证券研究报告 | 2025年08月26日 海思科（002653.SZ） 优于大市 麻醉产品营收同比增长 54%，多款创新药产品进入商业化阶段 麻醉产品营收同比增长 54%。2025 上半年公司实现营收 20.01 亿元 （+18.6%），归母净利润 1.29 亿元（-21.8%）。 分季度看，2025Q1/Q2 分别实现营收 8.92/11.09 亿元（分别同比 +18.6%/+18.7%，Q2 环比+24.3%）、归母净利润 0.47/0.82 亿元（分别同 比-49.3%/+13.0%，Q2 环比+76.4%）。 分产品领域看，麻醉/肠外营养/肿瘤止吐/其他适应症产品分别实现收入 7.96/2.06/1.63/3.40 亿元，分别同比+54.0%/-19.4%/+19.9%/+20.8%，毛利 率分别为 91.9%/56.1%/88.1%/64.3%，分别+2.2.pp/-3.5pp/+3.3pp/+1.5pp。 毛利率稳中有升，研发端加大投入。2025H1，公司毛利率为 71.5%（同比 +1.0pp）、净利率 10.6%（同比-3.3pp）；销售费用率 36.4%（同比+1.3pp）、 管理费用率 9 ...

一向低调的老牌药企丽珠医药开始爆发了。 正如丽珠医药在2024年财报中表示，"集采的持续推进促使相关医药企业更加注重成本控制，部分企业可能借此契机调整发展战略，加速向创新药转型。" 丽珠医药的经营业务涵盖制剂产品、原料药和中间体、诊断试剂及设备，其中制剂产品围绕消化道、辅助生殖、精神神经等治疗领域。 得益于多元业务齐头并进，丽珠医药整体业绩保持稳健增长态势，归母净利润从2021年的17.76亿元增长至2024年的20.61亿元，同期经营现金流净额从19.02 亿元增至29.79亿元，现金流充沛。 有了坚实的基础，丽珠医药开始步入新的发展阶段，该公司通过实施"自主研发+BD 双轮驱动"战略， 以"创新药物+高壁垒复杂制剂"为核心抓手，聚焦未 被满足的临床需求，不断扩大优势领域产品线并开拓新的可及性领域。 在频繁引进新药管线和完成研发体系改革后，丽珠医药产品进展明显加速，新一轮创新转型成果显著，包括创新钾离子竞争性酸阻滞剂（P-CAB）JP-1366 国内上市申请获药监局受理、IL-17A/F单抗LZM012/XKH004即将报上市、全球潜在FIC的siRNA痛风新药YJH-012获批临床…… 从"闷声发财"到" ...

Core Viewpoint - Huadong Medicine reported steady performance in the first half of 2025, with revenue of 21.675 billion yuan, a year-on-year increase of 3.39%, and a net profit of 1.815 billion yuan, up 7.01% [2] Financial Performance - The company achieved a non-deductible net profit of 1.762 billion yuan, reflecting an 8.40% year-on-year growth [2] - The core subsidiary, China-U.S. Huadong, generated revenue of 7.317 billion yuan, a 9.24% increase, and a net profit of 1.580 billion yuan, up 14.09% [3] - In Q2 2025, revenue reached 3.696 billion yuan, with a 12.04% growth, and net profit was 737 million yuan, increasing by 16.34% [3] Innovation Product Growth - The innovative product segment saw significant growth, with sales and agency service revenue totaling 1.084 billion yuan, a 59% increase year-on-year [2] - The CAR-T product, Zekai Ze® (泽沃基奥仑赛注射液), has completed certification in over 20 provinces and has received more than 111 valid orders [4] - The product has been included in reimbursement programs by over 100 insurance and welfare projects, indicating a strong growth trajectory [4] Commercialization and Market Strategy - The company is focusing on the commercialization of innovative products, including PARP inhibitor Senaparib capsules (派舒宁®) and somatostatin analog Elahere® (爱拉赫®) [5] - Elahere® has achieved sales of approximately 30 million yuan in the Guangdong-Hong Kong-Macao Greater Bay Area and is set for formal commercialization in Q4 2025 [5] - The CSO business is highlighted as a key growth area, driven by increasing demand from Biotech companies and the need for specialized commercialization services [6] Competitive Landscape - The competitive environment is intensifying, with multinational pharmaceutical companies accelerating localization in China and domestic Biotech firms advancing in similar target research [3] - The ADC (Antibody-Drug Conjugate) market is projected to grow significantly, with a compound annual growth rate of 39.1% from 2018 to 2023, reaching a market size of 66.2 billion dollars by 2030 [7] - Huadong Medicine is focusing on differentiated competition through self-developed products, particularly in ADC and GLP-1 areas [7][8] Future Outlook - Analysts predict that GLP-1 products will become the largest drug category globally in the next 3 to 5 years, despite recent adjustments in market expectations [9] - The company's ability to launch successful products in oncology and metabolic diseases will be crucial for its long-term competitiveness [10]

