（记者 谭玉涵） 每经AI快讯，中国银河8月25日发布研报称，给予迪哲医药（688192.SH，最新价：80.07元）推荐评 级。评级理由主要包括：1）舒沃替尼获FDA批准上市，戈利昔替尼展现显著临床获益；2）创新管线顺 利推进，双靶点BTK和四代EGFRTKI数据亮眼。风险提示：研发管线进展不及预期的风险；产品商业 化不及预期的风险；市场竞争加剧的风险；出海进展不及预期的风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

每经记者｜许立波 每经编辑｜张海妮 其中，舒沃替尼主要针对EGFR二十号外显子插入突变的非小细胞肺癌患者。根据弗若斯特沙利文测算，预计 到2024年和2030年，全球的EGFR Exon20 ins的非小细胞肺癌新发患者人数将分别达到7.4万人和8.6万人，中国 新发患者人数将达到3.5万人和4.2万人。 8月22日晚间，迪哲医药（688192.SH，股价83.3元，市值382.69亿元）发布2025年半年度业绩报告。报告期 内，公司实现营业收入3.55亿元，同比增长74.40%。在医保赋能的推动下，旗下舒沃哲（舒沃替尼片）和高瑞 哲（戈利昔替尼胶囊）销售持续放量。报告期内归属于上市公司股东的净利润为-3.77亿元，去年同期数据 为-3.45亿元。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 355,001,420.82 | 203,550,120.00 | 74.40 | | 利润总额 | -378,990,328.00 | -432,296,836.34 | 不适用 | | 归属于 ...

有研报指出，血液瘤治疗领域存在较多投资机会，建议关注迪哲医药等创新药企在突破血液瘤治疗瓶颈 方面的进展。该研报认为，在靶向、免疫及细胞治疗等新兴治疗手段推动下，血液瘤治疗已呈现慢病管 理趋势。 资金流向方面，迪哲医药-U当日主力资金净流出928.79万元，近五日累计净流出8104.27万元。 风险提示：新药研发存在不确定性，行业政策可能发生变化，市场竞争或加剧。 迪哲医药-U最新股价报82.21元，较前一交易日上涨0.24元。盘中最高触及83.00元，最低下探80.23元， 成交金额达2.31亿元。 该公司属于化学制药板块，专注于创新药研发。公开资料显示，迪哲医药正在推进全球首创高选择性 JAK1抑制剂戈利昔替尼和LYN/BTK双靶抑制剂等创新药物的研发工作。 ...

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Eight Measures") released by the China Securities Regulatory Commission marks the beginning of a new round of reforms aimed at supporting technological innovation and new productivity development in the past year [1] Group 1: Reform Implementation and Impact - The implementation of the "light asset, high R&D investment" recognition standard has led to a surge in refinancing activities among companies on the Sci-Tech Innovation Board, with nine companies applying for refinancing totaling nearly 25 billion yuan since the standard was introduced [1][2] - The standard allows companies to use funds more flexibly, as they are no longer restricted by the previous 30% limit on supplementary working capital and debt repayment ratios [2][4] - Companies such as Cambrian and Dize Pharmaceutical have initiated significant projects in semiconductor and biopharmaceutical sectors, showcasing the vibrant innovation activity spurred by the new standard [1][2] Group 2: Company-Specific Financing Activities - Cambrian's recent fundraising of 4.98 billion yuan is the largest in its five-year history, aimed at developing chip platforms and software projects [2] - Dize Pharmaceutical's fundraising of 1.796 billion yuan is directed towards core product development and international standard innovative drug industrialization projects, with a significant portion allocated to high-uncertainty R&D expenditures [3][4] - Chip Origin's refinancing is focused on IP development, with a high percentage of funds allocated to uncertain R&D expenses, aligning with the company's strategy of maintaining high R&D investment in semiconductor technology [3][4] Group 3: Market Trends and Future Outlook - The overall market for refinancing applications has seen a notable increase since 2025, indicating a positive cycle of policy benefits leading to more active market participation [6] - The recognition standard is expected to effectively alleviate financing bottlenecks for light asset companies, enabling them to focus more on technological innovation and core competencies [6] - Over a hundred companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only nine have actively pursued refinancing under the new regulations, suggesting a gradual adaptation to the new policy [6]

