原料药——①2025-2030年，下游制剂专利到期影响的销售额为3900亿美元，相较2019-2024年总额增长 124%，同时，未来5年全球销售TOP15的小分子药物中有过半药物专利将到期，专利悬崖有望带来原料 药增量需求。②2024年，规模以上工业企业原料药产量为358.30万吨，同比增长4.6%，Q1受23年同期 高基数影响同比下降7.0%，Q2/Q3/Q4产量分别同比增长12.8%/14.9%/1.3%；2024年，印度原料药及中 间体从中国进口额为34.00亿元，同比增长4.9%，进口量为37.50万吨，同比快速增长11.1%，其中 Q1/Q2/Q3/Q4分别同比增长7.21%/22.18%/4.76%/11.18%，进口额及进口量均达到过去4年最高水平。结 合中印两国情况，原料药行业需求端边际改善明显，去库存阶段或已接近终结。建议关注：1）持续向 制剂、CDMO领域拓展、业绩确定性较强的个股，如奥锐特(605116)、普洛药业(000739)、奥翔药业 (603229)等；2）新产品业务占比较高或产能扩张相对激进的个股，如同和药业(300636)、共同药业 (300966)等；3）原有产品受去库存 ...

Core Insights - I-Mab has reported strong progress in its lead program, givastomig, aimed at treating gastric cancers, with patient enrollment in Phase 1b dose expansion cohorts completed ahead of schedule [2][3] - The company has a robust cash position of $168.6 million as of March 31, 2025, which is expected to fund ongoing studies and development initiatives into 2027 [6][8] - The anticipated milestones for givastomig include data presentations at the ESMO GI Congress in July 2025 and further updates in 2026 [3][4] Financial Performance - For Q1 2025, research and development expenses decreased to $0.8 million from $6.1 million in Q1 2024, primarily due to reimbursements and lower costs [10] - Administrative expenses increased to $4.5 million in Q1 2025 from $2.4 million in Q1 2024, influenced by changes in employee share-based compensation [11] - The net loss from continuing operations was $(3.2) million for Q1 2025, a significant reduction from $(9.4) million in Q1 2024, with net loss per share improving from $(0.05) to $(0.02) [15][17] Pipeline and Development - Givastomig is a bispecific antibody targeting CLDN18.2-positive tumor cells, currently in Phase 1b trials for first-line metastatic gastric cancers [18][20] - The ongoing Phase 1b study is evaluating givastomig in combination with nivolumab and chemotherapy, with enrollment in the first dose expansion cohort completed ahead of schedule [20][21] - The company is also developing uliledlimab and ragistomig in collaboration with partners, with updates expected in 2026 [4][8]