2025 年 08 月 21 日 王睿哲 C0062@capital.com.tw 目标价(元) 75.4 公司基本信息 | 产业别 | | 医药生物 | | --- | --- | --- | | A 股价(2025/8/20) | | 62.85 | | 上证指数(2025/8/20) | | 3766.21 | | 股价 12 个月高/低 | | 65.43/41.89 | | 总发行股数(百万) | | 6637.20 | | A 股数(百万) | | 6379.00 | | A 市值(亿元) | | 4009.20 | | 主要股东 | | 江苏恒瑞医药集 | | | | 团有限公司 | | | | (23.18%) | | 每股净值(元) | | 8.81 | | 股价/账面净值 | | 7.14 | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | 10.0 14.8 | 49.8 | 近期评等 | | | | 产品组合 | | | --- | --- | | 抗肿瘤 | 52.1% | | 神经科学 | 15.3% | | 造影剂 | 9.8% | 机构投资者占流通 A 股比例 | ...

群益证券(香港)研报指出，华东医药25H1录得归母净利润18.1亿元，YOY+7.0%，扣非后净利17.6亿 元，YOY+8.4%，公司业绩符合预期。创新药上量，医药商业稳定，医美板块季度环比恢复。医美板块 仍然承压，其中英国Sinclair25H1营收约5.2亿人民币，YOY-8%,国内欣可丽美学营收5.4亿，YOY- 12.2%,但从单季环比来看，英国公司及中国公司Q2营收均分别环比增长20%和14%，季度略有恢复，另 外，公司高端产品玻尿酸产品MaiLi系列年内上市，预计医美板块年内可能可以触底；另外，公司医药 商业板块表现稳健，25H1实现营收139.5亿元，YOY+2.9%,录得净利润2.3亿元,YOY+3.7%。多个项目陆 续进入临床，但该行认为公司创新研发持续推动，将保障未来业绩增长。看好公司创新药上量对业绩的 带动，但考虑到多个项目进入临床，研发支出增加，小幅下调盈利预测。维持"买进"的投资评级。 ...

百奥泰生物制药股份有限公司2025 年半年度报告 公司代码：688177 公司简称：百奥泰 百奥泰生物制药股份有限公司 百奥泰生物制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司核心竞争力风险、经营风险、行业风险和宏观环境风险等因 素，敬请查阅本报告第三节"管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人LI SHENGFENG（李胜峰）、主管会计工作负责人占先红及会计机构负责人（会 计主管人员）史利华声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否 ...

（文章来源：每日经济新闻） 开源证券8月21日发布研报称，给予华东医药（000963.SZ，最新价：45.7元）买入评级。评级理由主要 包括：1）创新药收入快速增长，产品矩阵陆续建立；2）"pharma估值重塑"代表公司，创新转型加速。 风险提示：集采降价的风险；药品研发失败的风险；产品竞争加剧的风险等。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][10] Core Views - The company's performance is under short-term pressure due to the implementation of centralized procurement, with a revenue of 654 million yuan in the first half of 2025, down 2.3%, and a net profit of 137 million yuan, down 6.8% [1][4] - The company is advancing its innovation transformation through self-research and strategic investments, with multiple new drugs making clinical progress [2][3] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 654 million yuan, a decrease of 2.3%, and a net profit of 137 million yuan, a decrease of 6.8%. The gross margin was 75.81%, down 1.9 percentage points, and the net margin was 20.87%, down 1.0 percentage points [1][4] - For Q2 2025, revenue was 349 million yuan, down 1.7%, while net profit increased by 7.0% to 76 million yuan [1] - The company’s expense ratios included a sales expense ratio of 31.64% (down 3.7 percentage points), a management expense ratio of 6.91% (up 0.4 percentage points), and a research and development expense ratio of 19.79% (up 3.5 percentage points) [1] Innovation and Strategic Investment Summary - The company has made progress in its self-research pipeline, with several new drugs receiving clinical approvals, including small molecule drugs EP-0108, EP-0146, and EP-0186, as well as the monoclonal antibody EP-9001A completing phase 1b clinical trials [2] - Strategic investments are accelerating the company's innovation transformation, including an increase in equity investment in Shanghai Chaoyang Pharmaceutical to 30.68%, focusing on oncology and autoimmune areas [2] Profit Forecast - The company is expected to achieve revenues of 1.501 billion yuan, 1.795 billion yuan, and 2.202 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.2%, 19.6%, and 22.7% [3] - The forecasted net profit for the same years is 282 million yuan, 345 million yuan, and 431 million yuan, with growth rates of 18.2%, 22.5%, and 24.8% respectively [3]

ck Code : 1093) 2025 Interim Results Presentation Aug. 2025 ININI China's Leading Innovative Pharmaceutical Enterprise 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 o ...

