数据显示，罗氏上半年研发投入66.7亿瑞士法郎(约83亿美元)，同比下降10%。主要原因是该公司对研 发效率进行了重新考量。在历经多次临床挫折后，罗氏今年全面放弃TIGIT靶点，转而布局其他领域， 如通用CAR-T、更多ADC和小分子KRAS G12D等更有前景的领域。同时，罗氏在血液瘤TCE方面不断 取得进展。 进一步来看罗氏制药业务核心治疗领域的收入情况，肿瘤增长维持在平台期，小幅增长+2%；血液领域 收入增长19%；神经领域增长10%；免疫领域增长14%；眼科领域增长17%。 7月24日，罗氏公布2025年半年报，报告期内公司总营收为309.44亿瑞士法郎(约为387亿美元，按今日 汇率1瑞士法郎=1.25美元，下同)，同比增长7%(按固定汇率CER计算)。在中国市场，罗氏收入增长9% 至17亿瑞士法郎，展现出强劲的区域表现。 具体来看，制药业务营收239.85亿瑞士法郎(约299.8亿美元)，同比增长10%，主要增长动力来源于乳腺 癌、食物过敏、A型血友病、眼病以及多发性硬化症产品的增长，这五大核心产品矩阵贡献了106亿瑞 士法郎销售额，成为公司业绩增长的坚实支柱。此外，公司诊断业务收入69.59亿瑞 ...

海正药业 20250720 摘要 博瑞生物自 2019 年以来的发展情况如何？ 博瑞生物自 2019 年从海正分拆出来以来，取得了显著发展。在管线产品方面， 从最初的一个商业化产品安百诺，到如今已拥有 7.5 个商业化产品，包括安百 诺、安健宁、安百特、安百新、安瑞泽、安瑞希和安舒正。其中 0.5 指的是安 百诺的粉针和水针两种剂型。此外，还有两个即将上市的产品：比奇都单抗贝 杰乐和帕妥珠单抗。贝杰乐去年与 UCB 签订了中国商业化权益协议，而帕妥珠 单抗预计将在今年年底或明年初获批上市。 在营收方面，博瑞生物从 2019 年 的约 2 亿元增长至去年的 16.3 亿元，实现了八倍以上的增长，复合年增长率 约为 35%。人员规模也从 300 多人增加到目前的 1,700-1,800 人左右。公司 正在进行战略调整，为未来五年的发展做准备，包括管线和团队布局。 在研发 布局上，博瑞生物在美国圣地亚哥设有专注于 ABC 发现研究的小组，在国内台 州、富阳以及上海设有转化实验室。公司的研发策略是双轮驱动，即同时推进 生物类似药和生物创新药的发展，并重点关注自身免疫疾病及血液肿瘤两个治 疗领域。这些措施旨在确保博瑞生 ...

Core Viewpoint - The company has entered into a strategic partnership with Hangzhou Bozhi Rui Biological Pharmaceutical Co., Ltd., acquiring the project rights for the injection of Pertuzumab and exclusive distribution rights for the injection of Trastuzumab (Anruize®) in China, which is expected to positively impact future revenue [1] Group 1 - The exclusive distribution of Anruize has officially launched nationwide, indicating a significant step in the company's commercial strategy [1] - The collaboration on "Chupa Shuangzhu" follows the previous strategic partnership on the Beianting project, showcasing the company's ongoing commitment to expanding its product offerings [1] - This partnership marks the company's comprehensive commercial layout in the breast cancer treatment sector, following its focus on lung and kidney cancer treatments [1]

