Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

[Table_StockNameRptType] 科兴制药（688136） 公司点评 新兴市场出海策略收获，一季度海外增利显著 -50% 0% 50% 100% 150% 200% 科兴制药 沪深300 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 联系人：任婉莹 执业证书号：S0010123060034 邮箱：renwanying@hazq.com [相关报告 Table_CompanyReport] 1.【华安医药】科兴制药（688136.SH） 公司深度：重组蛋白业务稳健增长，出 口海外未来可期 2023-12-06 2.【华安医药】公司点评科兴制药 （688136.SH）：24Q1 扭亏为盈，海 外重组蛋白业务即将收获 2024-4-30 | | | | 报告日期： | 2025-04-28 | | | --- | --- | --- | | [Table_BaseData] 收盘价（元） | | 38.23 | | 近 12 个月最高/最低（元） | 42.10/13.67 | | | 总股本（百万股） | | 200 | | 流通股本（百万股） | ...

科兴生物制药股份有限公司2025 年第一季度报告 证券代码：688136 证券简称：科兴制药 科兴生物制药股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上 | | | --- | --- | --- | --- | | | | 上年同期 | 年同期增减变 | | | | | 动幅度(%) | | 营业收入 | 353,559,464.74 | 360,663,523.23 | -1.97 | | 归属于上市公司股东的净利润 | 25,577,232.91 | 12,4 ...

证券代码：688136 证券简称：科兴制药 科兴生物制药股份有限公司 2024 年年度股东大会会议资料 科兴生物制药股份有限公司 2024 年年度股东大会 会议资料 $$\Xi{\bf{\mathrm{o}}}\,\Xi{\bf{\mathrm{H}}}\,\Xi{\bf{\mathrm{H}}}\,\Xi$$ 科兴生物制药股份有限公司 2024 年年度股东大会会议资料 科兴生物制药股份有限公司 2024 年年度股东大会会议资料目录 | 2024 | 年年度股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 3 | | 2024 | 年年度股东大会会议议案 | 4 | | | 议案一 关于公司 2024 | 年年度报告及其摘要的议案 4 | | | 议案二 关于公司 2024 | 年度董事会工作报告的议案 5 | | | 议案三 关于公司 2024 | 年度监事会工作报告的议案 6 | | | 议案四 关于公司 2024 | 年度财务决算报告的议案 7 | | | 议案五 关于公司 2024 | 年度利润分配方案的议案 8 | | | 议案六 关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience high growth in its overseas formulation business, with innovative drugs in development showing potential for international markets [5][7] - The revenue forecast for 2024 is projected at 1.407 billion RMB, representing a year-on-year growth of 11.75%, with a significant increase in net profit expected in subsequent years [7][8] Financial Performance Summary - **Revenue Forecasts**: - 2023: 1.259 billion RMB - 2024: 1.407 billion RMB (11.75% YoY growth) - 2025E: 1.684 billion RMB (19.68% YoY growth) - 2026E: 2.071 billion RMB (22.98% YoY growth) - 2027E: 2.650 billion RMB (27.96% YoY growth) [6][8] - **Net Profit Forecasts**: - 2023: -190 million RMB - 2024: 31 million RMB - 2025E: 95 million RMB - 2026E: 193 million RMB - 2027E: 330 million RMB [6][8] - **Earnings Per Share (EPS)**: - 2023: -0.95 RMB - 2024: 0.16 RMB - 2025E: 0.48 RMB - 2026E: 0.97 RMB - 2027E: 1.65 RMB [6][8] - **Return on Equity (ROE)**: - 2023: -11.70% - 2024: 1.93% - 2025E: 5.51% - 2026E: 10.05% - 2027E: 14.63% [6][8] Business Growth Drivers - The overseas sales revenue is expected to reach 224 million RMB in 2024, marking a year-on-year increase of approximately 61.96% [7] - The company has made significant progress in registering new products in international markets, including the approval of albumin paclitaxel in the EU [7] - The innovative drug pipeline includes several candidates at various stages of development, indicating potential for future revenue growth [7]

