13 October 2025 | 6:39PM CST Equity Research China Healthcare: 3Q25 preview: United Imaging & Lepu to lead revenue growth, Zhifei still at cycle trough Companies with higher revenue growth: We expect United Imaging to lead our coverage universe with a 44% yoy revenue growth in 3Q25. We believe the company's strong growth momentum is mainly driven by the improvement in China's hospital bidding data, which has begun to be reflected in its financial statements. We also expect Lepu to achieve rapid revenue grow ...

10月10日，甘李药业盘中下跌2.01%，截至13:04，报74.13元/股，成交6.90亿元，换手率1.65%，总市值 442.78亿元。 甘李药业所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：高派息、基金重 仓、融资融券、中盘、创新药等。 截至6月30日，甘李药业股东户数7.73万，较上期增加3.08%；人均流通股7165股，较上期减少2.99%。 2025年1月-6月，甘李药业实现营业收入20.67亿元，同比增长57.18%；归母净利润6.04亿元，同比增长 101.96%。 分红方面，甘李药业A股上市后累计派现16.12亿元。近三年，累计派现10.18亿元。 机构持仓方面，截止2025年6月30日，甘李药业十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股750.99万股，相比上期增加17.48万股。招商国证生物医药指数A（161726）位居第五大流 通股东，持股580.26万股，相比上期减少24.16万股。南方中证500ETF（510500）位居第六大流通股 东，持股536.87万股，相比上期增加69.27万股。创新药（159992）位居第八大流通股东，持股340. ...

Wind数据显示，截至10月9日记者发稿时，9月以来超170家医药生物行业上市公司接受机构调研。值得 关注的是，迈威生物、甘李药业等多家创新药企备受机构青睐。其中，创新药管线研发投入、研发进 展、BD(商务拓展)交易等是机构重点关注的话题。 机构表示，"创新+国际化"的产业趋势将保持不变，继续看好创新药主线。预计接下来，围绕2025年欧 洲肿瘤内科学会(ESMO)大会前后相关的临床数据披露与BD交易有望带来板块新一轮投资机遇。 创新药研发进展备受关注 根据Wind数据，截至10月9日记者发稿时，9月以来接受机构调研频次前十的医药生物公司中，迈威生 物获机构关注度最高，累计接受机构调研超330家次；甘李药业、兴齐眼药并列第二，接受机构调研频 次均为84家次；博瑞医药、恩华药业、信立泰等紧随其后，接受机构调研频次均在75家次以上。 兴齐眼药日前在机构调研中表示，目前公司的1类治疗用生物制品SQ-22031滴眼液已经完成Ⅰ期临床试 验，正在开展神经营养性角膜炎Ⅱ期临床试验。公司开发的SQ-129玻璃体缓释注射液已完成临床前研 究，经国家药品监督管理局审批后将开展用于治疗黄斑水肿的临床试验研究。"未来公司将持续加大在 ...

迈威生物9月17日公告，公司与Kalexo Bio,Inc.公司就2MW7141项目签署《独家许可协议》及《优先股 股权购买协议》。该双靶点小核酸药物2MW7141出海引发市场关注。迈威生物在9月30日披露的投资者 关系活动记录表中称，Kalexo由国际知名投资机构Aditum Bio设立。"期待Aditum Bio用他们专业的知识 和背景，以及在业内的影响力，和公司共同推进该管线未来的发展，尽快造福患者。" 甘李药业在9月19日披露的投资者关系活动记录表中表示，公司为实现成为大型跨国制药企业的目标， 大约十年前开始布局创新药物开发，积极探索多种疾病治疗领域，近年来，公司陆续在PROTAC（蛋白 降解靶向嵌合体）、ADC（抗体偶联药物）等技术平台加大投入。 兴齐眼药日前在机构调研中表示，目前公司的1类治疗用生物制品SQ-22031滴眼液已经完成Ⅰ期临床试 验，正在开展神经营养性角膜炎Ⅱ期临床试验。公司开发的SQ-129玻璃体缓释注射液已完成临床前研 究，经国家药品监督管理局审批后将开展用于治疗黄斑水肿的临床试验研究。"未来公司将持续加大在 眼科创新药领域的投入力度，不断提升公司的自主创新能力，布局开发更多有竞 ...

