诺诚健华 20240514 摘要 • 诺诚健华一季度扭亏为盈，净利润达 0.14 亿元，现金储备充足，为 77.78 亿元，为后续研发和市场拓展提供坚实保障。 • 奥布替尼一线治疗慢淋小淋巴细胞淋巴瘤适应症获批，预计全年增长超 35%，受益于一线推荐及市场份额扩大，同时积极筹备海外 NDA 申请。 • 明诺凯（坦西妥单抗）上市申请获优先审评，预计近期获批，有望填补弥 漫大 B 细胞淋巴瘤治疗 unmet needs，峰值销售额预估可达 5-10 亿人民 币。 • 自免领域加速布局，奥布替尼推进 PPMS 和 SPMS 三期临床，预计 2025 年中和三四季度完成首例患者入组，ITP 三期临床预计 2026 年上半年递 交 NDA。 • 与 Prologue 公司达成 5.2 亿美元全球战略合作，一季度已确认 875 万美 元收入，共同推进 CD3、CD20 产品全球开发。 • 一季度研发费用 2.08 亿元，同比增长 16.8%，全年研发费用增速预计 15%-20%。毛利率提升至 90.5%，受益于奥布替尼放量及成本降低。 • ICP723（NTRK 抑制剂）上市申请获受理并纳入优先审评，总缓解率达 85.5 ...

Meeting Format and Details - The annual general meeting will be held on May 22, 2025, at 14:00 in Jinhua, Zhejiang Province [1] - Voting will be conducted both on-site and online, with specific time slots for each method [1] Attendance and Agenda - Shareholders registered by May 15, 2025, will be eligible to attend and vote [3] - The agenda includes listening to the independent director's report, appointing vote counters, discussing proposals, and legal opinions from witnessing lawyers [3] Business Performance Overview - In 2024, the company achieved a revenue of 2.876 billion yuan, a decrease of 0.58% year-on-year, facing challenges in both the construction materials and pharmaceutical sectors [4] - The construction materials segment is undergoing a transformation towards green and digital practices, with significant investments in energy-saving technologies [4] - The pharmaceutical segment has improved management and production efficiency, with several products receiving market approvals [5] Industry Trends and Company Strategy - The construction materials industry is expected to face continued demand decline due to real estate market stabilization and overcapacity issues [6][7] - The pharmaceutical industry is shifting towards innovation-driven growth, with a focus on enhancing research and development capabilities [7] - The company aims to extend its core businesses in construction materials and pharmaceuticals while maintaining a diversified business framework [8] Financial Performance - Total liabilities increased to 2.029 billion yuan, a rise of 28.54% from the previous year, with current liabilities accounting for a significant portion [16] - The net profit for 2024 was approximately 132.53 million yuan, reflecting a 49.72% increase year-on-year [16][25] - Cash flow from operating activities showed a substantial increase of 871.29%, reaching 412.11 million yuan [26] Profit Distribution - The company plans to distribute dividends amounting to 34.41 million yuan, adhering to its profit distribution policy [12]

Core Viewpoint - The company is experiencing significant revenue growth driven by the inclusion of its key products, Shuwotini and Golixitini, in the new national medical insurance catalog starting January 1, 2025, which is expected to accelerate commercialization and data readouts [1][2][5]. Performance Summary - In 2024, the company achieved sales revenue of 360 million yuan, a year-on-year increase of 294.24%, with approximately 52 million yuan of this revenue impacted by price compensation to distributors [2]. - For Q1 2025, the company reported revenue of 160 million yuan, reflecting a year-on-year growth of 96.32%, primarily due to the official implementation of the new national medical insurance catalog for its core products [2]. Catalysts Summary - Shuwotini received priority review from the FDA for its new drug application in January 2025, targeting advanced NSCLC with EGFR Exon20ins mutations, and is expected to be approved as planned [3]. - Golixitini was approved in June 2024 for the treatment of relapsed or refractory peripheral T-cell lymphoma (PTCL) in adults, showing promising overall response rates and safety [3]. - DZD8586, a dual-target inhibitor for B-NHL, is expected to present clinical data at the 2025 ASCO conference, showcasing its efficacy and safety [4]. - DZD6008, a new selective EGFR TKI, is in clinical research and aims to address unmet clinical needs in NSCLC, with preliminary data also set to be reported at the 2025 ASCO conference [4]. Profit Forecast and Valuation - The company forecasts revenues of 753 million yuan, 1.259 billion yuan, and 2.174 billion yuan for 2025, 2026, and 2027 respectively, driven by the commercialization of Shuwotini and Golixitini [5].

