Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company achieved a revenue of 3.045 billion RMB in 2024, representing a year-on-year growth of 16.77%. The net profit attributable to shareholders reached 615 million RMB, a significant increase of 80.75% [1]. - The company is actively participating in national drug procurement initiatives, successfully winning bids for all products, which has led to a synergistic effect of increased sales volume and price adjustments [2]. - The company is expanding its international market presence, with international sales revenue growing by 20.15% year-on-year to 392 million RMB in 2024 [2]. - The company is advancing its research and development efforts, with multiple diabetes treatment products entering various clinical trial phases [3]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 3.045 billion RMB, a 16.77% increase from the previous year. The net profit attributable to shareholders was 615 million RMB, up 80.75% [1]. - In Q1 2025, the company achieved a revenue of 985 million RMB, reflecting a 75.76% year-on-year growth, with net profit soaring by 224.90% to 312 million RMB [1]. Operational Analysis - The domestic formulation business is experiencing rapid growth, with a sales revenue increase of 315 million RMB attributed to successful participation in national drug procurement [2]. - The international market expansion is progressing steadily, with international sales revenue reaching 39.2 million RMB in Q1 2025, a 45.21% increase year-on-year [2]. Research and Development - The company is focusing on the development of fourth-generation insulin and other advanced diabetes treatments, with several products in late-stage clinical trials [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.101 billion RMB in 2025, 1.513 billion RMB in 2026, and 1.850 billion RMB in 2027, with corresponding EPS of 1.83 RMB, 2.52 RMB, and 3.08 RMB [4].

Core Viewpoint - Four Ring Pharmaceutical's subsidiary, Huisheng Biopharmaceutical, has received drug registration approval from the National Medical Products Administration of China for Dapagliflozin tablets, marking it as the first SGLT-2 inhibitor approved for market in the world [1][2] Company Summary - Dapagliflozin tablets are a new oral hypoglycemic drug for type 2 diabetes, which selectively inhibit the SGLT-2 receptor in the renal proximal tubule, reducing glucose reabsorption and promoting urinary glucose excretion [1] - The approval of Dapagliflozin tablets enhances the product portfolio of Four Ring Pharmaceutical and Huisheng Biopharmaceutical in the diabetes treatment sector, providing better treatment options for patients [2] Industry Summary - According to the International Diabetes Federation, there were 537 million adults with diabetes globally in 2021, with a prevalence rate of 10.5%, and China accounted for 141 million patients, or 26.2% of the global total [2] - The market for SGLT-2 inhibitors is rapidly growing, with projected sales in mainland China nearing 8 billion yuan in the first three quarters of 2024, and Dapagliflozin's sales expected to reach approximately 7 billion yuan [2] - Industry experts indicate that Dapagliflozin is maintaining an annual growth rate of 20% to 30% [2]

2025年4月1日晚，华东医药股份有限公司（股票代码：000963.SZ，以下简称"华东医药"）发布公告 称，公司全资子公司杭州中美华东制药江东有限公司（以下简称"江东公司"）收到国家药品监督管理局 （NMPA）签发的《受理通知书》，司美格鲁肽注射液上市许可申请获得受理，本次申报适应症为成人 2型糖尿病患者的血糖控制。 众所周知，全球糖尿病市场处在不断增长中，潜力巨大。柳叶刀显示，全球糖尿病患病率在过去三十余 年间显著上升。1990年至2022年，全球≥18岁成年糖尿病患者数量从1990年的约2亿激增至8.28亿。2022 年我国成年糖尿病患者人数约为1.48亿，占全球成人糖尿病总数的18%，位列全球第二，其中未治疗人 数为7800 万人，未治疗率达到 52.7%。根据国际糖尿病联盟（IDF）全球糖尿病地图，我国存在糖尿病 知晓率、治疗率、控制率三低的情况，未来糖尿病临床诊断率和治疗率将不断提升，糖尿病治疗市场将 随之持续增长。 华东医药全面布局，围绕GLP-1构筑差异化创新管线 在糖尿病用药领域，华东医药深耕近二十年，在主流治疗靶点形成了创新药和差异化仿制药产品管线全 面布局，目前商业化及在研产品达到二十余 ...

证券代码：000963 证券简称：华东医药 公告编号：2025-010 华东医药股份有限公司 关于全资子公司收到药品注册受理通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025年2月20日，华东医药股份有限公司（以下简称"公司"）全 资子公司杭州中美华东制药有限公司（以下简称"中美华东"）收到国 家药品监督管理局（NMPA）签发的《受理通知书》（受理号： CXSS2500030），由中美华东申报的德谷胰岛素注射液（研发代码： HJY-36）用于治疗成人2型糖尿病的上市许可申请获得受理。现将有 关详情公告如下： 一、该药物基本信息内容 药物名称：德谷胰岛素注射液 申请事项：境内生产药品注册上市许可 注册分类：治疗用生物制品3.3类 规格：3 ml: 300 单位（笔芯） 申报适应症：用于治疗成人 2 型糖尿病 申请人：杭州中美华东制药有限公司 结论：根据《中华人民共和国行政许可法》第三十二条的规定， 经审查，决定予以受理。 二、该药物研发及注册情况 德谷胰岛素是长效胰岛素类似物，具有独特的分子结构及作用机 第 1 页 共 4 页 制，作用时间延 ...