每经记者｜金喆 每经编辑｜魏官红 恒生医疗保健业指数 港股创新药ETF (HSCICH) (513120) 周内涨跌 - 2.76% 周内涨跌 -1.60% - A股当周涨跌幅 - 信立泰 博瑞医药 周内涨跌 | | | 30% | 周内涨跌 38.77% - 港股当周涨跌幅 - 晶泰控股 映恩生物 周内涨跌 ↑15.26% | 周内涨跌 | 15.42% 聚焦前沿 热门赛道 全球首个皮下注射抗体药物偶联物 启动II期临床 适应证为晚期非小细 胞肺癌 一周热股 映恩生物-B领跌创新药板块,ADC (抗体偶联药物)有"泡沫" 资本动向 英派药业递表港交所 1款产品上市、 今年上半年净亏损1.29亿元 | 《掘金创新药》 栏目由每日经济新闻推出，每周一期 | | --- | | 解读新药研发进展与趋势 剖析产品竞争力与市场前景 | | 洞察医药资本脉络 见证医药产业高质量发展 | | 数据来源：东方财富App、富途牛牛 | 资本眼 一周行情 9月22日至9月26日，医药生物指数下跌1.69%，跑输上证指数1.04个百分点。创新药（BK1106）周内下跌2.10%。恒生医疗保健业指数（HSCICH）周下跌 2.76 ...

Market Overview - The Hong Kong stock market continued to decline, with the Hang Seng Index dropping 1.12% to close at 25,058.51 points, while the Hang Seng Tech Index fell 1.85% to 5,578.86 points, marking the worst performance among the indices [1] - The total trading volume for the day was HKD 3,022.33 million [1] Blue Chip Performance - Semiconductor company SMIC (00981) led the blue-chip decline, falling 6.67% to HKD 56, with a trading volume of HKD 10,687 million, negatively impacting the Hang Seng Index by 29.59 points [2] - Other notable blue-chip movements included Baidu Group-S (09888) rising 2.13% to HKD 96 and Alibaba Health (00241) increasing 1.56% to HKD 6.49, contributing positively to the index [2] Sector Performance - Semiconductor and chip stocks experienced significant declines, with SMIC and Hua Hong Semiconductor both seeing substantial drops [3] - The solar energy sector saw gains, driven by recent renewable energy subsidy announcements, with several solar stocks rising [5][6] - Gold stocks fell across the board, with notable declines in companies like Tongguan Gold (00340), which dropped 8.93% [7] Company Developments - SMIC announced plans to acquire the remaining shares of its subsidiary, which is expected to significantly enhance its net profit [4] - The Chinese government released a plan to boost the electronic information manufacturing industry, focusing on enhancing the competitiveness of the semiconductor sector [4] - Aneng Logistics (09956) reported strong mid-year results, with a 6.4% increase in revenue and a 10.7% rise in adjusted net profit, alongside a 50% dividend payout [10][11] Notable Stock Movements - Zhongxin Innovation (03931) surged 13.81% to HKD 24.72, following a partnership announcement with Ashok Leyland for battery development [8] - Huazhong Medicine (02552) saw a post-earnings increase of 14.75%, with significant growth in sales and profitability [9] - Hu Tao Capital (00905) experienced a sharp decline of 36.36% due to concentrated shareholding issues, with 94.65% of shares held by a small number of shareholders [12]

Core Viewpoint - 华领医药-B (02552) has seen a significant stock price increase of over 14%, reaching a new high of 4.7 HKD since February 2023, driven by strong mid-year performance and successful commercialization efforts [1] Financial Performance - 华领医药 reported a 2025 mid-year performance with sales volume of Huatangning reaching 1.764 million boxes, a year-on-year increase of 108% [1] - Net sales amounted to 217.4 million CNY, reflecting a year-on-year growth of 112% [1] - The company confirmed a one-time deferred income of 1.2435 billion CNY after terminating the exclusive promotion agreement with Bayer, leading to a profit of 1.1839 billion CNY in the first half of the year, marking its first profitable period [1] - Gross margin improved to 54.2%, an increase of 7.7 percentage points year-on-year, indicating a clear positive trend in profitability [1] Business Expansion - The company is actively expanding its overseas business and accelerating its global layout [1] - A registration application for Myhomsistm (multiglitazone 75mg) has been submitted in Hong Kong, which will enhance its presence in the Greater China and Southeast Asia markets [1] - Based on preliminary success from the Phase I single-dose escalation study in the U.S., the company plans to initiate a multi-dose escalation Phase I study by the end of 2025 or early 2026, continuing to drive the development of the second-generation GKA in the global market [1]

