Group 1 - Innovative pharmaceutical companies in the Future Science City are achieving significant progress in drug development, including novel targeted therapies and gene therapies for ophthalmology and personalized cancer vaccines [1][2] - Innovent Biologics announced the completion of the first patient dosing for its novel ADC (antibody-drug conjugate) ICP-B794, which targets the B7-H3 antigen, a first-of-its-kind therapy that could fill a treatment gap for various solid tumors [1] - The drug is designed to minimize off-target effects and provide new treatment options for patients with lung cancer, esophageal cancer, nasopharyngeal cancer, and prostate cancer [1] Group 2 - Jinda Jiuzhou's gene therapy drug GA001 has received Fast Track designation from the FDA, expediting its clinical trial and registration process, with significant improvements in vision reported among trial participants [2] - GA001 is not limited by specific gene mutations, making it suitable for various causes of late-stage retinitis pigmentosa, indicating substantial market potential [2] - New Harmony Biotech's mRNA personalized cancer vaccine XH001 has initiated Phase I clinical trials, marking it as the first of its kind in China and lacking global market equivalents [2]

Core Insights - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, while net profit attributable to shareholders decreased by 7.1% to 3.51 billion yuan, with Q3 showing a revenue growth of 3.4% to 6.62 billion yuan and a net profit increase of 27.2% to 0.964 billion yuan, aligning with expectations [1][2] Revenue and Profitability - The comprehensive gross margin for the first three quarters of 2025 fell by 4.9 percentage points to 65.6%, with the sales contribution from the prescription drug segment decreasing from 82.3% in the previous year to 77.7% [1] - The sales expense ratio decreased by 5.1 percentage points to 24.1% [1] Prescription Drug Segment Performance - The sales of the prescription drug segment declined by 17.3% year-on-year to 15.45 billion yuan, including licensing fee income of 1.54 billion yuan, but Q3 sales recovered with a 1.6% year-on-year growth to 5.20 billion yuan [2] - The sales of oncology products dropped significantly by 56.8% to 1.65 billion yuan, accounting for 10.7% of the prescription drug segment's revenue, down from 20.4% in the previous year [2] - The revenue from the vitamin C raw material business grew by 22.3% to 1.79 billion yuan due to increased overseas demand, while antibiotic raw material revenue slightly decreased by 3.7% [2] R&D and Pipeline Development - R&D expenses increased by 7.9% to 4.19 billion yuan, with the R&D expense ratio rising by 3.9 percentage points to 21.0% [4] - The company has 28 key pipelines in II/III phase clinical trials, including HER2 ADC and EGFR ADC, with nine products in phase II and approximately 40 in phase I, covering both oncology and non-oncology fields [4] Future Outlook - The company has adjusted its earnings per share forecasts for 2025 from 0.46 yuan to 0.40 yuan, for 2026 from 0.49 yuan to 0.41 yuan, and for 2027 from 0.53 yuan to 0.45 yuan, while lowering the target price from 12.7 HKD to 9.7 HKD, indicating a potential upside of 31% [4]

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [8][14] Core Views - CSPC Pharmaceutical reported a revenue of RMB 19.89 billion for the first three quarters of 2025, a decrease of 12.3% year-on-year, with a net profit of RMB 3.51 billion, down 7.1% year-on-year. However, the third quarter showed signs of recovery with a revenue increase of 3.4% year-on-year to RMB 6.62 billion and a net profit increase of 27.2% year-on-year to RMB 964 million, aligning with expectations [5][10] - The company's gross margin decreased by 4.9 percentage points year-on-year to 65.6% in the first three quarters of 2025, with the sales contribution from finished drugs dropping from 82.3% to 77.7% [10][11] - The report highlights a significant decline in oncology product sales, which fell by 56.8% year-on-year to RMB 1.65 billion, representing only 10.7% of total finished drug sales [11] - CSPC has made progress in its innovative pipeline, with 28 key products in pivotal clinical trials and an increase in R&D expenses by 7.9% year-on-year to RMB 4.19 billion, reflecting a commitment to innovation [8][13] Financial Summary - For 2025, the company expects a revenue of RMB 26.785 billion, a decrease of 7.67% year-on-year, and a net profit of RMB 4.559 billion, with an EPS forecast adjusted down to RMB 0.40 [9][14] - The report projects a target price adjustment from HKD 12.7 to HKD 9.7, indicating a potential upside of 31% [14]

