Financial Data and Key Indicators Changes - The overall pharmaceutical industry experienced a decline of 19.79% in the first half of the year, primarily due to significant policy changes and market fluctuations since mid-May [21][22]. Business Line Data and Key Indicators Changes - The pharmaceutical industry can be segmented into four main types: consumer end (To C), medical insurance and hospital payments, To B end, and overseas markets. The most critical segment is the medical insurance and hospital payment part [25][21]. Market Data and Key Indicators Changes - The consumer medical market is less affected by policy fluctuations and is driven by market demand, particularly in areas like patch markets and consumer medical devices, which are expected to grow due to the aging population [27][2]. Company Strategy and Development Direction and Industry Competition - The government is increasingly supporting innovative drugs, with a recent comprehensive policy aimed at encouraging innovation across all stages from research to market entry. This is expected to shift more medical insurance funds towards innovative drugs and related devices, marking them as the most promising growth areas [26][8]. - The To B market, which is upstream of the medical insurance market, is expected to find new development opportunities in cost control and structural optimization [26]. Management's Comments on Operating Environment and Future Outlook - The management highlighted that the pharmaceutical industry is likely to see significant differentiation in the future, emphasizing the need for active investment strategies that focus on structural opportunities within the industry [15][21]. - The aging population and the government's encouragement of the silver economy are expected to drive growth in specific sectors like consumer medical devices [27]. Other Important Information - The recent "full-chain support for innovative drug development" policy is anticipated to have a profound impact on the industry, enhancing overall competitiveness and promoting healthy development [8][26]. - The funding for large-scale medical equipment updates is sourced from multiple channels, including central and local government support, as well as hospital self-funding and bank loans [10][9]. Q&A Session All Questions and Answers Question: What is the outlook for investment in the pharmaceutical industry? - The pharmaceutical industry is expected to undergo significant changes with the opening of the Sci-Tech Innovation Board, increasing the number of investable targets. However, due to limited fund product configurations, relative return differences are becoming more pronounced, indicating a need for precise understanding of industry trends to identify valuable segments [15].

Summary of Conference Call on the Pharmaceutical Industry Industry Overview - The pharmaceutical industry is expected to experience a certain degree of reversal in the second half of 2024, primarily due to increased policy support, especially for the innovative drug sector, which provides strong backing for the industry's development [1][2][3] Key Policies and Support - A series of significant policies targeting the innovative drug sector have been introduced this year, including a scoring mechanism for new chemical drugs post-launch, comprehensive support documents for innovative drug development, and local government support policies [1][3] - Specific local government initiatives include: - Guangdong providing substantial financial support for innovative drug projects, with individual project funding potentially exceeding 100 million yuan [4] - Beijing establishing an exclusion list for new drugs and materials to encourage their use in hospitals, alongside expedited clinical approval processes [4] - Zhuhai offering both financial and clinical support for innovative drugs [4] Industry Recognition and Achievements - The recent oncology academic conference and the European Society for Medical Oncology (ESMO) conference were significant for the innovative drug industry, with Chinese companies submitting 50 reports, doubling last year's submissions, and five reports being selected for the highest level of abstracts [1][4] - The domestic dual-antibody product AK112 successfully challenged Merck's K drug, marking a milestone in global pharmaceutical history and demonstrating China's capability to develop superior treatment options [5][6] Global Positioning - China's innovative drug industry has become a crucial driver of global innovation in pharmaceuticals, particularly in cancer drug development, with notable advancements in combination therapy [7] Investment Insights - Investors are encouraged to focus on the medium to long-term trends and capitalize on policy dividends that present investment opportunities [2][12] - The current market environment, characterized by low valuations and strong fundamentals, suggests a relatively safe position for increasing risk appetite [12] Challenges and Considerations - Factors influencing the pharmaceutical industry include anti-corruption actions and geopolitical conflicts, which may impact specific stocks but pose limited overall risk [13] - The aging population and increasing pressure on medical insurance payments necessitate innovative solutions as the only viable path forward [13] Recommendations for Investors - Ordinary investors are advised to maintain a long-term perspective in the healthcare sector, focusing on continuous learning and diversification of income sources to navigate market volatility [14]

