先声药业(02096)午前涨超6%，截至发稿，涨6.02%，报14.08港元，成交额2.41亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望带动创新药收入持续快速提升。 消息面上，先声药业发布中期业绩，上半年营业收入同比增长15.1%至35.85亿元，经调整净利润6.51亿 元，同比增长21.1%。根据报告，公司已上市创新药数量达十款，创新药收入27.76亿元，同比增长 26%，占总收入比例首次超过3/4，达77.4%。2025年上半年2款创新药获批上市、2款候选药物进入NDA 审评阶段，另有2款自研临床阶段产品实现创新出海授权，创新转型成果亮眼。 ...

先声药业(02096)再涨超6%，截至发稿，涨4.4%，报14.72港元，成交额2.1亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望带动创新药收入持续快速提升。 消息面上，近日，先声药业公布上半年业绩。交银国际指出，先声药业1H25业绩如期实现高增长，收 入和经调整净利润同比分别增长15%/21%，符合该机构的预期，其中创新药相关收入增长26%，占总收 入的比例同比提升6.6ppts至77.4%。该行指出，公司1H25整体研发投入超10亿元，占总收入比例接近 30%，创新研发成果显着，包括：上市达利雷生和苏维西塔单抗；完成两单BD出海交易，分别与艾伯 维和NextCure就GPRC5D/BCMA/CD3三抗和CDH6ADC达成，其中前者有望于2026年完成I期爬坡后迎 来合作伙伴正式 ...

消息面上，近日，先声药业公布上半年业绩。交银国际指出，先声药业1H25业绩如期实现高增长，收 入和经调整净利润同比分别增长15%/21%，符合该机构的预期，其中创新药相关收入增长26%，占总收 入的比例同比提升6.6ppts至77.4%。该行指出，公司1H25整体研发投入超10亿元，占总收入比例接近 30%，创新研发成果显着，包括：上市达利雷生和苏维西塔单抗；完成两单BD出海交易，分别与艾伯 维和NextCure就GPRC5D/BCMA/CD3三抗和CDH6 ADC达成，其中前者有望于2026年完成I期爬坡后迎 来合作伙伴正式行权。 智通财经APP获悉，先声药业(02096)再涨超6%，截至发稿，涨4.4%，报14.72港元，成交额2.1亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望 ...

Core Viewpoint - The company reported strong performance in 1H25, exceeding market expectations with significant growth in revenue and net profit driven by its innovative drug business [1][2]. Financial Performance - Revenue for 1H25 reached 3.585 billion yuan, a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders was 604 million yuan, up 32.2% year-on-year, while adjusted net profit was 651 million yuan, reflecting a 21.1% increase [1] - The gross margin improved to 80.7%, an increase of 1.6 percentage points year-on-year [2] - Adjusted net profit margin stood at 18.2%, showing a year-on-year increase of 0.9 percentage points [2] Business Development - The innovative drug business showed strong commercialization progress, with revenue reaching 2.776 billion yuan in 1H25, a 26.0% increase year-on-year, and its revenue share rising from 74.3% in 2024 to 77.4% [1] - Key products such as Koseira and Xianbi sublingual tablets are experiencing rapid growth, with expectations for the launch of Koweike (Daliresheng) in 2H25 [1] - The company’s revenue in the neuroscience segment was 1.249 billion yuan, up 37.3% year-on-year, while oncology revenue reached 874 million yuan, a 41.1% increase [1] Research and Development - The company maintained a research and development investment rate of 28.7%, an increase of 9.0 percentage points year-on-year, indicating a commitment to innovation [2] - Two products were authorized for external licensing, and two products received approval for market launch [2] Profit Forecast and Valuation - The company raised its core net profit forecasts for 2025 and 2026 by 6% and 10% to 1.252 billion yuan and 1.427 billion yuan, respectively [2] - The current stock price corresponds to 23.8 times and 20.0 times the adjusted price-to-earnings ratio for 2025 and 2026 [2] - The target price was increased by 32.8% to 17.00 HKD, implying a potential upside of 33.1% [2]

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%。 先声药业(02096)绩后高开逾4%，截至发稿，涨4.15%，报13.3港元，成交额192.85万港元。 消息面上，8月21日，先声药业公布截至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。公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾 得辛、先必新、恩维达、科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、 抗肿瘤、自身免疫、抗感染领域，拥有巨大的市场潜力和协同效益。 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% ...

智通财经APP获悉，先声药业(02096)绩后高开逾4%，截至发稿，涨4.15%，报13.3港元，成交额192.85 万港元。 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%。 消息面上，8月21日，先声药业公布截至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。公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾 得辛、先必新、恩维达、科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、 抗肿瘤、自身免疫、抗感 ...

