医药生物 2025 年 06 月 29 日 特瑞思 CD20-ADC 获突破性疗法，DLBCL 末线 mOS 或超预期，关注珍宝岛 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 6 月 23 日- 2025 年 6 月 27 日）中信医药指 数上涨 1.5%，跑输沪深 300 指数 0.5pct，在中信一级行业分类中排名第 24 位；2025 年初至今中信医药生物板块指数上涨 7.0%，跑赢沪深 300 指数 7.3pct，在中信行业分类中排名第 12 位。本周涨幅前五的个股为：神州细 胞（+30.5%）、浩欧博（+27.1%）、华人健康（+26.0%）、迈威生物（+17.4%）、 南模生物（+ 16.5%）。 周专题：百亿 DLBCL 市场迎来 ADC 新药，关注特瑞思（珍宝岛参 股子公司）。DLBCL 是常见的侵袭性非霍奇金淋巴瘤，占所有 NHL 的约 30%至 40%；大多数 DLBCL 进展较快，属于急危重症，需要医疗快速干 预。一线治疗早期为 CHOP 方案，治愈率为 30-35%；利妥昔单抗问世后成 为 DLBCL 治疗史上的里程碑，现阶段 R-CHOP 一线标准治疗方案已广泛 ...

2025 年 06 月 03 日 行业点评 看好/维持 医药 Dr. Reddy's Q4 净利润同比增长 22%，超市场预期 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 医药 沪深300 子行业评级 推荐公司及评级 相关研究报告 <<太平洋医药日报（20250530）：拜耳 Sevabertinib 获 FDA 优先审评资 格>>--2025-06-02 <<分子砌块专家，赋能新药研发>>-- 2025-05-30 <<太平洋医药日报（20250529）：诺华 伊普可泮在华获批新适应症>>-- 2025-05-30 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 报告摘要 事件： 2025 年 5 月 9 日，印度制药企业 Dr. Reddy's Laboratories 发布 2024- 2025 财年第四季度财报 ...

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.5-5.9） 2025 年 5 月第二周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 [Table_Summary] 2025 年 5月第二周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为海创药业-U（22.76%）、长春高新（8.99%)、众生药业（8.98%）。 跌幅前三为复宏汉霖（-12.64%）、康诺亚-B（-12.40%）、博安生物（-11.77%）。 本周 A 股创新药板块上涨 2.33%，跑赢沪深 300 指数 0.33pp，生物医药上涨 0.75%。近 6 个月 A 股创新药累计上涨 5.43%，跑赢沪深 300 指数 9.13pp， 生物医药累计下跌 10.55%。 本周港股创新药板块下跌 2.14%，跑输恒生指数 3.75pp，恒生医疗保健下跌 3.75%。近 6 个月港股创新药累计上涨 22.08%，跑赢恒生指数 4.47pp，恒生医 疗保健累计上涨 18.10%。 本周 XBI 指数 ...

华兰生物工程股份有限公司投资者关系活动记录表 证券代码：002007 证券简称：华兰生物 答：您好！目前国内主要有三家企业开展重组人血白蛋白的研发，截止 目前均未取得《药品注册证书》，未获批上市，后续若获准上市且产品质量 稳定、成本可控，可适当缓解国内人白供应进口占比较高的局面，公司正在 对重组人血白蛋白各种生产表达系统进行对比评估，包含：酵母表达系统、 植物细胞表达系统、细菌表达系统。 3、问：贵公司贝伐单抗已经上市销售，请问 2025 年 1 季度是否产生销 售收入，未来 1-2 年是否有新产品上市？ 答：我公司贝伐单抗 2024 年底取得《药品注册证书》，可以正式生产 和销售，2025 年 1 季度开始有一定金额的销售收入；基因公司已于 2024 年 11 月份向国家药监局递交了利妥昔单抗注射液的药品注册上市许可申请并 被受理；阿达木单抗、曲妥珠单抗、地舒单抗处于 III 期临床阶段；伊匹 木单抗、帕尼单抗处于 I 期临床阶段，预计未来三年华兰基因会有 1-3 个 品种陆续上市，丰富公司的产品梯队。 4、问：公司在 2024 年如何提高运营效率，实现公司高质量发展？ | | simonsun；KITMC ...

