Core Viewpoint - Zhenbaodao (603567.SH) reported a net profit of 438 million yuan for 2024, with a 20.23% year-on-year growth in pharmaceutical industrial revenue, attributed to enhanced marketing channel reforms and improved product competitiveness [1]. Group 1: Financial Performance - The company achieved a total revenue of 2.704 billion yuan for the year [1]. - The net profit attributable to shareholders reached 438 million yuan [1]. - The pharmaceutical industrial revenue grew by 20.23% compared to the previous year [1]. Group 2: Business Development - The company has made significant progress in its marketing channel reforms, leading to increased market coverage and product competitiveness [1]. - The traditional Chinese medicine sector showed steady progress, with the "Shennongzhou" e-commerce platform complementing offline markets [1]. - New drug research and product sales are advancing smoothly, with clinical trial approvals for innovative traditional Chinese medicine and multiple quality generic drugs [1]. Group 3: Strategic Initiatives - The company has implemented a refined招商模式 (refined recruitment model) to achieve extensive market coverage [1]. - The strategy focuses on driving product volume growth at the terminal level [1].

Core Viewpoint - The company has made significant progress in product approvals and innovation, enhancing its market position and revenue potential in the pharmaceutical industry. Group 1: Product Approvals and Sales - In 2025, the company received multiple product approvals, including Mecobalamin tablets and enteric-coated Aspirin tablets, which will enrich its product line in the nervous system category [1] - The sales revenue for Mecobalamin tablets in Chinese public medical institutions was approximately 1.431 billion yuan in 2023, while the sales for enteric-coated Aspirin tablets reached about 3.3 billion yuan [1] Group 2: Research and Development - The company is focusing on R&D in various therapeutic areas, including cardiovascular, analgesics, digestive system, anti-metabolic, nervous system, and narcotic drugs, with over 100 drugs in the development pipeline [2][3] - It has established multiple large R&D platforms and is advancing several first-class innovative drugs, such as OAB-14 for Alzheimer's treatment [2] - The company emphasizes collaboration with academic institutions and has partnerships with over 50 domestic and international research organizations [3] Group 3: Financial Performance - In Q1 2025, the company reported a revenue of 2.43 billion yuan and a net profit of 112 million yuan [4] - For the year 2024, the total revenue was 8.466 billion yuan, reflecting a year-on-year growth of 4.51%, while the net profit was 470 million yuan, slightly declining due to price reductions aimed at market capture [4] - The company plans a high dividend distribution, proposing a payout of 2.5 yuan per 10 shares (including tax) for 2024 [4]

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group Co., Ltd. reported a revenue of 3.825 billion yuan and achieved a net profit of 33.62 million yuan in 2024, marking a turnaround from losses [1] Group 1: Financial Performance - The company achieved a revenue of 3.825 billion yuan in 2024, indicating a significant recovery in financial performance [1] - The net profit for the year was 33.62 million yuan, showcasing a successful turnaround from previous losses [1] Group 2: Product Portfolio and Market Position - Guizhou BaiLing's product lineup includes proprietary traditional Chinese medicine (TCM) products such as Yindan Xinnaotong Soft Capsules and Kesu Ting Syrup, which are key revenue drivers [2] - The company’s main products address various health issues, including cardiovascular diseases and respiratory conditions, with Yindan Xinnaotong Soft Capsules serving over tens of millions of patients and generating annual sales of 1.5 billion yuan [2] - The sales of the compound Yizhi Huanghua Spray have exceeded 100 million yuan in major markets, and the product has applied for TCM variety protection [2] Group 3: Marketing and Distribution Strategy - The company has reformed its marketing model and completed direct sales adjustments in 15 provinces, enhancing its distribution capabilities [3] - A new pharmaceutical logistics park has opened, supporting an annual circulation demand of 5 billion yuan for drugs and medical devices, strengthening the company's supply chain [3] Group 4: Research and Development - Guizhou BaiLing is entering a new phase of drug development, with key projects like Tangning Tongluo Tablets entering phase III clinical trials, marking a significant milestone for TCM [4] - The company has several innovative products in the pipeline, including Huanglian Jiedu Pills, which have completed phase III trials and are nearing market approval [4] - Other projects such as BD-77 and Shaoling Pian are expected to launch in the next 1-2 years, potentially leading to a surge in new product offerings [4]

