www.hczq.com 证券研究报告 | 医药生物 | 2025年6月7日 | 华创医药团队： | | --- | | 首席分析师 郑辰 | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 执业编号：S0360524070007 | 邮箱：zhukechen@hcyjs.com | 华创医药投资观点&研究专题周周谈 · 第129期 痛风用药蓝海大市场，关注在研新药进展 本周专题联系人：朱珂琛 本报告由华 ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年6月7日 华创医药投资观点&研究专题周周谈 · 第129期 痛风用药蓝海大市场，关注在研新药进展 本周专题联系人：朱珂琛 | 华创医药团队： | | --- | | 首席分析师 郑辰 | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 执业编号：S0360524070007 | 邮箱：zhukechen@hcyjs.com | 本报告由华 ...

中国的创新药，最近腰杆很硬。 五月下旬，辉瑞用约12.5亿美元的代价换取了三生制药一款抗癌药非中国内地区域的权益，如果顺利的 话，未来三生制药还能收获最高约48亿美元的里程碑付款收益外加1亿美金的股份认购。 石药集团也迫不及待于近期宣布其即将完成50亿美元的BD交易。 今年的ASCO（美国临床肿瘤学会）年会中国有73项研究入选了口头报告环节，创亚洲国家新的记录。 这一切，距离2024年锐格医药与罗氏的8.5亿美元首付款交易还不到一年，距离康方生物与Summit Therapeutics达成的最高50亿美元的BD协议，以及百利天恒与百时美施贵宝最高84亿美元的BD协议，也 仅短短两年时间。 泼天富贵从天而降，中国创新药出海交易的爆发式增长引人侧目。 相关统计数据显示，2024年中国创新药对外授权交易总金额高达519亿美元，同比增长26%；2025年仅 第一季度，出海交易额已达369.29亿美元，再创同期历史新高。 股市从来不亏待好消息，创新药相关概念股票在端午节后迎来一波暴涨。 恒瑞医药、石药集团等传统巨头与新兴Biotech企业，正将自主研发的ADC（抗体偶联药物）、双抗等 管线推向欧美市场，辉瑞、默克、BM ...

行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 2025 年 06 月 06 日 2025 下半年港股消费服务投资策略——关注 茶饮新股，把握出行链机会 看好 ——海外消费周报（20250530-20250605） 本期投资提示： ⚫ 海外社服：2025 下半年港股消费服务投资策略——关注茶饮新股，把握出行链机 会 1）现制茶饮板块效应凸显，核心比拼供应链。蜜雪和古茗建立了深厚的竞争壁 垒，蜜雪的供应链建立时间最早规模最大，古茗在水果采购和冷链的规模最大，雪 王 IP 提升了营销效率，并有全球扩张的逻辑，古茗作为大众价格带第一的公司冷 链规模最大，门店数量增长确定性最高，两家公司预计 6 月 9 日进港股通。 2）在线旅游国内竞争改善，布局出境和海外。同程旅行业绩兑现度高，利润率预 计逐步改善。携程集团 Trip.com 投入短期影响利润率但是看好长期发展。 3）澳门博彩收入具备韧性，估值处在底部。5 月博彩毛收入 212 亿澳门元，创疫 后新高，同比增长 5%，对比 2019 年同期恢复 82%。1 至 5 月的累计博彩毛收入 同比增长 1.7%。 本研究报告仅通过邮件提供给 中庚基金 ...

Core Viewpoint - The pharmaceutical industry in China is experiencing a significant influx of capital, driven by a wave of refinancing and large business development (BD) transactions, which are reshaping the funding landscape for innovative drug development [1][6][10] Company Summary - Kolon Biotech (科伦博泰) announced a placement of 5.918 million H-shares at a price of HKD 331.8, raising approximately USD 250 million (around CNY 1.796 billion), setting a record for new share placements in the Hong Kong biopharmaceutical market this year [1] - The company has completed three rounds of financing, raising a total of approximately CNY 2.894 billion, with the latest placement supported by existing shareholders and new heavyweight investors [5] - Kolon Biotech has a strong pipeline with over 30 candidates in development, including three products in commercialization, which are under continuous cash flow pressure due to the high costs associated with drug development [4][5] Industry Summary - The Chinese pharmaceutical sector is transitioning from a phase of "scale expansion" to "value creation," with R&D investments growing at an average annual rate exceeding 20% during the 14th Five-Year Plan period [6][7] - The total R&D expenditure in China's pharmaceutical industry reached USD 32.6 billion in 2022, accounting for 13.5% of global pharmaceutical R&D spending, and is projected to reach USD 67.5 billion by 2030 [6][7] - The recent surge in refinancing and BD transactions indicates a structural shift in the market, allowing innovative drug companies to secure funding earlier in the development process, thus shortening the investment return cycle [2][10]

在生物技术领域，中美之间的差距已经非常微小，尤其是在药物研发领域，中国正在迅速崛起，将成为 原始创新的策源地。未来的发展可能会迅速改变全球生物技术力量的平衡。 全球新药研发的力量格局正在发生深刻变化，中国生物技术领域将迎来一个ChatGPT时刻。 当地时间6月5日，哈佛大学贝尔弗中心在一份最新发布的报告中指出："中国在生物技术领域拥有最有 可能超越美国的机会。" 这份聚焦"关键和新兴技术指数"的报告涵盖人工智能、生物技术、半导体、太空和量子技术五大"关键 科技领域"。报告称，尽管美国在这五大领域仍然处于领先地位，但在生物技术领域，中美之间的差距 已经非常微小，尤其是在药物研发领域，中国正在迅速崛起，将成为原始创新的策源地。"未来的发展 可能会迅速改变全球生物技术力量的平衡。"报告指出。 映恩生物创始人CEO朱忠远此前在接受第一财经记者专访时提到与BioNTech的合作时称："Ugur被中国 团队的勤奋所打动，他甚至有种感觉，认为中国研发人员好像常常不睡觉。这样的工作节奏才能使得我 们新药研发效率超过全世界的任何国家。" 另一位生物医药投资人也对第一财经记者表示："中国的药物研发实验室经常在凌晨三点钟还亮着灯 ...

