Policy Developments - The State Administration for Market Regulation announced ten typical cases of illegal advertising, with multiple cases involving the medical field, including one case related to medical device advertising and two cases concerning illegal drug advertising [2] - As of the end of April, a total of 11,459 illegal advertising cases were investigated, resulting in fines totaling 88.309 million yuan [2] Drug and Device Approvals - Shuyou Shen announced that its subsidiary received a notice from the National Medical Products Administration regarding the conditional listing application for "STSP-0601," a drug aimed at promoting rapid hemostasis for adult patients with hemophilia A or B [4] - Lepu Medical received registration approval from the NMPA for its self-developed polylactic acid facial filler, known as "童颜针," marking a significant milestone in the dermatology field [5] Capital Market Activities - Baiyang Pharmaceutical announced the release of 5.3 million shares from pledge by its controlling shareholder, representing 1.44% of the shares held by the shareholder and 1.01% of the company's total share capital [7] - Jincheng Pharmaceutical provided a guarantee of 5 million yuan for its wholly-owned subsidiary, Shandong Jincheng Biological Pharmaceutical Co., Ltd. [8] Industry Developments - AstraZeneca announced significant progress in the treatment of EGFR mutation-positive non-small cell lung cancer with MET amplification, with interim results from the SACHI Phase III study to be presented at the ASCO annual meeting [10][11] - Yuheng Pharmaceutical signed a market promotion service agreement with Eisai (China) Pharmaceutical for "Mikobao," which will enhance Yuheng's product pipeline and increase revenue [12] - New Scene Intelligence authorized BeiGene to develop universal cell therapy drugs based on a specific TCR molecule, with potential milestone payments and revenue sharing [13] - Buchang Pharmaceutical withdrew its clinical trial application for a rabies vaccine, indicating the need for further research before resubmission [14] Public Opinion Alerts - Huaxi Biological responded to recent controversies regarding recombinant collagen, emphasizing the importance of product quality over naming conventions [16] - Kangning Jerey announced a share transfer agreement involving 14.6 million shares, amounting to 117 million HKD [17]

投资要点 业绩：营收稳健增长，REITs 贡献增厚利润 2024 年：公司实现总营业收入1,518.10 亿元，同比增长1.11%；实现归母净利润25.07 亿元，同比增长 15.33%；实现扣非归母净利润18.14 亿元，同比减少7.47%。 2025Q1：公司实现总营业收入420.16 亿元，同比增加3.82%；实现归母净利润9.70 亿元，同比大幅增加 80.38%；实现扣非归母净利润5.07 亿元，同比减少2.76%。 盈利能力： Pre-REITs 增厚净利，创新战略拓展带来部分费用投入阶段性增加 2024 年公司整体毛利率为7.80%，同比下降0.27pct，Q1 毛利率为7.33%，同比提升0.13pct，我们预计波 动主要或和收入结构波动有关。2024 年公司归母净利率为1.65%，同比提升约0.21pct，2025Q1 公司归 母净利率为2.31%，同比大幅提升0.98pct，主要受益于Pre-REITs 与公募REITs 发行带来的一次性收益。 费用端来看，2025Q1 扣非归母净利率为1.21%，同比下降0.08pct。主要受到三新两化战略投入的延续 性影响。我们认为，随着高毛利的CSO ...