Core Insights - The article discusses the approval of a new influenza drug, Anglatavir, by China's drug regulatory authority, which is the first innovative drug to outperform the widely used Oseltamivir in head-to-head trials [1][3] - The drug targets the PB2 protein of the influenza virus and has been in development for 10 years, with expectations of capturing a market share of 2 billion yuan [1][10] Company Overview - Zhongsheng Pharmaceutical's subsidiary, Zhongsheng Ruichuang, is responsible for the development of Anglatavir, which has been a significant shift from traditional pharmaceutical practices to innovative drug development [2][8] - The company faced challenges during the development process, particularly after Johnson & Johnson's failure in clinical trials for a similar drug, VX-787, which raised doubts among investors [6][9] Market Context - The influenza drug market in China has evolved significantly, with Oseltamivir and the newer drug, Marbofloxacin, dominating the market [2][3] - The market for antiviral drugs in China is approaching 20 billion yuan, with projections indicating growth to 26.91 billion yuan by 2028 [9][10] Clinical Trial Results - Phase III clinical trial results showed that Anglatavir significantly reduced the time to symptom relief and viral load compared to Oseltamivir, indicating its potential effectiveness [3][4] - Anglatavir demonstrated superior efficacy against strains resistant to both Oseltamivir and Marbofloxacin, suggesting a strong competitive advantage [3][4] Future Prospects - The company plans to explore licensing opportunities for Anglatavir in international markets, particularly in the U.S. and Belt and Road countries, despite facing challenges in conducting large-scale clinical trials abroad [9][10] - The drug is currently approved for adults with uncomplicated influenza, and a pediatric formulation is in the pipeline, which could further expand its market reach [10]

百利天恒(688506.SH)公告称，公司计划向特定对象发行A股股票并募集资金不超过37.64亿元，扣除发 行费用后，实际募集资金将全部用于 创新药研发项目。 ...

Core Insights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place in Chicago, showcasing cutting-edge clinical oncology research and treatment outcomes, with significant participation from Chinese companies [1][2]. Group 1: Participation and Research Highlights - Chinese researchers have submitted over 70 original studies for oral presentations, surpassing last year's 55 studies, indicating a growing contribution to global oncology research [2]. - Companies like Dizal Pharmaceutical and China National Pharmaceutical Group will present their latest research on innovative therapies, including PD-1 monoclonal antibodies and antibody-drug conjugates (ADCs) [1][3]. Group 2: Specific Company Developments - Dizal Pharmaceutical will present two innovative products, DZD8586 and DZD6008, focusing on B-cell non-Hodgkin lymphoma and non-small cell lung cancer (NSCLC), with DZD8586 showing an objective response rate (ORR) of 84.2% in heavily pre-treated CLL/SLL patients [3]. - China National Pharmaceutical Group will unveil preliminary data from the first-in-human phase I clinical study of TQB2102, an HER2 bispecific antibody-drug conjugate, reporting an ORR of 51.3% in HER2-positive breast cancer patients [4]. Group 3: Focus on Lung Cancer - Lung cancer remains the leading cause of cancer incidence and mortality, with NSCLC accounting for 80%-85% of cases, prompting multiple companies to target this area for research [5]. - Kelun Pharmaceutical will present six clinical studies, including results for sac-TMT in advanced EGFR-mutant NSCLC, demonstrating significant efficacy compared to docetaxel [5][6]. - Dizal's DZD6008 has shown promising results in a phase I/II study for advanced NSCLC, with an 83.3% tumor reduction rate among previously treated patients [7]. Group 4: Innovation and Market Trends - As of December 31, 2024, China leads globally with 3,575 active innovative drug candidates, and the proportion of domestically approved innovative drugs has increased from under 10% in 2015 to 42% in 2024 [8]. - Large multinational pharmaceutical companies have increasingly sought to acquire Chinese innovative drug candidates, with 31% of new drug candidates sourced from China in 2024, up from 0% in 2019 [8].

