2025 年 04 月 28 日 持续研发投入，创新转型收获在即 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn | 基本数据 | 2025-04-25 | | --- | --- | | 当前股价（元） | 37.91 | | 总市值（亿元） | 171 | | 总股本（百万股） | 452 | | 流通股本（百万股） | 418 | | 52 周价格范围（元） | 12.9-41.97 | | 日均成交额（百万元） | 164.37 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 (%) 一品红 沪深300 相关研究 —一品红（300723.SZ）公司事件点评报告 一品红药业发布 2024 年年报及 2025 年 1 季报：2024 年实现 营收 14.50 亿元，同比下降 42.07%；实现归母净利润-5.40 亿元，2025 年 Q1 实现收入 3.77 亿元，同比下降 39.48%，实 现归母净利润 0.57 亿元，同比下降 43.70%。 券 研 究 报 告 公 司 研 究 投资要点 ▌ 集采和销售模式变化致收入和利润大 ...

持续研发投入，创新转型收获在即 资料来源：Wind，华鑫证券研究 -50 0 50 100 (%) 一品红 沪深300 相关研究 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn 2025 年 04 月 28 日 | 基本数据 | 2025-04-25 | | --- | --- | | 当前股价（元） | 37.91 | | 总市值（亿元） | 171 | | 总股本（百万股） | 452 | | 流通股本（百万股） | 418 | | 52 周价格范围（元） | 12.9-41.97 | | 日均成交额（百万元） | 164.37 | 市场表现 —一品红（300723.SZ）公司事件点评报告 一品红药业发布 2024 年年报及 2025 年 1 季报：2024 年实现 营收 14.50 亿元，同比下降 42.07%；实现归母净利润-5.40 亿元，2025 年 Q1 实现收入 3.77 亿元，同比下降 39.48%，实 现归母净利润 0.57 亿元，同比下降 43.70%。 投资要点 ▌ 集采和销售模式变化致收入和利润大幅变化 2023 年公司对营销模式进 ...

Core Viewpoint - Health元 demonstrates resilient performance in Q1 2025 with revenue of 4.089 billion yuan and net profit of 436 million yuan despite overall market pressures [1] Group 1: Financial Performance - The company reported a revenue of 40.89 billion yuan and a net profit of 4.36 billion yuan for Q1 2025, indicating strong operational resilience [1] - In the context of a challenging environment, Health元's net profit adjustment was significantly lower than revenue adjustment, showcasing its robust profitability [2] - The average decline in net profit for 49 chemical pharmaceutical companies was 70.31%, highlighting Health元's relatively stable performance [2] Group 2: Market Position and Product Development - Health元 has established itself in the respiratory sector, achieving over 1 billion yuan in revenue and breaking the long-standing monopoly of multinational companies [2] - The company is expected to benefit from the gradual release of products like Tobramycin inhalation solution and Marpatsavir, which will drive revenue growth in the inhalation segment [3] - Health元 has a diverse product matrix across various sectors, including digestion, reproductive health, and pain management, contributing to stable operations [4] Group 3: Innovation and Future Prospects - The company is focusing on innovation with a robust pipeline, including TSLP monoclonal antibody and IL-4R monoclonal antibody, which are in phase II clinical trials [5] - The anticipated approval of the flu drug Marpatsavir in the second half of the year is expected to tap into the lucrative flu market [3] - Health元's strategic focus on innovation and product development is expected to drive high-quality growth in the future [5]

