Summary of Xiansheng Pharmaceutical Conference Call Company Overview - **Company**: Xiansheng Pharmaceutical - **Industry**: Pharmaceutical, focusing on oncology and neurology Key Points Oncology Pipeline Highlights - **Core Products**: - Enze Shou (苏维西西达单抗) has been approved and included in the medical insurance directory, showing clear overall survival (OS) benefits for platinum-resistant ovarian cancer [6] - Kexaila (曲拉西利) is a CDK46 inhibitor, conditionally approved in 2022, expected to enter the medical insurance directory by the end of 2024 [6] - Enlituz (EGFR monoclonal antibody) is also expected to enter the medical insurance directory by the end of 2024 [6] New Product Launches - **Dali Le Sheng**: A new insomnia drug with significant market potential, expected to enhance performance rapidly. It reaches plasma peak in 1-2 hours and has an 8-hour half-life, aligning with human sleep cycles [2][3][7] - **Future Innovations**: Multiple innovative drugs are expected to launch in the coming years, including: - Madunosawe (抗流感), anticipated approval in 2026 [11] - New RSV infection drug, currently in slower clinical progress [11] Research and Development Investments - **R&D Spending**: In the first half of 2025, R&D investment reached 1.03 billion yuan, accounting for approximately 29% of revenue [4] - **Funding**: Raised 1.5 billion HKD through share placement, with 90% allocated for R&D [4] - **BD Collaborations**: Significant partnerships with companies like AbbVie, indicating international recognition of innovation capabilities [5] Market Potential and Competitive Landscape - **Insomnia Market**: The insomnia prevalence in China is 29.2%, with Dali Le Sheng addressing unmet needs in sleep onset and maintenance without next-day drowsiness [7][10] - **Safety Profile**: Dali Le Sheng is classified as a non-controlled substance, indicating a high safety profile and no addiction potential, allowing for broader market access [10] Financial Projections - **Short-term Growth**: Existing products entering the medical insurance directory and new launches like Dali Le Sheng are expected to drive revenue and profit growth [8][14] - **Long-term Outlook**: Continuous R&D investment and a robust pipeline suggest sustained growth momentum, with a target price of 20.16 HKD and a total market value of 48 billion RMB, indicating over 60% upside potential from current prices [4][8] Risks and Challenges - **Market Risks**: Potential risks in the autoimmune sector, particularly with the consistency evaluation of existing products, but new products like Jack One inhibitors are expected to mitigate these risks [15][16] Summary of Current Pipeline Performance - **Core Products**: The existing pipeline is performing well, with significant market share for key products like Xianbixin injection [15] - **Growth Opportunities**: New indications for existing drugs, such as Shisuan Jianjia for post-stroke cognitive impairment, are being explored for additional growth [16]

智通财经APP获悉，国金证券发布研报称，先声药业(02096)短期管线放量与长期创新迭代形成共振，成 长确定性强，预测2025/2026/2027年实现营业收入76.3亿/91.0亿/110.4亿元，同比 +15.0%/+19.3%/+21.4%，归母净利润11.5亿/13.8亿/16.6亿元，同比+57.3%/+19.4%/+20.5%，对应EPS为 0.44/0.53/0.64元(已考虑2025年9月配股1.12亿股)。根据DCF估值，对应合理目标价为20.16港币，首次覆 盖，给予"买入"评级。 长期来看，自研管线聚焦差异化，多款产品已实现BD，创新能力持续验证，技术平台和管线有望持续 BD出海 创新转型成效显著，创新药收入占比持续提升至77% 公司聚焦神经、肿瘤、自免及抗感染四大核心治疗领域，深耕市场三十年。凭借自研+BD双轮驱动，商 业化创新药已增至10款，创新药收入占比从2020年的45%提升至2025H1的77%，收入结构持续优化，创 新转型成果显著。 短期来看，核心管线进入密集收获期，医保准入加速业绩兑现;重磅失眠药兼具消费属性，市场潜力巨 大 短期来看，核心管线密集收获，医保加速放量：①肿瘤 ...

