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 Viewpoint - The company, Watson Pharmaceuticals, has received approval from the Chongqing Drug Administration for the re-registration of three pharmaceutical products, indicating a positive regulatory development for the company [1] Group 1: Product Approvals - The approved products include Oyster Calcium Carbonate Granules, Cefalexin Capsules, and Lincomycin Hydrochloride Capsules [1] - The approval for Oyster Calcium Carbonate Granules is valid until May 9, 2030 [1] - The approval for Cefalexin Capsules is valid until April 28, 2030 [1] - The approval for Lincomycin Hydrochloride Capsules is valid until May 9, 2030 [1]

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].