证券研究报告 | 2025年08月27日 固定收益快评:转债投资者该如何应对后续市场波动？-转债市场点评 策略专题:底仓再审视（二）- 如何做到攻守兼备配底仓 行业与公司 登康口腔(001328.SZ) 财报点评:电商渠道持续放量，产品升级迭代驱动 毛利率上行 丸美生物(603983.SH) 财报点评:二季度收入同比增长 34%，投放加大为 新品增长蓄力 海底捞(06862.HK) 海外公司财报点评:"红石榴"创新效果显现，维持 高比例现金分红 绿茶集团(06831.HK) 海外公司财报点评:2025H1 经调净利润同增 40%， 看好下半年同店收入改善 海思科(002653.SZ) 财报点评:麻醉产品营收同比增长 54%，多款创新药 产品进入商业化阶段 福瑞股份(300049.SZ) 财报点评:25Q2 营收同比增长 20%，MASH 无创检 测迎来关键催化 开立医疗(300633.SZ) 财报点评:25Q2 业绩环比改善，高端新品密集推 出 鱼跃医疗(002223.SZ) 财报点评:呼吸治疗业务企稳回升，血糖管理业务 表现亮眼 惠泰医疗(688617.SH) 财报点评:PFA 产品商业化逐步开展，海外市场 ...

医药生物/化学制药 海思科（002653.SZ） 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 58.80 | | 一年最高最低(元) | 62.65/29.13 | | 总市值(亿元) | 658.51 | | 流通市值(亿元) | 283.12 | | 总股本(亿股) | 11.20 | | 流通股本(亿股) | 4.81 | | 近 3 个月换手率(%) | 54.21 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 海思科 沪深300 相关研究报告 《麻醉镇痛稳增长，创新管线强驱动 —公司信息更新报告》-2025.4.15 《研发管线持续推进，创新转型成效 显 著 — 公 司 首 次 覆 盖 报 告 》 -2024.12.25 持续加大研发投入，创新转型成效显著 ——公司信息更新报告 | 余汝意（分析师） | 余克清（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | ...

Group 1 - The medical innovation ETF (516820) has seen a 0.57% increase, with significant gains in constituent stocks such as Haizhi Science (10.00%) and Kanghong Pharmaceutical (2.04%) [1] - Haizhi Science has received IND approvals for multiple innovative drugs, indicating a positive trend in the innovative drug sector [1] - CITIC Securities points out that the innovative drug industry is experiencing a favorable policy environment, with domestic companies gradually increasing their performance, signaling an upcoming harvest period [1] Group 2 - The total healthcare expenditure in China is expected to achieve stable and sustainable growth, with a focus on identifying sub-sectors that can outpace the average industry growth rate [2] - Key themes for long-term growth in the pharmaceutical industry include innovation, consumption upgrades, and high-end manufacturing [2] - The medical innovation ETF (516820) is positioned to capture opportunities in quality leading companies that may have been undervalued [2]

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Investment Rating - The report assigns a "Buy" rating for the stock of Sunshine Nuohuo (688621) based on its strong clinical data and commercial potential of STC007 [1]. Core Viewpoints - The successful Phase II clinical trial results for STC007 indicate significant pain relief efficacy compared to placebo and comparable to the positive control drug, Tramadol [2][3]. - The opioid market presents substantial growth opportunities, with KOR agonists like STC007 showing advantages over traditional MOR agonists, including reduced side effects and addiction risks [4][5]. - The company is undergoing a business transformation, focusing on a "R&D services + pipeline cultivation + new quality industrial chain" model, which is expected to enhance its market valuation [6][7]. Summary by Sections Clinical Trial Results - STC007 demonstrated superior pain relief in postoperative patients, with significant reductions in pain scores compared to both placebo and Tramadol [2]. - The safety profile of STC007 is favorable, with common side effects being lower than those of Tramadol [3]. Market Potential - The opioid market in China has grown from 193.58 billion in 2019 to 233.68 billion in 2023, indicating a robust demand for pain management solutions [3]. - KOR agonists are positioned to address unmet needs in pain management without the adverse effects associated with traditional opioids [4]. Business Transformation - The company aims to integrate R&D services with a robust pipeline of innovative and improved drugs, enhancing its competitive edge [6]. - Plans to acquire Langyan Life Sciences will strengthen the company's production capabilities and ensure stable supply chains [7]. Financial Projections - Revenue is projected to grow from 1.29 billion in 2025 to 1.78 billion by 2027, with net profit expected to increase from 204 million to 300 million in the same period [8][9]. - The report anticipates a gradual improvement in EPS, with estimates of 1.82 yuan in 2025 and 2.68 yuan in 2027, reflecting a positive outlook for the company's financial health [9].