Core Viewpoint - 华领医药-B (02552) has shown significant growth in its mid-term performance, indicating a successful commercial transformation and expansion in both domestic and international markets [1] Financial Performance - 华领医药 reported a sales volume of 1.764 million boxes for 华堂宁, representing a year-on-year increase of 108% [1] - The net sales revenue reached 217.4 million yuan, up 112% year-on-year [1] - The company achieved a profit of 1.1839 billion yuan in the first half of the year, marking its first profitable period [1] - Gross margin improved to 54.2%, an increase of 7.7 percentage points compared to the same period last year [1] Operational Highlights - Following the termination of the exclusive promotion agreement with Bayer, the company confirmed a one-time deferred income of 1.2435 billion yuan [1] - The expansion of production scale and improvement in operational efficiency have contributed to the positive profit trend [1] Market Expansion - The company has successfully increased prescription volumes in secondary and tertiary hospitals due to the continuous expansion of medical insurance coverage [1] - 华领医药 is actively pursuing overseas business opportunities to accelerate its global expansion [1] Research and Development - The company continues to invest in research and development to support its expansion into international markets [1]

Core Viewpoint - 华领医药-B (02552) has shown significant growth in its mid-term performance, indicating successful commercialization and operational efficiency improvements [1] Financial Performance - 华堂宁 sales reached 1.764 million boxes, a year-on-year increase of 108% [1] - Net sales amounted to 217.4 million yuan, reflecting a 112% year-on-year growth [1] - The company reported a one-time deferred income of 1.2435 billion yuan following the termination of the exclusive promotion agreement with Bayer [1] - The company achieved a profit of 1.1839 billion yuan in the first half of the year, marking its first profitable period [1] - Gross margin increased to 54.2%, up 7.7 percentage points from the same period last year [1] Operational Highlights - The company has significantly increased its sales through its own sales team since taking over the commercialization of 华堂宁 in January 2025 [1] - There has been a substantial increase in prescription volumes in secondary and tertiary hospitals, aided by the expansion of medical insurance coverage [1] Strategic Initiatives - 华领医药 is actively expanding its overseas business and accelerating its global layout [1] - The company continues to invest in research and development to support its expansion into international markets [1]

Core Viewpoint - 华领医药-B (02552) reported significant growth in sales and profitability, marking a successful transition to full commercialization of its product, 华堂宁, with strong performance in the healthcare market [1] Financial Performance - For the six months ending June 30, 2025, 华领医药 reported a net sales revenue of 217.4 million yuan, representing a year-on-year increase of 112% [1] - The sales volume of 华堂宁 reached 1.764 million boxes, showing a year-on-year growth of 108% [1] - The company achieved a profit of 1.1839 billion yuan in the first half of the year, marking its first profitable period [1] Operational Highlights - The company successfully transitioned to full commercialization of 华堂宁 in January 2025, leading to significant growth driven by its own sales team [1] - The expansion of medical insurance coverage has contributed to a substantial increase in prescription volumes in secondary and tertiary hospitals [1] - The gross profit margin improved to 54.2%, an increase of 7.7 percentage points compared to the same period last year, indicating enhanced operational efficiency [1] Strategic Changes - Following the termination of the exclusive promotion service agreement with Bayer, the company confirmed a one-time deferred income of 1.2435 billion yuan [1]

