公司点评 | 泽璟制药 商业化品种持续放量，在研管线进展顺利 泽璟制药（688266.SH）2025 年半年报点评 摘要内容：公司发布 2025 年半年报，2025 年上半年公司实现营业收入 3.76 亿元（+56.07%），实现归母净利润-7280.35 万元，实现归母扣非净利润-1.03 亿元，亏损同比略有增长。 业绩符合预期，多纳非尼、重组人凝血酶稳健放量。1）多纳非尼片：入院 持续推进，截至 25H1 已入院 1200 余家，覆盖医院 2200 余家、药房 1000 余家。2）重组人凝血酶：纳入 2024 年国家医保目录，截至 25H1 累计准入 医院 590 余家，销量增长明显。3）盐酸吉卡昔替尼片：骨髓纤维化适应症 5 月获国家药监局批准上市，正在积极进行市场推广工作；第二项适应症重 度斑秃的 NDA 申请也于 5 月获受理，即将开展临床核查。4）注射用重组人 促甲状腺激素（rhTSH）：积极推进上市前相关工作，目前已完成发补研究， 正在技术审评阶段；公司 6 月与德国默克瑞士子公司 ATSA 签署服务协议， 授权 ATSA 作为 rhTSH 在中国大陆地区的独家市场推广服务商。 多项潜在重磅管线 ...

公司点评 | 恒瑞医药 对外授权成绩亮眼，创新管线驱动业绩高增 恒瑞医药（600276.SH）2025 年半年报点评 摘要内容：公司发布 2025 年半年报，2025 年上半年公司实现营业收入 157.61 亿元（+15.88%），实现归母净利润 44.50 亿元（+29.67%），归母扣 非净利润 42.73 亿元（+22.43%），业绩持续高增。 创新药出海成效显著，授权收入持续增厚业绩。2025H1 公司收到来自 MSD 的 2 亿美元及 IDEAYA 7500 万美元对外许可首付款并确认为收入，推动经 营业绩指标增长。2025 年公司已实现 3 笔对外授权：1）3 月，公司将 Lp(a) 抑制剂 HRS-5346 在大中华区以外全球范围内开发、生产和商业化的独家权 利有偿许可给 MSD，首付款 2 亿美元，开发、监管和商业化相关里程碑付 款最高达 17.7 亿美元，以及相应销售提成；2）4 月，公司将口服小分子促 性腺激素释放激素（GnRH）受体拮抗剂 SHR7280 中国大陆（不含港澳台 地区）独家商业化权益授予德国默克，公司将获 1500w 欧元首付款、产品 国内获批后一定里程碑付款，以及达到实际 ...

8月26日，奥赛康盘中下跌2.04%，截至13:22，报25.01元/股，成交1.40亿元，换手率0.60%，总市值 232.13亿元。 奥赛康所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：创新药、医药电商、幽门 螺杆概念、生物医药、抗癌治癌等。 截至8月20日，奥赛康股东户数1.83万，较上期减少1.26%；人均流通股50724股，较上期增加1.28%。 2025年1月-3月，奥赛康实现营业收入5.09亿元，同比增长13.39%；归母净利润5473.03万元，同比增长 73.50%。 分红方面，奥赛康A股上市后累计派现7.21亿元。近三年，累计派现1.11亿元。 机构持仓方面，截止2025年3月31日，奥赛康十大流通股东中，中欧医疗健康混合A（003095）位居第 六大流通股东，持股869.12万股，为新进股东。鹏华医药科技股票A（001230）位居第七大流通股东， 持股846.09万股，相比上期减少45.37万股。易方达医疗保健行业混合A（110023）位居第九大流通股 东，持股704.59万股，为新进股东。富国精准医疗灵活配置混合A（005176）位居第十大流通股东，持 股678.59 ...

诺诚健华所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：抗癌治癌、抗癌药物、 H股、基金重仓、大盘等。 截至6月30日，诺诚健华股东户数1.52万，较上期增加13.80%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，诺诚健华实现营业收入7.31亿元，同比增长74.26%；归母净利润-3009.14万元，同比增 长88.51%。 资金流向方面，主力资金净流出2945.26万元，特大单买入103.02万元，占比0.65%，卖出2243.16万元， 占比14.05%；大单买入3101.12万元，占比19.43%，卖出3906.23万元，占比24.47%。 诺诚健华今年以来股价涨141.86%，近5个交易日跌11.37%，近20日跌0.60%，近60日涨23.65%。 资料显示，诺诚健华医药有限公司位于北京市昌平区中关村生命科学园生命园路8号院8号楼，成立日期 2015年11月3日，上市日期2022年9月21日，公司主营业务涉及诺诚健华医药有限公司是一家主要从事生 物医药的研发、生产和商业化的中国公司。该公司专注于肿瘤和自身免疫性疾病等存在未满足临床需求 的领域，其产品管线包括ICP ...

