Core Viewpoint - The National Medical Products Administration (NMPA) has announced five typical cases of illegal activities in the pharmaceutical sector and issued compliance and consumer reminders [1] Group 1: Illegal Activities - Two cases involve illegal procurement of drugs through unauthorized channels, including a pharmacy in Guangdong that faced penalties of 1.3 million yuan and a pharmacy in Jiangxi that was fined 224,100 yuan for purchasing drugs from unqualified individuals [2] - A case in Zhejiang involved a pharmacy that failed to conduct proper prescription reviews when dispensing prescription drugs, resulting in a fine of 40,000 yuan [3] - An individual in Guangxi was penalized for selling unregistered medical products through WeChat, with fines totaling 17,400 yuan [3] - A clinic in Sichuan was found selling prohibited drugs online without permission, leading to a fine of 50,000 yuan [3] Group 2: Compliance and Consumer Reminders - The NMPA emphasizes that pharmaceutical businesses should purchase drugs from licensed manufacturers and maintain accurate sales records, adhering to quality management standards [4] - Consumers are advised to buy drugs from licensed pharmacies and to be cautious when purchasing online, ensuring that relevant licenses are displayed prominently [4] - It is recommended that consumers provide valid prescriptions when purchasing prescription drugs and report any illegal activities related to counterfeit or substandard drugs to regulatory authorities [4]

国家药监局今天（6月19日）公布5起药品经营环节"清源"行动违法违规典型案例，包括药店非法渠道购 进药品案、微信无证销售未经注册注射用A型肉毒毒素案等。 一、广东省惠州市惠东县稔山镇燕记药店非法渠道购进药品案 四、张某某通过微信无证销售未经注册注射用A型肉毒毒素案 2025年2月，广西壮族自治区桂林市七星区市场监督管理局依据检察机关移交的线索立案调查，发现张 某某通过微信，从非法渠道购进、销售未经注册的医疗用毒性药品"BOTATOX注射剂A型肉毒毒素"。 当事人上述行为违反《中华人民共和国药品管理法》第二十四条、第五十一条规定。2025年3月，桂林 市七星区市场监督管理局依据《中华人民共和国药品管理法》第一百一十五条、第一百二十四条，《中 华人民共和国行政处罚法》第三十二条，《市场监管总局关于规范市场监督管理行政处罚裁量权的指导 意见（2022）》第十四条规定，对当事人处以没收涉案药品、没收违法所得、罚款1.74万元的行政处 罚。 五、四川省成都市双流众康行续荣诊所违规销售网络禁售药品案 2024年11月，四川省成都市双流区市场监督管理局根据线上巡查线索，对成都双流众康行续荣诊所有限 责任公司进行现场检查，发 ...

3月10日，新一期港股通名单调整正式生效，创新药企业"一进六出"，科笛-B(02487)便是其中之一。 从往期来看，在被技术性调出港股通投资标的后，短期内个股因流动性以及退通抛压等因素大多会出现显著的股价下跌现象，科笛亦不例外。在正式退通的 6个交易日内，科笛股价累跌20.60%。 但接下来科笛股价并未继续下探，而是在3月20日走出"三连阳"后横盘震荡，直到4月7日，公司股价因恒指大盘剧烈波动出现单日下跌26.88%。而这似乎给 科笛砸出了一个"黄金坑"。 智通财经APP观察到，4月9日，科笛股价触底3.64港元，创下上市以来股价新低，但在随后的1个半月内持续反弹。5月20日，科笛盘中股价最高涨幅达 20%，最高价达到7.62港元，突破退通前的前高股价。也就是说，经过2个多月的股价震荡，科笛股价最终修复了"出通"后全部跌幅。 从港股通变动情况来看，3月10日，科笛的港股通持股比例为10.07%，在接下来2个多月中，无论公司股价涨跌，该持股比例都在持续降低，截至5月19日仅 剩5.32%。不过在4月10日新一轮上涨行情启动时，科笛的港股通持股比例为5.94%，近40天内其变动比例仅为0.62%，较此前明显放缓。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 17.90% year-over-year in Q1 2025, with total revenue of 663 million yuan and a net profit of 444 million yuan, down 15.87% year-over-year [1]. - The gross margin remained stable at 93.85%, with a slight decrease of 0.70 percentage points year-over-year, while the net profit margin increased by 1.61 percentage points to 66.88% [2]. - The company is pursuing growth through acquisitions and international expansion, notably a planned acquisition of a Korean company for 190 million USD, which is expected to enhance its sales capabilities and open up overseas markets [3]. - The company has a robust pipeline of internal R&D projects, with 11 Class III medical device products already available, and several others in various stages of development, which is expected to support a return to growth [4]. Financial Summary - The company forecasts revenues of 3.29 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.13 billion yuan, 2.40 billion yuan, and 2.73 billion yuan for the same years [4][10]. - The company’s financial metrics indicate a PE ratio of 25x for 2025, decreasing to 20x by 2027, reflecting an expected improvement in profitability [4][10].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年一季报，1Q2025营业收入为6.6亿元，同比下滑17.9%，归母净利润为4.4亿元，同比下滑 15.9%。 点评： 高基数+产品结构分化，一季度业绩有所下滑 我们认为，公司一季度收入同比下滑主要原因系：第一，去年同期基数较高；第二，产品销售结构性分 化，溶液类产品整体出货价格走低。 产品结构性分化，一季度毛利率略有下滑 1Q2025，公司毛利率为93.9%，同比-0.7pcts；归母净利率为66.9%，同比+1.6pcts。我们认为，公司一季 度毛利率同比微降也是受产品出货结构的影响。 1Q2025公司期间费用率同比+4.1pcts至21.9%。分项目看，销售/管理/研发/财务费用率分别为 9.9% ...