小核酸创新转型 前沿生物-U(688221) 证券研究报告 化学制药 / 公司深度研究报告 / 2025.10.28 | 投资评级:增持(首次) | | --- | | 基本数据 | 2025-10-27 | | --- | --- | | 收盘价(元) | 14.22 | | 流通股本(亿股) | 3.75 | | 每股净资产(元) | 2.79 | | 总股本(亿股) | 3.75 | 最近 12 月市场表现 -13% 39% 90% 142% 194% 245% 前沿生物-U 沪深300 上证指数 化学制药 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 联系人 宋田田 songtt@ctsec.com 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 114 | 129 | 210 | 322 | 454 | | 收入增长率(%) ...

Core Viewpoint - Frontier Biotech (688221) has announced a restricted stock incentive plan for 2025, aiming to attract and retain talent while enhancing the company's core competitiveness and achieving strategic goals [1] Group 1: Incentive Plan Details - The plan includes granting a total of 5 million restricted stocks, with 4.25 million for initial grants and 750,000 reserved, at a price of 8.56 yuan per share [1] - The initial grant will be distributed among 27 employees, representing 8.94% of the total workforce of 302 as of December 31, 2024 [2] - 16 out of the 27 recipients are assessed based on R&D metrics, receiving 3.07 million shares, which accounts for 61.40% of the total shares granted [2] Group 2: Performance Targets - For the first vesting period in 2025, the company must achieve at least one IND application and eight new drug patent applications to meet the 100% vesting requirement [2] - For the second vesting period in 2026, the cumulative targets include five IND applications and 16 new drug patent applications, along with one BD transaction for small nucleic acid drugs [3] - Revenue growth targets are set at a minimum of 10% for 2025 and a cumulative growth of 30% for 2025-2026, based on 2024 revenue [3] Group 3: Focus on Small Nucleic Acid Drugs - The incentive plan emphasizes achieving BD transactions for small nucleic acid drugs, highlighting the company's focus in this area [4] - Frontier Biotech has developed a comprehensive and high-standard development system for small nucleic acid drugs, leveraging internal and external collaborations [4] - The company is advancing multiple drug candidates in various therapeutic areas, including IgA nephropathy and metabolic diseases, all currently in preclinical stages [4] Group 4: Technological Innovations - The company has developed a proprietary siRNA delivery vehicle, ACORDE, which is currently under international patent application [5] - The strategic focus is on innovative drug development and commercialization, marking a critical phase for high-quality business growth [5] - The performance metrics of the incentive plan align with the company's strategic needs and are designed to enhance competitiveness and employee motivation [5]

Core Insights - Frontier Biotech reported a revenue of 58.64 million yuan for the first half of 2025, representing a year-on-year growth of 14.85%, while the net profit attributable to shareholders decreased by 39.33% [1] - The company is focused on a dual strategy of short-term value realization and long-term value creation, aiming to build a synergistic system of "innovative drugs + high-end generics" [2] Product Development - The company's core product, Aikening, achieved a revenue of 53.53 million yuan, with a year-on-year growth of 20.45% [5] - Aikening is the world's first approved long-acting HIV virus fusion inhibitor, demonstrating significant clinical value in HIV treatment and post-exposure prophylaxis [3] - The company is actively expanding Aikening's indications for maintenance therapy and immune reconstitution, having received approval for Phase II clinical trials from the National Medical Products Administration [5] Market Strategy - The company is focusing on deepening its market presence by enhancing its commercialization system in grassroots medical markets and maintaining its preferred drug brand status in inpatient settings [4] - Aikening has achieved extensive commercial coverage, entering over 300 HIV treatment hospitals and more than 200 DTP pharmacies across 30 provinces in China [4] R&D Pipeline - Frontier Biotech is advancing its research in chronic disease treatment, with ongoing development of siRNA drugs targeting various conditions, including IgA nephropathy and dyslipidemia [6] - The company has three small nucleic acid drugs targeting complement mechanisms, with FB7013 showing First-in-Class potential and expected to submit an IND application by the end of 2025 [6] - In the field of dyslipidemia, the company is developing small nucleic acid drugs FB7023 and FB7022, both currently in preclinical research [7] Regulatory Progress - The company has submitted an ANDA application for its osteoporosis treatment product FB4001 to the FDA and has received an acceptance notice, with the product currently in the research phase [7] - The company is also expanding its pain relief product line, with the new topical analgesic FB3002 having submitted a generic drug marketing application and received acceptance [8]