Core Viewpoint - The innovative drug industry is experiencing a "triple resonance" of policy support, industrial upgrades, and performance recovery, leading to a rapid restructuring of capital market valuation logic [1] Group 1: ASCO Conference Highlights - The 2025 ASCO annual meeting in Chicago showcased a record number of presentations from Chinese experts, with 71 original research results selected for oral presentations, including 11 major studies [2] - Chinese pharmaceutical companies such as Hengrui Medicine, Innovent Biologics, and Rongchang Biopharmaceutical had significant research entries, with Hengrui reporting 69 studies, including 67 on innovative drugs [2][3] - The number of clinical studies from Chinese companies at ASCO has been increasing, with notable advancements in ADCs (antibody-drug conjugates), bispecific antibodies, and new small molecules [2][5] Group 2: Development of Chinese Innovative Drugs - Over the past decade, Chinese pharmaceutical companies have transitioned from being "followers" to "leaders" in the global pharmaceutical ecosystem, particularly in oncology [3] - The ASCO meeting highlighted significant clinical research from companies like Shijiazhuang Pharmaceutical and China Biologic Products, with China Biologic achieving a record of 12 oral presentations [3] Group 3: Market Trends and Projections - Antibody drugs, particularly PD-(L)1 inhibitors, remain a focal point at ASCO, with global sales projected to exceed $50 billion in 2024 and continue to grow [4] - The market for PD-(L)1/VEGF bispecific antibodies is expected to reach nearly $70 billion by 2028, driven by ongoing innovations and clinical trials [4] Group 4: Investment and R&D Growth - China's pharmaceutical R&D investment has been growing at an average annual rate of over 20%, with total spending reaching $32.6 billion in 2022, accounting for 13.5% of global pharmaceutical R&D expenditures [6] - By 2030, China's pharmaceutical R&D spending is projected to reach $67.5 billion, with a compound annual growth rate of 9.5% from 2022 to 2030 [6] Group 5: Globalization and Business Development - Chinese innovative drug companies are increasingly exploring global markets through various business development models, including licensing agreements [7][8] - A recent licensing deal between 3SBio and Pfizer for a PD-1/VEGF bispecific antibody reached a total value of over $6 billion, setting a record for upfront payments for Chinese innovative drugs [7][8]

5月29日，国家药品监督管理局披露了近期获批上市的11款创新药物。 11款创新药中，10款产品出自上市公司体系，其中主板恒瑞医药3款，复星医药2款，科创板迈威生物、 特宝生物、百济神洲、泽璟制药、海创药业各1款。相关研发成果涉及双抗、融合蛋白、氘代等多个新 药研发技术领域，更广泛覆盖了肿瘤、自身免疫性疾病、代谢等治疗领域，此外还涉及罕见病用药和儿 童用药。其中多款为相关领域"国内首款"或"国产首款"。 华东某券商机构分析师向21世纪经济报道记者表示，目前我国创新药进入成果兑现阶段，研发进展催化 较多，有望持续作为2025年医药板块投资主线。2025年将成为医药行业"三个元年"——收入放量元年 （医保谈判后产品加速放量）、盈利跨越元年（成批企业进入盈利期）、估值抬升元年（支付端改善拉 长估值周期）。 桓睿天泽私募基金总经理莫小城向21世纪经济报道记者表示，创新药是一个高风险的行业，新药研发历 来面临投资大、周期长、风险大等难题，大部分的公司不确定性非常高。 5月30日，创新药概念股走强，Wind数据显示，A股市场共计53只个股涨停。其中创新药概念股华森制 药收获4连板、睿智医药2连板；数字货币概念多股连板，御银 ...

