证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 04 | 月 29 | | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 39.18 | | 年 内 最 最 | 高 | | | | | 一 | 低 | / | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | 17,697.32 | | | | | | 流通市值（百万元） | | | | | 16,363.52 | | | | | | 总股本（百万股） | | | | | 451.69 | | | | | | 资产负债率（%） | | | ...

AR882临床试验进展顺利 据一品红介绍，2024年是公司转型、创新之年，2024年全年研发投入3.25亿元，占营业收入的比重为 22.40%。当年，公司在创新药领域实现多项重大突破。2024年8月，公司研发的1类创新药AR882获得美 国食品药品监督管理局(FDA)授予的快速通道资格(FTD)，用于治疗临床痛风患者的可见痛风石，有望 填补痛风石治疗领域口服药物的全球空白。 2025年3月4日，AR882国内Ⅲ期临床试验完成首例患者入组；该研究是一项多中心、随机、双盲、平行 对照的Ⅲ期临床试验，旨在评价AR882胶囊对比非布司他片在中国治疗痛风伴高尿酸血症患者的有效性 和安全性。3月6日，AR882全球关键性Ⅲ期REDUCE2试验完成全部患者入组；标志着该药全球同步研 发的进程取得了又一重大进展，此举意味着AR882国内、外临床试验全面进入关键性Ⅲ期阶段，距离实 现商业化又靠近一步。 3月17日，AR882全球关键性Ⅲ期REDUCE1试验完成首例患者入组，REDUCE1是一项与REDUCE2平行 的Ⅲ期临床研究，旨在评估AR882在降低痛风患者血清尿酸含量(SUA)水平的功效。 有机构投资者关注AR882当前 ...

2025 年 04 月 28 日 持续研发投入，创新转型收获在即 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn | 基本数据 | 2025-04-25 | | --- | --- | | 当前股价（元） | 37.91 | | 总市值（亿元） | 171 | | 总股本（百万股） | 452 | | 流通股本（百万股） | 418 | | 52 周价格范围（元） | 12.9-41.97 | | 日均成交额（百万元） | 164.37 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 (%) 一品红 沪深300 相关研究 —一品红（300723.SZ）公司事件点评报告 一品红药业发布 2024 年年报及 2025 年 1 季报：2024 年实现 营收 14.50 亿元，同比下降 42.07%；实现归母净利润-5.40 亿元，2025 年 Q1 实现收入 3.77 亿元，同比下降 39.48%，实 现归母净利润 0.57 亿元，同比下降 43.70%。 券 研 究 报 告 公 司 研 究 投资要点 ▌ 集采和销售模式变化致收入和利润大 ...

持续研发投入，创新转型收获在即 资料来源：Wind，华鑫证券研究 -50 0 50 100 (%) 一品红 沪深300 相关研究 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn 2025 年 04 月 28 日 | 基本数据 | 2025-04-25 | | --- | --- | | 当前股价（元） | 37.91 | | 总市值（亿元） | 171 | | 总股本（百万股） | 452 | | 流通股本（百万股） | 418 | | 52 周价格范围（元） | 12.9-41.97 | | 日均成交额（百万元） | 164.37 | 市场表现 —一品红（300723.SZ）公司事件点评报告 一品红药业发布 2024 年年报及 2025 年 1 季报：2024 年实现 营收 14.50 亿元，同比下降 42.07%；实现归母净利润-5.40 亿元，2025 年 Q1 实现收入 3.77 亿元，同比下降 39.48%，实 现归母净利润 0.57 亿元，同比下降 43.70%。 投资要点 ▌ 集采和销售模式变化致收入和利润大幅变化 2023 年公司对营销模式进 ...

华鑫证券有限责任公司胡博新近期对一品红（300723）进行研究并发布了研究报告《公司事件点评报告： 持续研发投入，创新转型收获在即》，首次覆盖一品红给予买入评级。 一品红 AR882是公司向创新药企转型升级最关键的品种，有望成为治疗痛风和高尿酸领域的BestinClass，其溶解 痛风石临床试验成果已亮相2024年欧洲抗风湿病联盟(EULAR)大会。2025年公司持续增加对AR882的研发 投入，至2025年3月4日，AR882国内Ⅲ期临床试验完成首例患者入组，3月6日，AR882全球关键性Ⅲ期 REDUCE2试验完成全部患者入组，3月17日，AR882全球关键性Ⅲ期REDUCE1试验完成首例患者入组。 2025年我们预计会持续新增Ⅲ期临床数据读出，为对外授权提供数据支持。 事件 一品红药业发布2024年年报及2025年1季报：2024年实现营收14.50亿元，同比下降42.07%；实现归母净利 润-5.40亿元，2025年Q1实现收入3.77亿元，同比下降39.48%，实现归母净利润0.57亿元，同比下降 43.70%。 投资要点 集采和销售模式变化致收入和利润大幅变化 2023年公司对营销模式进行调整，2 ...

