AKESO(HK:09926)2025-04-27 15:11Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical market is entering the earnings disclosure period, with innovative drugs being the most clear investment theme despite short-term emotional impacts. Adjustments in the market provide entry opportunities, particularly in the orthopedic device sector [1][2]. Core Insights and Arguments - Innovative drugs are expected to yield excess returns in the long term, making them a clear investment focus. The recent market adjustments are seen as a reason for further investment [2]. - Strong-performing stocks at the bottom, such as Ganli Pharmaceutical and Sanwa, show significant growth potential, indicating a strategy that includes both innovative drugs and performance-driven stocks [3]. - Recommended stocks include: - Kanghong: Core product Kangbai Xipu grew by 18%, with upcoming data releases expected to act as catalysts [6]. - Yipinhong: Despite poor earnings, potential in gout medication and ongoing negotiations with MCNs are promising [6]. - Renfu Pharmaceutical: Low valuation and new management from China Merchants are seen as positive factors [6]. - Huakang Purification: Stable medical purification business with expansion into semiconductor cleanroom business expected to boost revenue [6]. - Yihe Jiaye: Strong Q1 results but affected by market downturn; potential in brain-machine interface technology [6]. Important but Overlooked Content - Semperit's stock decline was attributed to overly optimistic market expectations regarding its lung cancer research, contrasting with Kanghong's more reasonable market expectations [7]. - Kanghong's clinical trial design shows a hazard ratio (HR) of 0.77, indicating no significant statistical differences, but with a median overall survival (OS) potentially increasing by 5.5 months [8]. - Domestic clinical trials for Kanghong involve 400 patients, while overseas trials are expected to enroll 780 patients, with differences in treatment protocols affecting outcomes [9]. - The importance of first-line treatment is emphasized due to lower rates of second and third-line therapies in overseas patients, which enhances the likelihood of achieving significant OS benefits [10]. - Kanghong's future research success rate may be adjusted upwards if domestic trial results are strong, which could positively influence its valuation [11]. - Key events in 2025 include the potential for FDA approval based on alignment of domestic and overseas clinical research results, which could act as a significant catalyst for stock prices [12]. Investment Trends - In Q1 2025, public fund holdings in the pharmaceutical sector increased by approximately 0.5 percentage points, indicating a low allocation status with room for further investment [14]. - Passive funds are gaining a larger share in the pharmaceutical sector, while active funds have increased their holdings in innovative drugs, particularly in biopharmaceuticals and biotech [15][16].