| 恒生医疗保健业指数 港股创新药ETF | | --- | | (HSCICH) (513120) | | 周内涨跌 ↑ 3.64% 周内涨跌 ▲ 4.00% | | - A股当周涨跌幅 - | | 海王生物 维康药业 | | 周内涨跌 ↑ 38.21% [周内涨跌 - 6.46% | | - 港股当周涨跌幅 - | | 康方生物 博安生物 | | 周内涨跌 ↑ 14.86% (周内涨跌) 2.08% | | 聚焦同分 | | 热门赛道 众生药业儿童用抗甲流药物昂拉地韦 | | 颗粒Ⅲ期试验开始入组 | | 一周热股 海王生物上涨近四成,康方生物领跑 | | 港股创新药 | | 前沿动向 凌科药业拟赴港IPO 核心在研产品面 | | 临同类激烈竞争，已将商业化权益授 | | 予先声药业 | | 《掘金创新药》栏目由每日经济新闻推出，每周一期 | | --- | | 解读新药研发进展与趋势 剖析产品竞争力与市场前景 | | 洞察医药资本脉络 见证医药产业高质量发展 | | 数据来源：东方财富App、富途牛牛 | ""资本眼 每经记者｜金喆 每经编辑｜魏官红 一周行情 11月24日至11月28日，医药生物指数收 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Viewpoints - The company's core product, sac-TMT, has received domestic approval and is rapidly advancing through global Phase 3 clinical trials. The first two indications (TNBC 3L and EGFRm NSCLC 3L) are expected to be approved by the end of 2024 and early 2025, respectively, making it the first TROP2 ADC approved for lung cancer indications [1][14]. - The company has a robust pipeline in the ADC field, with multiple candidates in clinical trials, including SKB571/MK-2750, which targets LC and CRC, and several potential first-in-class ADCs [2][14]. - The commercial sales of sac-TMT are expected to ramp up significantly, especially with its anticipated inclusion in the medical insurance negotiations this year, which could lead to rapid market penetration [2][8]. Financial Performance and Forecast - The company's revenue for the first half of 2025 is projected to be 950 million yuan, with commercial sales contributing approximately 310 million yuan, primarily from sac-TMT. The company reported a loss of 145 million yuan in the same period, compared to a profit of 310 million yuan in the previous year [2][8]. - Revenue forecasts for 2025-2027 are 1.941 billion yuan, 2.928 billion yuan, and 4.767 billion yuan, respectively, with net profits expected to be -721 million yuan, -302 million yuan, and 475 million yuan [3][18]. - The company’s cash and financial assets totaled 4.53 billion yuan as of June 30 [2][8].

Core Insights - The company reported a revenue of 982 million RMB for H1 2025, a decrease of 28.97% year-on-year, primarily due to a reduction in milestone payments from licensing and collaboration agreements [1] - The net loss narrowed to 145 million RMB, a significant improvement of 146.8% year-on-year, while adjusted losses decreased by 118% to 69 million RMB, indicating enhanced operational efficiency [1] - Research and development expenses amounted to 612 million RMB, reflecting a 6.3% decrease year-on-year [1] Revenue Breakdown - Revenue sources included 628 million RMB from licensing and collaboration agreements, 310 million RMB from drug sales, and a small amount from research services [1] - The core product, SKB264, achieved sales of 302 million RMB in H1 2025, accounting for 97.6% of total drug sales, with commercialization progressing well across 30 provinces and over 2,000 hospitals [1] Product Development and Clinical Trials - SKB264 is undergoing clinical trials for multiple indications, with domestic registration data expected to be presented at the 2025 ESMO conference [2] - Merck has initiated 14 overseas clinical trials for SKB264, covering various cancer types, with data readouts anticipated starting Q4 2026 [2] Pipeline and Future Prospects - The company is advancing its ADC platform with several candidates in clinical stages, including SKB315, SKB410, and SKB571, indicating a robust pipeline with diverse therapeutic targets [3] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upwards to 1.94 billion, 3.56 billion, and 5.89 billion RMB respectively, reflecting confidence in ongoing commercialization and clinical progress [3]