技术授权收入独木难支，毛利率"不适用"藏隐忧 2025年6月25日，益方生物（688382）发布对上交所2024年年报问询函的回复公告，揭开了这家创新药 企的业绩困境与经营挑战。年报数据显示，公司全年营业收入1.69亿元，归母净利润亏损2.40亿元，亏 损同比扩大14.5%。尽管技术授权收入撑起营收，但核心产品贝福替尼1.8亿元里程碑款逾期、毛利 率"不适用"等异常指标引发监管关注。 2024年，益方生物96%的收入依赖技术授权及销售提成。其中，格索雷塞研发里程碑收入1.51亿元（占 比89%），贝福替尼销售提成1637.86万元（9.7%）。公司称收入确认符合会计准则，以产品获批上市 或销售完成时点为准。例如，格索雷塞因2024年11月获批上市，一次性确认正大天晴支付的1.6亿元里 程碑款。 然而，营业成本仅392.39万元，主要为贝福替尼2%的销售额分成支付给第三方技术授权费。由于收入 结构以一次性里程碑款为主，导致毛利率指标"不适用"，凸显业绩波动风险。 1.8亿应收逾期暴露合作方资金压力，坏账计提引质疑 公告披露，贝达药业因"资金安排"逾期支付贝福替尼里程碑款1.8亿元，占应收账款总额的77%。尽管公 ...

Financial Data and Key Metrics Changes - The company has nearly tripled the number of phase three assets since 2021, now having over 20 unique assets with blockbuster potential launching in the next three to five years [5][6] - The company has invested over $70 billion into business development over the last few years, enhancing its pipeline and portfolio [9] Business Line Data and Key Metrics Changes - The late-stage pipeline is strong, with two assets, WIN Revere and Cat Baxtive, already in the midst of launching and performing well [5][6] - The early-stage pipeline includes 50 different programs moving from phase one to phase two, indicating robust development activity [6] Market Data and Key Metrics Changes - The company is focusing on US manufacturing to mitigate tariff risks and has invested $12 billion in manufacturing capital in the US from 2018 to 2024 [14][15] - The company plans to invest an additional $9 billion in manufacturing and R&D facilities by 2028 [15] Company Strategy and Development Direction - The company aims to grow through the KEYTRUDA loss of exclusivity (LOE) by focusing on innovation and expanding its product portfolio [8][10] - The strategic framework includes investing in and augmenting the pipeline, with a focus on oncology and expanding into cardiometabolic and immunology sectors [9][91] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant macroeconomic challenges, including MFN (Most Favored Nation) pricing and tariffs, but remains focused on innovation as the path to long-term sustainability [10][12] - The company is actively engaging with the administration regarding drug pricing reforms and believes that addressing middlemen costs is crucial for lowering drug prices [29][32] Other Important Information - The company is committed to producing both drug product and drug substance in the US by 2026, which aligns with its strategy to enhance domestic manufacturing capabilities [21][23] - The company is exploring opportunities in combination therapies and bispecific antibodies to enhance its pipeline in immunology [88][90] Q&A Session Summary Question: How does the company rank the various sectoral pressures? - Management identified MFN as the most significant policy question, followed by tariffs and FDA changes, but noted that these have not yet had a direct impact on operations [12][16] Question: What steps has the company taken regarding KEYTRUDA and tariffs? - The company has shifted to US manufacturing for KEYTRUDA and brought in inventory to mitigate tariff impacts, viewing this as a no-regret move [20][21] Question: What is the company's strategy for the subcutaneous KEYTRUDA? - The company plans to price the subcutaneous version competitively to maximize adoption and access, ensuring it aligns with the IV pricing [53][54] Question: What is the outlook for WIN Revere? - The launch of WIN Revere is progressing well, with expectations for steady growth driven by physician confidence and safety profiles [57][58] Question: What is the potential for enicetide in the market? - The company believes enicetide can democratize access to LDL cholesterol lowering, with a significant unmet need in cardiovascular disease [71][76]

