势头 [Table_ReportDate] 亿帆医药(002019)公司简评报告 | 2026.01.08 核心观点 [Table_Title] 多元化方式补充创新药管线，核心品种延续快速增长 | 最新收盘价（元） | 12.77 | | --- | --- | | 一年内最高/最低价（元） | 16.66/9.88 | | 市盈率（当前） | 38.13 | | 市净率（当前） | 1.76 | | 总股本（亿股） | 12.16 | | 总市值（亿元） | 155.33 | 资料来源：聚源数据 相关研究 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 8-Jan 21-Mar 1-Jun 12-Aug 23-Oct 3-Jan 亿帆医药 沪深300 资料来源：聚源数据 [Table_Rank] 评级： 增持 [Table_Authors] 王斌 医药行业首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [Tabl ...

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.635 billion CNY, a slight increase compared to the same period last year [3] - The net profit attributable to shareholders reached 1.991 billion CNY, reflecting a growth of 3.04% year-on-year [3] - The non-deductible net profit was 2.37 billion CNY, marking a significant increase of 32.21% compared to the previous year [3] - The revenue from pharmaceutical-related sales accounted for 85.53% of total revenue, with overseas pharmaceutical formulations generating 332 million CNY, a growth of 6.46% year-on-year [3] Product Development and R&D Achievements - The company completed clinical trials for several innovative drugs and is advancing towards submitting IND applications for new projects [4] - The company has received registration certificates for two tumor products, enhancing its portfolio in the oncology sector [4] - The R&D efforts have transitioned into a positive cycle, with new products expected to drive future growth [4] Core Product: Yili Shu® - Yili Shu® achieved over 220,000 shipments in the first half of 2025, with a terminal price of 4,600 USD per unit in the U.S. market [5][9] - The product has established commercial partnerships in over 40 countries and regions, with approvals in 34 countries [8] - The company anticipates shipping over 450,000 units of Yili Shu® for the entire year, with over 40,000 units expected for overseas markets [9] Market Strategy and Pricing - The pricing strategy for Yili Shu® varies by region, with a premium price in the U.S. and competitive pricing in emerging markets [10] - The company aims to optimize its supply chain to reduce production costs and improve market access [6] - The global market for G-CSF products is estimated at approximately 22 million units, with Yili Shu® positioned to capture significant market share due to its clinical advantages [7] Core Product: Yini Kang® - Yini Kang® targets the growing market of osteoarthritis patients in China, with an estimated annual injection population of 3-5 million [11] - The product offers long-lasting effects and may delay functional deterioration, distinguishing it from short-acting alternatives [11] - The company is focused on building brand awareness and educating healthcare providers to enhance product adoption [12] International Business Expansion - The company has established a presence in over 50 countries, with production bases in Italy and a sales network across Southeast Asia [13][15] - The global BD center has facilitated partnerships with major pharmaceutical companies, enhancing the company's market reach [14] - The strategy includes both importing foreign products into China and exporting domestic innovations globally [14]

Core Insights - Yifan Pharmaceutical Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive financial performance driven by its proprietary products and innovative drug commercialization efforts [1][2]. Financial Performance - The company achieved a revenue of 2.635 billion yuan, a year-on-year increase of 0.11% [1]. - Net profit attributable to shareholders reached 304 million yuan, reflecting a growth of 19.91% [1]. - The net profit excluding non-recurring items was 237 million yuan, up by 32.21% [1]. Business Segments - The proprietary pharmaceutical products segment, including imports, was the main driver of revenue growth, generating 1.990 billion yuan, a 7.22% increase [1]. - The innovative drugs, Yilishu® and Yinikang®, saw a combined sales revenue increase of 169.57%, significantly contributing to the rise in high-margin business and non-recurring profit margins [1][2]. Innovation and R&D - Yifan Pharmaceutical is one of the few Chinese companies approved for innovative biopharmaceuticals in multiple global markets, including China, the U.S., the EU, and Brazil [2]. - The company has a comprehensive lifecycle management system for new drug development, covering discovery, CMC research, clinical development, and commercial production [2]. - Ongoing projects include the exploration of multiple indications for F-652 and the completion of preclinical studies for the N-3C01 project, which is set to submit a clinical application soon [2]. Global Strategy - The company is enhancing its global strategy by merging its sales systems and establishing a global business division to streamline domestic and international sales [2]. - A global business development center has been created to strengthen external collaborations and resource integration, aiming to support stable revenue growth [3]. Market Position and Future Outlook - Yifan Pharmaceutical is recognized for its unique advantages in multi-indication development and global clinical design, despite some gaps compared to leading firms [2][3]. - The dual focus on technological R&D and market expansion is creating a "flywheel effect," enhancing profitability and supporting global market expansion [3].