（文章来源：证券日报） 证券日报网讯 2月24日，润都股份发布公告称，公司近日收到国家药监局签发的布洛芬片《药品注册证 书》。该药品适用于缓解轻至中度疼痛如头痛、关节痛、偏头痛、牙痛、肌肉痛、神经痛、痛经。也用 于普通感冒或流行性感冒引起的发热。 ...

复星医药公告称，其控股子公司复宏汉霖在斯鲁利单抗注射液海外许可方面有新进展。2月24日，复宏 汉霖与KGbio签订《修订及部分终止协议》，终止《2023年独家许可协议》及印尼以外区域的相关许 可，复宏汉霖将依转让进展向KGbio支付至多3375万美元里程碑付款。同日，复宏汉霖与Abbott签订 《2024年许可协议之修正案》，扩展许可区域，Abbott将依条件额外支付至多4600万美元监管里程碑 款、至多8000万美元销售里程碑款。此次进展旨在拓展海外市场，但与Abbott合作及相关款项收取存在 不确定性。 ...

商业化能力卓越，创新转型迎业绩长周期增长 [Table_CoverStock] —康哲药业(0867.HK)公司首次覆盖报告 [Table_ReportDate] 2026 年 2 月 24 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 S1500523080002 tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 康哲药业(0867.HK) 投资评级 买入 上次评级 [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 康哲药业 恒生综合指数 资料来源：iFinD，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 15.44 | | --- | --- | | 52 周内股价波动区间(港元) | 7.15-15.45 | | 最近一月涨跌幅(％) | 13.03% | | 总股本(亿股) | 24.40 | | 流通股比例(％) | 100% | | 总市值(亿港元) | 376.66 ...

证券日报网讯 2月24日，哈三联发布公告称，公司全资子公司兰西哈三联制药于2026年2月13日收到与 收益相关的政府补助600万元，占公司最近一期经审计归母净利润的10.23%，预计增加2026年度利润总 额600万元。 （文章来源：证券日报） ...

Investment Rating - The report indicates a positive investment outlook for Changfeng Pharmaceutical, particularly due to the acceptance of the IND application for ICF004, a first-in-class inhalation powder for treating pulmonary fibrosis [2][5]. Core Insights - Changfeng Pharmaceutical's ICF004 has received IND acceptance, marking a significant milestone in the development of new treatments for progressive fibrosing interstitial lung disease (PF-ILD) [2][5]. - The drug aims to address unmet clinical needs in PF-ILD, which includes idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), both of which severely threaten patient survival [4][9]. - ICF004's unique delivery method allows for targeted lung delivery, achieving a lung/blood exposure ratio exceeding 100 times, which may enhance efficacy while minimizing systemic exposure [10][11]. Summary by Sections Section 1: Drug Development and Mechanism - ICF004 is classified as a first-in-class chemical drug candidate, designed for inhalation delivery to treat PF-ILD [4]. - The drug's development focuses on exploring mechanisms related to fibrosis, including inflammation and oxidative stress, aiming for a novel treatment approach distinct from existing oral therapies [5]. Section 2: Clinical Need and Current Treatments - PF-ILD is characterized by worsening respiratory symptoms and irreversible decline in lung function, with a median survival of approximately 2.8 years for IPF patients and a 5-year survival rate below 40% [6]. - Current treatment options are limited to two oral medications, which, while they can slow lung function decline, have significant side effects and limited survival benefits [7][8]. Section 3: Delivery and Pharmacokinetics - ICF004's inhalation delivery method is designed to target the lung lesions directly, showing a significant pharmacokinetic profile with over 100 times higher exposure in the lungs compared to the bloodstream [10][11]. - Preclinical studies suggest potential anti-fibrotic activity, although further clinical trials are necessary to confirm efficacy and safety in humans [12][13]. Section 4: Company Capabilities and Future Plans - Changfeng Pharmaceutical has a comprehensive capability in developing complex formulations and precision delivery technologies, which supports its innovative drug development strategy [14][16]. - The advancement of ICF004 reflects the company's ability to translate high-barrier delivery and formulation platforms into clinical development assets, with plans to actively pursue further clinical development while adhering to regulatory requirements [17].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector has shown a decline of 0.81% in the past week, ranking 21st among 31 primary sub-industries, while the Shanghai and Shenzhen 300 index increased by 0.36% [11][34] - Recent developments include a partnership between Heptares Therapeutics and Solstice Oncology, granting exclusive rights for HBM4003 outside Greater China, with a total upfront payment exceeding $105 million [5][12] - The report highlights the promising clinical data for HBM4003 in treating metastatic colorectal cancer, showing an objective response rate (ORR) of 34.8% and a disease control rate (DCR) of 60.9% [5][12] - Nektar Therapeutics announced positive results from the REZOLVE-AD study for moderate to severe atopic dermatitis, demonstrating sustained efficacy with the new Treg-targeting agent Rezpeg [16][19] Summary by Sections Recent Performance - The pharmaceutical sector's performance over the past month shows a decline of 0.81%, with specific sub-sectors like traditional Chinese medicine and medical devices experiencing significant drops [34] Market Dynamics - Year-to-date, the pharmaceutical sector has outperformed the Shanghai and Shenzhen 300 index by 1.79 percentage points, with a total return of 2.44% [34] Valuation - As of February 13, 2026, the pharmaceutical sector's valuation stands at 33.2 times PE, representing a 30% premium over the overall A-share market (excluding financials) [37] Key Companies to Watch - The report emphasizes companies such as Aidi Pharmaceutical, WuXi Biologics, and Innovent Biologics as key players to monitor in the current market environment [5][39]

