问答环节要点生长激素板块：2025年上半年生长激素新患入组同比增长，水针占比超40%，但因2024年 下半年新患入组不佳，2025年上半年营收与去年同期持平。生长激素市场竞争激烈但价格稳定，与维昇 药业合作的长效生长激素"隆培促生长素"预计2025年下半年获批，定位于高端市场。隆培促生长素优 点：安全性好，通过特定技术使生长激素以特定速率缓慢释放，连接结构和载体分子可排出体外；有效 性高，创新技术保持蛋白活性，免疫原性低，IGF - 1应答高于日制剂；稳定性强，优化冷冻干燥工艺， 储存条件更宽松，降低运输和保存负担；便利性与依从性佳，创新自动注射器，隐形针头，每周仅需注 射一次。博生吉公司CAR - T管线布局：包括自体CAR - T，PA3 - 17注射液纳入突破性治疗品种；通用 现货型CAR - T，UTAA09注射液临床试验进展顺利；In vivo CAR - T平台，完成临床前开发进入IIT阶 段；NKCE平台，进展到动物实验阶段。CD7 - CART规划：后续启动II期单臂注册临床并争取附条件上 市，产品获批后计划在一带一路国家直接申报上市，对欧美国家将视情况独立申报或寻找合作。创新药 研发管线：公 ...

安徽安科生物工程（集团）股份有限公司 投资者关系活动记录表 编号：2025-009 证券代码：300009 证券简称：安科生物 | 投资者关系活动 | ☑特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ☑其他 （电话会议） | | 参与单位名称及 | 华源医药、国盛医药、华福医药、中邮医药、平安证券、华鑫 | | 人员姓名 | 医药、信达医药、华安医药、东吴医药、东方医药、太平资产 | | | 管理、仁桥（北京）资产管理、中信建投基金、优益增投资、 | | | 泰康资产管理、Open Door Investment Management Ltd.、中国国 | | | 际金融、晨岭资本、太朴持信、深圳市尚诚资产管理、高腾国 | | | 际、鸿运私募基金管理、嘉实基金、华泰自营、翼虎投资管理、 | | | 长江养老保险、罗爵资产管理、长城基金管理、昆仑健康、武 | | | 汉证国私募基金、北京金塔股权投资、观合资产、药融圈、杭 | | | 贵投资、北京金百镕投资、上海盟洋投资管理、华宝基金 ...

业绩简评 2025 年 8 月 22 日，公司发布 2025 年半年度报告，上半年公司实 现收入 12.92 亿元，同比-0.51%，实现归母净利润 3.67 亿元，同 比-11.92%，实现扣非归母净利润 3.42 亿元，同比-12.38%；分季 度看，2025 年第二季度公司实现收入 6.63 亿元，同比+3.22%，实 现归母净利润 1.58 亿元，同比-20.60%，实现扣非归母净利润 1.45 亿元，同比-21.74%。 经营分析 主营业务持续发展，母公司业绩整体稳健。上半年母公司实现营 业收入 9.10 亿元，同比增长 5.13%；实现归属于上市公司股东的 净利润 3.67 亿元，同比下降 11.92%。公司积极优化销售渠道和销 售策略，加强市场开拓力度，公司营业收入稳中向好，主营业务生 物制品扭转去年下滑趋势，同比增长 7.49%，其中注射用曲妥珠单 抗"安赛汀"销售收入同比增长 298%。 积极拓展新业务，开拓业绩增长点。2025 年 7 月，公司获得宝济 药业重组人卵泡刺激素-CTP 融合蛋白注射液在中国大陆及港澳台 地区的独家商业化权利；同月公司与维昇药业签订战略合作框架 协议，就维昇药业 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300009 证券简称：安科生物 公告编号：2025-042 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 ■ 3、公司股东数量及持股情况 单位：股 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 ...

Group 1: Company Overview and Investor Relations - The investor relations activity involved a telephone conference with over 130 participants from various financial institutions [2][3]. - Key personnel included the Chairman and Senior Vice President of the company, who addressed investor inquiries [3]. Group 2: Product Development and Clinical Trials - The "AK1012 project" for treating respiratory syncytial virus infections has completed Phase I clinical trials [3]. - "AK2017 injection" has successfully completed Phase II clinical trial enrollment, with discussions for Phase III trials underway [3]. - "HuA21 injection," targeting HER2, has completed Phase Ib/II clinical trials and is preparing for Phase III based on interim analysis [3][10]. - "AK2024 injection," another HER2-targeted drug, has received clinical approval and shows promising preclinical results [3]. - "HK010 injection," a dual-target PD-L1*4-1BB antibody, is progressing well in Phase I trials [3]. Group 3: Collaborations and Innovations - Collaboration with Afana Company on "AFN0328 injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [4]. - The company’s affiliate, Boshengji, has developed the first CAR-T cell therapy targeting CD7, which has been included in a list of breakthrough therapies by the CDE [4][9]. - The "recombinant L-IFN adenovirus injection" developed by Yuansong Bio has received clinical trial approvals from both CDE and FDA for advanced solid tumors [4]. Group 4: Market Potential and Strategic Partnerships - The long-acting growth hormone "Transcon" is expected to outperform existing products, with a significant market opportunity projected at over 4 billion CNY in 2025 for follicle-stimulating hormone [8]. - The partnership with Baoyi Pharmaceutical for "SJ02," a long-acting follicle-stimulating hormone, aims to enhance treatment options in assisted reproductive technology [8]. - The PA3-17 injection has shown an objective response rate (ORR) of 84.6% and a complete remission rate of 95% in clinical trials [9]. Group 5: Future Plans and Regulatory Compliance - The company is actively building production lines compliant with FDA and EU standards, aiming for international market commercialization [11]. - Future clinical plans include launching Phase II trials for PA3-17 and exploring international registration based on Chinese clinical data [9].