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [1][14] Core Views - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling RMB 19.89 billion, while net profit decreased by 7.1% to RMB 3.51 billion. However, in the third quarter, revenue grew by 3.4% year-on-year to RMB 6.62 billion, and net profit increased by 27.2% to RMB 964 million, aligning with expectations [4][10] - The gross margin decreased by 4.9 percentage points year-on-year to 65.6%, with the sales contribution from finished drugs dropping from 82.3% in the first three quarters of 2024 to 77.7% in 2025 [4][10] - The company has a robust pipeline with 28 key products in pivotal clinical trials and a significant increase in R&D expenses, which rose by 7.9% year-on-year to RMB 4.19 billion, representing 21.0% of revenue [7][13] Financial Performance - For the first three quarters of 2025, finished drug sales fell by 17.3% year-on-year to RMB 15.45 billion, but third-quarter sales returned to growth at RMB 5.20 billion, up 1.6% year-on-year [5][11] - The oncology product sales saw a significant decline of 56.8% year-on-year to RMB 1.65 billion, now representing 10.7% of total finished drug sales [5][11] - The API segment experienced a 22.3% year-on-year increase in vitamin C revenue to RMB 1.79 billion, while antibiotic API revenue slightly declined by 3.7% due to price drops [5][11] Pipeline Development - The company is advancing multiple trials for SYS6010 (EGFR ADC), which has received Fast Track Designation from the FDA and Breakthrough Therapy Designation from the NMPA, with data readouts expected in 2026 [6][12] - The innovative pipeline includes 28 products in phase II/III trials, nine in phase II, and approximately 40 in phase I, covering both oncology and non-oncology areas [7][13] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been adjusted down from RMB 0.46 to RMB 0.40, with target prices revised from HK$12.7 to HK$9.7, indicating a potential upside of 31% [14]

| √ | □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 | 中信建投证券股份有限公司、银华基金管理股份有限公司分 | | | 析师、研究员 | | 时间 | 2025 年 11 月 24 日 14:30～15:30 | | 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、公司昂拉地韦片有什么特色，是否对 H3N2 毒株有效？ | | | 答：昂拉地韦片是全球首款 RNA 聚合酶 PB2 靶点的甲型 流感口服药物，具有快速、强效、低耐药的特点，能够快速缓 | | | 解全身流感症状、强效抗击流感病毒，兼具低耐药性。 | | | 临床前研究结果表明，对包括奥司他韦耐药株、高致病性 | | 交流内容及具体 | 禽流感病毒株和巴洛沙韦耐药株等在内的多种不同亚型流感 | | 问答记录 | 病毒株具有强大的抑制活性。昂拉 ...

Core Viewpoint - Xuanzhu Biotechnology successfully listed on the Hong Kong Stock Exchange, becoming the first new listed company in Shijiazhuang this year, marking a significant milestone for the company and the local biotech industry [1] Company Overview - Xuanzhu Biotechnology focuses on the research and development of innovative drugs for major diseases such as digestive system diseases, tumors, and non-alcoholic fatty liver disease, having started its R&D efforts in 2008 [2] - The company is recognized as a unicorn and was introduced to Shijiazhuang from Hainan in 2020, establishing itself in the Shijiazhuang International Biopharmaceutical Park [2] Financial Aspects - The company has faced challenges in securing funding for its high-investment, high-risk drug development projects, often needing to approach dozens to hundreds of investment institutions for financing [2][3] - In September 2023, the company received a timely 10 million yuan biopharmaceutical R&D reward from Shijiazhuang, providing a significant boost to its innovation efforts [2] Recent Developments - Xuanzhu Biotechnology has successfully launched three innovative drugs: Annelazole Sodium, Pyrocyclic, and Diroac, demonstrating steady progress in its R&D journey [3] - The company submitted its listing application to the Hong Kong Stock Exchange in November 2024, aiming to leverage direct financing for core product development, production, and commercialization [3] Government Support - Various levels of government provided strong support during the listing process, including financial loan assistance and expedited administrative approvals, which significantly reduced the time required for compliance documentation [3] Fundraising and Future Plans - The company issued 67.33 million shares at an offering price of 11.60 HKD per share, raising a total of 780 million HKD, which will primarily be used for R&D and commercialization in its core therapeutic areas [4]

