登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、基本情况 福建广生堂药业股份有限公司（以下简称"公司"）创新药控股子公司福建广生中霖生物科技有限公司 （以下简称"广生中霖"）参与申报的新发突发与重大传染病防控国家科技重大专项"慢性乙型肝炎临床 治愈联合治疗新方案研究"项目已获得国家卫生健康委医药卫生科技发展研究中心下发的立项完成通 知。广生中霖作为课题参与单位参与该乙肝治愈专项项目课题一、课题三，负责课题的研究工作，且在 研乙肝创新药GST-HG131、GST-HG141及联合用药将作为项目课题研究用药。 （一）项目基本情况 项目执行年限：2025年12月-2028年11月 项目目标方向，旨在探索获得可推广应用的乙肝临床治愈方案并提高临床治愈率、绘制规范化慢性乙型 肝炎临床治愈路线图、形成适应我国慢性乙型肝炎人群临床治愈指南或共识等。 （二）公司参与项目课题情况 （1）课题一：反义寡核苷酸或HBsAg抑制剂序贯免疫调节剂提高乙肝临床治愈率的研究 课题编号：2025ZD01905901 课题牵头单位：首都医科 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 智通财经1月5日讯（记者 卢阿峰）在国家层面将乙肝防治目标进一步明确指向"临床治愈"的政策背景 下，广生堂（300436.SZ）围绕乙肝创新药的研发与临床布局迎来实质性政策支持。今日，广生堂公 告，其相关在研品种与联合治疗方案被纳入国家新发突发与重大传染病防控国家科技重大专项，企业研 发路径与国家公共卫生攻关方向实现深度对接。 据公告，广生堂旗下创新药控股子公司福建广生中霖生物科技有限公司（简称"广生中霖"），近日正式 获国家卫生健康委医药卫生科技发展研究中心通知，其参与申报的"慢性乙型肝炎临床治愈联合治疗新 方案研究"项目，成功纳入新发突发与重大传染病防控国家科技重大专项。 "慢性乙型肝炎临床治愈联合治疗新方案研究"由南方医科大学南方医院牵头承担，执行周期为2025年12 月至2028年11月。根据项目考核要求，旨在探索获得可推广应用的乙肝临床治愈方案并提高临床治愈 率、绘制规范化慢性乙 ...

格隆汇1月5日｜广生堂(300436.SZ)公告称，公司创新药控股子公司广生中霖参与的新发突发与重大传 染病防控国家科技重大专项"慢性乙型肝炎临床治愈联合治疗新方案研究"项目已获立项完成通知。广生 中霖负责课题一和课题三的研究工作，将使用在研乙肝创新药GST-HG131、GST-HG141及联合用药作 为项目课题研究用药。该项目旨在探索提高乙肝临床治愈率的联合新方案，对公司在乙肝治疗领域的技 术创新能力和研发实力是肯定，体现了公司在相关领域的核心竞争力。 ...

作为聚乙二醇蛋白质长效药物领域的龙头，特宝生物的业绩表现十分亮眼。2016-2024年间，公司营业 收入从2.8亿元增长至28亿元，营业利润从0.3亿元增长至9.7亿元。2025年前三季度公司营业收入同比增 长26.85%，营业利润同比增长16.11%，归母净利润同比提升20.21%。 文 | 财经思享汇，作者 | 王璇，编辑 | 管东生 2025年10月，派格宾新增"联合核苷（酸）类似物用于成人慢性乙型肝炎患者的HBsAg持续清除"适应 症，成为全球首个获批该适应症的药物，标志着乙肝临床治愈成为现实，实现这一突破的公司正是特宝 生物（688278.SH）。 图 公司营业总收入、营业利润、归母净利润情况 为股东创造财富的效率同样突出，自2019年以来，公司净资产收益率一直保持在10%以上，并呈现逐年 增长的趋势，而资产负债率并不高，截至2025年前三季度仅为20.52%。 公司业绩增长背后的核心动力是什么？这样的增长还能持续多久？ 大单品护城河 公司现有产品包含三个板块，分别为抗病毒用药（派格宾）、血液/肿瘤用药（珮金、特尔立、特尔 津、特尔康）、内分泌用药（益佩生）。其中，派格宾作为核心大单品，占到公司20 ...

