[市场指数走势（最近 Table_Chart] 1 年） | 最新收盘价（元） | 30.37 | | --- | --- | | 一年内最高/最低价（元） | 31.43/9.53 | | 市盈率（当前） | -256.56 | | 市净率（当前） | 7.99 | | 总股本（亿股） | 17.65 | | 总市值（亿元） | 535.92 | | 资料来源：聚源数据 | | 相关研究 [Table_Title] 奥布替尼商业化价值兑现，创新药管线稳步推进 [Table_ReportDate] 诺诚健华(688428)公司简评报告 | 2025.08.25 核心观点 [Table_Rank] 评级： 买入 王斌 医药行业首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_Summary] 资料来源：聚源数据 -1 0 1 2 3 26-Aug 6-Nov 17-Jan 30-Mar 10-Jun 21-Aug 诺诚健华 沪深300 [T ...

2025 年 08 月 25 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 诺诚健华 688428.SH | 截至 | 2025 | 年 | 月 8 | 日 22 | | | --- | --- | --- | --- | --- | --- | | 当前股价 | | | | 30.37 | 元 | | 投资评级 | | | | | 买入 | | 评级变动 | | | | | 维持 | | 总股本 | | | | 17.65 | 亿股 | | 流通股本 | | | | 2.68 | 亿股 | | 总市值 | | | | 535.92 | 亿元 | | 流动市值 | | | | 81.50 | 亿元 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址： 奥布替尼持续快速放量，核心管线成果逐步兑现 事件：公司发布2025年中报：2025上半年公司实现营收7.31亿元，同比 增长74.26%，其中，药品销售收入 ...

公 司 信 息 更 新 报 告 医药生物/化学制药 诺诚健华（688428.SH） 2025H1 收入端强劲增长，看好自免管线出海潜力 2025 年 08 月 24 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 30.37 | | 一年最高最低(元) | 34.02/9.53 | | 总市值(亿元) | 535.92 | | 流通市值(亿元) | 81.50 | | 总股本(亿股) | 17.65 | | 流通股本(亿股) | 2.68 | | 近 3 个月换手率(%) | 206.99 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 2024-08 2024-12 2025-04 诺诚健华 沪深300 相关研究报告 《核心单品销售强劲增长，持续加速 国际化进程—公司信息更新报告》 -2025.5.18 《全球血液瘤领域领跑者，自免赛道 打开第二成长曲线—公司首次覆盖报 告》-2024.10.25 | 余汝意（分析师） | 余克清（分析师） | 汪晋（分析师） | | --- | --- | --- ...

Core Viewpoint - The core philosophy of the company is to meet unmet medical needs in the field of innovative drug development, as emphasized by the co-founder and CEO, Dr. Cui Jisong, during the company's tenth anniversary [2] Group 1: Company Background and Development - Dr. Cui Jisong has a solid research foundation, having obtained a PhD in molecular biology abroad and accumulated over a decade of experience in multinational pharmaceutical companies, which laid the groundwork for her entrepreneurial journey [3] - In 2015, the company was founded with a focus on differentiated paths in the innovative drug industry, particularly targeting hematological malignancies and autoimmune diseases, which have significant unmet needs [3] - The company's flagship product, Oubatinib (a BTK inhibitor), was initially designed for autoimmune diseases but showed great potential in treating hematological malignancies, thus enhancing research efficiency by covering two therapeutic areas [3][4] Group 2: Product Performance and Market Impact - Oubatinib has been approved for four hematological indications in China, with three of them included in the medical insurance system, marking it as the first BTK inhibitor approved for treating marginal zone lymphoma [4] - The sales revenue of Oubatinib reached 640 million yuan in the first half of the year, representing a year-on-year increase of 52.8%, contributing to a 74.3% increase in the company's total revenue, which reached 730 million yuan [4] - Oubatinib is also the first BTK inhibitor globally to show efficacy in phase II clinical trials for systemic lupus erythematosus (SLE) and has initiated global phase III studies for progressive multiple sclerosis [4] Group 3: Internationalization Strategy - The company aims for true internationalization, which involves strategically integrating global top resources and establishing its position in global competition, rather than merely selling products abroad [5] - The company has adopted a "dual-track" internationalization strategy, focusing on independently controlling global rights to core products while leveraging open cooperation to expand resources [6] - Successful business development (BD) is based on partnerships with leaders in relevant fields, ensuring efficient project execution, with a long-term focus on value rather than short-term gains [6] Group 4: Future Goals - The company is entering its "2.0 phase," aiming for a product harvest period with 5 to 6 competitive innovative drugs expected to be approved in the next 3 to 5 years, significantly boosting commercialization revenue [7][8] - The company plans to push 3 to 4 core products into global markets, with Oubatinib's advancements in autoimmune disease treatment being a key driver for this strategy [8] - The company will continue to ensure sustained innovation by focusing on developing drugs with significant clinical differentiation, particularly in urgent areas like solid tumors, to build a unique competitive advantage [8]

