Policy Developments - The total amount of personal accounts for employee medical insurance mutual aid reached 17.792 billion yuan from January to April 2025, with 133 million participants [2] Drug and Device Approvals - The KRAS G12C inhibitor, Gozai Lese, developed by Jako and Ailis, has been approved for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who have previously received at least one line of systemic therapy [3] - Heng Rui Medicine's innovative drug, Regaglitin Metformin Tablets, has been approved for use in adults with type 2 diabetes to improve blood sugar control [4] Capital Markets - Boyin Hearing announced a B-round financing of several tens of millions, aimed at increasing investment in domestic hearing aid research and development [5] - Lid Health Technology has completed nearly 100 million yuan in angel round financing, with funds allocated for accelerating technology research and product commercialization [6] Major Industry Events - Rongchang Bio plans to place 19 million new H-shares at a price of 42.44 HKD per share, raising approximately 796 million HKD for core product pipeline expansion [7] - Haoyuan Pharmaceutical announced that its shareholder, Zhenjin Investment, has reduced its holdings by approximately 3.2 million shares, accounting for 1.51% of the total share capital [8] - Baiyatai has decided to terminate the BAT3306-002 study, which evaluated the pharmacokinetics, efficacy, and safety of BAT3306 in combination with chemotherapy in IV-stage NSCLC patients, after an investment of 224 million yuan in the project [9]

小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 欧美市场的高支付能力与创新药的溢价空间，构成国产创新药出海的直接动力。以百济神州的泽布替尼 为例，其美国定价约6.3万元/瓶，而国内医保定价仅为1912元/瓶，中美售价相差超30倍。2025年一季 度，泽布替尼在美国销售额达5.63亿美元，同比增长60%，印证了"闯关欧美发达市场=手握全球通行 证"的商业逻辑。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，5月22日最新市盈率仅为 25倍，不足两个月前的一半，当前布局性价比突出。 5月22日，港股市场低开震荡，港股创新药板块开盘下跌后快速反弹。港股创新药指数成分股中，金斯 瑞生物科技涨超5%，远大医药、亚盛医药-B、荣昌生物涨超3%，东阳光长江药业、中国生物制药涨超 1%。港股创新药ETF（159567）过去10个交易日资金净流入2.5亿元，市场热度较高。 广发证券认为，港股创新药板块作为具备全球竞争力的产业之一，其出海进 ...

相关研究报告 医药生物/生物制品 三生制药（01530.HK） 2025 年 05 月 22 日 投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(港元) | 20.850 | | 一年最高最低(港元) | 22.000/5.470 | | 总市值(亿港元) | 500.10 | | 流通市值(亿港元) | 500.10 | | 总股本(亿股) | 23.99 | | 流通港股(亿股) | 23.99 | | 近 3 个月换手率(%) | 134.69 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-05 2024-09 2025-01 三生制药 恒生指数 《核心品种持续发力，多款创新药进 入收获期—港股公司首次覆盖报告》 -2025.3.27 与辉瑞就 SSGJ-707 达成授权，创新价值弹性兑现 ——港股公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | ...

Core Insights - Yuyuan Pharmaceutical Group is advancing three innovative drugs through the approval process, targeting significant medical needs [2] - The company emphasizes a comprehensive approach to drug development, integrating research, industrialization, and commercialization [2] Drug Development - The three drugs under review include Hydroxy Safflower Yellow A for acute ischemic stroke, Tongluo Jian Brain Tablets for vascular dementia, and Zihua Wenfei Zhiso Granules for post-infection cough [2] - These drugs aim to fill critical treatment gaps within their respective indications, with applications accepted by the National Medical Products Administration between February and March 2024 [2] Research and Development - Yuyuan Pharmaceutical has established 11 core technology platforms focusing on nucleic acid drugs, peptide drugs, cell and gene therapies, small molecule drugs, and specialty traditional Chinese medicine [3] - The company is currently developing 21 innovative drugs and holds 317 authorized patents, creating a differentiated competitive barrier [3] Marketing Strategy - The marketing strategy for innovative drugs includes enhancing tiered medical services, deepening grassroots engagement, and leveraging new retail channels for patient education [3] - The company aims for efficient service and support for partners through provincial marketing, ensuring broad coverage and strong management of product categories [3] Digital Transformation - Yuyuan Pharmaceutical has partnered with Huawei for digital transformation, becoming the first biopharmaceutical company to do so [3] - The collaboration focuses on innovation in research and development, smart factory construction, quality control, digital marketing, and supply chain management, achieving key results in management system upgrades and process restructuring [3]

