智通财经APP获悉，国金证券发布研报称，先声药业(02096)短期管线放量与长期创新迭代形成共振，成 长确定性强,预测2025/2026/2027年实现营业收入76.3亿/91.0亿/110.4亿元,同比+15.0%/+19.3%/+21.4%,归 母净利润11.5亿/13.8亿/16.6亿元，同比+57.3%/+19.4%/+20.5%，对应EPS为0.44/0.53/0.64元(已考虑2025 年9月配股1.12亿股)。根据DCF估值，对应合理目标价为20.16港币，首次覆盖，给予"买入"评级。 NMTiADC新技术平台有望克服ADC耐药，后续相关产品进入临床有望加速验证平台实力。早研管线聚 焦差异化靶点，SIM0278(TL1A/IL-23p19双抗)、SIM0613(LRRC15-ADC)等多管线均为潜力靶点。近几 年公司多款早研管线出海，且合作对象不乏大MNC，创新能力持续获得海外企业的认可。目前公司加 强早研投入，未来数十款早研管线中仍有持续BD可能。 存量核心品种持续贡献稳定现金流 先必新注射液作为卒中治疗领域标杆产品，2025H1市占率达29%;恩维达、恩度深度布局肿瘤领域有望 实现稳健增长; ...

Core Viewpoint - The company has demonstrated significant growth in its innovative drug business, which remains the core engine for revenue increase, with total revenue reaching 3.585 billion yuan in the first half of 2025, a year-on-year increase of 15.1% [1] Group 1: Financial Performance - Total revenue for the first half of 2025 was 3.585 billion yuan, up 15.1% year-on-year [1] - Revenue from innovative drugs was 2.776 billion yuan, reflecting a 26% year-on-year growth, accounting for 77.4% of total revenue [1] - Adjusted net profit reached 651 million yuan, a 21.1% increase year-on-year [1] - R&D investment rate was 28.7%, up 9 percentage points year-on-year, with cumulative R&D investment exceeding 10 billion yuan over the past decade [1] Group 2: Business Segments - Revenue from neuroscience reached 1.249 billion yuan, a 37.3% year-on-year increase, indicating a solid market position for the product Xianbixin injection [1] - Revenue from oncology was 874 million yuan, up 41.1% year-on-year, driven by rapid growth of newly launched products such as Kexaila and Enlituzumab [1] - Revenue from autoimmune diseases was 878 million yuan, reflecting a 3.3% year-on-year growth [1] Group 3: Product Pipeline and Innovation - The company has established a "three fives" product strategy, including five cornerstone products that provide stable cash flow and five rapidly growing new products that drive revenue growth [2] - Recent product developments include two products in NDA review: Maduonosawei for influenza and Ledekich for potential IL-4Rα monoclonal antibody replacement [2] - Three innovative products are in Phase III clinical trials, targeting autoimmune diseases and various cancers [2] Group 4: Future Projections - The company is expected to achieve revenues of 7.690 billion, 9.009 billion, and 10.427 billion yuan from 2025 to 2027, with year-on-year growth rates of 16%, 17%, and 16% respectively [4] - Projected net profit for the same period is 1.193 billion, 1.389 billion, and 1.609 billion yuan, with growth rates of 63%, 16%, and 16% respectively [4]

Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong interim results for the six months ending June 30, 2025, with significant revenue growth driven by its innovative drug business Financial Performance - The company achieved a revenue of 3.585 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 604 million RMB, up 32.2% year-on-year [2] - Adjusted net profit attributable to the parent company was 651 million RMB, reflecting a growth of 21.1% [2] Business Segmentation - The innovative drug business contributed 2.776 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 1.249 billion RMB, showing a robust growth of 37.3% year-on-year [1] - Oncology revenue reached 874 million RMB, marking a significant increase of 41.1% year-on-year [1] - Autoimmunity revenue remained stable at 878 million RMB, with a growth of 3.3% year-on-year [1] Research and Development - The company increased its R&D investment to 1.028 billion RMB, a substantial rise of 68% year-on-year, representing 28.7% of total revenue [2]

Core Viewpoint - The company reported strong interim results for the six months ending June 30, 2025, with significant growth in revenue and net profit, driven primarily by its innovative drug business [1][2] Financial Performance - The company achieved revenue of 35.85 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 6.04 billion RMB, up 32.2% year-on-year [2] - Adjusted net profit was 6.51 billion RMB, reflecting a growth of 21.1% [2] Business Segments - The innovative drug business contributed 27.76 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 12.49 billion RMB, showing a significant increase of 37.3% [1] - Oncology revenue reached 8.74 billion RMB, marking a substantial growth of 41.1% [1] - Autoimmunity revenue remained stable at 8.78 billion RMB, with a year-on-year growth of 3.3% [1] Research and Development - The company increased its R&D investment to 10.28 billion RMB, a year-on-year increase of 68%, which now represents 28.7% of total revenue, up from 19.7% in the same period last year [2]

Group 1 - The company reported a revenue of RMB 3.585 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.14% [1] - Net profit reached RMB 604 million, showing a year-on-year growth of 32.2% [1] - Basic earnings per share were RMB 0.25, with adjusted profit attributable to equity shareholders amounting to RMB 651 million, a 21.1% increase compared to RMB 538 million in the same period last year [1] Group 2 - The company's portfolio of commercialized innovative drugs has expanded to ten products, including Enzhu, Aidesin, Xianbixin, Envida, Kexaila, Xianuoxin, Enlitai, Xianbixin sublingual tablets, Kewike, and Enzeshu, covering fields such as neuroscience, oncology, autoimmune diseases, and infections [1] - Innovative drug business revenue was RMB 2.776 billion, accounting for 77.4% of total revenue for the six months ending June 30, 2025 [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]