Group 1: Company Strategy and Goals - The overall business goal for 2025 is to achieve restorative growth and maintain stable development [3] - The company aims to enhance the sales proportion of growth hormone water injections and expand the indications for growth hormone [3] - The company plans to accelerate the production capacity of the cancer drug Trastuzumab (Ansatin) and deepen brand building and market expansion [3] Group 2: Product Development and Clinical Trials - The clinical trial for "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein injection) has successfully completed Phase II enrollment, with discussions for Phase III trial already held [3] - The company is actively promoting clinical trials for interferon spray and inhalation agents, targeting respiratory infections and gynecological diseases [3] - The "AK1008 Project" (human interferon α2b spray) is in Phase II trials for treating viral infections in children [3] Group 3: Competitive Landscape - Currently, there are 5 companies producing short-acting growth hormones, and several companies are expected to launch long-acting growth hormones [4] - The market for growth hormones is competitive but the overall pricing system remains stable [4] - The strategic partnership with Weisheng Pharmaceutical aims to cover the long-acting growth hormone market and enhance the company's competitiveness in children's growth and development [7] Group 4: Innovation and Collaborations - The company is developing several innovative drugs, including "HuA21 Injection" targeting HER2, which has shown promising safety and efficacy in early trials [4] - Collaboration with Afana Company on "AFN0328 Injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [5] - The company is also involved in CAR-T cell therapy research through its investment in Boshengji Company, which has received implicit approval for clinical trials [5] Group 5: Market Expansion and Future Plans - The company is preparing to expand its international market presence by building FDA and EU-compliant production lines and engaging with foreign distributors [8] - The exclusive agency agreement with Baoji Pharmaceutical for the innovative drug "SJ02" aims to enhance the company's product matrix in the assisted reproduction field [8] - The company anticipates that the launch of long-acting growth hormones and long-acting follicle-stimulating hormones will provide new growth points for its business [8]

Core Viewpoint - The strategic cooperation between Weisheng Pharmaceutical and Anke Bio aims to promote the long-acting growth hormone product, Longpei Growth Hormone, in the Chinese market, leveraging Anke's extensive experience and sales network in the biopharmaceutical sector [1][2]. Group 1: Partnership Details - Weisheng Pharmaceutical has signed a strategic cooperation framework agreement with Anke Bio, granting Anke exclusive promotion rights for Longpei Growth Hormone in specific regions of China [1]. - The collaboration will focus on the commercialization of Longpei Growth Hormone and explore broader cooperation on other target products, including localized production and marketing [1]. - Anke Bio has over 30 years of experience in biopharmaceuticals and a well-established sales network, which will facilitate Weisheng's market entry [1]. Group 2: Product Information - Longpei Growth Hormone is a new long-acting growth hormone designed to treat pediatric growth hormone deficiency (PGHD) and is expected to provide new treatment options for affected children [1]. - The product has already been approved for sale in the United States and Europe, with expectations for approval in China by 2025 and plans for localized commercial production by 2028 [1]. Group 3: Strategic Importance - Anke Bio's chairman highlighted that the collaboration will enhance their commercial layout in the pediatric growth field and redefine the growth hormone market [2]. - Weisheng's CEO emphasized the synergy between their innovative research and Anke's established sales channels, aiming to accelerate the product's market introduction and benefit a wide patient population [2].

