与往年的最大差异是，此次国谈前3天进行国家医保目录的谈判，最后2天启动首次商保创新药目录"谈 判"。在商保创新药目录谈判阶段，11月2日下午为内资药企申报药品的价格协商日，11月3日为外资药 企申报药品的价格协商日。 2025年10月30日~11月3日，为期五天的国家医保谈判正式落幕。 今年是首次引入创新药目录的一年，与乙类目录价格谈判不同的是，国家医保局在规则上创新了价格协 商机制，协调药企与商保进行价格协商。价格降幅与目录究竟如何落地，成为药企最关切的问题。 多位药企人士透露称，在创新药目录的价格协商环节，国家医保部门面对药企给出的降价建议区间是 15%～50%。 在创新药目录谈判首日，最受瞩目的CAR-T药物已有企业谈判成功。有多家媒体当日报道称，合源生物 CEO对媒体表示CAR-T药物谈判进展顺利。 CAR-T的"靴子"落地，今年创新药目录的"席位"可谓十分紧张。多位药企准入人士指出，今年创新药目 录谈判通过专家评审进入价格协商环节的药品数量不超过30个。另有药企人士分析称，最终被纳入创新 药目录的药品数量可能在20个左右甚至更少，"大概率是个小目录。" 在今年的乙类目录医保谈判方面，焦点仍是ADC、 ...

Core Viewpoint - Sichuan Province is prioritizing the development of major scientific and technological infrastructure as a key strategy to enhance original innovation capabilities and meet national strategic needs, with a focus on creating world-class research clusters in various fields [3][4]. Group 1: Nuclear Fusion Research - Sichuan is establishing an international forefront nuclear fusion research cluster in Chengdu, featuring the "China Fusion Engineering Test Reactor" and the world's first Z-pinch + local ignition fusion target technology [3][4]. - The province is the only one in China that integrates both magnetic confinement and inertial confinement fusion research, achieving significant breakthroughs in nuclear fusion technology [4]. Group 2: Astronomy Observation - A high-altitude astronomical observation cluster is being developed in Ganzi, with facilities at elevations above 4000 meters, including the world's highest cosmic ray observation station and the largest comprehensive aperture radio telescope [5]. - The high-altitude cosmic ray observation station has made significant discoveries, including the highest energy photons and the brightest gamma-ray bursts recorded to date [5]. Group 3: Deep Earth Science - In Liangshan, the world's deepest deep earth science facility is being constructed at a depth of 2400 meters, creating a world-class open experimental platform for interdisciplinary research [6]. - The facility has achieved major scientific results, including the successful operation of the world's strongest deep earth nuclear astrophysics accelerator [6]. Group 4: Biomedicine Innovation - Chengdu is developing a comprehensive biomedicine innovation cluster, focusing on translational medicine to expedite the conversion of basic research into clinical applications [7]. - The cluster includes national-level innovation platforms and has successfully developed various innovative drugs, including tumor mRNA vaccines and other therapeutic agents [7]. - Future plans involve enhancing operational efficiency of major scientific infrastructure and expanding the innovation ecosystem to better support industrial development [7].

Core Viewpoint - The Hong Kong stock market's innovative pharmaceutical sector has seen a significant rebound this year, with net inflows of over 120 billion yuan into the pharmaceutical and biotechnology industry, highlighting a shift towards more reliable quality stocks [1] Group 1: Company Performance - Kelun-Biotech (06990) has emerged as a key target for market investment, achieving a historical high in stock price in August, with a market capitalization exceeding 100 billion HKD and a year-to-date increase of 192.40%, entering the "100 billion club" of Hong Kong's innovative pharmaceuticals [1] - The company's mid-2025 performance report indicates a transition from Biotech to Biopharma, with revenue driven by both business development (BD) collaborations and self-commercialization [3][4] - In the first half of 2025, Kelun-Biotech reported revenues of 950 million yuan, with cash reserves of 4.528 billion yuan, indicating strong cash flow and a shift in revenue structure from BD-driven to self-commercialization [4] Group 2: Commercialization Strategy - The company's core product, TROP2 ADC (Jiatailai), has shown strong commercial potential, generating sales of 51.698 million yuan in its first month post-launch and expanding its indications, which enhances market opportunities [5] - Kelun-Biotech has established a comprehensive commercialization capability, with a professional marketing team of 350 and a wide distribution network covering over 1,000 hospitals and partnerships with more than 60 distributors [8][9] - The company has successfully navigated market access, achieving broad coverage for its products across multiple provinces and actively pursuing inclusion in national insurance schemes to enhance drug accessibility [9] Group 3: Research and Development - Kelun-Biotech has increased its R&D investment, reaching 612 million yuan in the first half of 2025, and has developed three major technology platforms, ensuring a robust pipeline of over 30 candidate drugs [10][11] - The company's international collaborations with major pharmaceutical firms validate its technological capabilities and support the transformation of global innovative results into commercial value [11] - The dual strategy of BD collaborations and self-commercialization aligns with the trend of "true innovation + self-control" in the domestic pharmaceutical industry, positioning Kelun-Biotech as a key player in the Hong Kong pharmaceutical investment landscape [12]

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but a significant decline in quarterly performance due to high base effects from the previous year [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 21.812 billion yuan, a year-on-year increase of 1.67%, and a net profit attributable to shareholders of 2.936 billion yuan, up 19.53% [1]. - For Q1 2025, the company reported operating revenue of 4.390 billion yuan, a year-on-year decrease of 29.42%, and a net profit of 584 million yuan, down 43.07% [2]. Profitability Metrics - The overall gross margin for 2024 was 51.69%, a decrease of 0.74 percentage points year-on-year, while the expense ratio was 32.27%, down 3.95 percentage points [3]. - In Q1 2025, the gross margin dropped to 48.67%, a decline of 7.17 percentage points year-on-year, with the expense ratio slightly increasing to 32.38% [3]. Business Segments - The infusion business generated sales of 8.912 billion yuan in 2024, a decrease of 11.85%, with sales volume of 4.347 billion bottles/bags, down 0.70% [4]. - Non-infusion drug sales increased by 5.41% to 4.169 billion yuan, driven by strong performance in the plastic water needle business [4]. - The antibiotic intermediates and raw materials segment achieved revenue of 5.856 billion yuan, a year-on-year increase of 20.90%, benefiting from increased market demand [4]. Innovation and Pipeline - The company launched its innovative drug, Lukanosatuzumab (佳泰莱), in November 2024, marking the beginning of a new era in innovative drug commercialization [5]. - Ongoing clinical trials for various ADC therapies are being conducted in collaboration with Merck, targeting multiple cancer types [5][6]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 21.9 billion, 23.36 billion, and 23.98 billion yuan, with corresponding net profits of 3.02 billion, 3.35 billion, and 3.41 billion yuan [7]. - The company is expected to maintain a valuation of 19X for 2025 and 17X for 2026 and 2027 [7]. Investment Rating - The investment rating is maintained at "Buy" based on the company's growth potential and ongoing innovation efforts [8].