Key Points - Jiangnan Water received a stake increase from Lianan Life Insurance, reaching 5.03% of total shares [3] - Yingboer plans to transfer 100% equity of Zhuhai Dingyuan for 239 million yuan to optimize asset structure [4] - Chengbang Co. warns that its stock price fluctuations are not aligned with its fundamentals, as it has seen five consecutive trading days of price increases [6] - Weimais intends to invest 190 million yuan into its subsidiary for a new electric drive assembly project [7] - Fosun Pharma's subsidiary received EU GMP certification for its production facilities, indicating compliance with EU standards [8] - Jingwei Huikai plans to acquire an additional 12.44% stake in Nosi Micro, increasing its control in the semiconductor sector [9] - ST Tongmai will remove its delisting risk warning starting July 4, while continuing other risk warnings [10] - ST Modern seeks to apply for the removal of other risk warnings but will maintain delisting risk warnings [11] - Luxshare Precision is planning to issue H-shares for listing on the Hong Kong Stock Exchange [12] - Hainan Highway intends to purchase a 51% stake in Hainan Jiaokong Petrochemical, which will become a subsidiary [13] - Jucheng Co. plans to transfer 1.25% of its shares through a price inquiry [14] Performance Highlights - Foton Motor reported a 150.96% year-on-year increase in new energy vehicle sales for the first half of the year [15] - Jiangling Motors achieved a total vehicle sales of 172,700 units in the first half, up 8.15% year-on-year [16] - Changan Automobile's sales reached 1.3553 million units in the first half, with new energy vehicle sales growing by 49.05% [17] - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of the year [18] - Jihong Co. anticipates a net profit increase of 55% to 65% for the first half of the year [19] - Nanjing Business Travel expects a net profit decrease of 67.4% to 78.27% for the first half of the year [20] - Madi Technology forecasts a net profit of 25 million to 27 million yuan, marking a turnaround from losses in the previous year [21] Major Contracts - Dash Intelligent signed a contract for an intelligent project worth 11.88 million yuan [22] - Jinyi Industrial won a bid for a 335 million yuan intercity railway materials procurement project [23] - Sichuan Road and Bridge signed a construction contract worth approximately 11.596 billion yuan [24] - Fulian Precision signed a cooperation framework agreement with Chuanfa Longmang for lithium battery material projects [26] Share Buybacks - Kweichow Moutai repurchased 72,000 shares in June, totaling 1.02 billion yuan [27] - Feiwo Technology plans to repurchase shares worth 25 million to 50 million yuan [28] - Nengte Technology intends to repurchase shares worth 300 million to 500 million yuan for capital reduction [29] - CATL has repurchased 6.641 million A-shares for a total of 1.551 billion yuan [30] Shareholding Changes - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [31] - Sanwei Xinan's shareholder intends to reduce its stake by up to 2% [33] - Data Port's shareholders plan to reduce their stakes by up to 2% [34] - Zhuzhou Design's controlling shareholders plan to reduce their stakes by up to 3% [35] - Tianji Co.'s controlling shareholders plan to reduce their stakes by up to 3% [36] - Anjisi's shareholders plan to reduce their stakes by up to 4% [37] Financing Activities - CITIC Securities received approval to issue up to 20 billion yuan in perpetual subordinated bonds [39]

Corporate Announcements - Jiangnan Water received a stake increase from Lian'an Life, reaching 5.03% of total shares [3] - Yingboer plans to transfer 100% equity of Zhuhai Dingyuan for 239 million yuan to optimize asset structure [4] - Chengbang Co. experienced a five-day stock price surge, diverging from its fundamentals, with a warning about market risks [5] - Weimais intends to invest 190 million yuan in its subsidiary for a new electric drive assembly project, expected to take 12 months [6] - Fosun Pharma's subsidiary received EU GMP certification for its production facilities, marking a significant compliance achievement [7] Performance Highlights - Foton Motor reported a 150.96% year-on-year increase in new energy vehicle sales for the first half of the year, totaling 50,142 units [9] - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025, driven by revenue growth and improved gross margins [10] - Madi Technology anticipates a net profit of 25 to 27 million yuan for the first half of 2025, marking a turnaround from a loss of 76.33 million yuan in the previous year [11] Major Contracts - Dash Intelligent signed a contract for an intelligent project worth 11.88 million yuan, representing 0.37% of its 2024 revenue [13] - Jinyi Industrial won a bid for a 335 million yuan materials procurement project for the Nanjing-Huaian intercity railway [14] Share Buybacks - Kweichow Moutai repurchased 72,000 shares in June, totaling 1.02 billion yuan, with a cumulative buyback of 3.38 million shares amounting to 5.202 billion yuan [16] - Feiwo Technology plans to repurchase shares worth 25 to 50 million yuan for equity incentives, with a maximum price of 43.44 yuan per share [17] Shareholding Changes - Renfu Pharmaceutical's shareholder,招商生科, plans to increase its stake by 1% to 2% within six months, with a price cap of 25.53 yuan per share [19] Financing Activities - CITIC Securities received approval to issue up to 20 billion yuan in perpetual subordinated bonds [21]

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]

