高端化产品大年 销量、盈利向上。2025 年为公司的高端化产品大年，王朝旗舰车型汉L/唐L 于4 月上 市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城市 NOA 等智能驾驶功能，其兆 瓦闪充技术依托全域1000V 高压架构与自研 "闪充电池"，实现5 分钟补能 400 公里续航；方程豹钛7 定 位为城市家用中大型SUV，预计2025Q4 上市。该车采用硬派风格的"方盒子"造型设计，轴距达 2,920mm，空间表现优，并配备车顶激光雷达（高配版搭载华为乾崑ADS 系统）"大空间+硬派设计+智 驾配置"的组合，精准切入家庭用户对实用性与科技感的需求，带动品牌高端化。 投资建议：我们看好公司技术驱动产品力与品牌力向上，引领智驾平权，加速出海， 同时高端化稳步 推进， 预计2025-2027 年营收为9,908.1/11,889.7/13,970.4 亿元，归母净利润552.0/658.1/753.3 亿元， EPS10.05/11.98/13.71 元，对应2025 年7 月2 日330.66 元/股收盘价，PE 分别为33/28/24 倍，维持"推 荐"评级。 6 月批发同 ...

27 May 2025 | 1:50PM BST Core inflation, as measured by our GS TRIM (which removes outlier categories from the CPI basket), fell sharply (by 0.5pp) in Czechia and Poland (to 3.3%yoy and 3.6%yoy respectively), but rose by significantly in Ukraine (up 0.7pp to 11.5%yoy). Elsewhere, core inflation was broadly unchanged in Hungary (5.2%yoy), Israel (3.1%yoy), Romania (4.7%yoy), Russia (9.4%yoy), South Africa (3.5%yoy) and Turkey (33.3%yoy). Notably, the core number ran above the headline figure in Czechia, Hung ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $50 million, a 5% increase from $47.5 million in Q1 2024, primarily due to growth in Fanapt revenue from the bipolar commercial launch [18][19] - Net loss for Q1 2025 was $29.5 million, compared to a net loss of $4.1 million in Q1 2024, reflecting increased expenses related to commercial activities and a $15 million payment for a licensing agreement [23][24] - Operating expenses in Q1 2025 were $91.1 million, up from $56.7 million in Q1 2024, driven by higher R&D and SG&A expenses [25] Business Line Data and Key Metrics Changes - Fanapt net product sales were $23.5 million in Q1 2025, a 14% increase from $20.6 million in Q1 2024, with total prescriptions increasing by approximately 14% [19][9] - HETLIOZ net product sales were $20.9 million in Q1 2025, a 4% increase from $20.1 million in Q1 2024, despite ongoing generic competition [20] - PONVORY net product sales were $5.6 million in Q1 2025, an 18% decrease from $6.8 million in Q1 2024, attributed to a decrease in volume [21] Market Data and Key Metrics Changes - Fanapt reached a milestone of 2,000 weekly prescriptions by the week of April 25, 2025, making it one of the fastest-growing atypical antipsychotics [9][26] - HETLIOZ continues to retain the largest market share despite generic competition for over two years [20] - The company expanded its psychiatry sales force to approximately 300 representatives, enhancing its market reach [27] Company Strategy and Development Direction - Vanda is in a new growth phase with multiple commercialized products and a robust pipeline, including recent NDA filings for Tradipitant and Vicente [7][8] - The company is focusing on expanding its commercial infrastructure and anticipates significant revenue growth from its product launches in 2025 and beyond [26][30] - Vanda expects to have six products commercially available by 2026, indicating a strong pipeline and market potential [29][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong market response to the commercial launch of Fanapt, with significant increases in new patient starts and total prescriptions [26][27] - The company anticipates variability in HETLIOZ revenue due to ongoing generic competition and inventory stocking changes [20][30] - Management reiterated its revenue guidance for 2025, expecting total revenues from key products to be between $210 million and $250 million, reflecting a growth of 626% compared to 2024 [30][31] Other Important Information - The company has initiated direct-to-consumer campaigns for both Fanapt and PONVORY, receiving positive feedback and increasing brand awareness [46] - Vanda is actively working through D120 questions from the EMA regarding its marketing applications for Fanapt and HETLIOZ [51] Q&A Session Summary Question: What kind of placebo adjusted change on MADRS or HAM D would be desired for a competitive profile for milseperidone? - Management indicated that they have not prespecified the margin, noting variability in major depression studies [35] Question: Can you provide details on the Phase III social anxiety study design? - Management stated that the study is set to begin in Q3 and referred to previously conducted studies for design details [36] Question: What is the latest strategy for tradipitant for gastroparesis? - Management explained the complexity of the FDA review process and that a new filing is not required at this time [39][41] Question: How long will the direct-to-consumer campaign run and how is its effectiveness measured? - Management confirmed the campaign's focus on bipolar disorder and PONVORY, noting positive feedback and increased awareness [45][46] Question: What is the market opportunity for Bisanti in major depressive disorder? - Management acknowledged that Bisanti would compete directly with CAPLYTA, emphasizing its once-daily dosing advantage [58] Question: When might the long-acting injectable formulations of Bisanti enter the clinic? - Management indicated that the long-acting injectable for Fanapt is initiating Phase III studies, while Bisanti is still in the formulation phase [61]

