每经AI快讯，太平洋8月29日发布研报称，给予皓元医药（688131.SH，最新价：68.48元）买入评级。 评级理由主要包括：1）前端业务快速增长，产品种类数持续扩充；2）后端业务稳健增长，在手订单快 速增长。风险提示：核心技术人才流失、新签订单不及预期、汇率波动、存货减值、行业竞争加剧、研 发进度不及预期等风险。 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Investment Rating - The report maintains a "Buy" rating for Haoyuan Pharmaceutical (688131) with a target price based on the last closing price of 60.23 [1][4]. Core Insights - Haoyuan Pharmaceutical's Q2 revenue exceeded expectations, with a strong profit growth. The company achieved a revenue of 1.311 billion yuan in H1 2025, representing a year-on-year increase of 24.20%, and a net profit of 152 million yuan, up 115.55% year-on-year [4][5]. - The growth in revenue and profit is attributed to the rapid expansion of the high-margin life science reagent business and effective internal management and cost control [5][6]. - The front-end business generated 904 million yuan in revenue in H1 2025, a 29.2% increase year-on-year, with a gross margin of 63.0%, up 3.5 percentage points [5][6]. Revenue and Profit Forecast - The company forecasts revenues of 2.848 billion yuan, 3.598 billion yuan, and 4.564 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 25.47%, 26.33%, and 26.84% [6][7]. - The net profit is expected to reach 308 million yuan, 399 million yuan, and 517 million yuan for the same years, with growth rates of 52.65%, 29.56%, and 29.75% [6][7]. Business Segments Performance - The front-end business's revenue accounted for a significant portion of total revenue, with 9.04 billion yuan in H1 2025, while the back-end business generated 399 million yuan, reflecting a 13.6% year-on-year increase [5][6]. - The back-end business has a robust order backlog exceeding 590 million yuan, a 40.1% increase year-on-year, indicating strong future growth potential [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Views - The company has demonstrated sustained high growth in performance, with a significant increase in both revenue and net profit in the first half of 2025 [1]. - The front-end business (life science reagents) is a key driver of growth, showing a revenue increase of 29.2% year-on-year, while the back-end business (API and intermediates, formulations) also contributed positively with a 13.6% increase [2][3]. - The company is actively developing an AI drug discovery platform, which is expected to enhance efficiency and success rates in drug development [6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.311 billion yuan, a year-on-year increase of 24.2%, and a net profit of 152 million yuan, up 115.55% [1]. - The overall gross margin for H1 2025 was 49.07%, an increase of 3.7 percentage points compared to the previous year [2]. Front-End Business - The front-end business generated 904 million yuan in revenue in H1 2025, with a gross margin of 63.0%, reflecting a 3.5 percentage point increase year-on-year [3]. - The company has a robust product pipeline with approximately 147,000 life science reagents in reserve, enhancing its market position [3]. Back-End Business - The back-end business reported a revenue of 399 million yuan in H1 2025, with a gross margin of 17.8% [4]. - The company has a strong order backlog exceeding 590 million yuan, indicating significant growth potential [5]. AI Drug Discovery Platform - The company is integrating AI technology into drug development, aiming to create a leading AI drug discovery platform that enhances the drug screening process [6]. - The initiative includes collaborations in academia and industry to develop a comprehensive drug discovery system [6]. Financial Projections - The company is projected to achieve revenues of 2.753 billion yuan, 3.345 billion yuan, and 4.021 billion yuan for the years 2025, 2026, and 2027, respectively [8]. - The expected diluted EPS for 2025, 2026, and 2027 are 1.41 yuan, 1.81 yuan, and 2.24 yuan, respectively [8].

