Report Summary

Market Performance:

On March 21, 2025, the pharmaceutical sector rose and fell by -1.49%, outperforming the CSI 300 Index by 0.03 pct, ranking 20th among the 31 sub-sectors of Shenwan. Among the pharmaceutical sub-sectors, blood products (-0.66%), vaccines (-1.34%), and in vitro diagnostics (-1.40%) performed first, while medical R&D outsourcing (-3.19%), hospitals (-2.24%), and offline pharmacies (-2.04%) performed last. In terms of individual stocks, the top 3 daily gainers are Weikang Pharmaceutical (+12.09%), Enwei Pharmaceutical (+11.27%), and Huasen Pharmaceutical (+10.02%); The top 3 decliners were Aipeng Medical (-8.81%), Guofa (-8.65%), and Melander (-8.61%).

Industry news:

Recently, the official website of the Center for Drug Evaluation (CDE) of the State Food and Drug Administration of China announced that the marketing application for a new indication of dupilumab injection declared by Sanofi is to be included in the priority review, and the proposed indication is bullous pemphigoid. Dupilumab is the first FDA-approved anti-IL-4Rα antibody, jointly developed by Sanofi and Regeneron, which can block the type 2 inflammatory pathway through the innovative mechanism of action of IL-4 and IL-13 dual targets, reduce the pathological response of type 2 inflammation, and mechanistically treat type 2 inflammation-related diseases.



Company news:

Lukang Pharmaceutical (600789): The company released its 2024 annual report, in 2024, the company achieved operating income of 6.233 billion yuan, a year-on-year increase of 1.41%, a net profit attributable to the parent company of 395 million yuan, a year-on-year increase of 60.30%, and a net profit attributable to the parent company of 209 million yuan, a year-on-year increase of 19.32%.

Junshi Biosciences (688180): The company announced that it recently received the Drug Registration Certificate approved and issued by the National Medical Products Administration, and the new indication application for toripalimab (trade name: Tuoyi?) in combination with bevacizumab for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma was approved, which is the 11th indication approved for the drug in China.

Yifan Pharmaceutical (002019): The company announced that its subsidiary, Yiyi Biotech, recently received the "Notice of Approval of Supplementary Application for Drugs" for ibergostim α injection approved by the State Drug Administration, and the medication time was changed from "subcutaneous injection 48 hours after the end of antineoplastic drug administration in each chemotherapy cycle" to "subcutaneous injection 24 hours after the end of antitumor drug administration in each chemotherapy cycle".

Jingxin Pharmaceutical (002020): The company announced that at present, the company repurchased 34,462,528 shares of the company by centralized bidding, accounting for 4.00% of the total share capital, with the highest transaction price of 13.93 yuan per share and the lowest transaction price of 11.86 yuan per share, with a total transaction amount of 434.3836 million yuan (excluding transaction costs).

Risk warning: the R&D and marketing of new drugs are less than expected; market competition intensifies, risks, etc.