本报讯(记者邬霁霞)12月15日，华东医药（000963）股份有限公司(以下简称"华东医药")全资子公司杭 州中美华东制药有限公司(以下简称"中美华东")宣布，其研发的创新多肽类人GLP-1(胰高血糖素样肽-1) 受体和GIP受体(葡萄糖依赖性促胰岛素多肽)的双靶点长效激动剂HDM1005注射液在体重管理适应症中 国Ⅱ期临床试验中取得了积极结果，展现了公司在代谢疾病领域强大的研发实力。 公开资料显示，HDM1005注射液是由中美华东研发并拥有全球知识产权的1类化学新药，为多肽类人 GLP-1受体和GIP受体的双靶点长效激动剂。临床前研究显示，HDM1005可通过激活GLP-1受体和GIP受 体，促进环磷酸腺苷(cAMP)产生，增加胰岛素分泌，抑制食欲，延迟胃排空，改善代谢功能，进而改 善血浆容量、减少氧化应激和全身炎症、改善心血管适应性，从而具有降糖、减重、改善代谢相关脂肪 性肝炎(MASH)及射血分数保留心力衰竭(HFpEF)的作用。 此外，华东医药另一款自主研发的靶向人黏蛋白-17(MUC-17)的新型抗体药物偶联物(ADC)HDM2012的 胃癌和胃食管交界癌、胰腺癌两项适应症获得美国食品药品监督管理局 ...

12月15日，华东医药（000963）股份有限公司(以下简称"华东医药"或公司)全资子公司杭州中美华东制 药有限公司(以下简称"中美华东")宣布，其研发的创新多肽类人GLP-1(胰高血糖素样肽-1)受体和GIP受 体(葡萄糖依赖性促胰岛素多肽)的双靶点长效激动剂HDM1005注射液在体重管理适应症中国II期临床试 验中取得了积极结果，展现了公司在代谢疾病领域强大的研发实力。 此外，公司另一款自主研发的ADC创新药注射用HDM2012的胃癌和胃食管交界癌、胰腺癌两项适应症 获得美国食品药品监督管理局(以下简称"美国FDA")孤儿药资格认定(Orphan Drug Designation,ODD)， 证明了其ADC研发创新性获国际认可。 这两大进度这标志着华东医药在新药研发的国际化与前沿探索方面实现了重要跨越，不仅体现了公司以 科研为基础理念的成功实践，更彰显了其在新靶点探索和研发布局上的前瞻性，为华东医药在创新领域 的持续领先奠定了坚实基础。 强效减重临床数据惊艳，创新产品获孤儿药认定 公开资料显示，HDM1005注射液是由中美华东研发并拥有全球知识产权的1类化学新药，为多肽类人 GLP-1受体和GIP受体的双 ...

Company Overview - Huadong Medicine Co., Ltd. has over 30 years of development, covering the entire pharmaceutical industry chain. In the first half of 2025, the company achieved total revenue of 216.75 billion CNY and a net profit of 18.15 billion CNY [1] - The company is listed on the Shenzhen Stock Exchange and has four major business segments: pharmaceutical manufacturing, pharmaceutical commerce, medical aesthetics, and industrial microbiology [1] Financial Performance - Pharmaceutical manufacturing revenue in the first half of 2025 reached 73.17 billion CNY, with a net profit of 15.80 billion CNY [2] - Pharmaceutical commerce achieved revenue of 139.47 billion CNY and a net profit of 2.26 billion CNY in the same period [2] - The company’s innovative product business revenue reached 10.84 billion CNY, a year-on-year increase of 59%, accounting for nearly 15% of the total revenue from the pharmaceutical manufacturing segment [15] Research and Development - The company is advancing over 80 innovative drug candidates, focusing on endocrine, autoimmune, and oncology fields [2][4] - R&D investment in the pharmaceutical manufacturing sector for the first half of 2025 was 14.84 billion CNY, with direct R&D expenses of 11.74 billion CNY, representing 15.97% of the pharmaceutical manufacturing revenue [2] - The company has 15 ADC (Antibody-Drug Conjugate) pipelines, with significant progress in clinical trials for various cancer treatments [6][7] Medical Aesthetics - The medical aesthetics segment generated 11.12 billion CNY in revenue in the first half of 2025, with a focus on global operations and innovative product development [3] - The subsidiary Sinclair is a key player in the global medical aesthetics market, with over 20 products launched and more than 10 innovative products in development [3] Market Potential and Challenges - The company sees significant market potential for obesity drugs in China, despite current limitations in national insurance coverage for obesity treatment [11] - The medical aesthetics business is currently under pressure but is expected to grow with the approval of several key products [17]

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].