本报讯(记者金婉霞)10月30日，上海益诺思生物技术股份有限公司(以下简称"益诺思")三季报披露。数 据显示，公司前三季度实现营业收入5.71亿元；第三季度单季实现营业收入1.95亿元，单季营业收入环 比增长17.71%。 在创新药物研发赛道，公司持续聚焦高潜力领域布局，重点发力体内CAR-T、小核酸、双/多特异性抗 体、放射性药物等新兴品类，相关创新品类药物合同金额同比均实现显著增长。 值得关注的是，报告期内，益诺思订单规模与业务质量实现同步提升，新签订单金额同比增长 29.37%。其中，新药临床试验申请(IND)与新药上市申请(NDA)新签订单个数合计同比增长30.71%，合 同金额同比增长23.06%。此外，截至报告期末，益诺思在手订单金额较2024年末增长近20%。 作为CRO产业链的龙头企业，益诺思具备技术优势及全链条服务匹配高端需求的能力，在全球CRO行 业迎来高景气周期的背景下，益诺思凭借技术领先性、需求适配性与行业共振性，正将行业红利转化为 成长动能。据悉，该公司已率先建立"市场化需求+前瞻性研发"的双轮驱动模式，在非临床评价领域筑 起坚实的技术壁垒，进一步夯实在国内非临床安全性评价领域的龙头 ...

益诺思(688710)10月30日晚间披露2025年第三季度报告。数据显示，公司前三季度营业收入5.71亿元； 第三季度营业收入1.95亿元，环比增长17.71%。 基于三季报数据可以看到公司经营情况有所回暖，益诺思通过在核心业务领域精耕细作，订单储备呈现 稳中有进态势。报告期末，在手订单金额较2024年末增长近20%，为后续经营奠定坚实基础。海外市场 拓展方面，其通过海外销售部、联动产业链上下游及产业资本合作伙伴搭建多元化营销渠道，重点攻坚 国际市场，报告期内海外市场新签订单金额同比大幅增长，国际市场认可度与品牌影响力持续提升。 在创新药物研发赛道，益诺思持续聚焦高潜力领域布局，重点发力体内CAR-T、小核酸、双/多特异性 抗体、放射性药物等新兴品类，相关创新品类药物合同金额同比均实现显著增长，充分体现公司在创新 研发方面的前瞻性和竞争力。（厉平） 值得关注的是，报告期内，公司订单规模与业务质量实现同步提升，新签订单金额同比增长29.37%， 核心业务表现尤为突出。其中，新药临床试验申请（IND）与新药上市申请（NDA）新签订单个数合计 同比增长30.71%，合同金额同比增长23.06%，彰显核心业务竞争力 ...

Group 1: Market Demand and Growth - The biotech client segment is experiencing a mild recovery, driven by capital market improvements, technological breakthroughs, and ongoing clinical applications [2] - The Chinese market has seen a year-on-year growth of 21%, significantly faster than the first half of the year, attributed to increased project delivery pace [3] - The overall market demand outlook remains optimistic, with significant contributions from late-stage clinical projects [2] Group 2: Financial Performance and Cost Management - The company has achieved a strong recovery in overall profitability this year, with effective high-value commercialization projects and cost reduction measures [2] - Expenses have decreased by 13% year-on-year in the first three quarters, with further cost reduction potential anticipated [3] - The gross profit margin is expected to continue improving if market demand remains stable and production capacity utilization increases [2] Group 3: Capacity and Production - The main production capacity for small molecule APIs is distributed across several locations, with ongoing improvements in utilization rates in Chongqing and Jiangxi [4] - There are structural differences in capacity utilization, with some facilities operating at saturation while others require optimization [4] - The company is focusing on enhancing existing capacity utilization rather than expanding new capacity [4] Group 4: Strategic Focus and Future Outlook - The company aims to identify key market opportunities amid changing customer demand and supply chain strategies [3] - The cardiovascular, renal, and metabolic (CVRM) sectors are highlighted as areas with significant potential for small molecule demand [3] - Continuous organizational and process reforms are being implemented to enhance operational efficiency and competitiveness [4] Group 5: Talent and Recruitment - The overall employee count has seen a stable increase, with some structural adjustments to meet company needs [4] - The talent supply environment is characterized by a need for suitable candidates that align with the company's requirements [4]

