长江商报消息 ●长江商报记者 沈右荣 知名创新型生物制药企业科兴制药（688136.SH）拟甩卖子公司。 6月10日晚，科兴制药公告，公司拟将持有的全资子公司深圳同安医药有限公司（以下简称"同安医 药"或"标的公司"）100%的股权转让，价格为1500万元。科兴制药称，转让子公司，有利于降低管理成 本，提高资产运营效率。 近期，科兴制药备受市场关注，股价表现强势，年初以来翻倍上涨。 而在今年6月4日晚间，公司公告，控股股东深圳科益医药控股有限公司（简称"科益医药"）拟减持公司 不超过3%的股权。如果顶格减持，按公告当日收盘价计算，科益医药将套现超过3亿元。 2020年，科兴制药登陆A股市场，上市当年即业绩变脸，并在2022年、2023年连续亏损。2024年及今年 一季度公司实现了扭亏为盈，且同比大幅增长，但净利仍然处于低位。 长江商报记者发现，2024年，科兴制药的研发投入大幅缩水。当年研发费用约为1.68亿元，较上年下降 51.30%。 股价涨1.5倍后大股东拟减持 科兴制药的大股东抛出了减持计划，受到了市场质疑。 Wind数据显示，今年一季度，曾被市场称为"医药女王"的葛兰管理的中欧健康基金增持了科兴制药 ...

Group 1 - The research team from Zhejiang University School of Medicine has presented a groundbreaking study on the treatment of advanced pancreatic cancer using "Epimedium extract soft capsules (Akeladin) + AG (Gemcitabine + Albumin-bound Paclitaxel)" at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, attracting significant attention in the oncology community [1][2] - Pancreatic cancer, known as the "king of cancers," has a 5-year survival rate of less than 10%, with most patients diagnosed at an advanced stage, making surgical intervention impossible. Traditional treatment regimens like FOLFIRINOX and AG are currently the main chemotherapy options, but patient survival rates remain poor [2] - The study is a single-arm, single-center prospective Investigator-Initiated Trial (IIT) involving 20 newly diagnosed patients with advanced pancreatic ductal adenocarcinoma (PDAC), all of whom received 6 cycles of treatment with Epimedium extract soft capsules combined with AG [2][3] Group 2 - As of December 15, 2024, the study has shown promising results, with an objective response rate (ORR) of 50%, a disease control rate (DCR) of 90%, and a 6-month survival rate of 90%. Notably, 35% of initially unresectable patients became resectable after treatment [3] - The safety profile indicated that the incidence of grade ≥3 treatment-related adverse events (TRAEs) was 40%, primarily associated with chemotherapy drugs, with no fatal TRAEs reported. This research provides a new treatment option for advanced PDAC patients and demonstrates significant potential for further studies and the development of other indications [3] - The Epimedium extract soft capsules, developed by Beijing Shengnuo Pharmaceutical Technology Co., Ltd., are a first-in-class immunomodulatory drug derived from traditional Chinese medicine, primarily used for treating advanced hepatocellular carcinoma. The drug has recently received approval for clinical trials in combination therapy for advanced colorectal cancer with specific genetic markers [4]

Core Viewpoint - The company has established a clear strategy of "innovation + overseas commercialization" and has achieved significant results through five years of careful planning [1] Group 1: Overseas Commercialization Strategy - The company's overseas commercialization strategy focuses on high-quality Chinese pharmaceuticals entering global markets, emphasizing "global selection and global coverage" [2] - The 2.0 strategy includes expanding from emerging markets to the EU, transitioning from biosimilars to high-end complex injectable formulations, and localizing operations [2] - The company aims to enhance its international competitiveness by upgrading product structures and establishing a strong localized operational network in key global markets such as Brazil, Mexico, and Germany [2] Group 2: Innovation and Clinical Development - The company is committed to completing a certain number of innovative drug clinical applications in the US and China each year to accelerate the internationalization of its product pipeline [2] - The company is strengthening its business development capabilities by forming specialized teams in China and Europe and actively seeking deep collaborations with leading global pharmaceutical companies [2] - Several innovative drug projects are currently in the negotiation stage, and the company is increasing its academic exchanges to enhance its international influence in innovative drug research [2] Group 3: Future Growth and Market Expansion - The company has laid a solid foundation for its overseas commercialization strategy since its establishment in 2021, with good sales performance of its albumin paclitaxel product in the EU market [3] - The company plans to introduce new products and drive sales through its established overseas commercialization platform, aiming for long-term business growth [3] - The company targets a 200%-400% increase in export revenue by 2025 compared to 2023, as outlined in its 2024 equity incentive plan [3]