● 本报记者 李梦扬 Wind数据显示，截至10月9日记者发稿时，9月以来超170家医药生物行业上市公司接受机构调研。值得 关注的是，迈威生物、甘李药业等多家创新药企备受机构青睐。其中，创新药管线研发投入、研发进 展、BD（商务拓展）交易等是机构重点关注的话题。 祥生医疗在9月29日发布的投资者关系活动记录表中表示，公司坚持在超声设备及衍生领域持续进行研 发投入，将自研积累的视觉识别和分析技术、机器人运动精密控制技术等深度融合辅助筛查系统，打 造"AI+机器人扫查"系列解决方案，致力于解决目前国内部分恶性肿瘤的群体性筛查困境。 "在AI+机器人领域，公司目前已构建起了以AI技术生态为智能大脑、高清探头为精准之眼、超声机器 人为灵活之手的协同体系，实现了（辅助医者）脑、眼、手三位一体的全面布局。这一体系的建立，不 仅彰显了公司在超声领域的多维度技术融合能力，更能强化公司在高精度诊断与智能操作方面的核心竞 争力，持续推动医疗行业向智能化、精准化和自动化迈进。"祥生医疗进一步称。 皓元医药近日在接受机构调研时表示，公司积极布局和关注AI制药方面的发展，在药物研发全流程及 运营中深度布局，打造了一站式药物筛选平台，也 ...

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical and biotechnology industry [2] Core Viewpoints - Ganli Pharmaceutical has signed a significant "Technology Transfer and Supply Agreement" with Brazil's Ministry of Health and local biopharmaceutical company Biomm, with a total order amount expected to exceed 3 billion RMB over ten years [2][3] - The collaboration aims to enhance the stability of insulin supply in Brazil, addressing the urgent demand for insulin among diabetes patients in the country [3] - The partnership is structured to create a closed loop of "technology output - localization - long-term procurement," ensuring high-quality insulin accessibility and affordability in Brazil [3] Summary by Sections Industry Overview - The report highlights the increasing market position of Ganli Pharmaceutical in the insulin sector, being the first Chinese pharmaceutical company to participate in Brazil's PDP project, breaking the monopoly of multinational pharmaceutical companies [5] Company Performance - Ganli Pharmaceutical's insulin product agreement volume for the 2024 national insulin centralized procurement is 43.55 million units, an increase of 11.56 million units compared to the previous procurement, representing 30% of the total volume for this category [4] - The company's sales revenue for domestic insulin formulations reached 1.802 billion RMB in the first half of 2025, marking a year-on-year growth of 57.09% [4] Future Outlook - The report suggests that investors should pay attention to Ganli Pharmaceutical, given its strengthened market position and commitment to global healthcare governance through its participation in the PDP project [5]

Group 1 - The A500ETF by Jiashi has a turnover rate of 3.57% and a transaction volume of 4.41 billion yuan, with an average daily transaction of 22.80 billion yuan over the past year as of September 26, 2025 [3] - The latest scale of A500ETF by Jiashi reached 116.54 billion yuan, with a net value increase of 18.59% over the past year as of September 26, 2025 [3] - The highest monthly return since inception for A500ETF by Jiashi was 11.71%, with the longest consecutive monthly gains being 4 months and a maximum gain of 22.93% [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of August 29, 2025, include Kweichow Moutai, CATL, Ping An Insurance, and others, accounting for a total of 19.11% [4] - The individual weightings of the top stocks are as follows: Kweichow Moutai at 3.87%, CATL at 2.89%, and Ping An Insurance at 2.60% [6] - Investors without stock accounts can access the A500ETF Jiashi linked fund (022454) for exposure to the top 500 A-shares [6]

Core Viewpoint - Ganli Pharmaceutical has become the first Chinese pharmaceutical company to enter Brazil's PDP medical project, signing agreements with Fiocruz and BIOMM, with a total expected amount of no less than 3 billion yuan, which will positively impact the company's performance in 2025 and beyond [1][3]. Group 1: Project Details - The PDP model involves technology transfer, production line establishment, and national procurement, with Ganli Pharmaceutical responsible for delivering cell lines and process packages, and training for 168 technical tasks within 30 months [2]. - The total investment for the project is 130 million Brazilian Reais (approximately 160 million yuan), with a commitment from the SUS system to purchase 200 million units of insulin over 10 years, starting with a target of 20 million units in the first year, accounting for 58% of Brazil's total demand [2]. Group 2: Financial Implications - The contract's total amount is expected to contribute approximately 10% to the company's revenue over 10 years, averaging 300 million yuan annually, although the gross margin may be lower than domestic operations [3]. - In the first half of 2025, Ganli Pharmaceutical reported revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit of 604 million yuan, a year-on-year increase of 101.96% [6]. Group 3: Risks and Challenges - The project faces challenges such as exchange rate fluctuations, policy changes, and technical hurdles, with the Brazilian Real having fluctuated by 17% against the US dollar in the past 18 months [5]. - Ganli Pharmaceutical must deliver 160 key devices within 18 months, with 40% of these dependent on Chinese manufacturing, which could delay the construction plan if shipping routes are disrupted [5]. Group 4: Market Position and Strategy - Following the first round of centralized procurement, Ganli Pharmaceutical adjusted its business model, reducing its sales team by 37% and shifting its strategy towards digital marketing and grassroots penetration [6]. - The company has increased its R&D investment to 5.52 billion yuan in the first half of 2025, representing 26.7% of its revenue, indicating a focus on accelerating product development in response to market changes [7]. Group 5: International Expansion - Ganli Pharmaceutical has signed preliminary cooperation agreements with Egypt and Indonesia, which could potentially contribute over 1 billion yuan in revenue if similar terms to Brazil are replicated [10]. - The company's international revenue reached 222 million yuan in the first half of 2025, a year-on-year increase of 75.08%, accounting for 10.72% of total revenue, indicating significant growth potential in international markets [10].

