Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a significant reduction in losses, with a total revenue of 129.47 million yuan in 2024, representing a year-on-year increase of 13.32% [1] - The net profit attributable to shareholders was a loss of 201.38 million yuan, a reduction in loss by 127.58 million yuan compared to the previous year, attributed to cost reduction and efficiency improvements [1] - The company is focusing on expanding its revenue matrix through its main product, Aikening, and diversified business operations [1][2] Revenue Growth and Business Development - The company is actively promoting Aikening for new indications, with clinical trials for maintenance therapy and immune reconstitution failure approved by the National Medical Products Administration [2] - There is a significant unmet clinical need in the immune reconstitution failure area, with over 200,000 patients in China, indicating potential for future commercialization [2] - The company is exploring new technologies in the small nucleic acid field, with a candidate drug for IgA nephropathy, FB7013, entering the IND-enabling stage [2] High-End Generic Drugs and Future Projections - The company is making breakthroughs in high-end generic drugs, with FB4001 expected to be approved in the US by 2025 and FB3002's application accepted for review [3] - Revenue projections for 2025-2027 are 161 million yuan, 190 million yuan, and 223 million yuan, with year-on-year growth rates of 24.0%, 18.4%, and 17.2% respectively [3][5] - The net profit attributable to shareholders is projected to be -182 million yuan, -120 million yuan, and -176 million yuan for the same period [3][5] Financial Metrics - The company reported a revenue of 114 million yuan in 2023, with a growth rate of 34.8% [5] - The latest diluted EPS is projected to improve from -0.88 yuan in 2023 to -0.49 yuan in 2025 [5] - The company’s total market capitalization is approximately 3,206.39 million yuan, with a closing price of 8.56 yuan as of May 7 [6]

4月29日晚间，前沿生物披露了2024年年报以及2025年一季度报告。报告显示，2024年前沿生物实现营业收入1.29亿元，同 比增长13.32%；今年一季度，公司实现营业收入2832.82万元，同比增长14.93%，收入继续保持增长态势。得益于积极推进降 本增效，2024年度公司经营活动产生的现金流量净支出较上年同期减少9465.55万元。 过去一年，全球生物科技产业在经济周期波动与技术变革的交织中加速演进，前沿生物始终以"市场引领、创新驱动"为初 心，在战略聚焦中稳健前行，为公司长期价值增长筑牢根基。 核心业务优势不断强化 作为一家研发驱动型的生物医药公司，前沿生物立足抗艾领域，致力于构建配方完整的长效抗艾产品矩阵。 与此同时，公司坚持差异化的市场推广策略，以高质量的循证医学依据为依托，在重点目标患者中展开针对性的宣传与渗 透。 据了解，前沿生物在长效多肽药物艾可宁®的开发过程中积累了扎实的技术实力和研发经验，基于长效多肽药物与小核酸 领域具备技术共通性，助力公司在小核酸领域的药物开发；公司与小核酸行业具备行业经验的上下游产业链企业积极合作，提 升技术竞争力。 基于技术优势与建立的专利壁垒，前沿生物布局的 ...

每经记者 黄博文 每经编辑 杨夏 据悉，美的集团（SZ000333，股价72.75元，市值5575.5亿元）自主研发的人形机器人将于5月正式进入 湖北荆州的洗衣机工厂，用于机器运维、设备检测和搬运等场景。未来，还将陆续进入线下门店，用于 商业导览、制作咖啡等场景。 不同于互联网企业热衷的流量争夺战，美的选择将机器人技术嵌入实体经济的毛细血管。 这场应用在工厂车间、门店展厅的技术进化，本质是制造业从规模优势向智能优势的竞争升维。通过人 形机器人这个技术载体，企业得以将精密制造能力转化为定义未来生产方式的战略主动权。 值得关注的是，美的集团将机器人视为美的"双智"战略（智慧家居+智能制造）的延伸和拓展，并让其 进入工厂，或为制造业破解三重困局提供新思路：其一，通过全场景数字化实现生产流程的自我进化； 其二，构建人机协作的新型生产关系；其三，将车间级技术突破转化为消费级产品溢价。 以硬科技重塑产业底层逻辑，或为中国智造突破同质化竞争提供新路径。 重大发布 上海医药（SH601607）：盐酸缬更昔洛韦片获美国FDA批准 4月22日，上海医药发布公告称，公司下属子公司上海上药中西制药有限公司近日收到美国食品药品监 督管 ...