近期，第76届AASLD年会召开，作为全球权威肝脏病学会议之一，我国创新药企在会上表现如何？展 望后市，创新药行业景气度会持续延续吗？（资料参考：证券日报《我国乙肝创新药物临床研究取得突 破性进展》，2025.11.10） 我国创新药企业在会上表现如何？ 1. 中国学者与团队整体表现突出 我国多个研究团队发表AASLD 2025大会报告，发布乙肝基础研究、临床诊治、新药研发、肝癌发病机 制、肝硬化、脂肪肝等肝病领域多方面最新研究成果。多位中国专家获得重要荣誉，年轻学者也屡 获"青年研究者"奖；国内多家医院的年轻医生积极参与学术交流，展现出中国肝病领域雄厚的人才储 备，中国肝病研究在国际舞台上的影响力正在不断提升。（资料参考：上海证券报《我国乙肝创新药物 研究获进展 多项研究成果亮相AASLD》，2025.11.10）；国际肝病《AASLD名家连线丨尤红教授：聚 焦乙肝指南革新、新药研发突破与中国学术力量——大会三大核心亮点》，2025.11.16） 创新药后续景气度如何？ 创新药领域再添重磅研究成果，产业后续景气度会持续吗？综合来看，创新药正受益于多个积极的行业 趋势： 一、出海热潮持续。创新药"出海"已成为 ...

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].

Core Viewpoint - The recent financial report of TeBao Bio (688278) shows significant growth in both revenue and net profit for the first half of 2025, indicating a strong performance driven by increased patient acceptance of its core product, Pegasys [1][3]. Financial Performance - Total revenue reached 1.511 billion yuan, a year-on-year increase of 26.96% - Net profit attributable to shareholders was 428 million yuan, up 40.6% - In Q2 alone, revenue was 837 million yuan, reflecting a 29.91% increase year-on-year, while net profit for the quarter was 246 million yuan, up 40.01% [1]. - Gross margin stood at 92.98%, a slight decrease of 0.41%, while net margin improved to 28.33%, an increase of 10.74% [1]. - Total operating expenses were 737 million yuan, accounting for 48.76% of revenue, down 6.08% year-on-year [1]. Cash Flow and Assets - Cash flow from operating activities saw a remarkable increase of 397.97%, attributed to a significant rise in cash received from product sales [4]. - The company experienced a 42.27% increase in cash and cash equivalents due to improved collections and the redemption of financial products [2]. - Trade receivables surged by 215.76%, reflecting expanded revenue scale and increased customer bill settlements [2]. R&D and Market Strategy - R&D expenses rose by 53.46%, driven by ongoing projects and increased personnel costs [4]. - The company emphasizes a customer-centric approach in its sales strategy, focusing on unmet market needs and enhancing product differentiation through innovation [10][11]. - The pricing strategy for its long-acting growth hormone, Yipeisheng, is set at 1798 yuan per 5mg, based on market research [12]. Market Position and Future Outlook - The company has a strong return on invested capital (ROIC) of 37.11%, indicating high capital efficiency [6]. - Analysts project a revenue of 1.117 billion yuan and an earnings per share of 2.75 yuan for 2025 [8]. - The company is strategically positioned in the immune and metabolic fields, focusing on innovative solutions for major diseases [17][20]. Fund Holdings - The largest fund holding TeBao Bio is Dongfanghong Ruifeng LOF, with a scale of 1.751 billion yuan and a recent net value of 1.705, reflecting a 55.32% increase over the past year [9].

Core Insights - The company reported strong growth in its semi-annual report, with a revenue of 1.511 billion yuan, representing a year-on-year increase of 26.96%, and a net profit of 428 million yuan, up 40.60% [1] - The core product, Pegbivac, has gained recognition for its effectiveness in improving clinical cure rates for chronic hepatitis B and significantly reducing the risk of liver cancer, driving both revenue and profit growth [1] Financial Performance - In the first half of 2025, the company achieved a record high in both revenue and net profit, with revenue reaching 1.511 billion yuan and net profit at 428 million yuan [1] - The growth rates of 26.96% in revenue and 40.60% in net profit indicate robust financial health and operational efficiency [1] Market Context - China has approximately 75 million chronic hepatitis B virus carriers, with 20 to 30 million suffering from chronic hepatitis B, highlighting a significant market opportunity for the company's products [1] - The annual incidence rate of liver cirrhosis among chronic hepatitis B patients is between 2% and 10%, and the progression from cirrhosis to liver cancer has an annual incidence rate of 3% to 6%, underscoring the critical need for effective treatments [1] Research and Development Initiatives - The company is actively involved in various public welfare and research projects aimed at hepatitis B clinical cure and liver cancer prevention, including the "Everest" project, which is the largest real-world study on chronic hepatitis B [2] - As of May 2025, the "Everest" project has enrolled 33,466 patients and achieved surface antigen clearance in 10,240 cases, with a clearance rate exceeding 30% for patients treated for over 36 weeks [2] Technological Advancements - The company has developed three core technology platforms related to polyethylene glycol (PEG) modification, protein drug production, and drug screening and optimization, establishing itself as a leader in the PEG long-acting protein field in China [3] - The recent approval of a new long-acting growth hormone, Yipeisheng, for treating growth hormone deficiency in children, positions the company to capture a share of the growing growth hormone market, projected to reach 28.6 billion yuan by 2030 [3] Future Outlook - The company plans to continue focusing on the fields of immunology and metabolism, accelerating innovation to produce more "China-made" products and services for human health [3]

Core Viewpoint - The report indicates significant growth in revenue and net profit for the company, driven by an increasing number of patients receiving its core product, Pegasys, due to the rising awareness of hepatitis B clinical cure concepts [1] Financial Performance - The company achieved a revenue of 1.511 billion yuan, representing a year-on-year increase of 26.96% [1] - The net profit attributable to shareholders reached 428 million yuan, marking a year-on-year growth of 40.60% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 431 million yuan, reflecting a year-on-year increase of 30.68% [1] - Basic earnings per share stood at 1.05 yuan [1] Growth Drivers - The primary reason for the revenue growth is the increasing number of patients receiving treatment with the company's core product, Pegasys, as the concept of clinical cure for hepatitis B becomes more widely accepted and supported by scientific evidence [1]

Core Viewpoint - The stock price of TEBIO Biotechnology is currently at 89.50 yuan, reflecting a decline of 1.36% from the previous trading day, with a trading volume of 4.91 billion yuan [1] Company Overview - TEBIO Biotechnology focuses on the research and production of biological products, with key products including pegylated interferon α, which is used for the treatment of hepatitis B and other viral hepatitis [1] - The company operates in sectors such as biological products and hepatitis concepts [1] Market Potential - The clinical cure market for hepatitis B has significant potential, with approximately 75 million hepatitis B virus carriers in China and 260 million globally [1] - Pegylated interferon α is one of the core drugs for the clinical cure of hepatitis B, and TEBIO's products, including Pegbivirin, hold an important position in the market [1] Financial Performance - In the first quarter of this year, the company's net profit attributable to shareholders increased by 41.4% year-on-year, primarily driven by growth in sales revenue of core products and cost optimization [1] - On August 4, TEBIO experienced a net inflow of 26.27 million yuan in main funds, although there was an overall net outflow of 153 million yuan in the past five days [1]