证券研究报告 2025 年 07 月 01 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3444.43 | 0.59 | | 深证成指 | 10465.12 | 0.83 | | 创业板指 | 2153.01 | 1.35 | | 科创 50 | 1003.41 | 1.54 | | 北证 50 | 1447.18 | 0.52 | | 沪深 300 | 3936.08 | 0.37 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 668373 | 518986 | 12.31 | 1.28 | | 深证成指 | 229186 | 187895 | 20.34 | 2.15 | | 创业板指 | 60402 | 47793 | 28.11 | 3.92 | | 科创 50 | 35038 | 23365 | 54.71 | 4.21 | | 北证 50 | ...

Group 1: Index and Market Trends - The Hang Seng Hong Kong Stock Connect Innovative Drug Index will be revised to exclude CXO companies, focusing solely on innovative drug firms, achieving a 100% purity in its index composition [1] - This adjustment is expected to increase the weight of Hong Kong innovative drug companies in the index, better reflecting the core trends and valuation logic of the innovative drug industry [1] Group 2: Company Developments - Heng Rui Medicine received approval from the National Medical Products Administration for its innovative drug SHR0302 for treating severe alopecia areata, marking a significant advancement in domestic JAK1 inhibitors [2] - The approval addresses a substantial patient population in China, with approximately 3.49 million alopecia areata patients reported in 2021, highlighting the unmet medical need in this area [2] - Huiyu Pharmaceutical's TCE tri-antibody drug HY05350 has received clinical trial approval for treating advanced solid tumors, showcasing the company's capabilities in innovative drug development [3] - Han Yu Pharmaceutical expects a net profit of 142 to 162 million yuan for the first half of 2025, driven by strong global market demand and successful product approvals, indicating a recovery from previous losses [4] - The company's performance is significantly influenced by a few products in overseas markets, raising questions about future sustainability [4]

公司报告 | 季报点评 恒瑞医药（600276） 证券研究报告 业绩符合预期，国际化加速发展 事件 公司发布 2024 年年度报告及 2025 年一季报：2024 年，收入为 279.8 亿元， 同比增长 22.6%；归母净利润 63.4 亿元，同比增长 47.3%。2025 年第一季 度，收入为 72.1 亿元，同比增长 20.14%；归母净利润 18.7 亿元，同比增 长 36.9% 经营稳健，销售费用率略微下降，研发费用率提升 2024 年销售费用为 83.36 亿元，销售费用率为 29.79%，同比下降 3.4pct； 研发费用为 65.83 亿元，研发费用率为 23.52%，同比上升 1.8pct；管理费 用为 25.56 亿元，管理费用率为 9.13%，同比下降 1.5pct。2024 年公司加 大研发投入，年度投入 82.28 亿元，相较 2023 年同比增长 33.8%。 2025Q1 销售费用为 19.67 亿元，销售费用率为 27.30%，同比减少 2.12 pct； 研发费用为 15.33 亿元，研发费用率为 21.28%，同比增加 0.94 pct；管理 费用为 5.86 亿元，管理费 ...

公司报告 | 季报点评 恒瑞医药（600276） 证券研究报告 业绩符合预期，国际化加速发展 事件 公司发布 2024 年年度报告及 2025 年一季报：2024 年，收入为 279.8 亿元， 同比增长 22.6%；归母净利润 63.4 亿元，同比增长 47.3%。2025 年第一季 度，收入为 72.1 亿元，同比增长 20.14%；归母净利润 18.7 亿元，同比增 长 36.9% 经营稳健，销售费用率略微下降，研发费用率提升 2024 年销售费用为 83.36 亿元，销售费用率为 29.79%，同比下降 3.4pct； 研发费用为 65.83 亿元，研发费用率为 23.52%，同比上升 1.8pct；管理费 用为 25.56 亿元，管理费用率为 9.13%，同比下降 1.5pct。2024 年公司加 大研发投入，年度投入 82.28 亿元，相较 2023 年同比增长 33.8%。 2025Q1 销售费用为 19.67 亿元，销售费用率为 27.30%，同比减少 2.12 pct； 研发费用为 15.33 亿元，研发费用率为 21.28%，同比增加 0.94 pct；管理 费用为 5.86 亿元，管理费 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.12-5.16） 2025 年 5 月第三周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 2025[Table_Summary] 年 5月第三周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为德琪医药-B（18.34%）、思路迪（14.57%）、嘉和生物-B（14.48%）。 跌幅前三为歌礼制药-B（-17.10%）、康宁杰瑞制药-B（-8.72%）、云顶新耀-B （-7.77%）。 本周 A 股创新药板块上涨 1.75%，跑赢沪深 300 指数 0.63pp，生物医药上涨 1.19%。近 6 个月 A 股创新药累计上涨 12.20%，跑赢沪深 300 指数 13.49pp， 生物医药累计下跌 8.18%。 本周港股创新药板块上涨 2.77%，跑赢恒生指数 0.68pp，恒生医疗保健上涨 0.57%。近 6 个月港股创新药累计上涨 25.74%，跑赢恒生指数 5.95pp，恒生医 疗保健累计上涨 18.27% ...

Core Viewpoint - Heng Rui Medicine reported record high revenue and net profit for Q1 2025, but the market reaction was lukewarm, with a slight decline in stock price despite strong financial performance [1][2]. Financial Performance - For Q1 2025, Heng Rui Medicine achieved revenue of 7.206 billion yuan, a year-on-year increase of 20.14% [1] - The net profit attributable to shareholders was 1.874 billion yuan, up 36.90% year-on-year [1] - The net profit excluding non-recurring items was 1.863 billion yuan, reflecting a 29.35% increase year-on-year [1] Licensing and R&D Investments - The company recognized a $75 million upfront payment from IDEAYA Biosciences as revenue, contributing to profit growth [2] - Heng Rui Medicine licensed the global development rights (excluding Greater China) for the antibody-drug conjugate SHR-4849 to IDEAYA Biosciences [2] - Cumulative R&D investment reached 46 billion yuan, with R&D expenses for Q1 2025 amounting to 1.533 billion yuan [2] New Drug Approvals and Management Changes - Six innovative products have been approved in 2025, including a new generation JAK1 inhibitor and the first PCSK9 inhibitor in the cardiovascular field [3] - In Q1 2025, the company received 28 clinical trial approval notices [3] - A significant management change occurred with the appointment of Feng Ji as the new president and COO, seen as a move towards accelerating innovation and transformation [3]