利那拉生酯是生诺医药与Cinclus Pharma合作开发的新一代钾离子竞争性酸阻滞剂类药物(P-CAB)，用于 治疗消化系统疾病。目前，该药物针对反流性食管炎适应症已在国内获批并成功进入2025年国家医保目 录，同时十二指肠溃疡及幽门螺杆菌感染根除适应症正在开展临床三期。在反流性食管炎适应症成功商 业化的基础上，随着其临床研究的持续推进，未来该药物有望实现适应症的进一步扩增，市场潜力与临 床价值将进一步凸显。 临床研究表明，利那拉生酯在口服后不仅能迅速起效，实现长时间、高强度的胃酸抑制，更展现出良好 的整体安全性，为其临床应用提供了重要保障。目前，P-CAB已被《中国胃食管反流病专家共识(2020 年版)》和《2023年中国胃食管反流病诊疗规范》等临床指南列为治疗胃食管反流病(GERD)的首选药 物，显示出该类药物的治疗价值正获得广泛认可。 12月7日，证券时报记者获悉，华东医药（000963）全资子公司华东医药(杭州)有限公司宣布与贵州生 诺生物科技有限公司及其全资子公司上海生诺医药科技有限公司，江苏太瑞生诺生物医药科技有限公司 (下称"生诺医药")，就生诺医药产品戊二酸利那拉生酯胶囊及其他剂型达成中国大 ...

12月7日，华东医药（000963）股份有限公司(以下简称"华东医药"或公司)全资子公司华东医药(杭州)有 限公司宣布与贵州生诺生物科技有限公司及其全资子公司上海生诺医药科技有限公司，江苏太瑞生诺生 物医药科技有限公司(以下简称"生诺医药")，就生诺医药产品戊二酸利那拉生酯胶囊及其他剂型达成中 国大陆地区的独家商业化合作。 利那拉生酯商业化前景值得期待。据国元证券研报，伏诺拉生作为全球首款P-CAB药物，2024年销售额 已突破50亿元，验证了该靶点的临床价值与市场潜力。利那拉生酯可依托华东医药在国内成熟的销售网 络与渠道资源，快速推进终端覆盖。叠加其反流性食管炎适应症已被纳入2025年国家医保目录，药物可 及性将大幅提升。 华东医药此次战略性引进利那拉生酯，彰显了其瞄准前沿疗法、持续加码消化赛道的决心。作为国内深 耕消化领域的药企，华东医药深谙临床未满足的需求，其选择利那拉生酯正体现了对该产品市场潜力的 高度认可。依托华东医药强大的商业化平台，利那拉生酯不仅有望快速放量，更将进一步完善华东医药 在消化疾病领域的产品矩阵，巩固其行业领先地位。 双目录纳入三款创新产品 值得一提的是，同日，《国家基本医疗保险、生 ...

临床研究表明，利那拉生酯在口服后不仅能迅速起效，实现长时间、高强度的胃酸抑制，更展现出良好 的整体安全性，为其临床应用提供了重要保障。目前，P-CAB已被《中国胃食管反流病专家共识(2020 年版)》和《2023年中国胃食管反流病诊疗规范》等临床指南列为治疗胃食管反流病(GERD)的首选药 物，显示出该类药物的治疗价值正获得广泛认可。 胃食管反流病是常见的慢性消化系统疾病，由胃十二指肠内容物反流至食管或口腔引起不适症状和(或) 并发症。GERD的患病率高，且不断上升，严重影响健康和生活质量，并可能进展为食管癌。质子泵抑 制剂(PPI)是常见的胃酸治疗药物，但存在半衰期短、起效慢、酸环境中不稳定、受基因多态性影响等 局限性，约有30%的GERD患者对标准剂量PPI治疗反应不佳，临床亟需更优治疗方案。 作为目前唯一的酯类P-CAB药物，利那拉生酯不仅拥有P-CAB相对传统PPI的首剂全效、抑酸持久等特 点，创新性的酯键结构更提升了分子跨膜作用，吸收迅速(0.5~1h达峰)；胃肠道内羧酸酯酶介导的前体 转化过程，使得利那拉生的瞬时血药浓度可控，同时半衰期延长(8.68h，长于目前其他P-CAB药物)，因 此活性成分 ...

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]

Core Viewpoint - The company has achieved significant growth in revenue and net profit, demonstrating resilience and adaptability in a competitive pharmaceutical market, while focusing on innovation and high-quality development across its four main business segments [21][24][28]. Company Overview - Founded in 1993 and headquartered in Hangzhou, Zhejiang, the company has developed into a large-scale comprehensive pharmaceutical listed company covering the entire pharmaceutical industry chain, including pharmaceutical manufacturing, commercial distribution, medical aesthetics, and industrial microbiology [5][6]. Business Segments Pharmaceutical Manufacturing - The pharmaceutical manufacturing segment achieved a sales revenue of 138.11 billion yuan, a year-on-year increase of 13.05%, and a net profit of 28.76 billion yuan, up 29.04% [24][25]. - The company focuses on high-quality, efficient development, optimizing organizational structure, and enhancing capability construction [24]. Pharmaceutical Commercial - The pharmaceutical commercial segment reported a revenue of 270.92 billion yuan, a slight increase of 0.41%, and a net profit of 4.56 billion yuan, up 5.58% [28]. - The company emphasizes maintaining existing market share while expanding into new markets, enhancing service quality, and leveraging digital transformation [29][30]. Medical Aesthetics - The medical aesthetics segment generated revenue of 23.26 billion yuan, a decrease of 4.94%, but is expected to recover with new product launches [31][32]. - The company has a global operational platform through its subsidiary Sinclair, focusing on expanding its product offerings and market presence [31][32]. Industrial Microbiology - The industrial microbiology segment achieved a sales revenue of 7.11 billion yuan, a significant increase of 43.12% [39]. - The company is actively expanding its international market presence and enhancing its product development capabilities in this segment [40][41]. Financial Performance - In 2024, the company reported total revenue of 419.06 billion yuan, a year-on-year growth of 3.16%, and a net profit of 35.12 billion yuan, up 23.72% [21][22]. - The company maintains a comprehensive gross profit margin of 33.21%, reflecting improved operational quality [21]. Innovation and R&D - The company has established a global new drug R&D center, focusing on innovative drug development in oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug pipelines [9][10]. - Continuous investment in R&D has led to the development of a diverse product pipeline, ensuring a steady flow of innovative products to the market [9][10]. Market Strategy - The company is adapting to the evolving pharmaceutical market landscape by enhancing its marketing strategies, focusing on digital transformation, and improving service delivery across its business segments [28][30]. - The company aims to strengthen its competitive position by leveraging its established relationships with healthcare providers and expanding its product offerings [30].