港股创新药板块在2025年上半年显出回暖迹象，市场期待已久的机会似乎正在到来。 在这股势头中，专注眼科创新药的拨康视云也开启了招股。公司计划于7月3日在港交所挂牌（股票代 码：2592），本次IPO发行约6058万股，定价每股10.10港元，目标筹集资金主要用于两款核心眼科新药 的研发和商业化。 值得注意的是，在上市前，拨康视云已经获得了包括鼎晖、建银国际、远大医药等在内的多家知名投资 机构的重金押注。 在眼科这个充满潜力的黄金赛道上，手握全球首款翼状胬肉在研新药的拨康视云，能否乘着这波行情真 正起飞？ 2024年首次产生收入，管线潜力是主要看点 资本市场对创新药企的追捧从未停歇，尤其是对于"全球首创"的故事更加热衷。 成立于2015年的拨康视云作为一家临床阶段眼科生物科技公司。尽管全球眼科药物数量众多，但真正具 备突破性的创新疗法仍属稀缺，这类解决临床痛点的品种往往展现出更强的市场竞争力与发展前景。 拨康视云在国内名气不大，但其两款自主研发产品确有冲击同类首创和最佳的可能——两款分别针对翼 状胬肉与青少年近视的创新药物，被赋予填补市场空白的厚望。 截至目前，公司已建立八种候选药物组成的创新管线，产品覆盖眼睛 ...

Core Viewpoint - The article discusses the impact of technology on daily life, emphasizing how reliance on automation and convenience can lead to a disconnection from the processes and skills that enrich human experience and understanding of the world [3][5][8]. Group 1: Technology and Human Experience - The increasing dependence on technology has resulted in a loss of essential skills and experiences, such as cooking and writing, which are crucial for cognitive and sensory development [4][10][11]. - The concept of "device paradigm" suggests that while technology provides convenience, it also creates a separation between individuals and their understanding of the world [5][6][9]. - The article highlights the importance of engaging with physical objects and processes to foster a deeper understanding and connection with the environment, which is often lost in a technology-dominated society [23][25][27]. Group 2: Consumer Culture and Skills Development - The rise of consumer culture, driven by technology, has led to a passive acceptance of convenience, diminishing individuals' understanding of the origins and processes behind the products they consume [6][7][32]. - The article advocates for the cultivation of practical skills and experiences, suggesting that engaging in hands-on activities can enhance one's ability to navigate life and resist consumerism [26][35][36]. - It emphasizes the need for creating environments that allow young people to develop these skills, suggesting that educational systems should incorporate opportunities for independent living and practical learning [33][34].

益方生物 20260629 摘要 益方生物在当前市场环境下，其核心驱动因素和管线布局是怎样的？ 的个位数百分比和武田药物宣称的约 33%。在 PASI 90 指标上，益方生物的 TYK2 抑制剂也显示出大幅领先的趋势。从药代动力学（PK）数据来看，益方 生物的 TYK2 抑制剂在全天 24 小时内均能保持药物暴露量在 IC90 以上，而 BMS 的药物无法保持在 IC50 以上，武田的药物则无法保持在 IC90 以上。这 种持续的药物暴露可能得益于药物的重吸收效应。 益方生物的 TYK2 抑制剂未来在临床试验设计上，特别是与现有药物进行头对 头比较时，将如何选择终点指标？ 益方生物的核心驱动因素仍是 TYK2 抑制剂的进展，包括其银屑病适应症的临 床数据和潜在的商务拓展（BD）。公司管线丰富，涵盖已上市销售的贝福和 KRAS G12C 抑制剂，处于三期临床的口服 SERD，以及 TYK2 抑制剂银屑病 适应症即将进入三期临床。此外，TYK2 抑制剂在溃疡性结肠炎方面的临床试 验已启动，预计在 2025 年底至 2026 年逐步获得数据。公司在 2025 年 AACR 会议上还展示了两个临床前分子。 益方生物的 ...

