（TL1A/IL23p19）针对IBD 大市场，具备长效化的竞争力；③SIM0815（TfR-Aβ双抗/AOC）具备透脑 特性，靶向pGlu 修饰的Aβ斑块。 "三个5"的创新产品梯队推动公司迈入加速发展的新阶段： 5 款基石产品：恩度、艾得辛、先必新注射 液、恩维达、先诺欣，为公司提供稳定的现金流。5 款快速放量新产品：科赛拉、恩立妥、恩泽舒、先 必新舌下片、科唯可，是业绩增长的重要推力，其中科赛拉、恩立妥今年纳入医保后正快速准入，恩泽 舒、先必新舌下片、科唯可已纳入2025 年商保创新药初审目录，同时恩泽舒亦通过了2025 年国家基本 医保目录初审。近期上市产品：2 款已进入NDA 审评阶段：玛氘诺沙韦（用于成人及青少年流感，其 儿童颗粒制剂的Ⅲ期研究也在进行中）、乐德奇拜单抗（有望作为国内第二款推动IL-4Rα单抗国产替 代）；3 个创新产品处于临床Ⅲ期，包括JAK1 抑制剂、三代ALK、口服SERD，覆盖自免疾病、非小细 胞肺癌和晚期乳腺癌等领域。公司已上市及后期临床阶段的产品中，有多款产品是具备差异化的潜在大 单品：①先必新舌下片：全球唯一获美国FDA"突破性疗法"认定的卒中创新药，可在舌下与唾液接 ...

从业务结构来看，神经科学及抗肿瘤领域表现最为亮眼。神经科学收入12.49亿元，同比劲增37.3%；抗 肿瘤收入8.74亿元，同比大增41.1%；自身免疫收入保持稳健，录得8.78亿元，同比增长3.3%。 先声药业(02096)绩后高开逾4%，截至发稿，涨4.15%，报13.3港元，成交额192.85万港元。 消息面上，8月21日，先声药业公布截至2025年6月30日止六个月的中期业绩。期内公司实现收入35.85 亿元人民币，同比增长15.1%；创新药业务贡献27.76亿元，占总收入的77.4%，同比大增26%，持续成 为公司增长的核心动力。公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾 得辛、先必新、恩维达、科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、 抗肿瘤、自身免疫、抗感染领域，拥有巨大的市场潜力和协同效益。 盈利方面，公司归属于股东的净利润达到6.04亿元，同比上升32.2%；经调整归母净利润6.51亿元，同 比增长21.1%，显示盈利质量稳步提升。公司同时持续加大研发投入，上半年研发总额高达10.28亿元， 同比大增68%，占收入比例由去年同期的19.7% ...

智通财经APP获悉，先声药业(02096)绩后高开逾4%，截至发稿，涨4.15%，报13.3港元，成交额192.85 万港元。 从业务结构来看，神经科学及抗肿瘤领域表现最为亮眼。神经科学收入12.49亿元，同比劲增37.3%；抗 肿瘤收入8.74亿元，同比大增41.1%；自身免疫收入保持稳健，录得8.78亿元，同比增长3.3%。 盈利方面，公司归属于股东的净利润达到6.04亿元，同比上升32.2%；经调整归母净利润6.51亿元，同 比增长21.1%，显示盈利质量稳步提升。公司同时持续加大研发投入，上半年研发总额高达10.28亿元， 同比大增68%，占收入比例由去年同期的19.7%升至28.7%。 消息面上，8月21日，先声药业公布截至2025年6月30日止六个月的中期业绩。期内公司实现收入35.85 亿元人民币，同比增长15.1%；创新药业务贡献27.76亿元，占总收入的77.4%，同比大增26%，持续成 为公司增长的核心动力。公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾 得辛、先必新、恩维达、科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、 抗肿瘤、自身免疫、抗感 ...

公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾得辛、先必新、恩维达、 科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、抗肿瘤、自身免疫、抗感 染领域，拥有巨大的市场潜力和协同效益。截至2025年6月30日止6个月，创新药业务收入人民币27.76 亿元，占总收入的77.4%。 先声药业(02096)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币35.85亿元(单位下 同)，同比增加15.14%;净利润6.04亿元，同比增加32.2%;每股基本盈利0.25元；经调整归属于公司权益 股东的利润为人民币6.51亿元，相比于去年同期人民币5.38亿元增长21.1%。 ...