行业要闻： 报告摘要 市场表现： 2025 年4 月25 日，医药板块涨跌幅-0.59%，跑输沪深300 指数1.29pct，涨跌幅居申万31 个子行业第30 名。各医药子行业中，医院(+1.58%)、其他生物制品 (+0.91%)、医疗研发外包（+0.72%）表现居前， 线下药店（-3.42%)、血液制品(-1.65%)、医疗耗材（-0.78%)表现居后。 个股方面，日涨幅榜前3 位分别为伟思医疗(+15.99%)、何氏眼科(+15.08%)、赛力医疗(+10.04%)；跌幅 榜前3 位为苑东生物（-11.80%）、华纳药厂(-10.29%)、江苏吴中（-10.02%)。 奥锐特（605116）：公司发布2025 年一季报，公司实现营业收入4.02亿元，同比增长19.78%，归母净 利润为1.19 亿元，同比增长45.30%，扣非后归母净利润为1.13 亿元，同比增长37.51%。 通策医疗（600763）：公司发布2025 年一季报，公司实现营业收入7.45 亿元，同比增长5.11%，归母净 利润为1.84 亿元，同比增长6.22%，扣非后归母净利润为1.82 亿元，同比增长7.08%。 振德医疗（603 ...

Group 1: Company Performance - The company achieved a revenue of 157 million yuan in Q1 2025, representing an 18.79% year-on-year increase [3] - The net profit attributable to the parent company was approximately -13.93 million yuan, an increase of 15.81% year-on-year [3] - The operating cash flow net amount dropped significantly by 644.52% year-on-year [2] Group 2: R&D and Product Development - The company is focused on improving R&D efficiency by establishing a comprehensive project management system and optimizing the R&D structure [2] - The new drug Epinavim is expected to be officially launched in May 2024 and will enter the national medical insurance directory, becoming a new profit growth point [2] - The company is actively promoting Epinavim's market entry and has received export sales certification [3] Group 3: Financial Strategy and Shareholder Relations - The company distributed approximately 17 million yuan in mid-year dividends for 2024, despite a net loss of about 69 million yuan for the year [6] - The management is committed to maximizing shareholder interests and improving operational performance [6] - The company plans to enhance competitiveness through product differentiation and cost control strategies [4] Group 4: Industry Outlook - The biopharmaceutical industry is experiencing continuous growth, with no signs of overcapacity or technological decline [2] - The company aims to maintain its market share and improve sales through direct sales and partnerships with professional promoters [5]

Core Insights - The company reported a revenue of 544 million yuan for 2024, representing a year-on-year growth of 11.18%, while the net profit attributable to shareholders decreased by 54.59% to 17.08 million yuan [1] - The company is a new drug research and development service provider, increasing its R&D investment, which amounted to 47.26 million yuan, accounting for 8.68% of total revenue [1] - The compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 6.70%, while the CAGR for R&D expenses is significantly higher at 40.21% [1] R&D and Technical Platforms - As of the end of 2024, the company has delivered a total of 55 candidate drug molecules to clients, with 10 new additions compared to 2023, and 47 of these are First-in-Class (FIC) projects, making up 85.45% of the total [1] - The company has established 12 core technology platforms since 2019, including CADD/AIDD, enzyme chemistry, photochemistry, and others, to enhance its technological capabilities [1] Business Development - The CADD/AIDD technology platform has supported 80 new drug projects, with 6 entering clinical Phase I and 1 entering clinical Phase II, and the number of clients utilizing CADD/AIDD services has reached 40 [2] - The company has intensified its marketing and promotional efforts, participating in 19 domestic and international exhibitions and forums during the reporting period, leading to progress in active customer numbers and new order amounts [2] - The company provides comprehensive services for global pharmaceutical and biotechnology companies, focusing on drug discovery, pharmaceutical process development, and customized/commercial production of active pharmaceutical ingredients and key intermediates [2]