智通财经APP获悉，国金证券发布研报称，先声药业(02096)短期管线放量与长期创新迭代形成共振，成 长确定性强,预测2025/2026/2027年实现营业收入76.3亿/91.0亿/110.4亿元,同比+15.0%/+19.3%/+21.4%,归 母净利润11.5亿/13.8亿/16.6亿元，同比+57.3%/+19.4%/+20.5%，对应EPS为0.44/0.53/0.64元(已考虑2025 年9月配股1.12亿股)。根据DCF估值，对应合理目标价为20.16港币，首次覆盖，给予"买入"评级。 NMTiADC新技术平台有望克服ADC耐药，后续相关产品进入临床有望加速验证平台实力。早研管线聚 焦差异化靶点，SIM0278(TL1A/IL-23p19双抗)、SIM0613(LRRC15-ADC)等多管线均为潜力靶点。近几 年公司多款早研管线出海，且合作对象不乏大MNC，创新能力持续获得海外企业的认可。目前公司加 强早研投入，未来数十款早研管线中仍有持续BD可能。 存量核心品种持续贡献稳定现金流 先必新注射液作为卒中治疗领域标杆产品，2025H1市占率达29%;恩维达、恩度深度布局肿瘤领域有望 实现稳健增长; ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 国金证券主要观点如下： 创新转型成效显著，创新药收入占比持续提升至77% 公司聚焦神经、肿瘤、自免及抗感染四大核心治疗领域，深耕市场三十年。凭借自研+BD双轮驱动，商 业化创新药已增至10款，创新药收入占比从2020年的45%提升至2025H1的77%，收入结构持续优化，已 完成从仿制药龙头向创新药企的战略转型，创新转型成果显著。 短期来看，核心管线进入密集收获期，医保准入加速业绩兑现；重磅失眠药兼具消费属性，市场潜力巨 大 短期来看，核心管线密集收获，医保加速放量：①肿瘤领域科赛拉、恩立妥2024年底纳入医保，恩泽舒 2025年底纳入医保目录，三款产品凭借差异化机制与指南推荐，有望快速抢占市场。②神经领域：重磅 失眠药达利雷生作为非二类管控品种，起效快、无成瘾性，竞品稀缺，兼具消费属性，峰值有望超40亿 元；先必新舌下片与注射液形成序贯疗法，拓展卒中后认知障碍适应症有望带来新增量。此外，玛氘诺 沙韦、乐德奇拜单抗等六款产品即将获批，协同现有渠道加速放量。核心产品密集进入收获期，短期营 收和扣非净利润有望保持稳中有进。 长期来看，早研管线聚焦差异化，多 ...

Core Viewpoint - The company has demonstrated significant growth in its innovative drug business, which remains the core engine for revenue increase, with total revenue reaching 3.585 billion yuan in the first half of 2025, a year-on-year increase of 15.1% [1] Group 1: Financial Performance - Total revenue for the first half of 2025 was 3.585 billion yuan, up 15.1% year-on-year [1] - Revenue from innovative drugs was 2.776 billion yuan, reflecting a 26% year-on-year growth, accounting for 77.4% of total revenue [1] - Adjusted net profit reached 651 million yuan, a 21.1% increase year-on-year [1] - R&D investment rate was 28.7%, up 9 percentage points year-on-year, with cumulative R&D investment exceeding 10 billion yuan over the past decade [1] Group 2: Business Segments - Revenue from neuroscience reached 1.249 billion yuan, a 37.3% year-on-year increase, indicating a solid market position for the product Xianbixin injection [1] - Revenue from oncology was 874 million yuan, up 41.1% year-on-year, driven by rapid growth of newly launched products such as Kexaila and Enlituzumab [1] - Revenue from autoimmune diseases was 878 million yuan, reflecting a 3.3% year-on-year growth [1] Group 3: Product Pipeline and Innovation - The company has established a "three fives" product strategy, including five cornerstone products that provide stable cash flow and five rapidly growing new products that drive revenue growth [2] - Recent product developments include two products in NDA review: Maduonosawei for influenza and Ledekich for potential IL-4Rα monoclonal antibody replacement [2] - Three innovative products are in Phase III clinical trials, targeting autoimmune diseases and various cancers [2] Group 4: Future Projections - The company is expected to achieve revenues of 7.690 billion, 9.009 billion, and 10.427 billion yuan from 2025 to 2027, with year-on-year growth rates of 16%, 17%, and 16% respectively [4] - Projected net profit for the same period is 1.193 billion, 1.389 billion, and 1.609 billion yuan, with growth rates of 63%, 16%, and 16% respectively [4]

Core Insights - The article discusses a licensing agreement between Sihuan Pharmaceutical (先声药业) and NextCure, Inc. for the innovative antibody-drug conjugate SIM0505, marking the first international recognition of Sihuan's ADC technology platform [1][2] - The agreement allows NextCure to develop SIM0505 outside Greater China, while Sihuan retains rights for a new ADC product targeting CDH6 in Greater China, indicating a strategic expansion in oncology [1][2] - Sihuan is expected to receive up to $745 million in total payments, including upfront and milestone payments, along with tiered royalties based on net sales outside Greater China [1] Company Developments - Sihuan has established a global innovation research network with centers in Boston, Shanghai, Nanjing, and Beijing, collaborating with top research institutions like Harvard Medical School [2] - The company has made significant investments in R&D, exceeding 8 billion yuan over the past five years, focusing on core technology platforms such as ADC and AI drug discovery [3] - Sihuan's innovative drug for stroke, Xianbixin injection, has been launched in China, and its sublingual tablet is undergoing clinical research in the U.S. with breakthrough therapy designation from the FDA [3] Market Position - CDH6 is identified as a promising new target for anti-tumor drugs, with no existing drugs targeting it globally, highlighting the competitive advantage of Sihuan's ADC technology [2] - The recent licensing agreement with NextCure is the second overseas licensing deal for Sihuan in 2023, following a collaboration with AbbVie for another antibody targeting GPRC5D/BCMA/CD3, which has a potential transaction value of $1.055 billion [2]