【深度】旺山旺水IPO：核心产品青黄不接 产能利用率不足2%仍募资扩产 6月26日，中国证监会国际合作司发布《关于苏州旺山旺水生物医药股份有限公司境外发行上市及境内 未上市股份"全流通"备案通知书》。通知书显示，苏州旺山旺水生物医药股份有限公司境外发行上市及 境内未上市股份"全流通"的备案材料已收悉。根据相关规定，证监会对备案事项通知如下：一、公司拟 发行不超过3044.15万股境外上市普通股并在香港联合交易所上市。二、公司25名股东拟将所持合计 4907.93万股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 主营业务与商业模式：聚焦三大领域依赖合作研发 旺山旺水是一家综合一体化生物医药公司，致力于发现、开发和商业化创新小分子药物，重点治疗领域 包括病毒感染、神经精神及生殖健康。公司构建了覆盖"研究-临床开发-制造-商业化"全产业价值链的端 到端能力，开发了由九款创新资产组成的管线，其中三款核心产品VV116、LV232及TPN171具备同类 首创或最佳潜力。 2023年公司实现营业收入4237.1万元，主要来自VV116在乌兹别克斯坦的销售及达泊西汀在中国的销 售。2024年前九个月，公司净 ...

Core Viewpoint - The announcement of the second employee stock ownership plan by TianKang aims to enhance long-term incentive mechanisms, improve employee cohesion and corporate competitiveness, and deeply bind the interests of the company, shareholders, and employees [1] Summary by Relevant Sections Employee Stock Ownership Plan - The scale of the employee stock ownership plan is set between RMB 150 million and RMB 200 million, with an average purchase price based on the closing price of RMB 33.77 per share on June 20, 2025, leading to a minimum of approximately 4.44 million shares and a maximum of about 5.92 million shares, accounting for no more than 1.39% of the total share capital as of the announcement date [1] - The holding period for the stock is strictly regulated, with a minimum of 12 months required [1] Market Confidence and Stock Performance - Industry insiders highlight three key points regarding TianKang's equity incentive: the stock will be sourced through secondary market purchases, the buy-in scale is significant, and the plan reflects strong confidence in future development [2] - TianKang's stock price has surged by 130% this year, ranking fourth among innovative drug concept stocks [2] Innovation and Clinical Development - The collective rise of innovative drug leaders reflects a systematic re-evaluation of the long-term value of R&D investments, driven by expectations of industry upgrades rather than solely academic data disclosures [3] - TianKang's innovative drug CKBA for vitiligo has completed 100% subject enrollment in its Phase II clinical trial, with plans to explore additional indications in the next 3-5 years [3] Growth Areas - The company is focusing on several growth areas, including gastrointestinal drugs, sexual health, and ophthalmology [4] - In the gastrointestinal sector, TianKang aims to expedite the registration process for its product and target over RMB 1 billion in sales within 3-5 years [4] - The sexual health segment features leading products with significant market presence, and a new product is expected to enhance the company's portfolio [4] - In ophthalmology, the company is progressing with clinical trials for a product aimed at treating presbyopia, which could become the first of its kind in China [4] Overall Outlook - TianKang's employee stock ownership plan reflects the company's strong confidence in future growth, driven by innovation and clinical needs, while building high-value competitive barriers in core areas [5] - As key projects move towards commercialization, the company is expected to generate new performance growth points and enter a new growth cycle [5]

智通财经记者 | 李科文 智通财经编辑 | 谢欣 他达拉非可以被视为白云山金戈销售额见顶后的产品线补充。与西地那非相比，他达拉非可以被视为二代产品，具有剂 量更低、半衰期更长、药品持续时间更久及不受高脂饮食、饮酒影响等优势。即患者可以在服药后的一天半内无需担心 药物时效的问题。 但需要注意的是，在中国市场，他达拉非的表现一直不如西地那非。此外，他达拉非也已形成院内受限、院外竞争激烈 的双重市场格局。白云山想把他达拉非卖成下一个爆品并不容易。 集中带量采购政策直接压缩了他达拉非的院内市场的天花板。院内市场由公立医院和非公立医院组成。 白云山给国产"伟哥"——金戈（西地那非）找了个接替者。 6月6日，白云山公告，分公司白云山制药总厂收到国家药品监督管理局核准签发关于他达拉非片（2.5mg、5mg）的 《药品注册证书》。 就在去年，2024年，白云山制药总厂已收到国家药监局核准签发的关于他达拉非片10mg、20mg的药品注册证书。 他达拉非的原研为美国礼来公司，分别于2002年11月、2003年11月在欧盟、美国获批，于2004年12月在中国获批上市。 他达拉非是磷酸二酯酶 5（PDE5）抑制剂，与西地那非相似，也 ...

