证券研究报告/策略研究 增持策略周报（20260223-20260301） 投资要点 ➢ 本周A股增持事件情况 2026年2月23日至2026年3月1日，共6家上市公司发布股东拟增持公告，具体包 括艾迪药业，滨化股份，通策医疗，华能水电，比音勒芬，海螺水泥增持金额均 值占总市值比例分别为0.18%、1.09%、0.04%、0.07%、1.69%、0.80%。2026 年2月23日至2026年3月2日，共9家上市公司发布管理层增持公告，其中增持金 额占总市值比例超过0.01%的公司为斯瑞新材。 综合增持、业绩增速及行业基本面，重点关注比音勒芬、艾迪药业、海螺水泥： 1. 比音勒芬：上市首次增持+控股股东拟增持超 1% 比音勒芬于2026年2月27日公告，控股股东一致行动人、总经理谢邕先生计划在 未来6个月内，通过集中竞价方式增持公司股份，金额不低于1亿元且不超过2亿 元，增持比例不超过总股本的2%，不设价格区间，资金为自有或自筹。这是谢邕 先生上市以来首次增持，此前未持股，彰显其对公司作为专注高尔夫运动生活方 式的头部高端服饰集团、实施多品牌发展战略的长期发展前景充满信心。 2.艾迪药业：控股股东拟增持 0.1 ...

据业绩快报，艾迪药业报告期内实现营收7.21亿元，同比增长72.49%，亏损规模由2024年的1.41亿元收 窄至2025年的1973.37万元，亏损幅度同比下降86.02%。值得注意的是，已经连续多年亏损的艾迪药业 在2025年实现营业利润扭亏，达4774.60万元。 艾迪药业主要业务聚焦于抗HIV及人源蛋白领域两条赛道。在抗HIV领域，公司拥有艾诺米替、艾诺韦 林等创新药。其中，艾诺韦林片为全新结构的非核苷类逆转录酶抑制剂，于2021年6月获批上市，用于 治疗HIV-1感染初治患者，该药为第二款国产自主研发的抗艾滋病1类新药；艾诺米替片系在艾诺韦林 的基础上，加入两个核苷类逆转录酶抑制剂（NRTIs）——富马酸替诺福韦二吡呋酯和拉米夫定所组成 的复方制剂，于2022年12月获批国内上市，2024年9月新增适应症上市申请获得批准。该药也是国内首 款具有自主知识产权的抗HIV口服1类新药。在中国艾滋病诊疗指南（2024版）中，两款药品作为复方 单片制剂，成为成人及青少年初始抗逆转录病毒疗法方案，获A1级推荐。截至目前，两款药物均已进 入国家医保目录。 2月25日，艾迪药业发布2025年业绩快报，得益于抗HIV ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 根据国家医疗保障局网站于2025年12月7日发布的《国家医保局人力资源社会保障部关于印发〈国家基 本医疗保险、生育保险和工伤保险药品目录〉以及〈商业健康保险创新药品目录〉（2025年）的通知》 （医保发〔2025〕33号），江苏艾迪药业集团股份有限公司（以下简称"公司"）两款抗艾滋病领域国家 1类新药一一艾诺韦林片（商品名：艾邦德?）及艾诺米替片（商品名：复邦德?）通过了医保谈判，以 简易续约方式继续纳入《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》（以下简 称"《国家医保目录》（2025年）"）。现将具体情况公告如下： 一、药品基本情况 三、对公司的影响 公司两款抗HIV领域创新药原价续约进入《国家医保目录》（2025年），既体现了国家医疗保障局对两 款创新药在临床价值、患者获益及产品创新性等方面的肯定，也体现了国家对具有临床价值创新产品的 支持；患者将能够通过医保报销获得药物治疗，有利于提升该产品于患者的可负担性和可及性，有利于 进一步推动上述药物的销售及 ...

Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In H1 2025, the company achieved revenue of 362 million yuan, representing a year-on-year increase of 100.19%, and a net profit of 9 million yuan, up 120.23% year-on-year, marking a turnaround to profitability [4] - The gross margin for H1 2025 was 65.58%, an increase of 16.83 percentage points, while the net margin was 7.31%, up 32.40 percentage points [4] - The company is well-positioned in the HIV treatment and prevention market, with significant growth expected from its innovative drugs [5] Financial Summary - Revenue projections for 2025-2027 are 737 million, 1.037 billion, and 1.237 billion yuan respectively, with net profit forecasts of -2 million, 44 million, and 88 million yuan [4][7] - The company's P/S ratios for the next three years are projected at 10.2, 7.2, and 6.1 times [4][7] - The company reported a sales expense ratio of 34.32% and a management expense ratio of 12.19% in H1 2025 [4] Business Segments - The revenue from human-derived protein crude products was 149 million yuan, while revenue from HIV drugs was 129 million yuan, reflecting a 58.49% increase [4] - The company has a comprehensive HIV research pipeline, with promising results from clinical trials of its drug ACC017 [5]

Core Viewpoint - The HIV drug market in China is experiencing rapid growth due to an increasing number of patients, expanding insurance coverage, and rising payment capabilities among the affected population, with a projected market size of 5.836 billion yuan in 2024, reflecting a year-on-year growth of 30.2% [1][16]. Industry Overview - HIV drugs are antiviral medications aimed at treating AIDS, which is caused by the human immunodeficiency virus (HIV) that attacks the immune system [2]. - As of the end of 2024, there are approximately 1.355 million reported living HIV/AIDS patients in China, with 749,800 being HIV-infected and 605,200 being AIDS patients [1][4]. Market Dynamics - The Chinese HIV drug market is expected to maintain a growth rate of over 20% from 2021 to 2024, driven by the increasing number of patients and the expansion of medical insurance coverage [16]. - The self-paid drug market is projected to reach 3.787 billion yuan in 2024, growing by 47.5% year-on-year, while the free drug market is expected to be 2.049 billion yuan, with a growth of 7% [18]. Competitive Landscape - Gilead and GSK dominate the Chinese HIV drug market, holding a combined market share of 90%, while local companies like Frontier Biopharma and Aidi Pharmaceutical have a smaller market presence of less than 10% [22]. Development Trends - Future research in the global HIV drug market will focus on developing new drugs with better efficacy and safety, exploring new drug targets, and investigating new treatment methods such as gene therapy and immunotherapy [24].