声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 9月25日10:00 - 11:00，华东医药在公司会议室接待了来自花旗银行、Carlyle、Sumitomo Mitsui DS Asset Management等15家机构的15位投资者，进行了现场调研。公司首席科学官刘东舟、董事会秘书陈波参 与接待。 公司经营情况概述 华东医药成立于1993年，1999年在深交所上市，业务覆盖医药全产业链，拥有医药工业、医药商业、医 美、工业微生物四大业务板块。2025年上半年，公司实现营业收入216.75亿元，归属于上市公司股东的 净利润18.15亿元。公司连续十六年登上《财富》中国500强，入选美国《制药经理人》全 ...

证券代码：000963 证券简称：华东医药 华东医药股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系 | □特定对象调研 □分析师会议 □媒体采访 | | | --- | --- | --- | | | □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 ☑其他 现场调研 | | | 参与单位名 | 参与单位：花旗银行、Carlyle、Sumitomo Mitsui DS Asset Management、 、 | | | | American Century Investment Management Macquarie Investment | | | 称及人员姓 | Management 、 Federated Hermes 、 Point72 Asset Management | 、 | | 名 | Handelsbanken Fonder、Polar Capital、Kieger、3W Fund Management | 等 | | | 机构投资者 15 人。 | | | 时间 | 年 月 日 2025 9 25 10:00-11:0 ...

每经AI快讯，有投资者在投资者互动平台提问：HDM1005按照公司公布的进度今年四季度进入三期临 床，我想问的是，该药二期临床顶线结果和临床前试验的数据相差大吗？二期临床是否结束，而结果大 概什么时候公布？ 华东医药（000963.SZ）9月24日在投资者互动平台表示，公司自研创新药HDM1005的体重管理和糖尿 病适应症2期临床正分别按计划开展，且进展顺利。体重管理适应症有望于今年底获得2期topline数据， 后续将根据项目进展以公告/新闻的形式或者选择在国际重要学术会议上发布，请您关注后续的相关信 息。此外，HDM1005 体重管理适应症的3期临床准备工作目前已同步启动。 （文章来源：每日经济新闻） ...

Core Viewpoint - Huadong Medicine reported steady growth in its financial performance for the first half of 2025, driven by the successful launch of innovative products and a strategic shift from traditional generic drugs to innovative pharmaceuticals [1][2]. Financial Performance - The company achieved total revenue of 21.675 billion yuan, a year-on-year increase of 3.39% [1]. - The net profit attributable to shareholders reached 1.815 billion yuan, up 7.01% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.762 billion yuan, reflecting an 8.40% increase [1]. - The core subsidiary, China-U.S. Huadong, reported revenue of 7.317 billion yuan, a 9.24% increase, and a net profit of 1.580 billion yuan, up 14.09% [5]. Innovative Product Growth - Sales and agency service revenue from innovative products reached 1.084 billion yuan, with a significant year-on-year growth of 59% [1]. - The CAR-T product, Zekai Ze® (注射液), has completed certifications in over 20 provinces and has received more than 111 valid orders, with over 100 insurance projects covering it [5][6]. - The company is also commercializing PARP inhibitor, Senapali capsules (派舒宁®), and has established a presence in over 600 medical institutions [6]. Market Dynamics and Competition - The competitive landscape is intensifying, with multinational pharmaceutical companies accelerating localization in China and domestic biotech firms potentially shortening Huadong's first-mover advantage [2]. - The company needs to continue investing in R&D and strengthen its commercialization network to address price wars and market share competition [2]. Research and Development Focus - Huadong Medicine is focusing on ADC and GLP-1 as its main research directions, with several ADC drugs in advanced clinical trials [8][9]. - The company has received orphan drug designation for its ADC drug HDM2005 and has initiated clinical trials for multiple innovative drugs targeting various diseases [8][9]. Future Outlook - Analysts predict that GLP-1 products will become the largest drug category globally in the next 3 to 5 years, although recent market expectations have been adjusted downward [10]. - The company's short-term stability is expected to remain strong, but its long-term competitiveness will depend on its ability to launch successful products in oncology and metabolic diseases [10].

