Core Viewpoint - The recent surge in the Hong Kong innovative drug sector, particularly for Xiansheng Pharmaceutical, is driven by favorable factors such as the cyclical resurgence of COVID-19 and record-breaking domestic innovative drug business development (BD) deals [1] Group 1: Stock Performance - Xiansheng Pharmaceutical's stock price has experienced a continuous rise since May 16, achieving a maximum increase of 28.33% by May 21, with a cumulative increase of nearly 50% year-to-date [1] - The stock has shown significant trading activity, with over 25 million shares traded on three consecutive days from May 19 to 21, indicating strong market interest [4] Group 2: Business Development Potential - The recent $60.5 billion BD deal between Innovent Biologics and Pfizer has spotlighted the potential of Chinese innovative drugs, with Xiansheng Pharmaceutical being a key player in this growth [2] - Xiansheng Pharmaceutical has developed multiple ADC (antibody-drug conjugate) candidates targeting various biomarkers, with products like SCR-A006 showing Best-in-Class potential [2] Group 3: International Expansion - Xiansheng Pharmaceutical has established a track record in international markets, with its first overseas deal for SIM0278 setting a record for domestic autoimmune drug BD at the time [3] - The company has secured a licensing agreement exceeding $1 billion for SIM0500 with AbbVie, currently undergoing clinical trials in the U.S. and China [3] Group 4: Innovation and R&D - The company has invested over 8.5 billion yuan in R&D over six years, developing over 60 innovative drug candidates across various therapeutic areas [5] - Three new drug molecules are in the NDA approval process, while four are in Phase III clinical trials, indicating a robust pipeline [5] - The anticipated launch of significant new drugs will further enhance the company's position in the global biopharmaceutical market [5]

3月24日，先声药业发布2024年全年业绩报告，尽管面临行业政策调整和市场竞争加剧的压力，先 声药业依然实现了稳健的增长，并在多个关键领域取得了显著进展。报告期内，实现全年营业收入 66.35亿元人民币，属于公司权益股东的利润为7.33亿元，均创上市以来历史新高。值得关注的是，经调 整净利润达10.18亿元，同比大幅增长41.6%，主要得益于创新药收入占比提升带动毛利润增长。 创新药业务持续发力，治疗领域布局成效显著 从业务结构看，创新药收入占比达74.3%，贡献49.28亿元，成为业绩核心引擎。分治疗领域来看， 2024年，其神经科学领域收入达21.74亿元，占总收入的32.8%，同比增长10.4%；自身免疫领域收入 18.11亿元，同比增长28.0%。尽管抗肿瘤领域收入有所下降，但这主要是由于产品组合调整和市场竞争 因素所致，而并非整体业务趋势的反映。 此外，先声药业在研发管线上的持续投入开始结出硕果。报告期内，其成功将两款创新产品推向市 场：恩立妥(西妥昔单抗β注射液)和先必新舌下片。此外，还有三项新药上市申请已获国家药品监督管 理局受理，包括用于卵巢癌治疗的恩泽舒、治疗慢性失眠障碍的科唯可以及抗流感药 ...