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1]. Group 1: Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with over 40 product varieties covering multiple therapeutic areas including anesthesia, parenteral nutrition, antiemetics, and antibiotics [4]. - The company has four first-class new drugs approved for market, with many other products being the first or exclusive generics in China [4]. Group 2: Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement [5]. - The number of innovative drug projects has increased to 26 in 2024, while only one generic drug application was submitted during the same year [6]. Group 3: Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [8]. - The company's stock price hit a ceiling on the day of the annual report release, with its market capitalization exceeding 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [8]. Group 4: Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [10]. - The total R&D investment from 2022 to 2024 reached 1.589 billion yuan, with 624 million yuan allocated in 2024 alone, marking a 20.7% increase [10]. - Haisco has acknowledged the ongoing substantial R&D expenditures and the resulting financial pressure, with cash reserves of 807 million yuan as of Q3 2024 [12].

Core Insights - The recent share reduction by Sun Jieping, a senior executive at Heng Rui Medicine, raises concerns about the company's future despite its current performance recovery and innovation drug growth [1][2][6] - The significant drop in operating cash flow, despite increased revenue and net profit, indicates potential underlying issues within the company's financial health [3][7] Group 1: Executive Actions - Sun Jieping, a veteran with 27 years at Heng Rui, reduced his holdings by 476,700 shares, valued at over 25 million yuan, which is 25% of his personal shares [1][2] - This is not the first time Sun has sold shares, as he has repeatedly cited "personal financial needs" since 2018, suggesting a pattern that may reflect his cautious outlook on the company's future [2] Group 2: Financial Performance - In Q1 2025, Heng Rui reported a revenue of 7.206 billion yuan, a year-on-year increase of 20.14%, and a net profit of 1.874 billion yuan, up 36.90% [3] - However, the operating cash flow plummeted by 55.75% to 555 million yuan, raising questions about the sustainability of the company's profitability [3] Group 3: Innovation Drug Dependency - Heng Rui's innovative drug revenue reached 13.892 billion yuan in 2024, accounting for over half of its total revenue, with a growth rate of 30.60% [4] - The company faces challenges due to its heavy reliance on medical insurance negotiations, with key products not included in the insurance list, limiting market expansion [4] Group 4: International Expansion Challenges - Heng Rui's ambitions for international expansion have faced setbacks, particularly with the FDA rejecting its liver cancer treatment due to compliance issues at its Suzhou facility [5] - This marks the second failure for the same treatment due to similar production deficiencies, highlighting significant gaps in meeting international regulatory standards [5] Group 5: Market Sentiment - Sun Jieping's share reduction coincides with Heng Rui's A+H dual listing, prompting the market to reassess the company's long-term stability [6] - The company's stock price has rebounded from its 2022 lows but remains significantly below its historical highs from 2021, indicating ongoing market skepticism [6][7]

Core Viewpoint - Heng Rui Pharmaceutical's recent IPO in Hong Kong marks a significant step towards internationalization, raising approximately 9.89 billion HKD, making it the largest domestic pharmaceutical IPO of the year [3][4]. Group 1: Company Overview - Heng Rui Pharmaceutical has been a leader in China's innovative drug sector, with a strong focus on international operations through licensing agreements, contributing significantly to its revenue [3][4]. - The company has completed 14 licensing agreements for innovative drugs, with 9 of these occurring in the last three years, indicating a rapid acceleration in its international expansion efforts [3][10]. Group 2: Market Challenges - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's revenue, particularly affecting its generics business, which accounted for 82% of its revenue in 2019 [8][9]. - The average price drop for drugs that entered procurement has exceeded 50%, leading to substantial revenue declines for Heng Rui, which saw its revenue peak at 27.735 billion CNY in 2020 before experiencing consecutive declines [9][16]. Group 3: Strategic Transformation - In response to market pressures, Heng Rui has shifted its focus towards innovative drugs, with the proportion of innovative drug revenue rising to 46.6% in 2023, surpassing 10 billion CNY for the first time [10][24]. - The company has significantly reduced its generics R&D projects, focusing instead on innovative drugs, with 57 clinical approvals for innovative drugs compared to only 1 for generics in 2024 [24][25]. Group 4: Financial Performance - Heng Rui's revenue dropped by 6.59% in 2021, marking its first decline post-IPO, largely due to the impact of procurement policies [16][18]. - The company's net profit increased by 32.98% in 2024, attributed to recognizing a 1.6 billion EUR upfront payment from Merck for licensing agreements [59]. Group 5: Internationalization Strategy - Heng Rui's internationalization strategy includes various approaches such as direct licensing and joint development with foreign companies, aiming to enhance its global market presence [57][58]. - The company has engaged in several business development (BD) transactions, including a notable partnership with Merck, which could yield significant future revenues [59][60]. Group 6: Competitive Landscape - The competitive landscape for innovative drugs is intensifying, with rivals like BeiGene achieving significant sales milestones, highlighting the need for Heng Rui to innovate and differentiate its product offerings [28][31]. - Heng Rui's leading product, the PD-1 inhibitor, has faced pricing pressures due to increased competition, necessitating ongoing investment in marketing and physician education to maintain market share [35][36].