Core Viewpoint - The 76th AASLD conference showcased significant advancements in China's innovative drug sector, particularly in hepatitis B treatment, indicating a positive outlook for the industry moving forward [1][4][5]. Group 1: Performance of Chinese Innovative Drug Companies - Chinese research teams made notable contributions at the AASLD 2025 conference, presenting findings on hepatitis B and other liver diseases, with several experts receiving prestigious awards [4]. - Breakthrough drugs and clinical data were highlighted, including HepaPrax combined with interferon achieving "sterilizing cure" for hepatitis B, and AHB-137 showing a 39% sustained clearance rate post-treatment [4][5]. Group 2: Future Outlook for the Innovative Drug Sector - The innovative drug sector is benefiting from several positive industry trends, including a sustained "going global" momentum, with overseas licensing deals reaching $104.2 billion and upfront payments totaling $8.1 billion by October 2025 [8]. - The pharmaceutical sector reported a net profit of 40.51 billion yuan in Q3 2025, a 7.67% year-on-year increase, with expectations for continued growth in innovative drug commercialization and overseas deals [8]. - Ongoing policy support is anticipated, with upcoming insurance negotiations expected to enhance the accessibility and affordability of high-priced innovative drugs [8]. - The innovative drug sector has experienced a three-month adjustment period, which is viewed as healthy, with expectations for a new round of growth as market dynamics shift [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.05 CNY, based on a 35x PE valuation for 2025 [3][6]. Core Insights - The company's revenue continues to grow significantly, with a 26.9% year-on-year increase in the first three quarters of 2025, reaching 2.48 billion CNY, while the net profit attributable to the parent company increased by 20.2% to 670 million CNY [9]. - The approval of a new indication for the core product, Paigebin, is expected to enhance its market penetration, as it is now recognized as a key drug for achieving functional cure in chronic hepatitis B patients [9]. - The consolidation of Jiutian Cayman into the company's financials has led to a slight increase in R&D and sales expenses, impacting profitability in the short term [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 3.63 billion CNY, 4.88 billion CNY, and 6.23 billion CNY, respectively, with year-on-year growth rates of 29.0%, 34.3%, and 27.7% [5]. - The net profit attributable to the parent company is forecasted to be 1.07 billion CNY in 2025, with a growth rate of 29.6% [5]. - The company’s gross margin is expected to remain stable around 93.3% to 93.7% over the forecast period [5].

Core Insights - The article discusses the launch of the "Hepatitis B Prevention and Health Education Project" and the "Action Plan for the Prevention and Control of Viral Hepatitis in China (2025-2030)" aimed at addressing the significant public health challenge posed by viral hepatitis, particularly Hepatitis B in China [1][2] Group 1: Current Situation and Challenges - Viral hepatitis is a major public health challenge globally, with Hepatitis B being the most prevalent and burdensome type in China [1] - Approximately 75 million people in China are chronic Hepatitis B virus carriers, with around 30 million unaware of their infection status, and only about 3 million of the 17 million needing treatment receiving standardized care [1][2] Group 2: Action Plan and Goals - The "Action Plan" aims to improve diagnosis and treatment rates, control new infections, and reduce the incidence and mortality of liver cirrhosis and liver cancer, laying the groundwork for the eventual elimination of viral hepatitis as a public health threat [2] - The plan encourages increased innovation in drug development and exploration of clinical pathways for functional cure of Hepatitis B [2] Group 3: Advances in Treatment - The treatment goals for chronic Hepatitis B in China have evolved from "disease control" to pursuing "clinical cure," with new drug trials emphasizing this shift [3] - The approval of pegylated interferon α-2b in 2025 for the sustained clearance of Hepatitis B surface antigen marks a significant upgrade in treatment objectives [3] Group 4: Implementation and Outreach - The establishment of nearly 1,300 "Hepatitis B Clinical Cure Clinics" promotes a patient-centered management system, enhancing the accessibility of advanced treatment outcomes [4] - The "Hepatitis B Knowledge" project aims to improve public understanding of Hepatitis B through educational activities, collaboration among institutions, and patient education, ultimately reducing the incidence and burden of the disease [4]

