证券研究报告 | 半年报点评 gszqdatemark 2025 09 05 年 月 日 康辰药业（603590.SH） 业绩稳健恢复，创新产品有序推进 公司发布 2025 年半年报。2025 年上半年，公司实现营业收入 4.61 亿元， 同比+13.8%；归母净利润 0.9 亿元，同比+15%；扣非归母净利润 0.96 亿元，同比+29.2%。2025Q2，公司实现营业收入 2.49 亿元，同比+20.9%； 归母净利润 0.47 亿元，同比+24%；扣非归母净利润 0.52 亿元，同比 +50.3%。 营销改革成效显现，苏灵增幅明显。营销方面，公司转型区域达到 19 个 省，得益于高效的数字化推广模式，上半年自营区域继续保持高速增长， 从而使上半年公司销售费用率降至 44.35%，同比下降 3.49pct。从产品来 看，苏灵上半年销售收入 3.26 亿元，同比增长 18.77%；密盖息上半年销 售收入 1.34 亿元，同比增长 3.37%。 创新药产品持续推进，多点开花未来可期。通过自研与外引双轮驱动，加 快形成梯队式产品管线新格局：1）KC1086 为公司首个从靶点选择、分子 设计、化合物合成、先导化合 ...

研究早观点 2025 年 9 月 5 日 星期五 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,765.88 | -1.25 | | 深证成指 | 12,118.70 | -2.83 | | 沪深 300 | 4,365.21 | -2.12 | | 中小板指 | 7,357.46 | -2.37 | | 创业板指 | 2,776.25 | -4.25 | | 科创 50 | 1,226.98 | -6.08 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20250825-20250831）：-券商业 绩大增，关注板块投资价值 【行业评论】通信：周跟踪（20250825-20250831）-阿里云财报 CAPEX 超预期，国产算力超节点爆发正当时 【山证通信】华丰科技（688629.SH）：高速连接器开始起量，盈利能 力大幅提升 【公司评论】中广核矿业(01164.HK)：中广核矿业 ...

生物医药Ⅲ 康辰药业（603590.SH） 买入-B(首次) 潜在 BIC 的 KAT6 抑制剂临床前药效优异，多靶点抑制剂提供 ESCC 后线新选择 2025 年 9 月 4 日 公司研究/公司快报 公司近一年市场表现 公司点评 | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.58 | | 摊薄每股收益(元)： | | | 0.58 | | 每股净资产(元)： | | | 21.37 | | 净资产收益率(%)： | | | 2.83 | 资料来源：最闻 分析师： 魏赟 执业登记编码：S0760522030005 邮箱：weiyun@sxzq.com 邓周宇 执业登记编码：S0760524040002 邮箱：dengzhouyu@sxzq.com 张智勇 执业登记编码：S0760525080003 邮箱：zhangzhiyong@sxzq.com 公司是布局肿瘤等领域的创新药企。公司 KAT6 抑制剂 KC1086、 AXL/VEGFR2 等多靶点抑制剂 KC1036、中药创新药 ZY5301 分别在 ...

盈利预测和估值。根据公司经营情况，我们对盈利预测进行调整，预计2025 年至2027 年公司营业收入 分别为9.11 亿元、10.63 亿元和12.14 亿元，同比增速分别为10.4%、16.7%和14.2%；归母净利润分别为 1.69 亿元、2.03 亿元和2.42 亿元，同比增速分别为299.8%、20.2%和19.2%，以9 月1 日收盘价计算，对 应PE 分别为58.3 倍、48.6 倍和40.7 倍，维持"买入"评级。 风险提示："苏灵"和"密盖息"放量速度低于预期；创新药研发失败。 创新药研发迎来新突破，自主创新能力得到验证。2025 年上半年，公司的KC1086（KAT6 抑制剂）在 获批临床后，迅速进入临床I 期研究。对于HR+/HER2-的晚期乳腺癌患者，在使用CDK4/6 抑制剂后会 出现进展和耐药，目前对于CDK4/6 抑制剂联合内分泌治疗进展的患者缺乏标准的后续治疗方案，我们 认为KAT6 抑制剂未来有望成为CDK4/6 抑制剂治疗失败患者的潜在重要疗法，KC1086 作为Fast-Follow 型创新药具有广阔的市场前景。KC1036 针对成人消化系统肿瘤、胸腺肿瘤和儿童尤文肉瘤等多 ...

