Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [10] Core Insights - Recent strategies in cancer immunotherapy focus on selectively delivering cytokines to tumor sites to extend their half-life and reduce systemic toxicity. This has led to the development of antibody-cytokine fusion proteins known as "immunocytokines," with significant potential in drug development. The most notable immunocytokines currently under development are IL-2, IL-12, and IL-15, with several domestic companies actively pursuing these therapies [2][6][24] Summary by Sections Immunocytokines and Their Development - Cytokine-based cancer immunotherapy aims to activate immune cells and enhance anti-tumor responses by modulating internal immune signaling. Commonly used cytokines include IL-2, IL-15, IL-12, and IFN-α, which can activate T cells and NK cells to improve tumor cell recognition and elimination [6][17] - The report highlights the emergence of a new strategy that selectively delivers cytokines to tumor sites, which has garnered clinical interest. This approach aims to enhance therapeutic efficacy while minimizing side effects [6][24] Domestic Company Developments - Several domestic pharmaceutical companies, including Innovent Biologics, Ascentage Pharma, and Junshi Biosciences, are making significant strides in the development of immunocytokine therapies. For instance, Innovent's IBI363, a novel PD-1/IL-2α-bias fusion protein, has shown promising clinical results in melanoma, colorectal cancer, and non-small cell lung cancer [7][44][48] - The report notes that IBI363 has demonstrated an overall response rate (ORR) of 26.4% in melanoma patients who previously failed immunotherapy, indicating its potential in treating resistant tumors [48] Market Outlook and Investment Opportunities - The macroeconomic environment has shifted, and by 2025, the report anticipates significant opportunities in the pharmaceutical sector driven by innovation and domestic demand recovery. Key investment themes include the international expansion of innovative drugs and the recovery of domestic healthcare services [8][67] - The report emphasizes the importance of selecting companies with strong cash flows, innovative capabilities, and established research platforms, particularly in the context of breakthrough therapies and technological advancements in the industry [67]

Core Insights - The company achieved operating revenue of 1.778 billion yuan in 2024, representing a year-on-year growth of 23.15%, and a net profit attributable to shareholders of 160 million yuan, marking a turnaround from losses [1] - In Q1 2025, the operating revenue reached 509 million yuan, with a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 55 million yuan, up 73.50% year-on-year [1] - The growth in revenue is driven by the expansion of anti-infection and chronic disease products, with the generics business showing positive growth [1] Revenue Breakdown - The anti-infection and chronic disease segments generated revenues of 494 million yuan and 323 million yuan in 2024, with year-on-year growth rates of 74.94% and 57.65% respectively [1] - The oncology and digestive segments faced pressure from centralized procurement, with revenues of 631 million yuan and 270 million yuan in 2024, showing year-on-year changes of 2.31% and -9.74% respectively [1] Profitability and R&D - The company's gross margin improved to 81.34% in 2024, an increase of 0.53 percentage points year-on-year, while the net profit margin turned positive at 7.23% [1] - R&D expenses were significantly reduced, primarily due to the capitalization of expenses related to the ASKB589 project, which entered Phase 3 clinical trials in early 2024 [1] Product Development and Commercialization - The company successfully advanced the commercialization of Liratinib, which received approvals for two indications in 2025, targeting specific types of non-small cell lung cancer (NSCLC) [2] - A collaboration with Innovent Biologics was established to accelerate the reach of Liratinib to more patients [2] Innovation Pipeline - The company is focused on source innovation with multiple early-stage research pipelines, including ASKB589, ASKG712, and ASKG915, which are under various stages of clinical trials [3] - ASKB589 targets CLDN18.2 and is in Phase 3 clinical trials for gastric cancer, showing promising early results [3] - ASKG712 is in Phase 2a clinical trials for neovascular age-related macular degeneration (nAMD), while ASKG915 is in Phase 1 clinical trials [3] Investment Outlook - The company is positioned as a leading player in the digestive field and is actively seeking to expand its drug matrix and strengthen its R&D capabilities [4] - The company is expected to achieve net profits of 184 million yuan, 229 million yuan, and 287 million yuan from 2025 to 2027, with corresponding forecasted P/E ratios of 89, 72, and 57 times [4]

