近年来，事关中医药的政策利好不断，如《关于促进中医药传承创新发展的意见》、《关于加快中医药特色发展的若干政策措施》、《"十四五"中医药发展 规划》、《中医药振兴发展重大工程实施方案》等顶层设计文件相继出台，从支付报销到产业发展，从质量监管到科技创新，这些政策新规正全方位重塑国 内中医药发展格局。 今年3月，国办印发的《关于提升中药质量促进中医药产业高质量发展的意见》更是明确指出将推进全链条质量追溯、智能化转型、科技创新等核心任务， 为整个中医药行业带来结构性升级机遇。 在此背景下，作为一家现金充沛、盈利能力强劲且创新转型正盛的药企，近年来康臣药业(01681)内在价值获得市场持续挖掘。自2024年年内股价累涨 119.89%后，康臣药业股价再次稳步走高。截至8月22日，公司年内股价累计涨幅达到85.99%。 在高涨的股价让二级市场投资者投资回报水涨船高的同时，康臣药业也在持续通过"高派息+股票回购+管理层连续增持"方式，用"真金白银"回馈投资者，提 振市场信心。得益于二级市场的积极反馈，康臣药业近期股价持续刷新上市新高，截至8月22日，公司市值已达到124.48亿港元，市值端已顺利跃过"入通门 槛"，有极大的 ...

医药生物/化学制药 海思科（002653.SZ） 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 58.80 | | 一年最高最低(元) | 62.65/29.13 | | 总市值(亿元) | 658.51 | | 流通市值(亿元) | 283.12 | | 总股本(亿股) | 11.20 | | 流通股本(亿股) | 4.81 | | 近 3 个月换手率(%) | 54.21 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 海思科 沪深300 相关研究报告 《麻醉镇痛稳增长，创新管线强驱动 —公司信息更新报告》-2025.4.15 《研发管线持续推进，创新转型成效 显 著 — 公 司 首 次 覆 盖 报 告 》 -2024.12.25 持续加大研发投入，创新转型成效显著 ——公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | ...

据证券之星公开数据整理，近期济川药业(600566)发布2025年中报。根据财报显示，济川药业净利润同 比下降45.87%。截至本报告期末，公司营业总收入27.49亿元，同比下降31.87%，归母净利润7.24亿 元，同比下降45.87%。按单季度数据看，第二季度营业总收入12.23亿元，同比下降25.03%，第二季度 归母净利润2.84亿元，同比下降42.39%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率75.68%，同比减4.89%，净利率26.39%， 同比减20.63%，销售费用、管理费用、财务费用总计11.31亿元，三费占营收比41.14%，同比增2.35%， 每股净资产14.65元，同比减0.02%，每股经营性现金流1.06元，同比减37.94%，每股收益0.78元，同比 减46.21% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 40.34亿 | 27.49亿 | -31.87% | | 归母净利润(元) | 13.38 Z | 7.24亿 | -45.87% | | 扣非净利润( ...

医药生物/化学制药 华东医药（000963.SZ） 创新药收入快速增长，多产品步入收获期 2025 年 08 月 21 日 相关研究报告 《创新转型再出发，多产品步入收获 期—公司深度报告》-2025.6.2 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790124070022 | 创新药收入快速增长，多产品步入收获期，维持"买入"评级 2025H1 公司收入 216.75 亿元（同比+3.39%，以下为同比口径）；归母净利润 18.15 亿元（+7.00%）；扣非归母净利润 17.62 亿元（+8.40%）。2025H1 公司毛利率 33.9% （+1.2pct）；净利率 8.32%（+0.27pct）。2025H1 销售费用率 14.90%（-0.72pct）； 管理费用率 3.35%（-0.06pct）；研发费用率 4.6 ...

Core Viewpoint - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for SYH2086, which includes development, production, and commercialization rights, while retaining rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [4][5]. Group 1: Licensing Agreement and Financials - The agreement with Madrigal Pharmaceuticals could yield up to $2.075 billion, including an upfront payment of $120 million and milestone payments based on development, regulatory, and commercial achievements [4]. - The company anticipates potential upfront and milestone payments from ongoing negotiations for three other projects, including SYS6010 (EGFR-ADC), totaling approximately $5 billion [5]. Group 2: Research and Development - The company is increasing its R&D investment, with expenses projected to reach 5.191 billion yuan in 2024, a year-over-year increase of 7.5%, representing 21.9% of the revenue from prescription drugs, which is above industry standards [6]. - As of the end of Q1 2025, the company has 24 projects in critical II/III clinical phases and 9 projects under review for market approval [6][7].