Core Viewpoint - The company is experiencing a revitalization with strong performance in antibiotic production and innovative drug development, particularly in the insulin and animal health sectors [1][2][3][4]. Antibiotic and Insulin Business - The company has a leading position in the antibiotic market, focusing on a full industrial chain including key products like 6-APA and amoxicillin, with a stable long-term outlook despite short-term price fluctuations [1]. - The company successfully participated in the national procurement of insulin, achieving A-class bids for all six products, which is expected to enhance market share as the demand for third-generation insulin products increases [1][2]. - The antibiotic procurement risks have been largely mitigated, with most major products already completed in the procurement process [1]. Innovative Drug Development - UBT251, a GLP-1/GIP/GCG tri-receptor agonist, has shown promising results in Phase I clinical trials, leading to a significant partnership with Novo Nordisk, including an upfront payment of $200 million and potential milestone payments of up to $1.8 billion [1][2]. - The company is also advancing other innovative treatments, including a small molecule RASP inhibitor for dry eye syndrome and a JAK1 inhibitor for atopic dermatitis, both in clinical trials [1]. Financial Performance and Projections - In 2024, the company reported revenues of 137.6 billion yuan, with a slight year-on-year growth of 0.1%, driven by a 14.8% increase in intermediate revenue [2][3]. - The company anticipates revenue fluctuations in the coming years, projecting revenues of 144.0 billion, 130.0 billion, and 133.9 billion yuan for 2025-2027, with corresponding profit changes [4]. - The company plans to increase its dividend payout ratio to 38.3%, reflecting a commitment to returning value to shareholders [3]. Valuation and Market Outlook - The target price for the company's stock is set at 21.9 HKD, indicating a potential upside of 62.2% from the current price, based on a DCF model with a WACC of 12% [2][4]. - The company’s valuation includes 142 billion HKD for its intermediate and raw material business, and 223 billion HKD for its formulation business, alongside 34 billion HKD in net cash [4][5].

三生制药（01530.HK） 2025 年 05 月 22 日 投资评级：买入（维持） 医药生物/生物制品 | 日期 | 2025/5/21 | | --- | --- | | 当前股价(港元) | 20.850 | | 一年最高最低(港元) | 22.000/5.470 | | 总市值(亿港元) | 500.10 | | 流通市值(亿港元) | 500.10 | | 总股本(亿股) | 23.99 | | 流通港股(亿股) | 23.99 | | 近 3 个月换手率(%) | 134.69 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-05 2024-09 2025-01 三生制药 恒生指数 相关研究报告 《核心品种持续发力，多款创新药进 入收获期—港股公司首次覆盖报告》 -2025.3.27 与辉瑞就 SSGJ-707 达成授权，创新价值弹性兑现 ——港股公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | ...

Group 1 - The Innovation Drug ETF (560900) increased by 1.60% with a turnover of 4.89% and a transaction volume of 1.6387 million yuan as of May 21, 2025 [1] - The CSI Innovation Drug Industry Index (931152) rose by 1.24%, with constituent stocks such as Sangfor Technologies (688336) up by 19.99%, Kanghong Pharmaceutical (002773) up by 6.38%, and Sinocelltech (688520) up by 6.23% [1] - As of May 20, the Innovation Drug ETF (560900) saw a year-to-date increase of 1 million shares, ranking among the top in terms of new share growth compared to similar funds [1] Group 2 - On May 20, Sangfor Technologies announced a licensing agreement with related parties Sangfor Pharmaceutical and Shenyang Sangfor, involving exclusive global development, production, and commercialization rights for a product with Pfizer, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [1] - The pharmaceutical and biotechnology industry is characterized by a resonance of innovation and domestic demand, with innovation being the core direction of the pharmaceutical sector according to Industrial Securities [1] Group 3 - The Innovation Drug ETF closely tracks the CSI Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2] - Morgan Asset Management integrates its "Global Vision Investment Technology" product line to help investors layout quality technology companies globally, seizing investment opportunities amid the new wave of technology driven by AI [2] Group 4 - In passive investment, Morgan Hang Seng Technology ETF (QDII) provides a one-click layout for Hong Kong stock technology assets, while Morgan CSI Innovation Drug Industry ETF (560900) offers a one-click layout for Chinese innovative pharmaceutical companies [3] - Morgan NASDAQ 100 Index Fund (QDII) allows for a one-click investment in global technology leaders [3]

