2025 年 08 月 29 日 合作引进，加码创新药研发 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 49.5 | | 总市值（亿元） | 100 | | 总股本（百万股） | 202 | | 流通股本（百万股） | 185 | | 52 周价格范围（元） | 12.26-64.7 | | 日均成交额（百万元） | 234.23 | 市场表现 资料来源：Wind，华鑫证券研究 -100 0 100 200 300 400 500 (%) 昂利康 沪深300 相关研究 —昂利康（002940.SZ）公司事件点评报告 昂利康发布公告：2025 年上半年，公司实现营业总收入 72435.50 万元，同比下降 14.52%；归属于上市公司股东的净 利润 6592.51 万元，同比下降 3.19%。 投资要点 ▌ 把握集采中选品种机遇 公司复方α-酮酸片和合作产品艾地骨化醇软胶囊于 2024 年 中选第十批国家集采，目前已进入进院采购阶段，快速上 量。除参与国采之外， ...

Core Insights - Lunan Pharmaceutical has maintained continuous operation of several production lines for three years, indicating strong market demand and production efficiency [2][3] - The company has achieved significant milestones in research and development, with a focus on optimizing production processes and enhancing product quality [3][4] - Lunan Pharmaceutical is transitioning from a pharmaceutical manufacturer to a full industry chain player, emphasizing collaboration and innovation across the supply chain [5][6] - The company has experienced substantial growth in international business, with a ninefold increase in sales from 2 billion to 20 billion over a decade, expanding its global footprint [7][8][9] Production and Market Position - Certain production lines, such as the one for potassium clavulanate, have reached a capacity of 1,500 tons per year, accounting for nearly one-third of global usage, positioning Lunan as a market leader [2] - The company has developed a domestic first for a composite film production line for traditional Chinese medicine oral liquids, replacing fragile glass bottles with food-grade aluminum-plastic films [3] Research and Development - Lunan Pharmaceutical has invested over 10 billion in R&D over the past decade, establishing multiple national and provincial innovation platforms to support drug development [4] - The company has achieved 40 breakthroughs in R&D, including significant cost savings in production processes, demonstrating a commitment to continuous improvement [3][4] International Expansion - The company has successfully transitioned from exporting raw materials to finished formulations, increasing profit margins significantly [7] - Lunan Pharmaceutical has registered 72 formulation products in 129 countries, establishing a strong international presence and partnerships with over 200 global companies [8][9]

Core Viewpoint - The article highlights the significant achievements and innovations of Lunan Pharmaceutical, emphasizing its commitment to quality and technological advancement in the pharmaceutical industry, positioning it as a leading brand in Shandong and beyond [1][2][5]. Group 1: Company Achievements - Lunan Pharmaceutical has achieved a production capacity of 1,500 tons of clavulanate potassium annually, accounting for nearly one-third of global demand, making it the world's largest producer [2]. - The company has invested over 10 billion yuan in research and development over the past decade, resulting in numerous successful products and innovations [4]. - Lunan Pharmaceutical ranked 13th in the "2025 China Pharmaceutical R&D Comprehensive Strength Ranking" and has established multiple national and provincial-level innovation platforms [5]. Group 2: Product Development and Innovation - The company has seen a surge in new product launches, with an expected 40 to 50 products entering production this year, particularly in the innovative drug sector [5]. - Lunan Pharmaceutical's first antibody-based biopharmaceutical, Yilidali Rituximab Injection, was approved after 15 years of development, marking a significant milestone in its product portfolio [6][8]. - The company has optimized production processes, saving approximately 4 million yuan annually through continuous research breakthroughs [2]. Group 3: International Expansion - Lunan Pharmaceutical's international business has grown tenfold from 200 million yuan in 2014 to 2 billion yuan in 2024, with 72 formulation products approved in 129 countries and regions [10][12]. - The company has transitioned from exporting raw materials to exporting formulations, increasing profit margins by 5 to 7 times [11]. - Lunan Pharmaceutical has established partnerships with over 200 global companies and is actively expanding its presence in emerging markets across Asia, Africa, and Eastern Europe [12].

