8月28晚，科创板的悦康药业（688658.SH）发布了半年报业绩，营业收入为11.67亿， 研发投入2.09 亿，占营收比例达17.91%，同比增长7.54%。 受政策全面支持创新药发展、药企技术突破与临床进展、海外BD授权等多重利好因素驱动，医药行 业创新药板块持续上涨，截至2025年9月2日，国证创新药指数（980086.CNI）今年涨幅99%。 创新药跻身当前A股科技牛的"新五朵金花"之一，与半导体、互联网软硬件、新能源、机器人齐头并 列， 成为贯穿这轮整个牛市的热门赛道。 作为创新药领域的重要参与者，悦康药业近年在创新药研发上持续突破，国际化布局成果显著，使其 成为行业内稀缺兼具成长潜力与全球视野的企业，不断吸引市场目光聚焦。 上半年研发投入2.09亿，占营收比例达17.91%，同比增长7.54%。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 创新管线加速兑现， 重磅大单品新药可期 目前悦康药业已建成了以核酸药物、多肽药物、高端中药、高端化药、全流程AI药物研发等为核心 的十一大技术平台，是国内外少有的同时具备mRNA疫苗、小核酸药物、 多肽药物研 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Core Viewpoint - YKYY029 injection, developed by YKANG Pharmaceutical and Hangzhou Tianlong, has received approval for clinical trials, marking a significant milestone in the company's drug development efforts [1][2]. Group 1: Drug Development - YKYY029 is a novel siRNA drug targeting the AGT gene, featuring a unique sequence and a proprietary delivery system developed by the company, which has been granted a national patent [2]. - The drug utilizes a GalNAc delivery system for efficient liver-targeted delivery, enhancing its therapeutic potential [2]. - The approval of the IND for YKYY029 is seen as a testament to the company's capabilities in new drug development, reinforcing its competitive edge in the cardiovascular disease sector [3]. Group 2: Preclinical Research - Preclinical studies have demonstrated significant AGT suppression activity in both in vitro and in vivo models [3]. - In pharmacological trials on spontaneously hypertensive crabs, YKYY029 maintained normal blood pressure levels, achieving a reduction of over 20 mmHg in systolic blood pressure at the study endpoint [3]. - Toxicity tests in SD rats and crabs showed no adverse reactions at high doses, indicating good safety and tolerability [3]. Group 3: Publication and Future Potential - Research papers related to YKYY029 have been published in the reputable journal "Molecular Therapy Nucleic Acids," highlighting the drug's enhanced efficacy and safety in various animal models [3]. - The combination of optimized sequence composition, modification patterns, and delivery systems is expected to further improve the drug's clinical trial outcomes for hypertension treatment [3].

Policy Developments - The National Medical Products Administration (NMPA) has released a draft for public consultation regarding the adjustment of medical device classifications, aiming to optimize the registration and filing requirements for medical devices [1] Drug Approval - Yuyuan Pharmaceutical's YKYY029 injection has received clinical trial approval for treating hypertension, marking a significant step in the development of a novel siRNA drug [2] - Hengrui Medicine has received clinical trial approvals for four drugs, including SHR-8068 injection and Abediterib injection, with total R&D investments amounting to approximately 20.33 million yuan [3] Financial Reports - Microchip Biotech expects a net profit of 30.06 million yuan for the first half of 2025, driven by increased sales from new drug listings and optimized sales strategies [4] - China National Pharmaceutical Modern reported a 6.46% decline in net profit for the first half of the year, attributed to decreased sales and prices of certain antibiotics and other products [5] Capital Market - Tigermed announced the sale of its stake in Lixin Pharmaceutical for approximately 34.11 million USD, reflecting a strategic move in the context of the domestic pharmaceutical industry's consolidation [6] Industry Events - A breakthrough in brain-computer interface technology has been achieved in Shanghai, allowing patients with speech impairments to communicate through decoded brain activity [8] - Yuan Da Pharmaceutical's innovative nasal spray for dry eye treatment has received approval and its first prescriptions have been issued, providing a new treatment option for patients [9] Debt Resolution - Kangmei Pharmaceutical has reached a settlement agreement to resolve historical debt issues for 43.5 million yuan, facilitating the closure of related legal matters [10] Market Sentiment - Weier Pharmaceutical announced plans for its employee stock ownership platform to reduce its holdings by up to 1% of the company's shares, driven by shareholder funding needs [11]