Core Viewpoint - The company achieved a total revenue of 533 million yuan in 2024, representing a year-on-year growth of 37.91%, which meets market expectations and demonstrates excellent performance. Meanwhile, the company reported a non-GAAP net loss attributable to the parent of 171 million yuan, reducing losses by 178 million yuan compared to the same period last year, indicating strong operational performance. In 2025, commercialized products such as Donafenib and Thrombin are expected to further increase revenue, while early-stage products ZG005 and ZG006 are anticipated to release new clinical data, showing promising efficacy. Overall, the company is viewed as having a stable operation and superior early product design, with positive prospects for future development [1][2][6]. Event - On April 19, the company released its 2024 annual report [1]. Financial Performance - In 2024, the company achieved a revenue of 533 million yuan, a year-on-year increase of 37.91%, primarily driven by increased sales of Donafenib. The non-GAAP net loss attributable to the parent was 171 million yuan, a reduction of 178 million yuan from the previous year, mainly due to revenue growth and a decrease in total operating costs. The company’s financial condition is robust, with ample cash reserves of 2.154 billion yuan at the end of 2024. Sales expenses increased by 8.37% to 271 million yuan, while R&D expenses decreased by 21.83% to 388 million yuan due to the varying stages of innovative drugs. Management expenses rose significantly by 251.35% to 58 million yuan, mainly due to the previous year's adjustment of share-based payment expenses [2][3]. Product Pipeline and Clinical Progress - The commercialization process has made breakthroughs, with the drug Jikaxitini (Thrombin) for treating myelofibrosis currently under review for market approval, expected in 2025. The estimated annual new cases of myelofibrosis in China by 2030 is 63,000, with approximately 300,000 existing patients. The drug has shown significant efficacy in Phase III clinical trials, positioning it as a potential best-in-class (BIC) treatment. Additionally, Jikaxitini is in Phase III clinical trials for various immune-inflammatory diseases, showing promising results in treating severe alopecia areata and significant efficacy in idiopathic pulmonary fibrosis [3]. Upcoming Catalysts - The company has numerous catalysts for 2025, including the entry of recombinant thrombin into medical insurance, expected to drive further sales growth. The approval of Jikaxitini is anticipated within the year. More clinical data for ZG005 related to cervical cancer and liver cancer is expected to be disclosed at major conferences, while early-stage data for ZG006 in solid tumors is also anticipated [5][6]. Revenue Projections - The company forecasts revenues of 712 million yuan, 1.54 billion yuan, and 2.5 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at -127 million yuan, -77 million yuan, and 147 million yuan [6].

Core Viewpoint - Beida Pharmaceutical reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year increase of 17.74%, and a net profit attributable to shareholders of 403 million yuan, up 15.67% year-on-year [1] Financial Performance - The overall gross margin for the company was 81.38%, a decrease of 2.15 percentage points year-on-year; the period expense ratio was 65.72%, down 7.37 percentage points year-on-year [2] - The operating cash flow net amount was 911 million yuan, a decrease of 0.33% year-on-year [2] - The company achieved a net profit of -14 million yuan in Q4 2024, a decline of 131.51% year-on-year [1] R&D Progress - The company expanded its pipeline with five products currently on sale, and received FDA approval for its first overseas product, Bemetan (Ensartinib), in December 2024 [3] - R&D investment for the year was 717.78 million yuan, accounting for 24.80% of revenue, with multiple innovative drug IND approvals during the reporting period [4] Strategic Collaborations - The company has established strategic partnerships with various organizations to enhance its R&D pipeline, including a commercialization agreement for a plant-derived recombinant human serum albumin injection [5] - In November 2024, the company invested 20 million yuan in Ruipuchen to collaborate on stem cell therapy business [5] Investment Outlook - Revenue forecasts for 2025-2027 are adjusted to 3.69 billion, 4.46 billion, and 5.24 billion yuan, with expected year-on-year growth rates of 27.7%, 20.6%, and 17.5% respectively [6] - The net profit forecasts for the same period are 610 million, 910 million, and 1.21 billion yuan, with growth rates of 51.6%, 48.2%, and 33.4% respectively [6]