Market Overview - The last trading day before the Dragon Boat Festival saw a volume contraction in the two markets, with the pharmaceutical sector experiencing a broad rally, particularly in Alzheimer's, innovative drugs, and CROs [1] - Several stocks, including Ruizi Pharmaceutical, Wanbangde, and Hainan Haiyao, hit the daily limit up [1] - The pork and chicken sectors also saw a rise, while bank stocks remained active, with Hangzhou Bank and Chengdu Bank reaching new historical highs [1] Banking Sector - Despite the strong performance of bank stocks, a sell-off occurred in multiple bank stocks towards the end of the trading session, indicating a potential profit-taking behavior ahead of the holiday [8] - Regional banks like Hangzhou Bank and Chengdu Bank attracted end-of-day funds due to their earnings elasticity, but this was not enough to offset the selling pressure from larger state-owned banks [8] - The banking sector has been a focus for investors this year, driven by increasing risk aversion, and is expected to remain a key market theme post-holiday [8] Pharmaceutical Sector - On May 29, the National Medical Products Administration approved 11 innovative drugs for market entry, a notably rare occurrence [10] - Among these, five were from innovative companies listed on the Sci-Tech Innovation Board, indicating a supportive policy environment for the innovative drug sector [10] - The current valuation of the innovative drug industry stands at a price-to-earnings ratio (TTM) of 27.74, with a 150% premium over the CSI 300 index, suggesting a stable growth outlook despite recent net outflows from the sector [10] Social Security Fund Holdings - A summary of the latest holdings by the Social Security Fund highlights several pharmaceutical stocks, including Wo Wu Biological, Jiuzhou Pharmaceutical, and others, with varying market capitalizations and price-to-earnings ratios [12] - The data indicates a focus on companies with strong growth potential and established market positions within the pharmaceutical sector [12]

Group 1 - The National Medical Products Administration approved the listing of the innovative drug Deuteroenzalutamide capsules (brand name: Hainaanan®) developed by Haichuang Pharmaceutical, providing a new treatment option for adult patients with metastatic castration-resistant prostate cancer (mCRPC) who have progressed after receiving abiraterone acetate and chemotherapy [1][4][6] - The approval marks a significant milestone for Haichuang Pharmaceutical, representing 12 years of innovative research and development, and is the first small molecule innovative drug approved in Chengdu Tianfu International Bio-city [2][3][4] - Deuteroenzalutamide is an androgen receptor (AR) inhibitor developed based on Haichuang's core deuterated drug platform and has received support from the National Major New Drug Creation Technology Major Project [4][6] Group 2 - Prostate cancer is the fifth most common cancer among men in China, with an increasing incidence rate. It is estimated that by 2024, there will be 160,000 new cases of mCRPC in China, rising to 176,000 by 2030 [6] - The launch of Deuteroenzalutamide fills a clinical gap as there were no approved AR inhibitors for this indication in China prior to its approval [6][11] - Haichuang Pharmaceutical plans to enhance academic promotion efforts to increase awareness of the product among doctors and patients, aiming to improve patient survival rates and quality of life [7][11] Group 3 - Chengdu Tianfu International Bio-city has established a complete biopharmaceutical ecosystem from research and development to industrialization, supporting the growth of innovative pharmaceutical companies [2][8] - The bio-city provides comprehensive lifecycle services for enterprises, including streamlined approval processes, financial and market activities, and shared facilities to reduce collaboration costs [8][10] - The bio-city has also implemented green energy solutions, such as distributed photovoltaic projects, to ensure stable energy supply for biopharmaceutical enterprises [10] Group 4 - Haichuang Pharmaceutical has six additional products in various stages of clinical trials and several in preclinical research, indicating a robust product pipeline [11] - The company emphasizes sustainable and healthy development, focusing on long-term strategic planning to benefit more patients with new drug developments [11][12] - Chengdu Tianfu International Bio-city aims to continue fostering high-level innovation and support the biopharmaceutical industry’s high-quality development through comprehensive policy guarantees and resource mobilization [12][13]

