炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 孙梦圆 2024年开始，石药集团的业绩便出现营利"双降"。 千亿药企石药集团（1093.HK）近期动作不断。 12月22日，石药集团通过旗下石药创新与关联方中奇制药共同出资4.5亿元设立合资公司"石药集团润石 生物科技"，重点布局GLP-1靶点相关的降糖、减重代谢疾病药物研发与商业化。 就在几天前，19日，石药集团核心管理层刚刚进行了一场"大换血"。 公告显示，张翠龙因工作调动不再担任董事会副主席、首席执行官及授权代表，但仍将继续担任执行董 事。蔡磊获委任为副主席、执行董事、首席执行官及授权代表。魏青杰获委任为副主席、执行董事及首 席运营官。 值得一提的是，现年45岁的蔡磊，是石药集团董事会主席和主要股东蔡东晨之子，以及执行董事蔡鑫之 胞兄。此次他的上任，无疑为这场人事变动增添了更多家族企业的色彩与看点。 图源：罐头图库 科方得智库研究负责人张新原表示，石药集团采用的兄弟分工"组合接班"模式，其好处主要体现在以下 几个方面：一是能够发挥各自专长，形成互补优势，提升决策与执行效率；二是分散经营风险，避免权 力 ...

作者 | 晓琳 编辑 | 郑瑶 石药抢滩降糖、减重市场。 01 石药全部GLP-1业务 由新公司承接 12月22日，石药创新制药股份有限公司（以下简称"石药创新"）发布公告称，拟与石药集团中奇制药技术 （石家庄）有限公司（以下简称 "中奇制药" ） 共同出资4.5亿元设立合资公司——石药集团润石生物科技 （石家庄） 有限公司（ 最终以市场监督管理部门核准登记为准）。 本次投资资金全部来自两家公司自有资金，石药创新拟出资1.575亿元，占比35%；中奇制药拟出资2.925亿元，占比65%。公告称，成立新公司的动作高 度契合公司长期发展战略，有利于实现优势互补，将业务进一步延伸至超重/肥胖和2型糖尿病等具有较大增长潜力的治疗领域。 合资公司将承接石药集团旗下全部GLP-1靶点等相关产品管线（包括但不限于临床前研究、已进入临床阶段以及申报上市阶段的管线）的技术以及后续研 发和商业化，并通过自主开发、权益购买、管线引入等多种方式进一步拓展创新型代谢类药物相关管线的研发和商业化，丰富产品矩阵。 | 药物 | 种类 | 靶点 | 适应症 | 进展 | | --- | --- | --- | --- | --- | | 司 ...

北京商报讯（记者 丁宁）12月22日晚间，新诺威（300765）发布公告称，公司拟与石药集团中奇制药 技术（石家庄）有限公司（以下简称"中奇制药"）共同出资4.5亿元设立合资公司，其中公司拟以自有 资金出资1.575亿元，占合资公司注册资本的35%；中奇制药拟以自有资金出资2.925亿元，占合资公司 注册资本的65%。 公告显示，合资公司拟主营创新型代谢类药物的研发、产业化和商业化，主要聚焦于GLP-1靶点等相关 产品，涵盖超重/肥胖和2型糖尿病等治疗领域，并不断进行新型药剂开发和适应症扩展。此外，合资公 司设立后将承接石药集团有限公司旗下全部GLP-1靶点等相关产品管线（包括但不限于临床前研究、已 进入临床阶段以及申报上市阶段的管线）的技术以及后续研发和商业化，并可通过包括但不限于自主开 发、权益购买、管线引入等多种方式进一步拓展创新型代谢类药物相关管线的研发和商业化，丰富产品 矩阵，具体以后续合资公司的实际发展需要为准。 ...

新诺威12月22日公告，公司拟与石药集团中奇制药技术(石家庄)有限公司（简称"中奇制药"）共同出资 4.5亿元人民币设立合资公司，其中公司以自有资金出资1.57亿元，占注册资本的35%；中奇制药出资 2.92亿元，占注册资本的65%。合资公司将主营创新型代谢类药物的研发、产业化和商业化，聚焦于 GLP-1靶点等相关产品。本次交易构成关联交易，不构成重大资产重组。 ...

