Core Viewpoint - The company reported a significant decline in net profit for 2024, attributed to the implementation of a new round of insulin centralized procurement, which led to price reductions and decreased sales revenue [2][5][6]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of -42.72 million yuan, a year-on-year decrease of 103.66% [2]. - The net profit after deducting non-recurring gains and losses was -9.19 million yuan, also showing a year-on-year decline [2]. - The decline in profit was influenced by the new insulin centralized procurement, which resulted in lower prices for insulin products and affected sales revenue [5][6]. Group 2: Business Strategy and Market Position - The company successfully secured A-class bids for its entire range of insulin products in the latest centralized procurement, significantly increasing its market access [7]. - The company plans to implement a "volume protection and expansion" strategy to ensure the execution of approximately 45 million units of agreement volume while focusing on retail and untapped market areas [8]. - The company holds over 40% market share in the human insulin market, maintaining its position as the industry leader [8]. Group 3: Product Development and Innovation - The company launched several new products, including GLP-1 receptor agonists and SGLT-2 inhibitors, which are expected to enhance its product portfolio and market presence [9][10]. - The company is actively expanding its research and development in the endocrine metabolism field, with ongoing projects for new drugs targeting diabetes and hyperuricemia [9][10]. Group 4: International Expansion - The company achieved 103 million yuan in overseas market revenue in 2024, marking an almost 80% increase year-on-year [18]. - Strategic partnerships have been established to enter the U.S. insulin market, and the company is preparing registration materials for various products in developing countries [18]. Group 5: Human Capital and Organizational Development - The company is focusing on talent recruitment and performance management to enhance its operational efficiency and support its strategic goals [19][20]. - A comprehensive talent development mechanism is being implemented to improve employee capabilities and align individual goals with company objectives [20][29]. Group 6: Governance and Compliance - The company has adhered to legal and regulatory requirements in its operations, ensuring transparency and protecting shareholder interests [22][24]. - The board of directors has conducted multiple meetings to review and approve significant operational decisions, maintaining a structured governance framework [22][23].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 721 million CNY and a net profit of 108 million CNY, with a first-quarter revenue of 185 million CNY and a net profit of 31.55 million CNY in 2025 [3][10] - R&D investment for 2024 was 158 million CNY, accounting for 21.96% of total revenue [10] Group 2: Product Development and Market Potential - The innovative drug CKBA for vitiligo has completed 100% of subject enrollment in Phase II clinical trials, with results expected in July 2025, indicating significant market potential [2][11] - The company aims to develop 1-2 major indications for CKBA within the next 3-5 years [11] - The "He Wei Zheng Chang Wan" product registration is under review, with production capacity ready to meet domestic demand once approved [3][4] Group 3: Strategic Growth Areas - The company plans to expand its gastrointestinal drug segment, targeting over 1 billion CNY in sales within 3-5 years [4][11] - In the sexual health sector, the company is enhancing its product lineup, including the clinical trial of lidocaine and procaine aerosol, with a goal to strengthen market competitiveness [5][8] - The ophthalmic product "Woli Ting" is expected to grow significantly, with the potential to become the first drug for presbyopia treatment in China [5][7] Group 4: Cost Management and Operational Efficiency - Sales expenses increased by 14.15% and management expenses by 12.64%, but the company plans to optimize its cost structure while maintaining R&D and brand promotion investments [6][10] - The company is focusing on budget management and strict control of expenditures to enhance profitability [6] Group 5: Market Challenges and Responses - The sexual health drug segment faced a revenue decline of 20.87%, prompting the company to increase brand promotion and patient education efforts [8][9] - The company is addressing the impact of healthcare policy changes on product sales, with a strategy to enrich its product portfolio and increase revenue sources [8]