Core Insights - Hualing Pharmaceutical (02552) reported significant growth in its mid-term performance for the six months ending June 30, 2025, with sales of Huatangning reaching 1.764 million boxes, a year-on-year increase of 108%, and net sales of 217.4 million yuan, up 112% [1] - The company achieved a profit of 1.1839 billion yuan for the first time during this reporting period, marking a successful transition to commercialization after taking over the operations of Huatangning [1] - The gross profit margin improved to 54.2%, an increase of 7.7 percentage points compared to the same period last year, indicating a positive trend in profitability [1] Domestic Market Performance - The significant increase in prescriptions from secondary and tertiary hospitals was supported by the expansion of medical insurance coverage [1] - The company has successfully implemented a self-operated sales team, contributing to the notable growth in sales [1] International Expansion - Hualing Pharmaceutical is actively expanding its overseas business, having submitted a registration application for Myhomsistm (Dapagliflozin 75mg) in Hong Kong, which will accelerate its presence in Greater China and Southeast Asia [2] - The company plans to initiate a multi-dose escalation Phase I study by the end of 2025 or early 2026 based on the preliminary success of its Phase I single-dose escalation study in the U.S. [2] - A Phase I clinical study supported by Hualing Pharmaceutical at the University of Pennsylvania has received FDA approval to evaluate the efficacy and safety of Dapagliflozin in patients with cystic fibrosis-related diabetes (CFRD) [2] Research and Development - The company is conducting a real-world study involving 80 centers and 2,000 type 2 diabetes patients in China, further confirming the broad applicability and safety of Dapagliflozin [2] - New research results in diabetes remission and cognitive improvement reinforce Hualing Pharmaceutical's global leadership in GKA research and treatment [2] Future Outlook - With ongoing international market expansion and continuous advancement of its research pipeline, Hualing Pharmaceutical is expected to play a more significant role on the global stage [3] - The company's CEO, Dr. Chen Li, emphasized the commitment to driving innovation and market expansion to benefit more global patients with original Chinese drugs [3]

Core Insights - Chinese innovative drugs currently account for 38% of the global market [1] - In the previous year, 39 innovative drugs were launched, while 30 have already been launched in the first half of this year [1] - China is capable of developing globally first-in-class innovative drugs, exemplified by Hualing Pharmaceutical's Huatangning, which can reverse diabetes and prevent complications [1] Industry Summary - The growth of innovative drug development in China is significant, with a notable increase in the number of drugs launched annually [1] - The successful market entry of innovative drugs like Huatangning demonstrates China's potential in advanced scientific concepts and technologies [1] - The inclusion of innovative drugs in China's medical insurance indicates a supportive regulatory environment for the pharmaceutical industry [1]

Core Viewpoint - Hualing Pharmaceutical reported a profit of approximately 1.184 billion RMB in the first half of the year, marking its first profit since its listing, a significant turnaround from a loss of 140 million RMB in the same period last year [1][2]. Group 1: Financial Performance - The profit growth is largely attributed to a one-time gain from terminating an exclusive promotion agreement with Bayer, resulting in a reversal of unamortized contract liabilities amounting to 1.2435 billion RMB [2][4]. - Hualing Pharmaceutical's revenue is expected to be scrutinized in the future, as the one-time gain does not indicate sustainable growth [4]. - The company's sales of its main product, Huatangning, reached approximately 1.764 million boxes with a net sales revenue of about 217.4 million RMB, reflecting a 111.8% increase compared to the same period last year [6][10]. Group 2: Product and Market Strategy - Hualing Pharmaceutical's main product, Huatangning, is currently the only commercialized drug, targeting type 2 diabetes patients [8]. - The company has successfully transitioned to a self-managed sales model, having built its own sales team for the first time, which has contributed to the doubling of product sales [6][7]. - The gross profit margin increased to approximately 54.2% in the first half of the year, up from 46.5% in the same period last year, attributed to improved production efficiency and reduced unit production costs [6]. Group 3: Future Outlook - Hualing Pharmaceutical aims to achieve a sales net income of 1 billion RMB by 2027, indicating a long-term growth strategy [7]. - The company is in the early stages of its commercial sales journey, with significant potential for growth in the diabetes medication market [10].

Core Viewpoint - Hualing Pharmaceutical Technology (Shanghai) Co., Ltd. reported a profit of approximately 1.184 billion yuan for the first half of the year, marking its first profitable period [1] Group 1: Financial Performance - The company sold approximately 1.764 million boxes of Huadongning, generating a sales revenue of about 217 million yuan in the first half of the year [1] - In comparison, the sales volume for the same period in 2024 was about 846,000 boxes, with a sales revenue of approximately 102.7 million yuan, indicating a sales growth of 111.8% while maintaining the same price per box [1] - As of June 30, 2025, the gross profit was around 118 million yuan, with a gross margin of approximately 54.2%, compared to a gross profit of about 47.8 million yuan and a gross margin of 46.5% in 2024 [1] Group 2: Strategic Insights - The increase in gross margin is attributed to improved production efficiency and higher output, leading to a decrease in unit production costs [1] - The CEO, Dr. Chen Li, emphasized the strong growth momentum of Huadongning and the establishment of a sales team that accelerates market penetration, instilling confidence for future profitability [1] - The company plans to continue exploring market potential in personalized diabetes treatment and complications through research and development innovation and capacity enhancement [1]