.Tʳ??D*A,?? `6B$BB dr`)B(?*`/@4Qhp.U?=pa( A?a!ڈbX#??H? ɈQ"K?H1RT UH?r9\F;?2G1Q=?C7F?dt1r?=?Ыhڏ>C?3l0.B?, c˱"?V?cϱwE?6wB aAHXLXNH?$4?7 Q?"K??b21XH,#??/{C?$C2'IT?FnR#?4H#dk?9? +ȅ???[ b@qS?RjJ???e?AURݨT5ZBRQ4u?̓IK?hhit?ݕNWG?w ?Ljg(?gwL?ӋT071oUX*?| J??*/Tު UUT^S}FU3S ԖUPSSg?goT?~YYLOCQ_? cx,!k u??|v*?=?C3J3WRf?qtN ?~???L?e\kXHQG6EYAJ'\'GgSSݧ ?M=:.k?Dwn^Loy?}/TmG X?$???r>?7?Y_?ȷOo_C#dz?%gA[z|!?:eAAA?h쐭!ΑiP~?aa~ 'W?pX??wCsDDDޛg1O9?J5*>?j????x?oʿܔĹdff?[?n ?VE?(ۻC?e;?TTTT6ݵan{4[?ɾUUMfeI?m]Nmq??#׹??TR+G?w- 6 U#pDy? :v{?vg/jBFS[b[O?zG??99?rCd???/~јѡ򗓿m|??x31^Vww?O| (hSЧc3-?gAMA|Q? cHRMz%???u0`:?o_FIDATxlKl\WsϹ{n%*Ӥ'?HLsN^]{?U?,fxc%!n?4L??QoU?nMQN?^?.?T?%.??iqw?yj?I3#葿TY5nG|??)yE?rH2IP13oCk ???G^V-0?t?GK!Nl??HR?C??-N,yH7$??'j??g?7:|qL?, Zu?ڑ0?&ece`?}bQ}?>a~!?i3Wtv ?r22n2oK MtI?=[ ,qizeb_dQ18,qs?? kȤߥm9}Cnv ?)W?LV*D7C?NqL4-sgUS@x??f˶8z?mQc?ʪWʅfϜ[?Jx(~~@ͭU[*P_:?IENDB`PK EjG!(??,xingdea.com/m/assets/i/examples/admin-ie.pngPNG  IHDR pHYs   OiCCPPhotoshop ICC profilexڝSgTS?=BKKoR RB?*! J?Q?EEȠ??Q, ???{kּ>? H3Q5 B?@?$pd!s?~<<+"??x?M0?B\?t?K@zB?@F&S?`cb?P-`'{[? eDh;VEX0fK??0IWfH ? 0Q){`?#xFW?j>{?]cK'Xt?o(hw?G?fIq^D$.Tʳ??D*A,?? `6B$BB dr`)B(?*`/@4Qhp.U?=pa( A?a!ڈbX#??H? ɈQ"K?H1RT UH?r9\F;?2G1Q=?C7F?dt1r?=?Ыhڏ>C?3l0.B?, c˱"?V?cϱwE?6wB aAHXLXNH?$4?7 Q?"K??b21XH,#??/{C?$C2'IT?FnR#?4H#dk?9? +ȅ???[ b@qS?RjJ???e?AURݨT5ZBRQ4u?̓IK?hhit?ݕNWG?w ?Ljg(?gwL?ӋT071oUX*?| J??*/Tު UUT^S}FU3S ԖUPSSg?goT?~YYLOCQ_? cx,!k u??|v*?=?C3J3WRf?qtN ?~???L?e\kXHQG6EYAJ'\'GgSSݧ ?M=:.k?Dwn^Loy?}/TmG X?$???r>?7?Y_?ȷOo_C#dz?%gA[z|!?:eAAA?h쐭!ΑiP~?aa~ 'W?pX??wCsDDDޛg1O9?J5*>?j????x?oʿܔĹdff?[?n ?VE?(ۻC?e;?TTTT6ݵan{4[?ɾUUMfeI?m]Nmq??#׹??TR+G?w- 6 U#pDy? :v{?vg/jBFS[b[O?zG??99?rCd???/~јѡ򗓿m|??x31^Vww?O| (hSЧc3-?gAMA|Q? cHRMz%???u0`:?o_FIDATxڬWle?7wh-rZfeH1Z)@?? Ĩ ??WqH(?bUZ MBAҖ}/ԣD???8 ??EԤ2UT?xfv̼IIԳJE?