2025年12月5日至9日，百洋医药（301015.SZ）围绕 ZAP-X火星舟放射外科机器人 （以下简称ZAP-X），接连实现全球制造基地投产、临床研究启动、放疗中 心落地等重要进展。 在全球医疗技术革新与健康需求升级的浪潮中，百洋医药锚定精准放疗赛道，构建起"全球技术引进培育、中国制造供应全球、放疗中心服务创新、临床科研持续 验证"的全链条大放疗战略体系。 我国每年 脑转移瘤新发病例高达150万，治疗难度极大、患者生存期短 ，已成为临床诊疗中亟待突破的重大挑战。基于对这一严峻临床形势的深刻洞察，百洋医药 于2024年11月战略投资美国硅谷的ZAP Surgical，全面负责ZAP-X在中国的商业化运营，并同步启动全球规模化生产的布局。 随着ZAP-X在中国的临床推广迈入规模化、规范化新阶段，百洋医药的大放疗战略也正步入成果兑现的收获期。 ZAP-X作为专为颅脑精准放疗而设计的革命性设备，凭借 独创双回旋球形结构，可实现数千个非共面射线照射 ，在提升肿瘤杀伤效率的同时有效降低正常脑组织 受量，在放疗精度与安全两大核心维度树立了全新标杆。立体定向放射外科的关键是要用不断进化的信息技术提升对放射位置和剂量的精准 ...

Core Insights - Baiyang Pharmaceutical reported a revenue of 5.627 billion yuan for the first three quarters of 2025, which increases to 6.505 billion yuan when adjusted for the two-invoice system [1] - The net profit attributable to shareholders for the same period was 476 million yuan, with a third-quarter revenue of 1.876 billion yuan and a net profit of 313 million yuan, reflecting a year-on-year growth of 31.43% [1] - The company's core brand business showed strong performance, with brand revenue accounting for 76.54% of total revenue when adjusted for the two-invoice system [1] Financial Performance - For the first three quarters, brand operations generated revenue of 4.101 billion yuan, remaining stable year-on-year, while adjusted revenue reached 4.979 billion yuan, marking an 11.08% increase [1] - The gross profit from brand operations was 1.992 billion yuan, representing a gross profit margin of 94.7%, providing a solid financial foundation for ongoing innovation and transformation [1] Strategic Developments - Baiyang Pharmaceutical is actively transitioning to an innovation-driven enterprise, focusing on strategic investments in fibrosis, oncology, and bone health [2] - The company has expanded its brand matrix in fibrosis treatment through strategic investment in Jikun Pharmaceutical and is also advancing in the oncology sector with innovative products [2] - In the high-end radiotherapy field, Baiyang has established a comprehensive disease coverage and is collaborating with Peking University International Hospital to build a precision radiotherapy center [2] Future Outlook - As the innovative drug and radiotherapy businesses scale up, Baiyang Pharmaceutical is expected to optimize its revenue structure and enhance long-term competitiveness [2] - The company aims to seize new growth opportunities amid the transformation of the pharmaceutical industry, steadily progressing towards becoming an innovative pharmaceutical enterprise [2]

Core Insights - Qingdao Baiyang Pharmaceutical Co., Ltd. reported a revenue of 5.627 billion yuan for the first three quarters of 2025, with a net profit attributable to shareholders of 476 million yuan [1] - In Q3 alone, the company achieved a revenue of 1.876 billion yuan and a net profit of 313 million yuan, marking a year-on-year growth of 31.43% in net profit and 33.33% in basic earnings per share [1] - The core brand business segment showed strong performance, with brand revenue accounting for 76.54% of total revenue when adjusted for the two-invoice system [1] Financial Performance - Total revenue for the first three quarters was 5.627 billion yuan, which increases to 6.505 billion yuan when adjusted for the two-invoice system [1] - Brand operation revenue reached 4.101 billion yuan, remaining stable year-on-year, and 4.979 billion yuan when adjusted, reflecting an 11.08% increase [1] - Gross profit from brand operations was 1.992 billion yuan, with a gross profit margin of 94.7%, providing a solid financial foundation for ongoing innovation [1] Strategic Initiatives - The company is transitioning towards an innovation-driven model, focusing on strategic investments and commercialization in innovative drugs and advanced radiotherapy [2] - In the innovative drug sector, Baiyang Pharmaceutical is expanding its portfolio in fibrosis, oncology, and bone health, including strategic investments in Jikun Pharmaceutical [2] - The company has established a comprehensive disease coverage in high-end radiotherapy and is collaborating with Peking University International Hospital to build a precision radiotherapy center [2] Future Outlook - As the innovative drug and radiotherapy businesses scale up, the company is expected to optimize its revenue structure and enhance long-term competitiveness [2] - Baiyang Pharmaceutical aims to seize new growth opportunities amid the transformation of the pharmaceutical industry, steadily progressing towards becoming an innovative pharmaceutical enterprise [2]

