药

Search documents
财经观察:中国创新药“出海”有哪些看点?
Huan Qiu Shi Bao· 2025-07-10 22:53
【环球时报报道 记者 杨沙沙】编者的话:据美国《华尔街日报》等外媒报道,中国生物科技正迎 来"DeepSeek时刻"。今年以来,中国创新药企巨额"出海"BD(Business Development,商务拓展)交易 频现,其中沈阳三生制药5月宣布向辉瑞授予公司自主研发的突破性PD-1/VEGF双特异性抗体SSGJ-707 在全球(不包括中国内地)的开发、生产、商业化权利,其12.5亿美元首付款创下最高纪录。以前,中 国药企被认为"内卷"严重且缺乏创新性,但从去年年底至今,中国创新药企业出海BD形成了一个高 潮。从引进海外知识产权,到现在反向输出,中国创新药企引起全世界关注。中国从何时开始在制药领 域发力?目前处于哪个梯队?未来中国药企还有哪些增长点? " 有点像国产手机或是电动汽车 " 《华尔街日报》援引生物医药行业研究机构DealForma的数据说,2020年中国在5000万美元以上的医药 交易中占比不足5%,而到2024年这一比例已上升至近30%。 "这个比例非常可观。"位于硅谷的全球医药创新资本(H7 BioCapital)创始人及首席执行官李梦遥告诉 记者,包括信达、百济神州等中国药企,在海外布局成绩 ...
让人民群众用药更放心
Jing Ji Ri Bao· 2025-07-10 22:23
伴随药品追溯码在药品采购、医保及工伤保险等领域持续推进,我国药品追溯体系迎来全面升级,彰显 了国家通过数字化手段筑牢药品安全防线的决心,为构建全链条监管体系提供了技术支撑。不过,我国 在用药安全方面依然存在短板弱项。例如,仿制药上市前监管较为严格,上市后存在多头管理、协同不 足的问题,若企业对原料药和辅料、包装材料来源、生产工艺、生产场地等关键要素进行变更,很容易 导致监管出现盲区。对于创新药、仿制药、孤儿药等不同类型药品,尚未形成精细分类与分级管理的科 学体系。对具有较高临床风险的特殊药品,监管设计仍显粗放,这类药物剂量或血药浓度发生微小变化 即可能导致治疗失败或严重不良反应,贸然进行临床厂牌与规格替换存在较大风险。 2017年,世界卫生组织在德国波恩发布"全球患者安全挑战——用药安全",旨在未来几年内将所有国家 严重的、可避免的药物相关伤害减少50%。许多国家和地区积极响应并探索实践。例如,欧盟通过《反 伪造药品指令》,建立了高度集中的欧洲药品验证系统,各成员国国家系统与中央数据库对接,形成一 体化网络。又如,在高风险药物窄治疗指数药物(NTIDs)管理方面,芬兰构建了NTIDs全流程监管体 系,通过"立 ...
推动医药集采扩围提质
Jing Ji Ri Bao· 2025-07-10 22:04
近年来,国家推动集采工作规范化制度化常态化开展,进一步降低药品和耗材费用、减轻群众就医负 担。2024年12月,《国家医保局国家卫生健康委员会关于完善医药集中带量采购和执行工作机制的通 知》印发,旨在加强集采全流程管理。今年《政府工作报告》提出,优化药品和耗材集采政策,强化质 量评估和监管,让人民群众用药更放心。本期邀请专家围绕相关问题进行研讨。 医药集采重塑行业生态 推动集采工作规范化制度化常态化开展,得益于跨部门协同治理的突破。医保部门牵头组织,制定采购 政策,竞价形成中选价格,通过实施预付货款、直接结算和结余留用等政策,激励医药机构使用中选产 品。卫健部门将落实集采改革情况纳入公立医院管理考核,进一步规范医疗行为。药监部门强化"生产 —流通—使用"全链条监管,对中选企业检查覆盖率达100%。多部门协同发展和治理,改变了以往行政 命令式的管理手段,形成了全方位、多层次的监管体系。 集采对医药市场秩序的规范体现在生产、流通和使用等多个环节。在生产环节,通过严格的质量要求和 供应保障措施,倒逼企业加强质量管理,开展仿制药质量和疗效一致性评价,淘汰落后产能,提升行业 整体生产水平。在流通环节,有效降低流通成本, ...
