证券研究报告 医药生物 | 生物制品 港股|公司点评报告 hyzqdatemark 2025 年 09 月 02 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 09 月 | 01 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 486.00 | | | 一年内最高/最低（港 | | | 498.20/152.00 | | | | 元） | | | | | | | 总市值（百万港元） | | | 113,328.38 | | | | 流通市值（百万港元） | | | | 79,106.21 | | | 资产负债率（%） | | | | 15.77 | | | 资料来源：聚源数据 | | | | | | 科伦博泰生物-B(06990.HK) 投资评级： 买入（维持） ——商业化势头可观，潜力管线稳步推进 投资要点： | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | ...

今年以来，港股创新药板块持续上演"逆袭"行情。Wind数据显示，年内南向资金净流入医药生物行业超1200亿元，这一浪潮正推动资金流向更具确定性的 优质标的。 科伦博泰生物-B(06990)正是市场抢筹的核心标的之一——其股价于8月创下历史新高，市值突破千亿港元，年内最高涨幅达192.40%，正式跻身港股生物创 新药"千亿俱乐部"。这一表现的背后，是市场大资金对其"差异化创新+商业化"能力的共识性认可。 透过2025年中期业绩报告，这家手握三款上市产品的创新药企，正清晰展现从 Biotech向Biopharma的进化轨迹：收入结构转变为BD合作与自主商业化双轮 驱动，创新研发能力与商业化体系形成协同，全球创新价值的兑现路径也愈发明晰。 商业化价值验证："授权合作"与"自主造血"双线并行 商业化能力是创新药企价值实现的"最后一公里"。作为一家具备投资确定性的标杆药企，科伦博泰2025年中报的核心信号在于：自主商业化已成为业绩增长 的新引擎。 今年中报数据显示，科伦博泰上半年实现收入9.50亿元，现金储备达45.28亿元，现金流充沛稳健。报告期内，公司总销售额为3.098亿元(占总收入32.6%)， 其中佳泰莱®贡 ...

Core Viewpoint - The pharmaceutical industry in China is experiencing a significant influx of capital, driven by a wave of refinancing and large business development (BD) transactions, which are reshaping the funding landscape for innovative drug development [1][6][10] Company Summary - Kolon Biotech (科伦博泰) announced a placement of 5.918 million H-shares at a price of HKD 331.8, raising approximately USD 250 million (around CNY 1.796 billion), setting a record for new share placements in the Hong Kong biopharmaceutical market this year [1] - The company has completed three rounds of financing, raising a total of approximately CNY 2.894 billion, with the latest placement supported by existing shareholders and new heavyweight investors [5] - Kolon Biotech has a strong pipeline with over 30 candidates in development, including three products in commercialization, which are under continuous cash flow pressure due to the high costs associated with drug development [4][5] Industry Summary - The Chinese pharmaceutical sector is transitioning from a phase of "scale expansion" to "value creation," with R&D investments growing at an average annual rate exceeding 20% during the 14th Five-Year Plan period [6][7] - The total R&D expenditure in China's pharmaceutical industry reached USD 32.6 billion in 2022, accounting for 13.5% of global pharmaceutical R&D spending, and is projected to reach USD 67.5 billion by 2030 [6][7] - The recent surge in refinancing and BD transactions indicates a structural shift in the market, allowing innovative drug companies to secure funding earlier in the development process, thus shortening the investment return cycle [2][10]

一季度业绩承压，全年季度环比望迎改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-5-4 | | [Table_BaseData] 收盘价（元） | 36.21 | | 近 12 个月最高/最低（元） | 38.08/25.46 | | 总股本（百万股） | 1598 | | 流通 A 股（百万股） | 1306 | | 流通股比例（%） | 81.73% | | 总市值（亿元） | 578.66 | | 流通市值（亿元） | 472.86 | 科伦药业 [Table_StockNameRptType] （002422.SZ） 公司点评 [Table_Chart] 公司价格与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 科伦药业 沪深300 分析师：谭国超 ⚫ 事件 2 2025 年 4 月 30 日，科伦药业发布 2025 年一季报，公司实现营业 收入 43.90 亿元，同比-29.42%；归母净利润 5.84 亿元，同比- 43.07%；扣非归母净利润 5.64 亿元，同比-43.10%。去年同期高 ...