Market Review - The CITIC Pharmaceutical Index increased by 0.98%, underperforming the CSI 300 Index by 1.03 percentage points, ranking 26th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include JinHao Medical, Changshan Pharmaceutical, and HaiChuang Pharmaceutical-U, while the top ten stocks by decrease include ST HuLuWa, YongAn Pharmaceutical, and ST SuHao [4][5] Overall View and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the performance of major products [8] - In the innovative drug sector, the focus is shifting from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies such as BeiGene, Innovent, and Hengrui are recommended for investment [8] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with companies like Mindray and United Imaging being highlighted. The home medical device market is also expected to benefit from subsidy policies [8] - The innovation chain (CXO + life science services) is expected to see a rebound in investment, with a positive outlook for the CXO sector as orders are anticipated to translate into revenue growth by 2025 [8] - The pharmaceutical industry is expected to enter a new growth cycle, with a focus on specialty APIs and the gradual realization of profits from formulation expansions. Companies like Tonghua Dongbao and Huahai Pharmaceutical are recommended [8] Medical Device Update - The approval of medical device update projects peaked in Q2 2024, with a new wave of approvals expected in Q1 2025. The focus remains on imaging devices such as ultrasound, CT, and DR [10][14] - The bidding scale for medical devices in China saw a year-on-year growth of 67.49% in Q1 2025, indicating a significant recovery in the market [16] - The procurement demand for imaging devices remains the highest, with a notable increase in bidding activities for radiotherapy equipment as well [21] Investment Opportunities in Traditional Chinese Medicine and Medical Services - The market for essential medicines is expected to see growth, particularly for unique essential medicines. Companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical are recommended [12] - The medical service sector is anticipated to benefit from anti-corruption measures and the expansion of commercial insurance, with companies like Aier Eye Hospital and Huashan Hospital being highlighted [12] Summary of Medical Device Procurement Trends - The procurement scale of tertiary hospitals is leading the growth, with a year-on-year increase of 81.45% in Q1 2025. The demand for radiotherapy and imaging devices is particularly strong [26] - By March 2025, Jiangsu Province led in medical device procurement with a total budget of 160.3 billion yuan, followed by Guangdong and Hubei [30]

Core Viewpoint - Bidder Pharmaceutical, established in 2007, provides specialized and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development. The company focuses on a "more, faster, better, cheaper" core advantage and employs a model of "horizontal expansion of product variety + vertical deepening of advantageous product lines" to serve the new drug development industry chain [2][3]. Industry Overview - Domestic market demand is recovering, with a pressing need for domestic alternatives. Research funding continues to grow, and policies such as U.S. tariffs are pushing downstream sectors to seek domestic alternatives, creating market expansion opportunities for local manufacturers [2][36]. - Overseas demand is rebounding, with a need for breakthroughs in the market. Since the second half of 2023, investment amounts in U.S. biopharmaceuticals have shown improvement, indicating increased demand from overseas pharmaceutical companies and CROs [2][36]. Company Performance - Bidder Pharmaceutical has expanded its inventory to 130,000 types of stock products, offering over 500,000 novel and multifunctional drug molecular building blocks to meet downstream demands [2][82]. - The company has increased its R&D investment, with some products reaching international advanced levels while maintaining price advantages. R&D expenses grew from 13.83 million yuan in 2018 to 59.05 million yuan in 2024, with a CAGR of 27.37% [2][86]. - Bidder's overseas revenue for 2024 is projected to be 616 million yuan, with a gross margin of 50.40%, significantly higher than domestic margins. The company has achieved a CAGR of 43.52% in revenue from 2018 to 2024 [2][82]. - The company is transitioning towards high-quality development, with revenue expected to return to high growth and significant profit elasticity in the future [2][82]. Product Offering - The main products include drug molecular building blocks, which can be subdivided into heterocyclic compounds, aromatic compounds, and aliphatic compounds, as well as scientific reagents essential for new drug development [2][6][7]. - The company currently has 128,000 types of stock products, capable of providing over 500,000 novel and multifunctional drug molecular building blocks to meet the high-tech, multi-category, small dosage, and frequent demand from downstream clients [2][6]. Competitive Landscape - The global market for drug molecular building blocks is estimated to reach $21.8 billion in 2024, primarily dominated by foreign companies. Domestic companies, while competitive in niche areas, still lag significantly in overall scale and market share compared to international giants [2][77][80]. - Bidder Pharmaceutical's pricing for some common reagents is only 1/5 to 1/10 of that of international leader Sigma-Aldrich, with purity indicators meeting international advanced levels, positioning the company favorably in the context of accelerating domestic substitution [2][90].

