文｜周涛 科兴制药的创新药研发近期取得重要进展。9月24日，科兴制药披露公司管线人干扰素α1b吸入溶液被 国家药品监督管理局药品审评中心纳入突破性治疗品种名单。 作为儿童呼吸道合胞病毒（RSV）专用药，该药有望成为全球首款干扰素吸入制剂，为全球儿童呼吸道 感染提供新的解决方案。呼吸道合胞病毒（RSV）是引起婴幼儿急性呼吸道感染最常见的病毒病原， WHO关于儿童急性呼吸道感染的病因学研究表明，RSV感染占儿童呼吸道疾病的60%以上。 科兴制药（688136.SH）在9月底宣布筹划发行H股赴港上市，成为当月25家公告拟赴港上市的A股公司 之一。在这波"A+H"股热潮中，截至10月2日，还有76家A股公司已向港交所递表排队等待聆讯。 纵观此次赴港上市潮，不仅包括立讯精密、牧原股份等知名企业，医药企业更是表现突出。科兴制药在 公告中表示，赴港上市目的是为了深化公司"创新+国际化"的战略布局，加快海外业务发展，拓宽多元 融资渠道。 今年以来，资本市场上的"A+H"模式愈发受到国内上市公司的青睐。仅9月份就有25家A股上市公司先 后公告筹划赴港上市，其中包括领益智造、博瑞医药、海澜之家、科大智能等各行业龙头企业。 从行业 ...

科兴制药（688136.SH）在9月底宣布筹划发行H股赴港上市，成为当月25家公告拟赴港上市的A股公司之一。在这波"A+H"股热潮中，截至10月2日，还有76家A股公司已向港交所递表排队等待 纵观此次赴港上市潮，不仅包括立讯精密、牧原股份等知名企业，医药企业更是表现突出。科兴制药在公告中表示，赴港上市目的是为了深化公司"创新+国际化"的战略布局，加快海外业务发展 今年以来，资本市场上的"A+H"模式愈发受到国内上市公司的青睐。仅9月份就有25家A股上市公司先后公告筹划赴港上市，其中包括领益智造、博瑞医药、海澜之家、科大智能等各行业龙头企 从行业分布来看，覆盖了医药生物、通信、食品饮料、汽车、机械设备等多个行业。其中，"A+H"上市模式表现尤为突出，上半年相关企业集资额占同期总融资额的七成。 根据科兴制药2025年半年度报告，公司上半年实现营业收入7.0亿元，同比下降7.82%；但归母净利润达到8034.45万元，同比大幅上升576.45%。 公司表示，受集采等因素影响，国内销售收入有所下降，但随着白蛋白紫杉醇在欧洲市场放量增长，海外收入同比大幅增长，公司上半年总体收入同比仅小幅下降。 值得注意的是，科兴制药经 ...

Core Insights - The Chinese biopharmaceutical industry is experiencing a surge in performance, with 69.23% of 39 innovative drug companies reporting positive net profit growth in their semi-annual reports [1] - Six companies reported over 100% year-on-year growth in net profit, indicating strong development momentum in the sector [1] Company Performance - **Kexing Pharmaceutical** achieved the highest net profit growth at 576.45%, totaling 0.80 billion yuan, focusing on antiviral, oncology, and immunology treatments [1] - **Sanno Bio** reported a 308.29% increase in net profit, reaching 0.89 billion yuan, driven by significant growth in raw material drug sales [2][3] - **Jinkai Biotechnology** saw a 123.61% increase in net profit, providing custom development services for small molecule drugs [3] - **Wuxi AppTec** and **Hengrui Medicine** also ranked among the top three companies by revenue, with 207.99 billion yuan and 157.61 billion yuan respectively [4] Industry Trends - The industry is transitioning from an "investment phase" to a "harvest phase," indicating a recovery in profitability and a moderate expansion stage [4] - Recent policy measures from the National Healthcare Security Administration aim to support high-quality development in innovative drug research and market application [4] - Analysts predict that the innovative drug sector will continue to thrive, driven by efficiency and cost advantages in drug development [5]

