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石药集团(1093.HK):1Q环比改善亮眼 多平台现出海潜力
Ge Long Hui· 2025-06-01 02:05
Core Viewpoint - The company reported a significant improvement in revenue and profit in Q1 2025, driven by stable core business performance and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 7.015 billion yuan, representing a year-on-year decline of 21.9% but a quarter-on-quarter increase of 11% [1]. - Net profit attributable to the parent company was 1.48 billion yuan, down 8.4% year-on-year but up 169% quarter-on-quarter [1]. - The improvement in revenue and profit was attributed to the confirmation of upfront payments from BD transactions and a stabilization in core business revenue [2]. Group 2: Business Development and Pipeline - The company is optimistic about the EGFR ADC clinical trials, with five Phase III trials expected to be conducted domestically and internationally this year [2]. - Positive data from AACR regarding lung cancer overall response rate (ORR) and safety profiles were highlighted, indicating strong potential for market entry [2]. - The company is focusing on HER2-targeted therapies and anticipates the launch of GLP-1 products by 2026 [3]. Group 3: Cost Management and Future Outlook - The company has significantly reduced sales expenses, with a sales expense ratio of 24% in Q1 2025 compared to 33% in Q1 2024 [2]. - The company expects a gradual improvement in revenue and profit throughout 2025, with a conservative estimate of approximately 4 billion yuan in core business profit for the year [2]. - The target price for the company's stock is set at 10.12 HKD, based on a 19x PE ratio for 2025 [3].
【转|太平洋医药-石药集团深度】八大创新平台进入兑现期,重磅品种启动关键临床
远峰电子· 2025-05-29 12:31
太平洋证券医药组研究观点分享 文章转自2025年5月17日太平洋医药团队报告 ,分析师: 谭紫媚/ 张懿 投资要点 以下文章来源于谭谈药市 ,作者谭紫媚 张懿 谭谈药市 . 恩必普和明复乐促进神经系统领域稳健增长 公司一方面通过医院渠道加大患者教育,另一方面在零售药店大力推广恩必普胶囊剂型,提升卒中患者出院后持续用药的可及性,促进恩必普继续保持稳健增 长。 2024年2月,明复乐获批第二项新适应症,用于急性缺血性卒中患者的溶栓治疗(发病<4.5h)。通过学术推广和医院开发,有望快速增长贡献增量。 在102例EGFR突变非鳞NSCLC患者中,ORR为39.2%,DCR达93.1%; 其中单纯EGFR-TKI耐药的EGFR敏感突变非鳞NSCLC(n=19):ORR高达63.2%,DCR为 94.7% ;而EGFR-TKI和含铂化疗双耐药的EGFR敏感突变非鳞NSCLC(n=78):ORR为33.3%,DCR为92.3%。SYS6010在EGFR-TKI耐药NSCLC患者中展现的高 缓解率,验证其有望克服TKI耐药问题。 2024年8月26日,公司启动了SYS6010联合奥希替尼一线治疗EGFR突变型局部晚期或转移 ...
76亿并购梦碎、15个月努力归零,负增长下的新诺威危机四伏
Tai Mei Ti A P P· 2025-05-08 07:28
Core Viewpoint - New Nuo Wei (300765.SZ) announced the termination of its application for the acquisition of Shiyao Chuangxin Pharmaceutical Co., Ltd. and the associated fundraising, ending a 15-month effort for a significant restructuring deal worth 7.6 billion yuan [2][3]. Group 1: Termination of Acquisition - The termination was due to changes in the pharmaceutical industry and capital market environment since the initial planning of the restructuring, leading to a decision made in the interest of long-term shareholder benefits [2][3]. - The market reacted rationally to the termination, influenced by factors such as stock price fluctuations, increasing performance burdens, and declining acquisition targets [2][3]. Group 2: Financial Performance and Challenges - New Nuo Wei's revenue and profit have been declining, with a 21.98% year-on-year decrease in revenue to 1.981 billion yuan and an 87.63% drop in net profit to 54 million yuan in 2024 [8]. - The company's core revenue from functional foods and raw materials fell by 24.90% to 1.84 billion yuan, while the biopharmaceutical sector contributed only 87.8 million yuan, despite a 153.0% increase [10]. Group 3: Acquisition Details and Valuation - The acquisition target, Shiyao Baike, has a core product, Jinyouli, which is facing growth challenges, with a significant reliance on a single product and limited growth potential [4][7]. - The valuation for Shiyao Baike was set at 7.622 billion yuan, representing a 78.25% premium over its book value of 4.276 billion yuan, raising concerns about the high price for low-growth assets [6][7]. Group 4: R&D and Future Prospects - New Nuo Wei's R&D expenses increased by 25.44% to 842 million yuan in 2024, primarily due to the inclusion of Shiji Biological's R&D costs, indicating a significant financial burden [10][11]. - The company is under pressure from negative cash flows, with net cash flow from operating activities at -1.235 billion yuan in 2024 and -87 million yuan in the first quarter of 2025 [12][13].
新诺威76亿收购石药百克告吹 第一季净利盈转亏2690万
Chang Jiang Shang Bao· 2025-05-08 00:44
长江商报消息 ●长江商报记者 黄聪 新诺威(300765.SZ)终止收购石药百克。 5月6日,新诺威公告,根据有关规定,深交所决定终止对公司发行股份购买资产并募集配套资金申请的 审核。 新诺威原拟以发行股份及支付现金方式购买石药百克100%股权,交易作价76亿元,同时拟向不超过35 名特定投资者发行股份募集配套资金。 值得一提的是,公司以发行股份、现金方式支付对价的比例占交易对价的比例分别为90%、10%,股份 支付对价金额为68.4亿元,现金支付对价金额为7.6亿元。 2024年1月,新诺威曾审议通过了收购石药百克相关议案,拟以发行股份及支付现金方式购买石药百克 100%股权,交易作价76亿元。 新诺威表示,鉴于本次重组事项自筹划以来已历时较长,医药行业及资本市场整体环境等情况较本次重 组筹划之初发生了一定变化,公司决定终止本次重组事项。 长江商报记者注意到,当前新诺威业绩下滑。2023年和2024年,新诺威营业收入和净利润连降两年。 2025年一季度,新诺威实现营业收入4.72亿元,同比下降9.94%;净利润亏损2690.16万元,上年同期盈 利7906.13万元。 对于一季度净利润亏损,新诺威表示,主要 ...