型及広 海外消费服务 2026年01月09日 版费 行业 相关研究 若研究报 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 册 分歧了后 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务号 海外社服: 澳门博彩收入维持双位数增长. 元旦访客 量数据创新高 海外消费周报（20260102-20260108） 本期投资提示: 海外社服：澳门博彩收入维持双位数增长，元旦访客量数据创新高 O 12 月博彩毛收入 209 亿澳门元，同比增长 14.8%，对比 2019 年同期恢复 91%。2025 年 总博彩毛收入同比增长 9.1%。 2025 年澳门全年访客量 4006 万人次，同比增长 14.7%，创历史新高。2026年元旦日，访 澳旅客 18.8 万人次，为历年 ...

证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 相关研究 2025 年澳门全年访客量 4006 万人次，同比增长 14.7%，创历史新高。2026 年元旦日，访 澳旅客 18.8 万人次，为历年元旦最高。 ⚫ 海外医药：百济神州 BCL2 抑制剂国内获批上市，科伦博泰 TROP2 ADC 联合 K 药获突破性 疗法认定 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 2026 年 01 月 09 日 海外社服：澳门博彩收入维持双位数增长，元旦访客 量数据创新高 看好 ——海外消费周报（20260102-20260108） 本期投资提示： ⚫ 海外社服：澳门博彩收入维持双位数增长，元旦访客量数据创新高 12 月博彩毛收入 2 ...

科伦博泰生物-B(06990)核心产品TROP2 ADC芦康沙妥珠单抗(SAC-TMT)联合免疫疗法帕博利珠单抗一 线治疗PD-L1阳性局部晚期或转移性非小细胞肺癌获NMPA突破性疗法认定 英硅智能(03696)与施维雅达成价值8.88亿美元的多年期抗肿瘤药物研发合作 和黄医药(00013)启动现正进行中的索凡替尼联合卡瑞利珠单抗用于治疗初治胰腺导管腺癌研究的III期 阶段 重大事项： "山海‧知医大模型"赋能 云知声 (09678) 拿下超 2000 万区域医疗合作大单 海天国际(01882)附属拟3.42亿元出售国华机械的100%股权 越秀地产(00123)附属拟出售杭州越运合共73.74%实际权益 歌礼制药-B(01672)宣布ASC30在糖尿病受试者中的 13周II期研究IND获美国FDA批准 复锐医疗科技(01696)旗下获再授权注射用A型肉毒毒素已通过中国食品药品检定研究院质量标准检验 康希诺生物(06185)：24价肺炎球菌多糖结合疫苗(CRM197╱破伤风类毒素)在中国获临床试验批准 石四药集团(02005)：取得培哚普利氨氯地平片(Ⅲ)(精氨酸培哚普利10mg、苯磺酸氨氯地平5mg)的药品 ...

集团自2022年起进军小核酸领域，构建了"靶点发现-序列设计与合成-化学修饰-递送技术-生物学评 价"的全链条研发平台，研发实力已跃居国内第一梯队。依托这一完善的技术平台，公司已申请专利超 过50篇，布局超10款小核酸管线，涵盖抗感染、心血管-肾脏-代谢、呼吸系统与肿瘤四大领域，计划未 来将保持每年推动多款小核酸药物进入临床阶段，持续巩固自身在小核酸治疗领域的技术领先优势。 东阳光（600673）药(06887)发布公告，HECN30227是集团自主研发并拥有全球知识产权的1类新药，可 同时消除cccDNA和intDNA来源的乙肝表面抗原(HBsAg)。临床前数据表明，HECN30227具有泛基因型 活性，可高效降低HBsAg水平，对核苷类药物耐药株同样保持突出药效，体内外药效亦优于临床竞品。 HECN30227采用集团独特设计的HEC GalNova(N-乙酰半乳糖胺)肝靶向递送系统，在实现精准高效肝脏 递送的同时大幅降低脱靶风险。截至目前，HECN30227已完成国内首例受试者入组。 HECN30227与公司自研的免疫调节剂HEC191834临床前联合用药的重要研究成果，入选2025年美国肝 脏疾病研究学 ...

Core Insights - Dongyangguang Pharmaceutical (06887) has announced the development of HECN30227, a first-in-class drug with global intellectual property rights, capable of eliminating both cccDNA and intDNA derived HBsAg, showing superior efficacy compared to clinical competitors [1] - The drug utilizes the unique HEC GalNova liver-targeted delivery system, which enhances precision and reduces off-target risks, with the first domestic subject enrolled in clinical trials [1] - HECN30227's combination therapy with the immunomodulator HEC191834 has been recognized as a "Poster of Distinction" at the 2025 AASLD annual meeting, indicating high international academic recognition for its clinical development potential [1] Research and Development - Since 2022, the company has entered the small nucleic acid field, establishing a comprehensive R&D platform covering target discovery, sequence design and synthesis, chemical modification, delivery technology, and biological evaluation, positioning itself among the top tier in China [2] - The company has applied for over 50 patents and is developing more than 10 small nucleic acid pipelines across four major areas: anti-infection, cardiovascular-renal-metabolic, respiratory system, and oncology, with plans to advance multiple small nucleic acid drugs into clinical stages annually [2] Clinical Pipeline - Key preclinical products include HECN30227 and a "siRNA + ASO + immunomodulator" triple therapy for hepatitis B, which shows superior efficacy compared to competitors [3] - The dual-target series aims to silence two pathogenic genes or multiple regions of the same gene, providing effective solutions for complex diseases, with several molecules demonstrating strong and lasting activity in large animal models [3] - The company is also advancing dual-target pipelines for conditions like MASH, as well as fat-targeting, lung-targeting, and antibody delivery (AOC) pipelines, with plans to progress these to clinical stages [3] Strategic Direction - The company is leading the innovation wave in China's small nucleic acid drugs through a "technology + pipeline + industrialization" strategy, focusing on building its small nucleic acid technology platform and addressing unmet clinical needs [4]

