作者：侯文皓、邵毅、汪成建、石云飞、侯蕾 全球灯塔网络倡议代表了当今全球制造业智能制造和数字化的最高水平。入选的"灯塔工厂"是具有榜样 意义的"数字化制造"和"工业4.0"示范者，也受到国家和地方层面对于智能制造升级和高质量发展的政 策鼓励和支持。 纵览近几年认证成功的灯塔工厂，其数字化用例类型和部署体现出三个新趋势： 分析式人工智能和生成式人工智能，在灯塔工厂数字化用例中的比重更加显著且贯穿价值链各个环节， 包括资产管理、资源管理、质量管理、劳动力赋能、产品开发、综合供应链规划和采购等，实现了异于 以往数字化用例的更高价值创造。 3 内外兼修，加快部署 对外，灯塔工厂在建设过程中不断学习其它工厂的成功经验, 站在行业经验的基础上取长补短；向内： 大幅提升数字化和人工智能解决方案的部署能力（包括数字化用例的内部主导开发已经占到更高比 例），打造企业内部数字化转型长期落地的实力。 1 "强者更强" 对于已经拥有"灯塔"的企业来说，通过其生产运营网络的规模化设计和体系化能力，其新的"灯塔"能以 极快速度和规模部署新的数字化用例。 2 人工智能（AI)加持 聚光灯下：全球医药行业灯塔工厂在中国 目前全球灯塔网络共有 ...

在"中华老字号"马应龙（600993）武汉标杆智能工厂内，膏剂、栓剂车间里的自动化生产线正高效运 转，提、放、灌、拣、装、码等核心工序一气呵成——这条改造后的膏栓智能生产线，在生产效率提升 30%以上的同时，成品率也显著增长，一次合格率和市场抽检合格率均达100%。 马应龙智能产线上忙碌的生产场景，正是武汉工业技改浪潮的一个缩影。当"武汉模式"遇上国家"新质 生产力"战略，这座中部工业重镇围绕制造业高端化、智能化、绿色化转型，探索出了"政府有为"与"市 场有效"双轮驱动路径，创新型采用政策"大礼包"和主动上门"把脉问诊"方式，精准拆解企业"不愿改、 不敢改、不会改"困境并取得显著成效，拉动武汉工业投资自2024年至今连续16个月保持两位数以上增 长。 在有为政府与有效市场协同发力下，未来工厂正成为撬动工业投资增长的新引擎，为武汉高质量发展注 入强劲动能，同时也为全国工业转型提供一份可复制的"武汉模式"。 政府有为：政策服务双轮驱动 作为全国较早启动工业企业智能化改造的城市，武汉早在2019年就已开展"工业智能化改造专项行动"， 按照"数字化产线——示范智能车间——标杆智能工厂——数字领航企业"四级联动的模式梯 ...

Core Viewpoint - The clinical trial results for CU-30101, a topical anesthetic cream, have been accepted for presentation at the 30th CSD Annual Meeting, highlighting the company's influence and cutting-edge research in the dermatology field [1] Group 1: Clinical Trial Overview - The Phase III clinical trial was a multi-center, randomized, double-blind, positive drug-controlled study designed to evaluate the safety and efficacy of CU-30101 for local anesthesia in dermatological procedures [1] - The trial used Pliaglis® as a comparator, with the primary efficacy endpoint being the visual analog scale (VAS) for pain immediately after fractional laser surgery [1] Group 2: Efficacy Results - The results showed that the VAS difference between the two sides of the face (CU-30101 side vs. Pliaglis® side) fell within the predefined equivalence range, indicating comparable analgesic efficacy [2] - No statistically significant differences were found in patient evaluations regarding pain relief, likelihood of reusing the drug, and researchers' satisfaction with the efficacy of both drugs (P > 0.05) [2] Group 3: Safety Profile - CU-30101 demonstrated good overall safety with no severe adverse events reported [2] - The local tolerability assessment of CU-30101 was similar to that of Pliaglis®, consistent with known safety characteristics, and no new safety signals were identified [2] Group 4: Regulatory Progress - Based on the Phase III trial results, the company has submitted a drug marketing application for CU-30101 to the National Medical Products Administration, which is expected to be accepted by July 2024 [2]