投资要点 经营质量分析：现金流波动较大，看好快速修复2024 年公司经营性净现金流为0.32 亿元，同比减少较 多，主要或和公司应收周转率下滑有关，2024 年公司应收账款周转天数为123 天，同比增长约27 天。 我们认为，现金流与应收的变化趋势反映了行业及宏观环境的变化，而基于公司围绕中大型药企客户服 务的战略，我们看好公司经营质量的快速修复及未来稳定性。 盈利预测与估值 业绩表现：四季度收入利润增速略有波动 考虑到2024 年仿制药药学研究市场竞争加剧超我们此前预期，我们下调此前盈利预测，我们预计2025- 2027 年，公司分别实现收入12.80/15.01/17.56 亿元，同比增速分别为18.73%/17.19%/17.05%；分别实现 归母净利润1.79/2.16/2.62 亿元，同比增速分别为0.72%/21.09%/21.05%；EPS 分别为1.60/1.93/2.34 元， 2025年4 月14 日收盘价对应2025 年PE 为27x，维持"增持"评级。 2024 年：实现收入10.78 亿元，yoy+15.7%；实现归母净利润1.77 亿元，yoy-3.98%。 2024Q4：实现收入 ...

Policy Developments - The National Healthcare Security Administration has established data working groups across all regions to enhance data governance and transparency in healthcare funding [2] - These groups will regularly publish data to improve the quality of healthcare services and ensure the safety of healthcare funds [2] Drug and Device Approvals - Jiangsu Tian Shi Li has submitted a listing application for a new drug PXT3003, aimed at treating Charcot-Marie-Tooth disease type 1A [3] Capital Markets - Ruijian Pharmaceutical has completed nearly 100 million RMB in B+ round financing, bringing total financing to over 200 million RMB in less than six months [4] - Weichan Medical has announced the completion of several million RMB in angel round financing to accelerate product development and innovation [5] - Novartis plans to invest $23 billion in the U.S. over the next five years to enhance production capabilities and ensure key drugs are manufactured domestically [6] Industry Events - Boya Biotechnology intends to sell 80% of its subsidiary, Jiangxi Boya Xinhao Pharmaceutical, to focus on its core blood products business [7] Financial Reports - Pumen Technology reported a revenue of 1.148 billion RMB for 2024, with a net profit of 345 million RMB, reflecting a 5.12% increase [8] - Huaxi Biotechnology's revenue for 2024 was 5.371 billion RMB, down 11.61%, with a net profit of 174 million RMB, down 70.59% [9] - Watson Bio reported a revenue of 2.821 billion RMB for 2024, down 31.41%, with a net profit of 142 million RMB, down 66.10% [10] - Innovation Medical reported a revenue of 816 million RMB for 2024, with a net loss of 93.95 million RMB [11] - Renmin Tongtai achieved a revenue of 10.048 billion RMB for 2024, down 3.29%, with a net profit of 213 million RMB, down 27% [12] - Haishi Pharmaceutical reported a revenue of approximately 999 million RMB for 2024, down 33%, with a net loss of 1.525 billion RMB [14] - Wantai Biological reported a revenue of approximately 2.245 billion RMB for 2024, down 59.25%, with a net profit of 106 million RMB, down 91.49% [15] - Haishi Pharmaceutical reported a net profit of 395 million RMB for 2024, up 34% [13] Public Sentiment Alerts - Xinghao Pharmaceutical announced the resignation of director Li Huiqu due to personal reasons [16] - Zhaoyan Pharmaceutical acknowledged unusual fluctuations in its stock price, linked to FDA plans that may impact the industry [17]