公司公告汇总 交易信息汇总 沪深交易所2025年6月23日公布的交易公开信息显示，微芯生物（688321）因有价格涨跌幅限制的日收 盘价格涨幅达到15%的前五只证券登上龙虎榜。此次是近5个交易日内第1次上榜。 截至2025年6月27日收盘，微芯生物（688321）报收于23.75元，较上周的21.17元上涨12.19%。本周， 微芯生物6月24日盘中最高价报25.6元。6月23日盘中最低价报21.09元。微芯生物当前最新总市值96.85 亿元，在化学制药板块市值排名47/150，在两市A股市值排名1663/5151。 深圳微芯生物科技股份有限公司相关债券2025年跟踪评级报告指出，公司创新药研发能力强，核心产品 继续获得新版诊疗指南推荐并获批新适应症，销售回款及流动性较好。但也注意到产品线单一，偿债压 力增加，盈利能力弱。2024年核心产品西达本胺医保价格继续降价，西格列他钠销售模式变更，西奥罗 尼小细胞肺癌三期试验不再递交上市申请，开发支出全额计提减值，公司净利润亏损。公司面临产品市 场竞争、医保降价、研发和专利无效挑战。主要财务数据显示，2024年总资产32.51亿元，归母所有者 权益15.81亿元，总债 ...

深圳微芯生物科技股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【470】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

Summary of Microchip Biotech Conference Call Company Overview - **Company**: Microchip Biotech - **Year**: 2024 - **Revenue**: 660 million CNY, a 26% year-on-year increase - **Operating Cash Flow**: 76.13 million CNY net inflow - **Key Products**: - **Sidabamine**: Revenue of 500 million CNY, 7% growth - **Sitagliptin**: Revenue of 140 million CNY, 132% growth Financial Performance - **2024 Revenue**: 660 million CNY, up 26% year-on-year [2][4] - **Operating Cash Flow**: 76.13 million CNY net inflow [2][4] - **Cash and Financial Assets**: Nearly 500 million CNY [4] - **Q1 2025 Revenue Growth**: 24% year-on-year [2][5] Clinical Trials and Product Development - **Sidabamine**: - Ongoing Phase III trials for colorectal cancer and melanoma [2][7] - Melanoma trial shows PFS of 36.9 months in US patients, significantly extended [2][7][8] - Phase II trial shows ORR of 44% and PFS of 7.3 months, significantly better than historical therapies [4][10] - **Sitagliptin**: - Approved for diabetes and combined with metformin, included in medical insurance [2][14] - Target market includes approximately 80 million patients with fatty liver in China [2][14] - **Aurora B Inhibitors**: - First-generation drug (Westoroni) shows good PFS and OS HR values, but no market application submitted [2][13] - Second-generation drug (CS231,295) in clinical stage, effective for brain metastasis [2][13] - **PD-L1 Products**: - Development of PD-L1 Sidabamine ADC and oral PD-L1 small molecules [2][11] - Oral PD-1 small molecule (CS23,546) shows selective accumulation in tumor tissues [2][12] Market Potential and Strategic Insights - **Market Size**: - Immunotherapy for colorectal cancer could expand market size from 2.5 billion USD [7] - Diabetes market in China is substantial, with over 140 million patients, many with comorbidities [14][27] - **Sales Strategy**: - Shift from partnership with Haizheng to self-operated sales for Sitagliptin, focusing on online channels [18][19] - New retail team established to enhance online sales [21] Research and Development Focus - **Key R&D Projects**: - Focus on innovative drug development targeting unmet clinical needs [3][6] - Plans to advance multiple IND applications, including PD-L1 ADC [4][16] - **Clinical Trial Milestones**: - Anticipated data readouts for Westoroni ovarian cancer Phase III and Sidabamine melanoma international Phase III in Q1 2025 [4][16] Regulatory and Competitive Landscape - **Patent Protection**: Strong patent portfolio for Sidabamine until 2042, with comprehensive coverage against challengers [32][33] - **Market Differentiation**: Sitagliptin's unique mechanism and safety profile compared to PPAR agonists [35] Conclusion Microchip Biotech demonstrates robust financial health and significant growth potential through innovative drug development and strategic market positioning. The ongoing clinical trials and product advancements indicate a strong pipeline that could lead to substantial market opportunities in the coming years.