Core Viewpoint - The company, Anglikang, is navigating challenges such as deepening centralized procurement policies and restructuring of the pricing system while maintaining a focus on an integrated "raw materials + formulations" industry chain layout, emphasizing both generic drug development and innovation in new drugs [1][8]. Financial Performance - In 2024, the company achieved total operating revenue of 1.538 billion yuan and a net profit attributable to shareholders of 80 million yuan [1]. Generic Drug Strategy - Anglikang has a strong presence in the generic drug sector, particularly in oral cephalosporin antibiotics and cardiovascular drugs, and is actively optimizing its marketing and product structure to ensure stable market share growth amid intensified procurement policies [2]. - The company successfully increased sales of its key products, such as the left-handed amlodipine besylate tablets, and saw a 44.81% year-on-year increase in sales of cefaclor sustained-release tablets, marking new growth points [2]. International Expansion - The company is advancing its international strategy by submitting registration applications for several cephalosporin raw materials in countries like India, Vietnam, Brazil, and South Korea, while also preparing for EU registration [3]. - The specialty intermediate business, driven by overseas orders, achieved a 33.69% year-on-year growth, supported by international certifications [3]. R&D Investment - Despite industry-wide profit compression, Anglikang increased its R&D investment to 230 million yuan in 2024, a 33.74% increase, representing 14.99% of its operating revenue, reflecting its commitment to innovation [4]. - The company is advancing both independent and collaborative R&D efforts, with multiple new products receiving drug registration certificates during the reporting period [4]. Subsidiary Developments - Subsidiaries like Keri Bio have secured patents and contributed to national standards, showcasing their technological leadership in plant-derived steroid drugs [5]. Sustainable Development - Anglikang is focused on optimizing production processes and promoting green manufacturing, achieving energy savings and emission control goals in 2024 [6]. - The company is transitioning cephalosporin products from traditional chemical methods to enzyme methods, indicating progress in sustainable practices [7]. Industry Positioning - The pharmaceutical industry is undergoing significant changes, with centralized procurement becoming normalized, which raises demands for cost control and product innovation [8]. - Anglikang aims to create a virtuous cycle of development by balancing generic and innovative drug strategies, positioning itself for sustainable growth in the long term [8].

Group 1: Financial Performance - In Q1 2025, the company's revenue decreased by 15.31% compared to the same period in 2024, primarily due to a decline in demand for antibiotics and the impact of the "Four Same" policy on product sales and pricing [1] - The total revenue for 2024 saw a year-on-year decline of 5.41%, attributed to the exit of the product Zuo Yi from the hospital market due to centralized procurement [1] Group 2: Product Development and R&D - The company has received approval for clinical trials of the injectable ALK-N001 from the National Medical Products Administration [3] - R&D investment in 2024 is expected to increase significantly due to new investments in innovative drugs and improvements in existing drugs [9] - The compound α-keto acid tablets were selected in the tenth batch of national procurement, with a selected price of 8.52 CNY per box and an estimated procurement volume of 800 million boxes [8] Group 3: Export and Market Strategy - In 2024, the company's export sales amounted to 398 million CNY, accounting for 25.85% of total revenue, with a significant portion of the subsidiary Keri Bio's revenue coming from overseas clients [10] - The company plans to leverage its brand influence to expand the market for Zuo Yi outside hospitals [2] Group 4: Future Expectations - The company aims to enhance sales in 2025 through selected products from national procurement and new products with technical barriers, such as Sacubitril/Valsartan tablets [11] - The animal health technology sector is currently in a loss phase but is expected to become a new growth point as new products are approved and launched [12]

Group 1: Financial Performance - The company's net profit, when combined with R&D expenses, has remained stable or slightly increased over recent years despite challenges in the pharmaceutical industry [1][2] - The raw material drug business has remained stable, while the specialty intermediate business has shown significant performance [2] - The sales volume and price of Benzylsulfonyl L-lysine tablets have been significantly impacted since the second half of 2023 due to national procurement policies [2] Group 2: R&D and Product Development - The company plans to shift focus from generic drugs to improved new drugs and innovative drugs, aiming for a "generic-innovative synergy" strategy [2] - The R&D budget for 2025 is expected to remain high, with Q1 R&D expenses reported at 51.8 million yuan [7] - The company has received approval for clinical trials of ALK-N001, indicating progress in its innovative drug pipeline [3][7] Group 3: Market Strategy and Product Launches - The company aims to leverage its existing brand influence to expand the market for L-lysine tablets, focusing on outpatient sales channels [4] - New products with technical barriers, such as Sacubitril/Valsartan tablets, have been launched, with future sales dependent on various market factors [3] - The company is actively pursuing new drug registrations in the pet medicine sector, with plans to double sales in 2024 [3] Group 4: Regulatory and Policy Impact - The company is preparing for the 11th batch of national procurement policies, which have not yet been announced [8] - The impact of the "Four Consistencies" policy has led to a decline in sales and prices for certain products, but the company expects stabilization as policies mature [4][8] - The export revenue accounted for 25.85% of total revenue in 2024, with significant markets including the U.S. and Europe [5]