4月29日，海翔药业发布年报，2024年实现营业收入19.38亿元，同比下降10.75%；实现归母净亏损3.3亿元，同比收窄21.38%；实现扣非归母净亏损3.4亿 元，同比收窄0.11%；基本每股收益为-0.21元/股。 2024年末，海翔药业总资产为74.56亿元，同比下降0.85%；负债总计23.24亿元，同比增长21.2%，资产负债率上升至31.2%；现金流方面，经营活动产生的 现金流量净额为1.75亿元，同比下降27.31%，主要系计提资产减值损失、资产折旧等不影响现金流量的项目增加所致；筹资活动产生的现金流量净额同比大 降96.51%；投资活动产生的现金流量净额由-1.28亿元大幅下降至-5.27亿元。 分业务看，2024年海翔药业医药板块收入为13.68亿元，同比下降11.77%，占总营收的70.59%。其中培南类产品全球供应链优势持续巩固，与多家国际知名 药企合作深化；伏格列波糖片等制剂产品通过一致性评价并中标国家集采。 2024年海翔药业染料板块收入为5.51亿元，同比下滑8.80%，占总营收的28.47%。其中活性艳蓝KN-R等拳头产品在细分市场保持较高占有率，销量实现双位 数增长。 20 ...

2025 年海外收入有望维持高速增长，27 省联盟集采续约有望于2H25启动。海外1Q25 手术量1,000+台 （同比双位数增长），其中约一半手术使用压力导管。海外业务中拉美市场增速最高。从收入角度，公 司预计全年海外增速仍将维持较高增速，但增速相较2024 年将有所放缓（2024 年海外收入同比 +52%）。国内1Q25 手术量5,000+台（同比个位数增长），其中约30%使用压力导管，目前公司进入了 约50 家在国内手术量排名前200 的手术中心，入院数量仍有进一步提升空间。 福建牵头的27 省联盟电生理集采续约有望于2H25 启动，预计中标价仍将有温和的下降压力。 关税战背景下，公司加快原材料国产化比例。公司2024 年原材料中进口比例约40%（vs 2022 年：约 60%），由美国进口原材料比例约10%（vs 2022 年：约30%），美国进口原材料比例并不高。公司目前 正在加快对美国进口原材料的替代，该部分原材料此前多有美国、中国两个供方，目前正逐步加大中国 供方比例。 研发管线顺利推进：1）PFA：参股的商阳医疗PFA 产品已于今年4 月获批，目前在挂网过程中；此 外，公司自研导管预计也将于2 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 60.01 CNY [4]. Core Insights - The company reported a revenue of 526 million CNY for Q1 2025, representing a year-on-year growth of 59.17%. However, it incurred a net loss of 254 million CNY during the same period [1]. - The clinical data for the drug Taitasip in treating Myasthenia Gravis (MG) is promising, with 98.1% of patients showing improvement in daily activity scores after 24 weeks of treatment. The overseas Phase 3 trials are currently in the enrollment stage [1][2]. - The company has multiple product approvals expected in 2025, including Taitasip for MG and IgA nephropathy, as well as Vedisizumab for HER2-positive breast cancer [2]. Financial Projections - Revenue projections for the company are estimated at 2.30 billion CNY in 2025, 3.29 billion CNY in 2026, and 4.23 billion CNY in 2027. Net profits are expected to be -1.03 billion CNY in 2025, -385 million CNY in 2026, and a profit of 263 million CNY in 2027 [2][10]. - The earnings per share (EPS) are projected to be -1.90 CNY in 2025, -0.71 CNY in 2026, and 0.48 CNY in 2027 [2][10]. Market Performance - The company's stock price was 55.98 CNY as of April 28, 2025, with a market capitalization of approximately 30.47 billion CNY [4]. - The stock has shown a relative return of 41.8% over the past month and 101.9% over the past three months [6].