3）南芯科技 （上海理成资产管理有限公司参与公司电话会议） 调研纪要：南芯科技2024年汽车业务增速达179%，占营收比超3%，2025年将继续快速增长，布局车身 控制、智能驾驶、智能座舱、车载充电四大领域。公司研发费用率为17.01%，2025年预计相近；收购 昇生微后，将在业务端和供应链层面为其赋能。工业领域产品应用于储能、无人机、电池系统等，2024 年推出多款新品，未来将拓展IPower、工业自动化、工控及机器人领域。有线充电业务保持领先，技术 趋势向集成化、系统化发展，2024年取得显著突破，2025年预计取得更显著市场成绩。部分晶圆厂和封 装厂产能趋紧，公司产能分配合理匹配业务订单需求，晶圆采购和封装测试价格保持稳定。公司推出车 规级高速CN/CNFD收发器产品SC25042Q，未来将推出更多电源、驱动等产品。公司会两线并举，既拓 展大客户也拓展经销商，以扩大销售渠道。因收购昇生微，一季度支付交易款项并完成并表，产生7亿 商誉。 机构简介： 根据市场公开信息及5月7日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 1）华大智造 （上海理成资产管理有限公司参与公司 ...

证券之星消息，2025年5月7日微芯生物（688321）发布公告称公司于2025年5月6日进行路演，宏利基金、国 泰海通、上海博笃、蜂巢基金、尚诚资产、Xingtai Capital、凯石基金、申万宏源证券、上海名禹、广州国 投、广州腾旻、鹏华基金、相聚资本、华西证券、东方财富、申万资管、招商证券、上海世诚、上海健顺、 上海方物、金百镕马学进、兴业证券、先锋基金、国联证券、理成资产、上海中域、中信证券、国盛证券、 上海峰岚、上汽颀臻、KITMC、博远基金、福建辰盛、上海晨燕、财通证券、中信建投、翼虎投资、泰康基 金、天治基金、华福证券、通用技术、汇丰晋信、东吴证券、太平洋证券、工银理财、航长投资张雨欣参 与。 具体内容如下： 问：西格列他钠目前是否用于脂肪肝或MASH治疗，临床上的使用场景如何？ 答：公司前期做了市场调研，观察到临床就诊的MFLD/MSH患者很多都有糖早期现象或已经合并2型糖尿 病，而2型糖尿病患者约55%合并MFLD/MSH。目前国内脂肪肝尚无有效治疗药物，存在巨大未满足需求，潜 在竞品进入市场仍需时间。西格列他钠（双洛平）已获批2型糖尿病适应症且纳入医保，有效改善胰岛素抵抗 这一MSH核心 ...

微芯生物 20250506 摘要 • 微芯生物 2025 年一季度营收 1.6 亿元，同比增长 24%，经营现金流转正， 期末货币现金加交易性金融资产达 7.4 亿元，净资产 15.8 亿元，为未来 财务状况提供保障。 • 西达本胺新适应症（双表达弥漫大 B 淋巴瘤）获批并被纳入 Cioa 指南一 线 1A 级推荐，为国内医保内唯一口服新药，结直肠癌适应症被纳入突破 性治疗品种，四个月内完成 200 例患者入组，预计今年恢复较快增长趋势。 • 西格列他钠糖尿病适应症成功续约医保，在美肝会上显示能显著改善脂肪 肝和肝纤维化，70%以上患者肝酶恢复正常，腰围减少，预计 Mesh 适应 症放量将继续推动增长。 • 西奥罗尼小细胞肺癌 PFS 改善但暂未申请上市，卵巢癌适应症扩大临床样 本量，EB27 临床试验在美国进行剂量爬坡，胰腺癌二期临床试验已完成 全部入组，预计下半年有数据读出。 • CS23,546（口服 PDL-1 小分子抑制剂）已完成第四个剂量组爬坡，计划 开展更高剂量爬坡及联合治疗方案，并同步开展海外临床试验； CS2,346（透脑 Orbital 抑制剂）完成首例患者入组，将同步开展国内外 爬坡及联 ...