Core Viewpoint - Kexing Biopharmaceutical Co., Ltd. has successfully passed the AEO advanced certification audit, enhancing its credibility and operational efficiency in international trade, particularly in the high-end biopharmaceutical market [1][3]. Group 1: Company Overview - Kexing Biopharmaceutical is an innovative biopharmaceutical company with over 20 years of international experience, selling products in more than 70 countries and regions [1]. - The company is currently exporting erythropoietin injection worth 12.13 million yuan to Brazil, highlighting its active role in the global market [1]. Group 2: Challenges and Solutions - The company faces stringent requirements for cold chain logistics, needing to maintain a temperature of 2-8°C during transport, where even an additional hour in transit increases logistics costs and risks of product efficacy [1]. - The local customs authority has recognized the company's needs and has taken proactive measures to support it, including forming a specialized team to assist with AEO certification [3]. Group 3: Benefits of AEO Certification - Following AEO certification, the company has experienced a significant reduction in inspection rates and expedited customs clearance, reducing the transport time for shipments to Brazil from 7 days to approximately 5 days [3]. - The AEO certification has provided tangible benefits, including lower logistics costs, enhanced product competitiveness, and improved patient medication safety [3]. Group 4: Industry Impact - The AEO certification is seen as a key driver for high-quality foreign trade development, with the local customs authority implementing a comprehensive support system for businesses [3]. - In the first half of the year, Jinan added three new AEO certified enterprises, bringing the total to 27, which collectively accounted for over 40% of the city's total import and export value, underscoring their importance in stabilizing and enhancing the local foreign trade landscape [3].

Core Insights - The company has successfully commercialized its biosimilar product Bevacizumab in multiple countries, including recent approvals in Nigeria, Pakistan, and Colombia, indicating a strong momentum in overseas market expansion [2][3][4] - Bevacizumab is a widely used oncology drug with peak global sales reaching approximately $7 billion, highlighting its significance in cancer treatment [2] - The collaboration between the company and Dongyao Pharmaceutical has led to efficient registration processes across various countries, with multiple GMP certifications obtained, showcasing the company's commitment to quality [3][4] Market Strategy - The company is focusing on deepening its presence in the Latin American market, which has shown a growth rate of 11.4% in pharmaceutical exports from China, making it a key area for expansion [3][4] - Colombia, as the fourth largest pharmaceutical market in Latin America, presents significant opportunities due to its reliance on imported biopharmaceuticals and strict regulatory standards, which enhances the credibility of the company's products [4] - The company aims to leverage its successful registration in Colombia to facilitate further market penetration in other Latin American countries [4] Internationalization Efforts - The company has developed a comprehensive "platform export" model that includes collaborative research, marketing, and localized sales strategies, enhancing its internationalization capabilities [5][6] - The transition from a focus on emerging markets to a more integrated approach that includes both the EU and emerging markets marks a significant evolution in the company's export strategy [6] - The recent approval of Bevacizumab in Colombia underscores the company's competitive advantages in overseas commercialization, positioning it for greater influence in the global pharmaceutical market [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

Core Viewpoint - The company has shown significant improvement in overall operational quality and steady growth in its main business, with a reported revenue of 1.4 billion yuan, representing a year-on-year increase of 11.75% [1] Group 1: Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 35.25 million yuan [1] - The overseas business revenue reached 224 million yuan, marking a year-on-year growth of approximately 61.96% [1][2] - The proportion of overseas business revenue in total revenue increased from 11% in 2023 to 16% in 2024 [2] Group 2: Research and Development - The company has transformed its R&D focus towards innovative drug development, particularly in the fields of antiviral, oncology, and autoimmune diseases, with 14 projects under research, 4 of which are in clinical stages [1] - The innovative drug GB18, targeting GDF-15 for treating cancer cachexia, has completed international patent layout and shows promising preclinical results [1] - The company is leveraging AI and computer-aided drug design (CADD) for antibody molecule design, achieving breakthroughs such as the GB12 bispecific antibody [2] Group 3: Market Expansion - The company has strategically targeted emerging markets with a population exceeding one billion and rapid economic growth, establishing subsidiaries in countries like Brazil, Mexico, Singapore, Vietnam, and Egypt [3] - Sales in emerging markets grew by over 15% year-on-year during the reporting period [3] - The company's product, EPO injection, has become a leading brand in countries such as Brazil, the Philippines, Egypt, and Peru [3]