Group 1 - The "Rice Blood" industrialization base project of He Yuan Bio has completed the main structure and is now entering the equipment installation and debugging phase, aiming for production by 2026, with an expected annual output of 12 million recombinant human serum albumin injection [1] - The completion of the project is strategically significant for meeting national health needs, reducing reliance on imports, and ensuring supply chain security [1] - The innovative drug sector is described as a challenging field, often referred to as "nine deaths and one life" due to the difficulties from research to market application [1] Group 2 - Several innovative drug companies are accelerating their presence in Optics Valley, with a reported signing amount of nearly 4.5 billion yuan for new projects in the first quarter of this year [1] - Shanghai Fukang Pharmaceutical plans to focus on commercializing innovative drugs and expanding overseas from Optics Valley, citing the area's vibrant and opportunity-rich environment [2] - The first eye gene therapy drug from Nufos Bio is currently in phase three clinical trials, with plans to strengthen its headquarters in Wuhan [2] Group 3 - The recombinant human serum albumin injection has completed phase three clinical trials, demonstrating efficacy comparable to human blood albumin, and is expected to be approved for market this year [3] - The process of innovation is described as a long-term effort, with recent breakthroughs attributed to years of persistence and support from the local ecosystem [3] Group 4 - The successful launch of new drugs is expected to generate revenue that can support the development of other local biopharmaceutical companies, creating a positive cycle within the industry [4] - Optics Valley has cultivated over 500 high-tech enterprises, 7 local listed companies, and 3 billion-level leading enterprises, maintaining a competitive edge in central China and nationally [4]

自A股上市以来累计现金分红约人民币80.29亿元。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 商业化层面， 截至 2024 年 12 月 31 日 ，公司已建立起约 9,000 人的自建销售和营销团队，在中 国制药企业中规模领先。销售网络覆盖中国 30 多个省级行政区的超过 22,000 家医院以及超过 200,000 家线下零售药店， 处于 行业领先 地位 。 近年来，恒瑞 加速全球化扩张步伐，充分释放产品矩阵和技术平台的潜力。 公司 已在包括美国、欧 洲、澳大利亚、日本及韩国等地区启动超过 20 项海外临床试验，产品在 40 多个国家实现商业化。 自 2018 年以来，公司与全球合作伙伴达成了 14 笔对外许可交易，涉及 17 个分子实体，总交易额 高达约 140 亿美元，首付款总额约为 6 亿 美元， 同时 还获 得 了若干合作伙伴的股权。 公司 于 2024 年 收入 录得 人民币 280 亿元，自 2014 年起的复合年增长率约为 14% ，远超同期 全球制药市场约 4% 的复合年增长率。创新药已成为公司收入的主要来源之一，其销售收入占总收 入的百分比从 2022 ...

公 华福证券 司 研 究 恩华药业（002262.SZ） 业绩符合预期，看好全年业绩稳健增长 投资要点： 事件：公司发布 2025 一季报，2025 一季报实现收入 15.1 亿元（同比 +11.3%），归母净利润 3.0 亿元（同比+13.4%），扣非净利润 3.0 亿元（同 比+12.2%）。 公 司 财 报 点 评 25Q1 各项费用率有所增加，股权激励费用影响公司利润：2025 年第 一季度公司销售毛利率和销售净利率分别为 74.7%和 19.9%。2025 年第一 季度，公司销售费用率、管理费用率、研发费用率和财务费用率分别为 33.6%（同比+1.5pct）、4.9%（同比+1.4pct）、12.7%（同比+2.2pct）、和-0.2% （同比+0.3pct）。公司管理费用同比增加主要系股权激励费用和特许权使用 费摊销增加所致，研发费用增加主要系研发投入增加和股权激励费用影响 所致。 | 日期 | 2025-04-30 | | --- | --- | | 收盘价： | 22.33 元 | | 总股本/流通股本(百万股) | 1,016.18/881.79 | | 流通 A 股市值(百万元) | 1 ...