Group 1: Market Outlook - The mid-term upward momentum in the market is expected to continue, with the upcoming 20th Central Committee's Fourth Plenary Session discussing the "14th Five-Year Plan" serving as an important policy window[3] - Investment recommendations focus on sectors benefiting from policy dynamics and industrial prosperity, particularly technology growth (AI, semiconductors, consumer electronics, innovative pharmaceuticals), advanced manufacturing (new energy), and cyclical sectors (non-ferrous metals, building materials)[3] Group 2: Recommended Stocks - Gannee Pharmaceutical (603087.SH): Steady growth in core business with innovative products expanding overseas, total market value of ¥476 billion, PE of 51.7, PB of 4.4[4] - Kailai Pharmaceutical (002821.SZ): Industry recovery with new business driving growth, total market value of ¥397 billion, PE of 37.7, PB of 2.4[13] - Zhuhai Guanyu (688772.SH): Major supplier of consumer batteries, benefiting from partnerships with brands like Apple and Huawei, total market value of ¥274 billion, PE of 61.4, PB of 4.0[20] - Tuojing Technology (688072.SH): Leading in film deposition equipment with significant growth potential, total market value of ¥697 billion, PE of 106.6, PB of 12.9[24] - Haiguang Information (688041.SH): Leading domestic computing power enterprise with substantial growth in H1 2025, total market value of ¥6,227 billion, PE of 273.2, PB of 29.5[32] - Shenxinfeng (300454.SZ): Cloud computing driving revenue growth, achieved profitability in Q2, total market value of ¥521 billion, PE of 92.8, PB of 5.8[37] - Penghui Energy (300438.SZ): Leading position in small-scale energy storage cells, total market value of ¥184 billion, PE of -48.1, PB of 3.7[44] - Mingyang Smart Energy (601615.SH): High demand in offshore wind power, total market value of ¥321 billion, PE of 108.6, PB of 1.2[52] - Xingye Silver Tin (000426.SZ): Strong resource positioning with expected silver price recovery, total market value of ¥482 billion, PE of 33.4, PB of 5.7[55] - Huaxin Cement (600801.SH): Rapid overseas business development with expected domestic price recovery, total market value of ¥332 billion, PE of 13.0, PB of 1.2[62]

Core Viewpoint - The company has decided to repurchase and cancel a total of 220,300 restricted stocks due to the departure of certain incentive plan participants and performance evaluations not meeting the required standards [2][3][4]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase is based on the departure of 10 participants from the 2022 incentive plan and 3 from the 2024 plan, leading to the cancellation of their stock options [2][3]. - A total of 241,300 restricted stocks were approved for repurchase, with 220,300 stocks actually being canceled due to one participant's stocks being frozen by the court [2][3]. Repurchase Details - The repurchase includes 168,700 stocks from the 2022 plan and 72,000 stocks from the 2024 plan, with repurchase prices set at 15.65 yuan and 18.09 yuan per stock respectively [3][4]. - The company has established a dedicated securities account for the repurchase process and expects the cancellation to be completed by October 9, 2025 [5]. Impact on Share Structure - After the cancellation, the remaining restricted stocks will total 6,382,480, and the repurchase will not affect the control of the company or its compliance with listing conditions [5][6]. Compliance and Legal Opinions - The board has confirmed that the decision-making process and disclosures comply with relevant regulations and that there are no violations of the rights of the incentive participants or creditors [7][8]. - Legal counsel has affirmed that the repurchase has received necessary approvals and adheres to applicable laws and regulations [8].