|Ƌ?F(,BDP?YEt5h??@?{zPQbsR`ԦVHW,?(?eh?9?1U?R|@ #vsn?-oX{Ӣ??ڔo{Nmo?cW*{(?Xږͥ_}SpjTPs~n^?wgg?`??}jFG`KS?ƍ|L9٭?&?.5C:9V ?j$5 ?@?KPj%s?|?#e/]i|Y?D?? H3Q5 B?@?$pd!s?~<<+"??x?M0?B\?t?K@zB?@F&S?`cb?P-`'{[? eDh;VEX0fK??0IWfH ? 0Q){`?#xFW?j>{?]cK'Xt?o(hw?G?fIq^D$.Tʳ??D*A,?? `6B$BB dr`)B(?*`/@4Qhp.U?=pa( A?a!ڈbX#??H? ɈQ"K?H1RT UH?r9\F;?2G1Q=?C7F?dt1r?=?Ыhڏ>C?3l0.B?, c˱"?V?cϱwE?6wB aAHXLXNH?$4?7 Q?"K??b21XH,#??/{C?$C2'IT?FnR#?4H#dk?9? +ȅ???[ b@qS?RjJ???e?AURݨT5ZBRQ4u?̓IK?hhit?ݕNWG?w ?Ljg(?gwL?ӋT071oUX*?| J??*/Tު UUT^S}FU3S ԖUPSSg?goT?~YYLOCQ_? cx,!k u??|v*?=?C3J3WRf?qtN ?~???L?e\kXHQG6EYAJ'\'GgSSݧ ?M=:.k?Dwn^Loy?}/TmG X?$???r>?7?Y_?ȷOo_C#dz?%gA[z|!?:eAAA?h쐭!ΑiP~?aa~ 'W?pX??wCsDDDޛg1O9?J5*>?j????x?oʿܔĹdff?[?n ?VE?(ۻC?e;?TTTT6ݵan{4[?ɾUUMfeI?m]Nmq??#׹??TR+G?w- 6 U#pDy? :v{?vg/jBFS[b[O?zG??99?rCd???/~јѡ򗓿m|??x31^Vww?O| (hSЧc3-?gAMA|Q? cHRMz%???u0`:?o_FIDATxtOlUvKkBU `?61=y%(P?$^P x0?xb֤?)evwgvvam)a}db?T1۶?0CCd2??z?umR*AJ?!?{ Glv??JS* @f/h?7}74|r[ܜ?U^xv||?;{`? }򼷤\Lcs~S^EMG]O*?q[Dd?"?;i&?ury?h-DWJ>?XOYvXZXGKc%6oﮬ?c?TM|YHʫlo8I?ĵIIǴ;BӹWSCR?Jv&??2" a=IQw^?QUTQE?5$){~Z S-k?$?D?hUqw?k"n8Us$I'fFL?i6?'=PU{`VUq!l??z{fUTQk? z`hS]H`ªbUɗîRbp0??, ?@0K\??_TTY #X쌀5bUʅD55稉:r?]tn]ܞ?YK/a>Ӎ?zTC?ק>/O۳/@؂t` _`T?f}B2c.d[?UF?p[o<,g_mzj4??Oξ;9q6GʳO`c?(f?YUV??4RL6? mjl?6IENDB`PK EjGK7?0xingdea.com/m/assets/i/examples/admin-safari.pngPNG  IHDR pHYs   OiCCPPhotoshop ICC profilexڝSgTS?=BKKoR RB?*! J?Q?EEȠ??Q, ???{kּ>? H3Q5 B?@?$pd!s?~<<+"??x?M0?B\?t?K@zB?@F&S?`cb?P-`'{[? eDh;VEX0fK??0IWfH ? 0Q){`?#xFW?j>{?]cK'Xt?o(hw?G?fIq^D$.Tʳ??D*A,?? `6B$BB dr`)B(?*`/@4Qhp.U?=pa( A?a!ڈbX#??H? ɈQ"K?H1RT UH?r9\F;?2G1Q=?C7F?dt1r?=?Ыhڏ>C?3l0.B?, c˱"?V?cϱwE?6wB aAHXLXNH?$4?7 Q?"K??b2Ան˸³,2005ʼض߳,չ߳кũ塣˾뿪ʹù˾,͸ʴﵽ88.5%,ũг͸ʽϸߡؽһ˵ĸּȺ,IJͬвͬԡлһڼ,ӭƱ,̷Ѿ׷,ʳƷֵʵǧĿĹؼڡ