Core Viewpoint - The Chinese pharmaceutical industry is transitioning from "generic following" to "innovative leading," with a significant increase in original innovative drugs expected in 2024, reaching 704, ranking first globally [2]. Industry Overview - The Chinese pharmaceutical sector is entering a "golden decade" following the new clinical data verification policy implemented on July 22, with continuous policy support fostering a comprehensive support system for the industry [2]. - The industry is witnessing a strategic opportunity driven by "innovation" and "internationalization" as core forces [2]. Company Strategy - The company, Dongyang Sunshine Pharmaceutical, is focusing on source innovation, with a research pipeline that includes small molecules, antibodies, small nucleic acids, ADCs, and cell therapies [2]. - The research strategy has shifted from "Me-too" and "Fast-follow" to pursuing "BIC" (Best-in-Class) and "FIC" (First-in-Class) [2]. - Dongyang Sunshine has nearly 50 research pipelines, with over 10 in registration or critical clinical stages, showcasing potential products with differentiated advantages and international competitiveness [2]. Technological Innovation - The company is leveraging the AI wave by developing six AI models, enabling a full-chain drug discovery capability from molecular design to formulation design [3]. - The first AI-driven small molecule innovative drug, HEC169584, has entered clinical trials, showing potential superiority over comparator drugs [3]. Core Technology Platforms - Dongyang Sunshine has established multiple core technology platforms, including TCE bispecific antibodies, dual payload ADCs, and small nucleic acids, aimed at addressing significant unmet clinical needs such as solid tumor treatment and hepatitis B cure [4]. Internationalization Strategy - The company views internationalization as essential for the development of Chinese innovative pharmaceutical companies, employing a diversified strategy for overseas expansion [5]. - This includes "License-out" agreements for some new drugs and promoting self-developed products in Europe and the U.S., with the expectation that insulin glargine will be approved in the U.S. by Q1 2026 [5]. Future Outlook - Dongyang Sunshine has established a global sales network, with over 60 overseas formulations approved, and a leading market share for azithromycin tablets in Germany [6]. - The company aims to achieve over 20 billion yuan in revenue and 5 billion yuan in profit within five years, launching more than 10 new products and securing over five global collaborations [6]. - The essence of the advancement of Chinese pharmaceutical companies lies in the global recognition and validation of innovative value [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002317 公告编号：2025-109 广东众生药业股份有限公司 关于控股子公司一类创新药昂拉地韦颗粒 III期临床试验完成首例参与者入组的公告 昂拉地韦片（商品名：安睿威?）是全球首款靶向甲型流感病毒RNA聚合酶PB2亚基的一类创新药，适 用于成人单纯性甲型流感患者的治疗，具有快速、强效、低耐药等特点，于2025年5月获国家药监局批 准上市。同时，为满足青少年流感患者用药需求，公司补充开展了昂拉地韦片治疗12~17岁青少年单纯 性甲型流感患者的III期临床试验，在组长单位上海交通大学医学院附属瑞金医院PI指导下，目前参与者 入组情况顺利。 昂拉地韦颗粒是公司为方便儿童及吞咽困难的流感患者用药，开发的用于治疗甲型流感的一类创新药 物。昂拉地韦颗粒的II期临床试验结果表现出积极的疗效和良好的安全性，试验结果理想。在组长单位 首都医科大学附属北京儿童医院PI的指导下，公司于近日完成昂拉地韦颗粒III期临床试验的首例参与者 入组和给药。公司将继续按照相关要求高质量、加速度、科学规范地推进上述两项III期临床试验。 二、对公司的影响及风险提示 昂拉地韦颗粒 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Yifeng Pharmacy and Dazhenglin [1]. Core Insights - The report highlights that the cash flow of pharmacies is stable and valuations are low, indicating potential investment opportunities in leading pharmacy chains [1]. - The A-share pharmaceutical index has shown a year-to-date increase of 13.7%, while the Hang Seng Biotechnology Index has surged by 74.2% [4]. - The report identifies a turning point in the pharmacy industry, with a net decrease of 4,000 pharmacies in Q4 2024, suggesting a shift to a stock competition phase [4][24]. - The report emphasizes the importance of cost reduction and efficiency improvements among leading pharmacy chains, which have resulted in improved profit margins [27]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.9% this week, with significant declines across various sub-sectors, including medical devices and traditional Chinese medicine [4][9]. - Leading pharmacy chains are focusing on store adjustments and have shown marginal performance improvements, with revenue growth of 0.6% and net profit growth of 12.4% in the first three quarters of 2025 [20]. Valuation and Performance - As of November 23, 2025, the SW pharmacy sector's PE-TTM is approximately 21.5 times, indicating a valuation at the 37th percentile for the year [22]. - Major pharmacy chains like Yifeng Pharmacy and Dazhenglin have PEs below 20 times, highlighting their attractive valuation [22]. Research and Development Progress - The report details recent approvals and clinical advancements in innovative drugs, including the approval of Pfizer's long-acting hemophilia treatment [4]. - Specific recommendations for innovative drugs include companies such as Baidu Tianheng and BeiGene, with a focus on PD1/VEGF dual antibodies and GLP1 drugs [9][11][12]. Market Dynamics - The report notes that the number of retail pharmacies has begun to decline, marking a significant shift in the market landscape [24]. - Leading pharmacy chains are expected to enhance their market share through refined management and compliance capabilities [24].

2025.11.23 本文字数：1371，阅读时长大约2分钟 作者 |第一财经 安卓 截至招股书公告日，摩尔线程尚未盈利。2022年至2024年，摩尔线程分别实现营业收入0.46亿元、1.24 亿元、4.38亿元，归母净利润分别为亏损18.94亿元、17.03亿元及16.18亿元。2025年上半年，摩尔线程 实现营业收入7.02亿元，归母净利润为亏损2.71亿元。 其中，2022年至2024年，摩尔线程营业收入由0.46亿元增长至4.38亿元，营收复合增长率为208.44%。 该公司持续保持较高的研发投入，报告期内（2022年至2025年上半年）研发投入占比分别为 2422.51%、1076.31%、309.88%、79.33%。 截至2025年6月30日，摩尔线程累计未弥补亏损为16.04亿元。摩尔线程表示，上市后预计其账面累计未 弥补亏损将持续存在，导致一定时期内无法向股东进行现金分红。 另外，由于摩尔线程尚未盈利，如上市时仍未盈利，自上市之日起将纳入科创成长层。 根据目前发行安排，下周有2只新股可申购，均隶属科创板，分别为下周一可申购的摩尔线程，以及11 月28日可申购的百奥赛图。 11月20日晚间，摩 ...