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创新药行业迈入“收获期”
Zheng Quan Ri Bao· 2025-08-24 16:09
从归母净利润增速来看,6家企业实现同比增长超100%。8月23日,科兴生物制药股份有限公司公告 称,公司2025年上半年归母净利润实现8034.45万元,同比增长576.45%,成为行业"增速王";成都圣诺 生物科技股份有限公司(以下简称"圣诺生物")以308.29%的同比增速位居行业第二;金凯(辽宁)生 命科技股份有限公司(以下简称"金凯生科")以123.61%的同比增速,位居行业第三。 当前,上市公司2025年半年报正在密集披露中,多家创新药企在营收、归母净利润等核心指标上表现亮 眼,行业整体展现良好发展态势。Wind数据显示,截至8月24日,共计39家创新药企发布2025年半年度 业绩报告,其中27家归母净利润变动幅度实现正增长,占比达69.23%,更有6家企业归母净利润同比增 长超100%。 盘古智库高级研究员江瀚表示,通过这一成绩单可以看出行业已经走出了低谷期,盈利动能显著恢复。 从周期位置判断,利润增长开始兑现,标志着行业正从"投入期"迈入"收获期",整体进入温和扩张阶 段,景气度处于回升通道。 6家净利同比增长超100% 从营收规模来看,3家企业位处"百亿元梯队"。华东医药股份有限公司(以下简称 ...
突破3800点!A股不断创新高 当下投资如何布局?基金经理这样说...
天天基金网· 2025-08-24 09:05
由天天基金独家播出的《下半年配置诊疗室》直播特别策划现已正式上线! 扫描二维码 或 点击文末阅读原文 在天天基金APP参与直播互动,更有 京东卡、猫超卡 超多好礼等你 来抽~ 下周,将有 11场精彩直播 ,场场都有大咖坐镇,话题覆盖创新药、新能源等诸多热门话题,欢迎一键预约 观看哦~ 8月25日(周一)14:00 主题: 《牛市中需要注意的一些事项 》 出席嘉宾: 胡健强、马寅喜 下半年 配置诊疗室 牛市中需要注意的 世雷玩 基 胡 基马 金健 金寅 侦喜 经 强 探 理 社 直播时间: 2025年8月25日 14:00 天天基金·天天直播间 交易日9:00-21:00, 多场直播刷不停! 点击下方链接即可一键预约 主题: 《健康中国"药"不能停 》 出席嘉宾: 麦健沛 8月25日(周一)15:00 点击下方链接即可一键预约 8月25日(周一)16:00 主题:《下半年资产配置攻略 》 出席嘉宾:赵荣杰 了三 l >= 前日 71 te - HEE R 信 K 信基金经 師 天天基金·天天直播间 交易日9:00-21:00,多场直播刷不停! 点击下方链接即可一键预约 主题:《A股不断创新高!当下关注哪些方向? ...
恒瑞医药:出海扬帆,创新为王
Ge Long Hui· 2025-08-24 05:06
回顾过往,从灵魂砍价到高质量发展,中国创新药迎来高歌猛进的黄金十年。如今,从"中国制造"到"全球智造",中国创新药企们正在重新定义全球医药产 业的游戏规则。 在这股浪潮中,作为中国创新药企的领军者,恒瑞医药自今年上半年成功赴港上市后,再次迎来他的高光时刻。在其赴港上市厚首份业绩成绩单中,核心指 标再创新高。 根据公告显示,2025上半年,公司营收、净利润双双大幅增长,创下历史新高。尤其引人注目的是,其创新药销售收入与对外授权收入占比突破60%,标志 着正式迈入高质量发展的"收获期",转型升级全面提速。 亮眼数据的背后,是中国创新药从"跟跑"到"领跑"的质变,更是中国经济从规模扩张向质量跃升的核心密码——以创新为引擎、以国际化为路径,在全球价 值链重构中抢占制高点。 营收净利再创新高,迈入收获期 尽管面临医药行业政策持续调整与变革,恒瑞医药依然展现出强劲的业绩韧性,稳健穿越行业周期,持续引领创新转型。 从收入端看,公司坚定创新驱动,业绩实现高速增长。 创新转型的成效已在利润端清晰显现。2025年上半年,公司实现归母净利润44.5亿元,同比增长29.67%;净利率达到28.26%,同比提升3.05个百分点,创上 ...
