华熙生物（688363）2025 年中报点评 推荐（维持） 仍处系统性调整阶段，利润端初见成效 事项： 华熙生物业绩一览：25H1 收入同比-19.57%，归母净利润同比-35.38%，其中 Q2 业绩现拐点，归母净利润同比转正。1）25H1：收入 22.61 亿（同比-19.57%， 下同），归母净利润 2.21 亿（-35.38%），扣非归母净利润 1.74 亿（-45.00%）。 2）25Q2：收入 11.83 亿（-18.44%），归母净利润 1.19 亿（+20.89%），扣非 归母净利润 0.92 亿（+8.75%）。 评论： 风险提示：市场竞争加剧、新品推广不及预期、医疗器械拿证不及预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,371 | 4,959 | 5,461 | 6,254 | | 同比增速(%) | -11.6% | -7.7% | 10.1% | 14.5% | | 归母净利润(百万) | 17 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company reported a revenue of 642 million yuan for the first half of 2025, representing a year-on-year increase of 7.61%. The net profit attributable to shareholders was 190 million yuan, up 46.96%, primarily due to steady sales growth and a decrease in sales expenses compared to the same period last year [1]. - The company has made significant progress in its clinical pipeline, with multiple late-stage candidates advancing rapidly. Notably, the company has achieved a breakthrough in international business development (BD) with Pfizer, securing a record upfront payment of 1.25 billion USD for the exclusive development and commercialization rights of a dual antibody product [6][1]. - The company is actively developing differentiated early-stage pipelines, with innovative targets leading in domestic progress. The first approved IND for BDCA2 monoclonal antibody is currently in Phase I clinical trials for systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE) [6]. Financial Summary - The projected total revenue for 2025 is estimated at 4.199 billion yuan, reflecting a year-on-year growth of 251.8%. The net profit attributable to shareholders is expected to reach 2.775 billion yuan, with a growth rate of 293.9% [1][7]. - The earnings per share (EPS) for 2025 is projected to be 4.50 yuan, with a price-to-earnings (P/E) ratio of 12 [1][7]. - The company's total market capitalization is approximately 32.943 billion yuan, with a debt-to-equity ratio of 5.80% [3].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 297.74 CNY [4][3]. Core Insights - The company's product revenue for the first half of 2025 reached 17.36 billion CNY, a year-on-year increase of 45.8%, while total revenue was 17.52 billion CNY, up 46.0% from the previous year [1]. - The net profit attributable to the parent company for the same period was 450 million CNY [1]. - The overseas market for the drug Zebutinib continues to expand, with Q2 2025 product revenue of 1.3 billion USD, a 42% year-on-year increase, driven primarily by sales growth in the US and Europe [1]. - Zebutinib sales in the US for Q2 were 684 million USD, up 43% year-on-year, while in Europe, sales reached 150 million USD, reflecting an 85% increase, attributed to market share gains across major European markets [1]. Financial Projections - Revenue projections for the company are estimated at 36.15 billion CNY, 45.94 billion CNY, and 55.64 billion CNY for 2025, 2026, and 2027 respectively, with net profits expected to be 1.20 billion CNY, 4.69 billion CNY, and 8.17 billion CNY for the same years [3][10]. - The report anticipates significant growth in the company's product pipeline, including the Bcl2 inhibitor Sotorasib and the BTK CDAC BGB-16673, with multiple key milestones expected in the second half of 2025 [2][3]. Market Performance - As of August 22, 2025, the company's stock price was 247.25 CNY, with a market capitalization of approximately 353.66 billion CNY [4]. - The stock has shown a 62% absolute return over the past 12 months, despite a relative decline of 1.8% over the past month [5].

2025 年 04 月 29 日 药石科技(300725.SZ) 订单逐步改善，期待公司经营边际优化 事件： 公司发布了 2024 年年度报告和 2025 年第一季度报告，2024 年公司 分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分别同比下降 2.12%和同比增长 11.24%；2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分别同比增长 20.55%和同比下降 27.67%。 受产品价格竞争和短期盈利能力承压等影响，2025Q1 业绩暂时 性下滑： 2024 年公司分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分 别同比下降 2.12%和同比增长 11.24%。其中，2024 年药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 3.31 亿元（-4.06%）、13.54 亿元（-1.83%）。 2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分 别同比增长 20.55%和同比下降 27.67%。其中，2025Q1 药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 ...