证券研究报告 2025 年 5 月份股票组合 2025 年 5 月 6 日 重要提示： n 本文推荐理由和目标价仅供参考，并不构成买卖建议，股市有风险，投资需谨慎。 2025 年 5 月份股票组合 东莞证券 2025 年 4 月份股票组合表现 | 证券代码 | 证券名称 | 收盘价 | 收盘价 | 区间 | 区间最大 | 4 月份 | | --- | --- | --- | --- | --- | --- | --- | | | | （25/3/31） | （25/4/30） | 最高价 | 涨幅 | 涨幅 | | 601336 | 新华保险 | 51.50 | 48.11 | 52.96 | 2.83% | -6.58% | | 600036 | 招商银行 | 43.29 | 40.74 | 43.78 | 1.13% | -5.89% | | 000831 | 中国稀土 | 31.67 | 31.22 | 35.96 | 13.55% | -1.42% | | 601899 | 紫金矿业 | 18.12 | 17.46 | 18.76 | 3.53% | -3.64% | | 603288 | 海天味业 ...

Group 1 - The company reported Q1 2025 revenue of 1.51 billion yuan, a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 300 million yuan, up 13.4% year-on-year [1] - In Q1 2025, the company's gross profit margin and net profit margin were 74.7% and 19.9%, respectively, with various expense ratios increasing, including sales expense ratio at 33.6% (up 1.5 percentage points year-on-year) [1] - The increase in management expenses was mainly due to higher stock incentive costs and amortization of franchise fees, while R&D expenses rose due to increased R&D investment and stock incentive costs [1] Group 2 - The company invested 721 million yuan in R&D in 2024, a year-on-year increase of 17.48%, with R&D personnel reaching 911, up 6.7% year-on-year [2] - The company has 14 innovative drug projects in development, with NH600001 completing Phase III clinical trials and expected to submit NDA within the year [2] - Other projects are at various clinical stages, including NHL35700 tablets and NH102 tablets in Phase II, and several others in Phase I or preclinical research [2] Group 3 - The company maintains revenue forecasts of 6.59 billion yuan, 7.69 billion yuan, and 8.93 billion yuan for 2025-2027, with growth rates of 16%, 17%, and 16% respectively [3] - Net profit attributable to shareholders is projected to be 1.31 billion yuan, 1.52 billion yuan, and 1.78 billion yuan for the same period, with growth rates of 15%, 16%, and 17% respectively [3] - The company is considered to be relatively undervalued, and given its growth potential and rich product pipeline, a "buy" rating is maintained [3]

证券代码：002317 编号：2025-004 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 信达证券股份有限公司分析师 | | 时间 | 2025 年 05 月 06 日 10:00～11:00 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 | | | 1、公司2024年的业绩情况。 答：公司 2024 年营业收入 246,741.84 万元；归属于上 | | | 市公司股东的净利润亏损 29,915.71 万元；扣除非经常性损 | | | 益后的净利润亏损 26,031.27 万元。业绩变动原因为（1）公 | | | 司核心产品复方血栓通系列制剂在 2023 年 6 月参与全国中成 | | | 药联盟集中带量采购并成功中选。2023 年 9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 169 million yuan in 2024, a decrease of 9.02% year-on-year, with a net loss attributable to the parent company of 240 million yuan [1][3]. - The successful approval of Gsorese tablets in November 2024 marks a significant milestone, alongside positive results from the D-2570 Phase II clinical trial for psoriasis [2][3]. - The company is advancing its clinical research with multiple products in various stages, including D-0502 in Phase III trials and D-0120 in Phase II trials [2]. Financial Summary - Revenue projections show a recovery with expected growth rates of 36.80% in 2025 and 35.89% in 2026, reaching 231 million yuan and 314 million yuan respectively [4][8]. - The net profit forecast for 2025 and 2026 has been revised down to -257 million yuan and -223 million yuan, respectively, with a new estimate for 2027 at -46 million yuan [3][4]. - The company’s total assets are projected to decline from 2,162 million yuan in 2023 to 1,438 million yuan by 2027, while total liabilities are expected to increase slightly [9]. Clinical Development Progress - The D-2570 product is being developed for multiple indications, including psoriasis, ulcerative colitis, and Crohn's disease, with promising clinical results indicating significant efficacy compared to existing treatments [2][3]. - The company has two products already authorized for sale and several others in various stages of clinical trials, showcasing a robust pipeline [2]. Market Performance - The current stock price is 22.56 yuan, with a market capitalization of approximately 13.047 billion yuan [5]. - The stock has shown a relative performance increase of 129.75% over the past year, indicating strong market interest [7].

