证券代码：600056 证券简称：中国医药 公告编号：临2026-006号 中国医药健康产业股份有限公司 关于回复购买资产有关事项监管工作函的公告 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。 特别风险提示： 1.标的公司业绩大幅下滑及CRO业务（即研发服务业务，下同）萎缩风险： 标的公司所处的CRO行业属于充分竞争行业，行业存在竞争加剧的风险,从而对 其CRO业务带来不利影响。2025年标的公司净利润下降75.99%，其中CRO业务 收入同比下滑46.44%，新签订单金额同比减少30.81%，可能因CRO业务萎缩造 成其业绩进一步下滑风险。 2.技术转让业务可持续性风险：2025年标的公司技术转让业务毛利占比超过 85%，对技术转让业务的利润依赖度较高。标的公司有部分存量自研项目仍在推 进中，存在因技术或临床等原因造成研发进度延迟、上市受阻或上市后收益不及 预期等不确定性情况，同时其技术转让业务能否实现转让存在不确定性，未来可 能存在可持续性风险，从而对其盈利能力造成不利影响。 3.交易估值相对较高及商誉减值风险：本次交易 ...

Core Insights - The CRO industry in China is experiencing significant growth, with the market size expected to expand from 90 billion yuan in 2021 to 126 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 28%, which is substantially higher than the global average of 10% [13][26] - The industry is characterized by a clear competitive landscape, with WuXi AppTec as the dominant player, achieving revenue exceeding 20 billion yuan, while other key players include Kanglong Chemical, Tigermed, and Kelun Pharmaceutical [17][20] Industry Overview - Contract Research Organizations (CROs) are specialized entities that undertake drug development responsibilities on behalf of pharmaceutical companies, helping to reduce costs and risks while ensuring compliance [1] - The CRO industry is divided into preclinical and clinical segments, with preclinical CROs focusing on drug discovery and safety evaluations, while clinical CROs handle clinical trials and data management [1] Industry Development History - The CRO industry in China began in 1996 with the establishment of the first joint venture, and has evolved from a lack of formal organizations to a competitive landscape dominated by local leaders [9] - The industry has undergone significant changes, including the implementation of Good Clinical Practice (GCP) in 2003 and the introduction of the Marketing Authorization Holder (MAH) system, which has facilitated the growth of CRO services [11] Market Demand and Growth - The number of New Drug Applications (NDA) in China has been increasing, from 210 in 2021 to an expected 320 by 2024, driving demand for CRO services [14] - The global CRO market is projected to grow from 71 billion USD in 2021 to 90 billion USD by 2024, driven by increased healthcare demands due to aging populations and the COVID-19 pandemic [13] Competitive Landscape - The competitive structure of the Chinese CRO industry is categorized into three tiers, with WuXi AppTec leading the first tier, followed by Kanglong Chemical and Tigermed in the second tier, and smaller firms in the third tier [17] - Most companies are diversifying their services to include both CRO and CDMO (Contract Development and Manufacturing Organization) capabilities, enhancing operational efficiency [20] Regional Market Dynamics - The Yangtze River Delta region dominates the CRO market in China, accounting for approximately 43% of the market share, followed by the Beijing-Tianjin-Hebei region at 23% and the Pearl River Delta at 19% [23] Future Outlook - The Chinese CRO market is expected to continue its growth trajectory, potentially exceeding 144 billion yuan by 2028, supported by favorable policies and increasing demand for innovative therapies [26] - Despite challenges such as rising compliance costs and market saturation, the overall outlook remains positive, with expectations of sustained double-digit growth over the next five years [26]

Core Insights - In November 2025, China's import volume of medicinal materials and pharmaceuticals was 24,400 tons, representing a year-on-year decrease of 13.1% [1] - The import value for the same period was $4.111 billion, showing a slight decline of 0.2% year-on-year [1] - Conversely, the export volume of medicinal materials and pharmaceuticals reached 160,000 tons, marking a year-on-year increase of 8.6% [1] - The export value was $2.374 billion, reflecting a year-on-year growth of 7.8% [1] Import and Export Analysis - The decline in import volume and value indicates potential challenges in the domestic market for medicinal materials and pharmaceuticals [1] - The increase in export volume and value suggests a growing demand for Chinese medicinal products in international markets [1] - The contrasting trends in imports and exports may highlight shifts in supply chain dynamics and market opportunities for stakeholders in the industry [1]

近日，中国医药（600056）发布公告称，公司下属全资子公司天方药业（600253）有限公司收到国家药 品监督管理局核准签发的两份布洛芬片《药品补充申请批准通知书》，该药品通过仿制药质量和疗效一 致性评价。 布洛芬片主要用于缓解轻至中度疼痛及发热，最早由英国BootsInc研制，1974年在美国上市。截至公告 披露日，布洛芬片的一致性评价累计研发投入约为889万元人民币。 根据市场情况，2024年中国三大终端六大市场该药品销售额约为1.13亿元，2025年前三季度销售额约为 0.69亿元，而公司该药品2025年销售额约为192万元（未经审计）。 ...