百济神州 20250618 摘要 百济神州预计 2025 年实现经营利润和经营活动现金流为正，得益于泽 布替尼和替雷利珠单抗的销售放量，管理层预计全年销售收入将在 49 亿至 53 亿美元区间，业绩确定性强。 泽布替尼作为 BTK 抑制剂，头对头实验数据优于伊布替尼，巩固了其 best-in-class 地位，并能拓展 BTK 耐药后的治疗场景。预计 2024 年 销售收入超过 26 亿美元，同比翻倍增长，美国市场 CLL/SLL 适应症获 批后市场规模达 120-130 亿美元。 替雷利珠单抗 2024 年实现销售收入 6 亿美元，同比增长 16%，主要受 益于国内市场适应症扩大。其与泽布替尼共同决定了公司能否在 2025 年实现扭亏为盈。 百济神州海外市场收入占比超过 60%，美国市场同比增长 75%，欧洲 市场同比增长 80%。随着更多适应症获批及进入各国医保目录，未来海 外收入占比有望进一步提升。 2024 年公司整体收入 38 亿美元，同比增长 55%，主要推动因素包括 泽布替尼等产品。泽布替尼 2024 年销售额达到 26 亿美元，验证了公 司全球研发及商业化能力。 Q&A 百济神州在中国创新药领 ...

西南证券发布研报称，随着耐赋康、依嘉、伊曲莫德、EVER001等产品的上市和放量，预计云顶新耀 (01952)2025-2027年营业收入分别为14.7、30.7和42亿元。耐赋康是中国首个且唯一获批的IgA肾病治疗 药物，上市后放量明显，销售峰值预计达到50亿元；伊曲莫德为新一代口服治疗溃疡性结肠炎药物，有 望于2025年底前获批上市；EVER001为共价可逆BTK抑制剂，潜在同类最佳产品，授权潜力大。 伊曲莫德为新一代口服治疗溃疡性结肠炎药物，销售峰值有望达20亿元。我国溃疡性结肠炎近几年发病 率有上升趋势，到2030年我国溃疡性结肠炎患者人数预计将达到91.8万人。伊曲莫德为新一代口服治疗 溃疡性结肠炎药物，其亚洲多中心Ⅲ期临床研究完整维持期数据在第20届欧洲克罗恩病和结肠炎组织年 会(ECCO2025)公布，结果显示，伊曲莫德组有89.6%的患者完成了40周维持期，显著高于安慰剂组的 51.9%。 EVER001凸显BIC潜力，出海潜力大。EVER001胶囊是新一代共价可逆的布鲁顿酪氨酸激酶(BTK)抑制 剂。与共价和不可逆BTK抑制剂相比，EVER001作为一款潜在的同类最佳产品，在保持高效的同时具 ...

Group 1: Market Sales Growth - In April, the retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter [3] - From January to April, the total retail sales of consumer goods amounted to 161,845 billion yuan, showing a year-on-year increase of 4.7%, which is 0.1 percentage points faster than the first quarter [3] Group 2: Urban vs Rural Consumption - In April, urban retail sales reached 32,376 billion yuan, growing by 5.2% year-on-year, with an acceleration of 0.7 percentage points compared to the first quarter; rural retail sales were 4,798 billion yuan, with a year-on-year growth of 4.7%, slowing down by 0.2 percentage points [5] - For the period of January to April, urban retail sales totaled 140,433 billion yuan, with a year-on-year increase of 4.7%, while rural retail sales reached 21,412 billion yuan, growing by 4.8%, which is a slowdown of 0.1 percentage points [5] Group 3: Retail Growth in Key Sectors - In April, retail sales of goods amounted to 33,007 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter; among these, retail sales of key enterprises reached 13,762 billion yuan, growing by 6.6%, which is 0.8 percentage points faster than the first quarter [7] - From January to April, retail sales of goods totaled 143,651 billion yuan, with a year-on-year increase of 4.7%, while key enterprises recorded 58,885 billion yuan, growing by 6.0%, which is 0.2 percentage points faster than the first quarter [7] Group 4: Online Retail Performance - In April, online retail sales of physical goods grew by 6.1% year-on-year, with an acceleration of 0.4 percentage points compared to the first quarter; from January to April, online retail sales reached 39,265 billion yuan, growing by 5.8%, which is faster than the first quarter by 0.1 percentage points [9] - Online retail sales accounted for 24.3% of the total retail sales of consumer goods [9] Group 5: Offline Retail Stability - In April, offline retail sales grew by 4.7% year-on-year, with an acceleration of 0.5 percentage points compared to the first quarter; from January to April, offline retail sales increased by 4.3%, which is 0.1 percentage points faster than the first quarter [10] - Among key retail enterprises, convenience stores, specialty stores, supermarkets, department stores, and brand specialty stores saw year-on-year growth of 9.1%, 6.4%, 5.2%, 1.7%, and 1.4% respectively [10] Group 6: Upgraded Product Sales - In April, nearly 90% of product categories in key enterprises saw retail sales growth, with significant increases in jewelry (25.3%), cosmetics (7.2%), and sports and entertainment products (23.3%) [13] - The sales of home appliances, cultural and office supplies, furniture, and building materials grew by 38.8%, 33.5%, 26.9%, and 9.7% respectively, with substantial acceleration compared to the first quarter [13] Group 7: Service Retail Growth - From January to April, service retail sales grew by 5.1% year-on-year, with an acceleration of 0.1 percentage points compared to the first quarter, driven by strong demand in travel and leisure services [14] - Service retail growth outpaced product retail growth by 0.4 percentage points [14] Group 8: Consumer Price Stability - In April, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, consistent with the first quarter; among eight categories, seven saw price increases, while transportation and communication prices fell by 3.9% [18] - The average CPI for January to April showed a decline of 0.1% compared to the same period last year, maintaining the same rate as the first quarter [18]