[Table_StockInfo] 2025 年 05 月 11 日 证券研究报告•2024 年报&2025 年一季报点评 当前价：34.14 元 科伦药业（002422）医药生物 目标价：——元（6 个月） 创新药核心品种获批，业绩短期承压 | [Table_MainProfit ] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 21812.41 | 23601.63 | 25728.94 | 28732.85 | | 增长率 | 1.67% | 8.20% | 9.01% | 11.68% | | 归属母公司净利润（百万元） | 2935.89 | 2998.31 | 3376.55 | 3878.83 | | 增长率 | 19.53% | 2.13% | 12.62% | 14.88% | | 每股收益 EPS（元） | 1.84 | 1.88 | 2.11 | 2.43 | | 净资产收益率 ROE | 12.57% | 11.65% | 11.81% | 12.17% | | ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company has made progress in its research pipeline, particularly with the drug HC-1119, which is expected to receive approval by the end of 2024 [8] - The company reported a revenue of 0.367 million yuan for 2024, with a net profit attributable to the parent company of -199.5 million yuan, indicating a reduction in losses compared to previous periods [8] - The company is advancing its PROTAC drug development, with significant milestones achieved in clinical trials for various indications [8] Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of approximately 159 million yuan in 2025, 379.7 million yuan in 2026, and 580 million yuan in 2027, reflecting a growth rate of 43,243.59% in 2025 [3][10] - **Net Profit**: The net profit attributable to the parent company is expected to improve from -150.64 million yuan in 2025 to a positive 5.37 million yuan in 2027, with a growth rate of 105.93% in 2027 [3][11] - **Earnings Per Share (EPS)**: EPS is projected to improve from -1.52 yuan in 2025 to 0.05 yuan in 2027 [3][11] - **Return on Equity (ROE)**: ROE is expected to turn positive at 0.56% by 2027, improving from -14.46% in 2025 [3][11] Research and Development Progress - The company has completed patient enrollment for its oral AR PROTAC drug HP518 in a Phase II clinical trial for mCRPC, and it has received FDA fast track designation for another indication [8] - The clinical trial for HP568 targeting ER+/HER2- advanced breast cancer has received approval from the NMPA and is set to begin patient dosing [8] Investment Recommendations - The report suggests monitoring the company closely due to the anticipated approval of its first innovative drug, 德恩鲁胺 (Deenluzumab), which has already been accepted for NDA [8]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The large market and major varieties support innovative pharmaceutical companies to achieve qualitative leaps. Recent financial reports from multinational corporations (MNCs) show significant growth driven by GLP-1 sales, with Novo Nordisk's semaglutide sales reaching 55.776 billion Danish Krone (approximately 8.41 billion USD), a year-on-year increase of 32% [3] - The innovative drug transactions in China have reached new highs, with a 34% year-on-year increase in transaction volume and a 222% increase in total transaction value in Q1 2025. China has become a significant engine for global pharmaceutical transactions [4] - The oral weight-loss drug market is about to open, with opportunities for Chinese companies. Novo Nordisk has submitted an application to the FDA for its oral GLP-1 receptor agonist semaglutide for weight loss, showing promising clinical results [6] - The gout and hyperuricemia market presents significant potential, with the number of patients expected to reach 1.42 billion globally by 2030. New drugs targeting URAT1 are entering critical clinical stages, indicating a strong market opportunity for Chinese companies [8] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index has underperformed the CSI 300 index by 1.00 percentage points recently, with a weekly increase of 1.01% [23] - Over the past month, the pharmaceutical industry index has increased by 4.77%, outperforming the CSI 300 index by 0.45 percentage points [24] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) is 32.26 times, lower than the historical average of 32.81 times over the past five years [44] 3. Recent Research Achievements - The research team has published several in-depth reports on the pharmaceutical industry, highlighting trends in supply and demand, and the growth of the blood products sector [49] 4. Recent Industry Policies and News - The National Health Commission released guidelines for the construction and management of geriatric medicine departments, aiming to enhance healthcare services for the aging population [51] - The Chinese government has initiated a plan for the digital transformation of the pharmaceutical industry, targeting significant advancements by 2030 [51]

5月份开始，业绩真空期到来，市场关注点由业绩转变为行业与基本面，市场及行业主题的细分投资主线也更加 值得关注。当前，我国创新药进入成果兑现阶段，研发进展催化较多，且受到贸易战影响较小，或有较大的市场 发展潜力。 一、全球舞台彰显实力，ASCO数据印证国产创新药崛起 2025年美国临床肿瘤学会（ASCO）年会将于美国东部时间5月30日至6月3日在芝加哥以线上结合线下的形式拉开 帷幕。根据统计，今年口头汇报研究中共有73项为中国研究，各专场分布情况分别为：口头摘要专场为32项，摘 要速递专场为33项，临床科学研讨会为8项。就摘要重磅程度而言，广受关注的Late Breaking Abstract（LBA） 中，中国研究为11项。数量和占比相比往年都有明显提升。多家国产创新药企携针对不同病症的抗癌药参会，届 时多种兼具疗效与安全性的创新药有望逐步进入收获期。 图：2023-2025中国创新药报告对比，2025年数量和占比均提升 来源：中信建投 除了医药行业的政策利好，消费领域的重要政策也有望促进创新药领域发展。4月7日，商务部、国家卫生健康委 员会等12部门印发《促进健康消费专项行动方案》，提出了十项主要任务： （ ...

