1 证券研究报告 药品行业中期策略报告 新药审批百花齐放，重视技术赛道及产业链机会 华安证券医药团队 分析师：谭国超（S0010521120002）邮箱：tangc@hazq.com 分析师：任婉莹（S0010525060003）邮箱：renwanying@hazq.com 2025年7月14日 华安证券研究所 华安证券研究所 华安研究• 拓展投资价值 证券研究报告 华安研究• 拓展投资价值 短期重视IO2.0确定性，长期关注突破性技术布局 风险提示：创新药研发不及预期的风险；审批注册进度不及预期的风险；医保谈判价格降幅低于预期的风险；药品集采的风险；竞争 格局变化的风险；医疗反腐对入院及销售影响的风险。 华安证券研究所 敬请参阅末页重要声明及评级说明 2 ❑ 内生外延双重增长逻辑。海外，IO1.0专利悬崖在即，跨国药企着重PD-1后的产品布局，ADC靶向化疗、IO2.0双抗多抗大额交易频 出，中国创新药企经历折戟沉沙，创新能力获得全球认可，出现创新药集中BD out的热潮。国内，医保与集采政策显著回暖，商保 首次接入医保，丙类医保目录允许高价创新药成为用药选择，短期我们选择具有确定性的靶点赛道，如IO+AD ...

医药生物/生物制品 艾迪药业（688488.SH） 2025Q1 业绩扭亏为盈，抗艾新药有望快速放量 2025 年 04 月 30 日 投资评级：买入（维持） 相关研究报告 《2024 年公司收入稳健增长，抗艾新 药持续放量—公司信息更新报告》 -2025.3.3 《抗艾新药持续放量，收购南大药业 打造第二曲线—公司信息更新报告》 -2024.11.3 《新患数量稳健提升，抗艾新药持续 放量—公司信息更新报告》-2024.8.26 | 余汝意（分析师） | 刘艺（联系人） | | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 11.36 | | 一年最高最低(元) | 17.33/6.58 | | 总市值(亿元) | 47.80 | | 流通市值(亿元) | 47.80 | | 总股本(亿股) | 4.21 | | 流通股本(亿股) | 4.21 | | 近 3 个月换手率(% ...

Core Insights - In 2024, domestic innovative drugs, particularly in the HIV sector, are experiencing new growth opportunities driven by national policy support and market demand recovery [2][3] - The company, Aidi Pharmaceutical, is focused on overcoming key technical barriers in the HIV field and aims to provide safe and effective medication options for domestic patients [2][3] Sales Performance - In 2024, the total sales revenue from HIV new drugs reached approximately 149.9 million yuan, representing a year-on-year growth of 103.73% [3][8] - In the first quarter of 2025, the revenue from HIV new drugs was 62.7 million yuan, showing a year-on-year increase of 75.64%, marking a historical high for a single quarter [2][3] Academic Contributions - The company presented the results of the SPRINT study at the 10th National AIDS Academic Conference, demonstrating the long-term value of its drug, Ainomi [4] - The treatment adherence and viral suppression rates for Ainomi in the continuous treatment group were above 95% over 144 weeks, indicating its safety and effectiveness [4] Research and Development - In 2024, the company invested 107.5 million yuan in R&D, a 27.71% increase year-on-year, accounting for 25.73% of its revenue [5] - The company is advancing its pipeline with various projects, including the ACC017 tablet in Phase II clinical trials and long-acting innovative HIV drugs [5] Strategic Partnerships - The company acquired control of Nanda Pharmaceutical to integrate upstream and downstream resources, enhancing its "HIV new drug + human protein" dual strategy [6] - In 2024, Nanda Pharmaceutical achieved a revenue of 298.6 million yuan and a net profit of 51.5 million yuan, with continued collaboration expected to accelerate clinical trials for new drugs [6] Financial Performance - In 2024, the company reported total revenue of 417.8 million yuan, with a net loss of 141.2 million yuan [8] - In the first quarter of 2025, the company achieved revenue of 197.9 million yuan and a net profit of 1.6 million yuan, indicating a positive start to the year [8]