如果将人类抗击癌症的历史视为一场漫长的战役，那么2014年无疑是这场战役中的"诺曼底登陆"。在此之前，尽管手术、放疗、化疗和靶向药 已经构筑了坚固的防线，但面对晚期癌症的肆虐，人类依然显得防守有余而进攻不足。直到PD-1抑制剂的横空出世，战局被彻底改写。 这一年，百时美施贵宝（BMS）的 欧狄沃（Opdivo，俗称O药）与 默沙东（Merck）的 可瑞达（Keytruda，俗称K药）相继问世。它们不直接 毒杀癌细胞，而是通过解除人体免疫系统的"刹车"，唤醒沉睡的免疫T细胞去围剿肿瘤。这一机制的发现，不仅让詹姆斯·艾利森（James Allison）与本庶佑（Tasuku Honjo）在2018年共同登上了诺贝尔奖的领奖台，更在商业世界掀起了一场持续十年的双雄争霸。 从最初O药的独领风骚，到K药的绝地反击，再到如今K药登顶全球"药王"宝座，这段历史充满了科学的偶然、商业的豪赌与宿命般的逆转。 而当我们站在2026年回望，这场战争并未终结，新的挑战者已然在东方崛起。 一、溯源 1. 免疫治疗的"黑暗中世纪" 直到20世纪末，随着T细胞、树突状细胞等免疫大军被逐一识别，科学家们才重新捡起了这把遗落的钥匙。 故事的起 ...

证券日报网讯 2月26日，凯立新材发布公告称，公司2025年实现营业收入203375.09万元，同比增长 20.59%；归属于母公司所有者的净利润11028.68万元，同比增长19.08%。 （文章来源：证券日报） ...

格隆汇2月26日丨凯立新材(688269.SH)公布2025年度业绩快报，报告期内，公司实现营业收入20.34亿 元，与上年同期相比增长20.59% ；实现归属于母公司所有者的净利润1.10亿元，与上年同期相比增长 19.08%；实现归属于母公司所有者的扣除非经常性损益的净利润1.18亿元，与上年同期相比增长 39.39%。报告期末，公司总资产21.96亿元，较报告期期初增长7.03%；归属于母公司的所有者权益 10.55亿元，较报告期期初增长4.14%。 ...

每经AI快讯，凯立新材(688269)2月26日发布业绩快报，2025年实现营业总收入20.34亿元，同比增长 20.59%；归母净利润1.1亿元，同比增长19.08%；基本每股收益0.84元。报告期内，公司持续推动研 发，提升原有产品性能，产品竞争力进一步提升，同时，新领域的开拓释放了市场空间，产品结构持续 优化，以上均带动了催化剂产品销量增加；公司业务结构变化，共同推动营收实现增长。 ...

证券代码：688269 证券简称：凯立新材 公告编号：2026-002 西安凯立新材料股份有限公司 2025 年度业绩快报公告 （一）报告期的经营情况、财务状况 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司2025年年度的定期报告为准， 提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 203,375.09 | 168,655.96 | 20.59 | | 营业利润 | 12,156.14 | 9,932.99 | 22.38 | | 利润总额 | 12,023.38 | 10,041.29 | 19.74 | | 归属于母公司所有 者的净利润 | 11,028.68 | 9,261.65 | 19.08 | | 归属于母公司所有 者的扣除非经常性 ...

凯立新材公告称，2025年度，公司实现营收203,375.09万元，同比增长20.59%；归母净利润11,028.68万 元，同比增长19.08%；扣非归母净利润11,795.42万元，同比增长39.39%。主要因产品竞争力提升、新 领域开拓致催化剂销量增加及业务结构变化。报告期末，总资产219,550.77万元、归母权益105,546.33万 元，较期初分别增长7.03%、4.14%。上述数据为初步核算，未经审计。 ...

Core Viewpoint - The company has received shareholder approval for related party transactions and is advancing its hydrogen energy business, which is currently in the customer evaluation phase, while the high-performance catalyst project is undergoing equipment debugging and has attracted interest from a well-known private equity firm [1][2][3][4][5]. Group 1: Related Party Transactions - The company held its first extraordinary shareholders' meeting on January 16, 2026, where it approved the proposal for expected related party transactions for 2026, with a total estimated amount of 171.3 million yuan, involving procurement, sales, and labor exchanges [2]. Group 2: Business Progress - The hydrogen energy business is progressing steadily, with ongoing projects in hydrogen production, storage, and applications. As of the first half of 2025, the "hydrogen energy special" project has entered the batch trial production and promotion phase, currently in the customer evaluation stage [3]. Group 3: Project Development - The high-performance alkane dehydrogenation platinum catalyst research and development project is in the batch trial production and production line construction phase, with equipment debugging and trial production ongoing. The estimated annual demand for this project is approximately 1,400 tons, which could bring additional revenue to the company [4]. Group 4: Institutional Research - A well-known private equity firm, Hongcheng Investment, conducted a telephone survey of the company on February 3, 2026, focusing on PVC catalyst sales, BDO catalyst mass promotion, PDH catalyst progress, and the hydrogen energy business. Such surveys often reflect market interest in the company [5].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]

Core Viewpoint - The fluctuation in precious metal prices significantly impacts the revenue and profit margins of the company, particularly in its sales of precious metal catalysts [2] Group 1: Company Insights - The company considers various factors such as precious metal costs, labor, auxiliary materials, and reasonable profit margins when pricing its precious metal catalysts [2] - The cost of precious metals is calculated based on the quantity of precious metals in the catalyst products multiplied by the unit price of the precious metals [2] - The average unit price of precious metals is determined based on the average price on the China Metal Information Network at the time of contract signing, indicating that rising precious metal prices will lead to increased product pricing and subsequently drive revenue growth for the company [2]

Core Viewpoint - The company is actively advancing its hydrogen energy business, with ongoing projects in hydrogen production, storage, and applications, aiming for batch trial production and customer evaluation by mid-2025 [1] Group 1 - The company's hydrogen energy projects are progressing in an orderly manner [1] - The current focus includes research projects related to hydrogen production, storage, and applications [1] - By the first half of 2025, the "hydrogen energy special project" is expected to reach the stage of batch trial production and sample promotion, currently undergoing customer evaluations [1]