Group 1 - The article discusses the new policy issued by the National Healthcare Security Administration and the National Health Commission on July 1, 2025, aimed at supporting the high-quality development of innovative drugs in China, which is expected to transform China from a "generic drug powerhouse" to an "innovative drug stronghold" [4] - The policy includes a comprehensive support system covering research and development, market access, payment, and clinical application, which is anticipated to benefit leading innovative drug companies, specialized biotech firms, and the CXO industry chain [4] Group 2 - Akole's COC project has passed safety facility acceptance review and has officially entered the stable production phase, with successful product output, indicating resolution of previous batch stability issues [5] - Xingsen Technology reported a revenue of 5.817 billion yuan for 2024, a year-on-year increase of 8.53%, but faced a net loss of 198 million yuan [6] - Kuaishou's general merchandise sales maintained high growth during the 618 shopping festival, with the launch of a new recommendation system, OneRec, expected to accelerate advertising growth in the second half of 2025 [7] - Bosideng achieved a revenue of 25.9 billion yuan for the fiscal year ending March 2025, a year-on-year increase of 11.6%, with a net profit of 3.51 billion yuan, reflecting a solid performance despite weak demand [7] - New Dairy's strategy focuses on leveraging raw milk cost advantages and improving product structure to enhance profitability, with expectations of continued raw milk benefits and increased revenue from low-temperature products [8] - Health元's respiratory product sales declined to 1.097 billion yuan in 2024, a decrease of 36.98%, but is expected to recover in 2025 as negative factors dissipate and key products gradually ramp up [9]

点击注册小程序 查看完整报告 保健品和OTC产品快速发展，驱动板块收入快速增长 24年健康元（不含丽珠集团、丽珠单抗）保健食品及OTC板块实现营业收入6.97亿元，同比增长约 53.91%。保健食品与OTC板块利用小红书、抖音、微信等新媒体内容渠道，通过达人推荐、健康科普、达 人直播带货等方式创作优质的内容触达用户，传递品牌理念，驱动品牌全渠道的销售增长。我们预计 25~26年板块发展势头良好，收入有望维持较快增速。 研发有序投入，创新转型可期 在创新药领域，公司正逐步推进"机制创新+多适应症覆盖"战略，向"抗感染+呼吸+镇痛"等多元协同方向 发展。其中：1）抗流感新药TG-1000已报产，预计2025年下半年获批上市，该新药具有较长的有效治疗 期；2）在高壁垒复杂制剂方面，沙美特罗替卡松吸入粉雾剂、丙酸氟替卡松雾化吸入用混悬液获得注册 批件，均实现国内首仿。3）在前沿靶点布局方面，TSLP单抗与IL-4R单抗均已进入Ⅱ期临床研究阶段。 在创新药加速向机制升级、适应症精准拓展演进的趋势下，公司在其呼吸系统疾病治疗主线之外，开始布 局多元化创新领域，Nav1.8作为外周神经系统疼痛信号传导的重要钠通道，具有机制 ...