消息面上，2025年美国临床肿瘤学会（ASCO）年会即将于5月30日至6月3日在美国芝加哥正式召开。 作为全球肿瘤学领域规模最大、最具影响力的学术盛会之一。近期创新药行业利好可谓密集，多家创新 药企此前已经宣布将在本月底的ASCO大会上披露多项旗下创新管线的重磅临床和研发数据，有望成为 整个创新药产业的短期最强催化。随着此前美宣布降低药价等外部负面因素被持续消化，部分创新药企 业的大额BD交易频出以及龙头企业登陆港股在即等一系列利好刺激下，创新药趋势性价值重估仍然可 期。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，5月21日最新市盈率仅为 25倍，不足两个月前的一半，当前布局性价比突出。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针 ...

Core Viewpoint - The company, Maiwei (Shanghai) Biotechnology Co., Ltd., has faced challenges in its product sales, particularly with its flagship products, Kunmaikang and Maiweijian, due to market competition and regulatory hurdles, but is implementing strategic adjustments to improve performance and expand market access [1][2][4]. Group 1: Company Performance - In 2024, the company achieved a revenue of 200 million RMB, a year-on-year increase, but faced a significant decline in the shipment of Kunmaikang, which dropped by 66.61% to 48,821 units [1][2]. - The sales revenue for Maiweijian reached 14,459.20 million RMB in 2024, with a gross profit margin of 82.89% [2][3]. - The overall gross profit for the company increased from 4,075.41 million RMB in 2023 to 11,984.65 million RMB in 2024, with a gross profit margin decrease from 96.83% to 82.89% [3][4]. Group 2: Product Analysis - Kunmaikang, a biosimilar to Humira, has seen a decline in shipment volume due to intense market competition and regulatory challenges, with eight similar products already approved in China [5][6]. - Maiweijian, a biosimilar to Xgeva, has been gradually gaining market access, with 75 hospitals approved by the end of 2024, but its market entry has been slower compared to the original drug [10][11]. - The company plans to expand the indications for Maiweijian to include SREs, which could enhance its market potential [12][20]. Group 3: Strategic Adjustments - The company is optimizing its regional operational model to improve efficiency and resource allocation, transitioning from self-operated sales to cooperative models in underperforming areas [8][9]. - A focus on enhancing marketing strategies and academic promotion is underway to improve brand recognition and market penetration for Kunmaikang [9][10]. - The company is actively pursuing international collaborations and expanding its product pipeline, with several products in advanced clinical stages expected to launch in the next few years [21][22][23].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its operational performance and product sales [1][2]. Group 1: Operational Performance - In 2024, the company achieved operating revenue of 200 million yuan, a year-on-year increase of 243.53% [2][19]. - The company has three commercialized products: Junmaikang, Mailishu, and Maiweijian, with varying sales performance and challenges [2][3]. - Junmaikang's sales volume significantly decreased by 66.61%, with 48,821 units shipped in 2024 [2][10]. - Mailishu's sales revenue increased by 195.50%, with a total revenue of 12.44 million yuan in 2024 [3][5]. - Maiweijian achieved a total revenue of 14.46 million yuan in 2024, with a gross margin of 78.47% [4][11]. Group 2: Product Analysis - Junmaikang's sales were impacted by its late market entry and intense competition, leading to a strategic shift in sales approach [6][9]. - Mailishu's cost increased by 1,122.70% compared to the previous year, resulting in a decrease in gross margin by 9.96 percentage points [5][6]. - Maiweijian's market entry was slow, with only 75 hospitals approved by the end of 2024, attributed to its limited indications compared to the original drug [12][14]. Group 3: Market Trends and Strategies - The TNF-α drug market in China grew from 3.5 billion yuan in 2019 to 42.9 billion yuan in 2023, with a compound annual growth rate of 17.5% [6][7]. - The company plans to expand Maiweijian's indications to include SREs, which could enhance its market presence [23][24]. - The company is actively pursuing international collaborations and expanding its product pipeline to enhance revenue streams [25][26]. Group 4: Financial Outlook - The company anticipates gradual revenue growth and a reduction in net losses over the next three years, with a low risk of expanding losses [20][19]. - The company is focusing on improving operational efficiency and expanding its commercialized product offerings to achieve profitability [20][21].