炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 孙梦圆 2024年开始，石药集团的业绩便出现营利"双降"。 千亿药企石药集团（1093.HK）近期动作不断。 12月22日，石药集团通过旗下石药创新与关联方中奇制药共同出资4.5亿元设立合资公司"石药集团润石 生物科技"，重点布局GLP-1靶点相关的降糖、减重代谢疾病药物研发与商业化。 就在几天前，19日，石药集团核心管理层刚刚进行了一场"大换血"。 公告显示，张翠龙因工作调动不再担任董事会副主席、首席执行官及授权代表，但仍将继续担任执行董 事。蔡磊获委任为副主席、执行董事、首席执行官及授权代表。魏青杰获委任为副主席、执行董事及首 席运营官。 值得一提的是，现年45岁的蔡磊，是石药集团董事会主席和主要股东蔡东晨之子，以及执行董事蔡鑫之 胞兄。此次他的上任，无疑为这场人事变动增添了更多家族企业的色彩与看点。 图源：罐头图库 科方得智库研究负责人张新原表示，石药集团采用的兄弟分工"组合接班"模式，其好处主要体现在以下 几个方面：一是能够发挥各自专长，形成互补优势，提升决策与执行效率；二是分散经营风险，避免权 力 ...

Core Viewpoint - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, has signed a licensing agreement with Pfizer for the exclusive global development, use, production, and commercialization rights of the oral small molecule GLP-1R agonist YP05002, indicating a significant step in the company's innovative transformation and strategic partnerships [1][2]. Group 1: Licensing Agreement Details - The agreement grants Yaoyou Pharmaceutical an upfront payment of $150 million, up to $350 million in development milestone payments, and up to $1.585 billion in sales milestone payments [1]. - Pfizer will pay royalties to Yaoyou Pharmaceutical based on the annual net sales of the licensed product, at a maximum percentage agreed upon [1]. Group 2: Clinical Trials and Licensing Transactions - As of December 9, 2025, YP05002 is in Phase I clinical trials in Australia [2]. - In 2025, Fosun Pharma completed three license-out transactions, including granting global rights (excluding Greater China) for FXS6837 to Sitala for an upfront payment of $25 million and potential total payments of $670 million, and for XH-S004 to Expedition for an upfront payment of $17 million and potential total payments of $645 million [2]. Group 3: Financial Targets and Incentives - The company has established long-term incentive mechanisms based on net profit attributable to shareholders (60% weight) and innovative drug revenue (40% weight), with targets set for 2025-2027 being net profits of 3.32 billion, 3.96 billion, and 4.77 billion yuan, and innovative drug revenues of 9.36 billion, 11.23 billion, and 13.48 billion yuan, reflecting a CAGR of approximately 20% [3]. Group 4: Revenue and Profit Forecasts - Due to the impact of volume-based procurement being slightly higher than expected, the company's revenue forecasts for 2025-2027 have been adjusted to 40.10 billion, 40.85 billion, and 45.58 billion yuan, down from previous estimates [4]. - The net profit forecasts for 2025-2027 have been revised upwards to 3.34 billion, 4.02 billion, and 4.84 billion yuan, supported by steady growth in innovative drug sales and unexpected licensing agreements [4].

12月12日，"膏药大王"九典制药（300705）发布公告，为丰富产品管线并推动创新药转型，公司将斥资 不超过4亿元引进在研镇痛新药技术。 公司于2025年12月11日召开董事会，决定与苏州缘聚医药科技有限公司签署关于小分子镇痛药物 YJ2301项目的《专利及技术转让协议》，引进相关专利及技术。此次交易的转让费用总金额不超过4亿 元，支付方式采用里程碑与销售提成的方式。 根据公告，里程碑费用不超过1100万元，由公司按项目进度向苏州缘聚支付。交易标的为苏州缘聚所拥 有的YJ2301项目的全球所有权及相关知识产权，项目已完成部分临床前研究并提交相关专利申请。 九典制药表示，此次引进旨在补充公司研发管线，增强创新研发能力与长期核心竞争力。该交易预计不 会对公司近期生产经营与财务状况产生重大影响。 然而，该领域的竞争正日趋激烈。米内网数据显示，目前已有40余家药企就洛索洛芬钠凝胶贴膏/贴剂 按新注册分类申报生产或临床，其中北京泰德制药、江苏万高药业、乐明药业、南京海纳医药、华润三 九等十余家企业的产品已获批生产并视同通过一致性评价。 竞品不断涌入，九典制药的销售压力明显加剧。财务数据显示，今年前三季度，公司期间费用 ...

