作为聚乙二醇蛋白质长效药物领域的龙头，特宝生物的业绩表现十分亮眼。2016-2024年间，公司营业 收入从2.8亿元增长至28亿元，营业利润从0.3亿元增长至9.7亿元。2025年前三季度公司营业收入同比增 长26.85%，营业利润同比增长16.11%，归母净利润同比提升20.21%。 文 | 财经思享汇，作者 | 王璇，编辑 | 管东生 2025年10月，派格宾新增"联合核苷（酸）类似物用于成人慢性乙型肝炎患者的HBsAg持续清除"适应 症，成为全球首个获批该适应症的药物，标志着乙肝临床治愈成为现实，实现这一突破的公司正是特宝 生物（688278.SH）。 图 公司营业总收入、营业利润、归母净利润情况 为股东创造财富的效率同样突出，自2019年以来，公司净资产收益率一直保持在10%以上，并呈现逐年 增长的趋势，而资产负债率并不高，截至2025年前三季度仅为20.52%。 公司业绩增长背后的核心动力是什么？这样的增长还能持续多久？ 大单品护城河 公司现有产品包含三个板块，分别为抗病毒用药（派格宾）、血液/肿瘤用药（珮金、特尔立、特尔 津、特尔康）、内分泌用药（益佩生）。其中，派格宾作为核心大单品，占到公司20 ...

Core Insights - The article highlights that only 13 women globally have become billionaires by founding healthcare companies, with 7 of them from China, indicating a significant presence of Chinese female entrepreneurs in the healthcare sector [1][3]. Industry Overview - The Chinese biopharmaceutical industry is experiencing a transformative phase, referred to as the "DeepSeek moment," as it evolves from being a "generic drug powerhouse" to a competitive force against Western innovation in pharmaceuticals [2]. - In 2024, over 1,250 new drug candidates are expected to enter the research and development phase in China, surpassing the European Union and nearly matching the United States' 1,440 candidates [2]. - Nearly one-third of the drug candidates licensed by large pharmaceutical companies in 2024 are from Chinese firms, a significant increase from zero in 2019 [3]. Company Highlights - **Hansoh Pharmaceutical Group**: Founded by Zhong Huijuan, the company reported a total revenue of approximately 12.26 billion yuan in 2024, with a year-on-year growth of about 21.3% [7]. - **Aimeike**: Founded by Jian Jun, the company specializes in hyaluronic acid production and was listed on the A-share market in 2020, achieving a market value exceeding 170 billion yuan [10]. - **Qizheng Tibetan Medicine**: Founded by Lei Jufang, the company generated sales revenue of 1.655 billion yuan in 2024, with a year-on-year growth of 16.31% [14]. - **Haisco Pharmaceutical Group**: Co-founded by Fan Xiulian, the company reported a revenue of 3.721 billion yuan in 2024, with a year-on-year increase of 10.92% [17]. - **Teva Biopharmaceuticals**: Founded by Yang Ying, the company has shown rapid growth, with revenues increasing from 1.527 billion yuan in 2022 to 2.817 billion yuan in 2024 [18]. - **Kangfang Biopharmaceutical**: Founded by Xia Yu, the company has developed several innovative drugs and is recognized for its leading position in the biopharmaceutical sector [23]. - **Xinlitai**: Co-founded by Liao Qingqing, the company has shifted focus to self-research and development, achieving a revenue of 4.012 billion yuan in 2024, with a year-on-year growth of 19.22% [26].

Core Viewpoint - Teabo Bio's performance continues to grow significantly in the hepatitis B field, with a strong increase in revenue and net profit in Q1 2025 compared to the previous year [1][2]. Financial Performance - In Q1 2025, Teabo Bio achieved revenue of 673 million yuan, a year-on-year increase of 23.48%, and a net profit of 182 million yuan, up 41.4% [1]. - From 2020 to 2024, the company's revenue grew from 794 million yuan to 2.817 billion yuan, while net profit increased from 117 million yuan to 828 million yuan [2]. - The company has maintained a continuous dual increase in revenue and net profit for seven consecutive years, with a cumulative net profit of 1.968 billion yuan since its IPO [2]. Product Development - The growth in performance is attributed to the stable sales of the key product, Peginterferon, which is a first-in-class drug with complete independent intellectual property rights [2]. - Teabo Bio has invested significantly in R&D, with expenditures rising from 76.68 million yuan in 2020 to 295 million yuan in 2024, totaling 833 million yuan over the five years [2]. Intellectual Property and Market Position - As of the end of 2024, Teabo Bio has obtained 16 invention patents and a total of 293 intellectual property rights [3]. - The company has made important progress in multiple R&D projects, including the acceptance of a drug registration application for its self-developed growth hormone injection in January 2024 [3]. Stock Performance - Teabo Bio's stock price has seen a significant increase, rising from an IPO price of 8.24 yuan per share to 78.96 yuan per share as of April 22, representing a cumulative increase of 858.25% [3].