近期，随着多家创新药企半年度业绩报告的密集披露，中国生物医药产业迎来了一波"数据高潮"。Wind数据显示，截至8月24日，39家创新药企 已完成2025年半年报披露，共有27家归母净利润实现正增长，占比高达69.23%，并有6家企业归母净利润同比增长超100%，行业整体展现强劲发 展动能。 具体来看，6家归母净利润翻倍的企业分别为科兴制药、圣诺生物、金凯生科（301509）、博腾股份（300363）、甘李药业（603087）和药明康德 （603259）。 其中科兴制药以576.45%的增速位居榜首，归母净利润总额为0.80亿元。据悉，科兴制药是一家主要从事重组蛋白药物和微生态制剂的研发、生 产、销售一体化的创新型国际化生物制药企业，专注于抗病毒、肿瘤与免疫、血液、消化、退行性疾病等治疗领域，聚焦于新型蛋白、抗体药 物、递送系统、基因工程载体疫苗等技术方向。 半年报显示，公司海外商业化平台已实现了40多个国家，人口过亿、GDP排名前三十的新兴市场国家全部覆盖，产品人促红素注射液在巴西、菲 律宾、埃及、秘鲁等国家已成为当地EPO领先品牌产品。在国内，公司持续拓展电商平台等多元化销售渠道，已实现常乐康、克癀胶囊、赛 ...

科兴生物制药股份有限公司2025 年半年度报告 公司代码：688136 公司简称：科兴制药 科兴生物制药股份有限公司 科兴生物制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的风险，有关内容敬请查阅本报告"第三节管理 层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邓学勤、主管会计工作负责人王小琴及会计机构负责人（会计主管人员）王书 玲声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 ...

Core Viewpoint - Kexing Pharmaceutical (688136.SH) plans to sell its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., for 15 million yuan to reduce management costs and improve asset operation efficiency [1][13]. Group 1: Company Performance - Kexing Pharmaceutical's stock price has doubled since the beginning of the year, with a significant increase of 156.50% from 21.86 yuan per share at the end of 2024 to 56.07 yuan on June 4 [6][10]. - The company reported a revenue of 14.07 billion yuan in 2024, an increase of 11.75% year-on-year, and achieved a net profit of 31 million yuan, marking a turnaround from previous losses [10][11]. - Despite the revenue growth, the company's R&D expenses significantly decreased to 168 million yuan in 2024, down 51.30% from the previous year [11][13]. Group 2: Shareholder Actions - The controlling shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd., plans to reduce its stake by up to 3%, potentially cashing out over 336 million yuan based on the stock price at the time of the announcement [4][5]. - This is the first time since Kexing Pharmaceutical's IPO that the major shareholder has announced a reduction in holdings, raising market concerns about the intention behind the move [3][5]. Group 3: Market Reactions - Following the announcement of the major shareholder's reduction plan, Kexing Pharmaceutical's stock price fell to 50.95 yuan per share by June 12 [8]. - Market skepticism arose due to the significant stock price increase prior to the reduction announcement, with some investors questioning the motives behind the shareholder's decision [5][6].

Meeting Overview - The second meeting of the second supervisory board of the company was held on June 9, 2025, with all three supervisors present [2][3]. Resolution Summary - The supervisory board approved the proposal to transfer 100% equity of its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., to Guangxi Drug Research Institute Co., Ltd. for a price of 15 million yuan [4][10]. - The board concluded that the transaction would enhance asset operation efficiency and is in line with the company's actual situation, with no harm to shareholders' interests [4][10]. Transaction Details - The transaction does not constitute a related party transaction or a major asset restructuring as defined by regulations, and there are no significant legal obstacles to its implementation [8][10]. - The transfer price of 15 million yuan was agreed upon based on voluntary and fair negotiations [14]. Subsidiary Overview - Shenzhen Tong'an Pharmaceutical has not conducted actual business in recent years and primarily holds approval numbers for 20 pharmaceutical products [13]. - The subsidiary's ownership is clear, with no encumbrances or legal issues affecting the transfer [13]. Financial Impact - The sale of the subsidiary is expected to increase the company's profit and cash flow in 2025, aligning with the company's strategic focus on the biopharmaceutical sector [21].

Core Viewpoint - The approval of the two biosimilar drugs, Deshu Single Antibody Injection, by the Macau Drug Regulatory Authority marks a significant milestone for the company, as it is the first major oncology drug from its collaborative products to gain market entry in the Hong Kong and Macau regions [1][2]. Group 1: Product Details - The two approved products are Deshu Single Antibody Injection in 60mg (brand name: Boyoubai) and 120mg (brand name: Boluoga), which are biosimilars of Prolia and Xgeva, respectively [1][2]. - Boyoubai is indicated for osteoporosis in postmenopausal women at high risk of fractures, while Boluoga is used for treating giant cell tumors of bone that cannot be surgically removed or where surgery may lead to severe functional impairment [2]. Group 2: Market Potential - The Chinese market for Deshu Single Antibody is projected to reach 3.741 billion yuan by 2025 and may exceed 10 billion yuan by 2030, driven by an aging population and increasing treatment rates [3]. - In Macau, the population aged 65 and above accounted for 13.66% in 2023, indicating a significant demand for treatments related to osteoporosis and cancer [3]. Group 3: International Strategy - The company has adopted a "global selection, global coverage" strategy, focusing on high-growth emerging markets and the EU, leveraging cost-effective high-end biosimilars [4]. - The establishment of local teams in various countries aims to enhance market responsiveness and competitiveness, facilitating the introduction of products into the European and American markets [4]. - The approval of Deshu Single Antibody in Macau, along with the existing product "Kuyang Capsule" in Hong Kong, enhances the company's market presence in the Guangdong-Hong Kong-Macau Greater Bay Area [4].

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].