Group 1 - The development of innovative pharmaceutical companies shows positive signals, with some profitable companies experiencing significant revenue growth, while losses for unprofitable companies are narrowing [1] - In Q1 2023, Dizhi Pharmaceutical achieved revenue of 160 million yuan, a year-on-year increase of 96.32%, primarily due to the inclusion of core products in the new national medical insurance catalog [1] - The Chinese medical insurance department is supporting the development of innovative drugs with unprecedented efforts, but balancing the needs of insured individuals, the insurance fund, and companies' returns remains a critical challenge [1][2] Group 2 - Since 2018, the efficiency of including new drugs in the medical insurance catalog has significantly improved, with a success rate of over 90% for innovative drugs during negotiations [2][3] - The average price reduction for newly added drugs outside the catalog has exceeded 50%, impacting the profit margins of innovative drug companies [3] - The market size for innovative drugs and devices in China is expected to reach 162 billion yuan in 2024, with medical insurance fund expenditures accounting for approximately 44% [3] Group 3 - The traditional single-payer market environment poses challenges for the commercialization of innovative drugs, necessitating a multi-payer system that includes commercial insurance [4][5] - The introduction of a class B drug catalog aims to include high-innovation drugs that cannot be covered by basic medical insurance, enhancing the payment structure [5][6] - Pilot programs in cities like Guangzhou are testing commercial insurance products that cover innovative drugs, indicating a shift towards a multi-channel payment system [6] Group 4 - The commercial health insurance sector currently accounts for only 7.7% of the innovative drug market, indicating a need for further collaboration to enhance the multi-payer mechanism [6][7] - The future competitiveness of innovative drugs will depend not only on R&D capabilities but also on the expansion of payment mechanisms and the construction of a health ecosystem [7][8] - The integration of AI in insurance product design and claims processes is expected to optimize risk management and improve patient access to innovative treatments [7][9]

Core Viewpoint - The company is experiencing significant revenue growth driven by the inclusion of its key products, Shuwotini and Golixitini, in the new national medical insurance catalog starting January 1, 2025, which is expected to accelerate commercialization and data readouts [1][2][5]. Performance Summary - In 2024, the company achieved sales revenue of 360 million yuan, a year-on-year increase of 294.24%, with approximately 52 million yuan of this revenue impacted by price compensation to distributors [2]. - For Q1 2025, the company reported revenue of 160 million yuan, reflecting a year-on-year growth of 96.32%, primarily due to the official implementation of the new national medical insurance catalog for its core products [2]. Catalysts Summary - Shuwotini received priority review from the FDA for its new drug application in January 2025, targeting advanced NSCLC with EGFR Exon20ins mutations, and is expected to be approved as planned [3]. - Golixitini was approved in June 2024 for the treatment of relapsed or refractory peripheral T-cell lymphoma (PTCL) in adults, showing promising overall response rates and safety [3]. - DZD8586, a dual-target inhibitor for B-NHL, is expected to present clinical data at the 2025 ASCO conference, showcasing its efficacy and safety [4]. - DZD6008, a new selective EGFR TKI, is in clinical research and aims to address unmet clinical needs in NSCLC, with preliminary data also set to be reported at the 2025 ASCO conference [4]. Profit Forecast and Valuation - The company forecasts revenues of 753 million yuan, 1.259 billion yuan, and 2.174 billion yuan for 2025, 2026, and 2027 respectively, driven by the commercialization of Shuwotini and Golixitini [5].

Group 1 - The core viewpoint of the articles highlights the significant revenue growth and commercialization progress of DiZhe Pharmaceutical, with a reported revenue of 360 million yuan in 2024, marking a year-on-year increase of 294.24% [1] - The company has successfully launched two commercialized products, which have seen nearly doubled sales revenue, achieving a year-on-year growth of 96% in the first quarter of this year [1] - DiZhe Pharmaceutical has established a competitive product pipeline with seven products, including two that are in global clinical trials and have been approved for marketing in China [1][2] Group 2 - In 2024, the company invested 724 million yuan in R&D, accounting for 201.08% of its revenue, with an additional 210 million yuan spent in the first quarter [2] - The company plans to allocate nearly 1 billion yuan from its recent fundraising to the development of core pipeline drugs, including Shuwotini and DZD8586 [2] - DiZhe Pharmaceutical's innovative drug development is characterized by long cycles and high costs, with potential uncertainties in future sales revenue due to various market factors [3] Group 3 - The company is expected to remain unprofitable in the short term, with cumulative losses likely to increase due to ongoing investments in drug registration and market promotion [3] - Analysts believe that DiZhe Pharmaceutical's focus on oncology and innovative products will drive rapid growth in performance as commercialized products gain market traction [3]