Core Viewpoint - Company is expected to achieve a revenue and net profit CAGR of 10% and 15% respectively from 2024 to 2026, driven by the sustained growth of existing major products like Tebiou and Mandi, as well as the rapid market entry of new products [1] Group 1: Existing Core Products - The competitive landscape for the core product Tebiou is favorable, with expectations for continued sales performance exceeding forecasts [2] - Tebiou is the only drug approved for the CIT indication globally, with potential to replace IL-11 class competitors and increase market share [2] - The sales CAGR for Tebiou is projected to reach 11% from 2024 to 2026, with a long-term sales peak expected to reach 7 billion RMB [2] Group 2: Mandi's Growth Potential - Mandi is anticipated to maintain sales growth over a long period, with a peak expected to reach 2.5 billion RMB [3] - The growth is driven by a large and increasingly younger population suffering from hair loss, as well as a dual-channel marketing strategy enhancing brand recognition [3] - The introduction of new products like Winlevi® and semaglutide is expected to leverage Mandi's established brand and commercialization channels for rapid market entry [3] Group 3: Innovation Pipeline - The company is on the verge of a product innovation phase, with 30 products in the pipeline as of Q1 2025, 12 of which are expected to be approved in China by 2025-2027 [4] - The focus is on rapid iteration in key therapeutic areas such as hematology, oncology, autoimmune diseases, and metabolic disorders [4] - A significant licensing agreement with Pfizer for the self-developed PD-1/VEGF dual antibody SSGJ-707, with a total transaction value of up to 6.05 billion USD, underscores the company's drug development capabilities [4]

3月10日，新一期港股通名单调整正式生效，创新药企业"一进六出"，科笛-B(02487)便是其中之一。 从往期来看，在被技术性调出港股通投资标的后，短期内个股因流动性以及退通抛压等因素大多会出现显著的股价下跌现象，科笛亦不例外。在正式退通的 6个交易日内，科笛股价累跌20.60%。 但接下来科笛股价并未继续下探，而是在3月20日走出"三连阳"后横盘震荡，直到4月7日，公司股价因恒指大盘剧烈波动出现单日下跌26.88%。而这似乎给 科笛砸出了一个"黄金坑"。 智通财经APP观察到，4月9日，科笛股价触底3.64港元，创下上市以来股价新低，但在随后的1个半月内持续反弹。5月20日，科笛盘中股价最高涨幅达 20%，最高价达到7.62港元，突破退通前的前高股价。也就是说，经过2个多月的股价震荡，科笛股价最终修复了"出通"后全部跌幅。 从港股通变动情况来看，3月10日，科笛的港股通持股比例为10.07%，在接下来2个多月中，无论公司股价涨跌，该持股比例都在持续降低，截至5月19日仅 剩5.32%。不过在4月10日新一轮上涨行情启动时，科笛的港股通持股比例为5.94%，近40天内其变动比例仅为0.62%，较此前明显放缓。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][8] Core Views - The company achieved a revenue of 35.01 billion yuan in 2024, representing a year-on-year growth of 5.72%, and a net profit attributable to shareholders of 7.23 billion yuan, up 27.19% year-on-year [6][7] - The company is focusing on its pharmaceutical core business, demonstrating strong operational resilience, with significant growth in prescription drug sales due to the expansion into nearly 5,000 hospitals and primary healthcare institutions [6][7] - The company completed the acquisition of Yingu Pharmaceutical, enhancing its product portfolio with high-tech formulations, while maintaining a high dividend payout ratio of 70.64% [6][7] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 35.01 billion yuan (2024), 41.80 billion yuan (2025E), 47.44 billion yuan (2026E), and 52.91 billion yuan (2027E), with respective growth rates of 5.72%, 19.41%, 13.49%, and 11.53% [2][6] - Net profit attributable to shareholders is projected to grow from 7.23 billion yuan in 2024 to 11.22 billion yuan in 2027, with growth rates of 27.19%, 17.18%, 15.17%, and 15.03% respectively [2][6] - The company’s earnings per share (EPS) is expected to increase from 1.27 yuan in 2024 to 1.98 yuan in 2027, with corresponding P/E ratios decreasing from 17.20 to 11.08 [2][6] Profitability and Growth - The company’s net profit margin and return on equity (ROE) are projected to improve, with net profit margins of 20.64% in 2024 and 21.20% in 2027, and ROE increasing from 24.58% to 29.53% over the same period [7] - The gross margin for the manufacturing sector is expected to be 77.05% in 2024, reflecting a year-on-year increase of 3.59 percentage points [6][7] Strategic Outlook - The company is expected to maintain double-digit growth in its core business, driven by the strengthening of its "evidence-based traditional Chinese medicine" label and the expansion of its hospital network [6][7] - The OTC business is anticipated to recover due to improved online and offline marketing strategies [6][7]

