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 ...

Group 1: Company Research - Yiyu Shikong has made significant progress in automotive and dye LCD materials, photoresist resin, PSPI business, and OLED materials, with automotive LCD materials entering mass production and expected to generate tens of millions in revenue by H2 2025 [1] - ST Chengchang has seen a recovery in downstream user demand, with a notable increase in orders and projects, particularly in satellite and low-orbit satellite fields, which are expected to become new growth points [1] - Jibite has focused on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao," while also adjusting its business focus and optimizing personnel configuration [2] - Huadong Pharmaceutical has made significant advancements in innovative drug development across various fields, with multiple products entering clinical stages and a growing revenue share from innovative drugs [3] Group 2: Market Insights - The automotive LCD materials market is expected to grow significantly, with Yiyu Shikong's production capacity reaching 200 tons annually and a focus on new customer development [1] - The low-orbit satellite sector is projected to see substantial growth, with ST Chengchang leveraging its technological advantages to meet increasing demand [1] - The gaming industry is experiencing diverse demand and intense competition, prompting companies like Jibite to focus on user needs and innovative gameplay [2] - The innovative drug market is expanding, with Huadong Pharmaceutical's innovative drug business revenue approaching 15% of total revenue in H1 [3] Group 3: Financial Performance - Silver华基金 has an asset management scale of 576.925 billion, ranking 22nd among 210 firms, with a notable performance from its Hong Kong Stock Connect Innovation Drug ETF, which grew by 123.18% in the past year [4]

Group 1: Huadong Medicine (华东医药) - Huadong Medicine has made significant progress in innovative drug research and development, covering areas such as ADC, autoimmune, and endocrinology [1] - In the ADC field, several of the eight major products under research have entered clinical stages, including HDM2005 and HDM2012 [1] - The innovative drug business revenue continues to grow, accounting for nearly 15% of total revenue in the first half of this year [1] - The company plans to release important data at multiple academic conferences and expects several aesthetic medicine products to be launched within the next two years [1] Group 2: Lizhu Group (丽珠集团) - Lizhu Group anticipates single-digit revenue growth for the full year, with profit growth expected to outpace revenue growth [2] - The P-CAB tablet has submitted a listing application, while the injectable form is expected to be approved in the first half of 2029 [2] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [2] - The new generation KCNQ2/3 activator, NS-041 tablet, is expected to become a clinical treatment option for refractory epilepsy patients [2] - The market potential for microsphere products is substantial, with plans for long-acting microsphere formulations and psychiatric products [2] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to be completed by September [2]

Group 1 - The core viewpoint of the news is that Huadong Medicine has made significant progress in innovative drug research and development, particularly in areas such as ADC, autoimmune, and endocrine therapies [1] - In the ADC field, multiple products are in clinical stages, including HDM2005 and HDM2012, with a total of 8 major products under research [1] - The autoimmune area features both self-developed and collaboratively developed products, such as HDM3018 and HDM4002 [1] - In the endocrine sector, the company has multiple products targeting GLP-1, with some already in Phase III clinical trials [1] - The revenue from innovative drug business continues to grow, accounting for nearly 15% of total revenue in the first half of this year [1] - The company plans to present important data at several academic conferences and expects to launch multiple aesthetic medical products within the next two years [1]

Core Insights - Renowned private equity firm Fusheng Asset recently conducted research on a listed company, Huadong Medicine, highlighting significant advancements in innovative drug development across various fields, including ADC, autoimmune, and endocrinology [1] Group 1: Company Overview - Huadong Medicine has made notable progress in innovative drug research and development, with multiple products in clinical stages, such as HDM2005 and HDM2012 in the ADC field [1] - The company is actively developing several products in the autoimmune sector, including self-developed and collaboratively developed products like HDM3018 and HDM4002 [1] - In the endocrinology field, Huadong Medicine has multiple products targeting GLP-1, with some already in Phase III clinical trials [1] Group 2: Financial Performance - The revenue from the innovative drug business has been steadily increasing, accounting for nearly 15% of the total revenue in the first half of this year [1] - The company plans to present important data at various academic conferences and expects to launch several aesthetic medical products within the next two years [1]

