海思科医药集团股份有限公司 投资者关系活动记录表 编号：20260110 | | □特定对象调研 分析师会议 ☑ | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 东方证券、中国人寿、中国人保、摩根基金、建信基金、工银 | | | 瑞信、浦银安盛、农银汇理、招银国际、国泰海通、天风证券、 | | 参与单位名称及人 | 财信证券、中信资管、中信建投、华泰柏瑞、招商基金、富国 | | 员姓名 | 基金、天弘基金、大成基金、鹏扬基金、华宝基金、宝盈基金、 | | | 信达澳亚基金、上海高毅、创金合信等机构投资者代表共 80 | | | 余人次 | | 时间 | 2026 年 1 月 10 日 (周六)下午 14:00-15:00 | | 地点 | 海思科 PDE3/4 分子（HSK39004）海外授权合作电话会 | | 上市公司接待 | 总经理严庞科先生、研发中心副总经理吴楠女士、董事会秘书 | | 人员姓名 | 王萌先生 | | | 一、背景概述 | | | ...

Core Insights - The report indicates that the market is expected to experience an early "spring rally" due to easing external pressures and improving internal conditions [2][3] - The focus for December should be on growth sectors, particularly those aligned with the "14th Five-Year Plan" and new productive forces [3] Group 1: Market Environment - In November, market momentum was limited due to seasonal effects and external pressures, including tightening global liquidity and concerns over AI industry bubbles [1] - As of December, the pressure on the A-share market is gradually easing, with an 80% probability of a short-term interest rate cut by the Federal Reserve, creating a warmer overall atmosphere [2] - The sentiment around AI stocks has stabilized, reducing the emotional pressure on related A-share sectors [2] Group 2: Investment Recommendations - The report suggests focusing on two main directions for investment in December: the AI industry chain and sectors related to the "14th Five-Year Plan" [3] - Specific sectors to watch include chip design, semiconductor equipment, and platform companies with full-stack technical capabilities [4] - High-growth areas such as energy storage and innovative pharmaceuticals are highlighted as potential investment opportunities [4] Group 3: Top Stock Picks - The report lists ten recommended stocks, including: - BeiGene (688235.SH) in the pharmaceutical sector, with a projected EPS growth from 3.66 in 2026 to 6.73 in 2027 [5] - Haisco (002653.SZ), also in pharmaceuticals, with a projected EPS of 0.70 in 2026 and 0.81 in 2027 [5] - Longking (600388.SH) in environmental services, with a projected EPS of 1.20 in 2026 and 1.37 in 2027 [5] - Maiwei (300751.SZ) in machinery, with a projected EPS of 3.14 in 2026 and 3.93 in 2027 [5] - Yutong Bus (600066.SH) in the automotive sector, with a projected EPS of 2.67 in 2026 and 3.18 in 2027 [5] - Cambricon (688256.SH) in electronics, with a projected EPS of 11.64 in 2026 and 20.88 in 2027 [5] - CATL (300750.SZ) in new energy, with a projected EPS of 18.90 in 2026 and 23.35 in 2027 [5] - Alibaba (9988.HK) in media and internet, with a projected EPS of 4.33 in 2026 and 6.44 in 2027 [5] - Xianle Health (300791.SZ) in food and beverage, with a projected EPS of 1.37 in 2026 and 1.64 in 2027 [5] - Wanhua Chemical (600309.SH) in energy and chemicals, with a projected EPS of 5.13 in 2026 and 5.79 in 2027 [5] Group 4: Financial Data - The report provides financial forecasts for the top stock picks, indicating expected revenue and net profit growth across various sectors [62][63] - For example, BeiGene is projected to achieve a revenue of 370.27 billion in 2025, increasing to 462.80 billion in 2026 [63] - CATL is expected to see significant growth, with projected revenues of 4226.04 billion in 2025 and 5349.47 billion in 2026 [63]