Core Viewpoint - The digestive endoscopy industry is expected to enter a new growth cycle with the launch of Olympus's X1 endoscope system, which will significantly impact the soft endoscope market in various regions [3][20]. Group 1: Olympus X1 Product Launch and Market Impact - The launch of Olympus's new generation X1 system has led to fluctuations in the soft endoscope market across different regions, as hospitals may delay procurement until the new product is available [3][11]. - The X1 system, which integrates advanced imaging technologies and ergonomic design, is anticipated to drive a significant increase in demand for soft endoscopes once fully launched in China [7][10]. - The X1 system's revenue contribution to Olympus's gastrointestinal business has increased from approximately 10% in Q3 2021 to around 30% by Q1 2024, indicating strong market acceptance [10][11]. Group 2: Domestic Market Challenges and Future Outlook - The domestic soft endoscope market is under pressure in 2024 due to factors such as anti-corruption measures affecting procurement and delays in equipment updates, leading to a projected 21.1% decline in the medical equipment bidding market [13][17]. - The X1 endoscope's main unit has been approved in China, but the accompanying endoscope is still pending approval, causing hospitals to postpone purchases [13][17]. - It is expected that the X1 endoscope will be fully launched by the end of this year or early next year, which could lead to a concentrated release of demand in the domestic market [17][18]. Group 3: Growth of Domestic Manufacturers - Domestic manufacturers like Aohua and Kaili Medical are expected to benefit from the industry growth driven by the X1 system, as their product quality continues to improve and gain recognition in high-tier hospitals [24][27]. - The domestic soft endoscope market's localization rate has increased from less than 15% in 2021 to over 35% by Q3 2024, indicating a growing acceptance of domestic products [25][27]. - Aohua's AQ-300 and Kaili's HD-580 have been recognized in major hospitals, and their sales are expected to increase as the market recovers [24][32].

Market Review - The overall market performance for the week saw the CITIC Pharmaceutical Index increase by 0.54%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 8th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase included Aidi Pharmaceutical, Beiyikang, and Weisi Medical, while the top ten stocks by decrease included Puli Pharmaceutical and Jiangsu Haizhong [4][5] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The outlook for the pharmaceutical industry growth in 2025 remains optimistic due to macroeconomic factors and the driving effect of major products [8] - In the innovative drug segment, there is a shift from quantity to quality, focusing on differentiated products and international pipelines. Companies to watch include Baijie, Xinda, and Kangfang [8] - The medical device sector is seeing a recovery in bidding volumes for imaging equipment and a push for home medical devices, with companies like Mindray and Yiyuan being highlighted [8] - The innovation chain (CXO + life sciences services) is expected to see a rebound in investment, with a focus on high-profit elasticity companies as the industry matures [8] Industry and Company Events - The pharmaceutical industry is projected to generate revenues of 2392.14 billion yuan in 2024, with a slight decline in growth rates across various segments, including a -0.9% revenue growth for the overall sector [11] - The innovative drug sector is expected to see significant revenue growth, with a projected 34.1% increase in 2024, while the first quarter of 2025 shows a decline of 18.4% [15] - The medical device sector is the fastest-growing segment within the pharmaceutical industry, while the traditional Chinese medicine sector is experiencing the most significant revenue decline [12][19] - The retail pharmacy sector is anticipated to benefit from prescription outflow and market optimization, with companies like YaoBai and YiFeng Pharmacy being recommended for investment [12] - The blood products sector is expected to see growth due to relaxed regulations and increased demand post-pandemic, with companies like Tiantan Biological and Boya Biological being highlighted [12]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 产品体系升级是核心成长动力，研发、销售、制造全方位配套。 公司此前被看做传统低值耗材公司，但近年来产品升级已逐渐成为其核心成长动力，从 研发、营销到制造端，公司已为其产品体系升级的长期业务发展趋势做好全面配套。 过去两年受到外部因素干扰，产品升级成效未能完全体 现 | 一、 产品体系升级是核心成长动力,研发、销售、制造全方位配套 . | | --- | | (一) 研发:持续提高投入,产品管线不断升级 | | （二） 营销:国内营销改革成果显著,海外推进大客户定制化项目和本土化策略6 | | (三) 制造:国内肇庆建厂扩产,海外墨西哥建厂保障供应链稳定………………………………………………………… 7 | | 二、 过去两年受到外部因素干扰,产品升级成效未能完全体现 | | (一) 23年外销受到海外大客户去库存的影响 | | ...

证券研究报告 | 医药生物 | 2025年4月26日 www.hczq.com 华创医药投资观点&研究专题周周谈·第123期 华海药业创新研发进入收获期 本周周专题联系人：王宏雨 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公 ...

证券研究报告 | 医药生物 | 2025年4月19日 www.hczq.com 华创医药投资观点&研究专题周周谈·第122期 对美关税反制，国产白蛋白市场展望 本周周专题联系人：朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S03605240700 ...

证券研究报告 | 医药生物 | 2025年4月12日 www.hczq.com 华创医药投资观点&研究专题周周谈·第121期 海外CXO 2024财报总结 本周周专题联系人：万梦蝶 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号: S0360523080008 邮箱: wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱 ...

证券研究报告|医药生物|2025年4月5日 www.hczq.com 华创医药投资观点&研究专题周周谈·第120期 苑东生物研发管线更新 联系人:朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李焯娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号: S0360523080008 邮箱: wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 神经+外周介入双引擎驱动，受益集采，布局海外。 公司在神经介入、外周介入产品线布局全面，截止2025/3/20，公司共战略布局66款产品及候选产 品，已在国内商业化产品共计47款。公司抓住集采机遇，推动产品放量，实现收入的强劲增长，2021-2024年收入CAGR达到131%，并在2024年实现扭 亏为盈，全年净利润为1亿元，截至2024年底，账上资金总额达到25亿元，充裕现金流为产品管线自研/并购、商业化拓展提供支持。2024年海外收入 2258万元，同比增长58.2%，海外拓展已初具规模，有望为公司贡献长期业绩增量。 神经 介入：渗透率、国产化率双 低赛道，公司以丰富产品组合拥抱集采 。 1）行业：渗透率、国产化率双低的高潜力赛道。 国内神介手术受众群体大，近些年手术渗透率快速提升，神经介入耗材市场规模同步快速增长，20 ...