2025年10月27日晚间，华东医药（000963）(000963.SZ)发布2025年三季报。报告显示，2025年1-9月公 司合计实现营业收入326.64亿元，同比增长3.77%；实现归母净利润27.48亿元，同比增长7.24%，实现 扣非归母净利润26.94亿元，同比增长8.53%。 值得注意的是，公司医药工业研发投入强力加码至21.86亿元(不含股权投资)，同比增长35.99%，其中直 接研发支出17.67亿元，同比增长53.76%，占医药工业营收比例达16.21%。在此背景下，华东医药依然 保持了营收与利润的稳健增长。2025年第三季度延续了良好势头，合计实现营业收入109.89亿元，同比 增长4.53%；实现归母净利润9.33亿元，同比增长7.71%，扣非归母净利润9.32亿元，同比增长8.77%。 整体来看，华东医药在显著加大研发力度的同时，经营凸显出强大韧性，发展动能不断释放，业绩呈现 逐季提升的态势。 创新药价值加速兑现商业化梯队构筑增长护城河 值得关注的是，公司正在积极准备派舒宁、爱拉赫、赛恺泽三款创新产品的2025年四季度的国家医保及 商保谈判工作，旨在通过提升药品可及性直接驱动销量增长 ...

Core Viewpoint - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical, received approval from the National Medical Products Administration (NMPA) for the new drug, Remabizine Injection, which is a non-radioactive, non-iodinated fluorescent GFR tracer used in conjunction with MediBeacon Inc.'s TGFR device for assessing kidney function [1][2]. Group 1: Product Approval and Development - Remabizine Injection is classified as a Class 1 chemical drug and is designed to evaluate glomerular filtration rate (GFR) in patients with normal or impaired kidney function [1]. - The TGFR device, developed in collaboration with MediBeacon Inc., has been approved by the FDA in the U.S. for the same purpose as of January 17, 2025 [1]. - Both Remabizine Injection and the TGFR device must be submitted separately for drug and medical device approvals according to Chinese registration regulations [2]. Group 2: Commercialization and Market Strategy - Huadong Medicine has established exclusive commercialization rights for the product in 25 Asian countries or regions [1]. - The company has reported significant growth in its innovative product business, achieving sales and agency service revenue of 1.084 billion yuan, a year-on-year increase of 59% [2]. - The company is actively planning to transfer the production of TGFR to domestic facilities and has received procurement orders from distributors and medical institutions for research and clinical use [3]. Group 3: Pipeline and R&D Focus - Huadong Medicine is focusing on three core therapeutic areas: endocrinology, autoimmune diseases, and oncology, with a dual approach of "independent development + external introduction" [2]. - The company is advancing over 80 projects in its innovative drug R&D center, indicating a rich pipeline of differentiated innovative drugs [2].

Core Insights - The collaboration between East China Pharmaceutical and Hangzhou Changxi Pharmaceutical focuses on the exclusive commercialization of the inhalation drug CXG87 in mainland China, marking a significant step in the high-barrier inhalation formulation sector [1][2] - CXG87 is a modified inhalation powder combining budesonide and formoterol, aimed at treating asthma and other respiratory diseases, with its Phase III clinical trials completed and a new drug application expected in the first half of 2026 [2][3] - The inhalation formulation market in China is projected to reach approximately 23.9 billion yuan by 2025, with a potential market space of up to 60 billion yuan due to unmet medical needs among respiratory disease patients [3] Company Overview - East China Pharmaceutical will leverage its extensive market resources to lead the commercialization of CXG87, supported by a professional marketing team and a multi-channel sales network across over 30 provinces in China [4][6] - The company has demonstrated strong commercial capabilities, with its innovative product segment achieving a revenue of 1.084 billion yuan in the first half of 2025, reflecting a significant year-on-year growth of 59% [4][5] - East China Pharmaceutical has successfully commercialized several innovative products, including CAR-T therapies and monoclonal antibodies, establishing a solid foundation for managing complex inhalation products like CXG87 [5][6]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 9月25日10:00 - 11:00，华东医药在公司会议室接待了来自花旗银行、Carlyle、Sumitomo Mitsui DS Asset Management等15家机构的15位投资者，进行了现场调研。公司首席科学官刘东舟、董事会秘书陈波参 与接待。 公司经营情况概述 华东医药成立于1993年，1999年在深交所上市，业务覆盖医药全产业链，拥有医药工业、医药商业、医 美、工业微生物四大业务板块。2025年上半年，公司实现营业收入216.75亿元，归属于上市公司股东的 净利润18.15亿元。公司连续十六年登上《财富》中国500强，入选美国《制药经理人》全 ...