非流动性资产处置损益，包括已计提资产减值 准备的冲销部分 计入当期损益的政府补助，但与公司正常经营 业务密切相关、符合国家政策规定、按照确定 的标准享有、对公司损益产生持续影响的政府 补助除外 除同公司正常经营业务相关的有效套期保值业 务外，非金融企业持有金融资产和金融负债产 生的公允价值变动损益以及处置金融资产和金 融负债产生的损益 北京康辰药业股份有限公司2025 年半年度报告 计入当期损益的对非金融企业收取的资金占用 费 委托他人投资或管理资产的损益 2,538,452.19 对外委托贷款取得的损益 因不可抗力因素，如遭受自然灾害而产生的各 项资产损失 单独进行减值测试的应收款项减值准备转回 企业取得子公司、联营企业及合营企业的投资 成本小于取得投资时应享有被投资单位可辨认 净资产公允价值产生的收益 同一控制下企业合并产生的子公司期初至合并 日的当期净损益 非货币性资产交换损益 债务重组损益 企业因相关经营活动不再持续而发生的一次性 费用，如安置职工的支出等 因税收、会计等法律、法规的调整对当期损益 产生的一次性影响 因取消、修改股权激励计划一次性确认的股份 支付费用 对于现金结算的股份支付，在可行权日 ...

Summary of Kangchen Pharmaceutical Conference Call Company Overview - **Company**: Kangchen Pharmaceutical - **Core Product**: Suling, a snake venom-derived hemostatic agent, recognized for its unique properties and market performance since its launch in 2009 [2][5] Key Points Industry and Market Performance - **Suling Sales**: Expected to sell 11.5 million units in 2024, a slight decline but stabilizing in the second half of the year, with a target to return to a billion-level product by 2025 [2][7] - **Marketing Reform**: Transitioned from an alliance model to a self-operated model, showing significant effects with minimal revenue impact [2][7] Financial Health - **Cash Reserves**: Approximately 1 billion yuan in liquid assets, with a low debt-to-asset ratio of around 10%, providing financial support for future business expansion [2][9] Research and Development Pipeline - **Key Products**: - **ZY5,301**: For chronic pelvic pain, completed Phase III unblinding with positive data, currently in NDA discussions [2][4] - **K6 Inhibitor**: Leading global progress, Phase I clinical approval expected soon, aiming for Phase II initiation in late 2025 [3][16] - **EEXD and VJF Multi-target Inhibitors**: For advanced esophageal cancer, Phase III trials ongoing, with expectations for approval conditions by mid-2027 [2][17] Product Development Strategy - **New Product Launches**: Plans to introduce at least one new product annually, focusing on expanding the product pipeline [2][9] - **Pet Innovation Drug**: Development of Su Ying, a pet version of Suling for canine surgical hemostasis, addressing a market gap in veterinary medicine [2][6] Competitive Advantages - **Regulatory Recognition**: Products without insurance suffixes indicate higher recognition by insurance, enhancing clinical usage compliance [10] - **Academic Promotion**: Strong academic promotion capabilities, maintaining a focus on self-operated and academic sales strategies, differentiating from competitors [13][14] Future Outlook - **Sales Growth**: Anticipated recovery of Suling sales to a rapid growth trajectory in 2025, with ongoing marketing transformation efforts [2][7] - **Market Expansion**: Plans for mergers and acquisitions to achieve external growth and enhance product offerings [2][9] Clinical Trial Insights - **Esophageal Cancer Trials**: Targeting 490 patient enrollments for Phase III trials, currently at 200, with strategies to accelerate enrollment through expanded clinical centers [19][20] - **Survival Data**: Phase II trials show an overall survival (OS) of approximately 7.1 months, guiding future clinical quality assurance [21][22] Conclusion Kangchen Pharmaceutical is positioned for growth with a solid financial foundation, innovative product pipeline, and strategic marketing reforms aimed at enhancing market presence and operational efficiency. The focus on both human and veterinary medicine reflects a comprehensive approach to expanding its business scope and meeting diverse healthcare needs.