破局创新药商业化全球路径 第五届深圳生物医药创新大会举行
Zhong Zheng Wang· 2025-08-23 05:57
中证报中证网讯(王珞)近日,第五届深圳生物医药创新大会在深圳南山举行。此次大会由广东省生物医 药创新技术协会与上市公司博济医药(300404)共同主办,深圳博瑞、科兴制药联合承办,旨在聚焦生 物医药全产业链创新与国际化发展,推动粤港澳大湾区生物医药产业高质量融合与全球合作。 此次大会创新采用"线下主会场+线上云直播"双模式,共吸引行业近3500人参与,其中广东省生物医药 创新技术协会执行会长朱少璇、药渡创始人李靖、博济医药董事长王廷春等近200位医药行业专家、企 业代表及投资人线下会场,超3300人次通过线上直播端口同步参会。 朱少璇表示,全球医药产业正经历深刻变革,表现为AI等技术大幅缩短新药研发周期、中国药企国际 化步伐加快,以及商业化能力成为核心竞争力。她呼吁粤港澳大湾区产、学、研、医、投各界加强协 同,共同构建开放、融合、具有全球竞争力的生物医药创新生态。 药渡创始人李靖以《中国创新药加速崛起真相》为题,系统梳理了中国创新药的发展历程与现状,他表 示,中国创新药出海已成为常态,2024年License-out交易金额突破4000亿元,首付款近360亿元,预计 2030年将超700亿元。ADC、双抗、细 ...
医药生物行业2025年8月投资策略:关注创新药产业链以及估值合理的器械标的
Guoxin Securities· 2025-08-20 15:26
Core Insights - The report emphasizes the focus on the innovative drug industry chain and reasonably valued medical device targets for investment strategies in the pharmaceutical and biotechnology sector [1][4]. Investment Strategy - The investment strategy suggests paying attention to the innovative drug industry chain and reasonably valued medical device targets. The proposed investment portfolio for August 2025 includes A-shares such as Mindray Medical, WuXi AppTec, Aier Eye Hospital, New Industry, Huatai Medical, Kaili Medical, Aohua Endoscopy, Adebiotech, Aibo Medical, and KingMed Diagnostics, as well as H-shares like Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi, WuXi AppTec, Aikang Medical, and Gushengtang [4][5]. Market Trends - The National Healthcare Security Administration (NHSA) has released a list of drugs that passed the initial review for innovative drugs, indicating potential growth from commercial insurance. In 2025, the NHSA received 718 submissions for the basic medical insurance directory, with 534 passing the initial review, and 141 submissions for the commercial insurance innovative drug directory, with 121 passing the initial review [4][9]. Clinical Data and Conferences - The report highlights the upcoming World Lung Cancer Conference (WCLC) and European Society for Medical Oncology (ESMO) meetings, where several domestic innovative drugs will present their research results, showcasing the increasing competitiveness of domestic innovative drugs in global markets [4][9]. Policy Changes - The report notes a shift in the centralized procurement policy, moving away from a simple lowest price reference to a more balanced approach that considers clinical stability, quality assurance, and cost justification. This change is expected to improve the profitability of the medical device industry in the coming years [4][9]. Industry Performance - The pharmaceutical industry showed a 13.93% increase in July, outperforming the CSI 300 index by 10.38%. Sub-sectors such as medical services, chemical pharmaceuticals, and biological products experienced significant growth, with increases of 23.10%, 17.92%, and 12.54% respectively [10][12]. Valuation Insights - The overall valuation level of the pharmaceutical and biotechnology sector is currently at a historical percentile of 80.69%, with a price-to-earnings (PE) ratio of 39.11. The sector's premium relative to the CSI 300 and the entire A-share market is at its five-year average [21][22].
