报告期内，在公司聚焦的三大业务板块，神经科学营收12.49亿元、抗肿瘤营收8.74亿元、自免疾病领域 营收8.78亿元，相关产品分别贡献了总收入的34.8%、24.4%、24.5%，较2024年同期分别增长37.3%、 41.1%、3.3%。 中证报中证网讯(记者高改芳)先声药业(02096.HK)近日发布2025年中期业绩报告。2025年上半年，先声 药业总营业收入同比增长15.1%至35.85亿元；经调整净利润6.51亿元，同比增长21.1%。 报告称，公司已上市创新药数量达10款，2025年上半年创新药收入27.76亿元，同比增长26%，占总收 入比例首次超过四分之三，达77.4%。上半年2款创新药获批上市，2款候选药物进入NDA审评阶段，另 有2款自研临床阶段产品实现创新出海授权，创新转型成果亮眼。 先声药业当期研发投入率28.7%，过去十年间累计研发投入超百亿元，建成涵盖全球布局的创新药研发 管线超60个。 除10款已上市创新产品外，管线内还有至少5款近上市创新药呼之欲出，其中2款已在今年进入NDA审 评，包括抗流感病毒聚合酶酸性蛋白(PA)抑制剂玛氘诺沙韦的成人及青少年流感适应症，该药物儿童颗 粒 ...

公司已上市创新药数量达十款，创新药收入27.76亿元，同比增长26%，占总收入比例首次超过3/4，达 77.4%。2025年上半年2款创新药获批上市、2款候选药物进入NDA审评阶段，另有2款自研临床阶段产 品实现创新出海授权，创新转型成果亮眼。 三大领域10款创新产品协同发力 在公司聚焦的三大业务板块：神经科学营收12.49亿元、抗肿瘤营收8.74亿元、自免疾病领域营收8.78亿 元，相关产品分别贡献了集团收入的34.8%、24.4%、24.5%，较2024年同期增长37.3%、41.1%、3.3%。 8月21日，先声药业（02096.HK）发布2025年中期业绩报告。2025年上半年，先声药业集团总营业收入 同比增长15.1%至35.85亿元，经调整净利润6.51亿元，同比增长21.1%。 "三个5"创新产品梯队成型，推动先声迈入加速发展新阶段。 除却国内市场，随着SIM0500三抗美国I期临床患者用药、Polθ抑制剂SIM0508等多款在研新药中美临床 双报成功，先声正在加速全球化布局。 2025年上半年，先声药业旗下抗肿瘤创新药子公司先声再明与艾伯维（AbbVie）、NextCure分别就自研 GPRC ...

Group 1 - The pharmaceutical sector is experiencing a diversified trend, shifting from a focus on innovative drugs to emerging fields such as performance reversals, brain-computer interfaces, and AI drug development [1] - Current market preferences include high-growth performance realization, medical device technological innovation, and major innovative drug products, influenced by recent half-year report disclosures and favorable policies [1] - Zhongtai Securities recommends innovative pharmaceutical companies with solid safety margins, such as Xiansheng Pharmaceutical, WuXi Biologics, and Sanofi, highlighting a preference for stocks driven by both performance realization and technological breakthroughs [1] Group 2 - Xiansheng Pharmaceutical has achieved multiple breakthroughs in its innovative pipeline this year, with two major new drugs approved for market: the insomnia drug Dali Reiseng and the ovarian cancer drug Suweisitamon [2] - The company has also entered into significant collaborations, including a maximum $10.55 billion partnership with AbbVie for SIM0500 and a $7.45 billion strategic cooperation with NextCure for SIM0505, optimizing its revenue structure [2] - UBS believes that the market has not fully reflected Xiansheng Pharmaceutical's R&D capabilities and the sales potential of its innovative drugs, with expectations for further approvals in the coming years [2]