Core Viewpoint - The company reported a positive performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating a sustained upward trend in its financial performance [4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 12.90 billion (CNY) (+7.37% YOY) and a net profit of 2.22 billion (CNY) (+42.30% YOY), with a non-GAAP net profit of 2.20 billion (CNY) (+46.42% YOY) [5]. - The gross margin for Q3 2025 was 37.78% (+4.10 percentage points YOY), and the net profit margin was 17.22% (+4.13 percentage points YOY), reflecting a significant improvement in profitability [5]. CDMO Business - The CDMO business generated revenue of 22.91 billion (CNY) in H1 2025 (+16.27% YOY) with a gross margin of 41.02% (-0.04 percentage points YOY) [6]. - The company is deepening collaborations with major clients, with a notable increase in non-commercial projects from overseas core clients and a rapid growth in projects from Biotech clients in the U.S. and Europe [6]. - New orders in Q3 2025 showed a significant recovery, with an increase in key clinical batches and NDA projects, indicating a positive outlook for revenue growth in the next 1-2 years [6]. Emerging Business - The TIDES business is accelerating, with a rapid increase in new peptide projects signed overseas [7]. - The second phase of commercial capacity construction is expected to be operational by November 2025, reaching a scale of 800 kilograms per year, which will alleviate capacity bottlenecks in peptide production [7]. - The company is also establishing commercialization capacity for small nucleic acids domestically while maintaining R&D platforms internationally [7]. API Business - In H1 2025, the API business generated revenue of 5.23 billion (CNY) (-28.48% YOY) with a gross margin of 23.26% (+2.07 percentage points YOY) [9]. - In Q3 2025, prices for certain raw materials showed a slight decline, but the company anticipates an improvement in prices by Q4 2025 [9].

近日，创新药板块调整幅度较大。多家私募认为，短期调整不改创新药板块中长期投资价值。具体看， 小核酸、ADC(抗体-药物偶联物)、TCE(靶向化学治疗药物)、双抗等细分领域中具备技术平台的国内企 业具备竞争优势。 沪上一位私募基金经理分析称，四季度创新药迎来密集催化期。首先，创新药的BD交易会在四季度密 集落地;其次，进入10月后，创新药行业将迎来一系列的积极催化因素，包括10月中旬的2025年欧洲肿 瘤学年会(ESMO)、12月将进行的美国血液学年会(ASH)以及11月可能进行的2025年国家医保谈判。 ...

Group 1 - The innovative drug sector has shown remarkable performance this year, driven by fundamental breakthroughs, policy support, and valuation recovery [1][2] - The total value of BD transactions in the innovative drug sector exceeded $60 billion in the first half of 2025, surpassing the total for 2024 [1] - The Chinese innovative drug market has significant growth potential, with current innovative drug market share below 20%, compared to over 50% in developed countries [5] Group 2 - The innovative drug sector is currently in the early stages of its investment cycle, with substantial room for growth and valuation improvement [4][5] - The market is witnessing a shift from homogeneous imitation to differentiated innovation, with leading companies expanding their market share [6][7] - Key areas of opportunity include ADC and dual-antibody therapies, which are expected to take over the current market positions of PD-1 and chemotherapy [6]