仙琚制药（688076.SH）2024 年年报及 2025 年一季报点评 短期业绩承压蓄势，新品迭代构建增长新范式 2025 年 04 月 28 日 ➢ 拆分：制剂业务收入维持稳健增长，原料药价格下探致使收入下滑。根据年报，公司 24 年制剂业务收入 24.2 亿元（同比+6.0%），毛利率 76.3%（同比+3.0pct）；原料药 业务收入 15.5 亿元（同比-13.4%），毛利率 28.9%（同比+2.7pct）。进一步拆分上看， 公司制剂业务增速放缓主要系普药和妇科两大业务线的相关品种纳入省级联盟集采（收入 端：普药同比-19.0%，妇科持平）；原料药业务收入下滑主要系非规市场价格下滑+规范 市场去库存等因素叠加（收入端：自营原料药同比-1.0%，意大利子公司-13.1%）。 ➢ 制剂：呼吸、皮肤稳健放量，麻醉肌松集采创伤后回暖。根据年报，公司 24 年自营 制剂产品收入 22.8 亿元，同比上升 8.0%。主要制剂产品收入按领域分拆来看，妇科计生 /麻醉肌松/呼吸/皮肤/普药实现收入 4.5/1.6/8.8/2.3/5.5 亿元，分别同比持平 /+55%/+31%/+19%/-19%。呼吸及皮肤成为 ...

研发投入连年增长的一个重要原因是昂利康正加速向创新药转型。公司与上海亲合力生物医药科技股份 有限公司(下称"亲合力")基于亲合力的肿瘤微环境特异激活平台技术进行合作开发，并就ALK- N001/QHL-1618的授权达成一致，获得了该产品在中国的全部权益，产品顺利完成临床前研究。截至 2025年2月，创新药注射用ALK-N001临床试验申请已获得国家药监局受理。 此外，昂利康改良型新药ALKA016-1、NHKC-1的Ⅲ期临床试验顺利推进中，BM2216完成了Ⅰ期临床 试验。随着在研产品陆续上市，公司研发投入有望转化为长期收益。 产业升级与宠物药布局并进 本报讯(记者吴文婧)4月26日，浙江昂利康（002940）制药股份有限公司(以下简称"昂利康")披露2024年 年报，全年实现营收15.38亿元，归母净利润8033.45万元，同比下降41.94%。公司利润下滑主要是由于 研发投入大幅增加，研发费用高达2.31亿元，同比增长33.74%，占营收比重达14.99%。若剔除研发投入 影响，净利润为正增长。 在产业端，昂利康围绕"原料+制剂"一体化目标推进技术升级。2024年，公司通过工艺优化降低alpha酮 酸、 ...

辰欣药业股份有限公司 CISEN PHARMACEUTICAL CO., LTD. （济宁高新区同济科技工业园） 首次公开发行股票招股说明书 （申报稿） 保荐机构（主承销商） （山东省济南市经七路 86 号） 辰欣药业股份有限公司招股说明书（申报稿） 辰欣药业股份有限公司招股说明书（申报稿） 发行价，或者上市后 6 个月期末收盘价低于发行价，持有公司 股票的锁定期限自动延长 6 个月；如遇除权、除息事项，上述 发行价作相应调整。 4、乾鼎投资、昆吾九鼎、东阳昊润、龙邦贸易、智仕九鼎、 宝寿九鼎、兴贤九鼎、盛世九鼎、卓兴九鼎及赵白雪等 21 名自 然人股东承诺：自公司股票上市之日起十二个月内不转让或者 委托他人管理其本次发行前已持有的发行人股份，也不由发行 人回购其持有的股份。 5、本次发行前间接持有公司股份的董事、监事或高级管理 人员韩延振、郝留山、卢秀莲、刘霁、张祥林、李峰、樊月玲、 张斌承诺：自公司股票上市之日起三十六个月内，不转让或者 委托他人管理其本次发行前间接持有的公司股份，也不由发行 人回购其间接持有的股份。间接所持股票在锁定期满后两年内 减持的，减持价格不低于发行价；公司上市后 6 个月内如公司 ...