[Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 国产创新药闪耀 ASCO [Table_ReportType] 医药生物行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（4 月 21 日-4 月 25 日）医药生物收 涨 1.16%，跑赢 wind 全 A（1.15%）和沪深 300（0.38%）。 从板块来看，医疗研发外包（6.34%）和原料药（4.72%） 部分个股一季报表现亮眼，涨幅居前，血液制品（- 3.26%）和疫苗（-6.38%）延续上周跌势。从个股来看， 永安药业（31.4%）、舒泰神（28.4%）和尔康制药（2 ...

Group 1 - The core viewpoint of the articles highlights the impressive financial performance of Hanyu Pharmaceutical, with a significant revenue increase and successful turnaround in profitability [1][2] - In 2024, the company achieved a revenue of 590 million yuan, a year-on-year growth of 36.82%, and reduced losses by over 60%. In Q1 2025, revenue reached 310 million yuan, with a remarkable year-on-year increase of 106.29% and a net profit of approximately 69.87 million yuan [1] - The growth is attributed to the company's strong foundation in peptide raw materials and formulations, as well as the steady advancement of its GLP-1 drug export strategy [1] Group 2 - Hanyu Pharmaceutical's overseas business has been a significant driver of growth, with overseas revenue increasing by 189.79% to 325 million yuan in 2024 [1] - The company is one of the few globally with large-scale peptide raw materials, offering 32 peptide raw materials and 17 formulation products, reaching over 20 countries for raw materials and over 90 countries for formulations [1] - The partnership with Huawei Cloud aims to explore AI applications in drug development, enhancing efficiency and quality in drug research and production management [2] Group 3 - The company has established a diversified pipeline for short, medium, and long-term development, focusing on several key products such as Teriparatide injection and other promising candidates [3] - Hanyu Pharmaceutical is also advancing its small nucleic acid drugs and CDMO/CMO business, capitalizing on the advantages of oligonucleotide drugs in treating various diseases [3][4] - The integration of resources from its core bases in Wuhan and Shenzhen has created a comprehensive development platform for peptide drugs, enhancing global competitiveness [4] Group 4 - The company plans to continue its strategic focus on talent, innovation, and internationalization, increasing R&D investment and leveraging partnerships to integrate AI into drug development processes [4] - As the strategic layout progresses, Hanyu Pharmaceutical aims to solidify its market position as a leader in the peptide sector, enhancing its global influence and competitiveness [4]

Group 1: AI Integration in Manufacturing - The automotive industry is undergoing a significant transformation towards intelligent manufacturing, with AI and big data driving this change [1][3] - The implementation of AI in production processes, such as in the case of the smart factory in Chongqing, has led to a fully digitalized production system, enhancing precision and reducing downtime [2][4] - AI technologies enable "dark production," where automated systems operate independently with minimal human intervention, ensuring continuous production even in low-light conditions [2] Group 2: Supply Chain and Data-Driven Solutions - AI and big data are becoming core drivers for upgrading intelligent manufacturing systems, facilitating the creation of data-driven marketing and supply chain systems [3][4] - The implementation of a data-driven intelligent manufacturing system has resulted in a 78% improvement in planning accuracy and a 32% reduction in production cycle time [3] Group 3: AI in Design and Fashion - AI is significantly enhancing design efficiency, allowing designers to generate multiple clothing styles in minutes, thus increasing the speed of new product launches [5][8] - The use of AI in fashion design has led to a tenfold increase in the efficiency of launching new clothing styles, with the ability to produce up to 50,000 new styles monthly [8][9] - Companies like SHEIN are leveraging AI to create flexible supply chain systems that align production with real-time consumer demand, reducing waste and improving efficiency [9]

以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 恒河猴、小鼠等实验动物长期以来是新药研发的"无名英雄"，它们用自己的身体为人类药物安全保驾护航。 随着监管部门相关政策的出炉，这一切正在悄然发生变化。 4月24日，工业和信息化部等七部门关于印发《医药工业数智化转型实施方案（2025—2030年）》，提炼了41个关于技术创新发展的典型场景，为医药企业数 智化转型提供参考。 其中提到" 动物模型数据挖掘与虚拟动物实验 "，即针对动物替代需求高、与人体结果一致性有偏差等问题，可以运用数据挖掘、模拟技术，建立动物造模计算 机仿真模型。 更大变化则来自14天前的大洋彼岸。 4月10日，FDA发布《减少临床前安全性研究中动物实验的路线图》（下称"路线图"），指出 将逐步取消单克隆抗体（单抗）及其他药物的临床前安全性研究 中动物实验，转而采用类器官等更多新的替代技术。 这场变革，正在重塑中国医药行业的游戏规则。 为此，信风走访调研多家CXO、模式动物企业、AI制药企业、类器官相关企业后发现，此次动物实验冲击波或将带来多重变化： 一是短期内影响有限，长期则是行业发展方向 ...

