医药生物/化学制药 悦康药业（688658.SH） 加大研发投入，创新管线逐步迈入收获期 2025 年 11 月 28 日 投资评级：买入（维持） | 日期 | 2025/11/27 | | --- | --- | | 当前股价(元) | 24.69 | | 一年最高最低(元) | 36.49/11.90 | | 总市值(亿元) | 111.11 | | 流通市值(亿元) | 111.11 | | 总股本(亿股) | 4.50 | | 流通股本(亿股) | 4.50 | | 近 3 个月换手率(%) | 110.98 | 股价走势图 《小核酸和 mRNA 管线布局丰富，创 新转型扬帆起航—公司信息更新报 告》-2025.6.15 余汝意（分析师） 巢舒然（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790525110001 研发创新投入加强，管线逐步迈入收获期，维持"买入"评级 2025 年 11 月 27 日，公司公告其 YKYY018 雾化吸入剂用于预防和治疗 RSV 感 染获 FDA 临床实验批准。业绩层面，20 ...

Core Viewpoint - The company, Yuyuan Pharmaceutical Group, is leveraging quality, innovation, and digitalization as its three core driving forces to achieve differentiated high-quality development in the rapidly transforming global biopharmaceutical industry [1]. Group 1: Quality - Quality is the lifeline of Yuyuan Pharmaceutical's development, exemplified by the introduction of new high-end excipients in the production of Metformin sustained-release tablets, which significantly reduced the size of the medication while ensuring efficacy and lowering material consumption [3]. - The "process innovation + quality upgrade" model has been successfully replicated in core products such as Huoxin Pill and Omeprazole enteric-coated capsules, creating a virtuous cycle of "quality improvement - market expansion - R&D iteration" [3]. Group 2: Innovation - The company maintains a high level of R&D investment, with 2024 R&D expenditure reaching 422 million yuan, accounting for 11.16% of its operating revenue [3]. - Yuyuan Pharmaceutical has achieved significant results from its continuous innovation efforts, with 63 new patent authorizations in the year, bringing the total to 317 patents [3]. - The company has broken new ground in various therapeutic areas, including the domestic ED treatment market with its drug Ailisi (Citrus Aidenafil) and advancements in traditional Chinese medicine with Hydroxy Safflower Yellow A for injection [3]. Group 3: Digitalization - Yuyuan Pharmaceutical is actively embracing digital transformation through a comprehensive strategic partnership with Huawei, focusing on building an AI drug development platform that integrates AI algorithms into all stages of drug development [4]. - The company has secured over 10 authorized patents in the field of AI drug development and published two research papers in internationally recognized journals [4]. - The AI-designed innovative drug YKYY018 has garnered significant attention within the industry, showcasing its strong innovative potential [4]. Group 4: Future Outlook - By establishing a composite development system of "quality foundation, innovation-driven, digital support," Yuyuan Pharmaceutical provides valuable insights for biopharmaceutical companies exploring new productive forces [6]. - With its unique competitive advantages, the company is expected to continue making breakthroughs in the global biopharmaceutical market, injecting new vitality into the industry's high-quality development [6].