Summary of Conference Call Records Company and Industry Involved - The conference call involves a pharmaceutical company, specifically focusing on its overseas sales strategy and product commercialization efforts. Key Points and Arguments 1. **Impact of U.S. Tariffs on Global Trade** The company is not currently affected by U.S. tariffs as its products and authorized regions do not include the U.S. The focus remains on the Belt and Road countries and Europe, with plans to expand in the European market [1] 2. **Overseas Sales Strategy** The company has established a mature mechanism for product introduction and is accelerating the construction of localized teams. The strategy involves a combination of expatriate and local teams to enhance operations [2] 3. **Market Research and Product Selection** A dedicated team is researching demand in target markets, particularly in Europe and South America, to identify key products for export. This aims to solidify the company's export capabilities [3] 4. **Clinical Data and Product Development** The company is advancing its clinical trials, with IND submissions expected to lead to Phase I clinical work by mid-year. The data indicates superior efficacy compared to competitors like Pfizer [4] 5. **AI in Product Development** The company is leveraging AI technology in drug design and optimization, which is expected to accelerate research and development processes. A strategic partnership has been established to enhance these capabilities [6] 6. **Sales Targets and Market Penetration** The company has set a sales target of $60 million for the year, with expectations for double-digit growth in existing products. New products are anticipated to contribute significantly to this target [8][9] 7. **European Market Strategy** A German subsidiary has been established to facilitate local operations in Europe, with plans to introduce 10 to 20 products in the region. The company is focused on understanding local market demands and competition [10] 8. **Focus on Fibrosis Treatment** The company is exploring opportunities in fibrosis-related diseases, aiming to enhance treatment efficacy through innovative dual-antibody therapies [11] 9. **Commitment to Innovation and Internationalization** The management emphasizes a clear strategy for innovation and international expansion, with a strong commitment to achieving set goals and improving company quality [12] Other Important but Overlooked Content - The company acknowledges the potential for unforeseen factors affecting product approvals and market entry timelines, indicating a cautious approach to its commercialization strategy [8] - The importance of local partnerships in addressing specific market needs and facilitating quicker product launches is highlighted [9]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses advancements in pharmaceutical projects, particularly focusing on drug development and clinical trials in the biotechnology sector. Key Points and Arguments Drug Development Progress - The company has made significant progress in developing a drug that shows improved muscle function recovery compared to existing coma medications, with a focus on muscle activity and respiratory function [1] - Two drugs have been approved for clinical trials targeting symptoms of fatigue and itching, with plans to combine their strengths to enhance treatment efficacy [2] - The company is utilizing AI technology to accelerate research and development processes, aiming to optimize drug candidates and reduce costs [5] Clinical Trial Results - The company has identified promising drug candidates through extensive screening processes, resulting in several molecules that demonstrate strong activity against targeted diseases [4][6] - A specific molecule, TL1A, has shown superior performance in treating ulcerative conditions compared to existing treatments, with ongoing development expected to yield results by the end of the year [7] Market Position and Strategy - The company is actively pursuing international market opportunities, with a focus on expanding its product offerings in Europe and Southeast Asia, indicating a strategic shift towards global commercialization [26][30] - The anticipated revenue from overseas commercialization is projected to double, reflecting strong growth potential in international markets [28] Regulatory and Compliance Challenges - The company is navigating complex regulatory environments in Southeast Asia, maintaining close communication with local authorities to ensure compliance and facilitate product approvals [29][30] Future Outlook - The company is optimistic about its pipeline, with expectations to introduce numerous new products over the next five to ten years, significantly enhancing its market presence [26] - The focus on innovative drug development and strategic partnerships is expected to drive long-term growth and sustainability in the competitive pharmaceutical landscape [32] Additional Important Content - The discussion highlighted the importance of understanding the mechanisms of action for new drugs, particularly in relation to appetite control and metabolic pathways [17][18] - The company is also exploring the implications of recent acquisitions in the industry, assessing how these moves could impact competitive dynamics and market opportunities [21][22] This summary encapsulates the critical insights from the conference call, emphasizing the company's strategic initiatives, clinical advancements, and market positioning within the pharmaceutical industry.

