Investment Rating - The report initiates coverage on Aosaikang (002755) with a rating of "Buy" [2][11]. Core Views - The company is transitioning towards innovation, with the potential for significant growth in its pipeline, particularly with ASKB589 leading the way in gastric cancer treatment [2][11]. - The negative impact of centralized procurement is gradually dissipating, and the company has reached a turning point in its performance, with a return to positive revenue growth in 2024H1 [8][27]. - The company has a robust pipeline of innovative drugs and is focusing on differentiated products to drive future growth [8][11]. Summary by Sections 1. Overview - Aosaikang has a strong foundation in generic drugs and is now entering a phase of innovation with multiple products expected to reach commercialization soon [11][23]. 2. Financial Performance - The company forecasts revenue growth from 1.65 billion in 2024 to 2.47 billion in 2026, with net profit expected to turn positive in 2024 [11][12]. - The earnings per share (EPS) are projected to be 0.12, 0.22, and 0.31 for 2024, 2025, and 2026 respectively [11][12]. 3. Product Pipeline - ASKB589, a Claudin 18.2 monoclonal antibody, is in Phase III clinical trials and is expected to lead the market in gastric cancer treatment [11][12]. - ASK120067, a third-generation EGFR-TKI, is nearing approval and is positioned to compete in a significant market [11][12]. - ASKC109, a new oral iron supplement, is in Phase III trials and is expected to address the limitations of existing treatments [11][12]. 4. Market Dynamics - The company is adjusting its product mix in response to the pressures of centralized procurement, with a notable shift from digestive drugs to oncology and chronic disease treatments [8][27]. - The competitive landscape for PPI drugs is changing, with new products like right lansoprazole entering the market [79][80]. 5. Research and Development - Aosaikang has established a strong R&D platform focusing on small molecule targeted therapies and innovative biological drugs, with significant investments in new drug development [23][72]. - The company is leveraging its proprietary technology platforms to enhance the development of cytokine-based therapies [72][73].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][75]. Core Insights - The impact of centralized procurement has largely cleared, with a performance turning point observed in H1 2024, as the generic drug segment begins to recover [3][17]. - The company is focusing on innovative drugs, with several potential high-value products nearing market entry, including ASK120067 for lung cancer and ASKB589 for gastric cancer [3][46]. - The company is expected to achieve profitability in 2024, with projected revenue growth rates of 18.8%, 15.1%, and 21.2% for 2024, 2025, and 2026, respectively [4][72]. Summary by Sections Market Data - Closing price: 10.20 CNY - Market capitalization: 9,467 million CNY - One-year high/low: 12.28/6.50 CNY [2]. Financial Forecasts - Expected revenues for 2024-2026 are 1.716 billion, 1.974 billion, and 2.393 billion CNY, respectively, with net profits projected at 81 million, 134 million, and 203 million CNY [4][72]. - The company anticipates a return to profitability in 2024, with significant growth in net profit expected in the following years [4][75]. Business Segments - The company’s main business segments include: - **Digestive Drugs**: Revenue expected to stabilize in 2024, with growth anticipated in subsequent years due to new product launches [70][71]. - **Oncology**: Revenue growth is expected to be stable in 2024, with a potential decline in 2025 due to procurement impacts, followed by recovery in 2026 [70][71]. - **Anti-infection**: Rapid growth is expected, with revenues projected to increase significantly in the coming years [70][71]. - **Chronic Diseases**: This segment is expected to see substantial growth, particularly with the introduction of new products [70][71]. Innovation Pipeline - The company has developed several innovative drugs, including ASK120067 and ASKB589, which are in advanced clinical stages and expected to contribute significantly to future revenues [3][46][62]. - The SmartKine® platform is being utilized to enhance the development of cytokine-based therapies, addressing previous challenges in this area [62][63]. Valuation - The company is valued using a price-to-sales (P/S) ratio, with a target market capitalization of 12.82 billion CNY, indicating a potential upside of 35% from current levels [4][75].