【大涨解读】创新药:创新药出海再提速,年内频频斩获海外大单,对应市场空间将成倍增长
Xuan Gu Bao· 2025-08-19 02:44
Market Overview - On August 19, the innovative drug sector experienced a significant surge, with multiple companies including Shenyuan Biological and Xintian Pharmaceutical hitting the daily limit increase [1] Key Events - On August 19, Rongchang Biopharmaceutical announced a licensing agreement for its RC28-E injection with Santen China, receiving an upfront payment of 250 million RMB and potential milestone payments totaling up to 12.45 billion RMB [4] - On August 7, Buchang Pharmaceutical's subsidiary signed an exclusive supply agreement with GOODFELLOW for the registration and sales of Efparepoetinalfa in the Philippines [4] - On July 28, Hengrui Medicine announced a deal with GSK for global exclusive rights to the HRS-9821 project, with an upfront payment of 500 million USD and potential total payments of approximately 12 billion USD [4] - Prior to these announcements, companies like CSPC Pharmaceutical, 3SBio, and China National Pharmaceutical Group also secured significant overseas contracts [5] Institutional Insights - According to data from Toubao, the U.S. pharmaceutical market was valued at 600.3 billion USD in 2022, with innovative drugs accounting for over 70%, approximately 420 billion USD. In contrast, China's pharmaceutical market was valued at 250.8 billion USD, with innovative drugs making up less than 20%, around 50 billion USD [6] - The trend of Chinese pharmaceutical companies collaborating with international giants is increasing, with record-high upfront payments and total transaction amounts. The potential market for domestic innovative drugs could rise from 50 billion USD domestically to over 420 billion USD in the U.S. market alone [6] - Recent catalysts in the innovative drug sector are emerging, with upcoming industry conferences expected to showcase promising data from companies like Diligent Pharma and Fuhong Hanlin [6] - The domestic innovative drug industry is transitioning from a capital-driven model to a profit-driven model, with expectations for performance and valuation recovery opportunities in the sector by 2025 [7]
药企密集赴港上市 龙头加速出海掘金
Core Viewpoint - The Hong Kong stock market is witnessing a significant surge in the innovative drug sector, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising over 110% since the beginning of the year, indicating a robust interest and investment in the biotech and healthcare industries [1] Group 1: Market Activity - 15 biopharmaceutical and healthcare companies have successfully listed on the Hong Kong Stock Exchange (HKEX) this year, raising a total of 189.93 billion HKD [2] - The leading innovative drug company, Hengrui Medicine, raised 98.9 billion HKD in its secondary listing, making it the top fundraiser in the Hong Kong pharmaceutical sector this year [2] - There is a notable disparity in fundraising amounts among newly listed companies, with 11 companies raising less than 10 million HKD, indicating a "head and tail" structure in the market [2] Group 2: Policy Support - The Hong Kong Stock Exchange has introduced new listing rules to facilitate the entry of biotech companies, significantly lowering the financing threshold for R&D-focused firms [3] - The Hong Kong Securities and Futures Commission has launched a "Special Technology Company Route" to streamline the listing process for innovative companies, reinforcing Hong Kong's position as a preferred listing platform [3] - Recent measures from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, including increased R&D support and inclusion in insurance directories [3] Group 3: International Expansion - The trend of Chinese innovative drug companies licensing out their products is gaining momentum, with a record potential milestone payment of approximately 12 billion USD from Hengrui Medicine's agreement with GSK [5] - The number of license-out transactions is expected to reach 94 in 2024, with a total transaction value of 519 billion USD, reflecting a 26% year-on-year increase [6] - The shift towards sustainable revenue generation through licensing agreements is anticipated to redefine the innovative drug sector in the Hong Kong market [6]
医药行业周报:创新药板块即将迎来新一轮催化,关注WCLC、ESMO等研究成果揭晓-20250818
Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating that it is expected to outperform the market [4][6]. Core Insights - The innovative drug sector is poised for a new round of catalysts, with significant research results expected from upcoming conferences such as WCLC and ESMO [2][4]. - The SW pharmaceutical index increased by 3.08% during the week, outperforming the CSI 300 index, reflecting a strong market recovery [4]. - Global demand for weight loss drugs remains high, as evidenced by Eli Lilly's 170% price increase for Mounjaro in the UK and the FDA approval of semaglutide for treating MASH [4]. Summary by Sections Industry Performance - The pharmaceutical sector has shown resilience, with the SW pharmaceutical index outperforming the CSI 300 index during a market rebound [4]. - The sector's performance is supported by strong gains in related indices, such as the Hang Seng Biotechnology Index and the Hang Seng Healthcare Index [4]. Upcoming Catalysts - Key international academic conferences are set to unveil important research results, which could enhance the visibility and credibility of Chinese innovative drugs on a global scale [4]. - Notable presentations are expected from companies like Kangfang Biopharma and Basilea Pharmaceutica at these conferences [4]. Market Trends - The global weight loss drug market is experiencing robust growth, with significant developments from major pharmaceutical companies [4]. - The report highlights the potential for Chinese innovative drugs to enter international markets, particularly in the ADC and PD-1 dual antibody segments [4]. Investment Strategy - The report suggests focusing on three main investment themes: the international expansion of innovative drugs, high-growth CXO companies, and the revaluation of Big Pharma pipelines [4]. - Specific companies to watch include WuXi AppTec, Innovent Biologics, and Kangfang Biopharma, among others [4].