Group 1 - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for SYH2086, covering development, production, and commercialization, with potential total payments of up to $2.075 billion, including an upfront payment of $120 million and milestone payments based on annual net sales [1] - SYH2086 is in the preclinical stage and has complete intellectual property rights, with expectations for significant growth in the weight loss and MASH fields following the licensing agreement [1] - The management anticipates potential upfront and milestone payments from ongoing negotiations for three other projects, including SYS6010 (EGFR-ADC), could total around $5 billion [1] Group 2 - The company continues to increase its R&D investment, with 2024 R&D expenses projected to reach ¥5.191 billion (up 7.5% year-over-year), accounting for 21.9% of its revenue from prescription drugs, which is industry-leading [2] - As of the end of Q1 2025, the company has 24 projects in critical II/III clinical phases and 9 projects under review for market approval, indicating a robust pipeline [2] - The company is expected to achieve multiple new drug approvals and data readouts throughout the year, maintaining a strong position in business development [2] Group 3 - The company is recognized as a leading domestic pharmaceutical firm with ample cash reserves, transitioning from traditional pharmaceuticals to innovation [2] - The net profit forecasts for 2025 and 2026 have been revised down to ¥4.92 billion and ¥5.25 billion, respectively, reflecting a decrease of 24.9% and 23.9% from previous estimates [2] - The current valuation is considered attractive due to the expected orderly market entry of significant products, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Insights - The company has entered a global exclusive licensing agreement with Madrigal Pharmaceuticals for SYH2086, which includes potential payments totaling up to $2.075 billion, comprising an upfront payment of $120 million and milestone payments based on annual net sales [2]. - The company is focusing on innovation and transformation, with a strong pipeline of new drugs expected to be approved within the year, alongside multiple data readouts and business development (BD) opportunities [5]. - The company is actively negotiating three potential transactions, including SYS6010 (EGFR-ADC), with a total potential value of approximately $5 billion [3]. Summary by Sections Business Development and Innovation - The oral GLP-1 drug SYH2086 is in the preclinical stage and has complete intellectual property rights, with Madrigal being a leading company in the MASH field, suggesting significant global growth potential [3]. - The company has a robust R&D investment, with R&D expenses projected to reach 5.191 billion yuan in 2024, representing a year-over-year increase of 7.5% and accounting for 21.9% of the revenue from proprietary drugs [4]. Financial Forecasts - The company is projected to have a net profit of 4.916 billion yuan in 2025, with a decrease in profit estimates for 2025 and 2026 by 24.9% and 23.9%, respectively, due to new product development costs [5]. - The estimated earnings per share (EPS) for 2025 is 0.43 yuan, with a price-to-earnings (P/E) ratio of 22x for 2025, indicating an attractive valuation given the expected orderly launch of key products [5]. Market Position and Performance - The company is recognized as a leading domestic pharmaceutical firm with ample cash reserves, positioning it well for future growth and innovation [5]. - The total market capitalization is approximately 120.404 billion HKD, with a recent trading price of 10.45 HKD per share [7].

Fixed Income - The bond market is under pressure from three main factors: rising industrial commodity prices due to "anti-involution" sentiment, a bullish stock market diverting funds away from bonds, and marginal improvements in economic indicators increasing market risk appetite [2][7][10] - As of July 25, 2025, the yields on various bonds, including government and corporate bonds, have risen significantly, indicating a market adjustment [2][7] - The report suggests a short-term bullish outlook for the bond market, with a potential return of the 10-year government bond yield to around 1.65% [10] Non-Banking Financials - The insurance industry is adjusting the maximum preset interest rates for life insurance products, with the new maximum for ordinary life insurance set at 2.0% and for participating insurance at 1.75% [12][13] - This adjustment is expected to lower the liability costs for insurance companies and encourage a shift towards participating insurance products, which have floating interest characteristics [13] - The report recommends companies like China Life, Ping An, and China Pacific Insurance, which have favorable asset-liability duration matching [13] Transportation - The express delivery industry is experiencing a shift towards value reassessment due to the "anti-involution" trend, which aims to protect the rights of delivery personnel and promote price increases across the industry [15][16] - The report highlights the potential for price improvements in the short term, especially in regions where delivery companies are currently facing losses [17] - Long-term prospects suggest a transition from price wars to value competition, which could enhance the performance of express delivery companies [17] Pharmaceuticals - Heng Rui Pharmaceutical has entered a significant partnership with GlaxoSmithKline (GSK) for the global licensing of its innovative drug HRS-9821, with potential milestone payments totaling approximately $12 billion [19][20] - The company is expected to see substantial revenue growth driven by its innovative drug pipeline, with projected net profits increasing significantly over the next few years [21][22] - The collaboration with GSK is anticipated to enhance Heng Rui's valuation and market presence, particularly in the respiratory field [20][21] New Consumption - Lao Pu Gold has projected impressive sales growth for the first half of 2025, with expected revenues between RMB 138 billion and 143 billion, reflecting a year-on-year increase of approximately 240% to 252% [24][25] - The company's brand influence and product optimization are key drivers of this growth, positioning it well in the high-end ancient gold market [25][26] - The ancient gold sector is expected to see strong growth, with a projected market size of RMB 2.193 trillion by 2024 and a compound annual growth rate of 21.8% from 2023 to 2028 [25][26]

