Core Viewpoint - The report from Citi highlights that for the Chinese healthcare sector, profit delivery will be more important than valuation expansion by 2026, with WuXi AppTec (603259) expected to outperform its peers [1] Group 1: Company Performance - WuXi AppTec is identified as the top pick in the Chinese CRO/CDMO industry, maintaining a "buy" rating with a target price of HKD 143.4 [1] - The company anticipates a revenue growth of 9% in Q4 2025, with a Non-IFRS year-on-year growth of 36%, exceeding market expectations by 2% and 3% respectively [1] - The strong performance is attributed to the integrated CRDMO model and robust growth in the TIDES business, alongside China's competitive position in the global small molecule supply chain [1] Group 2: Market Position and Growth - The valuation of the Chinese healthcare sector has significantly recovered over the past year, leading to a focus on profit realization as the main driver for stock prices in 2026 [1] - WuXi AppTec shows stronger visibility in profit growth compared to peers, with a 41% year-on-year increase in order reserves for the first three quarters of 2025, significantly above the global average of approximately 14% [1] - The company is expected to continue leading in order growth rates compared to global peers in 2026 [1] Group 3: Financial Metrics - WuXi AppTec's return on equity (ROE) is projected to be 24% in 2025, significantly higher than the 6% to 16% range of global peers, indicating a strong competitive advantage in the global pharmaceutical outsourcing market [2] - The earnings forecast for WuXi AppTec from 2025 to 2027 remains unchanged, with confidence in achieving high double-digit growth in adjusted Non-IFRS net profit for 2026, exceeding market expectations by approximately 15% [2]

Group 1 - The core view is that for the Chinese healthcare sector, profit delivery will be more important than valuation expansion by 2026, with WuXi AppTec (02359) expected to outperform its peers [1] - WuXi AppTec is identified as the top choice in the Chinese CRO/CDMO industry, with a maintained "outperform" rating and a target price of HKD 143.4 [1] - The company anticipates a revenue growth of 9% in Q4 2025, with a Non-IFRS year-on-year growth of 36%, exceeding market consensus by 2% and 3% respectively [1] Group 2 - WuXi AppTec's strong order reserve growth of 41% year-on-year for the first three quarters of 2025 is significantly higher than the global average of approximately 14% [1] - The company is expected to maintain a high return on equity (ROE) of 24% in 2025, which is substantially above the global peer range of 6% to 16% [2] - The firm is confident that WuXi AppTec's adjusted Non-IFRS net profit will achieve high double-digit growth in 2026, outperforming market expectations by about 15% [2]

Core Viewpoint - China National Pharmaceutical Group Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds to professional investors, with a total face value not exceeding 2 billion yuan [1]. Group 1 - The company held its annual general meeting on May 16, 2025, where it approved the proposal for the registration of corporate bonds and short-term financing bills [1]. - The approval from the regulatory authority allows the company to issue bonds within 24 months from the date of approval [1]. - The company plans to implement the bond issuance based on the authorization from the annual general meeting and will fulfill its information disclosure obligations in a timely manner [1].

Core Viewpoint - China Medical (600056.SH) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value of up to 2 billion yuan to professional investors [1] Group 1 - The approval is documented in the regulatory notice (Zheng Jian Xu Ke [2026] No. 21) [1] - The company can issue the bonds within 24 months from the date of approval [1] - The issuance can be conducted in multiple tranches during the validity period of the registration [1]

Core Viewpoint - China Medical (600056.SH) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value of up to 2 billion yuan to professional investors [1] Group 1 - The approval allows the company to issue bonds within a validity period of 24 months from the date of registration [1] - The company can issue the bonds in multiple tranches during the registration validity period [1]

证券代码：600056 证券简称：中国医药 公告编号：临 2026-004 号 中国医药健康产业股份有限公司 关于向专业投资者公开发行公司债券 获得注册批复的公告 中国医药健康产业股份有限公司(以下简称"公司")于 2025 年 5 月 16 日召 开 2024 年年度股东大会，审议并通过了《关于开展公司债和超短期融资券注册 的议案》。近日，公司收到中国证券监督管理委员会《关于同意中国医药健康产 业股份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2026〕 21 号）。据此批复，公司可以向专业投资者公开发行面值总额不超过 20 亿元公 司债券。此批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行。 按照有关法律法规和上述批复的要求，公司董事会及经营层将根据公司 2024 年年度股东大会的授权范围内择机实施上述公司债券发行相关工作，并及 时履行信息披露义务。 特此公告。 中国医药健康产业股份有限公司董事会 2026 年 1 月 13 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

Core Viewpoint - China Medical (600056.SH) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 2 billion yuan to professional investors [1] Group 1 - The company will hold its 2024 annual shareholders' meeting on May 16, 2025, to review and approve the proposal for the issuance of corporate bonds and ultra-short-term financing bills [1] - The approval from the regulatory authority allows the company to issue bonds within a validity period of 24 months from the date of registration [1] - The total face value of the corporate bonds that can be issued is capped at 2 billion yuan [1]

Core Viewpoint - China National Pharmaceutical Group (600056.SH) has announced the approval to issue corporate bonds totaling up to 2 billion yuan to professional investors, enhancing its financial flexibility for future projects [1] Group 1: Corporate Actions - The company will hold its 2024 annual shareholders' meeting on May 16, 2025, to review and approve the proposal for the issuance of corporate bonds and short-term financing bills [1] - The China Securities Regulatory Commission has granted approval for the company to publicly issue corporate bonds with a total face value not exceeding 2 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in multiple tranches within this period [1]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 2 billion yuan to professional investors [1] Group 1 - The company held its annual shareholder meeting in 2024, where it approved a proposal to register for corporate bonds and ultra-short-term financing bills [1] - The approval from the regulatory body allows the company to issue bonds with a total face value not exceeding 2 billion yuan, valid for 24 months from the date of approval [1] - The company has the option to issue the bonds in multiple tranches within the validity period of the registration [1]

Market Performance - The pharmaceutical commercial sector increased by 0.8% on January 12, with RunDa Medical leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers - RunDa Medical (603108) closed at 19.47, up 8.53%, with a trading volume of 1.0956 million shares and a transaction value of 2.123 billion [1] - Jia Shi Tang (002462) closed at 17.13, up 6.33%, with a trading volume of 441,200 shares and a transaction value of 733 million [1] - Yao Yi Gou (300937) closed at 38.42, up 4.54%, with a trading volume of 127,500 shares and a transaction value of 480 million [1] Top Losers - Nanjing Pharmaceutical (600713) closed at 5.43, down 1.63%, with a trading volume of 284,200 shares and a transaction value of 154 million [2] - Zhong Yao Holdings (000950) closed at 6.24, down 1.11%, with a trading volume of 740,900 shares and a transaction value of 461 million [2] - Ying Te Group (000411) closed at 12.81, down 1.08%, with a trading volume of 187,000 shares and a transaction value of 239 million [2] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 234 million from institutional investors and 184 million from speculative funds, while retail investors saw a net inflow of 417 million [2] - RunDa Medical had a net inflow of 123 million from institutional investors, but a net outflow of 171 million from speculative funds [3] - Jia Shi Tang experienced a net inflow of 80.845 million from institutional investors, with a net outflow of 28.7836 million from speculative funds [3]