Group 1 - The report highlights a transition in the market towards a震荡上行 phase, with a total capital supply of 137.2 billion and a net inflow of 59.8 billion into the market [3][28] - The report indicates that the issuance of equity funds has slightly increased, with the new issuance of equity public funds rising to 428.54 million shares, a change of +2.24% compared to the previous period [28] - The report notes that the net reduction in industrial capital has narrowed, indicating a potential shift in market sentiment [28] Group 2 - The report discusses the performance of the electronics industry, specifically focusing on the company 甬矽电子, which achieved a revenue of 2.01 billion, a year-on-year growth of 23.37%, and a net profit of 30.32 million, a year-on-year growth of 150.45% [11] - The report emphasizes the recovery of the semiconductor industry, driven by the global consumer market and the emergence of AI applications, which has positively impacted the company's revenue [11] - The report mentions that the company has maintained high R&D investment, with 26 new invention patents filed in the first half of 2025, ensuring its competitive edge in advanced packaging technologies [11] Group 3 - The report highlights the performance of the healthcare sector, specifically 华东医药, which reported a revenue of 21.68 billion, a year-on-year increase of 3.39%, and a net profit of 1.81 billion, a year-on-year increase of 7.01% [18] - The report indicates that the pharmaceutical industrial segment has shown strong growth, with a revenue increase of 9.24% in the first half of 2025 [18] - The report notes that the company is set to launch a new innovative drug for ovarian cancer treatment in Q4 2025, which is expected to contribute to future revenue growth [18] Group 4 - The report discusses the coal power sector, specifically浙能电力, which reported a revenue of 35.47 billion, a year-on-year decrease of 11.68%, and a net profit of 3.51 billion, a year-on-year decrease of 10.57% [19] - The report highlights that the decline in coal prices has significantly improved the company's cost structure, with the average coal price dropping to approximately 676 yuan per ton [19] - The report projects that the company's net profit will increase in the coming years, with estimates of 7.93 billion, 8.19 billion, and 8.50 billion for 2025-2027, reflecting a positive outlook for the company [19]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year [1] - The pharmaceutical industrial sector continues to perform well, with the industrial microbiology segment showing strong growth, while the medical aesthetics segment is under pressure [2] - The company is optimizing its expense ratios, with a sales expense ratio of 14.90%, down 0.72 percentage points year-on-year, and a research and development expense ratio of 4.61%, up 1.54 percentage points due to increased investment in innovative drug projects [3] - The sales of innovative drugs are gaining momentum, with a CAR-T product leading the market and a new ADC drug expected to launch in Q4 2025 [4] - Revenue projections for 2025-2027 are estimated at 44.888 billion yuan, 48.998 billion yuan, and 50.855 billion yuan respectively, with net profits of 3.920 billion yuan, 4.533 billion yuan, and 5.119 billion yuan [4] Financial Summary - For 2025, the company is expected to achieve a revenue of 44.888 billion yuan, with a growth rate of 7.12% [6] - The projected net profit for 2025 is 3.920 billion yuan, reflecting a growth rate of 11.61% [6] - The earnings per share (EPS) for 2025 is estimated at 2.23 yuan, with a price-to-earnings (P/E) ratio of 18.64 [6]

