仿制药集采

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集采红利要见顶?海西新药再冲港股:主力仿制药年底到期,创新药管线却“断档”|创新药观察
Hua Xia Shi Bao· 2025-08-16 06:50
仿制药支撑营收半边天 近日,福建海西新药创制股份有限公司向港交所更新招股书,再度发起港股上市冲击。这家名称凸显"新药"属性 的药企,核心业绩却高度依赖仿制药业务——2022至2024年,仿制药收入占比连续三年超90%,其中集采中标品 种贡献近六成营收,成为驱动业绩增长的核心引擎。 招股书数据显示,受益于国家及省级带量采购政策,海西新药近三年业绩增速显著,年复合增长率达48.4%,净 利润同步翻倍。但繁荣背后隐忧凸显:主力集采产品合约即将到期,续约降价压力陡增,而创新药管线仅4款在研 且均处于临床早期,研发投入与头部企业差距显著,短期红利依赖与长期创新乏力的矛盾愈发突出。 海西新药此次IPO募资计划聚焦创新药研发,试图破解转型困局。然而,资本市场对仿制药依赖型企业的估值逻 辑已生变,港股生物医药板块中,仿制药企业的平均市盈率显著低于创新药企,海西新药还能凭借"仿制药现金流 +创新药布局"的故事打动投资者吗? 海西新药成立于2012年,由福建省三大国有资产平台(大同创业、福州投资、华侨实业)联合药界科学家康心汕 共同出资成立,是一家处于商业化阶段的制药公司,集研发、生产及销售能力于一体,具备在研创新药的管线。 尽 ...
医疗行业拐点已至:恒瑞医药浴火重生 迈瑞医疗海外扩张稳居王座
Di Yi Cai Jing· 2025-05-16 00:33
Group 1: Core Insights - Heng Rui Pharmaceutical is set to list on the Hong Kong Stock Exchange, aiming to raise up to HKD 130.8 billion, following its peers WuXi AppTec, BeiGene, and Rongchang Biologics [1] - The company has experienced a significant decline in generic drug revenue from 2021 to 2023, but is expected to rebound in 2024 due to its innovative drug business [1][8] - Mindray Medical, another industry giant, has seen a notable slowdown in revenue growth, with a mere 0.74% increase in 2024, marking a departure from its previous six years of nearly 20% growth [1] Group 2: Financial Performance - Heng Rui's revenue from generic drugs dropped from CNY 277.3 billion in 2020 to CNY 228.2 billion in 2023, with a significant impact from drug price reductions due to procurement policies [8] - In 2024, Heng Rui's innovative drug sales reached CNY 138.92 billion, a 30.60% increase, contributing to 49.64% of total revenue, marking a historical high [8][9] - Mindray's 2024 revenue was CNY 367.25 billion, a 5.14% increase, while net profit grew by only 0.74%, with domestic market revenue declining by 5.10% [13][14] Group 3: Market Trends and Future Outlook - The medical health sector is witnessing a new phase driven by advancements in AI technology and the international expansion of innovative drug and medical device companies [2] - The Chinese market's demand for innovative drugs has surged, with the proportion of innovative drug products in development increasing from 4.1% in 2016 to 29% in 2023 [2] - Mindray's overseas revenue reached CNY 164.3 billion in 2024, accounting for 45% of total revenue, with a strong focus on developing markets [14]