12月15日，华东医药（000963）股份有限公司(以下简称"华东医药"或公司)全资子公司杭州中美华东制 药有限公司(以下简称"中美华东")宣布，其研发的创新多肽类人GLP-1(胰高血糖素样肽-1)受体和GIP受 体(葡萄糖依赖性促胰岛素多肽)的双靶点长效激动剂HDM1005注射液在体重管理适应症中国II期临床试 验中取得了积极结果，展现了公司在代谢疾病领域强大的研发实力。 此外，公司另一款自主研发的ADC创新药注射用HDM2012的胃癌和胃食管交界癌、胰腺癌两项适应症 获得美国食品药品监督管理局(以下简称"美国FDA")孤儿药资格认定(Orphan Drug Designation,ODD)， 证明了其ADC研发创新性获国际认可。 这两大进度这标志着华东医药在新药研发的国际化与前沿探索方面实现了重要跨越，不仅体现了公司以 科研为基础理念的成功实践，更彰显了其在新靶点探索和研发布局上的前瞻性，为华东医药在创新领域 的持续领先奠定了坚实基础。 强效减重临床数据惊艳，创新产品获孤儿药认定 公开资料显示，HDM1005注射液是由中美华东研发并拥有全球知识产权的1类化学新药，为多肽类人 GLP-1受体和GIP受体的双 ...

Core Insights - The article highlights the significant achievements of Huadong Medicine's subsidiary, Zhejiang Daor Bio, in the development of DR10624, a first-in-class long-acting triple agonist for treating severe hypertriglyceridemia (SHTG), which was showcased at the AHA 2025 conference [1][3] Group 1: Clinical Trial Results - DR10624 demonstrated a rapid and significant reduction in triglyceride levels, atherosclerotic lipids, and liver fat content in patients with SHTG during its Phase II clinical trial [1][3] - The trial results indicated that 89.5% of patients treated with DR10624 achieved triglyceride levels below 500 mg/dL, and 19.1% reached levels below 150 mg/dL, with a median percentage reduction in triglycerides of up to 75% [6][9] - After 12 weeks of treatment, DR10624 significantly reduced liver fat content, with a median percentage reduction of up to 67% compared to the placebo group [8] Group 2: Mechanism of Action - DR10624 is designed as a long-acting triple-target agonist, uniquely targeting FGFR1c/Klothoβ, GLP-1R, and GCGR, which allows it to intervene in metabolic regulation from multiple dimensions [2][10] - The drug enhances lipid oxidation, suppresses fat generation, improves insulin sensitivity, promotes fat breakdown, and effectively suppresses appetite, showcasing its unique advantages in treating metabolic diseases [2][10] Group 3: Strategic Positioning and Market Potential - The recognition of DR10624 at the AHA conference marks a historic breakthrough for Chinese scholars in cardiovascular research and drug development [3][10] - Huadong Medicine's focus on the FGF21 target, which has high barriers to entry and limited competition, positions the company favorably in the metabolic disease treatment landscape [10][11] - The global interest in FGF21 has led to significant investments from major pharmaceutical companies, indicating a strong consensus on its potential as a core target for metabolic disease therapies [10][11] Group 4: Future Developments - Huadong Medicine is preparing for Phase III clinical trials for DR10624, having submitted clinical trial applications to the FDA and received approvals for various indications [9][12] - The company is expanding its product pipeline, including multiple GLP-1 related products, which are progressing through clinical development for diabetes and weight management [12][13]