Investment Rating - The report assigns a "Buy" rating for the company based on its strong clinical trial results and potential for commercialization [1]. Core Viewpoints - The company has achieved significant milestones with its STC007 injection, which has shown superior pain relief compared to placebo and comparable efficacy to positive control drug Tramadol [2][3]. - The opioid market presents vast opportunities, with KOR agonists like STC007 offering advantages over traditional MOR opioids, such as reduced risk of respiratory depression and addiction [4][5]. - The company is in a critical phase of business transformation, focusing on a comprehensive R&D service model, pipeline cultivation, and a new quality industrial chain [6][7]. Summary by Sections Clinical Trial Results - STC007 has completed its Phase II clinical trial for postoperative pain, demonstrating significant pain relief in moderate to severe cases compared to placebo and Tramadol [2][3]. - The safety profile of STC007 is favorable, with common side effects being lower than those of Tramadol [3]. Market Potential - The opioid market in China has grown from 193.58 billion in 2019 to 233.68 billion in 2023, indicating a robust demand for effective pain management solutions [3]. - The successful market entry of similar KOR agonists validates the commercial viability of STC007, enhancing its market prospects [5]. Business Transformation Strategy - The company aims to build a "R&D service + pipeline cultivation + new quality industrial chain" model, enhancing its operational capabilities and market positioning [6]. - The acquisition of Langyan Life Sciences is expected to strengthen the company's production capabilities and ensure stable product quality and supply [7]. Financial Projections - Revenue is projected to grow from 1.29 billion in 2025 to 1.78 billion in 2027, with net profit expected to increase from 204 million to 300 million in the same period [8][9]. - The company’s EPS is forecasted to rise from 1.82 in 2025 to 2.68 in 2027, reflecting strong earnings growth [9].

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3387.57, up by 0.21% [2] - The Shenzhen Component Index and the ChiNext Index also experienced gains of 0.44% and 0.83% respectively, while the Sci-Tech 50 Index declined by 0.22% [2][6] - The overall market capitalization of the Shanghai Composite Index is 6511.95 billion, with a PE ratio of 11.97 and a PB ratio of 1.24 [3] Industry Dynamics - Jinlongyu New Energy has secured an order for 100,000 solid-state batteries, marking a significant milestone in the high-performance customized battery market for drones [24] - Google announced a partnership with XREAL to launch the first AR glasses designed for the Android XR platform, indicating a pivotal moment for the AR industry [26] - The smartphone market in the Middle East saw a 4% decline in shipments in Q1 2025, attributed to slowing retail demand and cautious consumer behavior [27] Company Updates - David Medical (300314.SZ) has added new models of medical infant beds and completed the registration change for Class I medical devices, enhancing its product line and competitiveness [29] - Haisco (002653.SZ) received a drug registration certificate for its innovative drug Anruikefen injection, which is significant for pain management post-abdominal surgery [30] - Weiling Co., Ltd. (002667.SZ) successfully acquired a 74.3% stake in Hunan Linwu Jiayu Mining Co., indicating strategic expansion in the mining sector [33]

Group 1 - Huiyu Pharmaceutical's subsidiary received drug registration certificate for Carboxymethyl Sodium Injection, which is used for treating bleeding diseases in various medical fields [1] - Baihe Co., Ltd. announced a plan for a director to reduce holdings by up to 424,000 shares, representing 0.6625% of the total share capital [1] - Kingood Co., Ltd. received a notification from a global leading automaker for a wheel project, expected to start mass production in 2026 with a lifecycle of 10 years [1][2] Group 2 - Wanhua Chemical plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum repurchase price of 99.36 yuan per share [2] - Warner Pharmaceutical's subsidiary received approval for Acetylcysteine raw material drug, primarily used for treating respiratory diseases [3] - ST Mingcheng plans to publicly transfer 45% equity of its subsidiary, aiming to optimize asset structure [4] Group 3 - Qixia Construction announced a plan to reduce up to 31.5 million shares, accounting for 3% of total share capital [5][6] - Zhejiang Rongtai intends to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - Yuandong Biological received drug registration for Chloral Hydrate Enema, used for sedation and seizure control in children [9] Group 4 - Jiemai Technology's subsidiary signed a strategic cooperation agreement with a solid-state battery company to produce high-safety composite conductive materials [10] - Xianju Pharmaceutical received drug registration for Progesterone Soft Capsules, used for treating functional disorders due to luteal deficiency [11] - Lanhua Kecai's subsidiary reported a temporary production halt, with the resumption date yet to be determined [13] Group 5 - Sinopharm Modern's subsidiary received drug registration for Tocilizumab Tablets, used for treating rheumatoid arthritis and other conditions [15] - Shanghai Bank announced the resignation of its vice president due to organizational adjustments [17] - Shanghai Pharmaceutical's Ephedrine Injection passed the consistency evaluation for generic drugs [19] Group 6 - Rundu Co., Ltd. received drug registration for Amlodipine and Olmesartan Tablets, aimed at treating hypertension [21] - Zhong'an Technology announced that 61 million shares held by its controlling shareholder will be auctioned [23] - Shanghai Washba plans to purchase patent assets and establish two subsidiaries focused on hydrogen energy and solid-state battery technologies [25] Group 7 - Nuo Cheng Jianhua's new drug Tafasitamab received approval for treating relapsed/refractory diffuse large B-cell lymphoma [26] - Benli Technology plans to use up to 200 million yuan of idle funds for cash management and financial investments [28] - Taiji Co., Ltd. intends to use 60 million yuan of idle funds to purchase financial products [29] Group 8 - Haishi Co. announced that its innovative drug Anreke Fen Injection received drug registration for treating postoperative pain [32] - Yulong Co. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [36] - Weifu High-Tech plans to establish a joint venture with Shanghai Baolong Automotive Technology [38] Group 9 - Xichang Electric Power expects a net profit reduction of approximately 5.4 million yuan due to adjustments in the time-of-use electricity pricing mechanism [39] - Alter signed a contract worth 6.8 billion yen for the development and procurement of large truck EV kits [41] - Zhonglian Heavy Industry plans to acquire controlling stakes in its financing leasing subsidiary through public bidding [42] Group 10 - Sanyou Medical's executive plans to reduce holdings by up to 1.44% of the company's shares [43] - Hangyang Co. plans to establish a subsidiary for large modular cryogenic equipment manufacturing with an estimated investment of 557 million yuan [44] - FAW Fuwi received a notification for a dashboard project from a well-known new energy brand, with total sales expected to reach 1.06 billion yuan [45]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The report highlights that the A-share innovative drug sector outperformed the CSI 300 index by 0.63 percentage points, with a weekly increase of 1.75% [3][22]. - The Hong Kong innovative drug sector also showed strong performance, rising 2.77% and outperforming the Hang Seng Index by 0.68 percentage points [24]. - The report notes a significant increase in the number of innovative drug transactions globally, with notable deals including Rznomics and Eli Lilly for $1.3 billion, and Septerna and Novo Nordisk for $2.2 billion [7]. Summary by Sections 1. Market Performance - In the week of May 12-16, 2025, 39 stocks in the innovative drug sector rose while 67 fell, with the top gainers being Deki Medicine-B (up 18.34%), Sillodide (up 14.57%), and Jiahe Biology-B (up 14.48%) [3][19]. - Over the past six months, the A-share innovative drug sector has increased by 12.20%, outperforming the CSI 300 index by 13.49 percentage points [22]. - The Hong Kong innovative drug sector has seen a cumulative increase of 25.74% over the last six months, outperforming the Hang Seng Index by 5.95 percentage points [24]. 