2025年上半年，四环医药在连续三年亏损后首次扭亏，盈利 1.03亿元。医美业务贡献了超3亿元利润，成为最大的利润来 源。 作者： 刘晓诺 封图：图虫创意 2025年10月，对四环医药（00460.HK）是一个特殊的月份。这个月，四环医药接连完成两个关键 动作：10月13日，收购瑞士医美公司股权；10月15日，分拆子公司轩竹生物（02575.HK）到港股 上市，轩竹生物股价在8个交易日内上涨超400%，目前市值超300亿港元。 四环医药似乎正在走出阵痛。 这家成立于2001年的传统药企，曾被视为"中国心脑血管药王"。其创始人是中国第四军医大学附 属医院的两位医生，他们以仿制药起家，通过不断收购，仅用了6年就成功让四环医药占据心脑血 管药物市场最大的份额。 2007年至2014年，四环医药赚钱显得很容易——收入的复合年增长率达到40%，每年的净利率基 本保持在30%以上。2014年，其市值超500亿港元，成为与复星医药（600196.SH/02196.HK）、 中国生物制药（01177.HK）、石药集团（01093.HK）等企业同梯队的"白马股"。 转折发生在2015年，从这一年起至2024年，四环医药的经营状 ...

Core Viewpoint - XuanZhu Bio (02575.HK) experienced a slight decline in stock price after its recent IPO, closing at 59.5 HKD per share, with a market capitalization of 30.8 billion HKD, despite a significant increase of approximately 417% from its initial offering price during its first six trading days [1][4]. Company Overview - Founded in 2018 and headquartered in Shijiazhuang, Hebei, XuanZhu Bio is an innovative pharmaceutical company focusing on major diseases such as digestive disorders, cancer, and non-alcoholic fatty liver disease [4]. - The company has developed a diverse product pipeline that includes small molecule drugs, large molecule biologics, and antibody-drug conjugates (ADCs), with three commercialized products and over ten projects in development [4]. IPO and Stock Performance - XuanZhu Bio officially listed on the Hong Kong Stock Exchange on October 15, 2023, with its stock price surging by 153.97% on the first day to close at 29.46 HKD per share [4]. - The stock price peaked at over 61 HKD per share on October 22, 2023, reflecting a market capitalization nearing 32 billion HKD [1][4]. Key Products and Clinical Data - The company's stock performance is linked to promising clinical data for its drug Pyrotinib, which was presented at the 2025 European Society for Medical Oncology (ESMO) conference, showing efficacy and safety in treating HR+/HER2- advanced breast cancer [5]. - Pyrotinib is a novel CDK2/4/6 inhibitor approved in May 2023 for specific breast cancer indications, while another core product, KBP-3571, is the first domestically developed proton pump inhibitor (PPI) targeting digestive diseases [6][7]. Financial Performance - Despite the stock price increase, XuanZhu Bio has not yet achieved profitability, reporting revenues of 40.92 million CNY, 37.74 million CNY, and 21.97 million CNY for 2023, 2024, and 2025 respectively, with net losses of 301 million CNY, 556 million CNY, and 111 million CNY during the same periods [8]. - The company attributes the increased losses to reduced revenue and rising research and development expenses [8]. Competitive Landscape - XuanZhu Bio faces significant competition for its core products, with KBP-3571 competing against seven similar products, five of which are generic drugs included in centralized procurement [8][9]. - Pyrotinib and XZP-3621 also encounter fierce competition, with multiple approved alternatives in the market and several others in the approval pipeline [9].

Core Viewpoint - Xuan Zhu Biotech-B (02575) has seen a significant stock price increase, rising over 190% from its IPO price of 11.6 HKD, reaching a new high of 33.96 HKD, indicating strong market interest and confidence in the company's growth potential [1] Company Overview - Xuan Zhu Biotech is a Chinese biopharmaceutical company backed by the Hong Kong-listed company Sihuan Pharmaceutical, with dual research and development systems for small molecule drugs and large molecule biologics [1] - The company has successfully developed four candidate drugs and is actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] Product Pipeline - Currently, Xuan Zhu Biotech has three commercialized products: Annelazole sodium for duodenal ulcers, Pyrotinib for breast cancer, and Dirocitinib for non-small cell lung cancer, with approvals expected in 2023 and 2025 [1] Industry Outlook - Huafu Securities believes that the Chinese innovative drug sector is undergoing a transformation, with a positive outlook for the next 5-10 years driven by overseas business development, continuous data catalysts, and the ramp-up of new product sales [1]