Company Overview - Yipinhong Pharmaceutical Group Co., Ltd. was established in 2002, focusing on drug research, production, and sales, particularly in pediatric and chronic disease medications [2][3] - The company has a comprehensive pharmaceutical R&D and operational management capability, with 193 drug registration certificates, including 82 national medical insurance varieties and 26 national essential drug varieties [3] Financial Performance - In 2024, the company achieved a revenue of CNY 1.45 billion, with a net profit attributable to shareholders of -CNY 540 million [4] - In Q1 2025, revenue reached CNY 377 million, a 79.16% increase compared to Q4 2024, with a net profit of CNY 56.59 million, marking a turnaround from losses [4] R&D Investment - The company invested CNY 325 million in R&D in 2024, accounting for 22.40% of its revenue [4] - In Q1 2025, R&D investment was CNY 74.23 million, an 18.71% increase year-on-year [4] Key Product Development - The innovative drug AR882 received Fast Track Designation (FTD) from the FDA in August 2024 for treating visible tophi in gout patients, addressing a global gap in oral medication for this condition [4][13] - As of March 2025, AR882 has completed patient enrollment for its pivotal Phase III clinical trials in both domestic and international settings [5][6][13] Market Outlook - The market for hyperuricemia and gout is expanding, with increasing patient numbers globally, indicating a promising market outlook for AR882 [10][12] - The company anticipates that AR882 will not only lower serum uric acid levels but also dissolve gout tophi, enhancing its therapeutic profile compared to competitors [10][11] Strategic Collaborations - The company has partnerships with Arthrosi for the overseas Phase III clinical trials of AR882, which are progressing well [12][14] - Yipinhong also holds stakes in companies like Fendi Pharmaceutical and Alpha Molecular, focusing on innovative drug development in targeted therapies [7][8] Future Plans - The company aims to continue its focus on pediatric medications and innovative chronic disease drugs, with a robust pipeline of 71 projects under development [12][15] - Future commercialization strategies for AR882 will be aligned with clinical trial progress and market demands [12][15]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation relative to the benchmark index [20]. Core Insights - The company has a clear development strategy focusing on pediatric and chronic disease medications [3]. - The innovative drug AR882 shows potential as a "Best in Class" product, with successful clinical progress both domestically and internationally [4][7]. - The prevalence of hyperuricemia and gout is high, suggesting AR882 could become a blockbuster product due to its unique competitive advantages [8][9]. - A new stock incentive plan has been introduced, aiming to motivate key employees and align their interests with company performance [10][11]. Financial Performance Summary - In 2024, the company reported total revenue of 1.45 billion yuan, a decrease of 42.07% year-on-year, and a net loss attributable to shareholders of 540 million yuan, a decline of 392.52% [2]. - For Q1 2025, the company achieved revenue of 377 million yuan, down 39.48% year-on-year, with a net profit of 57 million yuan, a decrease of 43.70% [2]. - Revenue projections for 2025-2027 are estimated at 1.796 billion yuan, 2.018 billion yuan, and 2.268 billion yuan respectively, with net profits expected to be 182 million yuan, 212 million yuan, and 251 million yuan [13]. Product Development and Market Potential - AR882 is currently in critical Phase III clinical trials, with significant milestones achieved in both international and domestic studies [4][6]. - The drug has demonstrated superior efficacy and safety compared to existing treatments for gout, positioning it favorably in the market [4][7]. - The global prevalence of hyperuricemia is projected to rise from 928 million in 2020 to 1.419 billion by 2030, indicating a growing market for AR882 [8]. Strategic Initiatives - The company has a robust pipeline with 18 pediatric drug projects and 29 chronic disease drug projects under development, enhancing its market position [5]. - The stock incentive plan aims to achieve specific performance targets, including profit growth and regulatory approvals for new drugs [10][11].