Core Viewpoint - Fosun Pharma's subsidiary has received EU GMP certification for two injectable drugs, which may enhance its market position but has uncertain sales impacts [1] Group 1: Company Announcement - Fosun Pharma announced that its subsidiary, Shanghai Fuhong Hanlin Biopharmaceutical Co., Ltd., received the GMP certificate from the Belgian Federal Agency for Medicines and Health Products [1] - The certified products are Pertuzumab injection (HLX11) and Dexamethasone injection (HLX14) [1] Group 2: Financial Implications - The total investment in the production facilities related to this GMP certification is approximately RMB 235.82 million [1] - The projected global sales for Pertuzumab injection in 2024 are about USD 3.322 billion, while for Dexamethasone injection, it is approximately USD 7.462 billion [1] - The GMP certification is not expected to have a significant impact on the company's current performance, and the sales of the drugs may be influenced by various uncertain factors [1]

Enhertu联合帕妥珠一线治疗HER2+乳腺癌 mPFS超3年 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 2025-06-08 证券分析师刘浩 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 联系人段江瑶 邮箱：duanjiangyao@hcyjs.com 证券研究报告 创新药周报20250608： 本周创新药重点关注 国内创新药回顾 02 全球新药速递 03 01 HER2+乳腺癌 证券研究报告 ┃ Enhertu销售额（亿美元） @2021 华创版权所有 第一部分 0 5 10 15 20 25 30 35 40 2020 2021 2022 2023 2024 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 资料来源：SEER数据库，医药魔方，阿斯利康官网，华创证券 3 ┃ 乳腺癌5年生存率（2015-2021） ◼ 乳腺癌是全球第二大常见癌症，也是癌症相关死亡的主要原因之一。2022 年，全球确诊的乳腺癌病例超过200万例， ...

"乳腺癌治疗正朝着更精准的分型和机制，不断推出多种创新治疗方案。创新药物的突破只是起点，要 真正惠及患者，还需要解决教育、可及和指南指导规范化实践之间的衔接问题。"阿斯利康中国肿瘤业 务总经理关冬梅在接受新华网采访时表示。 阿斯利康中国肿瘤业务总经理 关冬梅 在2025年美国临床肿瘤学会（ASCO）上，阿斯利康创连续七年亮相全体大会（Plenary Session）记 录。其在乳腺癌领域发布的两项重磅研究成果——SERENA-6与DESTINY-Breast09，聚焦于HR阳 性/HER2阴性和HER2阳性这两个乳腺癌的重要分子亚型，展现了其在精准诊疗探索上的持续深耕。 在关冬梅看来，在中国乳腺癌患者人数持续攀升的背景下，更值得思考的是："如何把这些研究转化为 切实可行的诊疗实践，真正改变患者结局。" 三大分子分型协同推进，精准布局覆盖治疗全周期 在乳腺癌不同分型精准治疗持续深化的背景下，阿斯利康围绕HER2阳性、HR阳性/HER2阴性、三阴性 三大乳腺癌分子分型中构建了完整的治疗方案体系。"已上市产品和临床管线覆盖了从早期到晚期的各 个治疗阶段，包含新辅助、辅助、晚期一线、一线进展后全周期的精准靶向药物，我 ...

复星医药 20250529 摘要 2024 年复星医药制药业务收入达 289.24 亿元，同比增长 54.83%， 分部业绩 33.04 亿元，同比增长 54.83%，分部利润 32.50 亿元，同比 增长 65.73%，制药板块研发投入 49.10 亿元，占收入的 16.98%，其 中研发费用 30 亿，占收入的 10%，是核心增长引擎。 2024 年医疗健康服务业务收入 76 亿，同比增长 14%；分部业绩 0 亿 同比增加 2 亿；分部利润亏损 3 亿同比减少亏损 1 亿。公司发力重点专 科建设、智慧医疗与一体化运营，提升运营效率和服务能力。 2024 年经营性现金流 44.77 亿元，同比增长 31.13%。归母净利润 27.7 亿元，同比增长 16.08%，扣非后归母净利润 23.14 亿元，同比 增长 15.1%。通过资产剥离带来现金回流近 30 亿元。 2025 年 Q1 营收 94.20 亿元，同比下降，研发费用 7.37 亿元。经营性 现金流 10.56 亿元，同比增长 15.08%。归母净利润 7.65 亿元，同比 增长 25.42%，扣非后归母净利润 4.10 亿元，同比减少。 公司持续 ...