Group 1 - The core product HECN30227 is a first-in-class drug developed by the company, targeting both cccDNA and intDNA sources of hepatitis B surface antigen (HBsAg) with global intellectual property rights [1] - Preclinical data indicates that HECN30227 exhibits pan-genotypic activity, effectively reducing HBsAg levels and maintaining efficacy against nucleoside drug-resistant strains, outperforming clinical competitors in both in vitro and in vivo efficacy [1] - HECN30227 utilizes the company's unique HEC-GalNova liver-targeted delivery system, achieving precise and efficient liver delivery while significantly reducing off-target risks [1] Group 2 - Since 2022, the company has entered the small nucleic acid field, establishing a comprehensive R&D platform covering target discovery, sequence design and synthesis, chemical modification, delivery technology, and biological evaluation, positioning itself among the top tier in China [2] - The company has applied for over 50 patents and developed more than 10 small nucleic acid pipelines across four major areas: anti-infection, cardiovascular-kidney-metabolism, respiratory system, and oncology, with plans to advance multiple small nucleic acid drugs into clinical stages annually [2] - The company is leading the innovation wave in China's small nucleic acid drugs through a multi-faceted approach of "technology + pipeline + industrialization," aiming to address unmet clinical needs and provide globally competitive "China-made" treatment solutions [2]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) is a leading company in the influenza sector with a solid foundation and a rich pipeline of innovative products, focusing on three main areas: anti-infection, chronic diseases, and oncology. The company maintains a leading position in the anti-infection field, particularly in influenza, hepatitis C, and hepatitis B, and has been given a "Buy" rating by Huafu Securities [1]. Group 1: Anti-Infection - The company holds a leading position in the influenza market, with Oseltamivir ranking first in domestic market share and possessing the largest production base globally, ensuring sufficient supply capacity [2]. - The hepatitis C pipeline includes the approval of pan-genotypic therapies, with NMPA approvals for Phosphoribosyl-1-pyrophosphate and Acalabrutinib expected in February and March 2025, respectively [2]. - For hepatitis B, the fastest progress is seen with Mofetil, which is the only product in China entering Phase III clinical trials, while the siRNA therapy (HECN30227) is set to enter clinical stages in October 2025 [2]. Group 2: Chronic Diseases - Ifenprodil is identified as a potential blockbuster drug (BIC) targeting the $4 billion global market for idiopathic pulmonary fibrosis, with Phase I trials completed in China and the US, and promising Phase II data showing a 96% delay in decline compared to placebo [3]. - Insulin products are nearing FDA approval, with Glargine expected to receive BLA approval in the first half of 2026, while Aspart has a Pre-IND application submitted, with plans to file for BLA by the end of 2025 and anticipate approval by the end of 2026 [3]. Group 3: Oncology - The company expects the approval of Clifosfamide for acute myeloid leukemia (AML) by 2027, having formed a partnership with 3SBio for this product [4]. - The oncology pipeline is rich, including Lenvatinib (Phase III) for esophageal cancer, HEC53856 (Phase II) for chemotherapy-induced anemia, and HEC201625 (upcoming IND) as an oral PD-L1 small molecule, with ongoing efforts in new technology areas such as ADC and TCE [4]. Group 4: Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 250 million, 540 million, and 930 million yuan for the years 2025, 2026, and 2027, respectively, with price-to-sales ratios of 4.5, 3.7, and 3.2 times, indicating a strong value proposition compared to peers [5].

