重要内容提示: 上海美迪西生物医药股份有限公司（以下简称"公司"）股东林长青持有 公司股份 3,731,170 股，占公司总股本的 2.78%。 证券代码：688202 证券简称：美迪西 公告编号：2026-005 上海美迪西生物医药股份有限公司 关于股东部分股份解除质押的公告 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、准确性和完整性依法承担法律责任。 2026 年 3 月 31 日 公司股东林长青本次解除质押公司股份 1,000,000 股。本次解除质押后， 林长青累计质押公司股份 1,400,000 股，占其持股总数的 37.52%，占公司总股本 的 1.04%。 公司于近日接到股东林长青通知，获悉其所持有公司的部分股份办理了解除 质押手续，具体事项如下： 注：上述数据比例均以 2026 年 3 月 30 日股东持股数及公司总股本计算所得。 上述质押事项若出现其他重大变动情况，公司将按照有关规定及时履行信息 披露义务。 特此公告。 上海美迪西生物医药股份有限公司董事会 | 股东名称 | 林长青 | | --- | --- | | 本次解除质押股份 ...

Summary of the Conference Call on Preclinical CRO Industry Industry Overview - The preclinical Contract Research Organization (CRO) sector is experiencing a significant surge in orders, with a full recovery expected by Q4 2025. Orders are projected to increase by tens of percentage points year-on-year in H1 2026, potentially doubling the order value due to both volume and price increases [1][2]. Core Insights and Arguments - **Service Price Recovery**: Rapid recovery in service prices has been noted, particularly in the safety evaluation sector, where discounts have narrowed from 50% to no discount, resulting in year-on-year price increases of several tens of percentage points. This price increase is expected to translate directly into profits [1][2]. - **Monkey Resource Supply Shortage**: A critical factor driving the increase in service prices is the shortage of monkey resources, exacerbated by slow import approval processes. This shortage has led to a dramatic rise in monkey prices, which in turn has pushed up service fees [3]. - **BD Transaction Activity**: The active business development (BD) transactions are concentrating research and development investments in the preclinical phase. High-value orders are expected to be fully reflected in financial reports by Q3 2026, with net profits anticipated to return to 2021 peak levels by Q1 2027 [1][4]. Future Outlook - **Order Sustainability**: There are no immediate concerns regarding order sustainability. Orders are expected to show strong performance in Q1 and Q2 of 2026, with projected year-on-year growth of several tens of percentage points. The overall order amount may double due to the combined effect of increased order volume and service price hikes [4]. - **Profit Margin Impact**: The rapid increase in order prices is expected to significantly enhance profit margins for related companies. The price improvement began in Q3 2025, with discounts narrowing from 50-60% to 80-90%. This price increase is anticipated to be reflected in financial statements starting Q3 2026, with some companies potentially reaching net profit levels close to the peak of 2021 by Q1 2027 [5][6]. Key Companies to Watch - **InnoCare Pharma**: Recommended due to its low correlation with the domestic market and strong order certainty in Q1 and Q2 of 2026. Its smaller market capitalization provides significant upside potential [7]. - **Zhaoyan New Drug**: Despite facing a reduction event, it presents a good entry point. The profit levels in 2027 are expected to match or exceed those of 2021, with considerable room for growth compared to previous peaks [7]. - **Medpace**: As a leading integrated preclinical service provider, it is currently benefiting from the focus on safety evaluation. As the industry continues to improve, its front-end services are expected to gain traction, revealing its performance elasticity [7]. Overall Market Trend - The current market situation is just the beginning, driven by improved BD conditions for innovative drugs in 2025. Although there have been significant stock adjustments due to rising monkey prices and corrections in the innovative drug sector, the current position offers a favorable entry point for investors. Continued healthy development of the Chinese innovative drug industry is expected to benefit domestic CRO companies, with potential for greater valuation expansion if orders remain strong in the second half of the year [8][9].

