（OptiTROP-Lung04），sac-TMT单药对照化疗治疗HR+/HER2- mBC的ph3临床（OptiTROP- Breast02），以及荣昌生物的RC48、RC118、RC148，百利天恒的BL-B01D1，乐普生物的MRG004A， 三生制药的707等。随着国产创新药的临床数据和临床进度在全球范围内的竞争力越来越强，创新药出 海的趋势不断加强。 机构称，历史上，每年四季度也是BD集中落地的季度，康方生物、科伦博泰、百利天恒的超大额BD均 在Q4落地，国际大型药企（MNC）一般会在Q4集中花完全年的预算。近3个月创新药经历了较长时间 回调，调整幅度达到一定水平，在外围扰动事件的影响下（实际并不影响基本面），当前市场预期已经 降低。短期后续仍然有多个催化（包括欧洲肿瘤大会ESMO数据、三季度业绩持续放量、BD有望持续 落地），以及长期创新药企业报表有望持续改善，对外出海维持高景气度的趋势，#继续看好创新药中 长期大级别行情。 10月24日午盘，医药板块持续震荡，医疗创新ETF(516820.SH) 现涨0.26%。成分股康龙化成(300759)上 涨3.34%，兴齐眼药(300573)上涨2.35 ...

该行指，关注创新药在海外的临床进展以及数据读出。中国创新药产业已经体现出长期向好的发展趋 势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权通 常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强产 品在全球市场商业化的确定性。 智通财经APP获悉，国信证券发布研报称，器械板块有望迎来"政策优化+景气回升+业绩复苏"下的估值 修复机会。25年以来医疗设备招投标持续回暖，随着库存逐步消耗，部分企业25Q3业绩有望反转。高 值耗材过往受集采和关税影响压制业绩和估值，集采反内卷和关税缓和背景下估值修复机会大，出海潜 力足。体外诊断受医保控费政策冲击较大，集采有望加速进口替代和龙头集中。家用器械中的热门单品 国内市场规模快速提升，国产龙头出海布局方兴未艾，业绩呈加速复苏态势。 报告中称，多项成果在ESMO中展示。2025年的欧洲肿瘤学会(ESMO)将于10月中下旬举行，一系列国 产创新药的研究成果在会议中进行展示：康方生物(09926)的伊沃西联合化疗对照替雷利珠单抗联合化 疗一线治疗sqNSCLC的ph3临床(HARMONi-6)，科伦博泰（ ...

证券研究报告 | 2025年10月24日 | 晨会纪要 | | --- | | 数据日期:2025-10-23 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3922.41 | 13025.44 | 4606.34 | 14091.58 | 3765.15 | 1401.25 | | 涨跌幅度（%） | 0.22 | 0.22 | 0.29 | 0.08 | 0.01 | -0.29 | | 成交金额（亿元） | 7189.31 | 9249.78 | 4208.00 | 3329.83 | 4045.38 | 554.02 | 【常规内容】 宏观与策略 宏观快评:美国宏观市场点评-区域银行再起波澜，引发信贷隐忧 策略快评:策略解读-抢占科技发展制高点 行业与公司 医药生物行业 2025 年 10 月投资策略：看好创新药长期逻辑，关注底部 反转标的 行业快评:新股前瞻研究系列-望圆科技：无缆泳池机器人龙头，技术创 新引领行业发展 锐捷网络(30 ...

证券研究报告 | 2025年10月23日 看好创新药长期逻辑，关注底部反转标的 ——医药生物行业2025年10月投资策略 行业研究 · 行业投资策略 医药生物 投资评级：优于大市（维持评级） 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：马千里 maqianli@guosen.com.cn 证券分析师：张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 证券分析师：凌珑 021-60375401 0755-81982826 证券分析师：肖婧舒 联系人：贾瑞祥 021-60875137 linglong@guosen.com.cn S0980525070003 xiaojingshu@guosen.com.cn S0980525070001 jiaruixiang@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 ...

Summary of Key Points from the Conference Call of 康方生物 Company Overview - 康方生物 is advancing in the field of tumor immunotherapy, entering the 2.0 era with products like 卡度尼利 and 伊沃西, while actively exploring the ADC sector and various combination therapies [2][6][8]. Financial Performance - In the first half of 2025, 康方生物 achieved a total revenue of 14.1 billion RMB, with a commercial sales increase of 49% year-on-year [3][49]. - The gross profit from commercial sales was 11.1 billion RMB, a 20% increase from 8.89 billion RMB in the same period last year [50]. - R&D expenses rose by 23% to 7.3 billion RMB, while cash reserves stood at 71.38 billion RMB [50][13]. Clinical and Commercial Achievements - Significant clinical results were reported for AK112, which showed positive overall survival (OS) in EGFR TKI-resistant indications, marking it as the first IO drug to achieve such results globally [4][11]. - Multiple phase III clinical trials for 卡度尼利 have been initiated, covering various cancers including lung, gastric, liver, and cervical cancers [4][5]. - The final analysis of 伊沃西 (Harmony A) demonstrated statistically significant OS results, reinforcing its market position [2][4]. Product Pipeline and Development - 康方生物 has several products in the pipeline, with multiple autoimmune products expected to be approved between late 2024 and early 2025 [2][4]. - The company is focusing on ADC development, with two dual-target ADC products entering clinical stages [4][10]. - The company has independently conducted international multi-center clinical trials for 派安普利, showcasing its capabilities in global registration systems [2][10]. Strategic Direction - 康方生物 aims to enhance its product offerings in tumor immunotherapy and ADC, with plans to combine PD-1 with ADC to improve efficacy and reduce toxicity [6][8]. - The company is expanding its international presence, with clinical data showing consistency between Chinese and global data, indicating the potential for global patient treatment [7][8]. Market Position and Future Outlook - The company has established a strong commercial presence, with its dual antibody products included in the national medical insurance directory, covering over 2,000 hospitals [11][20]. - Future plans include expanding the market for non-tumor drugs and enhancing the commercialization of existing products like AK112 and AK104 [9][20]. - 康方生物 is committed to maintaining a balance between R&D investment and commercial operations, aiming to reduce R&D expenses as a percentage of sales over time [63][62]. Challenges and Considerations - The company reported a loss of 588 million RMB in the first half of 2025, attributed to increased R&D investments and equity investment losses [52][53]. - 毛利率 (gross margin) has decreased due to price adjustments following the inclusion of key products in medical insurance [61][62]. Conclusion - 康方生物 is positioned for significant growth in the biopharmaceutical sector, with a robust pipeline and strategic focus on innovative therapies, while navigating challenges related to financial performance and market dynamics [2][4][8].