Policy Developments - The National Healthcare Security Administration (NHSA) encourages regions with conditions to build global trading platforms for innovative Chinese pharmaceuticals, aiming to facilitate the export of Chinese medical products to Southeast Asia, Central Asia, and other countries [2] Drug and Medical Device Approvals - China Medical (600056.SH) announced that its subsidiary Tianfang Pharmaceutical's ibuprofen tablets have passed the consistency evaluation for generic drugs, which will enhance the product's market competitiveness [4] - Sihuan Pharmaceutical announced that its subsidiary has received approval for six new specifications of its polylactic acid facial filler, further expanding its market presence in the regenerative aesthetic product sector [5] Capital Markets - Qingfeng Biotech (Guangzhou) completed a Pre-A round financing of several tens of millions, led by Baiyun Fund, to accelerate AI and laboratory automation development [7] - Zhongsheng Pharmaceutical (002317.SZ) signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 injection, with total payments expected to reach RMB 100 million [8] Industry Events - The NHSA signed agreements with 79 hospitals to conduct pilot evaluations of real-world comprehensive value assessments for medical insurance, aiming to enhance the quality and efficiency of the healthcare system [10] - Aipeng Medical and the Shenzhen Institute of Advanced Technology established a "Brain-Computer Interface" innovation consortium to focus on non-invasive brain neuroregulation technology [12] - Novo Nordisk's new CEO emphasized that future business expansions will focus on the core needs of diabetes and obesity patients, indicating a strategic shift towards patient-centered approaches [13] Market Trends - Recent reports indicate significant price reductions for weight loss drugs, with prices for Novo Nordisk's products dropping nearly 50% and some specifications of another drug decreasing by around 80%, leading to substantial savings for patients [16]

Group 1 - The stock price of China Medical (600056) closed at 10.6 yuan on January 16, 2026, down 2.03% from 10.82 yuan the previous week, with a market cap of 15.856 billion yuan, ranking 6th in the pharmaceutical commercial sector and 1330th in the A-share market [1] - The company announced that it will hold the 2024 annual general meeting on May 16, 2025, to review the issuance of corporate bonds and short-term financing bills, and has received approval from the China Securities Regulatory Commission to issue bonds totaling no more than 2 billion yuan [1][3] - The approval for bond issuance is valid for 24 months from the date of registration, allowing the company to issue in tranches during this period [1] Group 2 - The wholly-owned subsidiary Tianfang Pharmaceutical has received approval from the National Medical Products Administration for the Ibuprofen tablet, which has passed the consistency evaluation of generic drug quality and efficacy [2] - The sales revenue for Ibuprofen tablets in China is estimated to be approximately 113 million yuan in 2024, with the company's sales expected to be around 1.92 million yuan in 2025 [2] - Passing the consistency evaluation is expected to enhance the product's market competitiveness, although future sales remain uncertain [2]

证券代码：600056 证券简称：中国医药 公告编号：临 2026-005 号 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。 近日，中国医药健康产业股份有限公司（以下简称"公司"）下属全资子公 司天方药业有限公司（以下简称"天方药业"）收到国家药品监督管理局（以下 简称"国家药监局"）核准签发的两份布洛芬片（以下简称"该药品"）《药品 补充申请批准通知书》，该药品通过仿制药质量和疗效一致性评价。现将有关情 况公告如下： 一、通知书基本信息 药品名称：布洛芬片 受理号：CYHB2450548、CYHB2450549 通知书编号：2026B00077、2026B00076 剂型：片剂 规格：0.2g、0.1g 注册分类：化学药品 上市许可持有人：天方药业有限公司 中国医药健康产业股份有限公司 关于子公司药品通过仿制药一致性评价的公告 品进口上市。 （二）国家药监局于 2024 年 11 月受理该药品的一致性评价申请。 （三）截至本公告披露日，该药品一致性评价累计研发投入约为 889 万元人 民币（未经审计）。 （四）药品市场情况 ...

Group 1 - The company, Tianfang Pharmaceutical Co., Ltd., a wholly-owned subsidiary, has received approval from the National Medical Products Administration for two supplemental applications for Ibuprofen tablets [1] - The approved drug has passed the consistency evaluation of quality and efficacy for generic drugs [1]

Core Insights - China is demonstrating significant breakthroughs in technological innovation, characterized by three core advantages: industrial chain clusters, a surplus of STEM graduates, and a vast market scale that is difficult for other economies to replicate [1][6]. Industrial Chain Clusters - In regions like the Yangtze River Delta and the Pearl River Delta, thousands of suppliers and engineers are concentrated within a short distance, providing a competitive edge that countries like Mexico, India, and Southeast Asia lack [3][8]. - China graduates nearly 5 million STEM students annually, surpassing the combined total of Europe and the United States [3][8]. AI and Technology - Chinese companies are achieving technological catch-up in the AI sector with only 1/10 of the investment compared to the U.S., and they account for a significant portion of global AI talent [3][8]. - By 2027-2028, China is projected to achieve a 50% domestic production rate in GPU technology, marking a significant advancement [3][8]. Robotics and Automotive Industry - China holds a 60% share of the global leading companies in humanoid robotics, with a strong cost advantage in components like arms and hydraulic systems [4][9]. - It is estimated that 30% of the global increase in humanoid robot supply may come from China in the future [4][9]. Smart Driving and Biopharmaceuticals - China leads globally in smart driving adoption and is experiencing explosive growth in the biopharmaceutical sector [4][10]. - By 2040, it is projected that over one-third of new innovative drugs approved by the U.S. FDA will originate from China [4][10]. Traditional Industries and Export Market - China monopolizes the global refining and processing of rare earths and lithium batteries, continuously enhancing its industrial chain competitiveness [4][10]. - Currently, China accounts for approximately 14% of global exports, with projections suggesting this could rise to nearly 16% or higher in five years, potentially exceeding 17% [4][10]. - The three core advantages and innovations in emerging industries are expected to solidify China's position in the global export market [4][10].

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]