公司报告 | 首次覆盖报告 奥赛康（002755） 证券研究报告 创新转型成果初现，前药平台市场潜力可观 摘要： 奥赛康主要聚焦于消化、肿瘤、耐药感染、慢性病 4 个治疗领域，截至 2024 年 9 月已有 32 个产品通过一致性评价，13 个产品中标国采。后续细胞因 子疗法、CLDN18.2 及 EGFR 等创新品种有望带动公司未来业绩加速发展。 SmartKine：创新细胞因子前药平台，市场潜力可观 细胞因子抑制剂毒性大，工程化改造有蛋白质工程、位点突变、前药等技 术路线。其中前药改造是一种创新策略，通过可逆掩蔽的方式，使其在外 周组织保持低活性，在肿瘤组织释放高活性，是下一代免疫疗法的前沿。 SmartKine 是公司自主研发的细胞因子前药技术平台，旨在通过工程改造解 决细胞因子类药物成药性问题，从而实现选择性激活免疫系统，定点杀灭 肿瘤细胞。它主要具有四大优势：避免 "细胞因子陷阱"，选择性免疫细 胞激活，真正的双功能分子，降低全身毒性。奥赛康遮蔽肽平台 IL-15 前药 ASKG315 和 ASKG915 在临床Ⅰ期。奥赛康依托遮蔽肽平台，有望在实体瘤 治疗领域形成差异化竞争力。 ASKB589：临 ...

公司报告 | 首次覆盖报告 奥赛康（002755） 证券研究报告 创新转型成果初现，前药平台市场潜力可观 摘要： 奥赛康主要聚焦于消化、肿瘤、耐药感染、慢性病 4 个治疗领域，截至 2024 年 9 月已有 32 个产品通过一致性评价，13 个产品中标国采。后续细胞因 子疗法、CLDN18.2 及 EGFR 等创新品种有望带动公司未来业绩加速发展。 SmartKine：创新细胞因子前药平台，市场潜力可观 细胞因子抑制剂毒性大，工程化改造有蛋白质工程、位点突变、前药等技 术路线。其中前药改造是一种创新策略，通过可逆掩蔽的方式，使其在外 周组织保持低活性，在肿瘤组织释放高活性，是下一代免疫疗法的前沿。 SmartKine 是公司自主研发的细胞因子前药技术平台，旨在通过工程改造解 决细胞因子类药物成药性问题，从而实现选择性激活免疫系统，定点杀灭 肿瘤细胞。它主要具有四大优势：避免 "细胞因子陷阱"，选择性免疫细 胞激活，真正的双功能分子，降低全身毒性。奥赛康遮蔽肽平台 IL-15 前药 ASKG315 和 ASKG915 在临床Ⅰ期。奥赛康依托遮蔽肽平台，有望在实体瘤 治疗领域形成差异化竞争力。 ASKB589：临 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical industry [7] Core Insights - The report emphasizes the leadership of Chinese companies in the PD-(L)1 bispecific antibody sector, highlighting it as a representative technology platform for new drug development in China [21][13] - The overall performance of the pharmaceutical sector has shown a 1.77% increase, outperforming both the ChiNext Index and the CSI 300 Index during the week of March 10-14 [13][14] Summary by Sections Recent Performance - The market experienced an upward trend with a notable surge on Friday, reflecting a shift from technology to non-technology sectors, particularly in consumer healthcare and policies related to the three-child policy [2][14] - The report notes that while innovative drugs and AI healthcare showed signs of correction, other themes such as consumer healthcare and small-cap innovations in Hong Kong gained traction [2][14] Future Outlook - In the short to medium term, the focus is on identifying opportunities in consumer healthcare, particularly those with attributes appealing to children and those positioned for consumption upgrades [15] - For 2025, the report anticipates improvements in the pharmaceutical payment sector due to supportive policies for commercial health insurance, indicating a gradual accumulation of positive changes [15] Strategic Allocation Thoughts - The report outlines two main strategies for investment: 1. **Pharmaceutical Style Rhythm**: Focus on consumer healthcare companies like Angelalign and Aier Eye Hospital, and innovative drug companies such as Innovent Biologics and BeiGene [16] 2. **Pharmaceutical Industry Logic**: Emphasizes the commercialization of innovative drugs and the integration of new technologies, with a focus on companies like CStone Pharmaceuticals and Zymeworks [17][19] Key Companies to Watch - The report suggests monitoring companies involved in PD-(L)1 bispecific antibodies, including CanSino Biologics, Innovent Biologics, and I-Mab Biopharma, as they are positioned at the forefront of clinical advancements [21][34]