Core Insights - In the first half of 2025, the company achieved a total operating revenue of 21.675 billion yuan, representing a year-on-year growth of 3.39% [2] - The net profit attributable to shareholders reached 1.815 billion yuan, with a year-on-year increase of 7.01% [2] - The company plans to distribute a dividend of 614 million yuan, accounting for 33.83% of the net profit attributable to shareholders for the first half of 2025 [2] Financial Performance - The core subsidiary, China Medical East, maintained good growth, achieving operating revenue of 7.317 billion yuan, a year-on-year increase of 9.24% [2] - The net profit attributable to shareholders from this subsidiary was 1.580 billion yuan, up 14.09% year-on-year [2] - The innovative product business generated sales and agency service income of 1.084 billion yuan, with a significant year-on-year growth of 59% [2] Commercialization and R&D - The company has a strong commercialization capability, with its exclusive commercialization partner, Kexi Pharmaceutical, seeing positive clinical feedback for its CAR-T product, Zekai Ze [3] - As of the first half of 2025, the company has completed certification and filing for over 20 provinces and cities, with 111 valid orders placed with Kexi Pharmaceutical [3] - R&D investment in the pharmaceutical industry reached 1.484 billion yuan, a year-on-year increase of 33.75%, with direct R&D expenditure of 1.174 billion yuan, up 54.21% [3] Product Pipeline and Market Strategy - The company is advancing over 80 innovative drug pipelines, with a focus on oncology, endocrinology, and autoimmune diseases [3] - The company has launched global first-in-class drugs and established a product matrix featuring ADC, GLP-1, and topical formulations, creating a differentiated competitive advantage [3] - The company is conducting Phase II clinical trials for the GLP-1R/GIPR dual-target long-acting peptide HDM1005, with expectations to enter Phase III trials for weight management by Q4 2025 [4] Business Segments - The pharmaceutical commercial segment achieved operating revenue of 13.947 billion yuan, a year-on-year increase of 2.91%, with a net profit of 226 million yuan, up 3.67% [4] - The industrial microbiology sector is focusing on xRNA raw materials, specialty APIs, health products, and animal health, enhancing international competitiveness [4] - The aesthetic medicine segment has achieved full coverage in the non-surgical aesthetic injection products and high-end energy source devices market, with 26 out of 40 international products already launched [4]

Financial Performance - In the first half of 2025, the company achieved total revenue of 21.675 billion yuan, a year-on-year increase of 3.39% [2] - The net profit attributable to shareholders reached 1.815 billion yuan, up 7.01% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.762 billion yuan, reflecting an 8.40% increase [2] - The company plans to distribute a dividend of 614 million yuan, accounting for 33.83% of the net profit attributable to shareholders for the first half of 2025 [2] Product Commercialization - The core subsidiary, Sinopharm East China, reported revenue of 7.317 billion yuan, a 9.24% increase year-on-year, and a net profit of 1.580 billion yuan, up 14.09% [3] - The innovative product business has seen significant growth, with sales and agency service revenue reaching 1.084 billion yuan, a 59% increase year-on-year [3] - The CAR-T product, Zekai Ze® (泽沃基奥仑赛注射液), has received positive clinical feedback and has expanded its market coverage, with over 111 effective orders placed [3] R&D and Pipeline Development - The company invested 1.484 billion yuan in R&D in the first half of 2025, a 33.75% increase, with direct R&D expenses of 1.174 billion yuan, up 54.21% [5] - The company is advancing over 80 innovative drug pipelines, focusing on oncology, endocrinology, and autoimmune diseases, with several first-in-class drugs already launched [5] - The company has established a "golden product combination" for psoriasis treatment, offering a range of options for patients [5] Strategic Collaboration and Market Expansion - The company is collaborating with Qianxin Biotech on the innovative drug HDM3016, which is currently in Phase III clinical trials for two indications [5][6] - The company is also expanding its medical aesthetics segment, with 40 international products, 26 of which have been launched globally [7] - The medical commercial sector achieved revenue of 13.947 billion yuan, a 2.91% increase year-on-year, while the industrial microbiology sector is enhancing its international competitiveness [7]

Core Viewpoint - Huadong Medicine reported a steady growth in its financial performance for the first half of 2025, with revenue reaching 21.675 billion yuan, a year-on-year increase of 3.39%, and a net profit of 1.815 billion yuan, up 7.01% [1] Financial Performance - The company achieved a total revenue of 21.675 billion yuan in the first half of 2025, reflecting a 3.39% increase year-on-year [1] - The net profit attributable to shareholders was 1.815 billion yuan, marking a 7.01% growth, while the net profit excluding non-recurring items was 1.762 billion yuan, up 8.40% [1] - A mid-year dividend of 614 million yuan is proposed, representing 33.83% of the net profit for the first half of 2025 [1] Business Growth and Product Commercialization - Huadong Medicine's core subsidiary, Zhongmei Huadong, reported a revenue of 7.317 billion yuan, a 9.24% increase, and a net profit of 1.580 billion yuan, up 14.09% [2] - The innovative product sales and agency service revenue reached 1.084 billion yuan, with a significant growth of 59% [2] - The CAR-T product, Zekai Ze, has expanded its market coverage, with over 20 provinces certified and more than 100 insurance projects included for reimbursement [2] R&D and Innovation - The company invested 1.484 billion yuan in R&D, a 33.75% increase, with direct R&D spending at 1.174 billion yuan, up 54.21% [6] - Huadong Medicine is advancing over 80 innovative drug pipelines, focusing on oncology, endocrinology, and autoimmune diseases [6][7] - The ADC product pipeline is progressing well, with several candidates in clinical trials and receiving orphan drug designation from the FDA [8] Industrial Microbiology and Aesthetic Medicine - The industrial microbiology segment achieved sales of 368 million yuan, a 29% increase, with significant growth in various sub-segments [10] - The aesthetic medicine division has launched multiple products, with strong market reception and ongoing registration efforts for new products [11][12] - The company aims to enhance its global presence and continue driving innovation in both pharmaceutical and aesthetic sectors [12]