港股融资持续火热 “科技+消费”成为主力
Zheng Quan Shi Bao· 2025-07-10 22:04
Core Insights - The Hong Kong stock market has seen a significant surge in equity financing this year, with total financing reaching 2879.82 billion HKD, a year-on-year increase of 350.56% [1][2] - The IPO market has been particularly strong, with 42 IPOs completed in the first half of the year, raising over 1070 billion HKD, which is approximately 22% more than the total for the previous year, making it the largest globally [1][2] Financing Scale - In 2023 and 2024, the Hong Kong market experienced relatively weak financing, with IPOs raising 463.34 billion HKD and 881.47 billion HKD respectively, both under 1 billion HKD [2] - Since the second half of 2024, the market has become active again due to several key policies, with 2025 seeing a total equity financing of 2879.82 billion HKD, surpassing the total for 2023 and 2024 combined [2] - The rapid growth in financing is attributed to a significant increase in placement issuance, which has reached 1569.85 billion HKD in 2025, exceeding the combined total of 1206 billion HKD from 2023 and 2024 [2] Leading Companies Driving Growth - Major companies have played a crucial role in boosting the equity financing scale, with three companies in the top 10 IPO projects raising over 100 billion HKD each, including Ningde Times at 410 billion HKD [3] - The top 10 fundraising projects include seven A-share companies, indicating strong participation from A+H companies in the IPO market [3] - In the top 10 refinancing projects, BYD and Xiaomi have raised over 400 billion HKD each, accounting for more than 50% of the total refinancing amount in 2025 [3][4] Industry Trends - A notable trend in the Hong Kong financing landscape is the urgent need for capital in thriving industries, particularly in technology hardware, capital goods, and automotive sectors [5] - The financing activities are heavily driven by emerging sectors such as new energy, artificial intelligence, and biomedicine, reflecting a dual focus on technology and consumer markets [5][6] - These industries are facing intense competition and pressures to expand internationally, prompting a strategic move to accumulate more capital through the market [6]
权益基金挑大梁 资金加速流入A股市场
Zhong Guo Zheng Quan Bao· 2025-07-10 20:53
Group 1 - The core viewpoint of the articles indicates a significant inflow of funds into the A-share market through equity funds, with a notable increase in the issuance of equity funds compared to fixed-income products [1][2][3] - As of July 9, 197 funds have ended their fundraising early this year, with equity funds making up a substantial portion, highlighting a shift in investor preference towards equity products [1][3] - The issuance of new funds has shown a remarkable recovery, with 672 new funds established by the end of June, totaling 530.347 billion units, of which 387 are stock funds, representing 35.46% of the total issuance [3][4] Group 2 - The trend of early fundraising closures is evident, with 68 new funds launched in July, 47 of which are equity funds, indicating a strong market sentiment and increased risk appetite among investors [4] - The performance of specific sectors such as AI, innovative pharmaceuticals, and high-end manufacturing has attracted significant capital inflow, leading to a faster pace of fund deployment [4] - Morgan Stanley Fund suggests that investor confidence in the A-share market is rising, supported by both liquidity and risk premium factors, with a continued focus on technology growth, high-end manufacturing, and new consumption sectors [4]
华强科技: 华泰联合证券有限责任公司关于湖北华强科技股份有限公司2024年年报问询函回复的核查意见
Zheng Quan Zhi Xing· 2025-07-10 16:21
华泰联合证券有限责任公司 关于湖北华强科技股份有限公司 上海证券交易所: 根据贵所《关于对湖北华强科技股份有限公司 2024 年年度报告的信息披露 监管问询函》(上证科创公函【2025】0268 号,以下简称"问询函")的要求, 华泰联合证券有限责任公司(以下简称"华泰联合证券"或"持续督导机构") 作为湖北华强科技股份有限公司(以下简称"华强科技"或"公司")的持续督 导机构,会同公司及相关中介机构,对问询函所提及的事项进行了逐项落实,现 将问询函所涉及问题回复如下: 年报显示,公司实现营业收入 6.11 亿元,同比增长 6.74%,实现归母净利 润 2,252.79 万元,同比增长 184.26%。其中,集体防护装备实现营业收入 1.61 亿元,同比增长 68.31%,毛利率为 4.45%,上年为-17.85%;个体防护装备实现 营业收入 2,843.81 万元,同比下滑 59.24%;药用丁基胶塞毛利率 23.07%,连 续三年下滑,较上年减少 2.56 个百分点。此外,2025 年一季度,公司实现营业 收入 6,498.23 万元,同比下滑 46.45%,实现归母净利润 188.31 万元,同比下 滑 ...
