ck Code : 1093) R&D Capabilities 00 5 capacity of 250,000L R&D centers located in R&D platforms China & the U.S. 201010 + - 2401 Innovative drugs and R&D professionals new formulations Manufacturing Capabilities Commercialization Capabilities 2 10+ Production bases for pharmaceutical products Nano formulation production capacity of 20M doses/year; Biologics fermentation Chemical drugs production capacity of OSD ~30B tablets/year, production capacity of injection ~3B doses/year mRNA vaccine commercial produc ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 自願公告 軒竹生物自研創新藥地羅阿克片獲國家藥監局上市批准 四 環 醫 藥 控 股 集 團 有 限 公 司（「本公司」或「四環醫藥」，連 同 其 附 屬 公 司，統 稱 為 「本集團」）董 事 會（「董事會」）欣 然 宣 佈，本 集 團 旗 下 非 全 資 附 屬 公 司 軒 竹 生 物 科 技 股 份 有 限 公 司（「軒竹生物」）自 主 研 發 的ALK抑制劑1類 創 新 藥 地 羅 阿 克 片（曾 用 名「達 希 替 尼」，XZP-3621，商 品 名：軒 菲 寧®）獲 得 中 國 國 家 藥 品 監 督 管 理 局 (NMPA)批 准 上 市，用 於 治 療 間 變 性 淋 巴 瘤 激 酶(ALK)陽性的晚期非小細胞肺癌 (NSCLC)。該產品是軒竹生物第三個獲批上市的1類 創 新 藥，同 時 也 是 軒 竹 生 物 第二個獲批上市的1類 ...

Investment Rating - The report assigns a neutral rating to the company with a target price of HKD 70.40, indicating a potential downside of 9.4% from the current closing price of HKD 77.75 [6][11]. Core Insights - The company has experienced significant growth in innovative drug sales, with a year-on-year revenue increase of 16% in 1H25, driven by a 23% increase in innovative drug sales, which now account for 55% of product sales revenue [6][12]. - The management plans to increase R&D investment while keeping the total R&D expenditure as a percentage of total revenue below 30% [6]. - The company has achieved several business development (BD) milestones, including the approval of six innovative drugs in 1H25 and expectations to launch 47 new products and indications from 2025 to 2027 [6][12]. Summary by Sections Financial Performance - In 1H25, the company reported a revenue of approximately RMB 20 billion from collaboration income, up from RMB 14 billion in 1H24 [6]. - The gross margin improved by 0.4 percentage points to 86.6%, with a notable decrease in selling, general, and administrative (SG&A) expenses and R&D expense ratios [6][12]. - The projected revenue for 2025 is RMB 32,543 million, with a net profit forecast of RMB 7,698 million [12]. Business Development - The company has successfully completed three overseas agreements in 2025, including a deal with GSK valued at approximately USD 12 billion [6]. - The management's targets for the employee stock ownership plan include achieving over 25% annual growth in innovative drug sales and submitting 5-8 new drug applications each year from 2025 to 2027 [6]. Valuation - The report raises the revenue forecast for 2025-2027 by about 2% and the net profit forecast by 7-8% to reflect the contributions from various BD transactions and expected improvements in profit margins [6][12]. - The DCF valuation model indicates a fair value of HKD 70.40 per share, with no premium or discount applied to the Hong Kong shares compared to A-shares [6][7].

