Core Insights - The company, Kelun Pharmaceutical, announced that AI has improved the fermentation levels in production processes, surpassing the levels achieved without AI [1] - The production line for thiocyanate erythromycin is fully integrated with the AI system, with plans to quickly incorporate AI into cephalosporin and penicillin production lines [1] - Experimental results indicate that under the same material input, the average yield of AI-controlled fermentation tanks exceeds that of the control group by approximately 3% to 5% [1] - As batch numbers increase and iteration speeds accelerate, overall fermentation levels are expected to improve further [1] - In the field of synthetic biology, AI has significantly enhanced enzyme modification efficiency and activity, greatly improving research and development efficiency [1] - The company is gradually applying AI to various research and development tools, with expectations for AI to play a larger role in the R&D phase in the future [1]

格隆汇9月1日丨同和药业(300636.SZ)于近期投资者关系活动表示，公司第二梯队17个新品种在未来3-5 年有较大增长空间，再加上前面介绍过的8个品种在注册中，将会陆续贡献营收；未来3-5年公司总产能 有望达到20亿的规模。 ...

9月1日，三大股指集体收涨，上证指数报收3875.53点，涨0.46%；深成指报收12828.95点，涨1.05%；创业板指报收 2956.37点，涨2.29%。沪深两市全天成交额2.75万亿，全市场超3200只个股上涨，超2000只个股下跌。 沪深两市全天成交额2.75万亿，全市场超3200只个股上涨。 【主力资金】 盘面上，黄金板块全天强势，贵金属、半导体、电池板块涨幅居前，大金融、军工板块表现低迷。 | 板块名称 | 涨幅晶 | 主力金额 | 板块名称 | 涨幅4 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 贵金属 | 8.80% | +11.27 Z | 保险 | 2.55% | -5.15 C | | 金属锌 | 4.92% | +10.94亿 | 兵装重组概念 | 1.36% | -11.90亿 | | 要属铝 | 4.91% | +12.55 Z | 军工装备 | 0.87% | -32.29亿 | | 黄金概念 | 4.39% | +25.28亿 | 证券 | 0.85% | -72.09亿 | | 金属線 | 3.54% | +8.03亿 ...

格隆汇9月1日丨同和药业(300636.SZ)于近期投资者关系活动表示，2025年上半年新产品增长较快，达 到1.95亿元，其中高端法规市场为1.60亿元，新兴市场为0.35亿元，随着近三年新产品专利密集到期， 未来增长趋势向好。 ...

[Table_Title] 证券研究报告 / 公司点评报告 成本结构持续优化，创新药品加速放量 ---京新药业 25 年中报业绩点评 事件： [Table_Summary] 公司发布 2025 年中期业绩报告，实现营业收入 20.17 亿元（-6.2%），实 现归属于上市公司股东的净利润为 3.88 亿元（-3.5%），实现归属于上市 公司股东的扣除非经常性损益的净利润 3.60 亿元（+7.8%）。 点评： 财务端：毛利润率小幅下降，成本结构明显优化，盈利能力稳健提升。 1）报告期内实现毛利润率 49.6%（-2.0pct），实现净利润率 19.4% （+0.6pct），盈利能力小幅提升；2）毛利润率下降主要系成品药与原料 药毛利润率下降所致，分别-1.3/-3.0pct 至 63.8%/24.5%；3）期间费用率 27.8%（-3.5pct），其中销售/管理/研发/财务费用率分别同比-3.5/- 2.4/0/+0.4pct，销售费用下降主要系通过人员结构优化实现成本优化。 主营业务短期承压，海外业务表现相对更佳。1）成品药板块收入 11.75 亿元（-9.7%），主要系受集采扩围与价格监管趋严等因素影响。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved a revenue of 2,018 million in 2023, with a year-on-year growth of 155%, and is projected to reach 5,088 million by 2025, reflecting a growth rate of 43% [1] - The net profit attributable to the parent company is expected to grow significantly, from 644 million in 2023 to 1,808 million in 2025, indicating a growth rate of 26% [1] - The report highlights the strong performance of the drug Vomeletin, which is expected to drive revenue growth and profitability [4][5] Financial Performance Summary - The company reported a revenue of 2,374 million in the first half of 2025, a year-on-year increase of 50.57%, and a net profit of 1,051 million, up 60.22% [2] - The earnings per share (EPS) are projected to increase from 3.18 in 2024 to 4.02 in 2025, and further to 4.78 in 2026 [1][5] - The company's gross margin is expected to remain stable at 96% from 2024 to 2027 [5] Pipeline and Product Development - The company is transitioning from a single product operation to a product matrix management phase, with multiple drugs in the pipeline [4] - Vomeletin has shown promising results in clinical trials, particularly for patients with brain metastases, and is expected to expand its indications [4] - The company is collaborating with international partners to accelerate the development of Vomeletin for various NSCLC mutations [4] Market Position and Strategy - The report emphasizes the differentiated advantages of Vomeletin, including its safety profile and efficacy across various mutation types, which are expected to enhance its market value [4] - The company is preparing for the commercialization of other products, such as Pralsetinib, which is anticipated to be launched in 2026 [4] - The overall strategy focuses on leveraging strong clinical evidence to support the long product lifecycle and maintain competitive advantages in the market [4]

