[Table_Info1] 新诺威(300765) 化学制药/医药生物 [Table_Date] 发布时间：2026-02-06 [Table_Invest]买入 创新管线稳步推进，瘤种布局持续拓展 [Table_Summary] 1 月 26 日，公司宣布其控股子公司石药集团巨石生物制药有限公司 SYS6090 注射液于近日取得国家药品监督管理局核准签发的《药物临床 试验批准通知书》，将于近期开展临床试验。本次获批的临床研究为一项 开放、多队列、多中心的 Ib/Ⅱ期临床研究，目的是评价 SYS6090 注射液 联合化疗±贝伐珠单抗、或联合 SYS6010 在晚期 NSCLC 和广泛期 SCLC 患者中的安全性、耐受性和有效性。后续将基于此研究的结果，继续推 进 SYS6090 注射液联合治疗在肺癌中的 III 期临床研究。 点评： 临床前研究结果显示 SYS6090 具备良好药效和安全性，在肺癌领域展现 出显著的开发潜力。SYS6090 注射液是一种重组全人源抗 PD-1 且融合 IL-15 的非对称结构双功能 Fc 融合蛋白，可通过其左臂靶向 PD-1 阳性 肿瘤浸润免疫细胞，阻断 PD-1 和 PD-L ...

Core Viewpoint - The article discusses the robust growth in the neurological field driven by the products Enbip and Mingful, highlighting their market strategies and new indications that are expected to contribute to revenue growth [1][2]. Group 1: Product Innovations and Market Strategies - Enbip and Mingful are being promoted through hospital channels and retail pharmacies to enhance patient education and accessibility for stroke patients [1]. - Mingful received approval for a new indication for thrombolytic treatment in acute ischemic stroke patients, which is anticipated to drive significant growth [1][2]. - The company has launched multiple innovative products across various therapeutic areas, including oncology and neurology, contributing to long-term growth [6][7]. Group 2: Clinical Development and Pipeline Progress - The company has initiated key clinical trials for SYS6010, a novel EGFR ADC, which has shown promising efficacy in overcoming TKI resistance in NSCLC patients [2][40]. - SYS6010 demonstrated an objective response rate (ORR) of 39.2% in EGFR-mutant non-squamous NSCLC patients, indicating its potential as a new treatment option [40][38]. - The company has multiple ADC products in various clinical stages, including JSKN003 and DP303c, which are also showing positive results in clinical trials [44][52]. Group 3: Financial Performance and Growth Projections - The company reported a revenue of 29.009 billion yuan in 2024, a decrease of 7.8% year-on-year, with a net profit of 4.328 billion yuan, down 26.3% [14]. - Despite some revenue pressures from price reductions due to centralized procurement, the introduction of new products is expected to provide incremental revenue growth [14][15]. - The company has a strong pipeline with over 200 innovative drugs in development, indicating a robust future growth trajectory [25][28]. Group 4: Research and Development Platforms - The company has established eight major R&D platforms focusing on various innovative drug development areas, including mRNA and siRNA technologies [18][21]. - Recent collaborations and licensing agreements for several innovative products are expected to enhance revenue streams and support future growth [21][22]. - The company is actively exploring gene therapy and cell therapy, positioning itself at the forefront of innovative treatment options [18][21].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is entering a critical phase with eight innovative platforms, and key products are starting important clinical trials [1][6]. - The company has a robust pipeline with multiple innovative products that are expected to drive long-term growth [13][14]. - The company has achieved significant milestones in clinical research, particularly in the oncology sector, with several products entering key clinical stages [37][53]. Summary by Sections 1. Innovative Platforms and Product Growth - The company has established eight major innovative research and development platforms, focusing on self-developed pipelines and clinical needs [28][29]. - Multiple innovative products have been launched, contributing to long-term growth, including Enbip and Mingfule, which are expected to enhance market accessibility [17][18][19]. 2. Clinical Development and Pipeline - The company has initiated critical clinical trials for several antibody-drug conjugates (ADCs) targeting HER2 and EGFR, with SYS6010 showing promising results in overcoming TKI resistance [39][51]. - SYS6010 has demonstrated an objective response rate (ORR) of 39.2% in EGFR-mutant non-small cell lung cancer (NSCLC) patients, indicating its potential as a new treatment option [46][45]. 3. Financial Performance and Projections - The company forecasts revenues of 293.88 billion, 300.71 billion, and 315.68 billion CNY for 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 1.31%, 2.32%, and 4.98% [8][10]. - The projected net profit for the same years is 46.56 billion, 51.06 billion, and 56.48 billion CNY, with growth rates of 7.57%, 9.66%, and 10.63% [8][10]. 4. Market Position and Competitive Analysis - The company ranks among the top 25 global pharmaceutical companies in terms of pipeline scale, reflecting its strong position in the industry [13]. - Compared to similar companies, the company's price-to-earnings (PE) ratio is relatively low, suggesting potential for valuation recovery [8].