Core Viewpoint - The innovative drug sector is experiencing significant growth, with multiple companies seeing substantial stock price increases, indicating a bullish trend in the market [1]. Group 1: Stock Performance - Shuyatain's stock price increased by 14.66%, reaching 26.52 [2] - Other notable performers include Dizhe Pharmaceutical with a 10.70% increase, Baili Tianheng at 10.63%, and Huana Pharmaceutical at 10.33% [2] - In the Hong Kong market, Keystone Pharmaceuticals surged over 18%, while CSPC Pharmaceutical and Xiansheng Pharmaceutical rose by over 12% and 8%, respectively [3] Group 2: Market Trends - The overall trend in the innovative drug sector shows a strong upward movement, with several companies hitting their daily price limits [1] - The performance of stocks in both mainland and Hong Kong markets reflects a growing investor confidence in the pharmaceutical industry [3]

Investment Rating - The report maintains a "Buy" rating for the medical services industry [6] Core Views - The medical and biological sector experienced a decline of 2.77% this week, ranking 8th among the 31 primary industries in the Shenwan index. The Shanghai and Shenzhen 300 index fell by 2.19%, indicating that the medical sector underperformed by 0.59 percentage points [1] - The report highlights a new policy from the Ministry of Commerce aimed at promoting international medical tourism, which is expected to enhance the appeal of private hospitals by allowing them to tap into high-value services such as high-end physical examinations and cosmetic surgery [4] - The medical services sector's current Price-to-Earnings (PE) ratio is 30.77X, with a Price-to-Book (PB) ratio of 3.12X, reflecting a slight decrease from the previous week [3] Summary by Sections Industry Performance - The medical services sector index closed at 6472.58 points, down 4.32% for the week, while the overall medical and biological sector index fell by 2.77% [1][22] - Notable performers in the medical services sector included WuXi AppTec (0.0%) and Aier Eye Hospital (-1.8%), while companies like Sanbo Brain Science and Proprius saw significant declines of -20.7% and -16.8%, respectively [2][22] Valuation Metrics - The medical services sector's PE ratio (ttm) is 30.77X, with a one-year maximum of 41.13X and a minimum of 28.46X. The current PB ratio is 3.12X, with a one-year maximum of 4.00X and a minimum of 2.48X [3] Investment Suggestions - The report suggests focusing on high-growth areas such as ADC CDMO and the peptide CDMO in the weight loss drug supply chain, with companies like WuXi AppTec and Aier Eye Hospital recommended for their growth potential [5] - It also highlights the potential recovery in profitability for third-party medical testing laboratories and consumer healthcare sectors, particularly in ophthalmology and dentistry [5]

Core Insights - The company has reported an upward trend in the market price of experimental monkeys and has taken measures to ensure a stable supply to meet operational needs [3][4] - The growth of the company's overseas business is driven by a deepened global layout, improved business systems, and enhanced comprehensive service capabilities [4][6] - The company is focusing on building innovative technology platforms related to human cell models, AI predictions, and organoids, while also strengthening its preclinical capabilities in biopharmaceuticals [5][6] Group 1: Supply and Pricing - The market price of experimental monkeys has been increasing recently, prompting the company to diversify procurement channels and deepen cooperation with suppliers to ensure a stable supply [3][4] Group 2: Overseas Business Growth - The company's overseas business growth is attributed to a comprehensive global strategy, including the establishment of a 2,000 square meter R&D office in Boston, which has already begun generating revenue [4][6] - The company is enhancing its laboratory capabilities and business team configurations in key overseas regions, improving communication between overseas business development and domestic research teams [4][6] Group 3: Technology Platform Development - The company is advancing its innovative technology platforms, focusing on areas such as CGT, nucleic acid drugs, PROTAC, and AI, with ongoing projects in ADC preclinical research [5][6] - The company has completed numerous ADC preclinical studies and received 30 approvals, indicating a strong capability in this area [5][6] Group 4: Capacity and Talent Management - The company operates R&D laboratories in multiple locations, including Zhangjiang, Chuansha, Nanhui, and Boston, with ongoing expansion projects to enhance drug discovery and research capabilities [6][7] - The company plans to dynamically recruit talent based on business needs, focusing on technical and management personnel, while also implementing