compliance with international standards [18][20] - The industry must focus on enhancing commercialization capabilities and addressing the gap between clinical benefits and market access strategies [20][21] - Continuous investment in R&D and the cultivation of talent with international expertise are critical for the future success of Chinese innovative drug companies [21][22]

证券代码：002653 证券简称：海思科 公告编号：2025-089 海思科医药集团股份有限公司 关于获得创新药 HSK47977 片 一、 研发项目简介 HSK47977是公司自主研发的一种口服BCL6（人B细胞淋巴瘤因子 瘤细胞的发生和发展，拟用于非霍奇金淋巴瘤的治疗。根据国家药品 监督管理局关于发布《化学药品注册分类及申报资料要求》的通告 （2020年第44号）中化学药品注册分类的规定，本品属于化学药品1 类。 本品国内尚无同靶点药物进入临床阶段，是潜在的First-In- Class产品。同时，本品已于2025年7月完成与FDA的Pre-IND沟通，并 于同月完成向FDA的IND申报递交，正在审评中，未来有望实现中美同 步开发。 在多项临床前研究中，HSK47977均展现出强效的抗肿瘤活性以及 较强的靶点选择性和理想的安全窗，并且与BCL2抑制剂联合使用时可 实现协同抗癌效果，是一款极具开发潜力的药物。 二、风险提示 创新药研发周期长、环节多、风险高，容易受到一些不确定性因 素的影响，敬请广大投资者谨慎决策，注意防范投资风险。公司将根 据该项目的后续进展及时履行信息披露义务。 《药物临床试验批准通知书 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][47]. Core Insights - The white spot market for vitiligo treatment is vast, with a potential market size expected to reach 21.7 billion yuan by 2030, driven by an increasing number of patients and the need for effective treatments [3][15][39]. - Current treatment options are inadequate, with no approved products specifically for vitiligo in China, highlighting a significant gap in the market that innovative drugs could fill [3][26]. - The competitive landscape is favorable, with several small pharmaceutical companies and leading firms vying for market share, and key products expected to receive approval soon [3][39]. Summary by Sections Part 1: Patient Demographics and Health Risks - The prevalence of vitiligo is significant, with approximately 22.83 million patients in China, of which 54.01% are receiving treatment [3][15]. - The condition is associated with severe psychological impacts, including a higher incidence of depression among patients [3][10]. Part 2: Current Treatment Limitations - Existing treatments, primarily involving drug therapy and phototherapy, have shown limited effectiveness, necessitating the introduction of new drugs with higher repigmentation rates [3][24]. - The current market lacks approved medications specifically for vitiligo, with existing drugs primarily approved for other conditions [3][26]. Part 3: Competitive Landscape and Drug Development - The vitiligo treatment sector is characterized by a lack of approved products, with several drugs in various stages of clinical trials, including one in Phase III and six in Phase II [3][39]. - JAK inhibitors are identified as key targets in drug development, with the first approved topical JAK1/JAK2 inhibitor, Ruxolitinib cream, showing promising sales growth [3][32][39]. - The innovative drug market for vitiligo is projected to reach 10 billion yuan, with significant interest in companies like Kangzheng Pharmaceutical and TianKang [3][39]. Part 4: Investment Recommendations - The report suggests focusing on the progress of drug development in the vitiligo sector and monitoring companies involved, including Kangzheng Pharmaceutical, TianKang, Huadong Medicine, and others [3][39].

Core Viewpoint - The company received approval from the National Medical Products Administration for its drug "HSK47977," which is a novel oral BCL6 PROTAC small molecule formulation aimed at treating non-Hodgkin lymphoma [1] Group 1 - The drug HSK47977 is developed in-house by the company and targets the degradation of the BCL6 protein, which is crucial in the development and progression of tumor cells [1] - The approval signifies a significant step forward in the company's oncology pipeline, potentially enhancing its market position in cancer treatment [1]

HSK47977是公司自主研发的一种口服BCL6(人B细胞淋巴瘤因子6)PROTAC小分子制剂，可以靶向结合 和降解BCL6蛋白，进而抑制肿瘤细胞的发生和发展，拟用于非霍奇金淋巴瘤的治疗。 海思科（002653）(002653.SZ)发布公告，公司于近日收到国家药品监督管理局下发的《药物临床试验 批准通知书》，涉及药品："HSK47977"。 ...