主要投资于新药研发、医疗器械研发项目等医药相关领域，主要包括优质的新兴医疗企业，包括但不限 于新药、创新药、医疗器械、医疗服务、诊断、生物技术、医药外包研发企业等。 格隆汇12月22日丨九洲药业(603456.SH)公布，2025年12月22日，公司全资子公司宏洲投资与多方签署 《嘉兴隆峰创业投资合伙企业合伙协议》，共同参与投资嘉兴隆峰创业投资合伙企业（有限合伙）。合 伙企业认缴出资总额为人民币7,700万元（包含本次投资），宏洲投资将作为有限合伙人以自有资金认 缴出资额为人民币1,000万元，占合伙企业认缴出资总额的12.987%。 ...

智通财经APP讯，九洲药业(603456.SH)发布公告，公司全资子公司宏洲投资拟参与投资嘉兴隆峰创业 投资合伙企业(有限合伙)。合伙企业认缴出资总额为7700万元(包含本次投资)，宏洲投资将作为有限合 伙人以自有资金认缴出资额为1000万元，占合伙企业认缴出资总额的12.987%。 合伙企业投资方向：主要投资于新药研发、医疗器械研发项目等医药相关领域，主要包括优质的新兴医 疗企业，包括但不限于新药、创新药、医疗器械、医疗服务、诊断、生物技术、医药外包研发企业等。 ...

九洲药业（603456）(603456.SH)发布公告，公司全资子公司宏洲投资拟参与投资嘉兴隆峰创业投资合 伙企业(有限合伙)。合伙企业认缴出资总额为7700万元(包含本次投资)，宏洲投资将作为有限合伙人以 自有资金认缴出资额为1000万元，占合伙企业认缴出资总额的12.987%。 合伙企业投资方向：主要投资于新药研发、医疗器械研发项目等医药相关领域，主要包括优质的新兴医 疗企业，包括但不限于新药、创新药、医疗器械、医疗服务、诊断、生物技术、医药外包研发企业等。 ...

九州药业的业务结构和未来增长预期如何？ 九州药业是一家从仿制药向创新药服务转型的典型中国医药企业。公司成立于 1973 年，1985 年进入制药领域，2008 年开始布局 CDMO（合同开发与制造 组织）业务，并于 2014 年上市。通过收购诺华苏州工厂及美国工厂等资产， 公司实现了海内外产能协同。2023 年设立新加坡海外管理总部，2024 年在日 本、德国等地布局研发平台。目前，公司全球化服务能力持续升级。 公司的核 心收入和利润来源是 CDMO 业务。2025 年上半年，该业务实现收入 22.91 亿 元，同比增长 16.27%，毛利率为 41%。自 2008 年以来，公司在 CDMO 领 域深耕近 20 年，实现了从临床前到商业化项目的全流程覆盖。截至 2025 年 上半年，公司项目管线数量从 2019 年的 378 个增至 1,214 个，其中已上市商 业化品种 38 个，临床三期项目 90 个，临床一二期项目超过 1,000 个。 九州 药业的主要客户包括诺华、罗氏、辉瑞等大型跨国公司（MNC），其中诺华依 制剂业务包括制剂 CDMO 和自研仿制药，截至 2025 年前三季度，全球 高附加值领域的 ...

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for Honglu Steel Structure, Jiuzhou Pharmaceutical, and Huarui Precision, showing increases of 56.76%, 48.99%, and 36.02% respectively [1][2] - On December 17, a total of 26 listed companies received recommendations from brokers, with Hubei Energy, Hefeng Co., and Zhongnan Media each receiving one recommendation [2] - The brokerage firm Qunyi Securities (Hong Kong) upgraded the rating of Tianci Materials from "Range Trading" to "Buy" on December 17 [3][4] Group 2 - On December 17, nine companies received initial coverage from brokers, including SAIC Motor and Jiuzhou Pharmaceutical, both rated "Buy" by Aijian Securities and Huachuang Securities respectively [4][5] - Other companies receiving initial coverage include Zhongke Chuangda and Kema Technology, rated "Buy" and "Increase" by Dongbei Securities [5]

Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].