Summary of Haishike's Conference Call Company Overview - **Company**: Haishike - **Focus Areas**: Anesthesia, Neuropathic Pain, Metabolism - **R&D Investment**: 17.1% of revenue in H1 2025, indicating a strong commitment to new drug development [2][4][19] Key Products and Market Position - **Ropivacaine**: - Market share increased to 8.2% from 4.7% year-over-year [2][5] - FDA accepted its New Drug Application (NDA) on July 30, 2025, with approval expected in 2026 [5][6] - Revenue from anesthesia products grew by 54% in H1 2025 [5] - **Semaglutide (Simining)**: - First approved drug in China for treating diabetic neuropathic pain and postherpetic neuralgia [2][10] - Included in the medical insurance directory, with significant market potential [2][10] - **Becaplermin**: - Non-insulin hypoglycemic agent with a two-week long-acting advantage, targeting the DPP4 inhibitor market [2][11] - **Anrikefin Injection (Sishujing)**: - Peripheral selective kappa receptor agonist with low addiction potential, enhancing market competitiveness [2][12] Pipeline and Future Developments - **Product Pipeline**: - 19 products in the pipeline, with 31,858 in Phase III clinical trials [13][16] - Focus on multiple therapeutic areas including respiratory, pain management, autoimmune, metabolism, hematology, and urological tumors [14] - **Clinical Trial Success**: - 31,858 showed significant efficacy in reducing acute exacerbation frequency in bronchiectasis patients during Phase II trials [15] - **Global R&D Progress**: - Ranked second globally in R&D progress, with a strong presence in the Chinese market [16] Financial Projections - **Revenue Forecast**: - Expected revenues of 5.5 billion, 5.6 billion, and 6.6 billion RMB for 2025, 2026, and 2027 respectively [3][19] - Net profit projections of 370 million, 630 million, and 900 million RMB for the same years [3][19] - **Market Growth**: - Anticipated steady growth in the anesthesia drug market at approximately 2% annually, with a target market size of 2.5 billion RMB by 2030 [9] Strategic Initiatives - **International Expansion**: - Establishment of subsidiaries in Singapore and the USA to support new drug development and market entry [4][20] - **Innovation and Patents**: - Over 1,000 patents filed, with a research team comprising over 900 members, more than 60% of whom hold advanced degrees [7][8] Conclusion - **Long-term Growth**: - Haishike's innovative product lines and strategic focus on R&D and international markets are expected to drive significant revenue growth and establish a robust market presence in the coming years [20]

Core Insights - The company, Haikang, was established on August 26, 2005, and went public on January 17, 2012, on the Shenzhen Stock Exchange, focusing on the research, production, and sales of chemical pharmaceuticals, with notable performance in innovative drug development [1] Financial Performance - For Q3 2025, Haikang reported revenue of 3.3 billion yuan, ranking 21st among 110 companies in the industry, while the net profit was 295 million yuan, ranking 29th [2] - The company's revenue growth year-over-year was 19.95%, while the net profit decreased by 22.66% [6] Profitability and Debt - As of Q3 2025, Haikang's debt-to-asset ratio was 41.43%, higher than the industry average of 35.26%, indicating a need to monitor debt risks [3] - The gross profit margin was 73.90%, above the industry average of 57.17%, suggesting strong profitability potential for the company's products [3] Leadership Compensation - The chairman, Wang Junmin, received a salary of 1.7525 million yuan in 2024, a decrease of 12,900 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.87% to 12,900, while the average number of shares held per shareholder decreased by 11.40% [5] Innovation and Future Prospects - The company has launched four innovative drugs that are rapidly gaining market share, with expectations for significant growth in sales [6] - Several early-stage products are progressing in clinical trials, with potential for international market entry [6]

Core Viewpoint - Dongwu Securities report indicates that Hisco achieved a net profit attributable to shareholders of 129 million yuan in the first half of 2025, a year-on-year decrease of 21.79% [1] Financial Performance - Overall gross margin stands at 72.96%, an improvement compared to the projected 71.46% for the entire year of 2024 [1] - Sales expenses for the first half of 2025 amounted to 727 million yuan, with a stable expense ratio of 36.35% [1] - Research and development expenses reached 342 million yuan, reflecting a year-on-year increase of 59.22%, supporting the development of the company's innovative drug pipeline [1] Revenue Breakdown - Revenue from anesthesia products in the first half of 2025 was 796 million yuan, showing a year-on-year growth of 54% [1] - Parenteral nutrition revenue was 206 million yuan, a year-on-year decline of 19.39% [1] - Revenue from antiemetic drugs for cancer reached 163 million yuan, marking a year-on-year increase of 19.9% [1] Strategic Outlook - The core anesthesia product, remifentanil, is experiencing rapid sales growth, facilitating the company's transition towards innovative drug sales [1] - Remifentanil is expected to be launched overseas soon, with multiple pipelines already included in medical insurance, which will become a new growth point for performance [1] - The company has sufficient catalysts for future innovative pipelines, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The sales of anesthetic products meet expectations, and the innovative pipeline is entering a commercialization phase [8] - The company reported a total revenue of 2.001 billion yuan in the first half of 2025, representing an 18.63% year-on-year growth, while the net profit attributable to shareholders decreased by 21.79% to 129 million yuan [8] - The core anesthetic product, Remifentanil, has rapidly gained market share, with a 22.3% share in the intravenous anesthetic market as of Q1 2025, surpassing competitors [8] - The company has multiple innovative pipelines progressing, with several clinical registrations underway, including HSK21542 and HSK16149, which are expected to contribute to future revenue growth [8] Financial Summary - Total revenue forecast for 2025 is 4.583 billion yuan, with a year-on-year growth of 23.15% [1][9] - The net profit attributable to shareholders is projected to be 522 million yuan in 2025, with a growth rate of 31.93% [1][9] - The earnings per share (EPS) is expected to be 0.47 yuan in 2025, with a price-to-earnings (P/E) ratio of 127.50 [1][9] - The company’s gross margin is expected to improve to 73.50% by 2026 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16]. Core Viewpoints - The company has seen a significant revenue increase of 54% in its anesthesia products, with total revenue reaching 2.001 billion yuan in the first half of 2025, representing an 18.6% year-on-year growth [1][8]. - The company is entering a harvest period for its innovative drugs, with multiple products approved for commercialization, including pain management and diabetes treatment medications [2][16]. - The company maintains a strong pipeline with ongoing clinical trials for various indications, indicating robust future growth potential [3][16]. Financial Performance Summary - In the first half of 2025, the company reported a gross margin of 71.5%, a net profit margin of 10.6%, and an overall expense ratio of 63.5% [2][12]. - Revenue breakdown by product area shows anesthesia products generating 796 million yuan, parenteral nutrition at 206 million yuan, antiemetic drugs at 163 million yuan, and other indications at 340 million yuan [1][8]. - The company forecasts net profits of 546 million yuan, 692 million yuan, and 866 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 122, 96, and 77 [4][16].