Core Insights - The adjustment of the medical insurance drug catalog for 2025 has seen a significant increase in the number of drugs passing the formal review, with a new commercial insurance innovative drug catalog introduced, attracting high industry attention [1][3][5] Summary by Sections Medical Insurance Drug Catalog - The National Healthcare Security Administration (NHSA) received 718 applications for the basic medical insurance catalog, with 534 passing the initial review, including 472 applications from outside the catalog, marking a notable increase from 249 in 2024 [3] - The approved drugs cover various fields such as oncology, chronic diseases, and rare diseases, with a significant number of monoclonal antibody injections passing the review [3][4] Commercial Insurance Innovative Drug Catalog - The newly established commercial insurance innovative drug catalog received 141 applications, with 121 passing the initial review, resulting in a pass rate of approximately 85.82% [5] - This catalog also includes drugs for oncology, chronic diseases, and rare diseases, primarily focusing on Western medicine, with some traditional Chinese medicine included [5][6] Dual Track Submission - Several drugs have simultaneously passed the reviews for both the basic medical insurance catalog and the commercial insurance innovative drug catalog, indicating a strategy to cater to different patient payment capabilities [7][8] - The dual submission approach allows for broader market coverage and addresses the needs of high-value innovative drugs that may not be included in the basic insurance catalog [8] Industry Implications - The increase in the number of drugs passing the reviews reflects the growing investment in innovative drug research and development in China, with a focus on enhancing patient access to essential medications [4][6] - The establishment of the commercial insurance innovative drug catalog signifies the government's commitment to building a multi-tiered medical security system, providing supplementary coverage for high-value drugs not included in the basic insurance [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is undergoing a transformation towards innovation, with results expected to materialize soon. The impact of centralized procurement on existing generic and traditional Chinese medicine businesses is gradually diminishing, while the industrial microbiology and medical aesthetics segments are expected to contribute to revenue growth. Overall, the company's performance is projected to grow steadily, and the realization of innovation may lead to a revaluation of its value [7]. - The company has over 80 innovative drug candidates in its pipeline, focusing on endocrine, autoimmune, and oncology fields. The innovative products are expected to be launched and contribute to revenue starting in 2025, enhancing the sales system for innovative drugs [7]. - The industrial microbiology and medical aesthetics segments are forming a diversified growth engine. The company has established a strategic layout in industrial microbiology and is expected to achieve rapid growth as customer orders convert into production capacity. The medical aesthetics segment is also anticipated to recover quickly with the launch of new products [7]. Summary by Sections 1. Company Overview - Established in 1993, the company has developed into a large-scale comprehensive pharmaceutical enterprise covering the entire pharmaceutical industry chain, including pharmaceutical manufacturing, commercial distribution, medical aesthetics, and industrial microbiology [13]. - The company has shifted its focus from generic drug development to innovation-driven strategies since 2018, with a strong emphasis on endocrine, autoimmune, and oncology treatment areas [13]. 2. Financial Performance - The company's total revenue is projected to grow from 40,624 million in 2023 to 52,228 million in 2027, with a compound annual growth rate (CAGR) of 11.64% from 2010 to 2024. The net profit attributable to shareholders is expected to increase from 2,839 million in 2023 to 5,154 million in 2027 [1][20]. - The company's gross profit margin and net profit margin have improved, with gross profit margin rising from 24.27% in 2016 to 33.31% in 2024 [23]. 3. Innovation and R&D - The company has established a comprehensive drug research and development system, focusing on innovative drug candidates in the fields of oncology, endocrine, and autoimmune diseases. The R&D pipeline includes over 80 projects, with significant progress in clinical trials for several innovative products [26][32]. - The company has significantly increased its R&D investment, with the number of researchers growing from 550 in 2018 to 1,864 in 2024, and R&D expenditure rising from 707 million in 2018 to 1,770 million in 2023 [29]. 4. Market Position and Growth Potential - The company is well-positioned in the GLP-1 receptor agonist market, with several innovative products in various stages of clinical development. The global market for GLP-1 drugs is expected to grow significantly, providing a substantial opportunity for the company [39][46]. - The medical aesthetics segment is also expected to contribute to growth, with the company expanding its international and high-end product offerings [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is focusing on chronic diseases, tumors, and immunology, covering four major business segments: pharmaceutical manufacturing, pharmaceutical commerce, medical aesthetics, and industrial microbiology. It is continuously optimizing its product structure and transitioning from generics to innovation. The core products of its subsidiary, China Medical East, are maintaining stable market sales and increasing market share. The medical aesthetics segment is showing growth potential, and the innovative pipeline is entering a harvest period. The projected net profit for 2025-2027 is estimated at 40.61 billion, 47.16 billion, and 55.37 billion yuan, with corresponding EPS of 2.32, 2.69, and 3.16 yuan, and PE ratios of 16.3, 14.0, and 11.9 times, respectively [7][8][10]. Summary by Sections Company Overview - The company, established in 1993 and listed in 1999, has developed into a large comprehensive pharmaceutical company covering the entire pharmaceutical industry chain. It has shifted its strategy towards research-driven innovation since 2018, optimizing its product structure and transitioning from generics to innovative products [18]. Business Performance - The company reported a revenue of 419.1 billion yuan in 2024, a year-on-year increase of 3.2%, and a net profit of 35.1 billion yuan, up 23.7% year-on-year. The pharmaceutical manufacturing segment generated 138.1 billion yuan in revenue, growing by 13.1%, while the medical aesthetics segment saw a slight decline in revenue [8][22]. Innovative Pipeline - The company is focusing on three core areas: tumors, endocrinology, and autoimmune diseases, with a differentiated layout in ADC and PROTAC technologies. The innovative pipeline includes over 80 projects, with several products entering clinical stages. The company aims to leverage its innovative capabilities to drive long-term growth [9][39][55]. Financial Summary - The company’s financial metrics show steady growth, with projected revenues of 44.68 billion, 47.95 billion, and 51.83 billion yuan for 2025, 2026, and 2027, respectively. The gross margin is expected to improve from 33.6% in 2025 to 35.4% in 2027, while the net margin is projected to increase from 9.1% to 10.7% over the same period [10][28].

Core Insights - Huadong Medicine (000963) reported a stable growth trend in Q1 2025, achieving operating revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit attributable to shareholders of 915 million yuan, up 6.06% [1] - The company's core pharmaceutical industrial segment continued to perform well, with its subsidiary, China-U.S. Huadong, generating revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [1] - The sales of innovative drugs, particularly the biosimilar drug Ustinumab injection (Sailixin), have shown strong market performance, with over 800 hospitals prescribing it as of March 31, 2025 [1] Business Segments - The pharmaceutical industrial R&D investment reached 880 million yuan in Q1 2025, a 49.60% increase year-on-year, with direct R&D spending of 600 million yuan, up 71.77%, accounting for 16.67% of pharmaceutical industrial revenue [2] - Huadong Medicine is focusing its innovative R&D efforts on three key areas: endocrinology, autoimmune diseases, and oncology, with several important milestones achieved in Q1 2025 [2] - The medical aesthetics segment generated approximately 238 million yuan in revenue in Q1 2025, reflecting a 24.37% increase compared to Q4 2024, with 40 high-end products in the international market [2]