Core Insights - Heng Rui Pharmaceutical reported a net profit increase of 47.28% year-on-year for the fiscal year 2024, driven by significant external licensing fees contributing nearly a quarter of total profits [1][3][4] Financial Performance - The company achieved an operating revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, with a net profit attributable to shareholders of 6.337 billion yuan [3] - Two major external licensing payments, approximately 1.6 billion euros and 1.0 billion USD, contributed about 1.683 billion yuan to the profit, accounting for nearly 25% of total profits [3][4] Revenue Breakdown - Revenue from generic drugs slightly declined, while sales from innovative drugs increased by 30.60%, making up over 50% of total revenue [5][6] - The sales of generic drugs faced pressure from centralized procurement, with a reported decrease of 844 million yuan in sales from specific products [6] Research and Development - Heng Rui's R&D investment reached 8.228 billion yuan, with 29.40% of sales revenue allocated to R&D, and about 20% of R&D expenses capitalized [7][8] - The company is shifting its R&D focus from oncology to chronic diseases, with 47 innovative pipelines in non-oncology areas, surpassing the number of oncology products [8] Leadership Changes - The appointment of Feng Ji as the new president is expected to align with the company's internationalization strategy and enhance its capabilities in chronic disease treatment [2][8]

Core Viewpoint - In 2024, Heng Rui Medicine achieved significant revenue growth, with total revenue reaching 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders reaching 6.337 billion yuan, up 47.28% year-on-year, indicating a potential shift from "supply chain disruption" to "turnaround" [1][6]. Group 1: Performance Drivers - The strong performance in 2024 is primarily driven by substantial external licensing income, including 1.6 billion euros from Merck Healthcare and 1 billion USD from Kailera Therapeutics, leading to a sixfold increase in licensing income compared to 2023 [7][12]. - The company's core business net profit and non-recurring net profit would revert to around 4 billion yuan if excluding these non-recurring gains, indicating reliance on external partnerships for profit growth [7][15]. Group 2: Impact of Centralized Procurement - The generic drug business still contributes 50% to the company's revenue, and the impact of centralized procurement remains significant, with ongoing effects from previous rounds of procurement [3][4]. - The third and fifth rounds of centralized procurement led to substantial revenue declines in 2021, with sales dropping by 55% and 37% respectively for affected products [3][4]. - The seventh round of procurement also saw a 48% decline in sales for affected products, and the upcoming ninth round is expected to further impact revenue in 2025 [5][6]. Group 3: Valuation and Investment Considerations - The current rolling P/E ratio of around 50 suggests that the company may need 2-3 years to digest this valuation, with expectations of net profit growth slowing to 15%-20% from 2025 to 2027 [17][18]. - The market is shifting focus from short-term profits to long-term innovation value, which may limit the short-term upside for Heng Rui Medicine, given its significant reliance on generic drugs [20].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-on-year growth of 22.63%. The net profit attributable to shareholders was 6.34 billion RMB, up 47.28% year-on-year [1]. - The innovative drug revenue grew rapidly, reaching 13.89 billion RMB in 2024, a 30.6% increase year-on-year. The company has received approvals for 17 new molecular entity drugs in China and has made significant progress in overseas licensing [2]. - The company is enhancing its technology platforms, including PROTAC, peptides, monoclonal antibodies, and ADCs, with 26 self-developed innovative molecules entering clinical stages [3]. - Revenue projections for 2025, 2026, and 2027 are estimated at 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB, respectively, with expected growth rates of 10.22%, 13.04%, and 14.00% [4]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 27.98 billion RMB, a 22.63% increase from the previous year, and a net profit of 6.34 billion RMB, reflecting a 47.28% growth [1]. Operational Analysis - The innovative drug segment saw a revenue of 13.89 billion RMB, with a 30.6% year-on-year increase. The company has successfully launched 17 new drugs in China and made strides in international licensing agreements [2]. - The company is developing various technology platforms and has 26 innovative molecules in clinical trials, with significant advancements in ADC products [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 30.84 billion RMB, 34.87 billion RMB, and 39.75 billion RMB in 2025, 2026, and 2027, respectively, with corresponding net profits of 6.95 billion RMB, 7.71 billion RMB, and 8.93 billion RMB [4].

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].