Financial Data and Key Metrics Changes - The company has seen a significant increase in R&D expenses, reaching 360 million yuan, with two-thirds of this amount allocated to biopharmaceuticals, indicating a strong focus on this area [2][4] - The company anticipates a net profit margin of approximately 15% to 20% for 2024 compared to 2023, reflecting a positive outlook on profitability despite market challenges [28] Business Line Data and Key Metrics Changes - The company aims to expand its product offerings from over 50 to 120 by 2027, focusing on small molecule drugs, which have been a significant contributor to gross profit [1][4] - The company is actively developing three insulin products, with expectations for clinical trials to progress as planned, indicating a robust pipeline in the diabetes treatment segment [11] Market Data and Key Metrics Changes - The company predicts a gradual recovery in raw material prices, with expectations of a 10% increase by early next year, following a period of price stabilization [14][22] - The biopharmaceutical market is expected to see significant growth, with the company projecting that biosimilars could capture 70% to 80% of the market by 2030 [33] Company Strategy and Development Direction - The company is positioning itself as a key player in the U.S. biopharmaceutical market, emphasizing rapid product development and high-quality standards [1][4] - The strategy includes a focus on collaboration in R&D, particularly in the biopharmaceutical sector, to enhance innovation and market competitiveness [2][4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the approval timelines for key products, including a biosimilar expected to be approved in Q4 of this year, which could generate significant revenue [8][9] - The management highlighted the importance of maintaining price stability in a competitive market, indicating a preference for sustainable profit margins over aggressive pricing strategies [49][54] Other Important Information - The company has successfully resolved patent challenges for key products, which is expected to facilitate smoother market entry and sales [7][8] - The management noted that the global market for biopharmaceuticals is becoming increasingly competitive, with a focus on quality and compliance as critical success factors [4][5] Q&A Session Summary Question: What is the market outlook for the biosimilar Adalimumab? - The company anticipates that biosimilars will significantly increase their market share, potentially reaching 70% to 80% by 2030, driven by the expiration of patents and increased competition [33][35] Question: How does the company plan to manage its inventory levels? - Management clarified that while inventory levels are currently high, they are not overly concerning, as they are in line with industry standards and will be managed strategically to avoid price wars [42][44] Question: What is the company's strategy regarding pricing in a competitive environment? - The company aims to maintain price stability and avoid aggressive price competition, focusing instead on quality and sustainable profit margins [49][54]

参加本次会议会议即将开始请稍后 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事先书面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 谢谢小助手线上各位投资者大家晚上好我是长江医药彭英琪那我们今天说我来汇报一下这个长江医药这个医药板块的这么一个中期策略 首先我们梳理了一下这个2024年Q1的这个医药板块数据啊从这个2024年Q1来看啊整个医药板块的这个营业收入精力润和这个扣费规模精力润的同比分数呢分别是在这个0.4% 1.7%和6.0%啊环比2023年Q4来看呢 这个营业收入规模金利润和扣费规模金利润的增速均实现了这么一个翻阵那可能表明国内整个整疗环境是已经得到了一个初步的改善那整个医疗行业里各个板块是比较分化的特别是在这个利润端利润同比增速为证的只有这个医疗服务和这个化学治疗板块 那化学制药板块2024年QE的表现是非常非常强势的那硅母精粒润和这个寇非硅母精粒润同比增速呢都是高达了分别高达82%和105%的这么一个水平那从整体的估值水平上来看啊这个板块呢自从2020年年中以来啊 ...

各位投资者大家下午好欢迎大家来参加我们国胜医药团队组织的每年一度的三百家医药上市公司的策略会今年是云端号我是国胜医药研究员张晶阳我们办策略会的初衷就是在近期医药比较低迷的时候 我们也判断可能Q3可能会迎来一定的这样一个转机我们在这个时间点会系统性的邀请这些行业内比较好的这样的公司跟大家在线上做一个交流一起寻求这种投资机会今天我们也很荣幸的请到了华东医药的董秘陈总跟大家做线上的交流 因为夸东咱们都很熟了咱们就不做前面的介绍了这段时间咱们直接进入到互动问答的环节咱们领导也在线下面我就把时间交给我们的宋哥宋博士他也收集了一些共青的问题可能先请教一下孙总大家如果有问题的话请按新一键举手提问我们在后台看到了大家提问之后 这个会给大家打开提问的好吧那宋伯大师先交给你 好的 感谢秦阳总陈总好 各位投资者好我是国生医药的宋哥那我这边呢确实就是大家对于华东一直以来也是非常的关注那也提了很多公信的问题那我在这边就先就两个提问的比较多的问题先请教一下陈总首先就是我们看到前两天呢华东也是刚刚达成了一项合作就是和这个澳东生物引入了他们这个改良型的新药伊达拉凤的口服制剂 那想要请陈总帮我们分析一下澳洲的这个品种它相比于现在临床上已经在使 ...

You You so Ladies and gentlemen, good afternoon. Welcome to the 7th session of the Deep Research Framework Training of the Tianfeng Leading Alliance. Our speaker today is Assistant General Manager of Tianfeng Research, Medical Chief Analyst Yang Song. Mr. Yang is a member of the China Social Security Association and the Health Security Commission. He has been engaged in the biomedical industry and capital market research for the past 10 years. Mr. Yang has led a team of professional selectors such as New We ...