155亿身家的医药富豪，又要去港股上市了。 12月10日，国内知名制药企业石药集团旗下的石药创新制药股份有限公司，正式在港交所递交招股书， 准备赴港上市。 来源：南财社 而在2019年，石药创新就已经在深圳创业板上市，证券代码为"新诺威"。截至12月11日收盘，新诺威股 价33.84元/股，市值475亿元。 近年来，新诺威从石药集团旗下的原料药平台开始通过购入巨石生物等石药集团其他子公司，实现向创 新药领域转型。据招股书披露，2025年11月，石药创新以11亿人民币对价，从恩必普药业收购巨石生物 额外29%的股权。收购后，石药创新于巨石生物的所有权权益增至80%。 从业绩来看，新诺威的赴港上市的背后，是传统业绩的失速，以及创新药转型的阵痛。不仅业绩连续下 滑，净利润更是由盈转亏，并且亏损还在持续扩大。 值得一提的是，一个月前，这家公司刚因为公司多名前高管因巨额内幕交易被监管集体重罚，受到市场 瞩目。 2022-2024年，其营收分别为28.38亿元、25.39亿元、19.81亿元，出现逐年下滑的趋势。毛利分别为 13.28亿元、11.58亿元、8.29亿元；期内利润分别为2.94亿元、1.26亿元、-3亿元， ...

Core Viewpoint - Newway, the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Group 1: Financial Performance - Newway's overall performance has been declining, with revenue shrinking year by year. The company's revenue for 2022, 2023, and 2024 was 2.838 billion, 2.539 billion, and 1.981 billion respectively, reflecting year-on-year declines of 10.55% and 21.98% in 2023 and 2024 [2] - The net profit has also worsened, with figures of 294 million and 126 million for 2022 and 2023, and a projected net loss of 304 million for 2024 [2] - In the first seven months of 2025, revenue showed a slight increase of 8.74%, but losses expanded to 226 million compared to 38.79 million in the same period of 2024 [2] Group 2: Traditional Business Challenges - The core reason for the performance pressure is the sluggish growth of traditional business, which includes functional raw materials and health foods, contributing over 90% of revenue [2] - Revenue from functional raw materials and health foods was 2.571 billion in 2022, declining by 4.7% in 2023 and further by 24.9% in 2024, with a corresponding drop in gross margin to 39.6% [3] Group 3: Innovation Drug Transition - Newway's transition to innovative drugs has not yet yielded significant results, with the biopharmaceutical segment contributing less than 5% of revenue in 2024 [5] - The company invested 1.871 billion to acquire a 51% stake in Giant Bio, gaining access to antibody drugs and mRNA vaccines, but the revenue contribution from this segment remains low [5] - R&D expenses surged to 843 million in 2024, accounting for 42.5% of revenue, exacerbating losses [6] Group 4: Future Outlook - The success of Newway's IPO and its ability to alleviate financial pressure during the transition will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [7] - If the core pipeline can progress smoothly through clinical trials and gain approval, it may open up revenue growth opportunities; otherwise, the challenges may intensify [7]

格隆汇12月11日丨九典制药(300705.SZ)公布，为丰富湖南九典制药股份有限公司产品管线，提升公司 在镇痛治疗领域的技术实力与市场竞争力，推动公司创新药转型战略的落实，公司于2025年12月11日召 开第四届董事会第十六次会议，审议通过了《关于签署专利及技术转让协议的议案》，同意公司与苏州 缘聚医药科技有限公司（简称"苏州缘聚"）签署关于小分子镇痛药物YJ2301项目的《专利及技术转让协 议》，引进其相关专利及技术。本次交易转让费用总金额不超过人民币4亿元。 ...

格隆汇12月11日丨九典制药(300705.SZ)公布，为丰富湖南九典制药股份有限公司产品管线，提升公司 在镇痛治疗领域的技术实力与市场竞争力，推动公司创新药转型战略的落实，公司于2025年12月11日召 开第四届董事会第十六次会议，审议通过了《关于签署专利及技术转让协议的议案》，同意公司与苏州 缘聚医药科技有限公司（简称"苏州缘聚"）签署关于小分子镇痛药物YJ2301项目的《专利及技术转让协 议》，引进其相关专利及技术。本次交易转让费用总金额不超过人民币4亿元。 ...

Core Viewpoint - Newnovel (300765), the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Financial Performance - Newnovel's revenue has been declining, with figures dropping from 28.38 billion yuan in 2022 to 19.81 billion yuan in 2024, representing a year-on-year decline of 10.55% in 2023 and 21.98% in 2024 [3][4] - The company reported a net profit of 2.94 billion yuan in 2022, which fell to 1.26 billion yuan in 2023, and turned into a net loss of 3.04 billion yuan in 2024 [3][4] - In the first seven months of 2025, Newnovel's revenue showed a slight increase of 8.74%, but losses expanded to 2.26 billion yuan compared to the same period in 2024 [3] Traditional Business Struggles - The traditional business, which includes functional raw materials and health foods, has been the main revenue contributor, accounting for over 90% of total revenue, but has shown weak growth [4] - Revenue from functional raw materials and health foods decreased from 25.71 billion yuan in 2022 to 19.81 billion yuan in 2024, with a decline of 4.7% in 2023 and 24.9% in 2024 [4] - The gross margin for this segment also fell from 45.6% in 2023 to 39.6% in 2024, indicating increasing pressure on profitability [4] Transition to Innovative Drugs - Newnovel's transition to innovative drugs has not yet yielded significant results, despite high gross margins of over 90% for biopharmaceuticals [5][6] - The company acquired a 51% stake in Jushi Biotech for 18.71 billion yuan in 2023, aiming to enhance its innovative drug pipeline, which includes antibody drugs and mRNA vaccines [5] - However, the revenue contribution from biopharmaceuticals remains low, accounting for less than 5% in 2024 and only 9.5% in the first seven months of 2025 [5][6] R&D Investment and Future Outlook - R&D expenses surged to 8.43 billion yuan in 2024, a 25.51% increase from 2023, representing 42.5% of total revenue, which has exacerbated the company's losses [6] - The upcoming IPO aims to raise funds primarily for biopharmaceutical R&D, asset acquisitions, product commercialization, and operational capital [6] - The success of Newnovel's transformation will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [6]

