10月11日，中国国家药品监督管理局官网公示，东阳光药按化药注册分类申报的盐酸芬戈莫德胶囊获批 上市，拿下国内首仿。 慢病治疗领域，针对特发性肺纤维化(IPF)的伊非尼酮已推进至III期临床，并获得FDA孤儿药资格，II期 临床结果显示优异治疗潜力；代谢疾病领域，公司拥有全面且前沿的减重产品矩阵，具备显著的BD潜 力。 抗肿瘤领域，东阳光药布局了合成致死、PROTAC、新一代ADC、CAR-T、TCE等多个前沿技术平台。 核心产品克立福替尼是国产首个进入III期临床的FLT3抑制剂；HEC921则是具有First-in-Class潜力的双 特异性抗体。 已上市产品方面，东阳光药依托可威建立的销售渠道与品牌优势，布局系列儿科产品；近年已获批上市 的丙肝线产品拥有特异性和泛基因型药物组合，正在快速放量过程中；糖尿病管线产品实现全覆盖，同 时甘精胰岛素正在美国申报BLA(生物制品许可申请)，东阳光药有望成为首家可豁免Ⅲ期临床试验而在 美国上市该药的中国药企。 近日，招商证券发布研报，首次覆盖东阳光药(06887.HK)并给予其"强烈推荐"投资评级。基于创新管线 的持续兑现与业绩增长预期，招商证券预测东阳光药2025 ...

机构：招商证券 研究员：梁广楷/许菲菲/焦玉鹏 东阳光药作为中国吸收合并及介绍上市第一股，通过吸收合并的方式构筑研产销一体化平台创新药企。 研发方向聚焦抗感染、慢病（代谢）、肿瘤三大领域，研发管线储备丰富，已上市产品快速放量，开启 全球创新崭新篇章。 抗感染领域：重点围绕乙肝功能性治愈，多个疗法组合布局。抗感染在研管线公司瞄准慢乙肝临床治愈 方向，在小核酸技术平台上布局siRNA 与ASO两种分子，临床前数据显示其具有足够的竞争力。依托 小核酸技术平台，公司不断向外拓展，布局感染/呼吸、心血管与代谢疾病等领域，空间广阔。 慢病治疗领域：IPF 与代谢疾病领域颇具看点，具备BD 潜力。针对IPF（特发性肺纤维化）适应症的伊 非尼酮已经推进至III 期临床，且取得FDA 孤儿药资格。II 期临床结果显示，伊非尼酮相较于对照药下 显示出良好的治疗效果和安全性效果，具有同靶点最佳的治疗潜力。代谢疾病领域公司拥有非常全面完 备的减重产品矩阵，布局多靶点、长效化、更安全的分子与平台。代表分子有GLP-1/GIP/GCG 三靶点 注射/口服、GDF15 等。公司慢病治疗领域分子优势显著，具备BD 潜力。 抗肿瘤领域：多技术 ...

商业化层面，作为全球最大的奥司他韦生产企业，东阳光药的儿科产品线核心品种可威凭借强大的品牌 力和供应链优势，在抗流感药物市场中占据领导地位。由于流感本身的爆发具有一定周期性，2025年春 季流感季为淡季，若2025年冬季流感季流感流行程度有所恢复，则可能为可威带来销售弹性。 在创新药企的竞技场上，东阳光药正以其清晰的战略布局和扎实的管线推进，勾勒出一幅从"研产销一 体化"迈向"全球创新"的进阶蓝图。基于对东阳光药(06887)研产销一体化平台价值、三大核心领域创新 管线进展以及财务改善趋势的充分看好，招商证券首次覆盖便予东阳光药"强烈推荐"投资评级。 研产销一体化平台构建完成 三大核心领域创新管线进入收获期 回顾发展历程，东阳光药用二十余年的时间构筑了覆盖研发、生产与商业化的全链条能力。这一体系的 价值正在加速显现，在抗感染、慢病代谢和肿瘤三大核心领域，公司建立起丰富且具有国际竞争力的研 发管线。 在抗感染领域，东阳光药重点聚焦于乙肝功能性治愈这一全球性临床难题。据世界卫生组织数据显示， 全球约有2.54亿慢性乙肝病毒感染者，我国约占7500万。研究表明，慢乙肝患者若未接受抗病毒治疗， 5年内肝癌发生率达14 ...

Investment Rating - The report gives a "Strong Buy" investment rating for the company [4][8]. Core Insights - Dongyangguang Pharmaceutical has established a fully integrated R&D, production, and sales platform, focusing on three major areas: anti-infection, chronic diseases (metabolism), and oncology. The company has a rich pipeline of innovative drugs and is experiencing rapid growth in its already launched products [1][8]. Financial Data and Valuation - Total revenue is projected to grow from 6.386 billion CNY in 2023 to 6.995 billion CNY in 2027, with a peak growth rate of 67% in 2023 followed by a decline of 37% in 2024 [3]. - Operating profit is expected to increase significantly from 218.9 million CNY in 2023 to 1.679 billion CNY in 2027, with a remarkable growth of 339% in 2023 [3]. - The net profit attributable to shareholders is forecasted to turn positive in 2025, reaching 564 million CNY, and further increasing to 1.419 billion CNY by 2027 [3]. - The company’s PE ratio is projected to decrease from 137.1 in 2023 to 17.9 in 2027, indicating improving valuation metrics as profitability increases [3]. Business Overview - Dongyangguang Pharmaceutical is recognized as the first Chinese company to go public through a reverse merger, marking a significant milestone in its development [1][13]. - The company has a clear and stable shareholding structure, with the largest shareholder holding 43.35% of the shares [4][16]. R&D Pipeline - The company’s R&D focuses on three main therapeutic areas: - **Anti-infection**: Targeting functional cure for chronic hepatitis B with innovative therapies including siRNA and ASO technologies [8][27]. - **Chronic diseases**: The drug Ifenison is in Phase III clinical trials for idiopathic pulmonary fibrosis (IPF) and shows promising results [43][44]. - **Oncology**: The company is developing multiple platforms including PROTAC and CAR-T technologies, with key products like Clifofitinib and HEC921 showing significant potential [71][75][77]. Market Position and Growth Potential - The pediatric product line is seen as a core competitive advantage, while the infection and chronic disease lines are expected to drive future growth [8][27]. - The company is well-positioned to capitalize on the growing market for chronic disease treatments, particularly in the metabolic disease sector, with a comprehensive product matrix [54][68]. Conclusion - The report emphasizes the company's strong innovation pipeline and growth potential, leading to a favorable investment outlook [8][9].