本次会议仅面向国胜证券的专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留追究相关方法律责任的权利 尊敬的各位投资者早上好我是国生医药的徐雨涵今天非常荣幸邀请到了招摇引擎药的罗总跟大家在线上做一个交流那么本次交流呢也是作为咱们这个300家医药上市公司云端剑这样一个线上策略会活动的一部分那么非常感谢罗总今天的时间要不先请您跟大家简单的介绍一下公司近期的一些情况特别是也看到发了这个业绩预告 请您跟大家再具体分享一下近期行业上公司上的一些变化谢谢不知道大家可以听到我说话吗可以的可以的很清晰好的好的感谢国生医药的邀请也感谢各位投资人公司呢因为大家也都知道在整个 这个医药行业投融资环境的这种压力下那么公司也是整个行业包括公司都承受了这样的一个整个业务量从整个需求吧整个行业的需求在向下的这么一个压力尤其是去年压力的情况会比较大对公司的业绩的影响也比较大 但是到了今年从我们的业务量的情况来看应该说得到了恢复也有一些稳步的增长 当然了因为由于我们的这个价格是 ...

各位同学大家下午好我是香港证券的医药行业首席贵宾施杨松很高兴在医药相对比较强烈的市场影响来给大家去分享我们对医药行业的一些观点和看法刚刚主持人是有介绍的我今天分享的话主要是从三个轮廓去做展开第一个是人工老年化第二个是创新第三个是出行 从整个医药的角度来讲我认为这个是未来从两到三年甚至三到五年最重要的一个环境我们整个的介绍我开始先从一张片宏观的图给大家去做开始这个是国家统计局公布的应该是过去的快接近十月的时间公共工业企业 最后可能6月份的资数从这张图里面大家相对而言可以看到的一个连接变化趋势是2021年就是我们整体的医药行业的最后这种变化的一个相对的历史的高点到了2022年和2023年的时候其实就2023年2022年可能会全新 23年其实整体的增速就开始往下走切换到了24年的话这种切换就更加的明显了到了今年一到五月份的时候整个全国的比较明显的收入一月收入是6.3除以下成1然后利润的话是1.3这其实客观也反映出了整个行业目前预期的 第二段就是关于医药的无关的政策的环境给大家做一个介绍因为医药与男生比起来还有一个比较特殊的状况和局面就是我们受到外部的政策影响比较耐心所以整个从行业的核心框架的程度上来讲在发现报告里面 ...

那些药物将会急速地改变人类的经济运补那我们不管是看美股的映射这个里来和诺克诺德也在持续地股价在持续地向上同时我们也看到一些美股的医疗器械和设备的领域里面的一些龙头公司的股价有一系列的一些调整这其实反映出来背后海外投资者或者全球投资者对于这个行业背后的一些潜在的一些理解这根树底的话我们觉得这个 糖尿病啊包括肥胖的这个点对于人类的健康呢会产生一些重大的一些变化那肥胖呢我们理解是对于很多的慢性疾病或者代谢类疾病的话呢会有一个直接或者间接长期的一些直接的影响 那对于到肥胖本身而言的话呢会对慢病啊比如说这个高血压高血脂还有包括一些心脑血管疾病啊甚至说我们觉得从机制上来讲啊包括儿子海默症啊包括一些啊西方领域的一些肾病和这个NASH现在叫MASH的一些试阴症方面都会有一些积极的影响 那长期来讲的话呢,肥炕的这个问题得到了一个解决或者是遏制的话呢对于人类的这个一些疾病苦或者是一些发病率的话会产生一些深远的影响目前我们看到里莱和诺克诺德的两个拳头产品斯美格罗钛、天尔伯钛的销售额呢展示出了巨大的成长潜力但在未来5到10年来去看的话呢我们相信从销售额以及储放量来讲的话呢依然有巨大的成长空间 我们看到诺贺诺德现在从临床试验证拓展方面 ...

专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留追究相关方法律责任的权利 尊敬的各位投资者大家下午好感谢大家参加由我们国胜医药举办的国一盛世云端见300家系列的线上策略会我是国胜证券的医药分析师胡若璧本场在线跟我一起主持的还有我们看创新药和大药企的分析师宋哥宋博士我们这个活动持续一个半月的时间也是希望在当下这个比较低迷的市场帮助大家多多挖掘投资机会 本场是诺斯兰德的交流诺斯兰德也是我们国生证券这边一直持续深度跟踪也是强烈推荐的标的近期我们也可以看到NL003是有重大的突破跟推进就是NDA已经得到了受理所以今天我们也是很荣幸地请到了公司的副总裁韩总和董秘高总两位领导来跟大家做沟通跟交流 那么首先还是把时间交给韩总韩总这边先给大家用PPT的形式展示一下公司的情况然后包括最新的一些更新后续投资者有问题我们再进行问答韩总好谢谢胡博的介绍也感谢国生医药一直以来对诺斯兰德的支持也很荣幸在线上跟 很多关注公司的投资者们进行交流今天因为昨天我们刚发了公告了 ...