Core Insights - The company reported a revenue of 1.311 billion yuan for the first half of 2025, representing a year-on-year growth of 24.20%, with overseas revenue reaching 560 million yuan, up 39.78% [2] - The net profit attributable to shareholders was 152 million yuan, marking a significant increase of 115.55%, and the gross profit margin improved to 49.1%, up 3.7 percentage points [2] - The company emphasizes a long-term strategy focused on "industrialization, globalization, and branding," aiming to enhance customer value and operational efficiency [2] Business Segments - The company operates in three main business areas: "tool compounds and biochemical reagents," "molecular building blocks," and "active pharmaceutical ingredients (APIs) and intermediates, formulations" [3] - The life sciences reagent segment showed strong growth, achieving revenue of 904 million yuan, a 29.2% increase, with a gross margin of 63% [3] - The company has a substantial inventory of approximately 147,000 types of life science reagents, maintaining a leading position in product variety and diversity [3] CDMO Business - The CDMO (Contract Development and Manufacturing Organization) segment generated revenue of 399 million yuan, reflecting a year-on-year growth of 13.6% [4] - The company has a robust pipeline with 419 generic drug projects and 966 innovative drug projects, primarily in the preclinical and early clinical phases [4] - The company has established a comprehensive platform for ADC (Antibody-Drug Conjugate) development, with a new CDMO facility in Chongqing now operational [5] Global Expansion - The company is accelerating its globalization efforts, with overseas revenue reaching 560 million yuan, accounting for 43.0% of total revenue [6] - The company is actively expanding its market presence in the U.S., Europe, Japan, South Korea, and India, focusing on high-end markets [6] - The company aims to enhance its international brand influence while optimizing resource allocation for operational efficiency [6] AI Integration in Drug Development - The company is leveraging AI technology to enhance drug development efficiency, focusing on small molecule drug research combined with AI [7] - A comprehensive drug screening platform has been developed, integrating various computational drug design algorithms to improve drug discovery success rates [7] - The company is committed to building a robust AI model for drug development, aiming to create a full-chain system from basic research to industrial application [8]

Market Overview - The medical services sector rose by 3.64% on August 29, with the leading stock being Puris [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Medical Services - Zenggansi (301257) closed at 43.54, up 20.01% with a trading volume of 64,900 shares and a turnover of 278 million [1] - Haoyuan Pharmaceutical (688131) closed at 68.48, up 13.70% with a trading volume of 189,200 shares and a turnover of 1.256 billion [1] - Bidai Pharmaceutical (688073) closed at 67.11, up 10.43% with a trading volume of 28,300 shares and a turnover of 182 million [1] - Meidi Xi (688202) closed at 64.21, up 8.96% with a trading volume of 124,400 shares and a turnover of 784 million [1] - WuXi AppTec (603259) closed at 103.30, up 7.95% with a trading volume of 1,016,600 shares and a turnover of 10.18 billion [1] Top Losers in Medical Services - Digital Human (835670) closed at 17.54, down 6.20% with a trading volume of 127,200 shares and a turnover of 227 million [2] - Puri Eye Hospital (301239) closed at 40.78, down 4.63% with a trading volume of 49,600 shares and a turnover of 203 million [2] - Yingkang Life (300143) closed at 10.64, down 3.45% with a trading volume of 230,300 shares and a turnover of 250 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 1.259 billion from institutional investors, while retail investors experienced a net outflow of 446 million [2][3] - Major stocks like WuXi AppTec had a net inflow of 1.269 billion from institutional investors, while it faced a net outflow of 741 million from retail investors [3]

