千红制药 20250825 摘要 千红制药 2025 年上半年营收 8.58 亿元，同比增长 10.7%，经营活动 现金流净额同比减少 48%至 1.46 亿元，主要受原料采购增加影响。综 合毛利率提升 3.63 个百分点至 56.27%，其中原料和制剂板块毛利率 分别为 32.8%和 69.9%。 公司上半年研发投入 6,012 万元，费用化 4,385 万元，同比增长 25.3%。核心创新药 QZD106 已提交三期临床申请，预计 9 月中下旬 获批；QZD107 已提交附条件上市的二 b 期临床试验申请，同样预计 9 月中下旬获批。 QZD107 的 2A 期临床数据显示，两个剂量组的缓解率（CCR）均高于 40%，部分患者缓解率超过 55%。60 毫克和 80 毫克剂量组的中位生 存期（OS）分别达到 12.85 个月和 13.54 个月，为附条件上市提供数 据支持。 公司重视创新药 BD，积极推进 CDK9 抑制剂的商务开发工作。肝素原 料药价格年初至今呈下降趋势，与牧原集团合资的河南千牧公司已投产， 预计 9 月实现首次销售。 Q&A 千红制药 2025 年上半年经营情况如何？ 2025 年上半年 ...

Summary of the Conference Call for 恒瑞医药 Company Overview - **Company**: 恒瑞医药 (Hengrui Medicine) - **Industry**: Pharmaceutical Key Points and Arguments Internationalization and Business Development - 恒瑞医药 is accelerating its internationalization through diversified cooperation models, entering the business development (BD) realization phase, with significant growth in innovative drug licensing revenue expected to reach 3.1 billion RMB by 2025, driving overall revenue and profit growth [2][27] - The company has strengthened its BD capabilities since 2023, achieving rapid development in external licensing agreements, including a deal with Merck for small molecule licensing with upfront payments close to 700 to 800 million RMB and milestone payments nearing 12.4 billion RMB [2][6][7] Generic and Innovative Drug Business - In the generic drug market, 恒瑞医药 has steadily expanded overseas, with overseas revenue projected to reach 720 million RMB in 2024, while domestic generic drug business is expected to maintain around 12 billion RMB [2][4] - The company plans to launch three first-generic drugs overseas in 2024, which have significant global sales potential, contributing to growth in 2025-2026 [4] - In the innovative drug sector, 恒瑞医药 is expected to launch 25 innovative drugs from 2025 to 2027, entering a peak period for innovative drug launches, with products like JAK1 inhibitors and PD-1/TGFβ showing great potential [4][22] Product Development and Clinical Trials - The small molecule oral GLP-1 product shows excellent safety, with a discontinuation rate below 5%, significantly lower than competitors, and the dual-target injection product has shown promising efficacy data [10] - In the ADC (Antibody-Drug Conjugate) field, products like CMET ADC and nectin-4 ADC exhibit strong BD potential, with the latter showing over 55% objective response rate (ORR) in clinical trials for resistant urothelial carcinoma [15][18] Strategic Partnerships and Collaborations - 恒瑞医药 has shifted its collaboration model from primarily licensing in technology to actively engaging in licensing out, partnering with both small biotech firms and multinational corporations [6][9] - The company has made significant progress in collaborations with small biotech and new code companies, with promising developments in ADC and small molecule GLP-1 products [9] Market Position and Competitive Landscape - 恒瑞医药 is recognized as one of the most competitive companies in the breast cancer field, with a comprehensive layout including next-generation HER2 ADC and HER2 TKI targeting unmet clinical needs [20] - The company is also making strides in autoimmune and metabolic diseases, with several first-in-class targets showing excellent efficacy [21] Sales and Revenue Forecast - The sales team reform initiated in 2020 has been completed, with a new innovative sales model expected to drive faster growth [25] - For 2025, the company anticipates achieving around 3.1 billion RMB in innovative drug licensing revenue, contributing to overall revenue and net profit growth [27] Research and Development Pipeline - As of now, 恒瑞医药 has 133 pipelines in development, with 31 nearing market launch and the rest in various stages of clinical trials [13][14] - The company has categorized its pipelines based on global competitive landscape and potential for licensing out, indicating a strategic approach to maximize asset value [14] Additional Important Insights - The company has faced geopolitical risks and strategic adjustments in its innovative drug development approach, focusing on fewer but more novel clinical developments since 2022 [5] - The ADC field remains a key focus, with the company actively pursuing BD opportunities despite missing earlier windows [15][16] This summary encapsulates the critical insights from the conference call, highlighting 恒瑞医药's strategic direction, product development, market positioning, and future growth potential.