太平洋证券医药组研究观点分享 文章转自2025年5月17日太平洋医药团队报告 ，分析师： 谭紫媚/ 张懿 投资要点 以下文章来源于谭谈药市 ，作者谭紫媚 张懿 谭谈药市 . 恩必普和明复乐促进神经系统领域稳健增长 公司一方面通过医院渠道加大患者教育，另一方面在零售药店大力推广恩必普胶囊剂型，提升卒中患者出院后持续用药的可及性，促进恩必普继续保持稳健增 长。 2024年2月，明复乐获批第二项新适应症，用于急性缺血性卒中患者的溶栓治疗（发病<4.5h）。通过学术推广和医院开发，有望快速增长贡献增量。 在102例EGFR突变非鳞NSCLC患者中，ORR为39.2%，DCR达93.1%； 其中单纯EGFR-TKI耐药的EGFR敏感突变非鳞NSCLC（n=19）：ORR高达63.2%，DCR为 94.7% ；而EGFR-TKI和含铂化疗双耐药的EGFR敏感突变非鳞NSCLC（n=78）：ORR为33.3%，DCR为92.3%。SYS6010在EGFR-TKI耐药NSCLC患者中展现的高 缓解率，验证其有望克服TKI耐药问题。 2024年8月26日，公司启动了SYS6010联合奥希替尼一线治疗EGFR突变型局部晚期或转移 ...

Core Viewpoint - New Nuo Wei (300765.SZ) announced the termination of its application for the acquisition of Shiyao Chuangxin Pharmaceutical Co., Ltd. and the associated fundraising, ending a 15-month effort for a significant restructuring deal worth 7.6 billion yuan [2][3]. Group 1: Termination of Acquisition - The termination was due to changes in the pharmaceutical industry and capital market environment since the initial planning of the restructuring, leading to a decision made in the interest of long-term shareholder benefits [2][3]. - The market reacted rationally to the termination, influenced by factors such as stock price fluctuations, increasing performance burdens, and declining acquisition targets [2][3]. Group 2: Financial Performance and Challenges - New Nuo Wei's revenue and profit have been declining, with a 21.98% year-on-year decrease in revenue to 1.981 billion yuan and an 87.63% drop in net profit to 54 million yuan in 2024 [8]. - The company's core revenue from functional foods and raw materials fell by 24.90% to 1.84 billion yuan, while the biopharmaceutical sector contributed only 87.8 million yuan, despite a 153.0% increase [10]. Group 3: Acquisition Details and Valuation - The acquisition target, Shiyao Baike, has a core product, Jinyouli, which is facing growth challenges, with a significant reliance on a single product and limited growth potential [4][7]. - The valuation for Shiyao Baike was set at 7.622 billion yuan, representing a 78.25% premium over its book value of 4.276 billion yuan, raising concerns about the high price for low-growth assets [6][7]. Group 4: R&D and Future Prospects - New Nuo Wei's R&D expenses increased by 25.44% to 842 million yuan in 2024, primarily due to the inclusion of Shiji Biological's R&D costs, indicating a significant financial burden [10][11]. - The company is under pressure from negative cash flows, with net cash flow from operating activities at -1.235 billion yuan in 2024 and -87 million yuan in the first quarter of 2025 [12][13].