Core Viewpoint - The credit rating agency maintains the credit rating of Lepu Medical Technology (Beijing) Co., Ltd. at AA+ with a stable outlook, reflecting the company's strong position in the cardiovascular medical device sector, robust R&D capabilities, and good financial flexibility, despite concerns over declining profitability and operational cash flow [2][30]. Financial Overview - Total assets increased from 244.85 billion in 2022 to 250.22 billion in 2023, with a projected rise to 252.33 billion in 2025 [6]. - Total liabilities decreased from 81.13 billion in 2022 to 75.25 billion in 2023, with a slight increase to 80.74 billion in 2025 [6]. - Net profit dropped significantly from 22.46 billion in 2022 to 12.92 billion in 2023, with a further decline to 3.77 billion in 2025 [6]. - Operating revenue fell from 106.09 billion in 2022 to 79.80 billion in 2023, with a projected decrease to 61.03 billion in 2025 [6]. Business Performance - The company maintains a leading position in the cardiovascular medical device market, with a market share ranking among the top in China [11]. - Revenue from the medical device segment decreased by 9.47% in 2024, while the in vitro diagnostic business saw a significant decline of 51.31% [12]. - The pharmaceutical segment's revenue was heavily impacted by national pricing policies, leading to a substantial drop in sales [14]. R&D and Innovation - The company continues to invest heavily in R&D, with expenditures amounting to 12.84 billion in 2024, representing 12.10% of total revenue [19]. - The R&D pipeline includes significant innovations in cardiovascular interventions, with several products expected to enter commercialization in the next three years [16]. Market Environment - The external environment for the medical device market remains favorable, with substantial growth in downstream demand [7]. - The overall pharmaceutical market is expected to maintain strong demand in 2025, with continued resilience in the industry [10]. Credit Rating and Outlook - The credit rating agency emphasizes that the company's credit quality is supported by its strong market position and financial flexibility, despite recent declines in revenue and profitability [30]. - The stable outlook indicates that the company is expected to maintain its credit rating unless significant adverse changes occur in its financial or operational performance [30].

编号：2025-007 | 投资者关系活动类别 | 特定对象调研 分析师会议  | | --- | --- | | | 媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 财通基金 基金经理张胤 | | 人员姓名 | 财通基金 研究员王桥天 | | | 国金医药 研究员王奔奔 | | 时间 | 2025 年 5 月 30 日 | | 地点 | 线上会议 | | 上市公司接待人姓名 | 周智如（证券事务代表） | | | 徐 君（证券事务专员） | | | 龙 洁（证券事务专员） 一、公司在遵守信息披露制度的前提下，介绍公司经营业 | | | 绩、产品布局、市场开发和生产管理等情况，沟通内容与公司 | | | 公告内容一致。 | | | 二、采取问答方式，由周智如女士负责回答： | | | 1.对于重点中成药产品的再开发，公司有何规划？ | | 投资者关系活动 | 答：华森五大重点中成药甘桔冰梅片、痛泻宁颗粒、都梁 | | 主要内容介绍 | 软胶囊、八味芪龙颗粒、六味安神胶囊，皆为中药优势病种领 | | | 域用药，且 ...

Core Insights - The development of new drugs for obesity treatment in China is gaining momentum, with the recent publication of the phase III clinical study results for the drug Masitide in a top medical journal, indicating a significant advancement in the country's drug development capabilities [1][3] - Masitide is the world's first and only GCG/GLP-1 dual receptor agonist approved for weight loss and glycemic control, highlighting its potential in addressing complex metabolic issues associated with obesity [1][2] Group 1: Drug Development and Clinical Research - The phase III clinical study (GLORY-1) of Masitide has been recognized as a milestone, showcasing China's ability to conduct clinical research at an international level [3] - The dual mechanism of action of Masitide, which combines appetite suppression and metabolic acceleration, is expected to provide a more comprehensive solution for obesity management compared to single-target therapies [1][3] Group 2: Challenges in Drug Development Ecosystem - There is a notable gap in the drug development ecosystem in China compared to international standards, particularly in the transition from basic research to clinical application [3] - The majority of new drug patents in the U.S. are held by companies, while in China, 70-80% are held by research institutions, indicating a need for better integration of research and industry [3] Group 3: Financial and Policy Support - The high failure rate of innovative drug development poses a significant challenge, as the costs of unsuccessful products are absorbed by successful ones, necessitating a robust financial return for companies [4] - The Chinese government is implementing a comprehensive support plan for innovative drug development, focusing on policy coordination across pricing, insurance, and investment to foster a conducive environment for drug innovation [4]