Core Viewpoint - Huadong Medicine's subsidiary has received approval for the Phase III clinical trial of MC2-01 cream for treating plaque psoriasis, marking a significant step towards clinical application and enhancing the company's portfolio in dermatological formulations [1][2][3] Group 1: Product Development and Market Potential - MC2-01 cream is a fixed-dose combination of calcipotriene and betamethasone, designed for the topical treatment of adult plaque psoriasis, including scalp psoriasis [2][3] - The Chinese psoriasis treatment market is rapidly growing, with projections estimating it will reach USD 3.25 billion by 2025 and further increase to USD 9.94 billion by 2030 [2] - Approximately 80%-90% of psoriasis patients globally have the plaque type, indicating a significant demand for effective treatment options in China, where the number of plaque psoriasis patients is expected to reach 6.168 million by 2030 [3] Group 2: Competitive Advantage and Product Pipeline - Huadong Medicine has established a comprehensive pipeline in the autoimmune field, with over 20 innovative products in development, covering various conditions including psoriasis, atopic dermatitis, and more [4] - The company has created a "golden product combination" in psoriasis treatment, including monoclonal antibodies, oral medications, and topical formulations, aiming to provide a wide range of options for patients [5][6] - The company is actively pursuing collaborations and has received approvals for multiple products, enhancing its competitive position in the dermatological market [6] Group 3: Strategic Vision and Future Outlook - Huadong Medicine aims to become a globally influential innovative pharmaceutical company, focusing on accelerating strategic layouts across multiple fields and delivering breakthrough treatment solutions for patients [7]

Core Viewpoint - The recent Phase II clinical trial results of HDM1002, an oral GLP-1 receptor agonist developed by the company, demonstrate significant weight loss and metabolic improvement, with good safety and tolerability, providing a strong basis for further clinical research [2][5]. Group 1: Clinical Trial Results - The Phase II clinical trial involved 185 participants and lasted 16 weeks, assessing the safety and efficacy of HDM1002 in overweight or obese individuals without diabetes [2]. - After 12 weeks of treatment, the percentage change in body weight from baseline for the HDM1002 100 mg BID, 200 mg BID, 400 mg QD, and placebo groups were -4.63%, -6.08%, -6.83%, and -2.88% respectively, with the 200 mg BID and 400 mg QD groups showing statistically significant differences compared to the placebo [3]. - The proportion of participants in the 200 mg BID and 400 mg QD groups who experienced a weight loss of ≥5% was 63.0% and 56.5%, respectively, both significantly higher than the placebo group [3]. Group 2: Safety and Tolerability - Most treatment-emergent adverse events (TEAEs) and treatment-related adverse events (TRAEs) were mild, with no severe adverse events reported [5]. - The most common TEAEs in the HDM1002 groups were gastrointestinal events, including nausea, vomiting, and diarrhea, all of which were mild to moderate in severity [5]. Group 3: Future Development and Product Pipeline - The successful results of the Phase II trial mark an important milestone in the development of HDM1002, which is now progressing to Phase III clinical research [5]. - The company has established a comprehensive and differentiated product pipeline around the GLP-1 target, including both oral tablets and injectables, with ongoing clinical trials for various innovative drugs [5].

Core Viewpoint - Huadong Medicine's subsidiary has received approval for the Phase III clinical trial of MC2-01 cream for treating plaque psoriasis in China, marking a significant step towards clinical application and enhancing the company's portfolio in immune skin preparations [1][2][3]. Group 1: Product Development and Market Potential - MC2-01 cream is a fixed-dose combination of calcipotriene and betamethasone for local treatment of adult plaque psoriasis, utilizing a unique drug delivery system that improves patient convenience and comfort [2][3]. - The psoriasis treatment market in China is rapidly growing, with projections estimating it will reach $3.25 billion by 2025 and further increase to $9.94 billion by 2030, indicating substantial market potential [2]. - Approximately 80%-90% of psoriasis patients globally have the plaque type, with a projected 6.168 million patients in China by 2030, highlighting the urgent need for effective treatment options [3]. Group 2: Competitive Positioning and Product Pipeline - Huadong Medicine has established a comprehensive pipeline in the autoimmune field, with over 20 innovative products under development, covering various conditions including psoriasis, atopic dermatitis, and more [4]. - The company has formed a "golden product combination" in psoriasis treatment, including monoclonal antibodies, oral, and topical formulations, aiming to provide a full spectrum of treatment options for both children and adults [5]. - The company is also advancing its collaboration with Arcutis on roflumilast cream, which has shown positive efficacy and safety in treating plaque psoriasis in patients aged 6 and above, with plans for a Chinese market application [6]. Group 3: Strategic Innovations and Future Outlook - Huadong Medicine is actively expanding its research and development in GLP-1 receptor agonists, with recent patents granted in both China and the U.S., indicating a strategic focus on metabolic diseases [6]. - The company aims to become a globally influential innovative pharmaceutical enterprise, continuously driving high-quality development in China's pharmaceutical innovation landscape [7].