Core Viewpoint - The company is positioned as a leader in the antibiotic industry, with a diversified business model that includes intermediates, active pharmaceutical ingredients (APIs), and formulations, which is expected to drive a new growth cycle through business synergies [1] Group 1: Business Overview - The company has developed a comprehensive business structure encompassing intermediates (6APA, G potassium salt), APIs (Amoxicillin, Ampicillin), and formulations (animal health, insulin, generic formulations) [1] - The company is expected to see resilient growth in its core business driven by the removal of capacity constraints in animal health, increased coverage from insulin contract renewals, and the market launch of hard-to-copy biosimilars [1][2] - The stable cash flow from core businesses is anticipated to support ongoing innovation and transformation efforts, potentially leading to a new performance growth cycle [1] Group 2: Innovation and Clinical Development - The company successfully partnered with Novo Nordisk for its innovative product UBT251, a self-developed GLP/GIP/GCG tri-target drug, which has shown promising results in clinical trials [2] - UBT251 has completed Phase Ib clinical trials in overweight/obese patients, demonstrating a weight loss of 15.1% in the highest dosage group over 12 weeks [2] - The company has initiated Phase II clinical trials for UBT251 in China, with expectations for domestic approval by 2028, and has a pipeline of other products in the metabolic and autoimmune fields [2] Group 3: Revenue Projections - The company's formulation business is projected to achieve a CAGR of 8.0% from 2024 to 2027, driven by the establishment of new production bases and the introduction of new products [3] - The animal health business is expected to benefit from new production bases in Henan and Zhuhai, while insulin products are anticipated to see significant growth due to contract renewals and new product approvals [3] - The intermediate and API segments are forecasted to experience a CAGR of -7.0% from 2024 to 2027, with price stabilization expected in the medium to long term due to oligopolistic market conditions [3] Group 4: Financial Outlook - The company is projected to achieve net profits of 2.78 billion, 2.13 billion, and 2.27 billion yuan from 2025 to 2027, with year-on-year growth rates of 4.5%, -23.4%, and 6.9% respectively [4] - Corresponding PE multiples are expected to be 10, 13, and 12 times for the same period, with an initial recommendation of "buy" [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the acquisition of 95.09% of Shanghai Lixin Pharmaceutical for approximately $500 million, accelerating the company's globalization efforts [5][7] - The innovative pipeline of Lixin, including dual antibodies and ADCs, is expected to significantly enhance the company's core competitiveness in the oncology field [7] - The financial forecasts indicate a strong growth trajectory for revenue and net profit, with expected net profits of RMB 4.639 billion, RMB 5.003 billion, and RMB 5.405 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.56%, 7.84%, and 8.05% [6][8] Financial Summary - Revenue projections for the company are as follows: RMB 26,199 million in 2023, RMB 28,866 million in 2024, RMB 32,562 million in 2025, RMB 36,315 million in 2026, and RMB 40,723 million in 2027, with corresponding growth rates of -8.97%, 10.18%, 12.80%, 11.53%, and 12.14% [6][8] - The projected earnings per share (EPS) are RMB 0.13 for 2023, RMB 0.19 for 2024, RMB 0.25 for 2025, RMB 0.27 for 2026, and RMB 0.29 for 2027 [6][8] - The company’s return on equity (ROE) is expected to be 7.7% in 2023, increasing to 12.7% in 2025, and then slightly decreasing to 11.5% by 2027 [6][8]