Group 1 - The core viewpoint of the article highlights that 26 stocks have been recommended by brokerages, with significant target price increases for Honglu Steel Structure and Jiuzhou Pharmaceutical, exceeding 40% [1] Group 2 - On December 17, brokerages provided a total of 10 target price adjustments, with Honglu Steel Structure, Jiuzhou Pharmaceutical, and Huarui Precision showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1] Group 3 - A total of 26 listed companies received brokerage recommendations on December 17, with Hubei Energy, Hefeng Co., and Zhongnan Media each receiving one recommendation [1] Group 4 - On the same date, one company had its rating upgraded, specifically, Qunyi Securities (Hong Kong) raised the rating of Tianci Materials from "Range Trading" to "Buy" [1] Group 5 - There were 9 instances of first-time coverage on December 17, with SAIC Motor and Weilan Lithium receiving "Buy" ratings from Aijian Securities, Jiuzhou Pharmaceutical receiving a "Recommended" rating from Huachuang Securities, and Zhongke Chuangda and Kema Technology receiving "Buy" and "Increase" ratings from Northeast Securities respectively [1]

Group 1 - 16 stocks received buy ratings from institutions today, with 11 stocks being newly covered by institutions [1][2] - Among the stocks rated, 5 provided future target prices, with 5 stocks showing an upside potential of over 20%, led by Jiuzhou Pharmaceutical with a potential increase of 48.99% [1][2] - The average increase for stocks with buy ratings today was 1.99%, outperforming the Shanghai Composite Index, with notable gainers including Sanxia Tourism and Anfu Technology [1][2] Group 2 - The electronics industry was the most favored, with stocks like Tiancheng Technology and Woge Optoelectronics receiving buy ratings [2] - The transportation and power equipment sectors also attracted institutional attention, with 3 and 2 stocks respectively making the buy rating list [2] - Specific stocks such as Tiancheng Technology and Anfu Technology were highlighted for their strong buy ratings, with target prices set significantly above their latest closing prices [2]

Core Viewpoint - Jiuzhou Pharmaceutical is entering a growth phase driven by its CDMO platform, which leverages its expertise in small molecules and TIDES, supported by a healthy project pipeline and high order visibility [3][5]. CDMO Business - The CDMO business is the main growth engine, with a robust project funnel and high order visibility. The company provides comprehensive lifecycle services from preclinical CMC to commercial production, deeply embedded in the supply chains of major pharmaceutical companies like Novartis and Roche [3]. - Key projects such as Noxafil and Ribociclib continue to generate revenue, while the rapid growth of the partnered product Vumerity is expected to provide sustained incremental growth [3]. - As of H1 2025, the company has a rich pipeline with 38 products on the market, 90 in Phase III, and 1,086 in Phase I/II, driving steady revenue growth [3]. API Business - The company focuses on specialty APIs, optimizing processes to enhance cost advantages. It holds a strong position in the CNS and anti-infection specialty API markets [4]. - Core product prices are expected to improve as industry inventory depletion nears completion, while new product categories are being introduced, including four specialty APIs by 2025 [4]. - Continuous process optimization and reduced development cycles are helping to maintain cost advantages, with an API business gross margin of 23.26% in H1 2025, up 2.08 percentage points year-on-year [4]. Formulations and CDMO - The company has made significant strides in its formulation and CDMO business through acquisitions and the establishment of its own facilities, completing its layout for generic and innovative drug formulations [4]. - As of Q3 2025, the formulation pipeline includes 22 projects, with 8 approved and 9 submitted for approval. The CDMO business has onboarded over 10 high-quality domestic and international clients, adding more than 30 new service projects [4]. - The formulation business is expected to maintain rapid growth in the future [4]. Investment Recommendation - The company has established a one-stop CDMO platform covering small molecules, peptides, conjugates, and formulations, serving major global pharmaceutical companies and achieving localized R&D in the US, Japan, and Germany [5]. - Projected net profits for 2025-2027 are estimated at 966 million, 1.128 billion, and 1.303 billion yuan, representing year-on-year growth of 59.4%, 16.8%, and 15.4% respectively [5]. - The current stock price corresponds to PE ratios of 16, 14, and 12 for 2025-2027. Given the company's growth prospects and strong order visibility, a target price of 26.64 yuan is set, with an initial "recommend" rating [5].

证券日报网讯12月15日，九洲药业（603456）在互动平台回答投资者提问时表示，公司目前已完成AI 专业团队及服务器的搭建，加快推进AI在药物研发、工艺设计、智能制造以及质量控制等环节的创新 应用。同时，公司也持续开放合作，寻求与外部领先的AI技术平台及科研机构开展协同，共同推进AI 技术在公司全产业链的深度融合与智能化升级。 ...