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香雪制药作为中国中药行业的代表性企业，其投资逻辑可从行业趋势、公司核心竞争力、战略布局及财务表现等多维度展开分析。结合当前医药行业政策环境与市场动态，以下是对其投资价值的系统性梳理：### 一、行业背景：政策红利与市场需求双轮驱动1. **中医药振兴政策持续加码** 近年来，国家相继出台《中医药发展战略规划纲要》《关于促进中医药传承创新发展的意见》等文件，将中医药发展上升为国家战略。2025年最新发布的《中药注册管理专门规定》进一步简化了经典名方审批流程，为香雪制药的复方中药产品线（如抗病毒口服液、橘红痰咳液）提供了更快的上市通道。财政部对中药创新药的研发补贴比例已提升至30%，公司年报显示2024年累计获得政府补助1.2亿元，显著降低研发成本。2. **后疫情时代健康消费升级** 据东方财富网调研数据，2025年我国中医药市场规模预计突破1.2万亿元，年复合增长率保持在8%以上。消费者对免疫调节类产品的需求持续增长，香雪制药的拳头产品"粤抗1号"凉茶在华南地区市占率达37%，2024年销售额同比增长24%，成为OTC渠道增长最快的单品之一。### 二、核心竞争优势：全产业链布局与技术壁垒1. **中药材源头把控能力** 公司在广东、广西等地建有5个GAP认证种植基地，覆盖板蓝根、广藿香等主要原料的80%自给率。2025年新投产的梅州智慧种植基地引入物联网监测系统，使药材有效成分含量稳定性提升15%，直接降低生产成本约8%。这种垂直整合模式在中药原材料价格波动加剧的背景下形成显著成本优势。2. **现代化中药技术平台** 香雪制药是国内首批实现中药指纹图谱质量控制的企业，其"超临界CO2萃取技术"应用于橘红系列产品，使生物利用度提高40%。2024年与中科院合作的"中药AI配方系统"进入临床验证阶段，该技术可通过大数据模拟千人千方的用药方案，未来有望打开个性化医疗市场。### 三、创新转型：生物制药的战略突破1. **TCR-T细胞治疗技术领先** 公司旗下香雪生命科学研发的TAEST16001注射液已进入II期临床试验，针对软组织肉瘤的客观缓解率（ORR）达到41.7%，显著高于传统化疗方案。雪球网分析师指出，该产品若在2026年获批，将成为全球首个治疗实体瘤的TCR-T药物，潜在市场规模超50亿美元。目前公司与美国Athenex达成海外权益合作协议，首付款即达3000万美元。2. **小分子创新药管线储备** 在研项目XG-102（抗纤维化小分子）已完成Pre-IND会议，其作用机制同时覆盖肺纤维化和肝纤维化适应症。专利检索显示，该化合物核心专利保护期至2042年，未来可能通过license-out实现价值释放。### 四、财务健康度与估值锚点1. **业绩稳健增长** 2025年三季报显示，公司实现营收28.7亿元（+18.3%），归母净利润3.02亿元（+22.1%）。其中中药板块毛利率维持在62.3%的高位，生物药板块虽然当前收入占比仅12%，但增速达67%，呈现明显接力趋势。经营性现金流净额4.15亿元，完全覆盖2.8亿元的研发投入。2. **估值处于历史低位** 当前动态PE为23倍，低于中药行业平均PE（28倍）和生物制药板块PE（45倍）。机构研报普遍认为，随着TCR-T临床数据陆续披露，公司有望迎来"中药+生物药"的戴维斯双击。DCF模型测算显示，若TAEST16001成功上市，2027年目标市值可达180-220亿元区间。### 五、风险提示与对冲逻辑1. **集采政策影响** 虽然中药独家品种暂未纳入集采，但公司已启动渠道下沉战略，2025年基层医疗市场销售额占比提升至35%（2022年为21%），有效分散政策风险。2. **研发投入转化效率** 建议关注2026年Q1的TAEST16001关键临床数据读出，以及XG-102的IND申报进展。目前公司账面现金及等价物12.6亿元，资产负债率41%，具备持续投入能力。### 六、投资策略建议对于不同风险偏好的投资者可采取差异化配置：- **保守型**：关注高分红的中药业务价值重估，近3年股息率稳定在2.5%-3%；- **进取型**：把握生物药管线里程碑事件带来的波段机会，重点关注临床数据披露前后的估值跃迁；- **长期配置型**：结合MSCI ESG评级（香雪制药为A级）和老龄化趋势，作为医药行业核心资产持有。（注：文中数据来源于公司公告、行业研报及公开财经媒体报道，投资决策需结合个人风险承受能力。）

Hamilton, Bermuda, April 30, 2025 (GLOBE NEWSWIRE) -- Management to host conference call today, April 30, at 8:00 a.m. EDT RNA delivery business progressing with platform development, new applications and collaborations Plans to partially spin off RNA delivery business Cash used in operations more than halved in 2024 - finished year with shareholders’ equity of $6.6 million Altamira Therapeutics Ltd. (“Altamira” or the “Company”) (OTCQB:CYTOF), a company dedicated to developing and commercializing RNA delivery technology for targets beyond the liver, today provided a business update and reported its full year 2024 financial results. "Altamira made great progress in its core business of RNA delivery in 2024," commented Thomas Meyer, Altamira Therapeutics' founder, Chairman, and CEO. "The successful testing of our xPhore platform with circular RNA, an emerging and very potent RNA modality, was just one major achievement among many others. We look forward to developing and supplying innovative nanoparticles to partners in pharma and biotech for the safe and effective delivery of various types of RNA molecules to targets beyond the liver. To maximize the potential of our RNA delivery business, we took the first steps towards partially spinning it off to private equity investors. We intend to complete this process in the coming months.” RNA Delivery In 2024, Altamira made further progress with the development of its peptide based xPhore™ nanoparticle platform. The technology allows for extrahepatic RNA delivery, in particular to sites of inflammation, a hallmark of cancer, inflammatory and autoimmune diseases. Once inside target cells, the nanoparticles disassemble and release their RNA payload at substantially higher rates than lipid nanoparticles (LNPs), the current industry standard. In August 2024, part of the Company’s expanding research and development team moved to the Switzerland Innovation Park in Allschwil near Basel. At the new location, the Company has access to modern and well-equipped lab facilities to support its growing activities. The key focus for the development activities has been on nanoparticle formulation and process development for nanoparticle manufacturing. Important progress was achieved with the development and refinement of analytical methods, the reproducibility of manufacturing and stability of the nanoparticles. Further, the xPhore™ platform was successfully tested also for circular mRNA (circRNA). In vitro experiments demonstrated successful transfection of cells and significantly higher protein expression than with linear mRNA, based on which the Company filed a provisional patent application with the United States Patent Office (USPTO). CircRNA has been attracting substantial interest in drug development thanks to enhanced protein expression and greater stability compared to linear mRNA. Altamira is pursuing with the RNA