Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [2][3] Core Insights - The company achieved a revenue of 1.009 billion yuan in 2024, representing a year-on-year growth of 36.68%, with drug sales revenue reaching 1.006 billion yuan, up 49.74% [3] - The net profit attributable to shareholders was a loss of 440 million yuan, narrowing by 30% [3] - The first commercialized product, the BTK inhibitor Obutinib, saw sales exceed 1 billion yuan in 2024, growing by 49.14% year-on-year, driven by multiple factors including its inclusion in the national medical insurance catalog [4] - The company is advancing its self-developed ADC platform, with the first IND submission expected within the year [2][4] Financial Performance and Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 1.411 billion yuan, 1.702 billion yuan, and 2.058 billion yuan respectively, with net profits expected to be losses of 427 million yuan, 355 million yuan, and 235 million yuan [9][11] - The company is expected to continue benefiting from the growth of Obutinib and the anticipated approval of Tafasitamab, which is expected to contribute to revenue in 2025 [9][11] Clinical Development - The company has initiated a registration Phase III clinical trial for ICP-248 in combination with Obutinib for the treatment of 1L CLL/SLL, with promising clinical data reported [5] - The company is also exploring multiple indications in the autoimmune field, with ongoing clinical trials for Obutinib in treating PPMS, SPMS, and ITP [6] - The second-generation TRK inhibitor ICP-723 has shown a high overall response rate of 85.5% in clinical trials and is expected to submit an NDA soon [8] Market Position and Future Prospects - The company is positioned to expand its market presence with the anticipated approval of Tafasitamab and the ongoing development of its ADC platform targeting difficult-to-treat solid tumors [4][9] - The strong commercial capabilities and the positive clinical outcomes of its products are expected to drive future growth [4][9]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [2][3]. Core Insights - The company achieved a revenue of 1.009 billion yuan in 2024, representing a year-on-year growth of 36.68%, with drug sales revenue reaching 1.006 billion yuan, up 49.74% [3]. - The net profit attributable to shareholders was a loss of 444 million yuan, narrowing by 30% [3]. - The company’s first commercialized product, the BTK inhibitor Acalabrutinib, saw sales exceed 1 billion yuan in 2024, with a growth rate of 49.14% [4]. - The company is advancing its ADC platform and plans to submit its first IND application within the year [4][8]. Financial Performance - The company forecasts revenues of 1.411 billion yuan, 1.702 billion yuan, and 2.058 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be losses of 427 million yuan, 355 million yuan, and 235 million yuan [9][11]. - The company’s R&D expenses for 2024 were 815 million yuan, reflecting a year-on-year increase of 7.57% [3]. Product Pipeline and Clinical Trials - The company is progressing with multiple clinical trials, including a Phase III trial for ICP-248 in combination with Acalabrutinib for 1L CLL/SLL, which has shown promising clinical data [5]. - Tafasitamab is expected to be approved in the first half of 2025, contributing to the company's growth trajectory [4]. - The company is also exploring Acalabrutinib's potential in autoimmune diseases, with several clinical trials underway [6]. Market Position and Future Outlook - The company is well-positioned with its core product Acalabrutinib and the anticipated approval of Tafasitamab, which is expected to enhance its revenue streams [9]. - The ADC platform is expected to target hard-to-treat solid tumors, indicating a strategic expansion into new therapeutic areas [8].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The pharmaceutical and biotechnology industry index experienced a decline of 0.44%, outperforming the CSI 300 index which fell by 2.28% [5][15] - The industry is seeing a shift in policy focus from cost control to encouraging innovation, with significant developments in drug approvals and market dynamics [7][38] - The report highlights three main investment themes: innovative drug companies with global clinical capabilities, quality generic companies under easing procurement pressures, and innovative drug licensing opportunities abroad [7] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) as of March 28, 2025, is 27.06x, down from 27.31x in the previous period, indicating a downward trend in valuation [5][19] - Among the sub-industries, diagnostic services, hospitals, and raw materials have the highest PE ratios, while pharmaceutical distribution has the lowest [19] Important Industry News - The National Financial Regulatory Administration released a plan for the high-quality development of pension finance [23] - The State Council issued guidelines to enhance the quality of traditional Chinese medicine and promote the high-quality development of the industry [29] - The NMPA approved the first-in-class anti-tumor drug "Hydrobromide Tazemetostat" for market entry [49] - AstraZeneca announced a $2.5 billion investment plan to establish its sixth global R&D center in Beijing [6] Company Dynamics - A total of 26 listed companies in the pharmaceutical and biotechnology sector reported a net reduction of 937 million yuan in shareholder holdings during the reporting period [5] - Eight companies reported a net profit growth rate of over 100% for 2024, while 16 companies had growth rates between 30% and 100% [6] Investment Recommendations - The report suggests focusing on leading companies with innovative drugs and international capabilities, particularly in oncology and autoimmune fields [7] - It emphasizes the importance of structural opportunities arising from recent policy changes and advancements in drug development [7]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The pharmaceutical and biotechnology industry index experienced a decline of 0.44%, outperforming the CSI 300 index which fell by 2.28% [5][15] - The industry PE (TTM, excluding negative values) as of March 28, 2025, is 27.06x, down from 27.31x in the previous period, indicating a downward trend in valuation [19] - The report highlights three main investment themes: 1) Innovative pharmaceutical companies with global multi-center clinical capabilities, particularly in oncology and autoimmune fields; 2) High-quality generic companies that are alleviating procurement pressure, focusing on cardiovascular and chronic disease areas; 3) Companies with overseas licensing opportunities for innovative drugs [7] Industry Review - The report indicates that the pharmaceutical and biotechnology industry has shown resilience, with chemical preparations and other biological products leading in gains, while hospitals and medical equipment sectors faced significant declines [5][15] - A total of 26 listed companies in the industry saw a net reduction in shareholder holdings amounting to 937 million yuan, with 5 companies increasing their holdings by 103 million yuan and 21 companies reducing by 1.04 billion yuan [5] Important Industry News - The National Medical Products Administration (NMPA) approved the first-in-class anti-tumor drug "Hydrobromide Tazemetostat" for market entry, indicating a positive regulatory environment for innovative drugs [6][49] - AstraZeneca announced a $2.5 billion investment plan to establish its sixth global R&D center in Beijing, reflecting strong international interest in the Chinese pharmaceutical market [6] - The NMPA has made adjustments to optimize the registration of imported medical devices, which may enhance the operational environment for foreign companies [26][27] Performance Metrics - The report notes that 90 out of 500 tracked pharmaceutical and biotechnology companies disclosed their 2024 performance, with 8 companies achieving a net profit growth rate of over 100% [6] - The basic medical insurance fund's total income and expenditure for 2024 were reported at 3.48 trillion yuan and 2.97 trillion yuan respectively, indicating a robust healthcare financing environment [39][45]