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's revenue for the first half of 2024 reached 923 million yuan, representing a year-on-year growth of 29.6%. The net profit attributable to shareholders was 75.59 million yuan, a significant turnaround from a loss of 158 million yuan in the same period last year, indicating that the company's generic drug business has reached a turning point and is back to growth [3][4]. - The company has a healthy cash flow with over 1.9 billion yuan in cash on hand as of June 30, 2024. R&D expenses have significantly decreased to 180 million yuan, down 44.2% year-on-year, mainly due to the completion of major clinical development phases for several new drugs. The company continues to focus on the development of innovative drugs and high-barrier complex formulations through both independent R&D and collaborative partnerships [3][4]. - The clinical progress of early-stage molecules is proceeding smoothly, showcasing potential for BIC (biological innovative compounds). ASKG712, a VEGF/ANG2 ophthalmic drug, has completed Phase I clinical trials and is currently in Phase IIa for treating diabetic macular edema. The company is also advancing two IL-15 cytokines in clinical trials [3][4]. Financial Summary - The company is projected to achieve net profits of 107 million yuan, 305 million yuan, and 369 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS (earnings per share) estimates are 0.12 yuan, 0.33 yuan, and 0.40 yuan [4][8]. - Total revenue is expected to grow from 1.443 billion yuan in 2023 to 2.319 billion yuan by 2026, with a gross profit margin increasing from 81% to 89% over the same period [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has achieved significant revenue growth, with a 29.6% year-on-year increase in revenue for the first half of 2024, reaching 920 million yuan, driven by strong sales in anti-infection and chronic disease products [1]. - The company has reported a net profit of 75.59 million yuan for the first half of 2024, marking a turnaround with consecutive quarters of profitability [1]. - The company is focusing on cost management, resulting in improved profitability, with a notable reduction in management expenses by 6.2% year-on-year [1]. - The company is expected to experience a growth phase in its innovative transformation, with projected revenue growth rates of 13.03%, 20.90%, and 18.98% for 2024-2026 [1]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 920 million yuan, with a net profit of 75.59 million yuan and a non-recurring net profit of 55.14 million yuan [1]. - The revenue breakdown shows that the anti-infection segment generated 260 million yuan (up 132.31% year-on-year), while the chronic disease segment reached 160 million yuan (up 60.2% year-on-year) [1]. - The company has submitted a new drug application for an EGFR third-generation inhibitor for first-line treatment of non-small cell lung cancer, which was accepted by the National Medical Products Administration in August 2024 [1]. - The company’s operating costs increased by 22.0% year-on-year to 170 million yuan, while sales expenses rose by 22.7% to 520 million yuan, both growing slower than revenue [1]. - Research and development expenses decreased significantly from 330 million yuan to 180 million yuan (down 44.2% year-on-year) due to the completion of major clinical trials [1]. Earnings Forecast - The company is projected to achieve net profit growth rates of 122.85%, 120.45%, and 122.48% for the years 2024-2026, with corresponding earnings per share (EPS) of 0.04, 0.08, and 0.18 yuan per share [2].

表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：002755 证券简称：奥赛康 公告编号：2024-028 北京奥赛康药业股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载，误导性陈述或重大遗漏。 北京奥赛康药业股份有限公司（以下简称"公司"）第六届监事会第十二次会议 于 2024 年 8 月 19 日以电子邮件、专人送达的方式通知各位监事，会议于 2024 年 8 月 29 日以现场表决的方式在南京江宁科学园科建路 699 号 A 楼 3102 会议室召开。 本次会议应到监事 3 人，实到监事 3 人。本次会议符合《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）等 法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定。 会议由监事会主席陈靖先生主持，经与会监事认真审议，一致形成如下决议： 一、审议通过《关于公司 2024 年半年度报告全文及摘要的议案》 经审核，监事会认为：董事会编制和审核《2024 年半年度报告》及《2024 年半 年度报告摘要》的程序符合法律、行 ...

