证券之星消息，2025年9月1日艾迪药业(688488)发布公告称公司于2025年8月29日召开业绩说明会，华安 证券（600909）、兴全基金、红石榴投资、创金合信、珠海尚石投资管理、长城基金、宝盈基金、浙商自 营、上海慎知资产管理、华泰证券自营、申万宏源资管、开源证券、深圳市尚诚资产管理、第一创业 （002797）证券、北京大道兴业投资管理、国华兴益保险资产管理、华创证券、天风证券（601162）、中 信建投（601066）证券、西部证券（002673）、兴业证券、申万宏源证券（000562）、平安证券参与。 具体内容如下： 问：抗HIV整合酶抑制剂ACC017的最新研发进展如何？ 答：公司紧跟国际主流用药趋势，为国内HIV感染者提供紧跟国际一线水平的治疗手段，布局了新一代抗 HIV整合酶抑制剂CC017。截至2025年半年报披露日，公司已完成一项初治HIV感染者Ⅰb/Ⅱa期临床研 究，包括多剂量递增试验(MD)、概念验证试验(POC)、药动学/药效学研究(PK/PD)以及初治人群联合给药 剂量探索试验(Dose-finding)，该项临床试验结果显示初治HIV感染的参研者经CC017片单药治疗10天，病 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [3][7]. Core Insights - The domestic HIV drug market is experiencing rapid growth, driven primarily by oral combination tablets. The market size for HIV drugs in China is projected to exceed 11 billion yuan by 2027, with a compound annual growth rate of 27% from 2017 to 2023 [6][50]. - The company has a multi-targeted approach in its HIV treatment drug pipeline, addressing diverse patient needs. Key products include the oral non-nucleoside reverse transcriptase inhibitors, which have been approved and included in the national medical insurance directory, leading to significant sales growth [6][7]. - The company is also focusing on developing long-acting pre-exposure prophylaxis (PrEP) drugs, which have substantial market potential in the U.S. market, estimated to be in the tens of billions of dollars [6][7]. Financial Data and Profit Forecast - The company is expected to achieve total revenue of 806 million yuan in 2025, with a year-on-year growth rate of 92.8%. By 2027, revenue is projected to reach 1.263 billion yuan [2]. - The net profit attributable to the parent company is forecasted to be 7 million yuan in 2025, with significant growth anticipated in subsequent years, reaching 166 million yuan by 2027 [2]. - The gross profit margin is expected to improve from 63.2% in 2025 to 75.2% by 2027, reflecting enhanced operational efficiency [2]. Company Overview - The company, established in 2009, specializes in the research, development, production, and sales of pharmaceutical products, focusing on HIV and human protein fields. It has established a strong competitive position in the domestic HIV market [14][23]. - The acquisition of Nanda Pharmaceutical in 2024 is part of the company's strategy to integrate human protein raw materials and formulations, enhancing its product offerings and market reach [28][32]. Market Dynamics - The report highlights the shift in the HIV drug market from government procurement to a combination of government-funded treatments, medical insurance, and out-of-pocket expenses, indicating a more diversified market structure [50][52]. - The company’s HIV drugs are expected to become mainstream products in the domestic market due to their superior efficacy and convenience compared to older government-procured drugs [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a turnaround in Q1 2025, with revenue of 198 million yuan, representing a year-on-year increase of 113% and a quarter-on-quarter increase of 66.37%. The net profit attributable to shareholders was 16 million yuan, up 214.52% year-on-year and 119.41% quarter-on-quarter [5] - The company's HIV new drug sales reached 62 million yuan in Q1 2025, showing positive commercial progress. The new drug's revenue for 2024 was 150 million yuan, reflecting a year-on-year growth of 103.73% [6] - The company is expanding its pipeline with various innovative drugs and has made significant progress in clinical trials, including the ACC017 tablet and AD108 injection [7] Financial Summary - In 2024, the company reported revenue of 418 million yuan (up 1.57% year-on-year) and a net loss of 141 million yuan (down 85.63% year-on-year). The projected revenues for 2025, 2026, and 2027 are 737 million yuan, 1,037 million yuan, and 1,237 million yuan respectively, with expected net profits of -3 million yuan, 21 million yuan, and 77 million yuan [8] - The gross margin for Q1 2025 was 62.04%, an increase of 20 percentage points year-on-year, while the net margin was 12.94%, up 27.59 percentage points year-on-year [5] - The company's earnings per share (EPS) for 2025 is projected to be -0.01 yuan, with subsequent years showing improvements to 0.05 yuan in 2026 and 0.18 yuan in 2027 [8]