2. Drug Approvals and Clinical Trials - In May, one new drug was approved in China, with no new indications approved [5][30]. - The report indicates that in the U.S., one NDA was approved in May, but no new BLA approvals occurred during the week [6][34]. - Japan saw one innovative drug approved in May, with the same occurring in the week of the report [39]. 3. Key Transactions - The report details 11 significant global transactions, with four disclosing amounts, including a $1.3 billion deal between Rznomics and Eli Lilly, and a $2.0 billion agreement between Boston Pharmaceuticals and GSK [7]. 4. Innovative Drug Development - The report outlines the progress of GLP-1RA drugs for diabetes, noting 11 approved drugs globally, with three in NDA stage and nine in Phase III clinical trials [13]. - For obesity-related GLP-1RA drugs, three are approved, with one in NDA stage and six in Phase III clinical trials [15]. 5. Company-Specific Developments - The report mentions that several companies are advancing their innovative drugs, including Heng Rui Medicine's JAK1 inhibitor for atopic dermatitis and the approval of a new opioid analgesic by Haisco [43][44].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly anticipating a recovery in performance in the second half of 2025 [2][5]. Core Insights - The pharmaceutical market is currently experiencing a mild upward trend, with expectations for a new round of market activity following adjustments in trading [2]. - The report highlights significant advancements in innovative drugs, particularly from domestic companies, which are expected to achieve international recognition and commercial success [2][12]. - The report emphasizes the importance of monitoring policy developments related to medical insurance and the resurgence of respiratory infectious diseases [4][46]. Summary by Sections Pharmaceuticals - Key developments include the clinical data release from KJ Pharma regarding its universal CAR-T therapy and the approval of a new analgesic by Haishi Pharmaceutical [2][25]. - The report notes that domestic innovative pharmaceutical companies are increasingly demonstrating their capabilities on the international stage [2][12]. Biopharmaceuticals - Huadong Medicine's DR10624 has shown promising results in clinical trials, with liver fat content reductions significantly higher than the placebo group [3][38]. - The report suggests continued attention to DR10624's potential for commercialization and external licensing opportunities [3][45]. Medical Devices - The minimally invasive orthopedic surgical robot from Micron Medical has been integrated into the UK's National Health Service, indicating strong international market expansion potential [3][51]. - The report encourages focus on leading companies with strong product competitiveness and overseas channel layouts [3][51]. Medical Services - A partnership between Gushengtang and Huawei aims to enhance traditional Chinese medicine through digital infrastructure and talent development [3][12]. - The report highlights the ongoing transformation of the healthcare industry towards digitalization and smart solutions [3][12]. Traditional Chinese Medicine & Pharmacies - The Yunnan provincial government is advancing policies for provincial-level coordination of basic medical insurance, which is expected to benefit compliant leading companies [4][46]. - The report notes a rise in respiratory infectious disease rates, necessitating ongoing observation of trends [4][47]. Investment Recommendations - The report suggests focusing on innovative drugs and certain generic drugs, with attention to policy changes and upcoming data releases from major conferences [5][16]. - It highlights potential investment opportunities in chain pharmacies, medical devices, and traditional Chinese medicine as the market begins to recover [5][16].