化学制药 创新药动态更新 领先大市-B(维持) 相关报告： 魏赟 2025 年 6 月 30 日 行业研究/行业快报 化学制药行业近一年市场表现 资料来源：最闻 首选股票 评级 BGB-43395≥240 mg 每日两次剂量具有生物活性。BGB-43395 表现出快 速吸收和线性药代动力学特征，平均消除半衰期为 13 小时，与氟维司群或 来曲唑进行联合用药不会影响 BGB-43395 暴露量。氟维司群联合治疗队列 中，≥240mg 每日两次剂量组获得具有临床意义的药效学作用，≥240 mg 每 日两次剂量组观察到早期（C2D1）ctDNA 降低。 邮箱：zhangzhiyong@sxzq.com BGB-43395 是一款百济神州自主研发的 CDK4 抑制剂。BGB-43395 是 CDK4 的高度选择性抑制剂，靶向控制细胞分裂的检查点蛋白以阻止癌细胞 生长。相比 CDK4/6 抑制剂哌柏西利、瑞波西利、阿贝西利及 CDK4 抑制剂 Atirmociclib，BGB-43395 展现出最高的 CDK4 抑制性和选择性。BGB-43395 具有潜在同类最佳血液学安全性特征，在既往接受过多线治疗的 CDK4/6 ...

Core Viewpoint - The article highlights the resilience and growth of Yiling Pharmaceutical, a leading innovative traditional Chinese medicine company, following a challenging financial period, supported by favorable national policies and a strong focus on research and development. Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan with a net loss of 0.725 billion yuan, but in Q1 2025, the company achieved revenue of 2.358 billion yuan and a non-net profit of 0.325 billion yuan, reflecting a year-on-year growth of 11.23% [2][3] - The company’s gross margin in Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin was 13.82%, up by 1.85 percentage points [2][3] - Operating cash flow improved significantly, reaching 0.34 billion yuan in Q1 2025, nearly doubling the net profit for the same period [3] Debt and Receivables Management - By the end of 2024, accounts receivable stood at 1.225 billion yuan, down by 50% from the beginning of the year, while total liabilities decreased by 43.75% to 3.117 billion yuan [3] - The accounts receivable turnover days decreased to 55 days, down by 35 days year-on-year, indicating improved cash collection efficiency [3] Research and Development - Yiling Pharmaceutical's R&D investment exceeded 0.9 billion yuan in 2024, accounting for 13.9% of revenue, positioning the company as a leader in the industry [4][5] - Over the past six years, the cumulative R&D investment has approached 5 billion yuan, consistently exceeding industry averages [5] - As of the end of 2024, the company held 884 effective patents and had launched 17 patented traditional Chinese medicines covering eight major clinical disease systems [6][7] Product Development and Market Position - The company has received approval for new drugs targeting cardiovascular and respiratory diseases, with several products included in the national medical insurance directory [7][10] - Yiling Pharmaceutical is actively expanding its product portfolio, with ongoing clinical trials for six traditional Chinese medicines and over a hundred formulations in development [7][8] Policy Support and Industry Trends - The company benefits from supportive national policies aimed at revitalizing traditional Chinese medicine, including the inclusion of its products in the national medical insurance directory [10][11] - Yiling Pharmaceutical is also embracing digital transformation to enhance operational efficiency, completing significant research projects published in top medical journals [11] Strategic Vision - The company is evolving from a traditional medicine manufacturer to a health solution provider, aligning with national goals for high-quality development in the pharmaceutical industry [13]

Core Viewpoint - Yiling Pharmaceutical has significantly improved its profitability, driven by a robust innovation pipeline and high R&D investment, despite facing temporary losses in 2024 due to specific product issues [2][3][5]. Financial Performance - In Q1 2025, the company achieved revenue of 2.358 billion yuan, with a net profit of 326 million yuan, reflecting a year-on-year growth of 7.25% [2][3]. - For the full year 2024, Yiling reported a total revenue of 6.513 billion yuan but incurred a net loss of 725 million yuan due to inventory write-downs and reduced sales from certain respiratory products [3][4]. - The gross margin for Q1 2025 was 53.82%, an increase of 2.34 percentage points year-on-year, while the net margin rose by 1.85 percentage points to 13.82% [4]. R&D Investment - Yiling's R&D expenditure reached over 900 million yuan in 2024, accounting for 13.94% of its revenue, marking a six-year high and positioning the company as a leader in the industry [2][5]. - Cumulatively, from 2019 to 2024, the company invested 4.828 billion yuan in R&D, supporting its innovation pipeline [5]. Product Development - The company has expanded its innovative traditional Chinese medicine portfolio to 17 products, covering eight major clinical disease systems, with leading positions in cardiovascular and respiratory medications [2][5]. - New drug approvals include the treatment for allergic rhinitis and applications for drugs targeting cholecystitis and rheumatoid arthritis [5][6]. Market Position and Expansion - Yiling has successfully integrated 11 patented traditional Chinese medicines into the new medical insurance directory, enhancing its market presence [6]. - The company is also expanding into biopharmaceuticals and health sectors, with recent approvals for cancer treatment drugs, indicating a broadening of its business scope [6].