[Table_Info1] 奥赛康(002755) 化学制药/医药生物 [Table_Date] 发布时间：2025-09-01 [Table_Title] 证券研究报告 / 公司点评报告 盈利能力持续改善，创仿结合成果初显 --- 奥赛康 2025 年中期业绩点评 事件： [Table_Summary] 公司发布 2025 年中期业绩报告，实现收入 10.07 亿元（+9.2%），实现归 属于上市公司股东的净利润 1.60 亿元（+111.6%）。 点评： 财务端：盈利能力修复明显，费用结构持续优化，现金流大幅改善。1） 25H1 实现扣非归母净利润 1.41 亿元（+155.7%），自 2024 年扭亏为盈 始，公司盈利能力呈现加速修复态势；2）25H1 公司实现毛利率 81.7% （同比持平），实现净利率 14.6%（+7.6pct）；3）25H1 实现期间费用率 66.9%（-8.3pct），成本费用控制成效显著。25H1 公司销售/管理/研发/财 务费用率分别同比-3.5/-0.7/-4.5/+0.3pct；3）24 年公司经营性现金流净额 为 4.23 亿元（+42.5%），超 24 全年水平，现 ...

Core Viewpoint - In the first half of 2025, Kolun Pharmaceutical reported a significant decline in revenue and profit, primarily due to industry challenges such as decreased incidence of infectious diseases and macroeconomic factors like medical insurance cost control [1][2]. Financial Performance - Kolun Pharmaceutical achieved operating revenue of 9.08 billion yuan, a year-on-year decrease of 23.2% [1] - The net profit attributable to shareholders was 1 billion yuan, down 44.4% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 985 million yuan, a decline of 43.8% [1] - The net cash flow from operating activities was 1.19 billion yuan, down 53.0% year-on-year [1] - In Q2 2025, the company reported operating revenue of 4.69 billion yuan, a decrease of 16.3% year-on-year [1] Business Challenges - The primary challenge for Kolun Pharmaceutical is the impact of centralized procurement, which has led to price pressures despite an increase in overall product sales [3] - The company's business model includes large-volume injections, non-injection generic drugs, antibiotic intermediates, synthetic biology, and innovative drugs [3] - The large-volume injection segment contributes nearly 40% of the company's revenue [4] Market Dynamics - The large-volume injection business faced a sales revenue of 3.75 billion yuan in the first half of 2025, a decline of 19.65% year-on-year [5] - The market for basic injections is highly competitive, with prices reportedly at a low point due to overcapacity and declining demand [8] - The price of closed-system infusion products remains stable in higher-tier hospitals, while the price of basic infusion products in non-tier hospitals has reached a bottom [9] Future Outlook - The new round of centralized procurement may help stabilize prices in the large-volume injection market, with over 70% of the market expected to complete price linkage by the end of the year [10] - Future growth is anticipated to rely on high-end soft bag products, although their current contribution is insufficient to offset the price decline in basic infusions [10] - The company is exploring new growth areas in the anesthetics and analgesics sector, with several new products in the pipeline [17]

资料显示，浙江九洲药业股份有限公司位于浙江省台州市椒江区外沙路99号，成立日期1998年7月13 日，上市日期2014年10月10日，公司主营业务涉及化学原料药及医药中间体的研发、生产与销售。主营 业务收入构成为：新药定制研发和生产服务(CDMO)79.81%，特色原料药及中间体18.22%，其他 1.96%。 9月1日，九洲药业涨5.14%，截至发稿，报19.02元/股，成交5.94亿元，换手率3.61%，总市值169.17亿 元。 截至发稿，葛兰累计任职时间10年219天，现任基金资产总规模399.08亿元，任职期间最佳基金回报 125.88%， 任职期间最差基金回报-35.13%。 赵磊累计任职时间60天，现任基金资产总规模308.01亿元，任职期间最佳基金回报13.75%， 任职期间 最差基金回报13.59%。 从九洲药业十大流通股东角度 数据显示，中欧基金旗下1只基金位居九洲药业十大流通股东。中欧医疗健康混合A（003095）二季度 减持438.84万股，持有股数1342.63万股，占流通股的比例为1.51%。根据测算，今日浮盈赚取约1248.65 万元。 中欧医疗健康混合A（003095）成立日期 ...

| 股东名称 | 变动股数(股) | 变动比例(%) | | --- | --- | --- | | 杨民民 | 0 | -1. 69 | | 诺维科思 | -3, 318, 131 | -1.72 | | 杨彬彬 | 0 | -0. 01 | | 王小燕 | 0 | 0 | | 合计 | -3, 318, 131 | -3. 43 | 2025年8月11日至2025年8月28日期间，因公司可转债转股18,155,432股，公司总股本从202,220,631股上升至220,376,063股，受此影响，公 司控股股东、实际控制人及其一致行动人合计持股由47,107,459股降低至43,789,328股，持股比例由23.30%下降至19.87%，股份变动触及 5%的整数倍。 杨彬彬、王小燕为公司控股股东、实际控制人杨民民的兄嫂。今年半年报显示，杨民民为诺维科思的执行事务合伙人，所以杨民民与诺 维科思为一致行动人。 截至公告披露日，上述减持计划尚未实施完毕。 中国经济网北京9月1日讯药石科技（300725）(300725.SZ)8月29日晚间披露公告，公司于近日收到控股股东、实际控制人杨民民及其一致 行动人南京诺维 ...