机构：申万宏源研究 研究员：周文远/胡梦婷 石药集团2025 年前三季度收入同比下降12.3%，达到198.9 亿元，归属于股东的净利润同比下降7.1%至 35.1 亿元，其中第三季度收入同比增长3.4%，达到66.2 亿元，归属于股东的净利润同比增长27.2%至 9.64 亿元，符合我们的预期。2025 年前三季度，公司综合毛利率同比下降4.9 个百分点至65.6%，成药 板块销售贡献从去年前三季度的82.3%下降至77.7%。前三季度，销售费用率同比下降5.1 个百分点至 24.1%。 三季度成药板块销售额重回增长。2025 年前三季度，公司成药板块销售额同比下降17.3%至154.5 亿 元，包含授权费收入15.4 亿元，其中第三季度成药销售额恢复正增长，达到52.0 亿元（同比增长 1.6%、环比增长9.6%）。2025 年初至今，公司已达成四项对外授权协议，首付款合计2.60 亿美元，以 及里程碑付款合计94.5 亿美元。考虑到集采影响，前三季度肿瘤产品销售额同比下降56.8%至16.5 亿 元，占成药板块销售收入的比例为从去年前三季度的20.4%下降至10.7%。此外，由于恩必普受DIP 影 响， ...

● 本报记者 宋维东 东北制药相关负责人日前在接受中国证券报记者采访时表示，近年来，公司聚焦创新驱动与主业深耕， 在研发突破与主业提质方面取得重要成果，构建起了"研发创新破局、主业盈利稳盘、资产运营增效"的 协同发展格局。特别是在医药行业创新转型加速的背景下，公司以"传统主业筑牢基本盘、创新药业务 开辟增长极"的差异化战略，既守住了盈利底线，又打开了成长空间。日前，东北制药控股子公司鼎成 肽源自主研发的DCTY0801注射液获国家药品监督管理局核准签发的《药物临床试验批准通知书》。未 来，随着创新药管线研发逐步推进、传统业务结构持续升级，公司将进一步释放高质量发展动能，在激 烈的市场竞争中不断突围。 近年来，东北制药核心业务保持稳健发展态势。今年第三季度，公司扣非归母净利润较上年同期增长 27.54%。"这得益于公司在传统优势领域持续深耕细作与产品竞争力不断提升。"该负责人说。 作为国内重要的药品生产与出口基地，东北制药在多个细分领域占据全球重要地位。其中，东北制药是 全球维生素C原料药主要供应商、左卡系列产品核心供应商、全球最大的磷霉素系列产品生产商及全球 氯霉素主要供应商，同时拥有国际最大的黄连素全合成生 ...

2025 年 11 月 24 日 市公司 医药生物 (01093) 三季度业绩改善,创新管线布局丰富 报告原因:有业绩公布需要点评 ali (维持) | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价 (港币) | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币) | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股 (百万股) | 11.522.45 | | 汇率（港币/人民币） | 0.9106 | 一年内股价与基准指数对比走势: 134% 84% 资料来源：Bloomberg 相关研究 《石药集团 (01093) 点评：上半年业绩基 本符合预期，创新管线持续投入》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务 ...

2025 年 11 月 24 日 石药集团 (01093) ——三季度业绩改善，创新管线布局丰富 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 7.38 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 11.63/4.27 | | H 股市值（亿港币） | 850.36 | | 流通 H 股（百万股） | 11,522.45 | | 汇率（港币/人民币） | 0.9106 | 上 市 公 司 医药生物 一年内股价与基准指数对比走势： -16% 34% 84% 134% HSCEI 石药集团 资料来源：Bloomberg 相关研究 《石药集团（01093）点评：上半年业绩基 本 符 合 预 期 ， 创 新 管 线 持 续 投 入 》 2025/08/28 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A023052 ...

Core Insights - Northeast Pharmaceutical has demonstrated significant progress in R&D and core business performance despite a complex market environment characterized by raw material price fluctuations and differentiated end-user demand [1] R&D Investment - The company has significantly increased its R&D investment, with expenses reaching 104 million yuan, a substantial increase of 95% year-on-year [2] - The approval of DCTY0801 injection for clinical trials marks a key breakthrough in the development of innovative cancer drugs, specifically targeting EGFRvIII positive recurrent or progressive high-grade gliomas [2] - This approval not only fills a gap in the company's oncology treatment portfolio but also positions it advantageously in the glioma segment, indicating a critical transition from sustained investment to tangible outcomes in innovative drug development [2] Core Business Growth - Despite external market pressures, the company's core business has shown resilience, with a net profit attributable to shareholders of 42.79 million yuan, reflecting a year-on-year increase of 27.54% [3] - The company maintains a leading position in several niche markets, including being a major global supplier of vitamin C raw materials and the largest producer of phosphomycin [3] - The dual-market strategy of expanding both domestic and international markets has enhanced the company's risk resilience [3] Operational Structure Optimization - The company has focused on optimizing its asset and financial management, leading to improved operational quality and financial flexibility [4] - The balance of prepaid accounts decreased by 49% compared to the beginning of the year, indicating enhanced cash flow management [4] - The company has established a synergistic development framework that combines R&D innovation, stable core business profitability, and efficient asset operations, positioning it well for future growth in a rapidly evolving pharmaceutical industry [4]

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical Group [3][9][16] Core Insights - CSPC Pharmaceutical Group's revenue for the first half of 2025 decreased by 18.5% year-on-year to RMB 13.27 billion, and net profit fell by 15.6% to RMB 2.55 billion, which is in line with expectations [5][12] - The decline in performance is primarily due to the impact of centralized procurement on key oncology products, leading to a 60.8% drop in oncology product sales [6][13] - The company has made significant progress in business development (BD) collaborations, achieving four license-out agreements since February 2025, with total upfront payments of USD 260 million and milestone payments of USD 9.45 billion [7][14] Financial Performance - The finished drug sector saw a 24.4% decline in sales to RMB 10.25 billion, with oncology products contributing only 10.3% of total finished drug sales [6][13] - The gross margin decreased by 6.0 percentage points to 65.6%, while the selling expense ratio improved, decreasing by 6.4 percentage points to 23.0% [5][12] - R&D expenses increased by 5.5% year-on-year to RMB 2.68 billion, with a focus on innovative pipelines, including 27 key products in pivotal clinical trials [8][15] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been raised from RMB 0.44 to RMB 0.46, with further increases projected for 2026 and 2027 [9][16] - The target price has been adjusted from HKD 10.2 to HKD 12.7, indicating a potential upside of 31% [9][16]

Group 1 - The fourth China (Nanchang) International Health Industry Conference and Expo was inaugurated, showcasing the achievements of Liaoning Fangda Group in the health sector [1] - Liaoning Fangda Group is a diversified large enterprise group with multiple listed companies across various sectors, including pharmaceuticals, and is focusing on enhancing its pharmaceutical business [1][2] - Northeast Pharmaceutical, a subsidiary of Liaoning Fangda Group, is a major supplier of vitamin C and has made significant progress in international certifications, including receiving the CEP certificate for its raw material phosphomycin [2] Group 2 - Liaoning Fangda Group is investing nearly 10 billion yuan to establish Liaoning Fangda General Hospital, which will feature advanced medical technologies and a capacity of 5,000 beds [3] - The hospital aims to set a new benchmark for private hospitals in China by integrating public welfare attributes with private mechanisms and has formed strategic partnerships with top medical institutions [3] - The health industry is identified as a future growth sector, with Liaoning Fangda Group planning to develop a comprehensive health ecosystem through the Fangda Health City project [4]