乐普生物 20250710 摘要 乐普生物的 EGFR ADC（MRG003）针对鼻咽癌适应症预计 2025 年底 至 2026 年初获批上市，头颈鳞癌适应症预计 2027 年内获批。注册性 临床数据在 ASCO 会议上获得积极反馈，商业化策略已在讨论中。 TFADC（MRG004A）靶向组织因子，在胰腺导管腺癌方面显示良好信 号，已完成国内扩组实验，并计划在 ASCO 大会上公布数据。公司已向 中国 CDE 提交注册性临床沟通交流申请，寻求一线治疗方案。 GPC3 ADC（MRG006A）针对肝癌，具有全球首创潜力，目前正在进 行一期临床试验。预计 2026 年分享一期临床数据，并寻求海外合作机 会，肝癌市场潜力巨大。 Claudin 18.2 ADC（CMG901）由乐普生物与康诺亚共同开发，已授 权给阿斯利康，目前处于全球注册性三期临床阶段，预计 2026 年底提 交 NDA 申报。 CDH17 ADC（MRG007）针对结直肠癌，已授权给美国 Biotech Avent，获得国内 IND 批件，即将启动临床试验。总交易金额包括 4,700 万美元首付款及超过 12 亿美元里程碑付款。 Q&A 乐普生物 ...

Investment Rating - The report assigns an "Overweight" (OW) rating to Mindray, Genscript, and Dashenlin, indicating a positive outlook for these companies in the healthcare sector [9][21]. Core Insights - The domestic market recovery for Mindray is on track despite macro challenges, with overseas sales expected to grow by approximately 15% in FY25. The company anticipates meaningful growth in the second half of 2025 due to increased hospital tender activities and a government funding injection of around Rmb 20 billion for medical equipment replacement [2]. - Snibe expects a recovery in its IVD business starting in the second half of 2025, with guidance for single-digit growth in China sales for FY25 and double-digit growth anticipated in 4Q25 and the following year [3]. - Genscript's ProBio business is projected to drive future growth, with no changes in guidance despite geopolitical developments. The company expects to reach breakeven once sales hit US$150 million to US$160 million [4][8]. - Dashenlin is positioned as a top pick in the pharmacy space, forecasting a 25% profit growth and around 10% revenue growth for FY25, alongside a significant store expansion plan [9]. Summary by Company Mindray - Domestic market recovery is progressing, with overseas sales growth projected at 15% for FY25. Management expects significant growth in the second half of 2025 due to increased hospital tender activities and a Rmb 20 billion funding injection from the government [2]. Snibe - The company anticipates a recovery in its IVD business in 2H25, with a projected single-digit growth in China sales for FY25. The overall China IVD market size is expected to shrink by approximately 10% in 2025 but recover to over 5% growth in the long term [3]. Genscript - The ProBio business is expected to drive future growth, with management maintaining guidance despite geopolitical challenges. The company anticipates breakeven at US$150 million to US$160 million in sales [4][8]. Dashenlin - The company is expected to achieve a 25% profit growth and around 10% revenue growth for FY25, with a net increase of approximately 2,300 stores planned. Industry consolidation is expected to accelerate, benefiting leading chains like Dashenlin [9].

Core Viewpoint - Lepu Biopharma-B (02157.HK) reported a total revenue of approximately RMB 367.8 million for the year ending December 31, 2024, representing a year-on-year growth of 63.2% [1] Group 1: Revenue Breakdown - The revenue from the sales of Puyouheng® (Pralsetinib injection) reached approximately RMB 300.3 million in 2024, which is three times the revenue of approximately RMB 101.4 million recorded in 2023 [1] - The company recorded approximately RMB 22 million in revenue from licensing business, derived from milestone payments and technology transfer services under the CMG901 licensing agreement [2] - Revenue from CDMO services amounted to approximately RMB 45.5 million [3] Group 2: Sales and Marketing Strategy - The company has established an efficient sales and marketing team for the commercialization of Puyouheng®, focusing on product promotion, positioning, and brand management strategies [1] - The team aims to enhance brand recognition among leading doctors and patient groups through academic promotion activities and product education [1] - As of December 31, 2024, the company has completed the bidding process on procurement platforms across 27 provinces in China and has covered approximately 81 cities through various sales channels [2] Group 3: Strategic Partnerships and Future Outlook - The company is committed to advancing global cooperation strategies and actively pursuing external licensing collaborations [2] - In January 2025, the company entered into an exclusive licensing agreement with ArriVent, granting them global exclusive rights to develop, manufacture, and commercialize MRG007 outside Greater China, with potential total payments of up to USD 1.2 billion [2] - The company strategically utilizes its remaining production capacity to provide CDMO services to Lepu Medical and/or its subsidiaries, generating approximately RMB 45.5 million in related revenue for 2024 [3]