Core Viewpoint - XuanZhu Biotech-B (02575) has seen a significant increase in stock price, rising over 11% and reaching a new high of 33.96 HKD, which is more than 190% above its IPO price of 11.6 HKD [1] Company Overview - XuanZhu Biotech is a Chinese biopharmaceutical company backed by Hong Kong-listed company Sihuan Pharmaceutical, with dual research and development systems for small molecule drugs and large molecule biologics [1] - The company has successfully developed four candidate drugs and is actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] Commercial Products - Currently, XuanZhu Biotech has three commercialized products: Annelazole sodium for duodenal ulcers, Pyrotinib for breast cancer, and Dirocitinib for non-small cell lung cancer, which are expected to be approved in 2023 and 2025 [1] Industry Trends - Huafu Securities believes that the Chinese innovative drug sector is experiencing a transformation driven by quantitative changes leading to qualitative changes, with a positive outlook on the industry trend over the next 5-10 years [1] - Factors such as business development overseas, continuous data catalysts, and the ramp-up of new product sales are expected to drive the rise of innovative drugs [1]

作为四环医药旗下的创新药核心平台，轩竹生物于10月15日正式在港股市场挂牌上市，此次公司IPO发行价为11.60港元/股，募资总额约7.8亿港元。上市当 日，轩竹生物股价早盘冲高至最高31港元，涨幅高达167%。 据智通财经APP了解，作为国内"商业化初期即上市"的创新药企代表，轩竹生物创立于2008年，经过多年创新研发，公司如今已构建起一套全面的内部研发 平台，支持公司开发多样化且均衡的管线，涵盖消化系统疾病、肿瘤及非酒精性脂肪肝炎(NASH)三大领域。 随着今年9月美联储宣布首次降息，全球资金流向新兴市场的趋势愈加明显，有望对正处于估值上修周期的港股创新药板块带来明显的边际提振，叠加国内 鼓励创新药全链条发展及"反内卷"等积极信号出现，市场普遍研判港股创新药牛市有望持续。 这对于手握商业化"三驾马车"、兼具持续造血和创新能力的轩竹生物-B(02575)来说，此时登陆港市可谓恰逢其时。 值得一提的是，该药突破性地实现单药后线治疗应用，患者无进展生存期长达11个月，刷新全球同类疗法纪录，为全球晚期乳腺癌后线治疗提供了更优治疗 方案。 从商业化预期来看，在新型CDK4/6抑制剂进入市场并获列入国家医保目录的浪潮 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]

Investment Rating - The report provides an investment rating of "G" for the pharmaceutical and biotechnology industry [1]. Core Viewpoints - The report highlights that MRD (Minimal Residual Disease) is expected to become a new paradigm in immune companion diagnostics, with significant advancements in tumor treatment and the development of new tumor markers [2][3]. - The pharmaceutical and biotechnology sector saw a weekly increase of 1.05%, underperforming compared to the Wind All A index (3.87%) and the CSI 300 index (4.18%) [3][8]. - Key sectors within the industry that performed well include medical devices (4.49%), vaccines (4.41%), and traditional Chinese medicine (2.86%), while medical research outsourcing (-3%), raw materials (-1.44%), and medical consumables (-0.01%) lagged [3][9]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.05% from August 18 to August 22, 2025, underperforming against the Wind All A index and CSI 300 index [3][8]. - Notable stock performances included Xiangxue Pharmaceutical (40.4%), Olin Bio (38.3%), and Tuo Jing Life (29.5%) with significant declines seen in Linuo Pharmaceutical (-22.1%), Nanmo Bio (-17.9%), and Fuyuan Pharmaceutical (-17.9%) [3][11]. Industry News and Key Company Announcements - On August 22, Daiichi Sankyo's targeted TROP2 ADC Datopotamab deruxtecan was approved for treating HR-positive, HER2-negative breast cancer [12]. - Natera announced positive results from its IMvigor011 trial for muscle-invasive bladder cancer, leading to a submission for FDA approval of Signatera as a companion diagnostic [13]. - The report emphasizes the importance of MRD in tumor treatment, with advancements in both US and China regarding MRD products [3][12].