Core Viewpoint - The article highlights the journey of Sheng Zelin, the founder of ZaiJing Pharmaceutical, who established the company at the age of 49 and has faced significant challenges despite recent stock price increases and revenue growth. The company has been criticized for its declining R&D investment and increasing sales expenses, raising concerns about its future in the competitive pharmaceutical industry [2][12][18]. Company Overview - Sheng Zelin founded ZaiJing Pharmaceutical in 2009, and it became the first "three-no" (no products, no revenue, no profit) company to be listed on the Sci-Tech Innovation Board in 2020 [2][10]. - The company's stock price has doubled in the past year, with a market capitalization of 26.68 billion yuan and Sheng Zelin's wealth exceeding 5 billion yuan [2][10]. - Despite achieving over 500 million yuan in revenue in 2024, the company has accumulated losses of approximately 2.8 billion yuan from 2016 to 2024 [2][12][13]. Financial Performance - In 2024, ZaiJing Pharmaceutical reported a revenue of 533 million yuan, a year-on-year increase of 37.91%, but still recorded a net loss of 138 million yuan [12][18]. - The company has faced continuous losses since 2016, with cumulative losses reaching 2.8 billion yuan by 2024 [12][13]. R&D and Sales Strategy - ZaiJing Pharmaceutical has seen a significant reduction in R&D investment, with R&D expenses decreasing from 509 million yuan in 2021 to 388 million yuan in 2024, while sales expenses have consistently exceeded half of the annual revenue [25][18]. - The number of R&D personnel has also declined, from 324 in 2022 to 289 in 2024, indicating a shift in focus towards marketing rather than innovation [25][18]. Market Position and Challenges - The company successfully launched its core product, Donafenib, in 2021, which broke the long-standing monopoly of Bayer's drug in the liver cancer market [10][24]. - However, ZaiJing Pharmaceutical missed critical market opportunities due to delays in product launches and is now facing intense competition from generics and other innovative therapies [20][25]. - The reliance on capital infusion for operations raises concerns about the sustainability of the business model, especially with increasing marketing costs and decreasing R&D efforts [18][15].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - There is a substantial market potential for gout and uric acid-lowering treatments, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with potential to become first-line treatments in oncology as clinical data continues to support their efficacy [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese biotech firms to enter the market [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes due to changes in competitive relationships [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly increase of 5.31% in the chemical pharmaceutical sub-sector [27][34] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's recent one-month decline was 2.19%, but it outperformed the CSI 300 index by 1.51 percentage points [43] - The current price-to-earnings ratio (PE) for the pharmaceutical sector is 30.67, which is below the five-year historical average of 32.78 [48] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policy support on inhalation formulations [52] 4. Important Industry Policies and News - Recent policies include a three-year initiative to improve pediatric and mental health services, and a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030 [55] - Notable industry news includes multiple companies receiving approvals for new drug applications and significant clinical trial results being presented at the upcoming ASCO conference [56][57]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - The market potential for gout and hyperuricemia treatments is substantial, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with clinical data indicating their potential to surpass existing treatments [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese enterprises [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly decline of 2.19% [29] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's current PE (TTM) is 30.67, below the historical average of 32.78, indicating potential undervaluation [47] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policies on inhalation formulations [52] 4. Recent Industry Policies and News - Recent policies focus on enhancing pediatric and mental health services, as well as promoting digital transformation in the pharmaceutical industry to improve competitiveness and quality [54] - Notable industry news includes significant clinical trial results and regulatory approvals for various new drugs, indicating ongoing innovation and development within the sector [55][56] 5. Recommended Companies and Earnings Forecast - The report recommends several companies based on their market potential and recent performance, including Yifang Bio, Zhongsheng Pharmaceutical, and Yifeng Pharmacy, among others [12][14]

Core Viewpoint - Zhejiang Anglikang Pharmaceutical Co., Ltd. reported a revenue of 1.538 billion yuan and a net profit of 80.3345 million yuan for 2024, reflecting a year-on-year decline of 41.94% in net profit primarily due to increased R&D expenditures [1] Group 1: Financial Performance - The company achieved a revenue of 1.538 billion yuan in 2024 [1] - The net profit attributable to shareholders was 80.3345 million yuan, down 41.94% year-on-year [1] - R&D expenses reached 231 million yuan, an increase of 33.74% year-on-year, accounting for 14.99% of total revenue [1] Group 2: R&D and Innovation - Anglikang secured 19 new invention patents in 2024 and participated in drafting national standards for pharmaceutical excipients [2] - The company received drug registration certificates for six products, including phosphate sitagliptin tablets and sacubitril valsartan sodium tablets [2] - Anglikang is accelerating its transformation towards innovative drugs, collaborating with Shanghai Qinhuli Biotechnology Co., Ltd. on the development of ALK-N001/QHL-1618 [2] Group 3: Industry Upgrades and Pet Medicine - The company is advancing technology upgrades with a focus on "raw materials + formulations" integration, optimizing processes to reduce energy consumption [3] - Significant progress was made in the pet medicine sector, with several products receiving GMP certification and approval numbers [3] - Anglikang is developing innovative vaccines for pets in collaboration with China Agricultural University, and a chronic pain rehabilitation software project has entered the registration application phase [3]