Core Viewpoint - The stock of Kexing Pharmaceutical has experienced significant fluctuations, with a cumulative closing price deviation exceeding 30% over three trading days, prompting a notice of abnormal trading [1][2]. The company emphasizes that its innovative drug projects are still in the preclinical stage, indicating uncertainty in future progress [2]. Group 1: Company Performance and Financials - Kexing Pharmaceutical is primarily engaged in the research, production, and sales of recombinant protein drugs and microbiome preparations, focusing on antiviral, hematology, oncology, immunology, and degenerative diseases [3]. - The company reported a significant decline in profits post-IPO, with net profits dropping from 1.39 billion yuan in 2020 to a loss of 902.95 million yuan in 2022. However, in 2024, it achieved a revenue of 1.407 billion yuan, a year-on-year increase of 11.75%, and a net profit of 31.48 million yuan, marking a return to profitability [4]. - Kexing currently has six proprietary products on the market and has introduced 16 products in key disease areas such as oncology and diabetes [5]. Group 2: Research and Development - The company has ten innovative drug projects in development, with nine still in the preclinical stage, highlighting the uncertainty in the R&D pipeline [6]. - R&D investment for 2024 was reported at 199 million yuan, a decrease of 42.31% year-on-year, with the proportion of R&D investment to revenue dropping from 27.39% in 2023 to 14.14% [6]. - The number of R&D personnel decreased from 208 in 2022 to 138 in 2024, indicating a significant reduction in workforce [7]. - Kexing is actively pursuing internationalization and aims to complete a certain number of clinical submissions for innovative drugs in the US and China each year, while also enhancing its business development capabilities [8].

Group 1 - The Hong Kong stock market saw a high opening but closed lower, with the innovative drug sector initially weakening before rebounding. Notable stocks included Green Leaf Pharmaceutical rising over 5%, and others like Kangnuo Pharmaceutical-B, United Pharmaceutical, and CSPC Pharmaceutical rising over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 80 million yuan in the past 20 trading days, indicating high market interest [1] - Leading domestic innovative pharmaceutical companies showcased their achievements at the ASCO annual meeting, with Heng Rui Pharmaceutical presenting four studies as oral reports and five as rapid oral reports, highlighting their academic and clinical significance [1] Group 2 - The innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, making it the highest among all medical theme indices, poised to benefit from trends like AI-enabled drug development and the international expansion of domestic innovative drugs [2] - The innovative drug ETF (159992) tracks the innovative drug index, which includes leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of a new insurance category for high-priced innovative drugs [2] - East Wu Securities noted that China's innovative drug licensing transactions are entering a booming phase, driven by improved internal R&D capabilities and increased international trust in Chinese drug pipelines [2]

投资建议与投资标的 ⚫ 本次 ASCO 大会上国外创新药取得了重要突破，同时国产创新药也展现了强大竞争 力，建议关注具备国际竞争优势的创新药企业，如：三生制药、三生国健、信达生 物、科伦博泰生物-B、映恩生物-B、百利天恒、泽璟制药-U、再鼎医药、荣昌生 物、中国生物制药、和黄医药等。 风险提示 医药生物行业 行业研究 | 深度报告 ASCO 见证国产创新药闪耀全球 ——2025 ASCO 部分重点研究梳理 核心观点 创新药研发失败的风险； 市场竞争加剧的风险； 创新药商业化的风险等。 国家/地区 中国 行业 医药生物行业 报告发布日期 2025 年 06 月 05 日 看好（维持） | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxiaoyi@orientsec.com.cn | | | 执业证书编号：S0860524080006 | | | | | 创新领航，春华秋实：——医药生物 2024 | 2025-05-06 | | --- | ...

丨2025年6月6日 星期五丨 NO.1 国家药监局：对药品医疗器械质量安全内部举报人举报实施奖励 6月5日，国家药监局、财政部和市场监管总局发布公告，即日起对药品医疗器械研制、生产、经营企业 和使用单位，药品医疗器械网络交易第三方平台提供者以及其他组织的内部员工、相关知情人，向药品 监督管理部门实名举报药品医疗器械质量安全重大违法行为的，药品监督管理部门实施奖励。 点评：国家药监局对内部举报人实施奖励措施的出台，反映了国家加强药品和医疗器械质量安全监管的 决心。有了内部举报激励机制以及更严格的监管，药品医疗器械厂商将更加重视内部合规管理，进而促 进行业的长远健康发展。 NO.2 三生国健：重组抗IL-1β人源化单克隆抗体注射液新药上市申请获受理 6月5日，三生国健公告称，公司重组抗IL-1β人源化单克隆抗体注射液（SSGJ-613）用于急性痛风性关 节炎适应症的III期临床试验达到主要疗效双终点，并向国家药品监督管理局提交了新药上市申请并获得 受理。据悉，该药品是三生国健自主研发的全新抗IL-1β抗体，与已上市同靶点产品具有完全不同的结 合表位。 每经记者｜许立波 每经编辑｜张益铭 NO.3 泽璟制药：签署 ...