Group 1 - The A-share market saw a significant rise in CRO concept stocks, with notable increases in share prices for several companies [1] - Haoyuan Pharmaceutical experienced a rise of over 15%, while Chengdu XianDao and MeidiXi saw increases of over 11% and 10% respectively [1] - Other companies such as Bid Pharma, Boteng Co., and WuXi AppTec also reported gains exceeding 7% [1] Group 2 - The following table summarizes the performance of key CRO stocks, including their percentage increase, total market capitalization, and year-to-date performance [2] - Haoyuan Pharmaceutical: +15.19%, Market Cap: 14.7 billion, YTD: +95.07% - Chengdu XianDao: +11.02%, Market Cap: 10.7 billion, YTD: +116.70% - MeidiXi: +10.54%, Market Cap: 8.75 billion, YTD: +115.91% - Bid Pharma: +8.39%, Market Cap: 5.99 billion, YTD: +36.61% - Boteng Co.: +7.51%, Market Cap: 13.6 billion, YTD: +58.02% - WuXi AppTec: +7.43%, Market Cap: 303.4 billion, YTD: +90.82% - Sunshine Nuohe: +6.32%, Market Cap: 8.46 billion, YTD: +100.86% - Baicheng Pharmaceutical: +4.97%, Market Cap: 6.29 billion, YTD: +51.90% - Kailai Ying: +4.49%, Market Cap: 39 billion, YTD: +43.98% - NuoSiGe: +4.35%, Market Cap: 5.19 billion, YTD: +7.82% [2]

Group 1 - The A-share CRO (Contract Research Organization) sector experienced a significant rally on August 29, with notable stock price increases [1] - Haoyuan Pharmaceutical surged over 14%, while Medices and Chengdu Xian Dao saw increases of over 10% and 9% respectively [1] - Other companies such as Pruis and Boteng Co., along with Inno Laser, also showed positive performance in the market [1]

Core Viewpoint - The innovative drug concept has seen a resurgence, with Haoyuan Pharmaceutical rising over 15%, and both Kangchen Pharmaceutical and Huahai Pharmaceutical hitting the daily limit up [1] Company Summary - Haoyuan Pharmaceutical experienced a significant increase in stock price, rising more than 15% [1] - Kangchen Pharmaceutical and Huahai Pharmaceutical both reached the daily trading limit, indicating strong market interest and investor confidence [1] Industry Summary - The innovative drug sector is witnessing renewed interest, reflected in the substantial stock price movements of key players [1]

Group 1 - The biopharmaceutical ETF (159859) has shown strong performance, rising 1.16% with a trading volume exceeding 94 million yuan, making it the top performer among its peers [1] - The ETF has seen a net inflow of over 61 million yuan over the past three trading days, indicating strong investor interest [1] - The ETF closely tracks the National Index of Biopharmaceuticals (399441.SZ), which covers various sectors including innovative drugs, CXO, vaccines, and blood products [1] Group 2 - The innovative drug ETF Tianhong (517380) is the largest in the market, covering both A-shares and Hong Kong stocks, and is the only ETF tracking the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index [2] - The Tianhong ETF has also experienced a net inflow of over 64 million yuan over the past three trading days, reflecting positive market sentiment [2] - A recent meeting emphasized the need for comprehensive reforms in drug regulation and innovation, which could positively impact the pharmaceutical industry [2] Group 3 - Overall, the market may face short-term fluctuations, but there are signs of capital rotation, with many undervalued stocks beginning to rebound [3] - The expectation of interest rate cuts and economic recovery may lead to a focus on cyclical sectors in the future [3]

Core Viewpoint - The innovative pharmaceutical stocks experienced a significant rebound, with Huahai Pharmaceutical and Kangchen Pharmaceutical both hitting the daily limit up, indicating strong market interest and investor confidence in the sector [1] Industry Summary - The National Medical Products Administration of China reported that the country's pharmaceutical industry ranks second globally, with approximately 30% of the world's innovative drugs currently under research [1] - Since the beginning of the 14th Five-Year Plan, a total of 387 pediatric drugs and 147 rare disease drugs have been approved for market, effectively addressing the medication needs of key populations [1] Company Summary - Huahai Pharmaceutical and Kangchen Pharmaceutical both reached the daily limit up, reflecting positive market sentiment towards their stock performance [1] - Other companies such as Puris, Duolai Pharmaceutical, Haoyuan Pharmaceutical, Huana Pharmaceutical, Medisi, Lifang Pharmaceutical, and Guangshengtang also saw stock increases, with some rising over 5% [1]