Core Insights - The company reported steady revenue and profit growth for the first three quarters of 2025, with total revenue reaching 32.664 billion yuan, a year-on-year increase of 3.77%, and net profit attributable to shareholders of 2.748 billion yuan, up 7.24% [1] - Significant investment in R&D was noted, with expenditures rising to 2.186 billion yuan, a 35.99% increase, indicating a strong commitment to innovation [1] - The company’s innovative products are increasingly contributing to revenue, with sales from innovative products reaching 1.675 billion yuan, a substantial growth of 62% year-on-year [2] Financial Performance - For the first nine months of 2025, the pharmaceutical industrial segment achieved revenue of 11.045 billion yuan, a growth of 11.10%, and net profit of 2.475 billion yuan, up 15.62% [2] - In Q3 2025, the segment reported revenue of 3.728 billion yuan, a 14.95% increase, and net profit of 894 million yuan, an 18.43% rise [2] - The company maintained a resilient operational performance despite increased R&D investments, with quarterly revenue and profit showing a consistent upward trend [1] Product Development and Innovation - The company has made significant advancements in its core therapeutic areas, including endocrine, oncology, and autoimmune diseases, with over 90 innovative drug pipeline projects underway [4] - The ADC drug pipeline has shown promising progress, with several candidates receiving IND approvals in both China and the U.S. [5] - The company is preparing for negotiations regarding national medical insurance and commercial insurance for three innovative products, aiming to enhance drug accessibility and drive sales growth [3] Market Position and Strategy - The company has established a strong market presence with its CAR-T product, achieving significant order volumes that exceed previous year's totals [2] - The company’s innovative drug candidates are positioned to address various conditions, including diabetes and cancer, with several products nearing market entry [6][7] - The industrial microbiology segment has also shown robust growth, with a 28.48% increase in revenue, indicating a diversified growth strategy [9] Future Outlook - The company aims to continue its focus on research-driven, patient-centered approaches to foster sustainable high-quality growth [11] - The medical aesthetics business is expected to enhance its brand effect and core competitiveness through a global product matrix [10] - The ongoing development of innovative products and the expansion of market access are anticipated to provide solid momentum for future performance [11]

Core Insights - Amylin, a previously overlooked target, is emerging as a significant player in the multi-billion dollar weight loss market, particularly with the recent data from Novo Nordisk's cagrilintide and its combination with semaglutide showing promising weight loss results [1][2][3] Group 1: Clinical Developments - Novo Nordisk's cagrilintide achieved an average weight loss of 11.8% after 68 weeks of treatment in the REDEFINE 1 study [1] - The combination formulation CagriSema, which includes cagrilintide and semaglutide, demonstrated an average weight loss of 20.4%, significantly outperforming monotherapy [1][9] - Novo Nordisk has registered a Phase 2 clinical trial for NNC0662-0419, a GLP-1/GIP/Amylin triple agonist [1] Group 2: Industry Movements - Pfizer announced a $4.9 billion cash acquisition of Metsera to strengthen its weight loss pipeline, leading to a significant surge in Metsera's stock price [1] - Major pharmaceutical companies like Roche, AstraZeneca, Eli Lilly, and AbbVie are increasingly investing in Amylin through collaborations and acquisitions [2][11] Group 3: Mechanism and Competitive Advantage - Amylin is not a new target; it was discovered in 1987 but faced challenges in earlier formulations due to short half-lives and side effects [3][4] - New generation Amylin analogs have significantly improved half-lives, allowing for less frequent dosing, which enhances patient compliance [5][10] - Amylin's mechanism offers complementary effects to GLP-1, potentially leading to better patient outcomes through combined therapies [8][9] Group 4: Future Directions - The industry consensus is shifting towards collaborative strategies rather than isolated competition, with companies exploring combinations of Amylin and GLP-1 for enhanced efficacy [12][16] - Innovations in drug delivery systems, such as long-acting formulations and oral delivery methods, are being prioritized to improve patient adherence and treatment outcomes [15][16]