Core Viewpoint - The collaboration between Peking University International Hospital and Baiyang Pharmaceutical aims to establish a "Precision Radiotherapy Center" utilizing the advanced ZAP-X brain precision radiotherapy robot, addressing the challenges of safety and precision in brain tumor treatments [2][3]. Group 1: Clinical Perspective - The relationship between doctors and tumors is characterized by the need to effectively eliminate the tumor while protecting normal tissues, highlighting the importance of precision and safety in brain radiotherapy [5]. - Traditional high-energy radiotherapy systems often lead to increased scatter risks, making it difficult for doctors to balance efficacy and side effects, which significantly impacts patient experience [6]. - The introduction of ZAP-X allows for a more humane treatment experience, reducing patient discomfort and treatment time while enhancing the confidence of doctors in delivering effective care [6][10]. Group 2: Collaborative Logic - The partnership between the hospital and the pharmaceutical company represents a genuine co-construction rather than a simple supplier-client relationship, focusing on mutual benefits and shared responsibilities [7][8]. - Baiyang Pharmaceutical, as a major stakeholder in ZAP Surgical, not only provides the equipment but also engages in clinical applications and validations, ensuring continuous improvement of the technology [10]. - The establishment of a high-end manufacturing base in Beijing aims to facilitate the domestic production and global delivery of ZAP-X, promoting the localization of advanced medical equipment [10]. Group 3: ZAP-X's Precision Control Logic - ZAP-X utilizes a 3MV linear accelerator, achieving a balance between sufficient energy and controllable energy levels, which minimizes scatter and enhances safety [14][15]. - The system's unique design allows for precise radiation delivery, significantly reducing the dose to healthy tissues and shortening treatment times by approximately 20% [15]. - The comfort and trust established through ZAP-X's technology enhance the overall treatment experience for both doctors and patients, making precision radiotherapy more accessible [15]. Group 4: Future Industry Perspective - The collaboration exemplifies a new medical cooperation ecosystem where both parties share the responsibility for validation and improvement, leveraging real clinical data for continuous optimization [16][17]. - The integration of precision and accessibility in brain radiotherapy transforms it from a high-end medical service to a routine treatment option [18]. - This co-construction model may set a new industry standard, where technology is not only introduced but also applied, validated, and iteratively improved [19][20].

Core Insights - Baiyang Pharmaceutical has signed a cooperation agreement with Peking University International Hospital to jointly build and operate a radiosurgery treatment center for a period of 8 years [2] - The collaboration involves the ZAP-X radiosurgery robot, which was authorized from ZAP Medical and has been approved for use in China since June 2023 [2][3] - The ZAP-X device is designed for treating intracranial and head and neck tumors, offering advantages such as reduced construction costs for radiation shielding facilities and improved accessibility to radiosurgery technology [3] Company Developments - The ZAP-X device is expected to treat approximately 200 patients annually, targeting three main patient groups: those with brain metastases, primary brain tumors, and benign brain tumors [3][4] - The device is set to be operational by mid-December 2023, with plans to expand its reach to countries along the "Belt and Road" initiative [4] - Baiyang Pharmaceutical's high-end manufacturing base in Beijing is expected to be operational by the end of 2025, aiming to become the global production and supply center for ZAP-X [4] Industry Context - Baiyang Pharmaceutical is the exclusive distributor of ZAP-X in mainland China, Hong Kong, and Macau, and holds over 19% equity in ZAP Medical [5][6] - The company is expanding its presence in the radiation therapy sector, with ongoing developments in various treatment technologies, including a 4π intelligent robotic radiation therapy system currently in clinical trials [6] - Despite the company's advancements, the radiation therapy penetration rate in China remains low, with only 20% to 30% of cancer patients opting for radiation therapy compared to 70% in the United States [6]

Core Insights - Baiyang Pharmaceutical (301015.SZ) has signed a strategic cooperation agreement with Peking University International Hospital to establish a precision radiotherapy center focused on brain tumors, utilizing the ZAP-X robotic system to provide innovative treatment solutions for millions of patients [2][4]. Group 1: Strategic Partnership - The collaboration aims to create a high-level radiotherapy platform that specializes in the treatment of brain tumors, addressing the increasing incidence of such conditions globally [2][4]. - The ZAP-X system is recognized as a revolutionary technology in cranial radiotherapy, enhancing precision and safety in treatment by targeting tumors from multiple angles while protecting surrounding healthy brain tissue [4][5]. Group 2: Market Context - The global incidence of brain tumors is rising, with over 1.5 million new cases of brain metastases reported annually in China alone, highlighting the urgent need for advanced treatment options [4][6]. - Baiyang Pharmaceutical is transitioning into a technology-driven enterprise, establishing a comprehensive ecosystem in the radiotherapy sector that includes brain, body, and cardiac treatment solutions [6]. Group 3: Future Developments - Baiyang plans to accelerate the clinical application of ZAP-X in China and aims to establish a global manufacturing and supply center for the device by the end of 2025 [6]. - The company is also developing innovative technologies, such as the first 4π intelligent robotic radiotherapy system and exploring non-invasive treatments for arrhythmias, further solidifying its position in the global precision radiotherapy market [6].