Core Viewpoint - The company reported a slight decrease in revenue but a significant increase in profit for the first half of 2025, indicating a stable operational performance despite market challenges [7][8]. Financial Performance - The company achieved a revenue of RMB 6,271.91 million, a decrease of 0.17% compared to RMB 6,282.35 million in the same period last year [7]. - The total profit reached RMB 1,828.11 million, reflecting a year-on-year increase of 13.66% from RMB 1,608.39 million [7]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 1,258.46 million, up 8.91% from RMB 1,155.47 million in the previous year [7]. Business Segments - The company’s various business segments showed mixed results, with growth in digestive, psychiatric, reproductive, and traditional Chinese medicine sectors, while the raw materials and diagnostic segments faced slight declines [8]. - The company’s focus on improving operational efficiency contributed to the increase in total profit and net profit [8]. R&D and Pipeline Development - The company invested approximately RMB 491 million in R&D, accounting for 7.82% of total revenue, supporting its strategic initiatives [8]. - As of July 31, 2025, the company had 39 products in the pipeline, with 13 in the registration phase and 4 in Phase III clinical trials [8][9]. - Key projects include innovative drugs targeting various conditions, with significant progress reported in clinical trials for several products [10][11][12]. Market Expansion and Sales Strategy - The company reported overseas revenue of approximately RMB 1.004 billion, an increase of 18.40%, accounting for 16.01% of total revenue [22]. - The company is actively expanding its presence in international markets, with a focus on local operations and tailored marketing strategies [22][23]. - The company aims to enhance its sales channels and market penetration through a comprehensive approach involving hospitals, grassroots medical institutions, and retail [19][20]. ESG and Sustainability Initiatives - The company has been recognized for its commitment to ESG principles, achieving high ratings in sustainability assessments [29]. - Efforts include enhancing employee welfare, promoting green manufacturing practices, and engaging in community support initiatives [32][31].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，重庆智翔金泰生物制药股份有限公司（以下简称"公司"）收到国家药品监督管理局核准签发的 《药物临床试验批准通知书》，公司在研产品GR1802注射液青少年季节性过敏性鼻炎适应症的临床试 验申请获得批准。现将相关情况公告如下： 一、药品基本信息 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，GR1802注射液临床试验申请符 合药品注册的有关要求，同意本品开展青少年季节性过敏性鼻炎适应症的临床试验。 二、药品其他相关情况 GR1802注射液是一款由公司自主研发的重组全人源抗IL-4Rα单克隆抗体，作用靶点为IL-4Rα。GR1802 注射液能特异性结合细胞表面人IL-4Rα，阻断IL-4、IL-13与IL-4Rα的结合，抑制下游STAT6磷酸化，抑 制CD23上调，从而抑制由IL-4或IL-13介导的Th2型炎症反应。 此前，GR1802注射液已获得多个适应症的临床试验批准通知书，成人中、重度特应性皮炎适应症、慢 性 ...

"创新药第一股"贝达药业（300558）于8月20日交出了一份增收不增利的半年报，公司上半年净利下降 至1.4亿元，降幅达到37.53%。贝达药业把业绩下滑归因于计入当期损益的折旧摊销等费用升高。报告 期内，公司销售费用、管理费用和财务费用均出现上升。值得关注的是，在三大费用攀升的同时，贝达 药业的研发投入却不增反降，同比下降超20%。此外，贝达药业拖欠益方生物的1.8亿元里程碑款项已 出现逾期，更进一步暴露其资金压力。在业内人士看来，这可能会影响贝达药业的商业信誉与未来的合 作前景。 净利下滑吓崩股价 一季度尚且实现净利增长的贝达药业，上半年净利出现了明显下滑，公司股价因此盘中一度重挫逾 10%。 财务数据显示，贝达药业上半年实现营业收入17.31亿元，同比增长15.37%；归属净利润1.4亿元，同比 下降37.53%。这是公司自2022年之后，首次在半年报出现净利润同比下滑现象 在研发投入下降的同时，贝达药业销售费用出现持续攀升。今年上半年，贝达药业销售费用约为5.94亿 元，同比增长13.34%。2022—2024年期间，贝达药业半年度销售费用分别为4.4亿元、4.58亿元、5.24亿 元。 此外，今年 ...

Core Viewpoint - Jimin Health reported a significant decline in its financial performance for the first half of 2025, with a revenue drop of 21.30% and a net loss of 52.7 million yuan, contrasting sharply with a profit of 25.4 million yuan in the same period last year [1][3][4]. Financial Performance - The company achieved a revenue of 366 million yuan in the first half of 2025, down from 465 million yuan year-on-year, marking a decrease of 21.30% [3][4]. - The net profit turned into a loss of 52.7 million yuan, a drastic decline of 307.10% compared to a profit of 25.4 million yuan in the previous year [3][4]. - The total profit for the period was reported at -57.6 million yuan, indicating a significant downturn in profitability [4]. Reasons for Performance Decline - The decline in performance is attributed to three main factors: 1. A 40% drop in external sales revenue of safety syringes due to U.S. tariffs, leading to an 82% decrease in gross profit from these products [4]. 2. A 92% decline in sales revenue of pre-filled catheter flushing devices and safety syringes in the domestic market, influenced by the "He Qinghong seal forgery incident" [4]. 3. The company made an additional inventory write-down provision of approximately 20 million yuan for pre-filled catheter flushing devices and safety syringes based on current market conditions [4]. Stock Market Performance - Despite the poor financial results, Jimin Health's stock price has surged, closing at a limit-up on August 20, 2025, and achieving five consecutive limit-up days since August 14, with a total increase of 61.14% [2][5]. - The stock price saw a cumulative increase of 53.78% from August 13 to August 19, 2025, with a trading volume turnover rate of 31.31% on August 20 [7]. Corporate Governance Issues - The company faced governance challenges due to the "He Qinghong seal forgery incident," where the vice president and team members forged company seals for unauthorized sales agreements, resulting in approximately 117 million yuan in sales [10][11]. - Jimin Health has taken steps to address these governance issues, including terminating the vice president's employment and conducting a thorough review of related business operations [14]. Strategic Responses - In response to the challenges, the company is exploring new markets outside the U.S. for safety syringes, including Brazil, Panama, Australia, and Canada [14]. - The company is also actively engaging with distributors to resolve inventory issues and is prepared to take legal action if necessary [14]. - Additionally, Jimin Health is advancing its research and development efforts, including a recent agreement for the transfer of technology related to a new oncolytic virus drug [14].