Summary of Haishi Science Conference Call Company Overview - **Company**: Haishi Science (海思科) - **Industry**: Pharmaceutical and Biotechnology Key Points Financial Performance - Haishi Science expects a **20% revenue growth** for the full year of 2025, with projected revenue reaching **20 billion RMB** in the first half of 2025, marking an **18% year-over-year increase** [2][3] - The company achieved a record **11 billion RMB** in revenue for Q2 2025, with a **90% increase** in net profit [3] Product Revenue Projections - **Ringbofen** (环泊酚) is expected to generate **1.6 billion RMB** in revenue for 2025, while products **16,149** and **7,653** are projected to reach **300 million RMB** in total revenue [2][4] - By the end of 2029, Haishi Science aims for total revenue to grow to **10 billion RMB**, with innovative drug sales exceeding **7 billion RMB** [2][6] Research and Development - R&D expenses increased by **60%** year-over-year to **500 million RMB** in the first half of 2025, with a focus on multiple projects across various therapeutic areas [2][9] - The company is advancing several clinical trials, including **39,297** for PNH and **31,858** for non-cystic fibrosis bronchiectasis, with NDA submissions planned for late 2025 and early 2026, respectively [7][17] Market Strategy - Haishi Science plans to launch **1 to 3 new products annually** and is pursuing a dual-filing strategy in the U.S. and China [5][23] - The company is focusing on the respiratory field, targeting diseases such as COPD, IPF, and asthma, with specific attention to the **DP1**, **PDE34**, and **PDE14B** targets [5][18] Competitive Landscape - **PD34** is positioned for asthma treatment, with no current plans to expand its indications [20] - The company is exploring potential synergies between its respiratory products to enhance treatment efficacy [19] Future Outlook - Haishi Science is optimistic about the commercialization of its new products, with **16,149** and **7,653** expected to maintain sales around **60 million RMB** each for 2025 [11] - The company does not plan to enter the nuclear medicine field but remains focused on other innovative therapies [11][26] Financial Management - The company has improved cash flow significantly in Q2 2025 due to enhanced payment cycles and financial policy optimizations [21] International Development - Haishi Science is actively pursuing international clinical trials, particularly for product **47,388**, with plans for IND submissions in the U.S. [22][23] Conclusion - Haishi Science is on a growth trajectory with ambitious revenue targets, a strong pipeline of innovative drugs, and a strategic focus on international expansion and R&D investment to drive future success [25][26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a significant increase in non-recurring net profit, with a growth of 90.84% year-on-year, indicating strong operational performance despite a decline in net profit [6] - The company is expected to maintain a robust growth trajectory in its innovative pipeline, with projected net profits of 5.33 billion, 7.35 billion, and 10.31 billion for 2025, 2026, and 2027 respectively [6][9] - The current price-to-earnings (P/E) ratios are projected to decrease from 123.6 in 2025 to 63.9 in 2027, suggesting potential for valuation improvement [6][9] Financial Performance Summary - In H1 2025, the company reported operating revenue of 2.001 billion (up 18.63% year-on-year) and a gross margin of 72.96% (up 1.01 percentage points) [6][9] - The company’s R&D investment reached 497 million in H1 2025, reflecting a year-on-year increase of 43.02% [7] - The projected operating revenues for the years 2025 to 2027 are 4.364 billion, 5.312 billion, and 6.863 billion respectively, with corresponding year-on-year growth rates of 17.3%, 21.7%, and 29.2% [9][12] Innovative Pipeline and Market Position - The company has successfully maintained a leading market share of 22.3% in the intravenous anesthesia market with its product环泊酚, which is currently used in over 2,500 hospitals [7] - The company has several innovative products in various stages of development, including a first-class new drug for diabetic peripheral neuropathic pain and a high-selectivity peripheral κ-opioid receptor agonist [7] - The company’s innovative transformation is expected to drive future growth and enhance its market valuation [7]

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]