Summary of the Conference Call on Maiwei Biotech and the Tracer Project Company and Industry Overview - **Company**: Maiwei Biotech - **Industry**: Neurodegenerative Diseases, specifically focusing on Parkinson's Disease (PD) and Multiple System Atrophy (MSA) through the Tracer project [2][4] Key Points and Arguments 1. **Tracer Project Overview**: - Tracer is a novel radiolabeled small molecule drug targeting PD and MSA, with significant application potential and a clear clinical development path [2][4] - It is the only team globally developing such a tracer for PD, aiming to be the first approved tracer for this condition [2][4] 2. **Funding and Support**: - The project has received unconditional funding from the MicroG Fox Foundation, indicating strong scientific and commercial backing [2][5] - Collaboration with top research institutions, including the Chinese Academy of Sciences, enhances the project's credibility and potential [2][6] 3. **Clinical Development Timeline**: - FDA IND approval is expected in 2025, with the first patient enrollment planned for Q4 2025 [5][6] - The Chinese IND is anticipated to be approved in early 2026, with over 100 patient imaging studies already conducted at Huashan Hospital [5][6] 4. **Market Potential**: - The Tracer project targets a large unmet market for PD, with no similar products currently approved, positioning Maiwei Biotech to set new treatment standards [6][10] - The project is expected to solidify Maiwei's position in the chronic disease sector, particularly in age-related diseases [6][10] 5. **Operational Model**: - Maiwei is the largest external investor in the project, which operates independently but leverages Maiwei's core operational capabilities [3][8] - The company plans to explore overseas licensing and transfer opportunities as the project matures [9][20] 6. **Clinical Trial Design**: - Phase I trials will focus on safety, radiation dosimetry, and pharmacokinetics, with a target enrollment of 20 to 30 patients [15][22] - The project faces challenges in obtaining post-mortem data for validation, which may require international collaboration [15][22] 7. **Challenges in Commercialization**: - High costs and lack of insurance coverage for PD diagnostics may hinder market acceptance [15][18] - The company plans to integrate diagnostic tools with therapeutic drugs to enhance market uptake [15][18] 8. **AI Integration**: - AI technology is being explored to improve imaging analysis and diagnostic accuracy, potentially increasing market penetration [16][18] 9. **Future Development Plans**: - Maiwei is committed to expanding its pipeline in neurodegenerative diseases, including Alzheimer's, while adopting differentiated strategies to enhance drug development efficiency [14][24] 10. **Shareholding Structure**: - Maiwei holds a 35% stake in the Tracer project, with plans to potentially increase investment to meet clinical needs and achieve commercialization [23][24] Additional Important Insights - The Tracer project is positioned as a first-in-class solution in the PD space, with significant implications for future investment returns compared to the Alzheimer's market, which has multiple approved tracers [10][12] - The collaboration with international partners and the establishment of a robust BD network are crucial for the project's success and future opportunities [11][19]

Core Viewpoint - The innovative pharmaceutical sector has shown remarkable performance this year, driven by favorable policies, improved fundamentals, and valuation recovery, leading to increased investor confidence in Chinese innovative drug companies [3][4][5]. Group 1: Drivers of Performance - The outstanding performance of the innovative drug sector is attributed to a positive fundamental outlook, strong policy support, and accelerated internationalization of the industry [4][5]. - Key factors include robust policy measures such as the introduction of new healthcare payment systems and the establishment of a supportive environment for innovative drug development [5][6]. - The sector has seen a surge in business development (BD) activities, with transaction volumes exceeding $60 billion in the first half of the year, indicating a significant increase in collaboration with international companies [5]. Group 2: Competitive Landscape Changes - The dual impact of BD and healthcare policies is reshaping the competitive landscape of the Chinese innovative drug industry, leading to accelerated differentiation and improved global competitiveness among domestic companies [8][9]. - The establishment of a new payment directory and the introduction of a multi-channel payment system are expected to enhance the market access for over 100 innovative drugs, significantly increasing the healthcare expenditure on innovative drugs by 3.9 times by 2024 compared to 2020 [9]. Group 3: Stock Selection Insights - Investment strategies focus on identifying companies with significant growth potential, high industry attractiveness, and strong management integrity [10][11]. - The emphasis is on tracking key pipelines and entering positions when companies are undervalued, aiming to capitalize on market recognition as catalysts are validated [10][11]. Group 4: Future Market Outlook - The innovative drug sector is currently in the early stages of a rebound, with substantial growth potential as the market for innovative drugs in China is still underdeveloped compared to developed countries [13][14]. - The focus is shifting towards performance-driven market dynamics, where companies that can consistently deliver valuable innovations and effectively convert them into commercial success will gain market attention [14]. Group 5: Areas of Opportunity - Beyond innovative drugs, sectors such as innovative medical devices and upstream life sciences are also seen as promising areas for investment, with significant domestic market potential [16]. - Specific fields like ADC, dual antibodies, and gene therapy are highlighted as having substantial growth prospects, with a notable increase in the number of competitive projects emerging from China [16].