证券之星消息，2025年5月21日健友股份（603707）发布公告称华西医药孙曼萁、精砚基金林彦宏、君和资本 祝晨宇、开源证券阮帅、民生证券王维肖杨涛、平安养老邵瑾良、平安医药韩盟盟、申万研究所张静含、太 平保险张雪婷、天风医药刘一伯、哇牛资本合伙人陈剑光、东吴证券徐梓煜、西部医药邓琳茜、西部证券 （002673）李梦园、汐泰投资朱丹、湘财基金张泉、信达证券（601059）唐爱金、银华基金于蕾、招商证券 许菲菲侯彪肖笑园、浙商医药郭双喜盖文化、中金公司（601995）吴婉桦、中泰医药李雨蓓祝嘉琦、复胜资 产洪麟翔、中万宏源余玉君、中信证券韩世通朱家成、国海富兰克林刘牧、国盛证券胡偌碧、华泰证券陈睿 恬袁中平、华源医药陶宸冉、交银施罗德王少成周章庆、金友创智范佳锴于2025年5月20日调研我司。 具体内容如下： 问：公司对美国关税政策以及特朗普签署行政令并宣布药价将立即降低30%-80%的看法？ 答：目前观点认为医药行业因刚需属性及高监管门槛受政策影响有限，我们后续会积极关注政策动态。面对 目前20%的关税挑战，我们已开始调整受影响产品的原料药供应链，同时重点布局高壁垒、高毛利产品以保 持竞争优势。中长期看，美 ...

健友股份 20250513 摘要 • 健友股份通过肝素原料药起家，逐步发展到依诺肝素钠注射剂、小分子注 射液，再到大分子生物类似物，构筑了三段成长曲线，并在产业链、生产 技术环节、注册申报、商品化及商业化方面具备显著协同性，实现终端利 润增值。 • 公司深耕美国市场多年，制剂收入占比超 70%，海外制剂占比约 54%。 美国关税调整后，公司估值与股价处于底部，大分子生物类似物进入放量 元年，将成为未来业绩主要驱动引擎。 • 全球生物制药市场规模庞大，生物类似药市场潜力巨大。美国通胀削减法 案（IRA）通过重构医保支付结构，提升医生开具生物类似药处方利润， 迫使保险公司选择成本更低的生物类似药，为生物类似药发展提供契机。 • 健友股份在生物类似药领域积极布局，阿达木单抗预计 2025 年销售收入 可达 3,000 万美元，已获得 75 万只利拉鲁肽订单，预计 2025 年销售 100 万只，并计划于 10 个月内完成高浓度阿达木单抗品种审批。 • 美国无菌注射剂市场长期处于短缺状态，健友股份具备强大的商业化能力 和产能优势，拥有 12 条通过美国 FDA 审核的注射剂生产线，预计 2026 年底至 2027 年 ...

