Group 1 - The company, 博安生物 (06955.HK), has entered into a placement agreement with UBS Group to sell a total of 38.4 million shares, representing approximately 7.17% of the total issued shares as of the announcement date [1] - The placement price is set at HKD 10.42 per share, which is a discount of about 13.88% compared to the last closing price of HKD 12.10 on the Stock Exchange [1] - The total expected proceeds from the placement are approximately HKD 400 million, with a net amount of about HKD 396 million anticipated [2] Group 2 - The company plans to allocate approximately 50% of the net proceeds for the research and development of innovative candidate products, including clinical trials for BA1106, BA1301, and BA1302, as well as non-clinical and clinical studies for BA1304 and PR201 [2] - About 20% of the net proceeds will be used for the commercialization of already launched and upcoming products [2] - Approximately 30% of the net proceeds will be allocated to supplement the company's working capital and for general corporate purposes [2]

Core Viewpoint - Hainan Haiyao (000566.SZ) announced uncertainty regarding the success of clinical trials for its innovative drugs, Paiengabin and Fluorofenidone, and their potential approval by the National Medical Products Administration [1] Group 1 - The company held an investor communication event on May 24, 2025, to discuss the clinical status and characteristics of its innovative drugs [1] - The future success of the clinical trials for Paiengabin and Fluorofenidone is uncertain, as is the likelihood of receiving market approval [1] - The company commits to timely information disclosure regarding the progress of its innovative drugs [1]

Core Viewpoint - The A-share innovative drug sector has seen significant gains, with multiple stocks, including Warner Pharmaceuticals and Huasan Pharmaceutical, hitting the daily limit up [1]. Group 1: Stock Performance - Notable stock performances include: - Nothland: Current price 25.85, up 23.16%, year-to-date increase of 123.24% [2] - Shutaishen: Current price 31.80, up 20.00%, year-to-date increase of 329.15% [2] - Warner Pharmaceuticals: Current price 55.63, up 20.00%, year-to-date increase of 88.67% [2] - Other significant gainers include Guanhao Biological, Beilu Pharmaceutical, and Weixin Biological, with increases ranging from approximately 10% to 20% [2]. Group 2: Shutaishen's Pipeline and Market Potential - Shutaishen has a diverse pipeline with significant progress in multiple projects, including: - STSP-0601 (Pomitase α) for hemophilia A or B, currently in Phase III clinical trials, with conditional marketing application accepted by the National Medical Products Administration [6][9]. - The global market for hemophilia treatments is approximately 27.7 billion, with domestic sales potential for Pomitase α expected to exceed 2 billion [9]. - Other projects include STSA-1002 for acute respiratory distress syndrome, STSA-1201 for asthma, and STSA-1301 for immune thrombocytopenic purpura [9][14]. Group 3: Financial Performance - Shutaishen has faced financial challenges, with a cumulative loss of 1.011 billion since 2020, continuing to report losses in Q1 of this year [11][12]. - In Q1, Shutaishen reported revenue of 63.21 million, a year-on-year decrease of 33.45%, and a net loss of 2.335 million, an increase in loss of 38.05% year-on-year [12]. - Future revenue projections estimate 294 million in 2025, 448 million in 2026, and 1.096 billion in 2027, with expected net profits turning positive by 2027 [12].

Investment Rating - The investment rating for the pharmaceutical industry is "Recommended" (maintained) [1] Core Insights - Significant transactions are driving the revaluation of innovative value in the pharmaceutical sector, with major deals such as a $60 billion transaction by 3SBio and a $50 billion forecasted deal by CSPC Pharmaceutical Group [3] - The 2025 ASCO conference highlighted ADC, bispecific antibodies, and tri-specific antibodies as key areas of focus, with promising clinical results reported by Chinese companies [4] - Chinese innovative pharmaceutical companies are leading breakthroughs in CAR-T technology, with significant advancements expected in 2025 [6] - The gout treatment market presents substantial potential, with a projected increase in patients in China from 170 million in 2020 to 240 million by 2030 [8] - The oral weight-loss drug market is seeing increased activity from leading companies, with notable collaborations and clinical advancements [10] - The approval of the world's first flu RNA polymerase PB2 protein inhibitor offers new treatment options for flu resistance [12] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 2.21% over the past week, with a weekly increase of 3.30% [28] - Over the past month, the pharmaceutical sector also outperformed the CSI 300 index by 4.57%, with a monthly increase of 6.42% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index currently has a PE (TTM) of 34.03, slightly above the five-year historical average of 32.54 [45] 3. Recent Research Achievements - The research team has published several in-depth reports on various segments of the pharmaceutical industry, highlighting growth trends and market opportunities [48] 4. Recent Industry Policies and News - Recent policy changes include adjustments to tariffs on imported goods from the U.S. and guidelines for the construction and management of geriatric medicine departments [51] - Notable news includes the approval of multiple innovative drugs and clinical trials by various pharmaceutical companies [52][53]