证券代码：301263 证券简称：泰恩康 广东泰恩康医药股份有限公司投资者关系活动记录表 编号：投-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 线上参与泰恩康 2024 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 05 月 12 日（星期一）15:00-16:00 | | 地点 | "约调研"小程序 | | 上市公司接待人 | 董事长、总经理：郑汉杰先生 | | | 董事、副总经理兼董事会秘书：李挺先生 | | 员姓名 | 财务总监：周桂惜女士 | | | 独立董事：彭朝辉先生 | | | 保荐代表人：徐振宇先生 | | 投资者关系活动 | 1、问：创新药 白癜风适应症已完成全部受试者入组， CKBA | | | 公司预计该创新药上市后，请问市场前景如何，对公司未来业绩 | | | 增长的贡献程度预计有多大？ | | | 年 软膏白癜风 期临 答：投资者您好，2024 10 月，CKBA ...

当前，我国医药行业已进入深度调整期，存量市场竞争愈发激烈。 近日东北制药（000597）披露的2024年报显示，报告期内公司实现营收75.03亿元，实现归母净利润4.1 亿元，实现扣非净利润3.12亿元。其中，归母净利润、扣非净利润同比分别增长14.34%、18.97%。此 外，公司经营活动产生的现金流量净额为7.59亿元，同比增长29.32%。东北制药经营质量稳步提升，发 展底盘持续加固，彰显了公司在复杂市场环境下强大的盈利能力和经营韧性。 经营质量稳步提升 东北制药是我国重要的药品生产与出口基地。拥有400多种化学原料药、医药中间体和制剂产品，主导 产品远销全球100多个国家和地区。 2024年，东北制药整体运营质量不断提高，公司营业总成本较上年显著降低，优势产品销售继续保持较 强竞争力，整体利润实现稳健增长。其中，收入端，制剂销售充分发挥"原料药+制剂"一体化优势，持 续提升产业链产品的市场竞争力，借助集采"以价换量"模式，进一步拉动生产需求，并通过调整优化产 品结构模式，提升高毛利率产品占比；原料销售方面，深挖产品潜力，积极开拓海外市场，2024年公司 出口收入同比增长26.30%。成本费用端，公司将 ...

Core Viewpoint - Northeast Pharmaceutical Group Co., Ltd. has shown continuous improvement in profitability, driven by market expansion and innovation in research and development [2][4]. Financial Performance - In the 2024 annual report, the company reported operating revenue of 7.503 billion yuan, a slight decrease year-on-year; net profit reached 410 million yuan, an increase of 14.34%; and non-net profit was 312 million yuan, up 18.97% [2]. - Both net profit and non-net profit have achieved four consecutive years of growth, reaching the highest levels since 2010 [2]. Dividend Distribution - The company plans to distribute a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders [3]. Competitive Advantages - Northeast Pharmaceutical is a significant drug production and export base in China, with integrated production bases for raw materials and formulations [4]. - The company has a diverse product line covering ten major series, including vitamins and anti-infection drugs, with products exported to over 100 countries and regions [4]. - The company increased its R&D investment to 149 million yuan, a year-on-year growth of 7.55% [4][5]. Innovation and Product Development - In 2024, the company successfully obtained one innovative drug candidate and approved five generic drugs for production [5]. - The company received approval for raw material drug listings and registered certificates for several new products, enhancing its product portfolio [5]. - The company’s raw materials, such as L-carnitine and vitamin C, received CEP certification from the European Medicines Agency, allowing sales in the EU high-end pharmaceutical market [5]. Export Business - The export business generated revenue of 902 million yuan in 2024, reflecting a year-on-year increase of 26.30%, with a gross margin growth of 5.89% [6]. Strategic Acquisition - The company is expanding into the biopharmaceutical sector by acquiring Beijing Dingcheng Peptide Source Biotechnology Co., Ltd., focusing on cell immunotherapy technology [7][8]. - Dingcheng Peptide Source has developed a complete technical platform for TCR-T and CAR-T cell therapy products targeting various cancers [7]. - This acquisition is expected to enhance the company's competitiveness in the biopharmaceutical field and accelerate the R&D and commercialization of innovative drugs [8].