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 40,624 | 41,906 | 44,552 | 47,706 | 50,406 | | 同比（%） | 7.71 | 3.16 | 6.32 | 7.08 | 5.66 | | 归母净利润（百万元） | 2,839 | 3,512 | 3,932 | 4,421 | 4,950 | | 同比（%） | 13.59 | 23.72 | 11.95 | 12.45 | 11.95 | | EPS-最新摊薄（元/股） | 1.62 | 2.00 | 2.24 | 2.52 | 2.82 | | P/E（现价&最新摊薄） | 28.21 | 22.80 | 20.37 | 18.12 | 16.18 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·化学制药 华东医药（000963） 2025 年中报点评：工业板块归母利润增速 14% ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4]. Core Views - The company has received approval for the innovative drug DYX116 for weight loss indications, accelerating its pipeline, with a projected net profit increase of 22% in H1 2025 [2][4]. - The company reported H1 2025 revenue of 525 million yuan, a year-on-year increase of 21.29%, and a net profit of approximately 97.8 million yuan, up 21.94% year-on-year [4]. - The sales volume of diabetes and hypertension products has steadily increased, with significant contributions from key products, and the company is set to benefit from the tenth batch of centralized procurement starting in March 2025 [5][6]. Financial Summary - Revenue projections for 2025-2027 have been revised upwards, with expected net profits of 194 million yuan, 214 million yuan, and 244 million yuan respectively, translating to EPS of 1.65, 1.82, and 2.08 yuan per share [4][8]. - The company’s gross margin is expected to remain strong, with estimates of 83.8% in 2025, and net profit margin projected at 19.1% [8][11]. - The company’s total market capitalization is approximately 4.927 billion yuan, with a current share price of 42.00 yuan [2].

8月21日晚间，一品红发布2025年半年报。2025年上半年，公司实现营业收入5.84亿元；归属于上市公 司股东的净利润-7354.22万元。报告期内，公司围绕儿童药、慢病药及创新药持续深耕布局，研发管线 不断拓展。 今年以来，AR882的研发进展备受市场关注，一品红也因此在创新药"牛市"中股价接连创新高。一品红 药业集团董事长李捍雄表示，不断创新、研发新药，解决人类尚未攻克的疾病，是医药发展的根本使 命，也是科学家和医药企业家的责任。作为医药企业，一品红的研发创新是建立在"全球新"的基础上， 希望做到BIC"Best-in-class"（同类最佳）和FIC"First-in-class"（同类首创），培育出大单品，走向全 球。 创新药AR882全球研发提速 一品红创立于2002年，是一家集药品研发、生产、销售为一体的创新型生物医药企业，聚焦于儿童药和 慢病药领域。 2024年为一品红的转型、创新之年，公司正处于传统业务向创新药转型的换挡期。半年报显示，一品红 创新药的研发管线主要聚焦痛风、糖尿病、肥胖及免疫炎症等多种疾病，共有10多个在研创新药项目， 其中用于治疗高尿酸血症的创新药AR882处于三期临床试验 ...

公司已上市创新药数量达十款，创新药收入27.76亿元，同比增长26%，占总收入比例首次超过3/4，达 77.4%。2025年上半年2款创新药获批上市、2款候选药物进入NDA审评阶段，另有2款自研临床阶段产 品实现创新出海授权，创新转型成果亮眼。 三大领域10款创新产品协同发力 在公司聚焦的三大业务板块：神经科学营收12.49亿元、抗肿瘤营收8.74亿元、自免疾病领域营收8.78亿 元，相关产品分别贡献了集团收入的34.8%、24.4%、24.5%，较2024年同期增长37.3%、41.1%、3.3%。 8月21日，先声药业（02096.HK）发布2025年中期业绩报告。2025年上半年，先声药业集团总营业收入 同比增长15.1%至35.85亿元，经调整净利润6.51亿元，同比增长21.1%。 "三个5"创新产品梯队成型，推动先声迈入加速发展新阶段。 除却国内市场，随着SIM0500三抗美国I期临床患者用药、Polθ抑制剂SIM0508等多款在研新药中美临床 双报成功，先声正在加速全球化布局。 2025年上半年，先声药业旗下抗肿瘤创新药子公司先声再明与艾伯维（AbbVie）、NextCure分别就自研 GPRC ...

