证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 众生药业(002317) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 传统业务基本盘稳定，创新药转型成果显著 [Table_ReportDate] 2025 年 08 月 29 日 [Table_S 事件：2025 ummar年y]8 月 29 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 13.00 亿元，同比下滑 4.74%；实现归母净利润 1.88 亿元， 同比增长 114.96%；实现扣非净利润 1.87 亿元，同比增长 7.42%。单季度 来看，2025Q2 公司实现营业收入 6.65 亿元，同比下降 7.99% ...

报告摘要 公司要闻： 兴齐眼药（300573）：公司发布2025 年半年报，2025 年上半年公司实现营业收入11.63 亿元，同比增长 30.38%，归母净利润为3.35 亿元，同比增长97.75%，扣非后归母净利润为3.31 亿元，同比增长 96.30%。 诺思格（301333）：公司发布2025 年半年报，2025 年上半年公司实现营业收入3.80 亿元，同比增长 0.18%，归母净利润为0.61 亿元，同比增长4.45%，扣非后归母净利润为0.51 亿元，同比增长9.52%。 迈瑞医疗（300706）：公司发布2025 年半年报，2025 年上半年公司实现营业收入167.43 亿元，同比下 降18.45%，归母净利润为50.69 亿元，同比下降32.96%，扣非后归母净利润为49.49 亿元，同比下降 32.94%。 众生药业（002317）：公司发布公告，子公司众生睿创自主研发的一类创新多肽药物RAY1225 注射 液，于近日分别完成SHINING-2 和SHINING-3 两项降糖III 期临床试验的首例参与者入组和给药。 市场表现： 2025 年8 月27 日，医药板块涨跌幅-2.73%，跑输沪 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].