    ӯԤ⼰:Ƚ,ֵ,Ŀ23Ԫ,30%ռ䡣

    Ԥƹ˾2016ʵӽ4%ﵽ627ˮƽ,۳ʥ17ʵ10%ϡԤ16/17/18epsΪ0.91/1.05/1.27Ԫ,18꿪ʼ˾ȫ,23Xֵ,12Ŀ23Ԫ,30%ռ,“”

    ʾ:ʳƷȫ¼,̷עƲԤڣ֤ȯ

    ½ȱ:ȫҵǻԴ̬,Դɳɫ

    ʵִ豸ṩۺԴ̵սת͡˾ṩӵԴķ䡢䡢áЧվӪƽ̨ȵ,ƽõ硢ܵԴǻ۹ҵԴ񡢵̼ҵģЭͬչ ԴҵѸ,ɹ˾󿴵㡣ȥ깫˾ԴҵӪCAGRΪ127%,ëԸλ2016ϰ,˾ԴҵʵӪ2.37Ԫ,ӪռԼ20%,Ϊ˾Ҫҵ֧

    ܷռȻ˾ǹڴҵͷ,볬200Ŀ,йվΪܷչṩǿ,ҵΧʾĿҵĿչ˾ͨιɹܵء,ЯLGѧԴδ﮵,ǿľ

    ׮ӪԴ̬Ȧ˾ƶ“ʮǰվ׮”ķչĿ,Գ׮ӪΪĵijƽ̨,ʵֻԴں,ĿǰԴ׮γ“-ԴӪ-׮Ӫ”ĽΪIJҵ

    ,۵г˾Ͷ½۵,ι԰۵ҵԴ,ٲ۵ҵ,г,δͨ۵нȡѡ̶ʵֶ档

    ӯԤ⼰Ͷ:Ԥƹ˾2016-2018ӪҵֱΪ30.8Ԫ40.7Ԫ48.9Ԫ,ĸֱΪ2.7Ԫ4.0Ԫ5.1Ԫ,EPSֱΪ0.23Ԫ0.34Ԫ0.43Ԫ,ӦPEֱΪ39.226.720.8,Ŀ11.9Ԫ,ϵ˾“ǿƼ”

    ʾ:˾ܵͶԤ,豸۲Ԥ,׮Ӫ󲻴Ԥ,۵ſԤڡ(֤ȯ֣ɸ )

    ҽҩ¼:Ƽ±,׷ͻ

    Ҫ۵:

    1.,ƼһԱͽ

    ǰڷĹʻȱ桶̨Ļ,ƼȷfȻжԺDZƷֽԤƼ,صעƷ֮һ,˴ANDA֤֮ǰDMFƶANDA߼ԤС˳ᰢҩǰгֻԭABBVIEINC׷SANDOZINCͶFRESENIUSKABIUSALLC(1),Ϊҵ,˳ᰢ2016гģԼΪ0.7Ԫ(ͼ1),ĿǰΪ,ԭ50%,׷SANDOZռԼ30%,FRESENIUSKABIռԼ20%,ΪδҩķݶԽ,δͨTEVAƾ۸ƺն20-30%гݶ,۶ﵽ0.2Ԫ

