（原标题：东阳光药中期业绩公告解析：创新突围与国际化布局） 8月29日，东阳光药正式发布2025年中期业绩公告。随着医药行业进入创新驱动与多领域布局的转型 期，东阳光药已通过感染、慢病、肿瘤三大领域的战略深耕，构建起多元化发展格局。 略显波动的财务数据背后，东阳光药研发投入持续加码，创新药管线进展显著。中期业绩公告中，"创 新"、"国际化"和"AI"成为高频词，这家老牌药企正在经历一场深刻的战略转型，全面向创新药驱动， 从国内市场到全球布局。 持续创新研发投入 截至2025年6月30日，东阳光药总营收19.38亿元。业绩虽有波动，但深入剖析后发现，这份成绩单背后 隐藏着多个积极信号。 从中期业绩公告综合分析看，营收下降主要源于流感疫情较去年同期有所放缓，磷酸奥司他韦作为流感 首选用药，销售额受到一定的影响。但值得注意的是，胰岛素系列产品实现营收1.22亿元，同比增长高 达148%，显示出东阳光药在慢病治疗领域的增长潜力。 更重要的是，东阳光药研发管线呈现出前所未有的活力。中期业绩公告显示，东阳光药拥有150多款获 批药物，已上市3款创新药，在研药物达100款，其中包括49款1类在研创新药物。 持续的研发投入也 ...

Core Viewpoint - The performance forecasts of A-share listed pharmaceutical companies for the first half of 2025 reveal a mixed outlook, with some companies showing significant profit growth while others are expected to incur losses, highlighting both opportunities and challenges in the sector [1][5]. Group 1: Performance Highlights - As of July 15, 97 pharmaceutical stocks have disclosed their performance forecasts, with 20 companies expecting a net profit increase of over 100% and 53 companies anticipating year-on-year profit growth [1]. - WuXi AppTec (药明康德) is projected to have the highest net profit among the disclosed forecasts, expecting approximately 8.561 billion yuan, a year-on-year increase of 101.92% [4]. - Asia-Pacific Pharmaceutical (亚太药业) is noted as the "profit growth king," with an expected net profit increase of 1726.42% to 1909.06%, primarily due to the sale of a subsidiary [3]. Group 2: Loss Forecasts - A total of 42 pharmaceutical stocks are expected to report losses in the first half of 2025, with notable companies like Da An Gene (达安基因) and Hainan Haiyao (海南海药) projecting significant losses [5][7]. - Da An Gene anticipates a loss of 140 million to 200 million yuan, although this represents a reduction in losses compared to the previous year [5]. - 18 companies, including Wantai Biological Pharmacy (万泰生物) and Lianhuan Pharmaceutical (联环药业), are expected to report their first-ever half-year losses since listing [7][9]. Group 3: Market Dynamics - Wantai Biological attributes its expected loss to industry policy adjustments and market competition affecting its vaccine sales, while also banking on the launch of its domestically developed nine-valent HPV vaccine to improve future performance [7][8]. - Lianhuan Pharmaceutical's loss is linked to multiple factors, including national drug procurement policies and increased international market competition, which have pressured its gross margins [9].

6月9日，截至港股收盘，恒生指数上涨1.63%，报24181.43点。东阳光长江药业（01558.HK）收报14.3 港元/股，上涨9.49%，成交量2908.02万股，成交额4.07亿港元，振幅8.12%。 最近一个月来，东阳光长江药业累计涨幅1.56%，今年来累计涨幅36.61%，跑赢恒生指数18.61%的涨 幅。 财务数据显示，截至2024年12月31日，东阳光长江药业实现营业总收入37.24亿元，同比减少40.84%； 归母净利润4.83亿元，同比减少75.78%；毛利率75.03%，资产负债率31.55%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为4.17倍，行业中值5.82倍。东阳光长江药 业市盈率22.05倍，行业排名第51位；其他大健康国际（02211.HK）为0.56倍、精优药业（00858.HK） 为0.68倍、金斯瑞生物科技（01548.HK）为1.38倍、东瑞制药（02348.HK）为3.03倍、正大企业国际 （03839.HK）为3.14倍。 资料显示，宜昌东阳光长江药业股份有限公司前身为宜昌长江药业有限公司(以下简 ...

Core Viewpoint - UBS maintains a "Buy" rating for Novo Nordisk (NVO.US) with a 12-month target price of 750 Danish Krone, based on projected EPS for FY2025, industry valuations, growth potential relative to peers, and PharmaValues NPV valuation model [1] Group 1: Financial Performance - Novo Nordisk's Q1 FY2025 sales increased by 18% year-on-year (constant currency), reaching 78.087 billion Danish Krone, aligning with analyst expectations [1] - The company's EBIT exceeded market expectations by 4.3%, while diluted EPS surpassed expectations by 4.9%, attributed to effective cost management in R&D and SG&A [2] - Sales growth expectations for FY2025 were revised down from 16%-24% to 13%-21%, and EBIT growth expectations were adjusted from 19%-27% to 16%-24%, primarily due to sluggish growth in the U.S. obesity market and increasing competition [2] Group 2: Product Performance - Sales of the flagship product Wegovy fell short of expectations, 7% below market consensus, mainly due to poor performance in the U.S. market, despite record prescription volumes [1] - Insulin product sales performed strongly, exceeding market expectations, which partially offset the shortfall from Wegovy [1] - Novo Nordisk plans to submit a marketing application for CagriSema in Q1 2026 and has submitted a supplemental new drug application for PDS290 (FlexTouch) to the FDA [3] Group 3: Strategic Outlook - Key growth drivers for Novo Nordisk include reversing the decline in Wegovy's U.S. market growth, expanding market coverage through partnerships, and focusing on commercial execution [3] - The company is currently in a "strategic adjustment period," needing to enhance commercial execution and R&D innovation to adapt to market changes [4] - Despite short-term pressures from a slowing U.S. obesity drug market, Novo Nordisk's first-mover advantage in the GLP-1 space and global expansion potential support long-term growth [4]