Company and Industry Summary Company: Qianhong Pharmaceutical Key Points - **Innovation and Transformation**: Qianhong Pharmaceutical is undergoing a significant transformation towards innovation, entering a harvest period with promising new drug candidates QHRD106 and QHRD107, which are projected to generate substantial revenue of 40-50 billion and 20 billion respectively [1][2] - **R&D Investment**: The company has invested 550 million yuan in R&D over the past five years, indicating a strong commitment to developing innovative therapies [1][2] - **Clinical Trials**: - QHRD106, a new drug for stroke, is expected to release Phase II data between June and July, showing efficacy superior to existing treatments. It is set to enter Phase III trials in the second half of the year, with a New Drug Application (NDA) anticipated in 2026 [1][2] - QHRD107 is progressing to Phase IIb clinical trials, with discussions ongoing with the Center for Drug Evaluation (CDE) for conditional approval after Phase II [2] - **Market Potential**: The domestic stroke market is valued at 100 billion yuan, with approximately 13 million patients and an annual increase of 5.5 million new cases. The peak sales potential for QHRD106 is estimated at 45 billion yuan, contributing 95 billion yuan to the company's market value [2] - **Additional Drug Development**: The company is also advancing a DPP-4/CD3 bispecific antibody, ZHB015, which has received clinical approval for solid tumors. This drug targets T-cell surface antigen CD26, playing a role in immune response regulation [2] - **Competitive Landscape**: The DPP-4 target is rapidly progressing globally, with Ystherapeutics' YS110 in Phase II but showing lower efficacy. Qianhong's ZHB015 demonstrates better efficacy and safety compared to existing treatments [3] - **Market Valuation**: The innovative drugs are expected to contribute 140 billion yuan to the company's market value, while the core business contributes 60 billion yuan. The target market valuation is set at 200 billion yuan, with the current market cap at 99 billion yuan, indicating significant undervaluation of the innovative drug segment [3] Additional Insights - **Sales Projections**: The sales projections for existing drugs like Enbip and Xianbixin are 5.9 billion and 2.4 billion yuan respectively for 2024, highlighting the company's strong position in the market [2] - **Investment Recommendation**: The investment recommendation emphasizes the strong potential of QHRD106 and QHRD107, with QHRD106 expected to become a major product in the near future due to its strong clinical data and market potential [3]

Group 1 - The U.S. Trade Representative's office has extended the exemption period for the 301 investigation into China's practices regarding technology transfer, intellectual property, and innovation from May 31, 2025, to August 31, 2025 [1] - The China Automobile Manufacturers Association has issued an initiative to maintain fair competition in the automotive industry, with the Ministry of Industry and Information Technology indicating increased efforts to address "involution" in competition [2] - The National Development and Reform Commission has issued a notice to further reduce the service fees for credit reporting services significantly [3] Group 2 - The Hong Kong Special Administrative Region government has officially enacted the Stablecoin Ordinance, marking a significant regulatory development in the cryptocurrency space [3] - The China Securities Index Co., Ltd. announced adjustments to various indices, including the CSI 300 and CSI 500, with the changes set to take effect after the market closes on June 13 [2] - Several companies, including Longpan Technology and Baile Tianheng, have announced fundraising plans for various projects, indicating ongoing investment activity in sectors such as lithium battery materials and innovative drug development [3][4]