    2.չ2017,ҵҪ߷Ͱ,ANDAֱ

    ˳עҺANDAǼ濵Ӱ綡(ʱ׼)򡢰ɳ߷֮һANDA,Ҳǹ˾2017׸ANDAĿǰѻANDA,Ƽҵ,һ֦㡣2016껷гģԼ5.9,гݶѳ50%(ͼ2)濵򡢰ɳƷ־Ϊҡ

    ѻȫANDA,֮߷Ͱ笠,Ӱҵɳ߷Ͱ狀ϼﵽ6500-9000Ԫģ

    3׷ƷֿҾͨƴͨʵͻ,Ʒ½

    ῨҾһְϳ֬໯,ڳ˻ߺͶͯ߾ϸ١鷢Ȳ˿ȾЧϮҾԭΪĬ˹˾,ǹҽĿ¼Ʒ𿨲Ҿ20163½ͨ,20171»ǺһͨƷ֡ݹ˾,Ʒ2015ȫгģ5.35Ԫ,йгģ0.75ԪǸIMS׷ٴƷ,20161-11¿Ҿ۶6.49,ȥͬ10.6%ԤƺԼӪƷӰռгݶ,۹ģ1-2ڴﵽ2-3ڡ

    е׷ҩ䶨ǴιעҺŲעҺǻעҺעɼ(׵׽),4

    Ʒ,DZȽϹעעɼ(׵׽)Ʒȫӽ10,2015ڹģ3,ٽϿ,DZΪ10ҼƷ֡Ŀǰѻٴ,ͨС

    :

    Ԥƹ˾2016-2018ĸֱΪ27.11Ԫ33.54Ԫ40.64Ԫ,ֱΪ24.85%23.71%21.17%EPSֱΪ1.15Ԫ1.43Ԫ1.73Ԫ,ӦPEֱΪ42x,34x,28xΪ˾ںݱƵ,Ķࡣں߷顢淋ķҾķ,˾20%ϵĸ١,2017ΪANDA,ͬʱ׷ƷСǿù˾ڷչ,ά“Ƽ”

    ʾ:

    ҵٵԤ,ҩз(֤ȯŽ)

    ɷ:FDA֤,󽡿ҵ񲼾ּ

    201727,ιɹ˾ҽȫӹ˾Precifit Medical LtdзKirschner wireƷͨʳƷҩƷල֤,FDA510(K)֤,ƷƷҪ۹̶,ǽṹؽǿ̶ֲ︨

    :

    ˴FDA֤ͨ,ֹ˾ڴ󽡿ҵľ,ֹĴ󽡿תս,“ӹ+󽡿”˫ҵսȲС

    ιҽǹ˾󽡿ҵת͵Ҫ,˴λFDA֤־Precifit Medical Ltd߱עǿƲƷFDA֤зͽϵ,ƷͨйʳƷҩƷලܾ֤йۡͬʱԤ2017Precifit Medical LtdFDAƷ֤,󽡿ҵ񲼾ּƽ,20162¹˾ҽƽ4000Ԫ,˴ FDAע֤˾ʣ2500Ԫ,ҽƳֹɱ25%

    “ӹ+󽡿”˫ҵսԲּƽ

    󽡿ҵ:˾󽡿ҵҽе,ڽྻγɺ“ҩྻ+ҽԺྻ+ʳƷྻ”“ҩ豸+ܰ+Ŀʩ”ҵ񲼾֡

    ӹҵ:˾ӹҵͷ“ˮ--”ģʽƳɱ,챾ɽºԴIJҵ,ƷʼɰּƼ򰴹Ƽת,Ʒֵߡ

    Ԥƹ˾2016~2018EPSֱΪ0.21/0.33/0.49Ԫ,ǰɼ۶ӦPEֱΪ43x/27 x /19 x˾ҽе֤,ǹ˾󽡿սԲҪƽ,ֹ˾“ӹ+󽡿”˫ҵսԵԸ;,δ˾󽡿ҵ񲼾ֵڴ,ά“”

    ʾ:۲Ԥ(֤ȯΰ )

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һƪջǿ ɼȵ͹(2.10)

һƪջǿ ɼȵ͹2.13