Group 1: Ice Wheel Environment - The company reported a revenue of 3.12 billion yuan in the first half of 2025, a year-on-year decline of 7%, with a net profit of 266 million yuan, down 20% [1] - Domestic business faces short-term market pressure with a revenue of 2.1 billion yuan, while overseas business grew significantly by 30%, reaching 1.02 billion yuan [1] - The company is implementing a "Towards the Sea" strategy, focusing on expanding its overseas sales network and enhancing local manufacturing capacity [1] Group 2: Ruoyuchen - The company is expanding its product and channel planning, particularly in the health product sector, and has launched new brands such as NuiBay and VitaOcean [2] - The decision to list on the Hong Kong Stock Exchange is driven by favorable policy environments and increased liquidity, aligning with the company's future business development needs [2] - The H-share listing will primarily fund global resource integration and optimize revenue structure in the health, personal care, and home cleaning industries [2] Group 3: East China Pharmaceutical - The company has made significant progress in innovative drug research and development, particularly in ADC, autoimmune, and endocrine fields [3] - Several products in the ADC field are in clinical stages, with ongoing development in autoimmune and endocrine areas targeting GLP-1 [3] - Innovative drug business revenue continues to grow, accounting for nearly 15% of total revenue in the first half of the year [3]

Group 1: Huadong Medicine - Huadong Medicine has made significant progress in innovative drug research and development, covering areas such as ADC, autoimmune, and endocrinology [1] - In the ADC field, several of the eight major products under research have entered clinical stages, including HDM2005 and HDM2012 [1] - The innovative drug business revenue continues to grow, accounting for nearly 15% of total revenue in the first half of this year [1] - The company plans to release important data at multiple academic conferences and expects several medical beauty products to be launched in the next two years [1] Group 2: Lizhu Group - Lizhu Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue growth [2] - The P-CAB tablet has submitted a listing application, while the injection form is expected to be approved in the first half of 2029 [2] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [2] - The NS-041 tablet, a new generation KCNQ2/3 activator, is expected to become a treatment option for patients with refractory epilepsy [2] - The market potential for microsphere products is substantial, with plans for long-acting microsphere formulations and psychiatric products [2] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to be completed in September [2]

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 Viewpoint - Huadong Medicine reported a steady growth in its performance for the first half of 2025, with revenue and net profit showing positive year-on-year increases, indicating a robust operational trend and commitment to shareholder returns through dividends [1] Financial Performance - In the first half of 2025, Huadong Medicine achieved total revenue of 21.675 billion yuan, a year-on-year increase of 3.39% [1] - The company reported a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year, and a net profit excluding non-recurring items of 1.762 billion yuan, reflecting an 8.40% increase [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 Segments - The core subsidiary, Zhongmei Huadong, maintained a strong growth trend with 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% [2] - The second quarter alone saw revenue of 3.696 billion yuan, a 12.04% increase, and a net profit of 737 million yuan, reflecting a 16.34% growth [2] - Innovative product sales and agency services generated 1.084 billion yuan, marking a significant 59% year-on-year increase [2] Product Development and Innovation - The company is advancing its research and development efforts, with a 33.75% increase in R&D investment to 1.484 billion yuan in the first half of 2025 [4] - Direct R&D spending reached 1.174 billion yuan, a 54.21% increase, accounting for 15.97% of the pharmaceutical industrial revenue [4] - Huadong Medicine is developing over 80 innovative drug pipelines across three core therapeutic areas: oncology, endocrinology, and autoimmune diseases [4] Strategic Collaborations and Market Expansion - The CAR-T product, Zekai Ze (注射液), has received positive clinical feedback and is expanding its market coverage, with over 20 provinces certified for medical institution use [2] - The collaboration with Quanxin Biotech on the drug Seluxin has seen over 1,200 hospitals prescribing it since its approval in November 2024 [3] Industrial and Commercial Growth - The pharmaceutical commercial segment achieved revenue of 13.947 billion yuan, a 2.91% increase, with a net profit of 226 million yuan, up 3.67% [7] - The industrial microbiology segment reported sales of 368 million yuan, a 29% increase year-on-year, focusing on xRNA raw materials and other core business areas [7] - The aesthetic medicine sector has established a comprehensive high-end product line, with 40 international products, 26 of which are already on the market [7]