Summary of HCA Healthcare (HCA) 2025 Conference Call Company Overview - **Company**: HCA Healthcare (HCA) - **Industry**: Healthcare Services - **Event**: 2025 Conference Call on May 13, 2025 Key Points Financial Performance - **Q1 Performance**: Strong quarter with good volume growth and improved margins, attributed to operational leveraging and effective cost management [5][9] - **Net Revenue Growth**: Net revenue per unit increased by 3%, indicating solid top-line growth [9] - **EBITDA Growth**: EBITDA grew by 11% year-over-year, with a close to 9% growth when accounting for state supplemental payment impacts [33][34] Guidance and Sustainability - **Guidance Reaffirmation**: The company reaffirmed its guidance for the year, indicating a cautious approach due to the uncertain macro environment [6][8] - **Volume Growth Guidance**: Volume growth is projected at 3% to 4%, which is higher than the previous long-term target of 2% to 3% [26][32] Regulatory and Policy Environment - **Reconciliation Bill**: The draft bill is seen as largely maintaining current state supplemental payments, which is viewed positively, although it may limit future enhancement opportunities [11][12][13] - **Enhanced Premium Tax Credits (EPTCs)**: The company is advocating for the extension of EPTCs, which are crucial for coverage and cost of living for working families [15][16] Operational Insights - **Labor Trends**: The labor environment is stable, with improvements in retention rates returning to pre-pandemic levels. The company has invested in workforce development through partnerships with nursing schools [37][38][41] - **Professional Fees**: Professional fees are growing faster than inflation, with a reported 11% increase year-over-year. The company is working to stabilize these costs [42][43] Market Dynamics - **Ambulatory Surgery Centers (ASCs)**: The ASC business is experiencing mid-single-digit net revenue growth, although there have been slight volume declines in lower acuity cases [59][60] - **Non-Hospital Assets**: The company has expanded to 2,750 sites of care, with outpatient revenue growth outpacing inpatient revenue growth [61][62] Capital Allocation and Financial Strategy - **Leverage Ratio**: The leverage ratio stands at 3.1, within the targeted range of 2.75 to 3.75, indicating a strong balance sheet [65] - **Capital Investments**: The company plans to maintain a balanced approach to capital allocation, including investments in facilities, dividends, mergers and acquisitions, and share repurchases [65][68] Future Considerations - **Impact of Federal Health Policy Changes**: The company is preparing for potential adverse impacts from federal health policy changes and tariffs, with flexibility in capital allocation plans [67][68] Additional Insights - **Market Demand**: There are no current indications of deferred care or pull-forward utilization due to economic concerns, suggesting stable demand in the first quarter [28] - **Contracting with Payers**: The company is over 90% contracted for 2025 and 75% for 2026, indicating strong relationships with payers despite ongoing negotiations [50][51][55] This summary encapsulates the key insights and data points from the HCA Healthcare conference call, providing a comprehensive overview of the company's current performance, strategic outlook, and market dynamics.

• 美国医保体系由 Medicare、Medicaid 和商业保险构成，Medicare 覆盖 老年人和残障人士，资金来源于税收和补贴；Medicaid 由联邦和州政府 共同出资，保障低收入人群；商业保险覆盖多数人口，通过雇主购买，但 仍有部分人口缺乏医保。 • 美国医疗费用高昂，2022 年医疗支出占 GDP 的 16.5%，人均费用居发 达国家之首，但平均寿命相对较低，反映出医保系统存在不足。特朗普政 府和拜登政府均试图通过行政手段或法案降低药价，但面临诸多挑战。 • 拜登政府通过《通胀削减法案》（IRA）对部分高支出药品设定价格上限， 如施贵宝的血栓药物降价 56%，糖尿病药物恩格列净降价 66%，但癌症 药物伊布替尼谈判失败，显示药企在价格谈判中立场强硬。 • 联邦政府不直接干预商保公司药品定价，商保公司通过 PBM 管理药品目录， 与药企协商折扣。Medicare 成功限价可能间接影响商保公司，促使其要 求更高折扣。 • PBM 通过仿制药替代、处方指南等方式控制成本，特朗普政府倾向于市场 自由化控费，提出国际要价咨询，而拜登政府依赖通胀挂钩谈判，两者策 略差异显著。 • 特朗普提出所有药品降价 3 ...

不刷脸不给买药？ 苏苑（化名）告诉2 1记者，最近在江苏无锡一家名为"山禾药店"的连锁药店买药时，被店员 要求开通"刷脸认证"。她询问是否可以直接刷自己的医保卡，对方答复"必须刷脸"。 " 当 时 没 反 应 过 来 ， 还 以 为 是 现 在 的 新 规 。 " 苏 苑 说 ， 直 到 后 来 在 其 他 药 店 用 医 保 卡 顺 利 结 算，才意识到不一定非要刷脸，"感觉被骗了"。 不仅是零售药店，社区卫生服务站也出现了类似情形。据《解放日报·上观新闻》近日报道， 记者在上海普陀区新杨社区卫生服务站挂号时，被要求摘下口罩刷脸。询问是否可以拒绝刷 脸时，工作人员明确表示"不行，现在都要刷"。 作 者丨肖潇 李览青 编 辑丨王俊 医保结算正变得越来越便捷：从一张实体卡，到手机里的电子医保码，再到无需掏出手机、 刷脸即可完成认证支付。 便捷之外，近日却有多位网友反映，在药店、社区卫生服务站买药或挂号缴费时，遭遇了"非 刷脸不可"的情况。 部 分 医 院 和 药 店 工 作 人 员 向 2 1 记 者 透 露 ， 电 子 医 保 码 结 算 率 设 有 硬 性 指 标 ， 直 接 与 绩 效 挂 钩。而刷脸是激 ...

