从行业市盈率排名来看，公司所处的生物制品行业市盈率平均74.16倍，行业中值44.75倍，神州细胞排 名第73位。 截至2025年一季报，共有13家机构持仓神州细胞，其中其他7家、基金6家，合计持股数33127.91万股， 持股市值134.96亿元。 7月9日，神州细胞今日收盘77.0元，下跌2.74%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到337.77倍，总市值342.91亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13神州细胞337.77306.30-84.73342.91亿行业平均 74.1659.3810.22203.06亿行业中值44.7540.852.9483.84亿1西藏药业11.7911.302.90118.84亿2长春高新 18.8516.031.76414.10亿3川宁生物20.1319.213.28268.95亿4安科生物20.9820.723.59146.51亿5英诺特 21.0416.712.0041.25亿6上海莱士22.9420.941.41459.35亿7派林生物23.7322.682.11169.08亿8华兰生物 25.3326.532 ...

Core Viewpoint - The rapid decline of A-share innovative drug concept stocks, particularly Shuyou Shen, is driven by market speculation on its pipeline rather than its existing products, which are experiencing declining sales [1][2]. Company Overview - Shuyou Shen's stock price fell by 8.33% to 35.75 yuan, despite reaching a historical high of 43.15 yuan earlier [1]. - The company has seen over a 500% increase in stock price from a low of 5.90 yuan, leading to a market capitalization of approximately 170 billion yuan [1]. - The main revenue sources are two older drugs, with the injection of mouse nerve growth factor (Sutai Sheng) accounting for 41.21% of revenue, which saw a 17.30% year-on-year decline [1][2]. - The second drug, a compound polyethylene glycol electrolyte powder (Shutai Qing), holds a leading market share in bowel preparation but experienced an 8.20% revenue decline, contributing 55.16% to total revenue [2]. Research Pipeline - Shuyou Shen has 15 research pipelines, with the most advanced being a monoclonal antibody (BDB-001) and two protein drugs: STSP-0601 and a new indication for Sutai Sheng [2][4]. - Recent clinical trial results for STSP-0601 showed an effective hemostatic rate of 81.94% for hemophilia A or B patients, significantly exceeding the target value [4]. - The company has reported three new drug progress announcements this year, indicating ongoing development in its pipeline [4]. Market Potential - The global market for hemophilia treatments is estimated at 27.7 billion yuan, with Shuyou Shen's STSP-0601 potentially reaching over 2 billion yuan in domestic sales [6]. - The company identifies a clinical need for effective and affordable treatments for hemophilia patients with inhibitors, as existing options have significant limitations [6]. - The patient population for hemophilia in China is substantial, with over 40,000 cases registered, although those with inhibitors are a smaller subset [6].