Core Insights - Amylin, a previously overlooked target, is emerging as a significant player in the multi-billion dollar weight loss market, particularly with the recent data from Novo Nordisk's cagrilintide and its combination with semaglutide showing promising weight loss results [1][2][6] Group 1: Clinical Data and Results - Novo Nordisk's cagrilintide demonstrated an average weight loss of 11.8% after 68 weeks of treatment in the REDEFINE 1 study [1] - The combination formulation CagriSema, which includes cagrilintide and semaglutide, achieved an average weight loss of 20.4%, significantly outperforming monotherapy [1][8] - Cagrilintide showed lower gastrointestinal side effects compared to semaglutide, indicating better patient compliance [5][7] Group 2: Market Dynamics and Competitive Landscape - The competition in the GLP-1 space is intensifying, leading companies to explore Amylin as a complementary target rather than a replacement [2][7] - Major pharmaceutical companies like Pfizer, Eli Lilly, and Roche are investing heavily in Amylin, indicating a strategic shift towards multi-target approaches [6][9] - The acquisition of Metsera by Pfizer for $4.9 billion, aimed at enhancing its weight loss pipeline, reflects the growing interest in Amylin [1][9] Group 3: Mechanism and Advantages - Amylin's mechanism of action includes appetite suppression and improved insulin sensitivity, which complements GLP-1's effects [7][8] - Clinical data suggest that Amylin drugs may have better tolerability and muscle mass retention compared to GLP-1 drugs, addressing common side effects like nausea and gastrointestinal issues [7][8][11] - The potential for synergistic effects when combining Amylin with GLP-1 has been highlighted, with early clinical evidence supporting enhanced treatment outcomes [8][9] Group 4: Future Directions and Innovations - Companies are focusing on multi-target collaborations and innovative delivery methods to enhance the efficacy and patient compliance of Amylin drugs [11][12] - Oral formulations and long-acting delivery systems are being explored to improve patient experience and adherence to treatment [12][13] - The competitive landscape suggests that successful entrants will need to innovate rather than replicate existing models, emphasizing the importance of understanding clinical needs [13]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 136.15 CNY based on a valuation of 35 times the expected earnings per share in 2026 [3][10]. Core Views - The company has established a strong foundation in small molecule CDMO (Contract Development and Manufacturing Organization) services and is gradually entering a harvest phase with its emerging businesses. The dual growth drivers are expected to position the company as a leading technology-driven one-stop CDMO service provider [2][8]. Summary by Sections Small Molecule CDMO - The small molecule CDMO business is the cornerstone of the company's operations, leveraging advanced technologies such as continuous reaction and biocatalysis to create competitive advantages in cost and efficiency. The company is expected to maintain steady growth in this segment due to increasing demand for high-value orders and expansion into international markets [9][26]. - In 2024, the small molecule business is projected to generate revenue of 45.71 billion CNY, with a gross margin of 47.95%. The company anticipates 12 projects in the validation phase for 2025, ensuring a robust order backlog for sustained growth [26][49]. Emerging Businesses - The company has diversified into several emerging business segments, including chemical macromolecule CDMO, clinical CRO (Contract Research Organization), and biopharmaceutical services. These segments are expected to contribute significantly to revenue growth, with the emerging business generating 12.26 billion CNY in 2024, reflecting a year-on-year growth of 2.25% [57][60]. - The chemical macromolecule CDMO segment, which includes peptides and oligonucleotides, is experiencing rapid commercialization, with a revenue increase of 13.3% in 2024 [59]. Financial Projections - The company is projected to achieve net profits of 11.70 billion CNY, 14.04 billion CNY, and 17.00 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 23.3%, 20.0%, and 21.1% [10][16]. - Earnings per share (EPS) are expected to rise from 3.24 CNY in 2025 to 4.71 CNY by 2027, indicating a strong upward trajectory in profitability [10][16]. Market Position and Strategy - The company aims to enhance its global footprint by expanding its production capabilities in Europe and Japan, particularly through the acquisition of the Sandwich Site in the UK, which is expected to bolster its service offerings and client penetration in these regions [54][56]. - The report highlights the company's commitment to maintaining a high level of research and development investment, which is crucial for sustaining its competitive edge in the rapidly evolving pharmaceutical landscape [21][22].