院东一直以来非常重视研发,每年将收入的20%投入研发,这在 A 股市场中名列 前茅。尽管仿制药政策波动较大,导致公司业绩出现过山车现象,但这并不影响 其研发能力。近年来,公司逐步从高端仿制药转向更具竞争力的精麻领域,并取 得了一定成果。2024年,公司的纳布啡和布托啡诺两款二类精麻产品获批,2025 年奥沙西洋也顺利获批并与恩华合作销售。目前,公司已储备超过五个管制精麻 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 苑东生物 20260104 摘要 Q&A 请介绍一下院东在研发方面的整体表现及其未来展望。 争 匆 - 公司战略转型初见成效,从高端仿制药向精麻领域拓展,2024年两款二 . 类精麻产品获批,预计 2026年精麻领域收入将从 2025年的 6,000 万增长 至2亿以上,但需关注市场竞争和政策变化。 公司在非管制拮抗剂产品(如纳洛酮、纳美芬)的布局因集采影响未见显 ● 著增量,一类新药研发效率低于竞争对手(如恒瑞、海思科),肿瘤一类 新药进展缓慢,十年仅一个 TFADC 进入一期临床。 · 上海超阳平台为公司带来蛋白降解技术,提升一类新药研发能力。核心产 品 IKZF13 分子胶针对多 ...

Core Viewpoint - The company Fu'an Pharmaceutical (300194) has obtained invention patents related to the crystal forms and preparation methods of its psychiatric drugs Butorphanol and Midazolam, but has not yet secured patents for the related compositions [1] Group 1 - The company has responded to investor inquiries on an interactive platform regarding its patent status [1] - The patents obtained are specifically for the crystal forms and preparation methods of Butorphanol and Midazolam [1] - There is currently no patent for the related compositions of these drugs [1]

Group 1 - The company has applied for and obtained invention patents related to the crystal forms and preparation methods of its psychiatric drugs, Buprenorphine and Midazolam [2] - However, the company has not obtained any composition patents for these products [2]

Core Insights - The company reported Q3 2025 revenue of 365 million yuan (-1.55%) and a net profit attributable to shareholders of 83.59 million yuan (+18.52%, including stock incentive expenses), with a non-GAAP net profit of 69.19 million yuan (+27.85%, including stock incentive expenses), indicating a significant profit surprise due to new product launches and controlled investment in generic drug R&D [1] Group 1: Business Performance - The main business has reached a turning point, with expectations for a return to high growth. The impact of the tenth batch of national procurement has pressured H1 2025 performance, but the second half is expected to benefit from a low base, gradually alleviating procurement pressures [2] - Core products such as Butorphanol, Nalbuphine, and Oxazepam have entered a rapid growth phase, with Q3 2025 operational trends expected to continue and accelerate [2] Group 2: Internationalization and Innovation - The company has achieved breakthroughs in internationalization, with the Naloxone nasal spray production line passing FDA pre-approval inspections with zero defects and awaiting the final inspection report. Exclusive commercialization agreements have been signed with agents in the U.S. and Canada [2] - Strategic control of Chaoyang Pharmaceutical has strengthened the innovation engine, with the company increasing its stake to 51.48% and integrating its core pipeline into the company's innovation system [3] - The progress of Chaoyang's pipeline is promising, with the core product HP-001 showing good safety in Phase I clinical trials and demonstrating "Best-in-Class" potential [3] - The company has also made breakthroughs in independent R&D, with multiple projects entering clinical trials, including the ADC drug YLSHO03 and the third-generation calcium channel modulator EP-02260 [3] Group 3: Investment Outlook - The company is rapidly launching new products while actively adjusting R&D investments in generics. Despite the significant impact of the tenth batch of national procurement, the company is expected to unlock stock incentive profit assessment indicators for the year [4] - Profit forecasts have been adjusted, with expected net profits for 2025-2027 at 277 million, 339 million, and 423 million yuan, representing year-on-year growth of 16.2%, 22.5%, and 24.7% respectively [4] - The rapid progress of Shanghai Chaoyang's innovative drugs has led to an adjustment in valuation models, with a target market value of 14.6 billion yuan and a target price of 82.5 yuan, maintaining a "strong buy" rating [4]

Core Viewpoint - In 2024, Heng Rui Medicine achieved significant revenue growth, with total revenue reaching 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders reaching 6.337 billion yuan, up 47.28% year-on-year, indicating a potential shift from "supply chain disruption" to "turnaround" [1][6]. Group 1: Performance Drivers - The strong performance in 2024 is primarily driven by substantial external licensing income, including 1.6 billion euros from Merck Healthcare and 1 billion USD from Kailera Therapeutics, leading to a sixfold increase in licensing income compared to 2023 [7][12]. - The company's core business net profit and non-recurring net profit would revert to around 4 billion yuan if excluding these non-recurring gains, indicating reliance on external partnerships for profit growth [7][15]. Group 2: Impact of Centralized Procurement - The generic drug business still contributes 50% to the company's revenue, and the impact of centralized procurement remains significant, with ongoing effects from previous rounds of procurement [3][4]. - The third and fifth rounds of centralized procurement led to substantial revenue declines in 2021, with sales dropping by 55% and 37% respectively for affected products [3][4]. - The seventh round of procurement also saw a 48% decline in sales for affected products, and the upcoming ninth round is expected to further impact revenue in 2025 [5][6]. Group 3: Valuation and Investment Considerations - The current rolling P/E ratio of around 50 suggests that the company may need 2-3 years to digest this valuation, with expectations of net profit growth slowing to 15%-20% from 2025 to 2027 [17][18]. - The market is shifting focus from short-term profits to long-term innovation value, which may limit the short-term upside for Heng Rui Medicine, given its significant reliance on generic drugs [20].