Core Viewpoint - The company is committed to enhancing operational efficiency and management quality through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, focusing on innovation in drug development and protecting the rights of investors, especially small and medium-sized investors [1][12]. Group 1: Business Strategy and Development - The company aims to accelerate the layout of its core pipeline, focusing on major diseases such as cancer, metabolic disorders, and autoimmune diseases, with a commitment to developing innovative drugs with independent intellectual property rights [1][2]. - The company has two authorized products on the market, one in the registration clinical trial stage, two in Phase II clinical trials, and multiple preclinical projects, indicating a strong position in research and development [2]. - The company plans to advance the clinical research of its D-2570 product, which has shown promising results in Phase II trials for psoriasis, and will explore its potential in other autoimmune diseases [2][3]. Group 2: Research and Development Capabilities - The company has established a comprehensive R&D system that enhances the success rate of its products and shortens drug development cycles through precise target selection and clinical development processes [2][4]. - The company has a core R&D team with over 20 years of experience in multinational pharmaceutical companies, which strengthens its capabilities in drug design and clinical trial execution [4][5]. - The company has applied for 370 domestic and international invention patents, with 129 granted, ensuring the commercial value of its innovations and reducing potential patent infringement risks [6]. Group 3: Team and Talent Management - The R&D team constitutes over 90% of the company's workforce, with leaders possessing extensive industry experience, which is crucial for the drug development process [7]. - The company plans to implement a new round of equity incentive plans to attract and retain talent, aligning the interests of shareholders and the core team [7]. Group 4: Financial Management and Fund Utilization - The company is focused on improving the efficiency of its fundraising projects and has made adjustments to its headquarters construction project to better meet R&D needs [8]. - In 2025, the company will increase investment in new drug R&D projects, aiming to enhance the efficiency of clinical trials and expand its clinical pipeline [8]. Group 5: Corporate Governance and Compliance - The company is revising its governance structure, including the cancellation of the supervisory board and the enhancement of the board's responsibilities to improve oversight and protect investor rights [9][17]. - The company emphasizes the importance of internal controls and compliance with relevant laws and regulations to ensure effective management of significant matters [9]. Group 6: Information Disclosure and Investor Relations - The company is committed to enhancing the quality of information disclosure and actively engages with investors through various communication channels [10][11]. - The company plans to conduct at least three performance briefings annually to maintain transparency and keep investors informed about its operations and financial status [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is focusing on chronic diseases, tumors, and immunology, covering four major business segments: pharmaceutical manufacturing, pharmaceutical commerce, medical aesthetics, and industrial microbiology. It is continuously optimizing its product structure and transitioning from generics to innovation. The core products of its subsidiary, China Medical East, are maintaining stable market sales and increasing market share. The medical aesthetics segment is showing growth potential, and the innovative pipeline is entering a harvest period. The projected net profit for 2025-2027 is estimated at 40.61 billion, 47.16 billion, and 55.37 billion yuan, with corresponding EPS of 2.32, 2.69, and 3.16 yuan, and PE ratios of 16.3, 14.0, and 11.9 times, respectively [7][8][10]. Summary by Sections Company Overview - The company, established in 1993 and listed in 1999, has developed into a large comprehensive pharmaceutical company covering the entire pharmaceutical industry chain. It has shifted its strategy towards research-driven innovation since 2018, optimizing its product structure and transitioning from generics to innovative products [18]. Business Performance - The company reported a revenue of 419.1 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit of 35.1 billion yuan, up 23.7% year-on-year. The pharmaceutical manufacturing segment generated 138.1 billion yuan in revenue, growing by 13.1%, while the medical aesthetics segment saw a slight decline in revenue [8][22]. Innovative Pipeline - The company is focusing on three core areas: tumors, endocrinology, and autoimmune diseases, with a differentiated layout in ADC and PROTAC technologies. The innovative pipeline includes over 80 projects, with several products entering clinical stages. The company aims to leverage its innovative capabilities to drive long-term growth [9][39][55]. Financial Summary - The company’s financial metrics show steady growth, with projected revenues of 44.68 billion, 47.95 billion, and 51.83 billion yuan for 2025, 2026, and 2027, respectively. The gross margin is expected to improve from 33.6% in 2025 to 35.4% in 2027, while the net margin is projected to increase from 9.1% to 10.7% over the same period [10][28].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The stroke treatment market in China is projected to exceed 100 billion yuan, with QHRD106 from Qianhong Pharmaceutical expected to become a major product with potential sales of 4-5 billion yuan [1][19]. - The A-share pharmaceutical index has shown a year-to-date increase of 6.6%, outperforming the CSI 300 index by 9.0% [4][9]. - The report highlights the importance of secondary prevention in acute ischemic stroke (AIS) treatment, emphasizing the need for effective therapies [18][19]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 2.6% this week, with significant gains in various sub-sectors, including chemical drugs (+4.4%) and raw materials (+3.2%) [4][9]. - The H-share biotechnology index has shown a year-to-date increase of 41.4%, outperforming the Hang Seng Technology Index [4][9]. Market Potential - The number of stroke patients in China is approximately 13 million, with an annual increase of about 4.5%-4.8%, indicating a growing market for stroke medications [19][27]. - The report estimates that the sales peak for QHRD106 could reach 4-5 billion yuan by 2027, positioning it as a potential blockbuster drug [1][19]. R&D Progress and Company Dynamics - QHRD106 is currently in clinical phase II, with data expected to be released in the second half of 2025, potentially outperforming existing similar drugs [1][19]. - The report lists several companies to watch, including Qianhong Pharmaceutical, Hengrui Medicine, and BeiGene, focusing on growth potential in the innovative drug sector [10][11]. Investment Strategy - Recommended sub-sector rankings for investment are: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [10]. - Specific stock selection strategies include focusing on growth in innovative drugs and identifying undervalued stocks in traditional Chinese medicine [10].

业 及 产 业 医药生物 行 业 研 究 / 行 业 点 相关研究 《本周医药上涨 1.8%，三生/辉瑞达成超 60 亿美元 BD 合作，ASCO 摘要公布国产 创新药表现亮眼 ——医药行业周报 （2025/5/19-2025/5/23）》 2025/05/25 《本周医药上涨 1.3%，恒瑞正式启动港股 招股，健友/双成合作白紫品种美国 ANDA 获批 ——医药行业周报（2025/5/12- 2025/5/16）》 2025/05/18 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 研究支持 李敏杰 A0230523070006 limj2@swsresearch.com 联系人 李敏杰 (8621)23297818× limj2@swsresearch.com 2025 年 06 月 02 日 本周医药上涨 2.2%，石药近期或 完成 3 笔超 50 亿美元授权交易， 11 款创新药同日获批 看好 ——医药行业周报（2025/5/26-2025/5/30） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通 ...