文 | 医药研究社 一项股权出售计划，将一品红推到了舆论的风口浪尖上。 据悉，近日一品红发布公告称，其参股公司美国Arthrosi Therapeutics, Inc.（以下简称"Arthrosi"）拟与瑞典Swedish Orphan Biovitrum AB（pub1）下属全资子 公司Sobi US Holding Corp.（以下简称"Sobi美国"）签署并购协议，Sobi美国拟以9.5亿美元首付款（折合人民币约67.13亿元），以及最高达5.5亿美元（折合 人民币约38.87亿元）的临床、注册和销售里程碑付款收购Arthrosi 100%股权。 Arthrosi致力于代谢类疾病创新药物研发，此前一品红通过全资子公司瑞腾生物（香港）有限公司持有了Arthrosi 13.45%的股权。 而上述交易完成后，一品红将不再持有Arthrosi股权。更关键的是，目前一品红创新转型道路上最大的看点，即一款治疗痛风的创新药物AR882（通用名： 氘泊替诺雷），是Arthrosi的主研品种，也是本次股权交易的核心筹码。 当股权出让后，一品红保留AR882中国市场权益，但对AR882全球开发的参与广度和深度恐怕不会太高。 ...

倚靠痛风创新药AR882（通用名：氘泊替诺雷），今年一品红股价在创新药大行情中"一飞冲天"，但如 今却"跌跌不休"。12月17日，一品红股价再度下跌，盘中一度跌近5%，最近3个交易日累计跌近三成。 股价持续下跌的背后，一品红拟出售参股公司Arthrosi股权，而AR882正是Arthrosi的在研产品。尽管一 品红方面表示，此次交易完成后，公司将保留AR882在中国地区的100%权益，且此次交易能够为一品 红带来真金白银的回报，但此次交易仍遭到投资者"用脚投票"，有投资者认为公司"卖掉了利好项目"。 涉痛风创新药 一品红方面曾提到，今年是公司转型创新的关键之年。如今卖掉Arthrosi股权"落袋为安"的背后，一品 红业绩持续承压，去年归属净利润由盈转亏，今年前三季度仍为亏损。 3日股价累跌近三成 自出售Arthrosi股权的消息披露后，一品红已连续3个交易日股价下跌。 交易行情显示，12月17日，一品红低开1.53%，开盘后股价继续下挫，盘中一度跌近5%，尾盘公司股价 跌幅收窄，最终收于33.34元/股，收跌0.24%。 据一品红公告，近日Arthrosi拟与瑞典Swedish Orphan Biovitru ...

对于一品红而言，此次交易并非简单的股权套现，而是通过产业链协同实现利益绑定。公司在公告中强 调，未来将与Arthrosi在全球产业链协同，同时持续推进AR882在中国地区(含中国香港、中国澳门和中 国台湾)的临床研发及后续商业化事宜。 近日，一品红（300723）发布公告，拟出售参股公司美国Arthrosi Therapeutics,Inc.(以下简称Arthrosi)公 司股权。目前一品红通过全资子公司瑞腾生物(香港)有限公司持有Arthrosi13.45%的股权。此次交易的 核心标的，是Arthrosi旗下处于Ⅲ期临床试验阶段的痛风创新药AR882(中文通用名：氘泊替诺雷)。尽管 一品红明确表示，交易将产生积极影响并同步推出股份回购方案，但公司股价连续大幅下挫，创近半年 市值新低。 AR882全球商业化或提速 Arthrosi是一家致力于代谢类疾病创新药物研发的公司，尤其专注于降尿酸药物的研发及与高尿酸血症 相关系列疾病药物的开发，目前Arthrosi研发管线主要品种为治疗痛风的创新药AR882。AR882是一款 新一代口服URAT1抑制剂。目前AR882两项全球Ⅲ期临床试验已完成入组，预计2026年第二 ...

12月15日晚，一品红（300723.SZ）发布公告表示，拟出售参股公司美国Arthrosi Therapeutics, Inc.（以 下简称Arthrosi）公司股权。目前一品红通过全资子公司瑞騰生物(香港)有限公司持有Arthrosi 13.45%的 股权。 根据公告，近日，Arthrosi拟与瑞典 Swedish Orphan Biovitrum AB (pub1)下属全资子公司Sobi US Holding Corp.(以下简称Sobi美国)签署并购协议，Sobi美国拟以9.5亿美元首付款(折合人民币约67.13亿 元)，以及最高达5.5亿美元（折合人民币约38.87亿元）的临床、注册和销售里程碑付款收购Arthrosi公 司100%股权。 上述交易需Arthrosi股东会批准，交易完成后，一品红将不再持有Arthrosi股权。根据Arthrosi公司章程， Arthrosi公司被合并事项应获得有表决权的已发行股份过半数股东的同意，以及Arthrosi公司E轮次代表 超过75%表决权的优先股股东同意。相关交易事项能否实施，最终交易对价以及交易完成时间均存在不 确定性。 而本次并购的核心标的是Arthr ...

