先声药业(02096)公布截至2025年6月30日止六个月的中期业绩。期内公司实现收入35.85亿元人民币，同 比增长15.1%；创新药业务贡献27.76亿元，占总收入的77.4%，同比大增26%，持续成为公司增长的核 心动力。 从业务结构来看，神经科学及抗肿瘤领域表现最为亮眼。神经科学收入12.49亿元，同比劲增37.3%；抗 肿瘤收入8.74亿元，同比大增41.1%；自身免疫收入保持稳健，录得8.78亿元，同比增长3.3%。 盈利方面，公司归属于股东的净利润达到6.04亿元，同比上升32.2%；经调整归母净利润6.51亿元，同 比增长21.1%，显示盈利质量稳步提升。公司同时持续加大研发投入，上半年研发总额高达10.28亿元， 同比大增68%，占收入比例由去年同期的19.7%升至28.7%。 报告期内，公司在产品管线与商业化方面均有重要突破。创新药科唯可(盐酸达利雷生片)和恩泽舒(苏维 西塔单抗注射液)相继在中国获批上市，进一步丰富了在失眠、卵巢癌等重大疾病领域的产品布局。 公司还与艾伯维(ABBV.US)、NextCure(NXTC.US)、Idorsia等国际药企达成多项战略合作，在ADC、三 抗及中 ...

从业务结构来看，神经科学及抗肿瘤领域表现最为亮眼。神经科学收入12.49亿元，同比劲增37.3%；抗 肿瘤收入8.74亿元，同比大增41.1%；自身免疫收入保持稳健，录得8.78亿元，同比增长3.3%。 智通财经APP获悉，先声药业(02096)公布截至2025年6月30日止六个月的中期业绩。期内公司实现收入 35.85亿元人民币，同比增长15.1%；创新药业务贡献27.76亿元，占总收入的77.4%，同比大增26%，持 续成为公司增长的核心动力。 报告期内，公司在产品管线与商业化方面均有重要突破。创新药科唯可（盐酸达利雷生片）和恩泽舒 （苏维西塔单抗注射液）相继在中国获批上市，进一步丰富了在失眠、卵巢癌等重大疾病领域的产品布 局。 公司还与艾伯维(ABBV.US)、NextCure(NXTC.US)、Idorsia等国际药企达成多项战略合作，在ADC、三 抗及中枢神经药物研发方面取得进展。公司表示将继续聚焦神经、肿瘤、自免及抗感染等核心领域，提 升创新药研发及商业化能力。 盈利方面，公司归属于股东的净利润达到6.04亿元，同比上升32.2%；经调整归母净利润6.51亿元，同 比增长21.1%，显示盈利质量稳 ...

Core Viewpoint - CICC has raised the target price of Sihuan Pharmaceutical (02096) by 45.5% to HKD 12.8, reflecting a potential upside of 14.1% based on the company's recent breakthroughs in its innovative pipeline, including the approval of a new insomnia drug and a significant licensing deal for SIM0505 [1][2]. Group 1: Recent Developments - Sihuan Pharmaceutical's new insomnia drug, Kewike (Darelisib), has been approved by the National Medical Products Administration for the treatment of adult insomnia characterized by difficulty in falling asleep and/or maintaining sleep [1]. - Kewike is the only DORA class insomnia drug approved by the European Medicines Agency that improves daytime functioning, with a good safety profile and no withdrawal symptoms reported [1]. - The company has reached a supplementary agreement with Idorsia, involving a one-time cash payment of USD 50 million to expedite the commercialization of Kewike [1]. Group 2: Licensing and Clinical Trials - Sihuan Pharmaceutical has licensed global rights for SIM0505 to NextCure, with potential payments up to USD 745 million and tiered royalties based on net sales in licensed regions [2]. - SIM0505 is currently undergoing Phase I clinical trials in China, with NextCure planning to initiate Phase I trials in the U.S. in Q3 2025 [2]. - The company’s SIM0500 (GPRC5D/BCMA/CD3 tri-antibody) has completed its first patient dosing in the U.S. Phase I trial, and it received Fast Track designation from the FDA in April 2024 [2].