证券研究报告 | 行业点评报告 2025 年 05 月 19 日 社零数据点评 推荐（维持） 行业规模 | | 占比% | | | --- | --- | --- | | 股票家数（只） | 133 | 2.6 | | 总市值（十亿元） | 1172.3 | 1.4 | | 流通市值（十亿元） | 1076.2 | 1.4 | 行业指数 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 | 4.1 | 28.9 | 27.5 | | 相对表现 | 10.2 | 31.3 | 21.5 | 资料来源：公司数据、招商证券 相关报告 1、《商贸社服行业周报—京东外卖 上线百亿补贴，京东盒马等企业助力 出口转内销》2025-04-14 4 月社零同比+5.1%，国补品类保持增速领先 消费品/商业 2025 年 4 月社会消费品零售总额为 37174 亿元，当月同比+5.1%；实物商品网 上零售额当月为 9317 亿元，当月同比+6.1%。4 月社零及电商大盘维持相对稳 健增长，国补品类增速保持领先。当前内需有望发力，若刺激消费政策出台消 费互联网龙头将显著受 ...

Alpha Cognition (ACOG) Q1 2025 Earnings Call May 15, 2025 04:30 PM ET Company Participants Henry Du - Interim CFO, VP of Finance & AccountingMichael McFadden - Director & CEOLauren D'Angelo - COORaghuram Selvaraju - Managing Director, Healthcare Equity ResearchDave Storms - Director of Equity Research Conference Call Participants Michael Freeman - Equity Research Analyst - Healthcare Operator Greetings, and welcome to the AlphaCognition Earnings Call. At this time, all participants are in a listen only mode ...

Puma Biotechnology (PBYI) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Company Participants Mariann Ohanesian - Senior Director of Investor RelationsAlan Auerbach - Founder, Chairman, President, CEO & SecretaryJeffrey Ludwig - Chief Commercial OfficerHeather Blaber - VP - MarketingRoger Storms - VP - SalesMaximo F. Nougues - CFO & Principal Accounting Officer Conference Call Participants Divya Rao - AnalystNone - Analyst Operator Good afternoon. My name is Sherry, and I will be your conference call operat ...

BioCryst Pharmaceuticals (BCRX) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Company Participants John Bluth - Investor RelationsJon Stonehouse - Chairman, CEO, President & Interim CFOCharles Gayer - Chief Commercial OfficerHelen Thackray - Chief Research & Development OfficerSteve Seedhouse - Biotechnology Equity ResearchGena Huidong Wang - Managing Director, Biotech Equity ResearchLaura Chico - Managing Director, Equity ResearchLiisa Bayko - Managing DirectorJon Wolleben - Managing Director Conference C ...