delivery business a ‘picks and shovels’ strategy based on the licensing of its xPhore™ platform technology to partners in the biotech and pharma industry for use in their own RNA drug product development programs. The platform is adapted for the specific requirements of different RNA modalities: OligoPhore™ for oligonucleotides, SemaPhore™ for linear mRNA, and CycloPhore™ for circRNA. To date, the Company has set up collaborations with three partners, of which two were initiated in 2024: With Belgium-based Univercells Group Altamira is evaluating the use of the SemaPhore platform for the delivery of mRNA vaccines. Thanks to lower mRNA loss during cell entrance, the nanoparticles may allow for using lower doses and thus result in potentially more effective and efficient vaccines. With an undisclosed partner in the radiopharmaceutical sector Altamira will test in vitro and in vivo the use of nanoparticles with a certain payload in conjunction with one of the partner’s proprietary radiopharmaceuticals for cancer treatment. Radiopharmaceutical therapy uses tiny amounts of radioactive compounds which find their way to a tumor through the bloodstream and bind to a tumor-specific receptor. Altamira expects to sign up at least two more partners in the course of 2025. The Company intends to grow the RNA delivery business, which it operates through its Swiss subsidiary Altamira Therapeutics AG (“ATAG”), by involving private equity investors for its funding. Altamira aims to spin off a majority of ATAG’s share capital and has initiated the process for the legal and organizational carve-out of the entity. Legacy Assets Altamira made further progress also with its non-core activities (“legacy assets”). The Company’s associate Altamira Medica AG (“Medica”), which commercializes Bentrio®, a drug free, preservative free nasal spray for the treatment of allergic rhinitis, agreed with two of its international distributors on the expansion of their exclusive distribution territories (Southeast Asia, parts of Scandinavia). Marketing approval for Mainland China is expected for 2025. With the USPTO’s allowance of a patent covering the composition of Bentrio®, a major milestone was reached for the intended US commercialization. Bentrio® has already been cleared by the FDA and shall be marketed in the US through a licensing partner; discussions are ongoing. In Europe, Medica is in the process of transitioning Bentrio® from a Class I to a Class IIa medical device under the new EU Medical Device Regulation (MDR). Partnering discussions are also ongoing regarding AM-125, a patented nasal spray for the treatment of acute vestibular syndrome (AVS), a very frequent type of dizziness, which may be developed also for various other disorders of the central nervous system. AM-125 is a reformulation of betahistine, a histamine analog, which in the traditional oral formulation is the standard of care treatment for vertigo in many countries around the world, but currently not approved in the US. Further legacy assets intended for partnering include AM-111, a cell-penetrating peptide for the treatment of acute hearing loss, which has orphan drug designation and is in Phase 3 clinical development, as well as AM-102, an oral small molecule for the treatment of tinnitus (preclinical stage). Full Year 2024 Financial Results and Outlook Following the partial divestiture of the Bentrio® business in November 2023, related activities were reclassified and reported as discontinued operations for the time up to the transaction. Continuing operations comprise the RNA delivery development programs as well as those related to AM-125. Total operating loss from continuing operations increased from $6.6 million in 2023 to $6.9 million in 2024. Research and development expenses were $3.7 million in 2024 vs. $3.4 million in 2023. General and administrative expenses decreased from $3.5 million in 2023 to $3.2 million in 2024. Net finance expense decreased from $1.5 million in 2023 to $0.8 million in 2024 primarily as the Company incurred no more interest expenses (2023: $1.1 million). The Company’s share of the loss of its 49% associate Altamira Medica amounted to $0.8 million in 2024 vs. $44 thousand in 2023; the latter related only to the period from the sale of 51% of Medica’s share capital in November to year-end. The Company’s net loss for 2024 was $8.5 million compared with $4.3 million in the previous year. In 2023, discontinued operations contributed a profit of $3.8 million, reflecting an accounting gain of $5.8 million on the partial sale of Medica. Cash used in operations decreased from $12.8 million in 2023 to $6.1 million in 2024. Investing activities consumed $0.1 million in cash in 2024, after having provided $1.6 million in 2023, reflecting mainly the Medica transaction. Financing