| 小计 | - | - | - | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总计 | - | - | - | | | | | | | | | 其他关联资金往来 | 资金往 来方名 | 往来方与上 市公司的关 | 上市公司核 算的会计科 | 2024 年期 初往来资 | 2024 年 1-6 月往来累计 发生金额 | 2024 年 1-6 月往来资金 | 2024 年 1-6 月偿还累计 | 2024 年 6 月末往来资 | 往来形 | 往来性质 （经营性往 | | | 称 | 联关系 | 目 | 金余额 | （不含利 息） | 的利息（如 有） | 发生金额 | 金余额 | 成原因 | 来、非经营 性往来） | | 控股股东、实际控 制人及其附属企业 | 无 | 不适用 | 不适用 | | | | | | | | | 上市公司的子公司 及其附属企业 | 无 | 不适用 | 不适用 | | | | | | | | | 其他关联方及其附 属企业 | 无 | 不适用 | 不适用 | | ...

北京奥赛康药业股份有限公司 2024 年半年度报告全文 北京奥赛康药业股份有限公司 2024 年半年度报告 2024 年 8 月 1 北京奥赛康药业股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人陈庆财、主管会计工作负责人韩涛及会计机构负责人(会计主 管人员)韩涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告如有涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 | --- | |--------------------------------------------------------------------------| | | | 公司已在本报告 " 第三节 管理层讨论与分析 " 之 " 十、公司面临的风险和应 | | 对措施 " 部分，对可能面临的风险进行 ...

证券代码：002755 证券简称：奥赛康 公告编号：2024-026 北京奥赛康药业股份有限公司 关于子公司利厄替尼片（ASK120067 片）上市许可申请 获受理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 北京奥赛康药业股份有限公司（以下简称"公司"）的全资子公司江苏奥赛 康药业有限公司（以下简称"子公司"）于近日收到国家药品监督管理局（以下 简称"国家药监局"）下发的利厄替尼片境内生产药品注册上市许可申请《受理 通知书》，相关情况如下： 三、产品的其他情况 利厄替尼是由中国科学院上海药物研究所、中国科学院广州生物医药与健康 研究院、江苏奥赛康药业有限公司联合开发的具有自主知识产权、全新分子实体、 活性显著的口服的第三代 EGFR TKI，用于治疗 EGFR 突变非小细胞肺癌 （NSCLC）。肺癌是中国发病率、死亡率最高的恶性肿瘤，EGFR 是 NSCLC 中 最常见的驱动基因，30%~50%的亚裔 NSCLC 患者存在 EGFR 基因突变，三代 EGFR 抑制剂具有广泛的适用人群和巨大的市场容量。 利厄替尼片除本次获得国家药监局受理的 NSCL ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券市县书院许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 然后各位先生大家好那我们今天就跟大家主要汇报下几个奥斯康的一个深度报告这个也是我们近期也在主要推荐的一支这个标的首先就是奥斯康这家公司呢其实主要的一个投资逻辑呢也很简单就他基本面呢也有确实有一个明显的变化就是他之前呢是做这个仿制药起家的然后呢后来也是因为这个集散 对,然后二次抗制药公司的整体的一个推荐逻辑呢,其实是基于这个仿制药这端集材的一个就对公司的影响逐渐出新,然后再加上公司这个创新创效这端呢,不断的有新的新的产品,然后持续的兑现,然后整整个报告的这个评,呃,这个呃, 主要分为几个部分一个是这个公司的一个基本情况的一个介绍那第二部分呢是在于公司在自己这一块业务的一个整体的一个介绍因为因为整体公司呢他其实并没有放弃这个仿制药的一个开发然后在这一块呢本身我们后面也会也可以看到有一个这个业绩的拐点出现然后第三块呢就是在公司重点去讲一下这个公司的一个在创效这块的一个布局尤其是他嗯后面核心的几个 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to Changjiang Securities Research Institute, specifically for whitelist clients only [1] Core Points and Arguments - The content of the conference call is confidential and cannot be disclosed or reproduced without prior written permission from Changjiang Securities [1] - Any unauthorized dissemination of the conference call content will result in legal consequences for the individual or institution involved [1] Other Important but Possibly Overlooked Content - Changjiang Securities reserves the right to pursue legal action against any unauthorized use of the conference call information [1]