[Table_StockNameRptType] 荣昌生物（688331） 公司点评 [Table_BaseData] 收盘价（元） 88.66 近 12 个月最高/最低（元）118.88/24.11 总股本（百万股） 564 流通股本（百万股） 162 流通股比例（%） 28.7% 总市值（亿元） 499.7 流通市值（亿元） 143.8 财务状况改善显著，IO+ADC 临床开发加速 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-10-31 | 主要观点： | | --- | | 事件 ⚫[Table_Summary] 1 | 2025 年 10 月 30 日，荣昌生物发布 2025 年三季报，公司实现营 业收入 17.20 亿元，同比+42.27%；归母净利润-5.51 亿元，同 比+48.60%；扣非归母净利润-5.45 亿元，同比+50.31%。单季度 来看，公司 2025Q3 收入为 6.22 亿元，同比+33.13%；归母净利润 为-1.01 亿元，同比减亏 65.24%；环比减亏 48.25%；扣非归母净 利润为-1.00 亿元，同比减亏 67.14%；环比减亏 48. ...

Core Insights - The report emphasizes the positive outlook for the export of domestic innovative drugs, highlighting potential hot areas such as autoimmune diseases, tumor ADCs, and metabolic disorders [1][2] - The domestic innovative drug BD (business development) has seen rapid growth, with 83 licensing agreements reached so far this year, representing a 57% year-on-year increase, and a total amount of $845.31 billion, up 185% year-on-year [2][8] - The report identifies three main directions for growth: autoimmune drugs, ADCs, and metabolic drugs, each with unique opportunities and challenges [2][3][30] Group 1: Autoimmune Drugs - The autoimmune sector has produced several blockbuster products, but there remains unmet treatment needs. Potential upgrades include combination therapies, long-acting formulations, and oral options [2][17] - Domestic innovative drugs are leading in the development of next-generation autoimmune blockbusters, with some cutting-edge targets having global exclusivity [2][17][24] Group 2: Antibody-Drug Conjugates (ADCs) - The combination of immuno-oncology (IO) and ADCs is becoming a consensus direction in tumor treatment, with domestic ADCs expected to drive a new wave of BD activity [3][25] - Historical data shows that ADCs have been a strong area for domestic innovative drug BD, with high recognition from multinational corporations (MNCs) [3][29] Group 3: Metabolic Drugs - The GLP-1 class of drugs has shown significant market potential, with global sales expected to exceed $50 billion in 2024, and the market projected to surpass $130 billion by 2030 [30][32] - The competitive landscape for GLP-1 drugs is still forming, with many MNCs in early development stages, presenting opportunities for domestic companies to fill gaps in the market [30][31] Group 4: Market Trends and Projections - As of August 27, 2025, domestic innovative drugs accounted for over 15% of global BD project numbers and over 50% of total disclosed amounts, indicating a significant increase in market share [10][12] - The report highlights that the value reassessment of Chinese innovative drug projects is underway, with many expected to reach commercialization and share in overseas market revenues [10][12]