和黄医药 00013.HK 公司研究 | 中报点评 ——和黄医药 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到部分产品竞争加剧，我们下调公司 2025-2027 年营业收入分别为 6.00、 7.06、7.97 亿美元（原预测值为 7.30、8.41、9.49 亿美元）。根据可比公司，我们 给予公司 2026 年 6.06 倍 PS，对应目标价为 38.32 港元（汇率约 7.81），维持买入 评级。 风险提示 ⚫ 创新药研发进度不及预期、产品竞争加剧或者销售不及预期、公司中长期盈利能力 下降的风险。 公司主要财务信息 海外稳步放量，储备管线注入新动能 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 838.00 | 630.20 | 600.43 | 705.84 | 796.91 | | 同比增长 (%) | 96.52% | -24.80% | -4.72% | 17.56% | 12.90% | | 归属母公司净利润(百万元) | 100.7 ...

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [3][9] Core Views - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, with a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year [3] - The pharmaceutical industrial segment is the core growth engine, achieving a net profit of 1.580 billion yuan, a year-on-year increase of 14.09% [3] - The innovative product business has entered a high-growth phase, with sales and agency service revenue reaching 1.084 billion yuan, a 59% increase year-on-year [3][4] - The company has over 80 innovative drug pipelines under development, with significant investments in R&D [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 21.675 billion yuan, with Q1 and Q2 revenues of 10.736 billion yuan and 10.939 billion yuan respectively, showing growth rates of 3.12% and 3.65% [3] - The pharmaceutical commercial, industrial, and industrial microbiology segments reported revenues of 13.947 billion yuan, 7.317 billion yuan, and 368 million yuan respectively, with growth rates of 2.91%, 9.24%, and 29% [3] Innovative Products - The innovative product revenue surpassed 1 billion yuan, driven by new product approvals and sales, with key products including Nixinna®, Liraglutide®, and CAR-T product Saikeze® [3][4] - The company’s R&D investment reached 1.484 billion yuan in the first half of 2025, a 33.75% increase year-on-year, with direct R&D spending accounting for 15.97% of pharmaceutical industrial revenue [3][4] Market Position and Future Outlook - The company is focusing on expanding its international market presence and integrating into the global pharmaceutical supply chain, with the industrial microbiology segment achieving a revenue of 368 million yuan, a 29% increase year-on-year [7] - The aesthetic medicine segment experienced a revenue of 1.112 billion yuan, showing a decline but with signs of recovery in the second quarter [5][7] - The company expects to maintain a growth trend in its pharmaceutical industrial segment, with projected net profits of 4.028 billion yuan, 4.559 billion yuan, and 5.120 billion yuan for 2025, 2026, and 2027 respectively [9][11]

2)虹软科技(金鹰基金参与公司业绩说明会&电话会议) 调研纪要：虹软科技在2025年上半年的机构调研中，详细介绍了公司在手机业务、AI眼镜、智能辅助驾驶等多个领域的进展。手机业务方面，Q2 收入波动主要因客户项目验收延迟，但全年仍看好移动智能终端业务成长性。AI眼镜业务已与5-6个品牌签约，未来将从1.0音频眼镜发展到3.0带 屏幕AR眼镜，解决对焦、成像质量等核心问题。智能辅助驾驶产品方面，智能停车辅助系统和智能辅助驾驶系统完成技术验证，L2级解决方案进 入商业化落地阶段。毛利率下滑因智能汽车业务软硬一体产品出货，未来将转向纯软件授权，目标毛利率90%。研发人员数量保持稳定，下半年 不会大幅增加。手机业务增长逻辑包括智能芯片和硬件升级、扩大渗透率、开发影像和视觉相关应用，降低硬件成本。 调研纪要：捷捷微电2025年半年度报告显示，公司实现营业收入160,047.70万元，同比增长26.77%。晶闸管、防护器件和MOSFET为主要收入来 源，分别占主营业务收入的17.94%、34.31%和47.75%。2025年第二季度，晶闸管、防护器件和MOSFET的营收分别为1.51亿、3.15亿和4.25亿。毛 利率下 ...