12月14日晚间，一品红（300723）发布公告，公司参股公司美国Arthrosi Therapeutics,Inc.(简 称"Arthrosi")收到Sobi美国发出的相关协议条款，Sobi美国拟以9.5亿美元首付款(折合人民币约67.13亿 元)，以及最高达5.5亿美元(折合人民币约38.87亿元)的临床、注册和销售里程碑付款收购Arthrosi100% 股权。 公告显示，此次交易的收购方Sobi美国系瑞典上市医药公司Sobi(斯德哥尔摩证券交易所股票代码： SOBI.ST)的全资子公司。Sobi是一家专注于罕见病领域的国际生物制药公司，主要治疗领域包括血液 学、免疫学和专科护理。 今年8月，据一品红公告，AR882全球关键Ⅲ期临床试验均已完成全部入组，预计将于2026年第二季度 披露Ⅲ期REDUCE2试验数据，2026年第四季度披露Ⅲ期REDUCE1试验数据。 而AR882是一种口服药物，拟用于降低尿酸和溶解皮下痛风石。临床结论显示，对初治及难治性痛风石 患者，AR882单药治疗或与别嘌醇联合治疗可以有效降低sUA、降低尿酸盐晶体负荷且靶痛风石完全溶 解率高。AR882单药或联合治疗，可为现有治疗方案疗 ...

Core Viewpoint - Yipin Hong (300723) faces significant challenges with a high-profile lawsuit claiming 528 million yuan in damages, compounding its ongoing financial struggles and regulatory issues [1][4][8] Financial Performance - In 2024, Yipin Hong reported its first loss since going public, with revenue declining by 42.07% to 1.45 billion yuan and a net loss of 540 million yuan, compared to a profit of 185 million yuan the previous year [5][6] - For the first three quarters of 2025, the company generated revenue of 814 million yuan, a year-on-year decrease of 34.35%, and reported a net loss of 136 million yuan [7][8] Legal Issues - The lawsuit from Huiyou International claims infringement of a patent related to a joint project initiated in 2014, with Yipin Hong asserting that the patent rights belong to a joint venture and that it has the right to use the patent [2][3] - The total amount involved in other undisclosed lawsuits against Yipin Hong is approximately 5.63 million yuan, indicating ongoing legal challenges [3] Regulatory Challenges - In 2024, Yipin Hong's subsidiary was penalized for collusion in drug procurement, resulting in the cancellation of its qualification and a financial loss of 266 million yuan, which significantly impacted its financial performance [1][5][8] Strategic Outlook - The company is pinning hopes on the new gout drug AR882, which has completed its Phase III clinical trials, but faces uncertainties regarding clinical data, market competition, and commercialization capabilities [8]

Core Viewpoint - Yipinhong (300723) reported a narrowing loss in its Q3 2025 financial results, with revenue of 814 million yuan and a net loss of 136 million yuan for the first three quarters, reflecting a year-on-year reduction in loss by 44.80% [1] Financial Performance - For Q3 2025, the company achieved revenue of 230 million yuan and a net loss of 62.54 million yuan, with the loss narrowing by 78.65% year-on-year [1] - Cumulatively, the company’s revenue for the first three quarters reached 814 million yuan, with a net loss of 136 million yuan [1] Product Development - As of the report date, Yipinhong received 16 drug registration approvals for 15 products, enhancing its product pipeline and core competitiveness [1] - The company’s innovative drug AR882, aimed at treating gout and gout stones, completed patient enrollment for its global Phase III trial, marking significant progress in its global development [1] - The company’s self-developed innovative drug APH03621 has been approved for clinical trials targeting endometriosis [2] Mechanism and Clinical Results - APH03621 is a new oral, non-peptide small molecule GnRH receptor antagonist, which regulates the hypothalamic-pituitary-gonadal axis to treat endometriosis [2] - AR882 is a highly selective URAT1 inhibitor currently in Phase III clinical development for gout and gout stones, showing promising results in reducing serum uric acid levels and dissolving gout stones in patients [3] - Clinical findings indicate that AR882, either as monotherapy or in combination with allopurinol, effectively lowers sUA and reduces urate crystal burden, providing a more effective treatment option for chronic gout stone patients [3]