【佐力药业(300181.SZ)】Q2净利润持续高增,C端业务战略升级——2025年半年度业绩预告点评(王明瑞/黄素青)
光大证券研究· 2025-07-10 16:07
Core Viewpoint - Zhaoli Pharmaceutical is expected to achieve significant growth in net profit and cash flow for the first half of 2025, driven by strong sales in core products and improved operational efficiency [3][4]. Financial Performance - For the first half of 2025, Zhaoli Pharmaceutical anticipates a net profit of 368-388 million yuan, representing a year-on-year increase of 24%-31%. The expected net profit for the second quarter is projected to be 187-207 million yuan, with a year-on-year growth of 21%-34% [3]. - The company expects to generate operating cash flow of 270-290 million yuan in the first half of 2025, reflecting a year-on-year increase of 25%-35%, with a significant improvement in cash flow for the second quarter [3][4]. Revenue Growth - The sales revenue of core products, such as Wuling Capsules and Lingze Tablets, continues to show strong market growth, with expectations for accelerated sales in the second half of 2025 due to ongoing procurement agreements and expansion in OTC channels [4]. - The revenue growth rate for the Bai Ling series in the second quarter of 2025 is expected to exceed that of the first quarter, influenced by the national procurement policy for traditional Chinese medicine [4]. Strategic Initiatives - The company has launched the "一路向C" strategy to enhance its OTC business and focus on innovative health products. This includes changes in packaging, deepening collaborations with pharmacies and online channels, and digital marketing efforts [5][6]. - A strategic partnership with Zhejiang University has been established to leverage AI technology for developing innovative health products, which is expected to strengthen the company's technological capabilities and expand its market presence [6].
热门赛道 迎重磅利好!
Zheng Quan Shi Bao· 2025-07-10 15:14
Core Viewpoint - The Chinese government emphasizes the importance of strengthening pharmaceutical innovation and development to support public health and enhance the country's healthcare system [1][2]. Group 1: Pharmaceutical Innovation - The Vice Premier Liu Guozhong highlighted the need for collaboration in tackling key challenges in the pharmaceutical sector, aiming to boost innovation and high-quality development [2]. - Recent years have seen significant improvements in China's pharmaceutical research capabilities, market competitiveness, and innovation vitality [2]. - The government encourages deep integration of industry, academia, and research institutions to enhance pharmaceutical technology innovation, particularly in drug, vaccine, and medical device development [2]. Group 2: Regulatory Support - The National Medical Products Administration (NMPA) is working on optimizing the clinical trial review and approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [3]. - The NMPA has also approved measures to support the innovation of high-end medical devices, emphasizing the importance of a comprehensive regulatory reform in the medical device sector [4]. - Specific measures include optimizing special approval processes, improving classification and naming principles, and enhancing post-market surveillance and quality monitoring [4]. Group 3: Future Initiatives - The NMPA plans to release detailed guidelines soon, focusing on coordination and clarifying requirements to ensure the successful implementation of new initiatives [5].
注射剂可网上购买、冷链运到家?生物制剂切勿网购
Nan Fang Du Shi Bao· 2025-07-10 15:12
Core Viewpoint - The article discusses the rise of monoclonal antibody (mAb) injections, also known as "biological agents," in the treatment of chronic diseases, highlighting the issues surrounding their online sale and the importance of proper medical supervision for their use [1][11]. Group 1: Market Trends - Monoclonal antibodies are becoming mainstream treatments for chronic diseases such as autoimmune disorders and skin diseases due to the expansion of indications and domestic production [1][11]. - The demand for effective treatments in rheumatology and dermatology is increasing, with mAbs being recognized for their significant therapeutic effects [11][12]. Group 2: Online Sales and Regulations - Some pharmaceutical e-commerce platforms are attempting to sell injectable mAbs online, despite regulations prohibiting the online retail of such prescription drugs [2][6]. - Many sellers use terms like "appointment for medication" and "contact customer service after payment" to imply that they are not directly selling the drugs online, which raises compliance concerns [3][6]. Group 3: Safety and Usage - The use of biological agents requires strict adherence to indications and contraindications, necessitating a doctor's assessment and prescription before use [1][5][8]. - Proper cold chain logistics are essential for the safe transport of these drugs, but safety also depends on medical supervision and monitoring during treatment [8][10]. Group 4: Efficacy and Limitations - Biological agents have shown remarkable efficacy in treating various autoimmune diseases, but they are not a cure and require ongoing management [12][13]. - The high cost of mAbs, often thousands of yuan per injection, poses a barrier to access, and their effectiveness can vary among patients [13].
港股股权融资规模创三年新高!这三大特征或贯穿全年
Zheng Quan Shi Bao· 2025-07-10 14:49
2025年以来,港股市场无论是IPO还是再融资都极为火热。 Wind数据显示,2025年以来,港股市场股权融资规模已达到2879.82亿港元,远高于2023和2024全年的1424.39亿港元和1756.60亿港元,甚至也已经高于 2022年全年的2809.46亿港元。 | | 合计 | | IPO | | 西传 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额(亿元) | 数量 | 金额(亿元) | 家数 : | 金额(亿元) | 数量 | | 本年 | 2.879.82 | 295 | 1.235.64 | 51 : | 1.569.85 | 192 | | 2024年 | 1.756.60 | 474 | 881.47 | 70 : | 545.99 | 300 | | 2023年 | 1.424.39 | 419 : | 463.34 | 70 - | 661.61 | 256 | | 2022年 | 2.809.46 | 408 | 1.046.22 | 89 : | 779.99 | 223 | | 2021年 | 7.947.43 | ...