6月27日，信达生物的玛仕度肽获批上市，适用于在控制饮食和增加体力活动基础上对成人患者的长期 体重控制，初始体重指数(BMI)为：BMI≥28kg/m2(肥胖);或BMI≥24kg/m2(超重)，并伴有至少一种体重 相关的合并症(如高血糖、高血压、血脂异常、脂肪肝、阻塞性睡眠呼吸暂停综合征等)。 管理层表示，针对该产品将采取全渠道营销模式，包括院内(专家、品牌)及院边市场，私人诊所、医美 机构、体检中心等院外渠道，以及零售、电商等新兴渠道全面铺开。我们建议关注该产品的放量，我们 预计2025-2026年的销售额分别为6亿元和18亿元。 海通国际主要观点如下： IBI363的发展及BD预期 IBI363(PD-1/IL-2α-bias双抗)基于信达生物多年的积累和对分子的理解，临床策略清晰，I期尽量暴露问 题，提高对MOA/用药理解，II期选择有代表性的瘤肿进行POC，奠定其它瘤肿开发，III期对确定性高 的适应症推进。一线适应症需针对剂量，人群和联合用药等因素做出判断。目前一线肠癌、胃癌、肺癌 符合预期，预计在2026年读出一线POC数据。 BD层面上，管理层表示对合作伙伴主要有两点要求。①对方需有肿瘤管线及 ...

上 市 公 司 医药生物 ——2024 年业绩符合预期，看好公司高端产品放量 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 79.03 | | 一年内最高/最低（元） | 159.80/65.17 | | 市净率 | 6.1 | | 股息率%（分红/股价） | 0.62 | | 流通 A 股市值（百万元） | 14,980 | | 上证指数/深证成指 | 3,279.03/9,899.82 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 12.92 | | 资产负债率% | 24.61 | | 总股本/流通 A 股（百万） | 190/190 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -40% -20% 0 ...

Core Viewpoint - Yanjing Beer reported strong financial performance in Q1 2025, with significant profit growth driven by revenue increase and effective cost control [2][4]. Financial Performance - Total revenue and net profit for Q1 2025 were CNY 3.827 billion and CNY 165 million, respectively, representing year-on-year growth of 7% and 61% [2]. - The non-recurring net profit was CNY 153 million, up 49% year-on-year [2]. - Gross margin and net margin improved to 43% and 6%, reflecting increases of 5.6 and 2.3 percentage points year-on-year [2]. - Operating cash flow and sales collection showed robust growth, with operating cash flow at CNY 1.333 billion (up 49%) and sales collection at CNY 4.713 billion (up 10%) [2]. Product Strategy - Beer sales reached 995,000 tons in Q1 2025, with the flagship product Yanjing U8 maintaining over 30% growth [3]. - The company is focusing on high-end products, with brands like "Jiuhao" targeting the raw beer market and "Lion King" aimed at premium craft beer consumers [3]. - The introduction of Beiste soda in March 2025 marks a strategic move into the non-alcoholic segment, enhancing market coverage for dining scenarios like hot pot and barbecue [3]. - The appointment of a brand ambassador has significantly increased market exposure, with discussion volume reaching 330 million across major platforms [3]. Profit Forecast - The company is expected to maintain high profit growth driven by the continued expansion of mid-to-high-end products, particularly U8, and ongoing operational improvements [4]. - EPS forecasts for 2025-2027 are CNY 0.51, CNY 0.62, and CNY 0.75, with corresponding PE ratios of 25, 21, and 17 times at the current stock price [4].