Group 1: Key Insights on Companies - Kexing Pharmaceutical has a clear innovation drug development pipeline strategy, transitioning from fast-follow monoclonal antibodies to dual-target or tri-target antibodies from 2022 to 2023, and planning to focus on FIC tri-target antibodies starting in 2024 [1] - The company expects to complete some business development collaborations for its R&D pipeline by 2025, with a focus on overseas partnerships from PCC to IND stages [1] - The GB18 project aims to improve weight loss and enhance muscle and fat weight, with domestic IND accepted and US IND application in progress [1] - The company anticipates a foreign sales revenue growth target of 200%-400%, leveraging its overseas commercialization platform for long-term business growth [1] Group 2: Key Insights on Industry Trends - Yingzi Network has made significant progress in smart home cameras and cloud services, with smart home becoming a second growth curve and profitability gradually improving [2] - The company is expanding its AI cloud services and has introduced new products targeting young users and outdoor sports markets [2] - Despite the downturn in real estate, the company’s pre-installation business is less affected, focusing mainly on post-installation sales [2] Group 3: Key Insights on Technology Sector - Lanke Technology will focus on the development of computing power chips for intelligent hardware over the next 5-10 years, emphasizing the importance of interconnect chips [3] - The demand for DDR5 memory interface chips is expected to rise significantly due to AI industry trends, with the second generation of MRDIMM likely becoming a preferred solution for high-performance computing and AI applications [3] - The company plans to continue advancing its memory interface chips, PCIe Retimer, and MXC chips, while also exploring the PCIe Switch and optical interconnect fields [3]

Core Insights - Shangya Investment recently conducted research on a listed company, focusing on the innovative drug development pipeline of Kexing Pharmaceutical, which has a clear strategy for different stages of drug development [1] Group 1: Company Overview - Kexing Pharmaceutical has shifted its focus from Fast-follow monoclonal antibodies in 2022 to dual-target or triple-target antibodies in 2022-2023, with plans to develop FIC class triple-target antibodies starting in 2024 [1] - The company anticipates completing some business development collaborations for its pipeline by 2025, particularly focusing on overseas collaborations from PCC to IND stages [1] Group 2: Product Pipeline - The GB18 project aims to improve weight loss, muscle and fat weight, and exercise function, with injections expected every 3-4 weeks; the domestic IND has been accepted, and the US IND is under application [1] - The GB12 project, which targets IL-4R and IL-31, benefits from dual specificity antibody advantages and has a competitive edge in the market, utilizing AI technology in collaboration with Baidu Biotechnology [1] - The GB20 and GB24 projects focus on the TL1 target, providing synergistic effects for inflammation and fibrosis prevention, covering the entire disease course of IBD [1] Group 3: Market Strategy - The product Bai Zi has seen increasing order volumes since its sales began in the EU in August 2024, with production scheduled based on orders for 2025 [1] - Kexing Pharmaceutical is prioritizing the introduction of high-tech barrier products, advancing local operations of its overseas subsidiaries, and accelerating the registration and listing process [1] - The company aims for an export revenue growth target of 200%-400%, relying on its overseas commercialization platform for long-term business growth [1]

证券代码：688136 证券简称：科兴制药 公告编号：2025-020 科兴生物制药股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 科兴生物制药股份有限公司（以下简称"公司"）股票连续三个交易日 内（2025 年 4 月 10 日、4 月 11 日、4 月 14 日）收盘价格涨幅偏离值累计超过 30%，属于股票交易异常波动。 经公司自查，并向公司控股股东、实际控制人进行书面询证，截至本公 告披露日，确认不存在关于公司的应披露而未披露的重大事项，公司日常经营情 况正常，未发生重大变化，所处的行业政策未发生重大调整。 公司股价短期波动幅度较大，公司特别提醒广大投资者，注意投资风险、 理性决策、审慎投资。 一、股票交易异常波动的具体情况 公司股票连续三个交易日内（2025 年 4 月 10 日、4 月 11 日、4 月 14 日） 收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所科创板股票异常交易 实时监控细则》的有关规定，属于股票交易异常波动的情形。 二、公司关注并核实的 ...