2026 年 02 月 26 日 亿帆医药(002019.SZ) 创新药主业稳健发展，泛酸钙价格处周 期底部 创新管线持续丰富且核心产品稳定放量，公司主业稳健发展： 公司坚定执行"创新、国际化"中长期发展规划，持续强化公司创新 管线布局，推动主业稳健发展。创新生物药亿立舒已取得阶段性成果， 在中国、美国、欧盟、巴西、阿曼和挪威等多个国家获准上市销售， 2025 年国内外累计发货量超 50 万支，同比增长超 80%。此外，公司 从尚德药缘引入拟用于治疗小细胞肺癌脑转移的 1 类创新药 ACT001， ACT001 是与放化疗及免疫治疗有协同作用的新一代免疫调节剂，通 过抑制癌症病灶组织微环境中相关细胞的 NF-κB 和 STAT3 信号通路， 降低肿瘤细胞 DNA 修复能力，以及对放化疗和免疫治疗的双重协同 作用，达到局部肿瘤控制和生存期延长的效果。 泛酸钙价格处于历史底部区间，后续价格改善值得期待 公司核心原料药产品为维生素 B5（泛酸钙），需求端得益于动物营养 和食品添加剂方面需求的稳定增长，泛酸钙全球市场规模稳步增长。 供给端格局较为集中，供给厂家主要包括亿帆医药、新发药业、帝斯 曼、巴斯夫、兄弟科技等。 ...

Core Viewpoint - Yifan Pharmaceutical (002019) confirmed that there has been no structural adjustment in the application of Vitamin B5 (Calcium Pantothenate), which is primarily used in feed and food additives, with some applications in pharmaceutical intermediates [1] Company Summary - Yifan Pharmaceutical addressed investor inquiries on November 7, stating that the main applications of Vitamin B5 are in feed and food additives [1] - The company noted that there has been no structural adjustment in the use of Vitamin B5, indicating stability in its application areas [1]

Group 1 - The core viewpoint is that the company has not seen a structural adjustment in the application of calcium pantothenate, which primarily serves the animal feed and food additive industries, with some use in pharmaceutical intermediates [2]. - The company has increased its technological transformation and established new factories to enhance production capabilities [2]. Group 2 - The company responded to investor inquiries regarding potential shifts in the application structure of calcium pantothenate, indicating that there are no current or expected changes towards greater applications in the food and pharmaceutical sectors [2].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 5.16 billion yuan, a year-on-year growth of 26.8%, and a net profit attributable to shareholders of 390 million yuan, up 170.0% [1] - In Q1 2025, the company maintained stable revenue at 1.33 billion yuan, with a slight increase in net profit of 4.8% year-on-year [1] Revenue Breakdown - The company's proprietary pharmaceutical products saw substantial growth, generating 3.66 billion yuan in revenue for 2024, a 50.6% increase, with domestic sales reaching 3.15 billion yuan, up 56.7% [1] - Products generating over 10 million yuan in revenue totaled 3 billion yuan, reflecting a 67.2% increase [1] - In Q1 2025, innovative drug product revenue surged by 327.7%, with significant increases in shipments of Yilishu and Yinikang, showing growth rates of 293.6% and 1158.2% respectively [1] Product Commercialization - The company is advancing the commercialization of its key products, with its first self-developed Class I macromolecule innovative drug, Yilishu, starting shipments to markets including Germany, Greece, and Cyprus by the end of October 2024 [2] - Yilishu has been approved for sale in 34 countries, including China, the US, the EU, Brazil, Oman, and Norway, with over 270,000 units shipped [2] - Revenue from vitamin products decreased by 10.2% to 720 million yuan in 2024, while other pharmaceutical products and services showed mixed results [2] Financial Performance - The company achieved a gross margin of 47.4% in 2024, a slight decrease of 0.4 percentage points year-on-year [3] - The expense ratios for sales, management, finance, and R&D were 23.7%, 7.9%, 1.4%, and 5.7% respectively, with all showing a decrease compared to the previous year [3] - The company reported asset impairment losses of 110 million yuan in 2024, significantly reduced from 890 million yuan in 2023, contributing to a net profit margin of 7.5% [3] Future Goals - For 2025, the company aims to launch Yilishu in the US, Brazil, and Middle Eastern markets, targeting 35 products with sales exceeding 10 million yuan, 10 products over 50 million yuan, and 8 products exceeding 100 million yuan in domestic markets [3] - The R&D plan includes completing three biosimilar IND applications in China and progressing with the Pre-IND application for the innovative drug N-3C01 [3] Profit Forecast - The company projects net profits of 620 million yuan, 870 million yuan, and 1.03 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.51 yuan, 0.72 yuan, and 0.85 yuan [4]