► 规模化、高端化、全球化、智能化，多重成长向上 我们看好公司：1）智能化：引领智驾平权，再度占据领先优势；2）规模化：凭借Dm-i 5.0、纯电4.0技术+成本优势夯实龙头地位；3）高端化：技术赋能高端， 腾势、仰望、方程豹新车密集投放；4）全球化，出口销量高增，全球化建厂加速； 本篇报告为比亚迪深度报告系列四，重点研究公司智能化布局及智驾平权落 地。 ► e4.0平台发布高端化、出海可期 ► L2+渗透率提升消费者认知AI加速平价智驾落地 近年智驾整体渗透率提升且 L2 以上级别高阶智驾增速较快；从供需匹配角度看，消费者对智能驾驶接受度不断提升；从供给角度看，DeepSeek 正以强大的技 术实力革新智能驾驶行业，在技术层面，它通过独特算法大幅提升算力利用效率，显著降低训练成本，如在高通 8650 处理器上，其推理反应时间从 20ms降至9- 10ms，让智驾的反应更迅速、决策更高效。依托DeepSeek R1大模型的算力革命，高阶智驾系统有望加速向10-15万元主力价格带渗透，实现"技术普惠+商业闭 环"双重突破。 1）e4.0平台：电池能量密度、电驱系统集成度方面进一步提升，夯实领先地位。2）高端化： ...

Core Viewpoint - Vanda Pharmaceuticals Inc. is facing delays from the FDA regarding the hearing on the approvability of tradipitant for gastroparesis, with the FDA attributing the delay to recent staff reductions, which Vanda disputes as a valid excuse [1][2][3]. Group 1: FDA Delays and Accountability - The FDA has indicated that a reduction in force on April 1 is partially responsible for delaying the recommendation on Vanda's hearing request by at least six months [2]. - Commissioner Dr. Martin Makary has stated that the cuts did not affect scientists or reviewers, raising questions about the validity of the FDA's claims regarding the delay [2][3]. - Vanda argues that the FDA has a history of denying hearing requests for new drug approvability over the past decade, suggesting systemic issues within the agency [3][4]. Group 2: Calls for Change - Vanda urges Commissioner Makary to intervene and restore legal adherence at the FDA, asserting that the culture of delay is not due to targeted reductions in force [5]. - The company emphasizes the need for "radical transparency and common sense" in the FDA's operations, as stated by both Commissioner Makary and Secretary Kennedy [5]. - Vanda's leadership calls for the FDA and DOJ to stop obstructing innovation and to focus on improving decision-making processes [6]. Group 3: Company Overview - Vanda Pharmaceuticals Inc. is a global biopharmaceutical company dedicated to developing innovative therapies to meet significant medical needs and enhance patient lives [7].

来源丨风暴眼 当车企的营销话术比科幻电影还超前，消费者的生命安全却沦为"试验品"，这场关于智能驾驶的狂 欢，早已偏离了技术的本质。在4月2日，凤凰"K说联盟"发起的"智驾安全边界"专题直播中，有专 家针对这一现象建议，自动驾驶的车也应该"考驾照"。 01 高配演示，低配缩水：车企的"双标"游戏 "全场景智驾""零接管""比人类更安全"，这些充满未来感的宣传语，已成为新能源车企的标准营销 话术。然而，理想与现实的差距，往往令人瞠目结舌。 车企在聚光灯下的发布会上，凭借顶配车型大秀智驾实力，各种高难度场景应对自如，赚足了眼球 与掌声。然而当消费者兴冲冲地提回配置相对较低的车型时，却发现所谓的智能驾驶配置早已大幅 缩水，沦为营销包装下的"半成品"。 以近期深陷舆论漩涡的小米SU7为例，其标准版与Max版在智驾配置上存在不少差距。标准版仅搭 载纯视觉方案，连激光雷达这一关键硬件都未配备；而Max版不仅配备了激光雷达，更搭载了508 TOPS算力的高性能芯片。在光线昏暗或路况复杂的实际驾驶环境中，纯视觉方案的局限性暴露无 遗：识别距离大幅缩短，准确性急剧下降，安全隐患不言而喻。 然而在发布会上，雷军却使用Max版演示" ...

01 事件概述 公司发布2月产销快报，2月新能源汽车批发销售32.3万辆，同比+164.0%，环比+7.4%；新能源乘用车批发销售31.8万辆，同比+ 161.4%，环比+7.3%。分品牌看，2月王朝海洋、腾势、方程豹、仰望销量分别30.5万辆、8,513辆、4,942辆、105辆。 02 分析判断 ► 2月批发同比增长 出口表现亮眼 公司2月新能源乘用车批发销售31.8万辆，同比+ 161.4%，受益出海及智驾版铺货，销量环比+7.3%；1-2月累计销售61.5万辆，同比+90.4%。2 月新能源出口销量6.7万辆，再创新高；24-11/24-12/25-01/25-02公司披露出口销量分别3.1/5.7/6.6/6.7万辆，24-11/24-12/25-01海外上险销量分别 2.6/3.5/2.5万辆，出海稳步增长，一方面是由于海外真实需求逐步提升，受益土耳其、巴西、欧洲等地销量快速增长，主要车型是seal U 混动； 一方面是受益滚装船投入：比亚迪2024年1月、11月，2025年1月分别投入1、1、2搜滚装船，自建运力提升带动销量提升，到2026年1月前，船 队规模将扩展至8艘。此外，2025年，公司 ...

Grace Therapeutics (GRCE) Update / Briefing November 20, 2024 02:00 PM ET Speaker0 Good afternoon and welcome to the Grace Therapeutics KOL event. At this time, all attendees are in a listen only mode. A question and answer session will follow the formal presentations. If you would like to submit a question, you may do so by using the Q and A text box at the bottom of the webcast player. As a reminder, this call is being recorded and a replay will be made available on the Grace Therapeutics website followin ...