Core Insights - The company is focusing on the pediatric medicine sector, supported by multiple policies aimed at enhancing the development and accessibility of children's medications in China [1] - The company has a strong pipeline with 27 registered pediatric drugs and 16 projects under research, addressing various common diseases in children [1] - The innovative gout drug AR882 has shown promising safety and efficacy data, with global Phase III clinical trials expected to report results in 2026 [2] Group 1: Pediatric Medicine Development - Since 2019, multiple guidelines have been established in China to support pediatric medication, including demand assurance, R&D encouragement, and expanded insurance coverage [1] - The company has developed a comprehensive range of pediatric drugs for respiratory, digestive, and skin diseases, catering to infants, children, and adolescents [1] - The company aims to leverage its expertise in pediatric products and technology to enhance public awareness and create competitive pediatric drug offerings [1] Group 2: Research and Development Achievements - The company has received 14 new registration certificates for its products since early 2025, indicating a strengthening of its R&D capabilities [3] - The marketing network now covers all 31 provincial administrative regions in China, contributing to stable sales growth [3] - The company is actively expanding into new retail channels, including chain stores and online platforms, to enhance sales [3] Group 3: Innovative Drug Pipeline - AR882 has demonstrated significant clinical benefits, including the complete dissolution of gout stones, with no serious adverse events reported during an 18-month treatment period [2] - The company is on track to complete the global Phase III clinical trials for AR882, with data expected to be released in 2026 [2] Group 4: Production Capabilities - The company's subsidiary, Ruishi Pharmaceutical, has obtained a production license, confirming its compliance with national drug standards [4] - The company currently has 10 registered raw material drug numbers and 4 projects under research for raw materials [4]

Company Overview - Yipinhong Pharmaceutical Group Co., Ltd. was established in 2002, focusing on drug research, production, and sales, particularly in pediatric and chronic disease medications [2][3] - The company has a total of 204 drug registration certificates, including 90 national medical insurance varieties and 27 national essential drug varieties [3] Pediatric Drug Segment - Pediatric drug revenue accounted for 61.65% of the pharmaceutical manufacturing business, with a revenue of 357 million CNY in the first half of 2025 [3][4] - The company holds 27 pediatric drug registration certificates and has 16 pediatric drug projects under research, covering diseases such as epilepsy and influenza [4][5] - The company aims to enhance its market share in pediatric drugs by leveraging policy support and increasing public awareness [4] Research and Development - The company has approximately 60 ongoing research projects, including 14 innovative drug projects and 28 products pending approval [3] - The innovative drug AR882 has shown promising results in clinical trials, with all global Phase III clinical trial enrollments completed by August 2025 [5][6] Financial Performance - The company experienced a decline in revenue and net profit in the first half of 2025, attributed to industry conditions and internal business adjustments [6] - The company implemented stock incentive plans to motivate employees and enhance performance, granting over 5 million shares to 160 employees [6] Marketing and Sales Strategy - The company is focusing on expanding its marketing network across 31 provincial regions in China and enhancing its presence in new retail channels [7][8] - New product registrations are expected to positively impact sales, with 14 new drug registration certificates obtained in 2025 [6][7] Raw Material Production - The company has established a raw material drug base, which is expected to reduce costs and improve self-sufficiency in raw materials [9] - Currently, the company has 10 registered raw material drug numbers and 4 projects under research [9]

Core Insights - Yipinhong Pharmaceutical Group Co., Ltd. reported a steady development in the first half of 2025, focusing on children's medicine, chronic disease drugs, and innovative drugs [1] - The company achieved a revenue of 584 million yuan and a net profit attributable to shareholders of -73.54 million yuan in the first half of 2025 [1] - Total assets reached 4.981 billion yuan, reflecting a 13.1% increase compared to the beginning of the period [1] Financial Performance - Revenue for the first half of 2025 was 584 million yuan [1] - Net profit attributable to shareholders was -73.54 million yuan [1] - Total assets as of June 30, 2025, were 4.981 billion yuan, up 13.1% from the start of the year [1] R&D and Product Development - The company invested approximately 94.201 million yuan in R&D, accounting for 16.14% of total revenue [1] - A total of 10 new registration certificates were obtained, maintaining a leading position among pharmaceutical companies [1] - The company introduced 2 CMO projects and 1 equity investment project during the reporting period [1] Innovative Drug Progress - The innovative drug AR882 (Dezhuobote) is a selective URAT1 inhibitor with three indications: lowering blood uric acid for gout treatment, dissolving gout stones, and treating chronic kidney disease [2] - The global pivotal Phase III REDUCE 2 trial completed patient enrollment in March 2025, and the REDUCE 1 trial surpassed 50% enrollment by June 2025 [2] - The company acquired 15.25% of the equity in its subsidiary Guangzhou Ruianbo, increasing its ownership of AR882 in China to 100% [2]