2025 年 04 月 30 日 公司点评 买入/维持 微芯生物(688321) 昨收盘:16.97 医药 微芯生物：核心产品增长稳健，重点临床稳步推进 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 股票数据 | 总股本/流通(亿股) | 4.08/4.08 | | --- | --- | | 总市值/流通(亿元) | 69.2/69.2 | | 12 个月内最高/最低价 | 25.99/14.86 | | (元) | | 相关研究报告 <<微芯生物：核心产品快速增长，西 格列他钠 MASH 数据积极>>--2024- 11-03 <<微芯生物：西达本胺稳步增长，西 格列他钠高速增长>>--2024-08-18 <<微芯生物：原创新药多适应症拓 展，有望开启国际化新征程>>--2024- 07-23 证券分析师：张懿 电话：021-58502206 E-MAIL：zhangyi@tpyzq.com 分析师登记编号：S1190523100002 事件：2025 年 4 月 26 日，公司发布 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a total revenue of 162 million yuan in Q1 2025, representing a year-on-year increase of 24.24%, while the net profit attributable to shareholders was -19.15 million yuan, a decrease of 4.64% year-on-year [1][2] - The revenue growth is primarily driven by significant sales increases of the products Sidabamine (爱谱沙®) and Siglitazone (双洛平®) [2] - The gross margin stands at 85.64%, down by 2.99 percentage points year-on-year, while the net margin is -11.8%, an increase of 2.22 percentage points year-on-year [2] - The company has multiple new products expected to be launched, which could lead to substantial revenue growth in the coming years [3] Financial Summary - The projected revenues for 2025-2027 are 900 million, 1.2 billion, and 1.6 billion yuan, respectively, with year-on-year growth rates of 37%, 34%, and 33% [3] - The net profit forecast for the same period is 39 million, 101 million, and 435 million yuan, with year-on-year growth rates of 134%, 162%, and 329% [3] - Earnings per share (EPS) are expected to be 0.09, 0.25, and 1.07 yuan for 2025, 2026, and 2027, respectively [3] - The price-to-earnings (PE) ratios are projected to be 179, 68, and 16 times for the same years [3] Clinical Trials and Product Development - The company has received approval for a Phase III clinical trial for Sidabamine in combination with other drugs for treating advanced colorectal cancer, with 200 out of 430 patients enrolled as of April 3, 2025 [2] - The CAPability-01 study results have been published in Nature Medicine, indicating positive clinical data [2] - A Phase II clinical trial for another product, Xioron, in combination with other drugs for treating advanced pancreatic cancer is currently ongoing [2]

Company Overview - Microchip Biotech is a pioneer in original innovative drugs in China, focusing on providing clinically needed revolutionary mechanism drugs for patients [7][38] - The company has established a complete industrial chain layout from early exploratory discovery to commercialization, offering original innovative drugs globally [38] Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of -114.57 million yuan, with the parent company achieving a net profit of -88.42 million yuan [5] - The board decided not to distribute cash dividends or issue bonus shares for the fiscal year 2024, despite having positive undistributed profits [5] Product Pipeline - The company has developed two innovative drugs, with multiple indications approved for sale globally, including in the fields of malignant tumors, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral treatments [7][39] - Key products include: - **Sida Benamide (西达本胺)**: A first-in-class HDAC inhibitor with multiple indications approved in China and Japan, including for peripheral T-cell lymphoma and breast cancer [8][9][39] - **Siglitazone (西格列他钠)**: A first-in-class PPAR agonist approved for type 2 diabetes and recently for combination therapy with metformin [12][13][40] Research and Development - The company employs a team of experienced scientists to drive drug development, focusing on understanding disease mechanisms and optimizing drug design [22] - The R&D pipeline includes several promising candidates targeting various cancers and metabolic diseases, with ongoing clinical trials demonstrating significant efficacy [17][21][40] Industry Context - The biopharmaceutical industry in China is rapidly evolving, with increasing participation in global biotech innovation and a focus on meeting domestic healthcare needs [26][30] - Despite a low-risk appetite in global financing, Chinese companies are becoming significant players in licensing transactions, with a notable increase in outbound licensing activities [29][41] - The market for innovative drugs in China is projected to grow significantly, with a forecasted market size of approximately $197 billion by 2025 [30]