Core Insights - Jimin Health reported a revenue of 776 million yuan in 2024, a year-on-year decrease of 13.28% [2][3] - The company achieved a net loss of 60 million yuan, showing an improvement compared to the previous year [2] - The basic earnings per share were -0.11 yuan [2] Financial Performance - Total assets for Jimin Health in 2024 were 2.41 billion yuan, down 2.64% from the previous year [3] - The equity attributable to shareholders decreased by 6.04% to 1.48 billion yuan [3] - The net cash flow from operating activities was 72.99 million yuan, a decline of 47.94% year-on-year [3] Business Segments - The medical services segment generated revenue of 321 million yuan, accounting for 41.79% of total revenue [4] - The medical device segment reported revenue of 171 million yuan, down 31.52% due to losses from a company scandal and declining sales [4] - The large-volume infusion business earned 277 million yuan, with 96.17 million yuan from 3000ml sodium chloride injection, representing 34.74% of the segment's revenue [4] Research and Development - Jimin Health invested 41.61 million yuan in R&D, which is 5.36% of total revenue, focusing on innovative drug development and enhancing technical capabilities [4]

2025Q1强势复苏：集采放量与产品结构优化共振 2025年一季度，公司实现营业收入6.52亿元，同比增长10.17%，环比增长15.97%，已大致恢复至2023年 同期水平，基本实现了通过产品销量的增长来抵消价格下降的影响。通化东宝业绩迎来拐点主要基于以 下几个方面： - 集采续标"以价换量"成功：4月国家胰岛素集采续标中，公司全系列产品以A/A1类中标，签约量达 4500万支，较首次集采增长约73%；甘精及门冬胰岛素系列产品新增准入医院近10,000家，渠道覆盖大 幅提升，为通化东宝未来3年胰岛素销售构筑稳定根基。 财报显示，2024年通化东宝净利润下滑主要受三方面因素影响：胰岛素集采价格调整：公司核心胰岛素 产品中标价下降，叠加渠道库存差价冲销，导致收入阶段性收缩；研发项目战略性终止：可溶性双胰岛 素注射液(THDB0207)研发终止，直接减少净利润约2.15亿元；诉讼赔偿支出：商标纠纷赔偿约6131万 元。 尽管上述因素拖累短期业绩，但通化东宝基本盘未受动摇。根据医药魔方销量数据，2024年公司胰岛素 市占率持续攀升至43.7%，稳居国内第一，甘精胰岛素市占率突破10%，门冬系列快速放量且市占率正 快 ...

编号： | | □特定对象调研 □分析师会议 | | | | | | --- | --- | --- | --- | --- | --- | | | □媒体采访 ■业绩说明会 | | | | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | | | | 类别 | □现场参观 | | | | | | | □其他 | | | | | | 参与单位名称及 | 通过全景网"投资者关系互动平台"参与公司 2024 年 | | | | | | 人员姓名 | 度报告网上说明会的广大投资者。 | | | | | | 时间 | 2025 年 日下午 15:00-16:00 | 4 月 | 30 | | | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | | | | 上市公司接待人 | 董事长王耀方先生、董事兼总经理王轲先生、董事会 | | | | | | 员姓名 | 秘书兼财务负责人姚毅先生、独立董事宁敖先生 | | | | | | | 公司于 30 日 15:00-16:00 在全景网"投 | 2025 | 年 | 4 | 月 | | | 资者关系互动平台"（ht ...