Core Viewpoint - The clinical results of the innovative drug GST-HG131 for hepatitis B treatment have been recognized by the American Association for the Study of Liver Diseases (AASLD) and accepted for presentation at the 2025 Liver Meeting, indicating significant progress in the company's research efforts [2][3]. Group 1: Company Overview - Fujian Guangshengtang Pharmaceutical Co., Ltd. has a subsidiary, Fujian Guangsheng Zhonglin Biotechnology Co., Ltd., which is focused on innovative drug development [2]. - GST-HG131 is the first oral HBsAg inhibitor to complete Phase II clinical trials globally, demonstrating good accessibility and patient compliance [3][7]. Group 2: Clinical Trial Results - Phase II clinical trials showed a rapid decline in HBsAg levels among patients, with the fastest reduction of approximately 0.8 Log10 IU/mL within 7 days [3]. - In the third group (30mg, BID, three-month treatment), the average HBsAg level decreased to 12.88%, representing an 87.12% reduction, with 76.5% of patients achieving HBsAg levels ≤100 IU/mL, a key indicator of partial cure [3][4]. Group 3: Market Context - Hepatitis B is a significant public health issue, with approximately 254 million people globally infected and around 1.1 million deaths attributed to the disease in 2022 [5]. - In China, the prevalence of HBsAg is 6.1%, with 86 million chronic HBV infections, indicating a substantial market opportunity for effective treatments [5]. Group 4: Future Prospects - The combination of GST-HG131 and GST-HG141 is expected to challenge clinical cure for hepatitis B, with the treatment plan included in the national "Optimizing Innovative Drug Clinical Trial Review and Approval Pilot Project" [4]. - The World Health Organization aims to eliminate viral hepatitis as a public health threat, with specific targets for reducing new infections and mortality rates, highlighting the potential impact of innovative treatments like GST-HG131 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Views - The core product, Peginterferon, continues to see increased volume, and the newly approved Yipeisheng is expected to contribute additional revenue [2][12]. - The company achieved a revenue of 1.511 billion yuan in the first half of 2025, representing a growth of 26.96%, and a net profit of 428 million yuan, up 40.60% [12]. - The report adjusts the earnings per share (EPS) forecast for 2025-2026 to 2.69 yuan and 3.62 yuan respectively, with a new forecast for 2027 at 5.04 yuan [12]. Financial Summary - The company’s total revenue is projected to grow from 2.1 billion yuan in 2023 to 6.45 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 32% [12][13]. - The net profit attributable to the parent company is expected to increase from 555 million yuan in 2023 to 2.048 billion yuan in 2027, indicating a strong growth trajectory [12][13]. - The company’s net asset return rate (ROE) is forecasted to improve from 29.6% in 2023 to 35.6% in 2027 [13]. Market Data - The stock has a 52-week price range of 58.11 to 91.33 yuan, with a current price of 81.70 yuan [6][12]. - The target price set for the stock is 99.41 yuan, based on a valuation of 37 times the projected price-to-earnings (PE) ratio for 2025 [5][12]. Product Development - The long-acting interferon is solidifying its foundational role in the treatment of chronic hepatitis B, driving rapid growth in Peginterferon sales [12]. - The long-acting growth hormone, Yipeisheng, has been approved and is expected to enhance revenue through its competitive advantages in product design and service [12]. - The company is increasing its research and development investments and expanding its pipeline in liver disease treatments through various collaborations [12].

Core Viewpoint - The article highlights the significant breakthroughs achieved by Teabo Bio during the "14th Five-Year Plan" period, emphasizing the importance of continuous innovation in the biopharmaceutical industry for survival and growth [2][3]. Group 1: Achievements During the "14th Five-Year Plan" - Teabo Bio has made substantial progress in scientific research, new drug development, and clinical cures over the past five years [3]. - The company supported the China Hepatitis Prevention Foundation's Everest Project, helping over 10,000 hepatitis B patients achieve clinical cure, with a surface antigen clearance rate exceeding 30% after 48 weeks of treatment, compared to the previous 1% to 3% [3][8]. - Teabo Bio has launched multiple national Class 1 new drugs in 2023 and 2025, marking significant milestones in its product development [6]. Group 2: Clinical Value and Research Focus - The company emphasizes that the key to navigating industry cycles is ensuring that products have genuine clinical value [8]. - The Everest Project has enrolled over 30,000 hepatitis B patients, with more than 10,000 achieving clinical cure, demonstrating a significant increase in cure rates [8]. - Teabo Bio has focused on public welfare and research projects related to hepatitis B clinical cure and liver cancer prevention, enhancing its product offerings [8][9]. Group 3: Financial Growth and Market Position - Teabo Bio's revenue and net profit for 2024 are projected to be 28.17 billion and 8.28 billion respectively, representing 3.86 times and 12.87 times the figures from 2019 [13]. - The company raised 330 million through its IPO on the Sci-Tech Innovation Board, which has alleviated previous funding constraints and supported rapid development during the "14th Five-Year Plan" [11][13]. - The implementation of an equity incentive plan in 2024 aims to enhance team stability and motivation, aligning efforts with performance goals [13]. Group 4: Future Outlook and Industry Confidence - Teabo Bio anticipates showcasing the results of its efforts over the past 5 to 10 years in the upcoming "15th Five-Year Plan" period, with expectations for new technologies and products [14][15]. - The company aims to transition from a product and technology-centric model to one that utilizes multiple platforms and tools to address disease issues [17]. - There is a growing trend for Chinese biopharmaceutical companies to expand globally, with increasing recognition of their innovative value [18].