Core Viewpoint - The company, Kelun-Botai, is a leading player in the ADC (Antibody-Drug Conjugate) sector, with a robust technology platform and significant backing from multinational corporations (MNCs) [1] Group 1: Company Overview - Kelun-Botai was established in 2016 as an innovative R&D subsidiary of Kelun Pharmaceutical, focusing on three major technology platforms: ADC, macromolecules, and small molecules [1] - As of the 2024 annual report, Kelun-Botai has over 30 innovative assets and more than 10 drugs in clinical stages, indicating a well-structured pipeline [1] - The company is expected to enter a rapid growth phase in 2025, with promising commercial progress anticipated [1] Group 2: ADC Platform Development - The ADC platform focuses on both oncology and non-oncology development strategies, with research capabilities endorsed by MNCs [1] - SKB264, an optimized drug based on trastuzumab, has a comprehensive layout for breast cancer and non-small cell lung cancer (NSCLC), with multiple approvals and submissions expected between 2024 and 2025 [2] - A166 has reached critical endpoints in phase II trials for advanced HER2+ breast cancer and is expected to receive approval in 2025 [2] - The early ADC pipeline includes various targets such as CLDN18.2 and Nectin-4, with new products like SKB571 and SKB107 anticipated to follow [2] Group 3: Non-ADC Platform Development - The non-ADC platform is entering a harvest phase, covering oncology and autoimmune fields [2] - A167 (PD-L1) has received approvals for multiple indications, while A140 (a biosimilar of cetuximab) is also set for approval in early 2025 [2] - A400, a selective RET inhibitor for RET+ NSCLC, is expected to submit for market approval within the year [2] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.006 billion, 2.884 billion, and 4.696 billion yuan, reflecting year-on-year growth rates of 3.8%, 43.8%, and 62.8% respectively [3] - The current stock price corresponds to price-to-sales (PS) ratios of 34.7x, 24.2x, and 14.8x for the respective years [3] - The company is expected to reach a commercialization inflection point in 2025, with numerous catalysts from clinical data and business development expectations [3]

证券代码：002422 证券简称：科伦药业 四川科伦药业股份有限公司投资者关系活动记录表 编号：0074 | | □分析师会议 □特定对象调研 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他：电话调研 | | 参与单位名称 | 本 次 业 绩 说 明 会 以 文 字 问 答 方 式 在 进 门 财 经 召 开 （ 网 址 ： | | 及人员姓名 | https://s.comein.cn/syfe7cqa）。 | | 时间 | 2025 年 5 月 6 日 15：00-17：00 | | 地点 | 线上 | | | 董事长刘革新先生；独立董事任世驰先生；副总经理兼财务总监赖德贵先 | | 上市公司接待 | 生；副总经理兼董事会秘书冯昊先生；销售负责人戈韬先生；科伦博泰首席 | | 人员姓名 | 财务官兼董事会秘书周泽剑先生；川宁生物副总经理兼董事会秘书顾祥先 | | | 生。 | | | 公司就投资者对经营现状、发展战略、研发进展等方面所提的问题进行了回复，主要内 | | | 容如下： | ...

事件1 2025 年4 月24 日，科伦药业发布2024 年年报，公司实现营业收入218.12 亿元，同比+1.67%；归母净利 润29.36 亿元，同比+19.53%；扣非归母净利润29.02 亿元，同比+22.66%。 事件2 2025 年4 月30 日，科伦药业发布2025 年一季报，公司实现营业收入43.90 亿元，同比-29.42%；归母净 利润5.84 亿元，同比-43.07%；扣非归母净利润5.64 亿元，同比-43.10%。去年同期高基数导致一季度增 速承压。 点评 输液业务集采影响，一季度毛利率下降 2024 年，公司整体毛利率为51.69%，同比-0.74 个百分点；期间费用率32.27%，同比-3.95 个百分点； 其中销售费用率16.01%，同比-4.73 个百分点；管理费用率（含研发费用）15.95%，同比+1.57个百分 点；财务费用率0.30%，同比-0.79 个百分点；经营性现金流净额为44.93 亿元，同比-15.82%。 2025 年一季度，公司整体毛利率为48.67%，同比-7.17 个百分点；期间费用率32.38%，同比+0.90 个百 分点；其中销售费用率14.38% ...