Core Viewpoint - The company, Nuo Cheng Jian Hua, experienced a stock decline of over 4% following the release of its interim financial results, despite reporting significant revenue growth and reduced losses [1]. Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 731 million, representing a year-on-year increase of 74.26% [1]. - The adjusted loss for the period was RMB 15.5 million, a decrease of 93.62% compared to the previous year [1]. - The loss attributable to the parent company was RMB 30.1 million, down 88.51% year-on-year [1]. - The earnings per share were reported at a loss of RMB 0.02 [1]. Revenue Drivers - The increase in revenue was primarily driven by strong sales of Obutuzumab and licensing income from Prolium [1]. - Revenue from Obutuzumab rose from RMB 417 million for the six months ending June 30, 2024, to RMB 637 million for the same period in 2025, marking a growth of 52.8% due to an expanded coverage and an increase in treated patients [1].

Core Viewpoint - The company reported strong performance in 1H25, with revenue of 731 million yuan, a year-on-year increase of 74.26%, despite a net loss of 30.09 million yuan, driven by high growth of its core product, Orelabrutinib, and the confirmation of an upfront payment from Prolium for licensing [1][2]. Financial Performance - Revenue for 1H25 reached 731 million yuan, representing a 74.26% year-on-year growth [1]. - The net loss for the period was 30.09 million yuan, indicating a significant narrowing of losses [2]. - Gross margin improved to 89.5%, up 3.8 percentage points year-on-year, primarily due to the rapid growth of Orelabrutinib and the licensing agreement with Prolium [2]. - Sales expenses increased by 55.3% to 244 million yuan, while R&D expenses rose by 5.7% to 450 million yuan [2]. Product Development and Market Expansion - Orelabrutinib sales exceeded expectations, generating 637 million yuan in revenue for 1H25, a 52.8% increase, benefiting from the continued growth of its exclusive indication for MZL [2]. - The company received approval for Tafasitamab for treating DLBCL in May 2025, marking it as the first CD19 monoclonal antibody approved for R/R DLBCL in China [2]. - Orelabrutinib has expanded its indications, receiving a level I recommendation in the CSCO guidelines for 1L CLL/SLL and is set to participate in this year's medical insurance negotiations [2]. - Ongoing global Phase III clinical trials for Orelabrutinib in treating PPMS and SPMS are being initiated, with NDA submission expected in 1H26 for ITP indication [3]. Profit Forecast and Valuation - The company has revised its 2025 loss forecast from 415 million yuan to 319 million yuan and the 2026 forecast from 225 million yuan to 203 million yuan due to better-than-expected sales of Orelabrutinib [4]. - The target prices for A/H shares have been raised by 36.0% and 77.3% to 35.00 yuan and 22.00 HKD, respectively, indicating an upside potential of 10.0% and 10.8% from current prices [4].