Group 1 - Jinhe Biological plans to establish a wholly-owned subsidiary with an investment of 10 million yuan to expand into the pet business, focusing on pet food and supplies, food additives, and medical research [1] - CNOOC Development intends to sell its cold energy business and assets to a related party for a total of 371 million yuan [1] - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95% [2] Group 2 - Haosai received a warning letter from the Beijing Securities Regulatory Bureau due to suspected bribery involving its controlling shareholder [4] - Zhenyang Development is planning a major asset restructuring, leading to a temporary suspension of its stock [5] - Chitianhua's subsidiary will undergo a planned maintenance shutdown for 35 days, which will not affect the annual production targets [7] Group 3 - Aikang Pharmaceutical reported a net loss of 139 million yuan in the first half of the year, despite a revenue increase of 10.26% [8] - Zhaojin Gold achieved a net profit of 446.946 million yuan in the first half of the year, reversing a loss from the previous year [9] - CNOOC Development reported a net profit of 1.83 billion yuan in the first half of the year, a year-on-year increase of 13.15% [10] Group 4 - Hanchuan Intelligent reported a net profit of 22.935 million yuan in the first half of the year, compared to a loss in the same period last year [11] - Songyuan Safety's net profit increased by 30.85% year-on-year, with a revenue of 1.148 billion yuan [12] - Hengdian Film reported a net profit of 202 million yuan, a year-on-year increase of 128.61% [13] Group 5 - Ruoyu Chen's net profit increased by 85.6% year-on-year, with a revenue of 1.319 billion yuan [14] - Ruida Futures reported a net profit of 228 million yuan, a year-on-year increase of 66.49% [16] - Yangjie Technology's net profit increased by 41.55% year-on-year, with a revenue of 3.455 billion yuan [17] Group 6 - Yahua Group reported a net profit of 136 million yuan, a year-on-year increase of 32.87% [19] - Zhenyou Technology reported a net loss of 47.594 million yuan in the first half of the year [20] - Xinghui Co., Ltd. announced a share transfer agreement involving 6.99% of its shares [21] Group 7 - Shaanxi Natural Gas plans to transfer 13% of its shares through an agreement [23] - Zhenyou Technology received government subsidies totaling 6.0487 million yuan, accounting for 22.05% of its net profit [25] - Kema Technology plans to reduce its shareholding by up to 1.72% through a strategic employee placement plan [26]

Core Viewpoint - The article discusses the performance and business operations of Haiprime, a leading multinational pharmaceutical company, highlighting its revenue structure, market position, and recent financial results [2][7]. Company Overview - Haiprime was established in 1998 in Shenzhen and operates with A+H dual financing platforms, focusing on the heparin industry chain, biopharmaceutical CDMO, and innovative drug development [2]. - The company aims to provide high-quality, safe, and effective medications and services to global patients [2]. Financial Performance - For the first quarter of 2025, Haiprime reported a revenue of 1.394 billion yuan, representing a year-on-year growth of 1.53%, and a net profit attributable to shareholders of 157 million yuan, with a growth of 1.00% [7]. - The company’s overseas revenue accounted for 93.04% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. Revenue Composition - The revenue composition of Haiprime includes: - Formulations: 56.55% - Heparin sodium and low molecular weight heparin raw materials: 20.25% - CDMO: 19.58% - Others: 3.63% [7]. Market Activity - On August 15, Haiprime's stock increased by 0.23%, with a trading volume of 87.155 million yuan and a turnover rate of 0.53%, leading to a total market capitalization of 19.427 billion yuan [1]. - The stock has seen a net outflow of 8.7532 million yuan from major investors, indicating a lack of strong buying interest [4][5]. Shareholder Information - As of March 31, 2025, Haiprime had 28,400 shareholders, an increase of 6.00% from the previous period [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Innovation Drug, with respective holdings of 4.9411 million shares and 4.6859 million shares, both showing increases from the previous period [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][18]. Core Views - The company achieved a revenue of 1.17 billion yuan in H1 2025, reflecting a year-on-year growth of 1.39%, with a net profit of 337 million yuan, up 1.69% year-on-year. The net profit margin reached a historical high of 28.83% [3][6]. - The company continues to focus on its core pediatric pharmaceutical business, with its subsidiary, Dain Pharmaceutical, contributing 98.6% of the consolidated revenue [3]. - The company has signed an exclusive distribution agreement for Melatonin Granules (Manlejing®), enhancing its pediatric product portfolio and addressing a significant clinical need in the market [4][5]. Financial Performance - In Q2 2025, the company reported a revenue of 554 million yuan, down 4.88% year-on-year, and a net profit of 155 million yuan, down 4.97% year-on-year. The gross margin was 85.19%, a decrease of 2.01 percentage points year-on-year [3]. - The company forecasts revenues of 2.37 billion yuan, 2.64 billion yuan, and 2.94 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11% for both 2025 and 2026, and 12% for 2027 [6][8]. - The net profit is projected to be 550 million yuan, 610 million yuan, and 682 million yuan for the same years, with growth rates of 7% for 2025, 11% for 2026, and 12% for 2027 [6][8]. Product Development and Market Position - The company's flagship product, "Yikexin Vitamin AD Drops," maintains a high market share and leadership position, while the product matrix continues to expand with new offerings such as Dain Iron and Dain Calcium [5]. - The marketing strategy targeting children aged 0-18 has shown positive results, with significant sales growth in specific product lines [5].