Core Insights - Pfizer China has secured exclusive commercialization rights for the GLP-1 receptor agonist, Enoglutide, in mainland China through a strategic partnership with Innovent Biologics, which will retain the drug's development, registration, production, and supply responsibilities [2][4] - The partnership is part of Pfizer's response to the rising obesity rates in China, which currently stands at 14.1% among adults, and aligns with the "Healthy China Action" initiative [4] - The GLP-1 drug market in China is becoming increasingly competitive, with multiple companies engaging in price wars, as seen with Novo Nordisk and Eli Lilly significantly reducing prices for their GLP-1 medications [4][5] Company and Industry Summary - Innovent Biologics will receive up to $495 million from Pfizer, which includes upfront payments and milestone payments related to registration and sales [2] - The approval of Enoglutide for diabetes management was granted in January, and its application for long-term weight management is currently under review by the Chinese regulatory authority [2] - The GLP-1 drug class is gaining traction in China, with only a penetration rate of less than 1%, compared to over 10% in the U.S. and 5% in the U.K., indicating significant growth potential in the market [5] - Pfizer's strategy includes diversifying its portfolio beyond COVID-19 products, as evidenced by its recent acquisitions and partnerships aimed at enhancing its presence in the obesity and oncology sectors [6]

证 券 研 究 报 告 加科思-B（01167.HK）深度研究报告 强推（首次） pan-KRAS 抑制剂价值重估空间大 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 156 | 234 | 627 | 508 | | 同比增速(%) | 145.1% | 50.5% | 167.6% | -19.1% | | 归母净利润(百万元) | -156 | -15 | 313 | 192 | | 同比增速(%) | 56.6% | 90.7% | 2,258.6% | -38.6% | | 每股盈利(元) | -0.20 | -0.02 | 0.40 | 0.24 | | 市盈率(倍) | -29 | -308 | 14 | 23 | | 市净率(倍) | 4.8 | 4.9 | 3.7 | 3.2 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 23 日收盘价 港股公司 生物医药Ⅲ 2026 年 02 ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 格隆汇2月24日丨鲁抗医药(600789.SH)公布，公司控股子公司山东鲁抗医药集团赛特有限责任公司（简 称"赛特公司"）收到国家药品监督管理局颁发的关于米诺地尔搽剂（简称"该药品"）的《药品注册证 书》（批件号：2026S00478、2026S00479），该药品是按照新注册分类3类获批的仿制药，视为通过仿 制药质量和疗效一致性评价。 米诺地尔属于钾通道开放类抗高血压药物但具有多毛症的副作用。美国Upjohn公司针对此种不良反应进 行研究发现其溶液外用治疗秃发有明显疗效。1988年9月经美国FDA批准2%米诺地尔外用溶液上市用于 治疗斑秃男性秃发及化疗后秃发，1991年FDA批准可在妇女中使用，1997年FDA批准上市了5%米诺地 尔外用溶液用于男性患者。目前国内有米诺地尔搽剂、米诺地尔酊等相关剂型用于治疗秃发。本品用于 治疗男性型脱发和斑秃。 ...

（文章来源：北京商报） 北京商报讯2月24日，恒瑞医药发布公告称，公司子公司北京盛迪医药有限公司收到国家药品监督管理 局下发的《受理通知书》，公司1类创新药SHR-1918注射液的药品上市许可申请获受理，且已被纳入优 先审评程序。 根据公告，SHR-1918注射液是恒瑞医药自主研发的血管生成素样蛋白3（ANGPTL3）单克隆抗体，通 过抑制ANGPTL3的活性，从而降低血清中的甘油三酯（TG）和LDL-C水平。本次申报的拟定适应症为 用于治疗成人和12岁及以上的未成年人纯合子家族性高胆固醇血症患者。 ...