证券研究报告 健友股份 (603707 CH) 原料药阶段承压，类似药驱动向好 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 08 日│中国内地 | 化学制药 | 公司发布 2024/1Q25 业绩：1）2024 年营收/归母净利润/扣非净利润分别为 39.24/8.26/7.82 亿元（营收-0.20%yoy，利润扭亏）；其中，4Q24 营收/归 母净利润/扣非净利润分别为 8.36/2.20/2.34 亿元（营收+5.84%yoy，利润 扭亏）。2）1Q25 营收/归母净利润/扣非净利润分别为 8.85/0.85/0.75 亿元 （-11.85/-52.19/-56.05%yoy）。公司年报业绩符合业绩预告。我们看好公司 生物类似药业务驱动全年业绩改善，维持"买入"评级。 制剂：稳增长延续，非肝素制剂出口持续发力 2024 年，公司制剂（含生物类似药）实现收入 30.50 亿元（+10%yoy），其 中非肝素制剂 14.67 亿元（+24%yoy）；1Q25，公司制剂收入同比+18%， 制剂出口仍为强力增长驱动。海外来看：1） ...

经过20 多年的发展，公司已经将人口过亿、GDP 排名前三十的新兴市场国家全部覆盖。2024 年位于济 南的白蛋白紫杉醇生产线获得了欧洲药品管理局GMP 证书、欧盟委员会上市批准，并于次月开始在欧 盟、英国法规市场销售。截止至2024 年底，公司引进了16 款产品，已在 60 余个国家提交了 120 多项注 册申请；白蛋白紫杉醇、英夫利西单抗、贝伐珠单抗、利拉鲁肽等产品2025 年将陆续在多个国家、地 区获批注册，实现上市销售。我们认为，随着白蛋白紫杉醇开始销售，以及2025 年更多产品在海外注 册/销售，公司海外市场销售值得期待。 创新药平台重估：截止至2024 年底，公司已经构建了领先的重组蛋白药物、抗体药物、递送系统技 术、微生态制剂研发及产业化、载体疫苗等五大技术平台，已经成功研发2 个III 期临床资产、2 个早期 临床资产。其中，人干扰素α1b 吸入溶液国内处于III 期，同时取得了美国临床许可；聚乙二醇化人粒 细胞刺激因子注射液处于III 期；GB18中国药监局已受理IND 申请 ，美国处于Pre-IND 阶段。 投资建议 我们认为，公司2024 年已经实现扭亏为盈，海外商业化处于快速兑现阶段， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

[Table_StockNameRptType] 科兴制药（688136） 公司点评 新兴市场出海策略收获，一季度海外增利显著 -50% 0% 50% 100% 150% 200% 科兴制药 沪深300 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com [相关报告 Table_CompanyReport] 1.【华安医药】科兴制药（688136.SH） 公司深度：重组蛋白业务稳健增长，出 口海外未来可期 2023-12-06 2.【华安医药】公司点评科兴制药 （688136.SH）：24Q1 扭亏为盈，海 外重组蛋白业务即将收获 2024-4-30 | | | | 报告日期： | 2025-04-28 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 38.23 | | 近 12 个月最高/最低（元） | 42.10/13.67 | | | 总股本（百万股） | | 200 | | 流通股本（百万股） | ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 高端注射剂平台建成，健友股份 3.0 To 2030 。 健友股份的前身健友生化厂于 1991 年成立，在创立以来三十余年的时间，公司始终保持 着前瞻的战略眼光和高效的执行力。目前健友股份产品管线丰富，业务涵盖无菌注射剂、肝素原料药、 CDMO 及生物药创新，立足中 美，拓展全球。回顾公司的发展历程，我们认为公司的成长模式和核心竞争力均已得到了较为充分的验证，并展现出广阔的成长空间。 原料药制剂一体化：肝素价稳筑基，制剂蓄势待发 。 健友股份作为国内肝素原料药及制剂一体化的龙头企业，凭借其在肝素产业链上的 完整布局，奠定了公司发展的坚实基础。公司不仅在肝素原料药领域占据重要地位，也通过制剂一体化战略，形成了从研发、生产到销 售的完整产业链条。 制剂出口 1 ：依诺肝素开篇，高端注射剂接力。 公司以依诺肝素制剂全球化突破为起点 ...