业 及 产 业 医药生物 2025 年 04 月 27 日 本周医药上涨 1.2%，七部门印发 医药工业数智化转型实施方案，康 方依沃西联合化疗头对头战胜替雷 利珠单抗 看好 ——医药行业周报（2025/4/21-2025/4/25） 相关研究 《本周医药下跌 0.4%，人民时评要求保证 药企药店利润空间，礼来口服 GLP-1 治疗 糖尿病研发成功——医药行业周报 （2025/4/14-2025/4/18）》 2025/04/20 《本周医药下跌 5.6%，北深同日发布鼓励 医药创新政策，国内加强军队药品储备管 理——医药行业周报（2025/4/7- 2025/4/11）》 2025/04/13 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 研究支持 李敏杰 A0230523070006 limj2@swsresearch.com 联系人 李敏杰 (8621)23297818× limj2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 行 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][22] Core Views - The company's revenue for 2024 reached 12.354 billion yuan, a year-on-year increase of 16.25%, while the net profit attributable to shareholders was 2.164 billion yuan, up 10.16% year-on-year [1] - The increase in performance is primarily attributed to the active trading in the capital market and the implementation of favorable policies, leading to growth in investment income and asset management business [1][3] - The company has seen a significant increase in its financial asset scale, which grew by 18.28% year-on-year to 153.4 billion yuan, with investment income rising dramatically by 370% [2][3] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 12.354 billion yuan, a 16.25% increase year-on-year, and a net profit of 2.164 billion yuan, reflecting a 10.16% growth [1][4] - The first quarter of 2025 showed an operating income of 2.792 billion yuan, up 17% year-on-year, and a net profit of 516 million yuan, a significant increase of 57% [1] Business Segments - Brokerage business revenue decreased by 5.47% to 2.13 billion yuan due to commission rate reductions, despite a 13% increase in stock trading volume [2] - Investment banking revenue fell by 32.87% to 701 million yuan, with equity underwriting down 89% to 1.906 billion yuan, while bond underwriting increased by 32% to 175.8 billion yuan [2] - Asset management fees increased by 7.6% to 159 million yuan, with assets under management (AUM) reaching 100.995 billion yuan, a 20% increase [3] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 2.393 billion yuan, 2.677 billion yuan, and 2.896 billion yuan respectively, with year-on-year growth rates of 10.6%, 11.9%, and 8.2% [3][4] - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 22.6, 20.2, and 18.7 respectively, while the price-to-book (PB) ratios are expected to be 0.9 for 2025 and 2026, and 0.8 for 2027 [4][19]

Core Insights - The rapid development of large models in AI is drawing unprecedented attention to how AI can empower the healthcare industry, particularly in integrating traditional Chinese medicine (TCM) with AI technology [1] Group 1: Growth of TCM Clinics - The number of TCM clinics in China has surged to 82,200, an increase of nearly 12,000 from the previous year, marking a fourfold increase compared to the 3,000 clinics added in 2022 [2] - This growth is attributed to the increasing recognition of TCM among the public, although experts warn that this rapid expansion may be temporary and that clinics face challenges such as medical insurance cost control and centralized procurement [3] Group 2: Role of AI in TCM - AI is seen as a significant tool in the training of TCM practitioners, making it easier to cultivate qualified doctors [4] - Companies like Dajia TCM and Congbao Technology are exploring AI applications in TCM services, with Dajia TCM having launched an auxiliary diagnosis feature in 2017, which has enriched the usage scenarios for doctors [5] - Congbao Technology has collaborated with over 10,000 medical institutions, generating over 70 million prescriptions through its AI-assisted diagnosis system, which aims to enhance the capabilities of both doctors and hospitals [5] Group 3: Challenges in Data Utilization - Despite advancements, the integration of AI in TCM is still in its early stages due to the complexity of TCM theories and practices [6] - Data remains a significant challenge, with many aspects of TCM efficacy and evaluation still unclear, hindering the development of AI models [7][8] - The industry recognizes the need for modern scientific methods to clarify the principles of TCM and improve clinical efficacy through data-driven approaches [8] Group 4: Future Prospects - The application prospects of AI in the TCM industry are still highly anticipated, with expectations for new business models and improved service quality [9]

