[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.5-5.9） 2025 年 5 月第二周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 [Table_Summary] 2025 年 5月第二周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为海创药业-U（22.76%）、长春高新（8.99%)、众生药业（8.98%）。 跌幅前三为复宏汉霖（-12.64%）、康诺亚-B（-12.40%）、博安生物（-11.77%）。 本周 A 股创新药板块上涨 2.33%，跑赢沪深 300 指数 0.33pp，生物医药上涨 0.75%。近 6 个月 A 股创新药累计上涨 5.43%，跑赢沪深 300 指数 9.13pp， 生物医药累计下跌 10.55%。 本周港股创新药板块下跌 2.14%，跑输恒生指数 3.75pp，恒生医疗保健下跌 3.75%。近 6 个月港股创新药累计上涨 22.08%，跑赢恒生指数 4.47pp，恒生医 疗保健累计上涨 18.10%。 本周 XBI 指数 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has achieved continuous loss reduction for three consecutive quarters, driven by the commercialization of Tai'tasip and Vidi'sitom, with expectations for profitability improvement [1][2] - The company reported a revenue of 526 million yuan in Q1 2025, a year-on-year increase of 59.17%, primarily driven by the sales of Tai'tasip and Vidi'sitom [2] - The company is optimistic about the ongoing clinical trials and market potential of Tai'tasip for generalized Myasthenia Gravis (gMG) and other indications [3][4] Financial Performance - In Q1 2025, the company reported a net loss of 254 million yuan, a reduction of 95 million yuan year-on-year, indicating a trend of continuous loss reduction [2] - The R&D expense ratio decreased by 37.7 percentage points to 62.53%, while the sales and management expense ratios also saw significant declines, contributing to the loss reduction [2] - Revenue projections for 2025-2027 are estimated at 2.407 billion, 3.269 billion, and 4.185 billion yuan respectively, with expectations of continued loss reduction in 2025-2026 and profitability in 2027 [5][12] Pipeline and Market Potential - Tai'tasip has received breakthrough therapy designation in China and orphan drug status in the US, indicating strong market potential [3] - The company is advancing multiple products through clinical trials, with several indications expected to enter commercialization, supporting revenue growth [4] - The company is optimistic about the commercialization prospects of Tai'tasip in both domestic and international markets, particularly in the US [3][4]