证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 27 日 [Table_Title] 慢病（CKM） 领域持续深耕、未来销售放量可 期 [Table_Title2] 信立泰(002294) [Table_Summary] 事件： 据公司公告：公司第三季度，公司实现营业收入 11.10 亿元， 同比增长 15.85%，扣非净利润 2.20 亿元，同比增长 34.75%。 点评： 据公司公告：从销售结构看，新产品营收增速提升，已成为驱 动公司发展的核心动力。聚焦以心脑血管为核心的 CKM（心肾 代谢综合征）慢病领域，公司创新产品管线不断丰富，报告期 内，新上市的信超妥、复立安®通过国家医保谈判的形式审查， 公司正积极筹备谈判的其他相关工作。销售推广方面，公司通 过自营、招商互补的多渠道模式强化市场覆盖，同时开辟独立 运营的电商渠道，加强零售渠道布局，承接外流处方。公司正 组建信超妥的专职团队，提升市场渗透率。 恩那罗®借助"EPO 更生理、铁代谢更佳" 的精准定位，强化 品牌区分，拓展非透析患者和透析患者市场。在 CKM 慢病管理 方面，公司正探索数字化慢病管理模式，期望借助平台实现 ...

Company Strategy - The company focuses on unmet clinical needs, with a commitment to long-term growth and innovation in the cardiovascular-kidney-metabolic (CKM) disease area [4] - It aims to create social value and has established a strong brand in the chronic disease sector, particularly in hypertension and metabolic diseases [4] - The company has six patented drugs targeting hypertension and metabolic diseases, with plans to become the leading brand in hypertension medications in China [4][6] Recent Business Performance - In the first half of 2025, the company's revenue grew by 4.3% year-on-year, with a notable rebound of 12.3% in Q2 [6] - New product revenue now accounts for over 50% of total revenue, indicating successful market penetration [6] - The company maintains a low debt ratio and strong cash reserves, with R&D investment consistently above 20% of revenue [6] R&D Pipeline - The company has 74 new drugs in development, including 51 chemical drugs and 23 biological drugs, with over 50 projects focused on CKM diseases [7] - R&D efforts are supported by platforms in both China and the U.S., utilizing AI to enhance drug discovery and development efficiency [7][8] - The company is developing a comprehensive pipeline for hypertension treatments, aiming for a range of administration methods from daily to quarterly dosing [8] Innovative Drug Development - The company is advancing several first-in-class and best-in-class products for blood lipid management, including a monoclonal antibody for PCSK9 [11] - It is also exploring unique mechanisms for metabolic diseases, focusing on energy metabolism and muscle metabolism to address obesity and diabetes [11][19] - The company is committed to integrating innovation with healthcare policies to ensure rapid clinical application of research outcomes [8] Market Strategy - The company emphasizes academic promotion and patient education to enhance product penetration and disease awareness [14] - It is exploring digital chronic disease management models to improve patient lifecycle management and commercialize chronic disease treatments [14] - The company aims to leverage its products' entry into medical insurance to expand market coverage [14] Clinical Needs and Challenges - Cardiovascular diseases remain the leading cause of death globally, with significant unmet clinical needs in hypertension management [5] - The company recognizes the complexity of hypertension mechanisms and aims to provide tailored treatment solutions for various patient demographics [9][10] - The focus on differentiated strategies in a competitive market is crucial for establishing a unique position in the metabolic disease sector [19]