Group 1: Guizhou Moutai - Guizhou Moutai achieved a net profit of 45.403 billion yuan in the first half of 2025, an increase of 8.89% year-on-year [1] - The company's operating income for the same period was 89.389 billion yuan, reflecting a growth of 9.1% year-on-year [1] - Basic earnings per share were reported at 36.18 yuan per share [1] Group 2: Weixing New Materials - Weixing New Materials reported a net profit of 271 million yuan in the first half of 2025, a decrease of 20.25% year-on-year [1] - The company's operating income was 2.078 billion yuan, down 11.33% year-on-year [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1] Group 3: Jianyuan Trust - Jianyuan Trust's net profit for the first half of 2025 was 40.2897 million yuan, an increase of 13.36% year-on-year [1] - The company achieved an operating income of 15 million yuan, a significant growth of 84.89% year-on-year [1] - Basic earnings per share were reported at 0.0041 yuan per share [1][2] Group 4: Weili - Weili won a bid for a leachate treatment project, expected to generate an annual revenue of approximately 61 million yuan [1] - The project has a total expected revenue of about 610 million yuan over a 10-year operational period [1] - The project includes a 0.5-year construction period followed by a 10-year operational period [1] Group 5: Tianjun Wind Power - Tianjun Wind Power provided a guarantee for a credit line of 150 million yuan for its wholly-owned subsidiary [1] - The guarantee covers the principal amount, interest, penalties, and other related costs [1] - The guarantee period is three years from the maturity of the main contract [1] Group 6: Jiangshan Oupai - Jiangshan Oupai's wholly-owned subsidiary completed the registration for a change in business type [1] - The subsidiary is now classified as a limited liability company [1] Group 7: Ningbo Port - Ningbo Port announced the resignation of independent director Yan Guoqing due to personal reasons [1] Group 8: Yangfan New Materials - Yangfan New Materials reported a net profit of 23.1372 million yuan in the first half of 2025, marking a turnaround from losses [1] - The company's total operating revenue was 473 million yuan, an increase of 47.93% year-on-year [1] Group 9: Zhongguancun - Zhongguancun's subsidiary received a drug registration certificate for a new injection [1] - The company also announced that another product passed the consistency evaluation for generic drugs [1] Group 10: Hengtong Oriental - Hengtong Oriental is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1] Group 11: Quzhou Development - Quzhou Development plans to acquire 95.46% of Xian Dao Electronics and will resume trading on August 13, 2025 [1] Group 12: Jiangsu Sop - Jiangsu Sop reported a net profit of 102 million yuan in the first half of 2025, a decrease of 13.01% year-on-year [1] - The company's operating income was 3.158 billion yuan, down 1.08% year-on-year [1] Group 13: Fudan Fuhua - Fudan Fuhua's subsidiary plans to invest 48.87 million yuan in a capital increase for another company [1] Group 14: Shaanxi Huada - Shaanxi Huada is planning to acquire 100% of Huajing Microelectronics and has suspended trading [1]

Investment Rating - The report indicates a focus on potential business development opportunities in the weight loss drug sector, suggesting a positive outlook for innovative drug companies in this area [1][2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.84% from August 4 to August 8, underperforming compared to the Wind All A index (1.94%) and the CSI 300 index (1.23%) [7][9]. - Notable sub-sectors that performed well include medical consumables (3.93%), in vitro diagnostics (2.55%), and medical devices (1.94%), while medical research outsourcing (-3.56%), chemical preparations (-2.04%), and traditional Chinese medicine (-1.88%) saw significant declines [8][10]. - The report highlights the competitive landscape in the weight loss drug pipeline, with Eli Lilly reaffirming the feasibility of oral GLP-1 drugs, while other multinational corporations (MNCs) may seek external products to enhance competitiveness [2][12]. - The report also discusses the initiative by seven government departments to promote innovation in the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [2][12]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector saw a decline of 0.84% during the week, with significant internal rotation and underperformance compared to broader indices [7][9]. - Medical consumables, in vitro diagnostics, and medical devices were the top-performing sub-sectors, while medical research outsourcing and chemical preparations faced the largest declines [8][10]. Industry News and Key Company Announcements - The report notes several key industry events, including the approval of a biosimilar drug by Boan Biotech and the joint initiative by multiple government departments to foster the brain-computer interface industry [11][12]. - Significant company announcements include the approval of new indications for existing drugs and the launch of new products, indicating ongoing innovation within the sector [15][16].

Core Viewpoint - China National Pharmaceutical Group announced the convening of its 30th board meeting on August 8, 2025, to review various proposals, including amendments to existing documents [2] Revenue Composition - For the year 2024, the revenue composition of China National Pharmaceutical Group is as follows: - Pharmaceutical commerce accounts for 77.31% - Pharmaceutical trade accounts for 14.35% - Chemical preparations account for 4.47% - Raw materials account for 2.78% - Traditional Chinese medicine accounts for 1.47% [2]