智通财经APP讯，石四药集团(02005)公布2025年中期业绩，上半年销售收入约21.47亿港元，同比下降 约35.7%，公司股权持有人应占溢利约2.835亿港元，同比下降约58.7%。每股盈利0.0962港元，中期息 0.05港元╱股。 制剂出口业务方面，面对全球经济下行、国际市场需求放缓等多重因素制约，集团加快"走出去"步伐， 积极打通堵点、接通断点，实现了制剂外贸基本盘稳中有升。上半年实现出口输液量7361万瓶(袋)，同 比增长42%;安瓿水针出口506万支，同比增长623%; 口服制剂出口创新高， 实现908万片(袋 )， 同比增 长9958%。制剂出口销售额合计人民币10,045万元，同比增长42%。上半年，集团收到马拉维等3个国家 的GMP证书并通过了卢旺达卫生部的质量审计;同时取得制剂注册证共49个，涉及14个国家的12个品规 产品。目前，集团有43个产品、103个品规出口到全球103个国家和地区，制剂国际化经营水平显著提 升。 药包材业务方面，上半年，集团药包材对外整体销售1.01亿港元，同比增长 7.1%。为应对产业链下游 需求波动性影响等因素，集团持续强化丁基胶塞、多层共挤膜等主要药包材 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 950 million yuan for the first half of 2025, with a net loss of 145 million yuan [2]. - The commercialization year has begun, with sales starting to ramp up. The company has three products approved for sale: Jiatailai (TROP2 ADC), Ketailai (PD-L1 monoclonal antibody), and Datailai (Cetuximab) [3]. - The company has a strong clinical pipeline, with Jiatailai's core clinical layout entering a harvest period, and several key indications in various stages of clinical trials [4]. Financial Performance - The company is expected to achieve revenues of 2.325 billion yuan, 3.668 billion yuan, and 5.352 billion yuan for the years 2025, 2026, and 2027 respectively, showing significant growth compared to previous forecasts [5]. - The projected net profit for 2027 is 380 million yuan, indicating a turnaround from previous losses [5]. - The revenue growth rates are projected at 20.29%, 57.74%, and 45.91% for the years 2025, 2026, and 2027 respectively [10]. Clinical Development - The company has a robust pipeline with several products in various stages of clinical development, including A166 (HER2 ADC) in NDA stage and A400 (RET inhibitor) in registration clinical stage [4]. - The company is expanding its market reach, with products already covering 30 provinces and over 2000 hospitals [3]. Market Potential - The inclusion of Jiatailai, Ketailai, and Datailai in the basic medical insurance directory is expected to accelerate sales growth [3]. - The market potential for TROP2 ADC in breast and lung cancer is significant, with comprehensive coverage of patients anticipated upon completion of ongoing clinical trials [3].

《海南省全面深化药品医疗器械 化妆品监管改革促进 医药产业高质量发展实施方案》29日对外发布。 其中提出，积极支持 创新药械在医疗机构的推广使用。一是及时更新发布《海南省创新药械产品目录 清单》。支持新药、首仿药、 仿制药通过质量与疗效一致性评价品种，以及第三类医疗器械、第二类 创新医疗器械等进入清单，医疗机构按规定采购使用。二是加快创新药械入院使用。推动医疗机构建立 定期召开药事、器械管理与药物治疗学委员会工作会议的长效机制，引导公立医院将创新药械加快入院 应用。三是推动创新药械入 医保。主动服务企业，辅导创新药械参与国家医保谈判，推动符合条件的 创新药械纳入医保目录。四是建立创新医疗器械首发价格形成和全周期价格管理机制。针对无挂网价格 的创新医疗器械，通过挂网产品信息，供需双方议价方式，推动创新医疗器械快速挂网交易。 ...