Core Viewpoint - Heng Rui Medicine has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 98.9 billion, marking the largest pharmaceutical IPO in China this year. This move is seen as a significant step towards internationalization for the company [2]. Group 1: Company Overview - Heng Rui Medicine is recognized as a leading company in China's innovative drug sector, with a strong pipeline of products. The company has primarily relied on licensing agreements for international expansion, with 14 licensing deals completed, 9 of which occurred in the last three years [2][3]. - The company has not engaged in any financing activities since its A-share IPO in 2000, making this recent listing a notable event in its history [3]. Group 2: Impact of Policy Changes - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's operations, particularly affecting its revenue from generic drugs, which constituted 82% of its income in 2019 [7][8]. - The average price drop for drugs that have undergone procurement has exceeded 50%, creating substantial pressure on the company's profitability [7][21]. Group 3: Financial Performance - Following a peak revenue of CNY 27.735 billion in 2020, Heng Rui's income has declined for two consecutive years due to procurement policies, but it began to stabilize in 2023 [8]. - The company's revenue from innovative drugs has increased to 46.6% of total revenue in 2023, surpassing CNY 10 billion for the first time [8][27]. Group 4: Strategic Transformation - Heng Rui has shifted its focus from generic drugs to innovative drug development, significantly reducing its generic drug projects and increasing its innovative drug pipeline [27][29]. - The company has established research centers globally to monitor trends and gather patent information, although it lacks a standout blockbuster product [36]. Group 5: International Expansion Strategies - Heng Rui's international strategy includes three main approaches: self-expansion, direct licensing, and joint ventures. The company has increasingly opted for direct licensing to reduce costs and risks [57][65]. - Recent licensing agreements have generated significant upfront payments, such as a EUR 160 million deal with Merck, contributing to a 32.98% increase in net profit in 2024 [66]. Group 6: Challenges and Future Outlook - The company faces challenges in the competitive landscape of innovative drugs, particularly in the PD-1 market, where it must navigate pricing pressures and market acceptance [40][43]. - Heng Rui's recent foray into NewCo transactions, which involve complex asset and equity financing, indicates a strategic pivot towards leveraging external capital for growth [68][69].

Core Viewpoint - New Nuo Wei (300765.SZ) announced the termination of its application for the acquisition of Shiyao Chuangxin Pharmaceutical Co., Ltd. and the associated fundraising, ending a 15-month effort for a significant restructuring deal worth 7.6 billion yuan [2][3]. Group 1: Termination of Acquisition - The termination was due to changes in the pharmaceutical industry and capital market environment since the initial planning of the restructuring, leading to a decision made in the interest of long-term shareholder benefits [2][3]. - The market reacted rationally to the termination, influenced by factors such as stock price fluctuations, increasing performance burdens, and declining acquisition targets [2][3]. Group 2: Financial Performance and Challenges - New Nuo Wei's revenue and profit have been declining, with a 21.98% year-on-year decrease in revenue to 1.981 billion yuan and an 87.63% drop in net profit to 54 million yuan in 2024 [8]. - The company's core revenue from functional foods and raw materials fell by 24.90% to 1.84 billion yuan, while the biopharmaceutical sector contributed only 87.8 million yuan, despite a 153.0% increase [10]. Group 3: Acquisition Details and Valuation - The acquisition target, Shiyao Baike, has a core product, Jinyouli, which is facing growth challenges, with a significant reliance on a single product and limited growth potential [4][7]. - The valuation for Shiyao Baike was set at 7.622 billion yuan, representing a 78.25% premium over its book value of 4.276 billion yuan, raising concerns about the high price for low-growth assets [6][7]. Group 4: R&D and Future Prospects - New Nuo Wei's R&D expenses increased by 25.44% to 842 million yuan in 2024, primarily due to the inclusion of Shiji Biological's R&D costs, indicating a significant financial burden [10][11]. - The company is under pressure from negative cash flows, with net cash flow from operating activities at -1.235 billion yuan in 2024 and -87 million yuan in the first quarter of 2025 [12][13].