症状呈多样性 规范诊断是关键 2025年4月15日至21日是第31个全国肿瘤防治宣传周。为扩大癌症防控科普宣传，倡导每个人做自 己健康的第一责任人，人民健康开展"人民好医生·金山茶花计划"系列肿瘤防治科普，邀请金山茶花计 划专家做客人民好医生，围绕肿瘤防治进行系列科普，助力形成加强肿瘤防治的良好社会氛围。 淋巴瘤因其早期症状不典型，容易与其他疾病混淆，导致误诊和延误治疗。哈尔滨血液病肿瘤研究 所所长马军、中国医学科学院血液病医院淋巴肿瘤诊疗中心主任医师安刚做客"人民好医生"直播间，与 大家一起分享如何预防和治疗这种"最善伪装"的肿瘤。 发病率攀升 更"青睐"老年人 马军介绍，随着我国老龄化进程加快，淋巴瘤发病率显著上升。2022年数据显示，北京每年约有十 万分之十的人患淋巴瘤，全国每年约十四万左右新发病例。预计到2030年，淋巴瘤在我国的发病率将与 欧美国家持平，在恶性肿瘤发病率进入前8位。淋巴瘤更"青睐"老年人，60岁以上患者约占70%。 安刚提醒说，年轻人易患淋巴母细胞淋巴瘤等，而老年人则多发慢性淋巴细胞白血病等惰性淋巴 瘤。高危人群主要包括有淋巴瘤家族史者、自身免疫性疾病患者、免疫缺陷人群以及感染EB病 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.59 per share, compared to the current price of HKD 37.85 [6]. Core Insights - The company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a revenue of HKD 25.01 billion, marking a year-on-year increase of 93.9% [6][25]. - The innovative drug segment, particularly the differentiated PD-1 drug, is expected to drive significant revenue growth in the medium term [4][6]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, approved in 2019, and is now focusing on expanding its innovative drug portfolio [14][15]. - The revenue from biosimilars reached HKD 36.3 billion in 2024, while the innovative drug segment generated HKD 13.1 billion, accounting for 22.86% of total sales [29]. 2. HLX43: Potential in PD-L1 ADC - HLX43 is the second PD-L1 ADC drug to enter clinical trials globally, showing significant potential as a future pillar in the company's pipeline [2]. - The drug is currently in clinical phase II and has demonstrated promising data, indicating a strong confidence from the company in its development [2]. 3. HLX22: Potential to Change HER2 Positive Gastric Cancer Treatment - HLX22 has shown superior clinical benefits compared to standard treatments in HER2 positive gastric cancer, with ongoing international phase III trials [3]. - The drug has received orphan drug designation in the US, highlighting its potential in the gastric cancer treatment landscape [3]. 4. Differentiated PD-1 Drug: Surulitinib - Surulitinib is positioned to address unmet clinical needs in small cell lung cancer, with expected rapid market uptake upon approval [4]. - The drug has shown optimal data in clinical trials, indicating a strong commercial potential in various indications [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with significant licensing agreements and expected revenue growth from overseas markets starting in 2025 [5]. - The company aims to leverage its first-mover advantage in biosimilars and innovative drugs to maximize market value domestically and internationally [5]. 6. Profit Forecast - Revenue projections for 2025-2027 are estimated at HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The company is expected to continue its upward trajectory in profitability, driven by its innovative pipeline and effective cost management strategies [6][32].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 61.59 per share, maintaining the rating from previous assessments [6]. Core Views - The report emphasizes that the company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a notable increase in revenue and net profit, indicating strong growth potential [6][25]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, being the first biosimilar approved in China [14]. - The company is focusing on innovative drugs and has seen significant sales growth, with projected revenues of HKD 57.24 billion in 2024, reflecting a year-on-year increase of 6.06% [25][29]. 2. HLX43: PD-L1 ADC Development - HLX43 is the second PD-L1 ADC to enter clinical trials globally, showing promising potential for treating patients who do not respond to PD-1/PD-L1 therapies [2]. - The report highlights the urgent clinical need for effective treatments in EGFR wild-type NSCLC, where current therapies primarily rely on chemotherapy [37]. 3. HLX22: HER2 Positive Gastric Cancer - HLX22 has demonstrated significant clinical benefits in treating HER2 positive gastric cancer, with ongoing international trials expected to enhance its market position [3]. - The drug has received orphan drug designation in the US, indicating its potential as a key revenue driver for the company [3]. 4. Differentiated PD-1 SruLi monoclonal antibody - The company is advancing its differentiated PD-1 monoclonal antibody, SruLi, targeting unmet clinical needs in small cell lung cancer, with expected revenue of HKD 13.13 billion in 2024 [4]. - The report notes that SruLi has shown superior efficacy in clinical trials compared to existing treatments, positioning it for rapid market uptake [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with successful licensing agreements and product approvals in various global markets [5]. - The anticipated approval of SruLi in Europe and the US is expected to drive overseas revenue growth starting in 2025 [5]. 6. Financial Forecast - The company is projected to achieve revenues of HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion for the years 2025 to 2027, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The report indicates a significant improvement in the company's financial health, with a historical achievement of breakeven in 2023 [6][25].

青侨阳光医药投资 - 投资思考 上个月月报，探讨了我们认为比较重要的 2 点思考： 在本月月报里，我们想接着上月的话题，进一步展开关于时代逻辑的更具体探讨。 时代是复杂的混合载体，从不同的角度和不同的尺度，能看到不同的景象，带来不同的感受，属于典型的横看 成岭侧成峰。对长尺度大时代的理解，深远影响着青侨基金对长期投资方向和整体投资策略的选择；而对中尺 度下不同细分和侧面的行业趋势的理解，则可能会阶段性影响青侨基金在不同时期不同资产间的投研偏好。下 面是我们的一些具体思考。 1 从扩量到提质， 医药行业仍然具备超额增长的时代动能 从历史积淀来说， 医药是一个相当传统的行业。 从2000多年前的扁鹊华佗和希波克拉底，到400-500百年前成 立的片仔癀同仁堂，再到100多年前成立的辉瑞礼来雅培强生，医药行业传承深厚，历史悠长。 但从行业增长看， 医药又是妥妥的朝阳行业。 如果我们去看美德英法意澳加日韩等发达国家的历史，会发现 它们的卫生总费用年均增速， 在过去半个世纪里保持了1.2-1.4倍名义GDP增速的速度在稳健增长 ，卫生健康 支出占GDP的比重普遍从3%-5%提高到10%-12%（美国超过17%）。中国也 ...