全球创新药VC&PE投融资情况的改善也反映了行业景气度的提升。2025年一季度，全球市场创新药投 融资增速同比明显改善，表明投资者对创新药行业的前景持乐观态度，愿意投入更多资金支持创新药的 研发和商业化。 AI技术在创新药研发中的应用日益广泛，大大提高了新药研发的效率和成功率。例如，可以用于药物 筛选、分子设计、临床试验设计等多个环节，缩短研发周期，降低研发成本，这为创新药企业带来新的 增长动力。 随着人口老龄化程度的不断加深和健康意识的提高，市场对创新药的需求持续增长。特别是在肿瘤、罕 见病、慢性病等领域，创新药的市场需求尤为旺盛，这为创新药企业提供了广阔的市场空间和发展机 遇。 ◎农银汇理基金经理 梦圆 2023年以来，我们持续增配创新药板块。今年一季度，我们的医药基金对创新药的持仓配置已至历史较 高水平。一个需要和投资者交流的问题是：我们为什么如此看好创新药行业？ 从国内政策面来看，国家对创新药板块的支持力度持续加大，相关政策陆续出台并落地。例如，加快新 药审批流程、提供税收优惠、设立专项基金支持、扩大商保等支付途径。这些政策不仅提升了国内创新 药企业的研发积极性，还增强了市场信心。 从国内行业基本面来 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].

Core Viewpoint - Northeast Pharmaceutical has demonstrated a notable performance in quality transformation through structural adjustments in the first quarter of 2025, despite a slight revenue increase of only 0.36% [1] Group 1: Financial Performance - The company achieved a 20.5% year-on-year reduction in sales expenses and a simultaneous decrease in management expenses, while strategically increasing R&D expenses to 32 million yuan, an 88% year-on-year surge [2] - As of the end of the first quarter, the company's debt-to-asset ratio decreased to 58.82%, down 2.63 percentage points from the beginning of the year, indicating improved financial health and reduced short-term repayment risks [2] Group 2: Innovation and R&D - Northeast Pharmaceutical is implementing a dual-driven strategy of "innovative drugs + generic drugs," covering multiple therapeutic areas including the nervous system, digestive system, and oncology, which highlights its long-term growth potential [3] - The company has accelerated its strategic layout in cutting-edge fields of innovative drugs, with a significant increase in R&D funding aimed at tumor immunotherapy, a key trend in the global pharmaceutical industry [3] - The company has developed over 10 targeted cell immunotherapy products for various cancers, with DCTY1102 injection expected to be the first TCR-T cell drug targeting KRAS G12D to enter Phase I clinical trials in China [3] Group 3: Competitive Strategy - The company has consolidated its competitive advantage through a "combination of innovation and imitation" strategy, with 243 product specifications included in the national medical insurance catalog and 120 in the national essential drug list, providing a stable foundation for performance growth [4] - This dual-driven model of "innovative drugs leading and generic drugs supporting" ensures short-term performance certainty while opening up long-term growth opportunities [4] Group 4: Global Strategy - The company is leveraging its international gene advantage to enhance its global sales network, with its leading products exported to over 100 countries and regions, thereby diversifying market risks and creating sustainable revenue streams [5] - Despite short-term profit fluctuations, the company's strategic transformation is showing initial results, with management reforms and future-oriented R&D investments leading to significant improvements in operational quality [5] - As the innovative drug pipeline matures and the global strategy deepens, Northeast Pharmaceutical is transitioning from a traditional pharmaceutical company to a leader in biotechnology, with the commercialization of cell therapies expected to initiate a new growth cycle [5]

Core Viewpoint - The investigation into Liu Datao, the chairman and general manager of Maiwei Biotech, by the China Securities Regulatory Commission (CSRC) for suspected short-term trading does not significantly impact the company's daily operations [1][2] Company Overview - Maiwei Biotech was established in 2017, focusing on the research, production, and sales of innovative drugs and biosimilars, primarily targeting oncology and age-related diseases [1][2] - The company has three products on the market: Junmaikang, Mailishu, and Maiweijian, but remains unprofitable with cumulative losses [3] Financial Performance - For 2024, Maiwei Biotech reported revenue of 200 million yuan, with 145 million yuan from drug sales and 55.03 million yuan from technical services [3] - The company experienced a 33.7% year-on-year decline in revenue for Q1 2025, with net losses increasing from 206 million yuan to 292 million yuan [4] - R&D expenses remain high, with 783 million yuan spent in the previous year, despite a 6.33% decrease compared to the prior year [3] Shareholding and Management - Liu Datao holds a 3.78% stake in the company, amounting to 15.1 million shares, all of which are subject to lock-up agreements [2] - The actual controllers of Maiwei Biotech are Tang Chunshan and Chen Shanna, with Tang being one of the founders and currently serving as an executive director [2] Debt and Financing Strategy - The company's debt ratio increased significantly from 42.24% at the end of 2023 to 63.61% at the end of 2024 [4] - To address funding issues, Maiwei Biotech has applied for a listing on the Hong Kong Stock Exchange and plans to issue up to 500 million yuan in targeted debt financing tools [4]