Investment Rating - The investment rating for the company is "Buy" based on the potential of its innovative drug AR882 and its strategic focus on pediatric and chronic disease medications [20]. Core Viewpoints - The company has a clear development strategy focusing on pediatric and chronic disease medications, which positions it well in the market [3]. - AR882, a first-in-class small molecule innovative drug for treating gout/hyperuricemia, shows significant efficacy and safety advantages over existing therapies, with ongoing Phase III clinical trials both domestically and internationally [4][6]. - The prevalence of hyperuricemia and gout is high, with projections indicating a substantial increase in patient numbers, suggesting AR882 could become a blockbuster product [8][9]. - The company has launched a new stock incentive plan aimed at motivating key employees, which is expected to support its growth trajectory in the coming years [10][11]. Financial Performance Summary - In 2024, the company reported total revenue of 1.45 billion yuan, a decrease of 42.07% year-on-year, and a net loss attributable to shareholders of 540 million yuan, a decrease of 392.52% year-on-year [2]. - For Q1 2025, the company achieved revenue of 377 million yuan, down 39.48% year-on-year, with a net profit of 57 million yuan, down 43.70% year-on-year [2]. - The company expects revenue growth in the coming years, projecting 1.796 billion yuan in 2025, 2.018 billion yuan in 2026, and 2.268 billion yuan in 2027 [13]. Product Pipeline and Market Potential - The company has a robust pipeline with 26 registered pediatric drugs and 65 chronic disease drugs, addressing a wide range of common diseases in children and adults [5]. - AR882 has received Fast Track Designation from the FDA, which will expedite its clinical trial and registration process [6]. - The company is actively pursuing new drug applications, with performance targets set for the next three years to drive innovation and growth [11].

Core Viewpoint - The recent financial report of Yipin Hong (300723) indicates a significant decline in both revenue and net profit for Q1 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - Total revenue for Q1 2025 was 377 million yuan, a decrease of 39.48% year-on-year from 623 million yuan in Q1 2024 [1]. - The net profit attributable to shareholders for Q1 2025 was 56.59 million yuan, down 43.7% from 101 million yuan in Q1 2024 [1]. - The gross profit margin fell to 61.05%, a decline of 19.43% compared to the previous year's margin of 75.77% [1]. - The net profit margin decreased to 14.18%, down 7.51% from 15.33% in the prior year [1]. - Non-main business revenue accounted for 13.36% of total revenue, indicating a reliance on non-core activities [1]. Cost and Expenses - Total expenses (selling, administrative, and financial) reached 209 million yuan, representing 55.53% of revenue, an increase of 17.9% year-on-year [1]. - The company's earnings per share (EPS) dropped to 0.13 yuan, a decrease of 43.69% from 0.22 yuan in the previous year [1]. Cash Flow and Debt - Cash flow per share was 0.08 yuan, down 28.9% from 0.12 yuan in the previous year [1]. - The company reported a significant increase in interest-bearing liabilities, which rose to 2.503 billion yuan, a 117.78% increase from 1.149 billion yuan [1]. - The cash and cash equivalents increased to 799 million yuan, a rise of 38.43% from 578 million yuan [1]. Market Position and Analyst Expectations - Analysts expect the company's performance for 2025 to yield a net profit of 199 million yuan, with an average EPS forecast of 0.44 yuan [3]. - The company has a financing-to-dividend ratio of 0.5, indicating a balanced approach to capital management since its listing [3]. Fund Holdings - The largest fund holding Yipin Hong is the Anxin Medical Health Stock A, with 2.9943 million shares, indicating growing institutional interest [4]. - Other funds that have entered the top ten holdings include Caitong Asset Management Health Industry Mixed A and Tianhong Medical Health Mixed A, reflecting a trend of new investments in the company [4].

Core Viewpoint - The company is undergoing a transformation phase in 2024, facing challenges in its core business areas while focusing on innovative drug development to counteract revenue declines [1][2]. Financial Performance - In 2024, the company reported an operating revenue of 1.45 billion yuan and a net loss attributable to shareholders of 540 million yuan [1]. - For Q1 2025, the company achieved an operating revenue of 377 million yuan, with a net profit of approximately 56.59 million yuan [1][3]. Business Challenges - The company experienced significant revenue declines in its core business segments, with children's medicine revenue dropping by 39.04% to 936 million yuan and chronic disease medication revenue decreasing by 51.97% to 370 million yuan [2]. - Despite an increase in overall product shipment volume, revenue fell due to declining product prices, impacting the company's operational performance [2]. Research and Development - The company has 71 projects in the pipeline, including 15 innovative drug projects, and has increased its R&D investment to 325 million yuan, accounting for 22.4% of its operating revenue [2]. - The company holds 193 drug registration approvals, with 82 under national medical insurance and 26 under national essential drug lists [2]. Key Product Development - The AR882 capsule, a new generation targeted URAT1 inhibitor for treating hyperuricemia and gout, has entered Phase III clinical trials, with the first patient enrolled in March 2024 [4][5]. - The drug has received Fast Track Designation from the FDA for treating visible gout stones in clinical patients [5]. Market Context - The prevalence of hyperuricemia in China is approximately 13.3%, affecting around 177 million people, with gout affecting 1.1% of the population [4].