internal training and incentive mechanisms [6][7] Group 5: Project Execution Cycles - The company has three service models with varying execution cycles: product customization (1-3 months for chemical/biological services, 1-10 months for pharmacodynamics), design and development (approximately 6 months to 2.5 years), and joint efforts (typically 6 months to 1 year) [8]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Insights - The company has significantly reduced its losses in 2025, with a notable revenue acceleration in Q4 2025, achieving a total revenue of 1.161 billion yuan, a year-on-year increase of 11.89%, and a net profit attributable to shareholders of -155 million yuan, a substantial reduction in losses by 176 million yuan compared to the previous year [1][3] - New orders exceeded expectations, with approximately 1.6 billion yuan in new orders signed in 2025, representing a year-on-year growth of about 45%. This growth is attributed to strong performance in domestic safety assessment business in Q4 2025, and the company is optimistic about continued high growth in new orders and revenue in 2026 [2] - The company has made significant progress in overseas expansion, with international revenue accounting for approximately 47% of total revenue in 2025. The dual-driven growth structure from both domestic and international markets is expected to enhance growth flexibility in 2026 [2] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 1.161 billion yuan, with forecasts for 2026 and 2027 at 1.496 billion yuan and 1.930 billion yuan, respectively, reflecting growth rates of 28.84% and 29.05% [3] - The gross profit margin for 2025 improved by approximately 11 percentage points, and the company anticipates further improvements in 2026 due to the recovery in order volume and pricing [2] - The net profit attributable to shareholders is expected to turn positive in 2026, with projections of 320 million yuan and 1.848 billion yuan for 2026 and 2027, respectively [3]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company has significantly reduced its losses in 2025, with a notable revenue acceleration in Q4 2025, achieving a total revenue of 1.161 billion yuan, a year-on-year increase of 11.89%, and a net profit attributable to shareholders of -155 million yuan, a substantial reduction in losses by 176 million yuan compared to the previous year [1][3] - The company signed new orders exceeding expectations, with a total of approximately 1.6 billion yuan in new orders for 2025, representing a year-on-year growth of about 45%. This growth is attributed to strong performance in the domestic safety assessment business in Q4 2025 [2] - The company's overseas revenue has continued to break through, with the proportion of overseas revenue rising to approximately 47% in 2025, indicating a dual-driven growth structure from both domestic and international markets [2] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 1.161 billion yuan, with forecasts for 2026 and 2027 at 1.496 billion yuan and 1.930 billion yuan, respectively, reflecting growth rates of 28.84% and 29.05% [3] - The gross profit margin for 2025 improved by approximately 11 percentage points, and the company expects continued improvement in gross margins in 2026 due to the recovery in order volume and pricing [2] - The net profit attributable to shareholders is forecasted to be -155 million yuan in 2025, with expectations of turning positive in 2026 with a profit of 32 million yuan and further increasing to 185 million yuan in 2027 [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The clinical research organization (CRO) sector is experiencing a significant recovery, with new orders and backlog orders showing rapid growth. Notable companies like Medpace and Yino Science have reported substantial increases in new orders and revenue [4][14] - The price of experimental monkeys, a key material for preclinical research, has surged, indicating strong demand in the domestic innovative drug industry. The price has risen to over 130,000 yuan per monkey, up from approximately 90,000 yuan in mid-2025 [5][15] - The report emphasizes the continued recommendation of the domestic preclinical CRO sector, anticipating further acceleration in order growth [5][14] Summary by Sections Section 1: Order Growth in Preclinical CRO - Medpace signed new orders worth approximately 1.6 billion yuan in 2025, a year-on-year increase of about 45%, with revenue also growing by 12% [14][15] - Yino Science reported new orders of 1.135 billion yuan, up 38.62% year-on-year, with a backlog of 1.248 billion yuan, reflecting a 28.23% increase [14][15] - The backlog for Aopumai's subsidiary, Pengli Biology, reached 252 million yuan, a 37.68% increase year-on-year [14][15] Section 2: Market Performance - In the first week of March 2026, the pharmaceutical