石药集团:创新管线步入兑现期 海外授权彰显平台价值

天风证券
Aug 11, 2025

授权收入+新增品种有望带来业绩增量,八大平台彰显研发实力石药集团是一家集研发、生产和销售于一体创新制药企业,成药业务为第一大业务,近年来受核心产品恩必普医保价格调整及集采影响业绩短期承压。2025Q1,公司实现收入70.15 亿元,同比下降21.9%;归母净利润为14.95 亿元,同比下降8.3%;其中成药业务收入同比下降27.3%,但其中新增授权收入达7.18 亿元,显著缓冲了集采与医保政策带来...

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