7月30日，截至港股收盘，恒生指数下跌1.36%，报25176.93点。思路迪医药股份（01244.HK）收报7.18 港元/股，上涨12.54%，成交量302.5万股，成交额2191.26万港元，振幅23.2%。 最近一个月来，思路迪医药股份累计涨幅59.1%，今年来累计涨幅107.14%，跑赢恒生指数27.24%的涨 幅。 财务数据显示，截至2024年12月31日，思路迪医药股份实现营业总收入4.46亿元，同比减少29.81%；归 母净利润-1.83亿元，同比增长65.19%；毛利率91.79%，资产负债率42.14%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为2.73倍，行业中值6.48倍。思路迪医药股 份市盈率-8.35倍，行业排名第129位；其他精优药业（00858.HK）为1.37倍、金斯瑞生物科技 （01548.HK）为1.76倍、东瑞制药（02348.HK）为3.5倍、吉林长龙药业（08049.HK）为6.14倍、大健 康国际（02211.HK）为6.83倍。 资料显示，思路迪医药股份有限公司是一家进入商业化阶段专注肿瘤慢病化 ...

Core Viewpoint - The valuation of Xiansheng Pharmaceutical has significantly recovered due to the gradual rebound of the domestic innovative drug industry and the continuous realization of the company's innovative achievements, yet its market capitalization and price-to-sales ratio remain significantly lower than peers like Heng Rui Pharmaceutical and Innovent Biologics [1][16]. Valuation of Xiansheng Pharmaceutical - On July 29, Xiansheng Pharmaceutical's stock price surged over 9%, reaching a new high for the year, reflecting breakthroughs in its innovative drug business since 2025 [2]. - The company achieved a revenue of 6.635 billion yuan in 2024, a year-on-year increase of 0.4%, with a net profit of approximately 733 million yuan, up 2.6% year-on-year, marking new highs since its listing [3][4]. - Despite a 104.46% increase in stock price year-to-date, it still lags behind the 111.5% increase of the Hong Kong innovative drug sector [3][6]. Transformation Challenges - Established in 1995, Xiansheng Pharmaceutical transitioned from a traditional generic drug company to an innovative drug company, facing inevitable growing pains during this structural transformation [6][8]. - The company has been actively shedding low-margin generic drug businesses while expanding its innovative drug pipeline through R&D and external collaborations [6][7]. - The company’s revenue growth has slowed significantly over the past five years, with a compound annual growth rate of approximately 9.9% from 2020 to 2024 [6][7]. Innovative Achievements - Xiansheng Pharmaceutical has expanded its product line significantly, with 10 commercialized innovative drug products and over 60 in the R&D pipeline [12][17]. - The company’s revenue from innovative drugs has increased from 45.1% in 2020 to 74.3% in 2024, amounting to 4.928 billion yuan [6][12]. - The company’s main revenue sources are now concentrated in central nervous system products, autoimmune products, and oncology products, with notable growth in the neuroscience sector [13][18]. Valuation Recovery - The stock price of Xiansheng Pharmaceutical has increased by over 203% from its low of 4.7 HKD in 2024 to 14.28 HKD as of July 29, 2025 [16]. - Despite the recovery, the company's market capitalization of 35.3 billion HKD remains significantly lower than Heng Rui Pharmaceutical (542.9 billion HKD) and Innovent Biologics (170.9 billion HKD) [16][19]. - The company’s current price-to-sales ratio of 4.93 is far below Heng Rui Pharmaceutical's 17.13 and Innovent Biologics' 16.79, indicating market skepticism about its growth potential compared to peers [16][19]. Future Outlook - The market's valuation logic for innovative drug companies revolves around "certainty of growth," focusing on the ability to continuously launch innovative products and convert them into long-term commercial value [20]. - To gain further market recognition, Xiansheng Pharmaceutical needs to enhance its R&D capabilities and achieve more substantial performance growth [20].

Company Overview - Sido Medical Co., Ltd. is an innovative pharmaceutical company focused on oncology and chronic disease treatment, with a vision to "help cancer patients live longer and better" [2] - The company has a product line of 12 innovative drugs with differentiated clinical value, 8 of which are in clinical development or commercialization stages [2] - The first subcutaneous PD-L1 monoclonal antibody, Envida, has been approved for sale by the National Medical Products Administration [2] - The company utilizes its proprietary mRNA research platform and tumor genomic big data AI analysis platform to develop a series of mRNA products [2] - Sido Medical has established capabilities across drug discovery, preclinical research, clinical development, regulatory submission, and commercialization [2] Financial Performance - As of December 31, 2024, Sido Medical reported total revenue of 446 million yuan, a year-on-year decrease of 29.81% [1] - The company recorded a net profit attributable to shareholders of -183 million yuan, an increase of 65.19% year-on-year [1] - The gross profit margin stands at 91.79%, with a debt-to-asset ratio of 42.14% [1] Market Position and Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 1.96 times, with a median of 6.18 times [1] - Sido Medical's P/E ratio is -5.69 times, ranking 132nd in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as: Qingdao Haier Biomedical (0.86), Kingsray Biotechnology (1.43), Dongrui Pharmaceutical (3.06), and Jilin Changlong Pharmaceutical (6.00) [1]