Group 1 - Yiling Pharmaceutical's new drug application for "Children's Lianhua Qingwen Granules" has been accepted by the National Medical Products Administration, indicating the company's efforts to expand its respiratory field portfolio [1] - During the COVID-19 pandemic, Yiling Pharmaceutical experienced significant revenue growth due to Lianhua Qingwen, but performance has normalized as demand decreased [1] Group 2 - East China Pharmaceutical reported a revenue of 21.675 billion yuan for the first half of 2025, a year-on-year increase of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% [2] - The company is focusing on innovation in weight loss, oncology, and autoimmune disease sectors, which may lead to a valuation shift from "stable" to "growth" as new products are launched [2] Group 3 - Innovent Biologics reported a revenue of 731 million yuan for the first half of 2025, a 74.26% year-on-year increase, but incurred a net loss of 30.0914 million yuan, an improvement from a loss of 262 million yuan in the same period last year [3] - The strong growth in revenue is attributed to increased sales of its core product, Aobutini, which saw a 52.84% rise in sales, reaching 637 million yuan [3] - Future sales growth is expected as the indications for Aobutini expand [3] Group 4 - Zai Lab announced that its investigational product ZGGS34 has received FDA approval for clinical trials aimed at treating advanced solid tumors, marking a significant step in the internationalization of its innovative drug pipeline [4] - Preclinical studies have shown that ZGGS34 exhibits significant tumor suppression effects across various tumor models, indicating its strong tumor-killing potential [4] - However, ZGGS34 is still in the early clinical stage, and the path to market approval remains lengthy, with inherent risks of research failure [4]

Group 1 - Yiling Pharmaceutical's new drug application for "Children's Lianhua Qingwen Granules" has been accepted by the National Medical Products Administration, indicating the company's efforts to expand its respiratory product line [1] - During the COVID-19 pandemic, Yiling Pharmaceutical experienced significant revenue growth due to Lianhua Qingwen, but performance has normalized as demand decreased [1] Group 2 - East China Pharmaceutical reported a revenue of 21.675 billion yuan for the first half of 2025, a year-on-year increase of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% [2] - The company is focusing on innovation in weight loss, oncology, and autoimmune disease sectors, which may lead to a valuation shift from "stable" to "growth" as new products are launched [2] Group 3 - Innovent Biologics reported a revenue of 731 million yuan for the first half of 2025, a 74.26% increase year-on-year, but incurred a net loss of 30.0914 million yuan, an improvement from a loss of 262 million yuan in the same period last year [3] - The strong growth in revenue is attributed to increased sales of its core product, Aobutini, which reached 637 million yuan, a 52.84% year-on-year increase [3] - Future sales growth is expected as the indications for Aobutini expand [3] Group 4 - Zai Lab announced that its investigational product ZGGS34 has received FDA approval for clinical trials aimed at treating advanced solid tumors, marking a significant step in the company's international innovation efforts [4] - Preclinical studies have shown that ZGGS34 exhibits significant tumor suppression effects across various cancer models [4] - However, ZGGS34 is still in the early stages of clinical development, and the path to market remains lengthy, with inherent risks associated with drug development [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 海外監管公告 本公告乃諾誠健華醫藥有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊登之《2025年半年度報告》、《2025年半 年度報告摘要》、《2025年半年度募集資金存放與實際使用情況的專項報告》、 《關於部分募投項目延期及使用募集資金向全資子公司增資以實施募投項目的 公告》、《關於使用自有資金支付募投項目所需資金並以募集資金等額置換的 公告》、《關於收購控股子公司剩餘股權的公告》、《關於修訂及制定部分公司 治理制度的公告》、《2025年度"提質增效重回報"行動方案的半年度評估報告》、 《中國國際金融股份有限公司關於諾誠健華醫藥有限公司部分募投項目延期及 使用募集資金向全資 ...

Core Viewpoint - Nocera Biopharma (09969) shares rose over 3%, currently up 3.5% at HKD 18.63, with a trading volume of HKD 133 million, ahead of the board meeting scheduled for August 19 to approve mid-term results [1] Group 1: Financial Performance - Nocera Biopharma's first-quarter revenue increased by 130% year-on-year, with net profit turning positive at HKD 1.8 billion, exceeding expectations due to strong growth of its core product, Oubreti, and confirmation of upfront payment from Prolium [1] - CICC has revised its profit forecasts for Nocera Biopharma, narrowing expected losses for the next two years from HKD 436 million and HKD 256 million to HKD 415 million and HKD 225 million, respectively [1] Group 2: Product Insights - Oubreti, a BTK inhibitor developed by Nocera Biopharma, is primarily used for treating chronic lymphocytic leukemia and is gaining market share, holding a significant position in the domestic BTK inhibitor market [1] - In 2024, Oubreti's sales revenue is projected to exceed HKD 1 billion, representing a year-on-year growth of 49.14%, capturing a 30% market share in the domestic BTK inhibitor market [1]