Core Viewpoint - Wanhe Electric reported significant revenue and profit growth for 2024 and Q1 2025, driven by a dual strategy of high-end and green product development [2][3] Financial Performance - In 2024, Wanhe Electric achieved total revenue of 7.342 billion yuan, a year-on-year increase of 20.29% - The net profit attributable to shareholders was 658 million yuan, up 15.73% - The net profit after deducting non-recurring items was 656 million yuan, reflecting an 8.45% increase - For Q1 2025, revenue reached 2.295 billion yuan, a 15.94% year-on-year growth - The net profit attributable to shareholders for Q1 was 179 million yuan, an 8.01% increase, while the net profit after deducting non-recurring items was 215 million yuan, up 14.40% [2] Product Strategy - Wanhe Electric launched 273 new products in 2024, with 1.63 million units sold in the mid-to-high-end category - The company is focusing on high-end products to increase average transaction value and gross margin, contributing to revenue growth - Green technology products align with policy directions and consumer upgrades, opening new market opportunities [3] Innovation and Standards - In 2024, Wanhe Electric led the formulation of two national hydrogen energy standards and was recognized as a pilot unit for hydrogen energy standardization in Foshan, Guangdong - The company is actively involved in the "Hydrogen-Ammonia Integration" technology project in Guangdong, exploring more hydrogen energy application scenarios [3] Efficiency and International Expansion - The increase in net profit is attributed to both revenue growth and the implementation of an "efficiency growth" strategy through digital transformation and lean management - Export sales grew by 41.43%, indicating the success of the "manufacturing going abroad" strategy - Wanhe Electric is building an international system capability, leveraging infrastructure upgrades and consumer upgrades along the Belt and Road countries [3] Future Outlook - The company plans to continue and deepen its existing strategic focus, particularly in emerging fields such as hydrogen energy and heat pumps - Wanhe Electric aims to cultivate product categories like heat pumps and dishwashers, expanding through brand licensing and cross-border e-commerce to create greater growth opportunities [4]

【环球网财经综合报道】4月27日，中国羽绒服首创者鸭鸭集团2025全球战略发布暨生态伙伴峰会盛大启幕，大会汇聚政府领导、行业专家、企业高管及鸭 鸭近千位上下游战略合作伙伴于江西，共同回顾发展成果，携手擘画共赢蓝图，规划鸭鸭千亿市值发展路径，开启鸭鸭最新三大战略新篇章。 深耕线上：稳固基本盘，锻造发展韧性 自2020年股份重组以来，鸭鸭以线上电商为切入点高速驶向快车道，品牌GMV（商品交易总额）实现超百倍增长，登上多电商平台榜单前列，形成现象级 商业效应。 会上，鸭鸭表示随着电商行业进入深度调整期，品牌将加速构建线上渠道发展的新模式，运营思路从基础的规模拓展转向精细化运营。鸭鸭将继续借助并放 大互联网的优势价值，在坚持传统货架、直播以及私域电商多轨并行的基础上，根据平台特点定制专属运营策略，提升线上渠道的精益化管理水平。 鸭鸭将以消费者体验为核心，搭建专业化人才梯队，在"精准分级拓店+数字化联营体系+羽绒服生态圈"三核驱动下对终端门店进行持续升级，开启线下千 店革命。通过品牌独特的故事化体验空间，强化与消费者的情感联结；同时利用中心化场景，放大品牌传播效能，提升场景价值转化效率。 此外，鸭鸭高度重视内容与消费的 ...

Core Points - The "Green Chariot" exchange space in Rio de Janeiro, Brazil, was officially inaugurated, showcasing China's green technology and serving as a cultural exchange platform [1][3] - The establishment of the exchange space is seen as a significant milestone in the modernization of transportation in Rio de Janeiro, enhancing local railway industry capabilities and creating new job opportunities [3][5] - The space integrates functions of display, communication, cooperation, and cultural dissemination, aiming to provide a platform for Brazilian citizens to experience Chinese culture and engage in social welfare activities [5][7] Company and Industry Insights - China CRRC has been active in the Brazilian market since 2008, supplying metro trains to major cities like Rio de Janeiro, São Paulo, and Belo Horizonte, and participating in local transportation projects [7] - A memorandum of cooperation was signed during the visit of the Governor of Rio de Janeiro to China, focusing on establishing a train maintenance center and modernizing the state's railway system [7]