Core Viewpoint - The innovative drug company Weisheng Pharmaceutical has faced significant market challenges post-IPO, with a 30% drop in stock price and a market capitalization loss exceeding 2 billion HKD, despite a booming market for new listings in Hong Kong [1][14]. Company Overview - Weisheng Pharmaceutical, known as the "first growth and development stock" in Hong Kong, has struggled to attract investor interest, reflected in its poor stock performance [1]. - The company reported a cumulative loss of 1.3 billion HKD over five years, with zero revenue generated in the past four years, which is unusual in the relatively tolerant Hong Kong market [3][14]. Financial Performance - The company has a cash balance of only 200 million HKD as of the end of 2024, raising concerns about its financial sustainability if it fails to achieve timely product approvals [5]. - Weisheng's IPO valuation was nearly 20% lower than its 2021 Series B financing valuation, indicating a lack of confidence from investors [1][14]. Product Pipeline - The flagship product, Longpei Growth Hormone, has completed Phase III clinical trials and is expected to receive market approval in 2025 [2]. - The company has two additional products in development, but it has yet to commercialize any products since its establishment over six years ago [3][14]. Market Competition - Longpei Growth Hormone faces stiff competition from established players like Changchun High-tech, which has dominated the market for over a decade with its product JinSaiZeng [11][13]. - The competitive landscape includes several other companies with products at various stages of clinical trials, which could further dilute Weisheng's market share upon its product launch [11][13]. Operational Independence - Weisheng Pharmaceutical's operational independence is questioned, as it appears to function more as a local agent for Danish biopharmaceutical giant Ascendis Pharma, with over 70% of shares held by Ascendis and Vivo Capital [7][9]. - The company relies heavily on external partners for production and technology transfer, raising concerns about its ability to independently develop and manufacture pharmaceutical products [9][10]. Future Challenges - Even with a successful product launch, Weisheng Pharmaceutical will face ongoing operational challenges, including potential price pressures from centralized procurement policies that could significantly impact profit margins [13][14]. - The market's skepticism regarding Weisheng's future profitability is evident, as reflected in its low market valuation despite the potential for its flagship product [14].

Core Viewpoint - The approval of Yipeisheng (益佩生), a long-acting growth hormone injection by Tebao Biopharma, marks a significant shift in the long-acting growth hormone market, breaking the decade-long monopoly held by Jinsai Pharmaceutical [2][4]. Company Summary - Tebao Biopharma's Yipeisheng is designed for weekly administration, targeting growth hormone deficiency in children aged three and above, enhancing patient compliance and reducing treatment burden [2][3]. - The company reported a revenue of 2.817 billion yuan in 2024, a year-on-year increase of 34.13%, and a net profit of 828 million yuan, up 49% year-on-year [6]. - The company has five existing products, with Paigebin being the main revenue driver, generating 2.447 billion yuan, accounting for over 80% of total revenue [6]. Industry Summary - The long-acting growth hormone market has been dominated by Jinsai Pharmaceutical for over ten years, with its product "Jinsai Zeng" being the first globally approved long-acting growth hormone [3][4]. - The market for growth hormone treatment in China is significant, with approximately 6.4 million children affected by growth hormone deficiency, indicating a substantial unmet medical need [3]. - The entry of Yipeisheng is expected to intensify competition in the long-acting growth hormone sector, potentially leading to expanded indications and increased market share for long-acting products [4].

Core Viewpoint - Institutional ratings are crucial in assessing corporate value, especially in the high-barrier biopharmaceutical sector, where investment firms can identify innovative companies with breakthrough potential [1] Group 1: Institutional Ratings and Target Prices - Recently, Weisheng Pharmaceutical has gained attention in the capital market, receiving "Overweight" and "Buy" ratings from Morgan Stanley, Jefferies, and CITIC Securities [1][2] - The target prices set by these institutions indicate significant undervaluation of Weisheng Pharmaceutical's stock, with Morgan Stanley at 80 HKD, Jefferies at 82 HKD, and CITIC Securities also at 82 HKD [2][3] Group 2: Valuation Methodology - Due to the company's lack of profitability, traditional valuation methods like PE and PS are less applicable, leading institutions to use absolute valuation methods such as DCF models [3] - CITIC Securities estimates Weisheng Pharmaceutical's equity value at 93.53 billion HKD, suggesting a nearly twofold premium over the current price of 47 HKD [3] - The DCF models from Jefferies and Morgan Stanley also point to target prices of 82 HKD and 80 HKD, respectively, indicating a consensus on the company's valuation [3] Group 3: Growth Potential and Product Pipeline - Institutions predict that Weisheng Pharmaceutical's products could achieve over 1 billion RMB in sales by 2028, with a clear growth trajectory outlined [3] - The company's core product, Longpei Growth Hormone, is the only long-acting growth hormone proven to outperform daily formulations, with its market approval expected in the second half of this year [8] - Weisheng Pharmaceutical's strategy includes a gradient approach to commercialization, focusing on rapid market entry and local production to ensure long-term value release [8][6] Group 4: Competitive Advantages - Weisheng Pharmaceutical possesses a dual advantage of "global technology + local demand," with its core product's differentiated competitive edge and the rarity of its pipeline for rare diseases [6] - The company’s Longpei Growth Hormone offers multiple competitive barriers, including clinical efficacy, safety, and a breakthrough administration method that enhances patient compliance [8] - The company is also developing two other unique products targeting large market opportunities, with significant first-mover advantages in their respective therapeutic areas [10][11] Group 5: Market Sentiment and Future Outlook - The collective bullish consensus from three major institutions reflects a shift in market valuation logic for innovative biopharmaceutical companies [13] - As traditional valuation tools struggle to assess unprofitable biotech firms, the focus on Weisheng Pharmaceutical's pipeline potential indicates increasing patience from capital markets for long-cycle R&D companies [13] - The company's clinical advantages and pragmatic localization strategies may symbolize a critical shift in China's innovative drug landscape, highlighting the importance of policy, capital, and industry synergy [13]