Core Viewpoint - The report highlights the strong growth momentum of Ailis, particularly in the sales of Vomeitin, with significant increases in revenue and net profit exceeding expectations [1][2][3]. Financial Performance - In 2024, Ailis achieved a revenue of 3.558 billion yuan, a year-on-year increase of 76.29%, and a net profit attributable to shareholders of 1.430 billion yuan, up 121.97% [2]. - For Q1 2025, the company reported a revenue of 1.098 billion yuan, a year-on-year increase of 47.86%, and a net profit of 410 million yuan, up 34.13% [3]. - The overall gross margin for 2024 was 95.97%, with a slight decrease of 0.17 percentage points year-on-year, while the operating cash flow net amount was 1.566 billion yuan, an increase of 132.12% [3]. Clinical Development - Ailis is actively exploring the clinical advantages of Vomeitin, with several clinical trials underway for various indications, including first-line treatment for NSCLC with EGFR mutations [4]. - The company has received approvals for multiple clinical trials, including a Phase III trial for Vomeitin in patients with brain metastases [4]. Commercial Strategy - Ailis has a marketing team of over 1,200 people, covering 31 provinces and approximately 4,800 hospitals, enhancing its sales network for Vomeitin and other products [5]. - The company is accelerating the construction of a new production line with an annual capacity of 150 million tablets of Vomeitin, supporting its commercialization efforts [5]. Investment Outlook - Revenue projections for Ailis from 2025 to 2027 are 4.52 billion yuan, 5.38 billion yuan, and 6.12 billion yuan, representing year-on-year growth rates of 27.0%, 19.0%, and 13.7% respectively [6]. - The net profit attributable to shareholders is expected to be 1.59 billion yuan, 1.93 billion yuan, and 2.19 billion yuan for the same period, with corresponding growth rates of 11.4%, 20.9%, and 13.5% [6].

截至目前，益方生物的收入主要靠技术授权和产品分成实现。截至目前，益方生物已获批上市的产品 有：贝福替尼(商品名：赛美纳)和格索雷塞(商品名：安方宁)。其中，贝福替尼在中国市场的销售由贝 达药业（300558）负责；格索雷塞则由正大天晴负责其中国商业化推广。据年报信息，2024年益方生物 收入下滑，主要是由技术授权收入减少及新品销售分成尚未放量所致。 本报讯(记者金婉霞)4月26日，益方生物科技(上海)股份有限公司(下称"益方生物")发布2024年年报。报 告期内，公司全年实现营业收入1.69亿元，同比下降9.02%；净亏损2.40亿元，亏损同比收窄15.41%； 扣除非经常性损益后净亏损2.50亿元，同比收窄14.82%；累计未弥补亏损达25.45亿元。尽管尚未实现 盈利，但公司创新药研发管线取得多项关键进展，商业化布局稳步推进。 年报强调，因创新药研发投入高、周期长，公司仍面临未盈利风险。目前除授权产品外，其余管线尚未 商业化，销售团队尚未建立。公司表示，在商业化方面，将依托合作伙伴渠道优势，同时探索自主销售 模式，加速产品价值释放。 新产品方面，截至2024年底，益方生物治疗中重度银屑病的在研产品D-25 ...

Core Viewpoint - The company reported a challenging performance in 2024 due to policy adjustments and increased market competition, but showed significant improvement in Q1 2025, indicating a potential for long-term value release [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.467 billion yuan and a non-GAAP net profit of -260 million yuan [1]. - In Q1 2025, the company reported a revenue of 634 million yuan, maintaining year-on-year stability, with a net profit attributable to shareholders of 82.61 million yuan, a 61.06% increase, and a non-GAAP net profit of 78.43 million yuan, an 8.60% increase [1]. Market Dynamics - The company's core product, the compound thrombus-dissolving series, faced price reductions due to centralized procurement policies, impacting short-term performance but potentially expanding market share in the long run [1][2]. - The company is positioned as a leader in the market for its core products, aiming to achieve a "volume for price" strategy [1]. Strategic Adjustments - The company has made provisions for goodwill impairment due to cautious principles, which do not reflect the true operational status of its core business [2]. - The company is strategically pausing some R&D investments to focus on more promising projects in metabolic and respiratory diseases, which may enhance long-term growth [2][4]. R&D and Innovation - The company has established a multi-layered R&D system focusing on traditional Chinese medicine, high-end generic drugs, and innovative drugs, which is crucial for competitive differentiation [3][4]. - The RAY1225 project, targeting type 2 diabetes and obesity, showcases the company's unique dual-target mechanism, enhancing its market competitiveness [3]. - The company has consistently invested over 10% of its revenue in R&D for the past three years, reflecting its commitment to innovation [4]. Regulatory Environment - Recent government policies encourage pharmaceutical companies to increase R&D investments, providing tax incentives and subsidies, which will benefit the company's innovative drug development [4][5].