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

2025 年 3 月 4 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.2.17-2025.2.28 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 层 医药生物行业双周报 2025 年第 5 期总第 128 期 年报季来临，关注业绩或创新驱动型公司 ◆商务部/国家发改委：《2025 年稳外资行动方案》 ◆强生：IL-23 抑制剂"古塞奇尤单抗"获 NMPA 批准克罗恩病适应 症，为全球首批 研究助理 魏钰琪 ◆复星医药：First-in-class 新药"Tenapanor（盐酸替纳帕诺片）"获 NMPA 批准上市 ◆石药集团：抗肿瘤新药"注射用西罗莫司（白蛋白结合型）"拟纳 入突破性疗法 2 号院 1 号楼中国长城资产大厦 16 ◆华润医药：将在成都设立医药创新产业基金 ...

2025 年 2 月 17 日 证券研究报告 行业周报 行业评级： | 报告期：2025.2.5-2025.2.14 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 4 期总第 127 期 AI 赋能将逐步深化 关注前端药物研发和后端病理诊断等应用领域 估值方面，截至 2025 年 2 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 26.68x（上期末为 25.41x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（104.32x）、医院（41.37x）、其他医疗服务（38.01x）， 中位数为 27.49x，医药流通（15.11x）估值最低。 XXXX@g ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 6.02%, ranking 6th among 31 primary industries, outperforming the CSI 300 index which rose by 3.19% [3][10] - The PE ratio (TTM, excluding negative values) for the industry as of February 14, 2025, is 26.68x, up from 25.41x in the previous period, indicating an upward valuation trend but still below the average [12] - The AI healthcare market in China is projected to grow significantly, with an expected increase from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, reflecting a compound annual growth rate of 43.1% [5] Industry Review - The top-performing sub-industries during the reporting period were hospitals and medical devices, with increases of 14.31% and 12.54% respectively, while blood products and chemical preparations lagged behind with increases of 0.57% and 2.38% [3][10] - A total of 249 out of 501 tracked pharmaceutical and biotechnology companies disclosed their 2024 performance forecasts, with 43 companies expecting significant profit increases of 30% or more [4] Important Industry News - The National Healthcare Security Administration released a list of key tasks for 2025 aimed at improving efficiency in medical insurance and drug procurement [15] - The approval of the first domestic biosimilar drug, "Westuximab," by Kelun Biotech marks a significant milestone in the industry [22] - The acquisition of a 28% stake in Tian Shi Li by China Resources Sanjiu for approximately 6.2 billion yuan is expected to enhance market competitiveness and resource integration [38][40]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 6.02%, ranking 6th among 31 primary industries, outperforming the CSI 300 index which rose by 3.19% [3][10] - The PE (TTM overall method, excluding negative values) for the pharmaceutical and biotechnology industry as of February 14, 2025, is 26.68x, up from 25.41x in the previous period, indicating an upward valuation trend [12] - The AI medical market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 43.1%, increasing from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033 [5] Industry Review - The top-performing sub-industries during the reporting period were hospitals and medical devices, with increases of 14.31% and 12.54% respectively, while blood products and chemical preparations lagged behind with increases of 0.57% and 2.38% [3][10] - A total of 249 out of 501 tracked pharmaceutical and biotechnology companies disclosed their 2024 performance forecasts, with 43 companies expecting significant profit increases of 30% or more [4] Important Industry News - The National Medical Insurance Administration released a list of key tasks for 2025, aiming for 80% of regions to achieve instant settlement with designated medical institutions by the end of the year [15][16] - The approval of the first domestic biosimilar drug "Westomab" by Kelun Biotech marks a significant milestone in the industry [22][23] - The acquisition of a 28% stake in Tian Shi Li by China Resources Sanjiu for approximately 6.2 billion yuan is expected to enhance market competitiveness and resource integration [38][40]