Core Viewpoint - Dongyangguang Pharmaceutical has made significant strides in the field of innovative drug development, particularly with its core drug HECN30227, which offers hope for clinical cure for hepatitis B patients in China [2][3]. Company Development - Established in 2003, Dongyangguang Pharmaceutical has transformed from a generic drug brand to a comprehensive pharmaceutical company focused on innovative drugs, targeting areas such as infections, chronic diseases, and tumors [2][3]. - The company has developed three self-researched new drugs and has nearly 50 new drugs in the pipeline, actively seeking international expansion for growth [3][4]. Financial Performance - From 2022 to 2024, the total revenue is projected to reach 14.2 billion yuan, with research and development investment amounting to 2.5 billion yuan over the past three years, and profits exceeding 2.1 billion yuan in the last two years [4][5]. Innovation and R&D - The company emphasizes the long-term commitment required for innovative drug development, with the first new drug, phosphoric acid emetine, taking ten years from project initiation to market launch [5]. - Dongyangguang Pharmaceutical has a robust R&D system, including a modern factory with an annual production capacity of 1.8 billion tablets and a national key laboratory for new anti-infection drug research [6]. AI and Digitalization - The company is actively integrating AI into its drug discovery process, having established a partnership with Huawei Cloud and DeepMind Technology to create an "AI + biomedicine" ecosystem [7]. International Expansion - Dongyangguang Pharmaceutical aims to expand internationally, with a sales network covering eight countries, including the US, Germany, and the UK [9][10]. - The company has three clear pathways for international growth: internationalization of mature products, authorized cooperation for innovative drugs, and overseas market entry for self-developed products [10]. Commitment to Quality - Dongyangguang Pharmaceutical is committed to providing high-quality, affordable insulin products for the global diabetes population, aiming to be the first domestic company to obtain approval for its insulin products in the US [10][11].

Core Viewpoint - Dongyangguang Pharmaceutical's HECN30227, a self-developed siRNA therapy for chronic hepatitis B, has received implied approval for clinical trials, marking a significant advancement as no siRNA drugs for hepatitis B have been approved globally [1][3]. Group 1: Clinical Trial Approval - The National Medical Products Administration's Drug Evaluation Center has granted implied permission for HECN30227 to conduct clinical trials for chronic hepatitis B [1][2]. - Chronic hepatitis B is a severe global public health issue, with approximately 75 million chronic HBV infections in China, highlighting the urgent need for new treatment options [3]. Group 2: Drug Development and Mechanism - HECN30227 is a first-class new drug developed by Dongyangguang, utilizing a small nucleic acid technology platform, targeting both cccDNA and intDNA sources of hepatitis B surface antigen (HBsAg) [3]. - Preclinical data indicate that HECN30227 has pan-genotype activity, effectively reducing HBsAg levels and maintaining efficacy against nucleoside-resistant strains, outperforming clinical competitors [3]. Group 3: Delivery System and Combination Therapy - The drug employs Dongyangguang's unique HEC-GalNova liver-targeted delivery system, ensuring precise liver delivery while significantly reducing off-target risks [3]. - The company is concurrently developing a combination therapy of "siRNA + ASO + immune modulators" to comprehensively suppress HBV and HBsAg, aiming for a functional cure for hepatitis B [3][7]. Group 4: Recognition and Future Directions - Recent preclinical research on the combination of HECN30227 and a high-selectivity hTLR8 immune agonist was recognized at the 2025 AASLD annual meeting, indicating strong international academic validation of its clinical development potential [4][7]. - Dongyangguang continues to focus on the anti-infection field, advancing functional cure strategies centered around HECN30227 and exploring its clinical application potential in broader patient populations [7].

Core Insights - The approval of HECN30227, a novel siRNA therapy developed by Dongyangguang Pharmaceutical, marks a significant advancement in the treatment of chronic hepatitis B (CHB) and highlights China's progress in the small nucleic acid drug development field [1][3]. Group 1: Treatment Landscape - Chronic hepatitis B is a major global health issue, with approximately 254 million chronic HBV carriers worldwide, including around 87 million in China, representing one-third of the global total [2]. - Current mainstream treatments, including nucleos(t)ide analogs (NAs) and interferon, have significant limitations such as difficulty in achieving functional cure, side effects, and challenges in long-term adherence [2]. - The medical community is exploring new treatment avenues, including immune/gene therapy and small nucleic acid drugs, with siRNA showing promising potential in early studies [2]. Group 2: HECN30227 Development - HECN30227 is the first siRNA drug developed by Dongyangguang Pharmaceutical, designed to eliminate HBsAg from both cccDNA and intDNA sources, demonstrating broad genotype activity and efficacy against drug-resistant strains [3]. - The drug is part of a combination therapy strategy that includes siRNA, ASO, and immune modulators, aiming for comprehensive suppression of HBV and immune reconstruction [3]. - HECN30227 has been recognized for its clinical development potential, receiving a "Poster of Distinction" at the 2025 AASLD annual meeting, indicating high international academic recognition [4]. Group 3: Market Potential - The small nucleic acid drug market is projected to exceed 10 billion yuan by 2030 in China, driven by a large patient population and urgent clinical needs [5]. - Dongyangguang Pharmaceutical has established a comprehensive R&D platform for small nucleic acid drugs, positioning itself among the top tier in the domestic market [5]. - The company has over 10 small nucleic acid pipelines across various therapeutic areas and plans to advance multiple candidates into clinical stages annually [5]. Group 4: Strategic Vision - Dongyangguang Pharmaceutical aims to lead the innovation wave in small nucleic acid drugs through a multi-faceted approach involving technology, pipeline development, and industrialization [6]. - The company has successfully challenged patents in the U.S. and is committed to addressing unmet clinical needs, exemplified by its recent approval of a generic for multiple sclerosis [6]. - Recent reports have recommended Dongyangguang Pharmaceutical as a strong investment opportunity, reflecting confidence in its innovative and international development strategy [6].