activities provided $6.5 million of cash inflow in 2024 vs. $11.8 million in 2023. Cash and cash equivalents on December 31, 2024, rose to $1.0 million from $0.7 million at December 31, 2023. Shareholders’ equity was $6.6 million at the end of 2024 vs. $7.7 million at December 31, 2023. The Company continued to have no financial debt outstanding. Upon completion of the planned partial spin-off of its ATAG subsidiary, Altamira expects its operating expenses to decrease significantly. The Company expects to fund its operations from its cash position, proceeds from the sale of ATAG shares to private equity investors, the partnering or divestiture of legacy assets as well as from the provision of services for affiliates. Altamira intends to update its financial guidance as and when material new information will become available, notably on the planned partial spin-off of ATAG. FY2024 Investor Webcast Details Altamira’s Senior Management will hold an investor call today, Wednesday, April 30, 2025, at 8:00 a.m. EDT to present its business update and the Company’s full-year 2024 results. Event: Altamira Therapeutics Full Year 2024 Financial Results and Business Update Call Date: Wednesday, April 30, 2025 Time: 8:00 am EDT Webcast URL: https://edge.media-server.com/mmc/p/7t3h98aw Registration for Call https://register-conf.media-server.com/register/BI95acee4618c44d05a56b78125b22638d Click on the call link and complete the online registration form. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Select a method for joining the call. Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone. Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number. Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone. Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number. The call will be in listen-only mode. Conference Call Replay A replay of the call will be available after the live event and accessible through the webcast link: https://edge.media-server.com/mmc/p/7t3h98aw Consolidated Statement of Profit or Loss and Other Comprehensive Income/(Loss) For the Years Ended December 31, 2024 and 2023 (in US$) (1) Amounts have been re-presented from those previously published to reflect the change in the Company’s presentation currency from Swiss francs to US dollars. (2) Weighted average number of shares outstanding: 2024: 2,832,299; 2023: 491,258. Consolidated Statement of Financial Position As of December 31, 2024 and 2023 (in US$) (1) Amounts have been re-presented from those previously published to reflect the change in the Company’s presentation currency from Swiss francs to US dollars. About Altamira Therapeutics Altamira Therapeutics (OTCQB:CYTOF) is developing and supplying peptide-based nanoparticle technologies for efficient RNA delivery to extrahepatic tissues (xPhore™ platform). The versatile delivery platform is suited for different RNA modalities, including siRNA, mRNA and circRNA, and made available to pharma or biotech companies through out-licensing. The Company has two proprietary flagship programs based on xPhore™ and siRNA payloads: AM-401 for KRAS driven cancer and AM-411 for rheumatoid arthritis, both in preclinical development beyond in vivo proof of concept. In addition, Altamira holds a 49% stake (with additional economic rights) in Altamira Medica AG, which owns its commercial-stage legacy asset Bentrio®, an OTC nasal spray for allergic rhinitis. Further, the Company is in the process of partnering / divesting its inner ear legacy assets. Founded in 2003, Altamira is headquartered in Hamilton, Bermuda, with its main operations in Basel, Switzerland. For more information, visit: https://altamiratherapeutics.com/ Forward-Looking Statements This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Altamira’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the success of strategic transactions, including licensing or partnering, with respect to Altamira’s legacy assets, Altamira’s need for and ability to raise substantial additional funding to continue the development of its product candidates, the clinical utility of Altamira’s product candidates, the timing or likelihood of regulatory filings and approvals, Altamira’s intellectual property position and Altamira’s financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Altamira’s capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption "Risk Factors" in Altamira’s Annual Report on Form 20-F for the year ended December 31, 2024, and in Altamira’s other filings with the Securities Exchange Commission (“SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Altamira or to persons acting on behalf of Altamira are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Altamira does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. Investor Contact: Hear@altamiratherapeutics.com