Summary of 康辰药业 Conference Call Company Overview - **Company**: 康辰药业 (Kangchen Pharmaceutical) - **Industry**: Pharmaceutical Key Points Marketing Model Transformation - 康辰药业 is transitioning from an alliance model to a self-operated model, starting in Q2 2024, with 60% of the market already completed. This transformation initially impacted revenue but is expected to stabilize by Q4 2024, with a target self-operated ratio of 70%-80% by 2025 [2][3][6]. Financial Performance - In Q1 2025, 康辰药业 reported year-on-year revenue and profit growth, maintaining sales levels consistent with Q4 2024, averaging over 1 million units sold monthly. The company anticipates stable sales for the entire year [3][6]. R&D Progress - **Innovative Drug KC1,036**: - Currently in late-stage clinical trials for esophageal squamous cell carcinoma with approximately 180 patients enrolled. Data for thymic tumors is expected in 2025, and esophageal cancer data may be available for submission by the end of 2026 [2][4][10]. - **Innovative Drug KC1,086**: - Targeting breast cancer, IND application submitted, with data expected in H1 2026 and Phase II trials to start in H2 2026. The drug has a shorter half-life than similar products from Pfizer, potentially enhancing efficacy [2][5][12]. - **Innovative Traditional Chinese Medicine 5,301**: - Expected to submit NDA by July 2025 and potentially receive approval by Q3 2026. This product targets chronic pain post-gynecological inflammation, with a projected peak sales of at least 500 million [2][17]. Sales and Revenue Goals - **苏灵 Product**: - Aims for over 20% sales growth in 2025, with revenue growth not less than 10%. The goal is to develop it into a billion-level product within five years [2][7][6]. Market Challenges - **密盖息 Product**: - Facing price reduction pressures from centralized procurement, with an expected price drop of 10%-20%. The company aims to maintain sales levels in 2025 and return to growth in 2026 [2][8][18]. Strategic Initiatives - 康辰药业 is focusing on expanding its self-operated model to enhance market penetration and hospital admissions, while also promoting nasal spray products [6][19]. Future Directions - The company plans to continue its focus on small molecule drugs while exploring collaborations in other therapeutic areas. The R&D system has been restructured to enhance efficiency and output [15][21]. Acquisition Strategy - 康辰药业 is actively seeking to acquire new products while navigating challenges posed by centralized procurement and local pricing pressures. The company aims to leverage its self-operated model to maximize market potential [19][20]. Overall Outlook - 康辰药业 is positioned to capitalize on its marketing transformation and R&D advancements, with a focus on maintaining stable sales and exploring new market opportunities while managing the challenges of the pharmaceutical landscape [21].

联合研究丨组合推荐 [Table_Title] 大消费行业 2025 年 5 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2025 年 5 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 11 ...

Core Insights - The report highlights the significant clinical progress of KC1036, an innovative drug developed by the company, which has successfully completed the first patient enrollment in a Phase II clinical trial for treating advanced Ewing sarcoma in adolescents aged 12 and above [3][6][7] - The potential market for KC1036 is substantial, with ongoing clinical studies for multiple indications, including esophageal cancer, where the first patient was enrolled in February 2024. The estimated number of esophageal cancer patients in China was 742,000 in 2022, indicating a large potential market [7] - The company is undergoing a marketing transformation in 2024, aiming to enhance its sales capabilities through a digital marketing team, which is expected to strengthen sales for existing products and lay the groundwork for future sales of KC1036 [7] Market Performance - The Shanghai Composite Index closed at 3145.55, up by 1.58%, while the Shenzhen Component Index rose by 0.64% to 9424.68. The CSI 300 Index increased by 1.71% to 3650.76, and the ChiNext Index saw a rise of 1.83% to 1840.31 [4] - In the industry performance, the Agriculture, Forestry, Animal Husbandry, and Fishery sector led with a 7.81% increase, followed by Retail with 3.44% and Food & Beverage with 3.37%. Conversely, the Electronics sector declined by 1.69% [5]