CXO:拐点显现,估值修复
2025-08-18 01:00
Summary of CXO Industry Conference Call Industry Overview - The CXO industry is expected to recover in 2024 after rapid growth from 2020 to 2023, with leading companies seeing a resurgence in overseas orders, indicating a turning point in operations [1] - The Hong Kong stock market's activity and the reform of the Sci-Tech Innovation Board are providing new growth momentum for the CXO industry [1] Key Insights - **Overseas Biopharmaceutical Investment**: After two years of decline, overseas biopharmaceutical investment is stabilizing and expected to rebound in 2024, although growth slowed in the first half of the year [1][4] - **R&D Investment Growth**: Global pharmaceutical companies are increasing R&D investments, with the proportion of R&D spending to revenue reaching a ten-year high of 25.2%, totaling over $190 billion in 2024, a 73% increase from five years ago [4] - **Domestic Investment Trends**: Domestic biopharmaceutical investment has been declining, with a projected 21% decrease in 2024. However, a recovery is anticipated in the second half of the year due to increased activity in the Hong Kong market and reforms in the Sci-Tech Innovation Board [5] - **Emerging Trends**: The trend of innovative drugs going overseas is becoming clearer, with upfront payments becoming a significant funding source for innovative drug companies [2][6] Geopolitical Impact - Geopolitical factors are highlighting the importance of China's CXO industry in the global supply chain, with cost control needs driving overseas orders to China [1][8] - Chinese companies are actively expanding overseas production capacity to mitigate geopolitical risks [8] Market Dynamics - The penetration rate of global pharmaceutical R&D outsourcing is expected to reach 50% in 2024 and may exceed 60% in the future, driven by cost reduction and efficiency improvements [1][9] - The small molecule chemical drugs continue to dominate the market, with significant demand for drug research outsourcing [9] Company Performance - **CRO Industry**: The CRO industry is expected to stabilize by 2025, benefiting from a recovery in demand. WuXi AppTec reported a 37% year-on-year increase in orders, indicating a trend towards consolidation among leading companies [13] - **CDMO Sector**: The multi-peptide CDMO sector is experiencing high demand, with WuXi AppTec's multi-peptide business revenue growing by 112% year-on-year [16] - **ADC and CGMO Performance**: ADC's CGMO maintained high growth in the first half of 2025, with revenue exceeding expectations and a year-on-year increase of over 60% [11] Financial Metrics - Some companies are reporting positive growth in revenue and profits, with certain firms achieving year-on-year revenue growth of 14%, 118%, and 28.1% [10] - WuXi Biologics reported a 16% year-on-year revenue increase in the first half of 2025, exceeding previous guidance [12] Conclusion - The CXO industry is at a pivotal moment, with signs of recovery in overseas demand and domestic investment. The geopolitical landscape and ongoing reforms are likely to shape the future trajectory of the industry, presenting both opportunities and challenges for companies involved in this sector [1][2][8]
中信建投:国内CXO行业拐点显现 估值修复
Core Viewpoint - The CXO industry in China is entering an adjustment phase due to a cooling in pharmaceutical market investments and the high base effect from COVID-related orders, with performance under pressure in 2023-2024 [1] Group 1: Industry Trends - The overseas market demand is expected to show signs of recovery starting at the end of 2023, leading to a rebound in overseas orders for leading domestic companies in 2024 [1] - Many innovative drug assets in China have entered late-stage clinical trials, with clinical data increasingly validated, indicating a clear trend towards internationalization [1] Group 2: Financial Opportunities - The confirmation of various upfront payments and potential milestone payments is becoming an important source of funding for domestic innovative pharmaceutical companies [1] - The active Hong Kong stock market in the first half of this year and the reopening of listing channels for unprofitable companies on the Sci-Tech Innovation Board are expected to further boost domestic demand [1]