公告称，截至本公告日期，集团商业化创新药组合成功拓展至十款：恩度、艾得辛、先必新、恩维达、 科赛拉、先诺欣、恩立妥、先必新舌下片、科唯可及恩泽舒，涵盖神经科学、抗肿瘤、自身免疫、抗感 染领域，拥有巨大的市场潜力和协同效益。截至2025年6月30日止6个月，创新药业务收入人民币27.76 亿元，占总收入的77.4%。 先声药业(02096)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币35.85亿元(单位下 同)，同比增加15.14%;净利润6.04亿元，同比增加32.2%;每股基本盈利0.25元；经调整归属于公司权益 股东的利润为人民币6.51亿元，相比于去年同期人民币5.38亿元增长21.1%。 ...

Group 1 - The Hainan Free Trade Port will officially start its full island closure operation on December 18 this year, creating a new engine for the development of an open economy in China [1] - Jiangsu's manufacturing industry, which ranks first in the country, is expected to benefit from the open policies of Hainan, including "zero tariffs" and "processing and value-added tax exemptions" [1][5] - The collaboration between Jiangsu and Hainan is exemplified by the "Nanjing R&D + Hainan transformation" model, which accelerates the introduction of international advanced pharmaceuticals into China [1][2] Group 2 - Jiangsu and Hainan have signed a series of cooperation agreements focusing on biomedicine, aiming to create a full industrial chain open innovation demonstration zone [2] - The strategic cooperation includes building a global data element circulation hub, integrating data industry advantages from Nanjing with Hainan's cross-border data flow policies [3][4] - The partnership aims to explore cross-border data processing and storage, supporting Jiangsu enterprises in utilizing Hainan's international data channels [4][6] Group 3 - Hainan's duty-free policy is attracting over ten million international tourists annually, becoming a new support point for Jiangsu's consumer goods to sell globally [3] - Jiangsu companies are leveraging Hainan as a regional distribution center, reducing logistics costs by 20% through the use of bonded warehouses [3][5] - The collaboration is expected to create a "digital silk road," enhancing the digital transformation of Jiangsu manufacturing and fostering innovative business models in cross-border e-commerce and digital content [5][6] Group 4 - The partnership will focus on building innovation platforms between universities and research institutions in both regions to tackle core technologies like blockchain and privacy computing [4][6] - There is an emphasis on creating a medical data security sharing platform to facilitate the cross-border flow of clinical trial and genetic sequencing data [6][7] - Jiangsu enterprises are encouraged to adapt to international competition through Hainan's pilot programs for high-standard trade rules [7]

Core Viewpoint - The article highlights the innovative drug Koserla, which protects bone marrow stem cells during chemotherapy, and its successful introduction and local production in China through the "Lecang Research and Use + Haikou Production" model [2][4][5]. Group 1: Drug Introduction and Impact - Koserla, a globally pioneering drug, was launched in the U.S. in February 2021 at a price exceeding $1,400 per vial, translating to over 200,000 RMB for a treatment course [4]. - The drug was made available to patients in the Lecang pilot zone shortly after its U.S. launch, with over 30 patients benefiting from it by 2022 when it received conditional approval in China [4][5]. Group 2: Local Production and Cost Reduction - In early 2023, the company submitted a local production application for Koserla, marking the first instance of a domestic company seeking to produce an imported drug in China [5]. - The local production of Koserla has resulted in a significant price reduction, with the domestic price set at 466 RMB per vial, and it has been included in the national medical insurance [5]. Group 3: Industry Response and Future Prospects - The successful implementation of the "Lecang Research and Use + Haikou Production" model has attracted more international innovative drugs to seek domestic market entry and local production [7]. - As of March 2025, 21 drug and medical device products have been approved for domestic use through the Lecang real-world data evaluation, with three products included in the national medical insurance directory [7][8]. Group 4: Supportive Policies and Industry Growth - The article emphasizes the supportive policies in Hainan, such as zero tariffs on raw materials and production equipment, which have fostered the growth of competitive pharmaceutical companies and products [8]. - The new model is seen as a significant boost for the transformation and high-quality development of Hainan's pharmaceutical industry, positioning it as a vital link between China and international innovative drug technologies [8].

Group 1 - The company has presented excellent data on potential blockbuster products such as Suvisetant monoclonal antibody, oral SERD, and multiple ADCs at an international academic conference, which is expected to drive more overseas transactions and enhance product recognition among patients and doctors post-launch [1][2] - At the ASCO 2025 conference, the company showcased 18 research studies in its oncology pipeline, highlighting key products like Suvisetant and SIM0270 [2] - The final analysis of the OS for Suvisetant in treating platinum-resistant ovarian cancer showed median OS of 15.3 months for the treatment group compared to 14.0 months for the control group, indicating a potential advantage over Bevacizumab [2] Group 2 - The company has raised its revenue forecasts for innovative drugs and potential collaboration income based on the positive clinical data, leading to an increase in the target price to HKD 14.3 [3] - The sales revenue forecast for Dalirelix has also been increased due to the recent approval of a similar product, which is expected to expand market opportunities significantly [3] - The company has adjusted its net profit forecasts for 2025-2027 upwards by 6-11%, reflecting an increase in the proportion of high-margin collaboration income [3]