Core Insights - The innovative drug sector has shown remarkable performance this year, becoming one of the main driving forces behind market growth [1][17] - Recent overseas news related to innovative drugs has increased market volatility, prompting discussions on the true investment value and fundamental changes within the sector [1][17] Group 1: Driving Factors Behind Performance - The strong performance of the innovative drug sector is driven by favorable fundamentals, including robust policy support and rapid revenue growth in China's innovative drug industry [18] - The industry has accelerated its international development, with numerous product collaboration agreements with overseas multinational companies, leading to record-high transaction amounts [18][19] - The innovative drug sector's significant rise is attributed to a combination of fundamental breakthroughs, policy support, and valuation recovery [19] Group 2: Impact of Policy and Internationalization - The introduction of supportive policies, such as the measures from the National Healthcare Security Administration, has provided a solid foundation for the development of innovative drugs [19][22] - The competitive landscape of the innovative drug industry is being reshaped by overseas licensing and policy support, leading to a shift from homogeneous imitation to differentiated innovation [21][22] - The establishment of a "Class B drug directory" has resolved payment bottlenecks, ensuring payment channels for over 100 innovative drugs and creating a multi-channel payment system [22] Group 3: Stock Selection Strategies - Investment strategies focus on companies with significant growth potential, high industry prosperity, and strong management integrity [23] - Continuous tracking of key pipelines and entering positions when companies are undervalued is emphasized to capitalize on market recognition [23] - A balanced portfolio approach is recommended, combining long-term growth companies with those that have potential for short-term gains [23] Group 4: Future Market Outlook - The innovative drug sector is currently in the early stages of a rebound, with significant growth potential as the market for innovative drugs in China is still underdeveloped compared to developed countries [25] - The sector is expected to transition from a phase of broad increases to a performance-driven structural market, focusing on data and earnings rather than mere expectations [26] - Emerging fields such as innovative medical devices and life sciences are also seen as promising areas for investment [27]

张大伟 制图 he B 郝淼 t (8) - 1099 and and 1 H 周思聪 (') e # T //// 1 s fr p 0 the first aff M 谭小兵 ◎记者 陈玥 何漪 今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关消息扰动市 场，整体波动加大，对此基金经理如何看待？行至当下，创新药板块的真实投资价值几何？基本面又有 哪些变化？医药板块还有哪些细分领域的机会值得关注？上海证券报记者邀请了三位聚焦创新药领域投 资的基金经理——嘉实基金大健康研究总监郝淼，平安基金权益投资部医药基金经理周思聪，长城基金 权益投资部副总经理、基金经理谭小兵，对上述议题展开探讨。 调整充分 利好共振 记者：创新药板块今年以来的亮眼表现背后有哪些动因？ 郝淼：创新药表现突出背后的驱动因素在于板块基本面向好。一方面，政策支持有力，包括医保支付、 医院准入等，带来中国创新药产业收入端的快速增长；另一方面，创新药产业加速国际化发展，与海外 跨国公司达成许多产品合作开发协议，且交易金额屡创新高，极大地提振了投资者对于中国创新药公司 的信心。 谭小兵：创新药板块的显著上涨是基本面突破 ...