Group 1 - The pharmaceutical and biotechnology industry is experiencing active consolidation and collaboration, with significant acquisitions and partnerships announced recently [1] - China National Pharmaceutical Group announced a full acquisition of Hejiya Biotech for 1.2 billion RMB, gaining access to its leading technology platform and diverse product pipeline [1] - Rongchang Biotech entered an exclusive licensing agreement with AbbVie for the bispecific antibody RC148, receiving an upfront payment of 650 million USD and potential milestone payments [1] Group 2 - WuXi AppTec announced plans to acquire all issued shares of Dongyao Pharmaceutical for approximately 2.79 billion HKD [1] - The Ministry of Commerce and nine other departments released guidelines to promote high-quality development in the pharmaceutical retail industry, focusing on transformation, payment, supply, and integration [1] - The policy encourages mergers and acquisitions, aiming to shift the industry from a "single drug sales" model to a "health service" model, which is expected to accelerate the clearing of individual pharmacies and increase industry concentration [1]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]

2026 年 1 月 26 日 证券研究报告 行业周报 行业评级： | 报告期：2026.1.12-2026.1.25 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 行业回顾 本报告期医药生物行业指数跌幅为 1.07%，在申万 31 个一级行业中 位居第 26，跑赢沪深 300 指数（-1.19%）。从子行业来看，线下药 店、医院涨幅居前，涨幅分别为 10.25%、2.92%；化学制剂、疫苗跌 幅居前，跌幅分别为 4.50%、2.96%。 行业走势： 估值方面，截至 2026 年 1 月 23 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 30.31x（上期末 30.56x），估值下行，低于均值。医药 生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别为 疫苗（47.34x）、医院（44.94x）、其他医疗服务（40.38x），中位 数为 34.15x，医药流通（15.31x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 34 家上市公司的股东净减持 21.25 亿元。其中，2 家增持 0.63 亿元，32 ...

报告指，2025年上半年，东曜药业录得收入4.89亿元人民币(下同)，盈利400万元;同期对比，药明合联 的收入和盈利分别为27.01亿元及7.46亿元。过去，东曜药业专注于肿瘤药物，进入2020年代后，公司将 资源重新配置，转型为以ADC(抗体-药物偶联物)为重点的CDMO模式。 摩根士丹利发布研报称，药明合联(02268)提全购东曜药业-B(01875)，交易引起部分投资者对收购理据 的疑问。大摩对药明合联评级为"增持"，目标价88港元。 ...

报告指，2025年上半年，东曜药业录得收入4.89亿元人民币(下同)，盈利400万元; 同期对比，药明合联 的收入和盈利分别为27.01亿元及7.46亿元。过去，东曜药业专注于肿瘤药物，进入2020年代后，公司将 资源重新配置，转型为以ADC(抗体-药物偶联物)为重点的CDMO模式。 智通财经APP获悉，摩根士丹利发布研报称，药明合联(02268)提全购东曜药业-B(01875)，交易引起部 分投资者对收购理据的疑问。大摩对药明合联评级为"增持"，目标价88港元。 ...

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].

智通财经APP讯，东曜药业-B(01875)发布公告，中毅资本有限公司(一家根据证券及期货条例可从事第1 类(证券交易)及第6类(就机构融资提供意见)受规管活动的持牌法团)已获委任为独立财务顾问，以就该 等要约(尤其是该等要约是否属公平合理以及应否接纳该等要约)向独立董事委员会提供意见。独立财务 顾问的委任已根据收购守则规则第2.1条获独立董事委员会的批准。 ...

东曜药业-B(01875)发布公告，中毅资本有限公司(一家根据证券及期货条例可从事第1类(证券交易)及第 6类(就机构融资提供意见)受规管活动的持牌法团)已获委任为独立财务顾问，以就该等要约(尤其是该等 要约是否属公平合理以及应否接纳该等要约)向独立董事委员会提供意见。独立财务顾问的委任已根据 收购守则规则第2.1条获独立董事委员会的批准。 ...

格隆汇1月19日丨东曜药业-B(01875.HK)宣布，中毅资本有限公司(一家根据证券及期货条例可从事第1 类(证券交易)及第6类(就机构融资提供意见)受规管活动的持牌法团)已获委任为独立财务顾问，以就该 等要约(尤其是该等要约是否属公平合理以及应否接纳该等要约)向独立董事委员会提供意见。独立财务 顾问之委任已根据收购守则规则第2.1条获独立董事委员会的批准。 ...

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