Core Viewpoint - In 2024, Yiling Pharmaceutical (002603) faced competitive pressure in the pharmaceutical industry and adhered to a strategy focused on "standardization, professionalism, health, sustainability, and leapfrogging," aiming for brand success, scale formation, goal achievement, and profit creation [1] Financial Performance - In 2024, Yiling Pharmaceutical reported revenue of 6.513 billion yuan, a year-on-year decrease of 36.88%, and a net profit attributable to shareholders of -0.725 billion yuan, down 153.57% [2] - The decline in performance was attributed to the expiration of certain respiratory products, leading to reduced sales and inventory impairment losses, alongside rising raw material costs and sustained high R&D investments [2] - Despite the net loss, operating cash flow significantly improved, reaching 0.611 billion yuan, a year-on-year increase of 293%, with Q4 cash flow alone at 0.288 billion yuan, up over 26 times [2] - Accounts receivable decreased significantly, with a reduction of 1.176 billion yuan, a drop of 50%, and total liabilities decreased to 3.117 billion yuan, down 24.24 billion yuan or 43.75%, resulting in a debt-to-asset ratio decline of nearly 10 percentage points to 23.4% [2] R&D Investment - Yiling Pharmaceutical maintained a strong focus on R&D, with expenses reaching 0.908 billion yuan in 2024, accounting for 13.94% of revenue, reinforcing its leadership in traditional Chinese medicine innovation [3] - The company developed 17 innovative traditional Chinese medicines targeting eight major clinical disease systems, achieving industry leadership in cardiovascular and respiratory disease treatments [3] - New drug approvals included a treatment for allergic rhinitis and a new drug for gallbladder inflammation, with several patented traditional medicines included in the new medical insurance directory [3] Market Expansion and Strategic Initiatives - Yiling Pharmaceutical has registered products in over 50 countries and regions, actively entering the biopharmaceutical and health sectors, with recent approval for a breast cancer treatment [4] - Continuous R&D investment is expected to enhance product offerings and market share, while the transformation of technological innovations will improve product structure and competitiveness [4] - The company’s strategic focus on R&D and market trends positions it for greater growth in the pharmaceutical market [4] 2025 Outlook - In Q1 2025, Yiling Pharmaceutical reported revenue of 2.358 billion yuan and a net profit of 0.326 billion yuan, reflecting a year-on-year increase of 7.25% [5] - The company’s operating cash flow reached 0.34 billion yuan, nearly doubling year-on-year, with gross margin increasing by 2.34 percentage points to 53.82% [5] - The company aims to enhance its innovation capabilities, accelerate drug development, and implement a brand strategy while optimizing operational management and cost control [6]

报告还显示，公司2025年一季度实现收入23.58亿元，实现归母公司净利润3.26亿元，同比增长7.25%， 扣非后归母净利润3.25亿元，同比增长11.23%，盈利能力显著提升；同期，公司毛利率为53.82%，同比 增加了2.34个百分点；净利率为13.82%，同比增加了1.85个百分点，期间费用率下降0.4个百分点，毛利 率和净利率双双触底回升。 经营性净现金流大幅改善 应收账款大幅下降 4月28日消息，以岭药业（维权）今晚发布2024年全年财报及2025年第一季度财务报告显示，公司2024 年全年收入65.13亿元，亏损7.25亿元，主要是因部分呼吸系统产品近效期冲减收入和存货减值计提所 致；2025年第一季度，扣非后归属于母公司的净利润为3.25亿元，同比增长11.23%，实现双位数增长。 2025年Q1净利润3.25亿元 盈利能力显著提升 2024年年报显示，公司报告期实现营业收入65.13亿元，归属于上市公司股东的净利润-7.25亿元。财报 称，"由于报告期内部分呼吸系统产品临近有效期，公司冲减相关产品销售收入，并对临近有效期存货 计提了资产减值损失，加之报告期内收入减少、原材料价格上涨导致毛利率 ...

传染病防治法修订草案三审 政策动向 李强主持召开国务院常务会议讨论并原则通过《中华人民共和国医疗保障法（草案）》 4月27日，国务院总理李强主持召开国务院常务会议，讨论并原则通过《中华人民共和国医疗保障法 （草案）》，决定将草案提请全国人大常委会审议。会议指出，要以此次立法为契机，进一步完善我国 医疗保障政策体系，有效保护参保人合法权益，打牢人民群众病有所医的制度基础。要加强医保基金监 管，健全监督检查机制，严厉打击虚假诊疗、虚假购药等欺诈骗保行为。要加强普法宣传教育，提升医 疗机构、医务人员和群众守法意识，规范就医秩序和医疗行为。 4月27日，传染病防治法修订草案提请十四届全国人大常委会三次审议。修订草案三审稿增加规定，县 级以上人民政府疾病预防控制部门发现虚假或者不完整传染病疫情信息的，应当及时发布准确的信息予 以澄清。修订草案三审稿增加规定，国家加强医疗机构疾病预防控制能力建设，持续提升传染病专科医 院、综合医院的传染病监测、检验检测、诊断和救治、科学研究等能力和水平。 国家药监局：暂停进口VITAL LABORATORIES PVT. LTD.地高辛原料药 4月27日消息，国家药监局近期组织对VITA ...

以岭药业（002603）公告，公司全资孙公司万洋衡水制药有限公司提交的"来曲唑"化学原料药上市申请 已获国家药品监督管理局批准。来曲唑是一种高效、选择性非甾体类芳香化酶抑制剂，用于乳腺癌治 疗。全球乳腺癌药物市场规模预计2025年达376亿美元，2030年将达450亿-550亿美元。中国乳腺癌发病 率逐年上升，原料药市场需求预计将持续增长。公司来曲唑原料药累计研发投入约470万元。此次获批 丰富了公司产品线，有助于拓展业务领域，但目前不会对业绩产生重大影响。 ...