Core Insights - Hunan Jiutian Pharmaceutical Co., Ltd. successfully won the bid for its core product, Loxoprofen Sodium Gel Patch, in the 11th national drug centralized procurement, with a total bid quantity of approximately 30.12 million patches across 11 provinces [2][3] - The company is undergoing a transformation towards innovative drugs, focusing on oncology and chronic diseases, with multiple R&D centers established to leverage regional advantages [4][5] - Jiutian Pharmaceutical is implementing a multi-faceted strategy to address market changes post-bid, including expanding its sales channels and enhancing its product pipeline through investments and acquisitions [3][4] Group 1: Bidding and Market Expectations - Jiutian Pharmaceutical's Loxoprofen Sodium Gel Patch was successfully selected in the centralized procurement at prices of 17.88 yuan for 4 patches, 26.82 yuan for 6 patches, and 35.76 yuan for 8 patches, with a total of 30.12 million patches to be supplied [2] - The company anticipates a potential increase in sales volume due to the growing demand in the chronic pain treatment market, although short-term profit margins may be pressured due to procurement requirements [2] Group 2: Response Strategies to Procurement Challenges - The company plans to enhance its sales strategy by focusing on outpatient markets and accelerating brand development while also investing in new product launches and pipeline expansion through acquisitions [3] - Jiutian Pharmaceutical emphasizes its integrated supply chain advantage, combining formulations, active pharmaceutical ingredients, and excipients to strengthen cost control and ensure product quality [3] Group 3: Innovative Drug Transformation and R&D Pipeline - Jiutian Pharmaceutical is adopting a strategy of multiple R&D centers and various drug forms to accelerate its innovative drug development, particularly in oncology and chronic diseases [4] - The company is planning to initiate Phase II clinical trials for its key project, JIJ02 gel, in the first half of 2026, while also implementing a share repurchase plan to align interests with its core team [5]

Core Viewpoint - The article focuses on the innovative pipeline layout of Xinlitai in the CKM (Cardio-Kidney-Metabolic) field, emphasizing the company's strategic focus on chronic diseases related to cardiovascular health, kidney function, and metabolic disorders [13][18]. Market Review - The CITIC Pharmaceutical Index rose by 3.29%, outperforming the CSI 300 Index by 4.37 percentage points, ranking third among CITIC's 30 primary industries [8]. - The top ten stocks by growth this week included Jindike, Renmin Tongtai, and Chengda Pharmaceutical, while the bottom ten included *ST Changyao and Zhendai Medical [8]. Overall Perspective and Investment Themes - The innovative drug sector is transitioning from a quantity-driven logic to a quality-driven logic, with a focus on differentiated and internationalized pipelines expected to yield profitable products by 2025 [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and the home medical device market is benefiting from subsidy policies [10]. - The CXO and life sciences services sector is anticipated to see a rebound in domestic financing, with a trend towards high growth expected to return [10]. - The pharmaceutical industry is expected to enter a new growth cycle, particularly in the specialty raw materials sector, with a focus on patent expirations and vertical expansion of formulations [10]. Company-Specific Insights - Xinlitai currently has six innovative drugs on the market, with innovative drug revenue expected to exceed 50% by the end of 2025, driven by strong growth in products like Xinlitai and Fuli [12][16]. - The company is focusing on a comprehensive pipeline addressing various stages of CKM syndrome, with over 50 products in development targeting cardiovascular diseases, chronic kidney disease, and metabolic disorders [17][21]. - Xinlitai's internationalization strategy includes establishing a subsidiary in the U.S. (Salubris Bio) to enhance its global competitive edge [30]. Pipeline Development - The CKM pipeline includes drugs targeting obesity, hypertension, and chronic kidney disease, with a focus on innovative mechanisms and new targets for lipid management [25][27]. - The company is advancing multiple projects in various clinical phases, with significant milestones expected in the coming years [29][34]. Investment Recommendations - The medical device sector is expected to benefit from a recovery in bidding for imaging equipment and the growth of home medical devices due to government subsidies [40]. - The life sciences services sector is showing signs of recovery, with increasing demand and a focus on domestic product replacement [46].