【华创医药】苑东生物2025业绩快报点评：利润表现亮眼，看好26年精麻主业放量以及上海超阳平台价值的兑现 2025年公司营业收入13.31亿元（-1.36%)，归母净利润2.83亿元（+18.89%），扣非净利润2.06亿元（+18.01%）， 其中单Q4营业收入3.12亿元（+0.8%），归母净利润0.63亿元（+197.2%），扣非净利润0.33亿元（+376.9%）。 同时若还原股权激励费用，预计公司 利润端，2025年公司积极推动研发体系整合，对仿制药以及部分在研创新药进行成本管控，尽管上海超阳25H2并 表后确认了额外研发费用，但我们预计公司整体研发费用率仍实现了优化，这一趋势我们认为在2026年还将延 续。 2026年管制精麻核心产品放量有望带动业绩维持稳健增长 2026年公司管制精麻管线放量持续加速，预计收入体量将从2025年6000+万元提升至2亿元以上（主要由纳布啡、 布托啡诺、麻黄碱、奥沙西泮贡献），同时氨酚羟考酮、吗啡纳曲酮获批在即，届时将参加年内医保谈判，我们 预计苑东26年仍有望实现20%利润增速。 上海超阳研发进展顺利，平台价值想象空间巨大 1）HP-001（IKZF1/3分子胶） ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, suggesting a potential for diverse investment opportunities by 2025 [11]. Core Insights - The pharmaceutical sector is currently undervalued, with public funds showing low allocation to this sector. Positive macroeconomic factors, such as the recovery of U.S. Treasury rates, are expected to drive growth in the industry [11]. - The report emphasizes a shift from quantity to quality in the domestic innovative drug sector, highlighting the importance of product differentiation and internationalization [11]. - The medical device market is experiencing a rebound in bidding volumes, particularly in imaging equipment, and there is a growing focus on home medical devices [11]. - The report identifies a recovery in the innovative chain (CXO + life sciences services) and anticipates a return to high growth for the sector by 2025 [11]. - The traditional Chinese medicine sector is expected to benefit from the introduction of new essential drug directories and state-owned enterprise reforms [13]. - The report highlights the potential for the pharmacy sector to thrive due to prescription outflow and market optimization [13]. - The blood products industry is projected to grow significantly during the 14th Five-Year Plan period, with increased approval for plasma stations [13]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index rose by 1.15%, outperforming the CSI 300 index by 2.52 percentage points, ranking third among 30 primary industries [8]. - The top ten stocks by growth include Duorui Pharmaceutical, Oukang Pharmaceutical, and Weisi Medical, while the bottom ten include Dongfang Biological and Nengte Technology [8]. Overall View and Investment Themes - The report suggests that the pharmaceutical industry is at a low valuation, with public fund allocations also low, indicating a potential for growth driven by macroeconomic factors [11]. - It highlights the importance of focusing on differentiated products and internationalization in the innovative drug sector, recommending companies like Hengrui, BeiGene, and others [11]. - The medical device sector is seeing a recovery in bidding volumes, particularly in imaging and home medical devices, with a focus on domestic companies [11]. - The innovative chain is expected to see a rebound in investment, with CXO and life sciences services poised for growth [11]. - The report emphasizes the potential for traditional Chinese medicine and pharmacies to benefit from regulatory changes and market dynamics [13]. Company-Specific Insights - Yuan Dong Biological has maintained a high R&D investment intensity, with 22% of its revenue allocated to R&D in 2023, indicating a strong focus on innovative drug development [17]. - The company has a robust pipeline of high-end generic drugs and is exploring innovative drug candidates, particularly in the area of small molecules and monoclonal antibodies [17][20]. - Yuan Dong's internationalization strategy is focused on the U.S. opioid detoxification market, with several products expected to contribute to revenue by 2025 [23]. - The company is also developing a range of innovative drugs, including NGF monoclonal antibodies and TL1A monoclonal antibodies, which are in various stages of clinical development [32][38].