证券研究报告·公司点评报告 2026 年 3 月 4 日 江海证券研究发展部 医药行业研究组 执业证书编号：S1410524050001 | 投资评级： | 买入（维持） | | --- | --- | | 当前价格: | 34.72元 | | 市场数据 | | | | | | --- | --- | --- | --- | --- | | 总股本(百万股) | | 117.32 | | | | A 股股本(百万股) | | 117.32 | | | | B/H 股股本(百万股) | | -/- | | | | A 股流通比例(%) | | 88.44 | | | | 12 个月最高/最低(元) | | 66.66/33.65 | | | | 第一大股东 | | 李永安 | | | | 第一大股东持股比例(%) | | 10.38 | | | | 上证综指/沪深 300 | | | | 4122.68/4655.90 | | 数据来源：聚源 注：2026 | 3 | 3 日数据 | 年 | 月 | 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 9.40 -4.04 45.06 绝对收益 0 ...

Core Viewpoint - The company, Asia-Pacific Pharmaceutical (002370.SZ), has participated in the continuation procurement organized by the National Organization for Drug Procurement, with 13 products, including injectable Cefmetazole Sodium and Febuxostat tablets, proposed for selection in the continuation procurement process [1] Group 1: Procurement Details - The continuation procurement involves products from the first to eighth batches of the national organized procurement agreements that have expired [1] - The agreed procurement volume for each product will be based on the demand reported by medical institutions, with the selection price gradient determining the volume ratio [1] Group 2: Market Impact - Medical institutions will prioritize the use of the selected drugs from this continuation procurement during the procurement period, ensuring the completion of the agreed procurement volume [1] - If the company signs procurement contracts and implements them, it will further expand the sales of related products, enhance market share, and improve brand influence, positively impacting future operating performance [1]

Investment Rating - The report assigns a rating of "Outperform" to the company, indicating a positive outlook for its stock performance relative to the market [2][8]. Core Insights - The company reported a revenue of 1.058 billion yuan for 2025, reflecting a year-on-year growth of 21.8%, and a net profit attributable to shareholders of 237 million yuan, up 33.9% [5][8]. - In Q4 2025, the company achieved a revenue of 262 million yuan, a 21.5% increase year-on-year, and a net profit of 78 million yuan, which is a 26.4% increase [5][8]. - The company is expanding its generic drug product line while simultaneously advancing its new drug development, with a focus on cost reduction and efficiency improvements [5][8]. Financial Data and Profit Forecast - The company’s total revenue is projected to be 1.171 billion yuan in 2026, with a slight decrease to 1.110 billion yuan in 2027 [7]. - The net profit forecast for 2025 is 237 million yuan, followed by 174 million yuan in 2026 and 140 million yuan in 2027, indicating a decline in profitability in the following years [7][9]. - The company’s gross margin is expected to decrease from 83.4% in 2025 to 71.6% in 2027, reflecting potential pricing pressures from market competition [7]. Generic Drug Business - The sales of core products such as "复瑞彤" and "波开清" are steadily increasing, driving growth for the company [8]. - The company is proactively expanding its portfolio of generic drugs, with eight new drug registration approvals obtained in 2025 [8]. Innovative Drug Business - The company is advancing its pipeline of innovative drugs, with the DYX116 project progressing as expected, having completed Phase I clinical trials [8]. - The market for GLP-1 drugs in China is projected to reach 609 billion yuan by 2030, indicating significant growth potential for the company’s innovative drug offerings [8].

Core Viewpoint - The company reported a revenue of 1.058 billion yuan for the fiscal year 2025, representing a year-on-year growth of 21.80%, and a net profit of 237 million yuan, reflecting a year-on-year increase of 33.87% [1] Group 1: Revenue Growth - The primary reason for the growth in operating performance is the company's commitment to a marketing-first business philosophy, which has strengthened the sales foundation and advanced market expansion [1] - The sales volume of key products such as "Furuitong" and "Bokaiqing" has steadily increased, laying a solid foundation for revenue growth [1] - The sales scale of products like Canagliflozin tablets, Empagliflozin tablets, and Metformin Empagliflozin tablets (III) has grown rapidly, further driving the steady improvement in operating performance [1] Group 2: New Product Launches - The launch and sales of newly approved products such as Ezetimibe tablets and Febuxostat tablets have contributed to the revenue increase [1] - Products like Linagliptin tablets (5mg), Sitagliptin Metformin tablets (II) (50mg/850mg), and Saxagliptin tablets (100mg) have been included in the tenth batch of centralized drug procurement, leading to rapid sales growth starting from March 2025 [1] Group 3: Operational Efficiency - The company has continuously strengthened internal operational management, optimized personnel structure, and implemented strict cost control measures to enhance overall profitability and operational quality [1]

Core Viewpoint - Menova announced that its wholly-owned subsidiary, Ningbo Menova Tiankang Pharmaceutical Co., Ltd., has received the drug registration certificate for Febuxostat tablets from the National Medical Products Administration [2] Company Summary - Menova's subsidiary has successfully obtained regulatory approval for Febuxostat tablets, indicating a significant milestone in its product development and market entry strategy [2]

Core Viewpoint - Meinuo Pharma (603538.SH) announced that its wholly-owned subsidiary, Ningbo Meinuo TianKang Pharmaceutical Co., Ltd., has received the drug registration certificate for Febuxostat tablets from the National Medical Products Administration, indicating a significant step in the treatment of hyperuricemia in gout patients [1] Group 1 - The drug is specifically indicated for the long-term treatment of hyperuricemia in patients with gout [1]

Core Viewpoint - Menova announced that its wholly-owned subsidiary, Ningbo Menova Tiankang Pharmaceutical Co., Ltd., has recently received the drug registration certificate for Febuxostat tablets from the National Medical Products Administration [1] Group 1 - Menova's subsidiary has been granted approval for Febuxostat tablets, indicating a significant regulatory milestone [1]

Core Viewpoint - Menova (603538.SH) has received approval from the National Medical Products Administration for its subsidiary, Ningbo Menova Tiankang Pharmaceutical Co., Ltd., to produce and sell Febuxostat tablets, which are indicated for the long-term treatment of hyperuricemia in gout patients [1] Group 1 - The approval of Febuxostat tablets marks the company's qualification for production and sales in the domestic market [1] - This development enhances the company's product competitiveness in the market [1] - The addition of this drug enriches the company's formulation product pipeline [1] - The approval is expected to have a positive impact on the company's operational development [1]

Core Viewpoint - Meinuo Pharma (603538.SH) has received approval from the National Medical Products Administration for its drug Febuxostat tablets, which are intended for the long-term treatment of hyperuricemia in gout patients [1] Group 1 - The drug is developed by Meinuo Pharma's wholly-owned subsidiary, Ningbo Meinuo TianKang Pharmaceutical Co., Ltd [1] - The approval signifies a significant milestone for the company in expanding its product portfolio in the pharmaceutical market [1]

Core Viewpoint - The company Menohua has received approval from the National Medical Products Administration for its subsidiary Ningbo Menohua Tiankang Pharmaceutical Co., Ltd. to market Febuxostat tablets for the long-term treatment of hyperuricemia in gout patients [1] Group 1: Product Approval - The approved product is Febuxostat tablets, available in dosages of 20mg and 40mg [1] - The registration classification for the drug is classified as a Class 4 chemical drug [1] - The approval numbers for the drug are National Drug Approval Number H20256169 and H20256168, with a validity period until December 2, 2030 [1] Group 2: Indication and Usage - The drug is indicated for the long-term treatment of hyperuricemia in patients with gout [1]