and biological sector fell by 2.78%, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th among 31 sub-industries [6][17] - The in vitro diagnostics sector showed the highest increase, while the medical research outsourcing sector experienced the largest decline, down 4.99% [20][21] Section 3: Recommendations - The report maintains a positive outlook on the innovative drug and its supply chain, including CXO and research services, as well as emerging industries like AI and brain-machine interfaces [7] - Monthly recommendations include companies such as WuXi AppTec, CSPC Pharmaceutical Group, and Innovent Biologics, while weekly recommendations feature Aopumai, Medpace, and others [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The clinical research organization (CRO) sector is experiencing a significant recovery, with new orders and backlog orders showing rapid growth. Notable companies like Medisix and Yinos have reported substantial increases in new orders, indicating a strong demand in the market [4][14] - The price of experimental monkeys, a key material for preclinical research, has surged to over 130,000 yuan per unit in March 2026, up from approximately 90,000 yuan in mid-2025, reflecting tight supply and strong demand in the innovative drug industry [5][15] - The report emphasizes continued recommendations for the domestic preclinical CRO sector, highlighting the expected acceleration in new orders and overall positive market conditions [5][14] Summary by Sections Section 1: Order Growth in Preclinical CRO - Medisix signed new orders worth approximately 1.6 billion yuan in 2025, a year-on-year increase of about 45%, with revenue also growing by 12% [14][15] - Yinos reported new orders of 1.135 billion yuan in 2025, up 38.62%, with a backlog of 1.248 billion yuan, reflecting a 28.23% increase year-on-year [14][15] - The backlog for Pengli Biological, a subsidiary of Aopumai, reached 252 million yuan by the end of October 2025, marking a 37.68% year-on-year growth [14][15] Section 2: Market Performance - In the first week of March 2026, the pharmaceutical and biological sector fell by 2.78%, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th among 31 sub-industries [6][17] - The in vitro diagnostics sector showed the highest increase, while the medical research outsourcing sector experienced the largest decline, down 4.99% [20][21] Section 3: Recommendations - The report maintains a positive outlook on the innovative drug and its supply chain, including CXO and research services, as well as emerging industries like AI and brain-machine interfaces [7] - Monthly recommendations include companies such as WuXi AppTec, CSPC Pharmaceutical, and Innovent Biologics, while weekly recommendations feature Aopumai, Medisix, and others [7]

Financial Performance Summary - In 2025, the company achieved operating revenue of 1,161.14 million yuan, representing a year-on-year growth of 11.89% [1] - The net profit attributable to the parent company was -155.02 million yuan, a reduction in loss by 175.83 million yuan compared to the previous year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -170.17 million yuan, also a reduction in loss by 177.54 million yuan year-on-year [1] Asset and Equity Status - As of the end of the reporting period, the company's total assets were 2,588.90 million yuan, a decrease of 8.30% from the beginning of the period [2] - The equity attributable to the parent company was 1,947.03 million yuan, down 9.02% from the beginning of the period [2] Factors Influencing Performance - The significant reduction in losses was attributed to the company's accelerated global strategic layout and enhanced efficiency in project implementation and delivery, leading to a steady increase in operating revenue [3] - The proportion of overseas main business revenue increased to approximately 47%, and the comprehensive gross profit margin improved by about 11 percentage points year-on-year [3] - The company signed new orders worth approximately 1.6 billion yuan during the year, a year-on-year increase of about 45%, although the conversion of these new orders into revenue requires time [3] - Market competition has kept contract prices low, putting pressure on profit margins, and the company has made provisions for impairment losses and increased share-based payment expenses due to cautious accounting practices [3] Significant Changes in Financial Metrics - The company's operating profit, total profit, net profit attributable to the parent company, net profit after deducting non-recurring gains and losses, and basic earnings per share all saw increases exceeding 30% compared to the previous year [5] - This improvement was driven by the company's deepened global layout, steady progress in various R&D projects, and enhanced cost control and lean management practices [5]