Investment Rating - The report indicates a positive investment outlook for the hereditary angioedema (HAE) treatment sector, particularly following the approval of the first oral on-demand treatment, sebetralstat [14][21]. Core Insights - The report highlights the urgent need for effective HAE treatments due to the high risk of life-threatening episodes, with nearly half of HAE patients facing potential asphyxiation [10][16]. - Sebetralstat, approved by the FDA, is noted for its rapid onset of action, achieving near-complete inhibition of plasma kallikrein within 15 minutes of administration [21]. - The KONFIDENT trial results demonstrate that sebetralstat significantly reduces symptom relief time compared to placebo, with median relief times of 1.61 hours for the 300 mg dose and 1.79 hours for the 600 mg dose [20][21]. Summary by Sections Section 1: HAE Overview - HAE is characterized by recurrent episodes of angioedema without urticaria, with a prevalence of approximately 1.5 per 100,000 individuals [7]. - The disease can lead to severe complications, including laryngeal edema, which has a mortality rate of up to 40% among patients [7][10]. Section 2: Current Treatment Landscape - Existing treatments include long-term preventive therapies (LTP) and on-demand treatments for acute episodes [10][11]. - The global HAE drug market reached $2.9 billion in 2022, with $2 billion attributed to long-term prevention and $900 million to acute on-demand treatments [13]. Section 3: Sebetralstat Approval and Efficacy - Sebetralstat is the first oral on-demand treatment for HAE, approved on July 7, 2025, and is expected to address unmet needs in the treatment landscape [21]. - The KONFIDENT trial, involving 136 patients across 20 countries, confirmed the efficacy and safety of sebetralstat, showing significant improvements in symptom relief and severity reduction compared to placebo [21]. Section 4: Future Developments - Pharvaris is developing deucrictibant, a competitive oral antagonist for HAE, with promising Phase II trial results indicating effective management of HAE attacks [26]. - The report anticipates further advancements in HAE treatments, with ongoing clinical trials expected to yield additional data in the coming years [26].

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [7][71][82]. Core Insights - The report highlights a concentrated period of semi-annual performance forecasts, suggesting a focus on pipeline realization, performance growth, and business collaborations in innovative drugs and related industry chains [7][70]. - Recent policy adjustments by the National Medical Insurance Administration are expected to catalyze innovation and development within the industry [14]. - Notable acquisitions and drug approvals, such as Merck's $10 billion acquisition of Verona and the approval of new drugs like the Bcl-2 inhibitor by Ascentage Pharma, are significant developments [2][27][14]. Industry Data - As of July 10, 2025, the SW pharmaceutical industry has a TTM price-to-earnings ratio of 28.55, with a valuation premium of 144% compared to the CSI 300 index [5][61]. - The report notes a general upward trend in various sub-sectors, with the medical services sector leading at a 1.56% increase [5][54]. - The report also provides insights into the pricing trends of raw materials, such as vitamins and traditional Chinese medicine, indicating fluctuations and year-on-year changes [15][17]. Company Announcements - Ascentage Pharma's Bcl-2 inhibitor has received conditional approval from the NMPA for treating chronic lymphocytic leukemia [27]. - WuXi AppTec anticipates a revenue increase of approximately 20.64% for the first half of 2025, with a significant net profit growth of about 44.43% [28]. - Gan & Lee Pharmaceuticals expects a net profit increase of 100.73% to 114.12% for the same period [29].

Group 1 - The core viewpoint of the article highlights the resilience of the innovative drug sector in the face of potential tariff threats from the U.S. government, with significant stock price increases observed in various companies [1][5] - Notable stock performances include Heng Rui Pharmaceutical, which surged over 18% to reach a new high, and other companies like Boan Biotechnology and Tigermed, which rose by 10.57% and 6.18% respectively [1][5] - The overall A-share market saw an increase of over 7%, indicating strong investor confidence in the innovative drug sector despite external pressures [1] Group 2 - The article reports that several ETFs tracking innovative drugs also experienced gains, with the Cathay Innovative Drug ETF rising by 1.83% and the Huatai-PB Innovative Drug ETF increasing by 1.61% [1][3] - Year-to-date performance of various ETFs shows significant growth, with the Hong Kong Stock Connect Innovative Drug ETF up by 66.23% [10] - The innovative drug sector has been a top performer this year, with multiple indices reflecting over 60% growth, indicating a strong market trend [9][10] Group 3 - The article mentions that Heng Rui Pharmaceutical received approval for clinical trials of its SHR-2173 injection, which could enhance its market position [5] - Citigroup has initiated a buy rating for Heng Rui Pharmaceutical's H-shares with a target price of 134 HKD, reflecting confidence in the company's leadership in the pharmaceutical industry [5] - The article also notes significant net inflows into ETFs tracking innovative drugs, with 10.9 billion CNY into the Hong Kong Stock Connect Innovative Drug ETF last week [7]