Investment Rating - The report maintains a "Buy" rating for the company, Sihuan Pharmaceutical (02096), with a target price of HKD 14.3, and continues to recommend it as a key focus in the industry [1]. Core Insights - The report has raised the profit forecast for the company for the years 2025-2027 by 6-11% and is optimistic about the potential for more overseas transactions in the short term, particularly focusing on targets such as CDH6 and CDH17, which have recently garnered significant attention [1]. - At the ASCO 2025 conference, the company's oncology pipeline showcased 18 research studies. Key studies to watch include: 1. The final analysis of overall survival (OS) in a Phase III study of Suviscita monoclonal antibody for platinum-resistant ovarian cancer, with median OS of 15.3 months for the treatment group compared to 14 months for the control group, with approval expected within the year [1]. 2. The results of an Ib phase study on SIM0270 combined with Palbociclib for second-line or higher ER+/HER2- breast cancer, showing an overall response rate (ORR) of 41.5% and clinical benefit rate (CBR) of 82.5%, with rates of 87.5% and 100% respectively in baseline ESR1 mutation patients. The company is currently conducting a Phase III study to evaluate the efficacy of SIM0270 combined with Everolimus in CDK4/6 inhibitor-treated ER+/HER2- breast cancer [1].

记者了解到，目前海正药业富阳基地已成功承接硕腾、柯迪华等国际巨头的CMO订单，并持续推进依 维莫司等新产品注册，未来有望成为国际医药产业链的重要一环。 在医药制剂业务方面，海正药业率先在国内实现注射剂出口美国市场，保持国际领先GMP水平，将国 际标准与中国制药实际需求深度结合。海正药业医药制剂业务主要由全资子公司瀚晖制药负责，瀚晖制 药独创"三严四化"质量管理模式，引进原研药技术并实现本地化生产，目前已成功完成玫满、多达一、 特治星、美卓乐、甲强龙五款境外原研产品的技术转移，填补国内原研产品地产化转移技术空白。如 今，瀚晖工厂是国家短缺药和小品种生产基地，解决了多个短缺药品种的临床供应保障问题。 动物药板块是海正药业重点扶持打造的具有高潜力的业务板块，海正药业主要通过旗下海正动保布局动 物健康领域。据悉，海正动保依托云南生物疫苗基地与富阳化药基地，搭建起覆盖猪、反刍、宠物三大 类产品群的产品矩阵，海正动保拥有15个国家二类新兽药证书、20个在研产品、60余个批准文号、10余 个单品销售超千万的产品，且多款产品创下行业纪录，如海乐妙成为首个销售额破亿的国产驱虫药、海 乐旺成功登陆越南市场、推出品牌首款国产猫三联 ...