> 数据图表谁能回答创新药：迈入商业化新周期，创新品种快速放量，盈利信号积极2025-9-3创新药：迈入商业化新周期，创新品种快速放量，盈利信号积极◼ 创新药：2025H1收入强势增长，费用渐趋平缓，整体行业大幅减亏◼ 我们认为，目前绝大多数创新药企已走过研发周期，核心品种正处在高速放量阶段，叠加强监管环境下，真正具备临床价值的产品有望快速放量，并且有持续创新能力的药企有望中长期受益、脱颖而出。表：2023、2024、2025H1创新药公司收入和归母净利润同比增速情况代码688488.SH688235.SH688180.SH688331.SH688336.SH688443.SH688578.SH688506.SH300558.SZ688192.SH688302.SH688062.SH688373.SH688428.SH688221.SH688197.SH688176.SH688382.SH688266.SH公司名称艾迪药业百济神州-U君实生物-U荣昌生物三生国健智翔金泰-U艾力斯百利天恒-U贝达药业迪哲医药-U海创药业-U迈威生物-U盟科药业-U诺诚健华-U前沿生物-U首药控股-U亚虹医药-U益方生物-U泽璟制药-U202368.4%82.1%3.4%40.3%22.8%154.9%155.1%-20.1%3.3%0.0%0.0%361.0%88.3%18.1%34.8%186.2%52604.3%0.0%27.8%收入增速20241.6%56.2%29.7%58.5%17.7%2384.1%76.3%936.3%17.7%294.2%0.0%56.3%43.5%36.7%13.3%-24.6%1365.6%-9.0%37.9%2025H1100.2%46.0%48.6%48.0%7.6%358429.6%50.6%-96.9%15.4%74.4%11899.1%-12.4%10.3%74.3%14.9%-47.4%61.8%28.8%56.1%202338.7%50.8%4.4%-51.3%497.6%-39.0%393.5%-176.4%139.3%-50.5%2.4%-10.3%-91.2%28.8%7.8%-6.8%-62.4%41.3%39.1%归母净利润增速2024-85.6%25.9%43.9%2.8%139.2%0.5%122.0%575.0%15.7%23.6%32.2%0.9%-4.7%30.2%38.8%-14.2%4.1%15.4%50.5%2025H1120.2%115.6%36.0%42.4%47.0%20.1%60.2%-124.0%-37.5%-9.5%38.4%-23.9%31.1%88.5%39.3%-1.5%11.8%44.2%-9.4%数据来源：Wind，华源证券研究。华源证券健康医疗