较高的老年人口抚养比将给广州的社保体系带来挑战。 人口老龄化是今后我国较长一段时期的基本国情，也是推进中国式现代化必须面对的重大课题。党的二 十届三中全会提出"积极应对人口老龄化，完善发展养老事业和养老产业政策机制"。健全社会保障体系 是应对人口老龄化的重要举措，也是改善民生、增进人民福祉的重要手段。近年来广州市医疗保险制度 运行平稳，为广大市民提供了可靠的医疗保障。但随着老龄化程度的逐渐加深，广州的医保体系也将面 临挑战。 广州市老龄化趋势发展迅速 广州市老年人口规模大，老龄化速度快。根据广州市老龄办公布的数据，2023年广州市60岁及以上户籍 人口占比明显提升。2023年底，广州市户籍人口1056.61万人，其中60岁及以上老年人口204.77万人，占 户籍人口的19.38%，比2022年（195.21万人）增加9.56万人；65岁及以上老年人口147.15万人，占户籍 人口的13.93%，比2022年（142.31万人）增加4.84万人。按照有关标准，广州市即将进入中度老龄化社 会。 以60岁作为老年人口的界定年龄，广州老年人口抚养比为32.10%；以65岁作为老年人口的界定年龄， 广州老年人口抚养比为 ...

作为医疗险领域的新兴力量，中端医疗险巧妙地介于百万医疗险和高端医疗险之间，凭借独特的优 势，迅速在市场中站稳脚跟，成为众多保险公司竞相布局的"新宠"。 "从平安健康险的数据来看，去年中端医疗险的保费增长高达7倍。"在近日参加第一财经的电视访谈 时，平安健康险总经理助理喻宁透露了上述数据。 "重疾不重"创始人、业内资深从业专家丁云生更是预测："未来中端医疗险的保费或将达到千亿级 别，甚至可以靠近万亿级别。" 毋庸置疑的是，中端医疗险的黄金时代已然开启。回头看，这股热潮背后是怎样的市场驱动力？向前 看，在未来的发展道路上，中端医疗险又将走向何方？ 市场新变革下，中端医疗险强势"走红" 对健康险业内人士来说，2024年具有里程碑式的意义。这一年，健康险保费结构发生了历史性的转 变。根据《健康险2025展望报告：专业化时代的增长密码》数据统计，2024年医疗险规模首次超过 重疾险，以约44%的占比成为健康险市场第一大险种，行业由此迈入"医疗险主导的专业化时代"。 而在医疗险市场中，如果说百万医疗险是这几年撑起了医疗险增长的"基本盘"，那从2024年开始中 端医疗险的强势"走红"，则被视为医疗险市场的下一个重要增长点。 ...

产能陆续投产，期待模制瓶放量加速 医疗器械 力诺药包（301188.SZ） 证券研究报告/公司点评报告 2025 年 05 月 12 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙颖 | | 营业收入（百万元） | 947 | 1,081 | 1,364 | 1,548 | 1,727 | | | | 增长率 yoy% | 15% | 14% | 26% | 13% | 12% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 66 | 66 | 119 | 162 | 203 | | Email：sunying@zts.com.cn | | 增长率 yoy% | -43% | 0% | 80% | 37% | 25% | | | | 每股收益（元） | 0.28 | 0.28 | 0.51 | 0.70 | 0.87 | | ...

证券代码：301263 证券简称：泰恩康 广东泰恩康医药股份有限公司投资者关系活动记录表 编号：投-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 线上参与泰恩康 2024 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 05 月 12 日（星期一）15:00-16:00 | | 地点 | "约调研"小程序 | | 上市公司接待人 | 董事长、总经理：郑汉杰先生 | | | 董事、副总经理兼董事会秘书：李挺先生 | | 员姓名 | 财务总监：周桂惜女士 | | | 独立董事：彭朝辉先生 | | | 保荐代表人：徐振宇先生 | | 投资者关系活动 | 1、问：创新药 白癜风适应症已完成全部受试者入组， CKBA | | | 公司预计该创新药上市后，请问市场前景如何，对公司未来业绩 | | | 增长的贡献程度预计有多大？ | | | 年 软膏白癜风 期临 答：投资者您好，2024 10 月，CKBA ...