Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for investment opportunities in this sector [10][64]. Core Insights - The medical services sector has shown resilience, with a recent increase in the sector's PE ratio to 34.43X and PB ratio to 3.49X, indicating a positive trend in valuation metrics [4][29]. - The approval of internet medical first diagnosis trials in Beijing marks a significant regulatory breakthrough, potentially accelerating the online medical service process and providing new market opportunities for private medical institutions [5][62][63]. - The report highlights the importance of digital regulation and standardization in enhancing service capabilities for private medical institutions, particularly in consumer healthcare sectors like pediatrics and dermatology [5][62]. Summary by Sections Industry Performance - The pharmaceutical and biological sector increased by 0.14%, ranking 15th among 31 primary industries, outperforming the Shanghai Composite Index by 1.47 percentage points [2][12]. - The medical services sub-sector reported a 1.31% increase, closing at 6827.17 points, with a year-to-date performance of 41.41% [24][27]. Company Performance - Top-performing companies in the medical services sector include Meidisi (+18.0%), Tongce Medical (+8.1%), and Nuosige (+5.7%), while underperformers include Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.56X from the previous week, while the PB ratio has risen by 0.06X, indicating a strengthening in market confidence [4][29]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. - It also recommends monitoring private medical service providers with compliance experience, such as Aier Eye Hospital, as they are expected to benefit from the evolving regulatory landscape [5][64].

Core Viewpoint - The article discusses the increasing demand and rising prices for experimental monkeys in the biopharmaceutical industry, highlighting a supply shortage that is impacting drug development processes [4][5][7]. Group 1: Market Dynamics - The demand for experimental monkeys, particularly the crab-eating macaque, is critical in preclinical drug evaluations, with over 70% of large molecule drugs relying on them [8][11]. - The price of experimental monkeys has surged from approximately 80,000 yuan per monkey in early 2025 to 150,000 yuan currently, reflecting a significant supply-demand imbalance [15]. - The supply of experimental monkeys is constrained by their long breeding cycles, with a complete cycle taking 6-7 years, and each female typically producing only one offspring per year [12][17]. Group 2: Company Performance - Companies with sufficient experimental monkey resources, such as Zhaoyan New Drug, have reported significant profit increases, with net profits rising by 214% to 371% despite a revenue decline [5]. - Zhaoyan New Drug has expanded its breeding capabilities through acquisitions and self-built facilities, now housing over 10,000 monkeys, positioning itself as a leader in the market [12][17]. Group 3: Industry Trends - The biopharmaceutical industry is experiencing a shift as major Contract Research Organizations (CROs) like WuXi AppTec and Kanglong Chemical are aggressively acquiring monkey resources, which now account for over half of the industry’s total supply [17]. - A projected shortfall of approximately 10,000 experimental monkeys per year is expected in China from 2025 to 2027, indicating a growing gap between supply and demand [18]. Group 4: Regulatory and Technological Changes - Recent regulatory changes in the U.S. and China aim to reduce reliance on animal testing, promoting alternative methods such as AI and virtual models, although these technologies are not yet ready to fully replace experimental monkeys [19][20]. - The industry is encouraged to adapt to these changes by integrating traditional animal testing with emerging technologies to create a comprehensive drug development evaluation system [21].

Market Overview - On February 4, the medical services sector rose by 1.18% compared to the previous trading day, with Haitai Biological leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Medical Services Sector Performance - Haitai Biological (300683) closed at 32.72, up 8.56%, with a trading volume of 144,400 shares and a transaction value of 464 million [1] - MediX (688202) closed at 63.84, up 3.70%, with a trading volume of 46,200 shares and a transaction value of 289 million [1] - Other notable performers include: - Purui Eye Hospital (301239) at 35.56, up 2.92% [1] - Tigermed (300347) at 64.94, up 2.75% [1] - Kanglong Chemical (300759) at 30.37, up 2.57% [1] Capital Flow Analysis - The medical services sector saw a net inflow of 427 million from institutional investors, while retail investors experienced a net outflow of 439 million [2][3] - Notable net inflows from institutional investors include: - Tigermed (300347) with 158 million [3] - Aier Eye Hospital (300015) with 118 million [3] - WuXi AppTec (603259) with 112 million [3] Individual Stock Capital Flow - Tigermed (300347) had a net institutional inflow of 158 million, accounting for 14.54% of its trading volume [3] - Aier Eye Hospital (300015) had a net institutional inflow of 118 million, representing 12.46% of its trading volume [3] - Other stocks with significant institutional inflows include: - WuXi AppTec (603259) with 112 million [3] - Kanglong Chemical (300759) with 58.6 million [3]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

证券代码：688202 证券简称：美迪西 公告编号：2026-003 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。 重要内容提示: ● 经上海美迪西生物医药股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度将出现亏 损，公司实现归属于母公司所有者的净利润为-18,600万元到-12,400万元，与上年同期（法定披露数 据）相比，亏损预计减少14,485万元到20,685万元，同比减亏43.78%至62.52%。 ● 预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-20,400万元到-13,600万 元，与上年同期（法定披露数据）相比，亏损预计减少14,371万元到21,171万元，同比减亏41.33%至 60.89%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经公司财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为-18,600万元 到-12,400万元，与上年同期（法定披露数据）相比，亏损 ...

格隆汇1月30日丨美迪西(688202.SH)公布，经公司财务部门初步测算，预计2025年度将出现亏损，公司 实现归属于母公司所有者的净利润为-18,600万元到-12,400万元，与上年同期（法定披露数据）相比， 亏损预计减少14,485万元到20,685万元，同比减亏43.78%至62.52%。预计2025年年度实现归属于母公司 所有者的扣除非经常性损益后的净利润为-20,400万元到-13,600万元，与上年同期（法定披露数据）相 比，亏损预计减少14,371万元到21,171万元，同比减亏41.33%至60.89%。 报告期内，公司归属于母公司所有者的净利润以及归属于母公司所有者的扣除非经常性损益后的净利润 较上年同期实现大幅减亏，主要系公司加快全球化战略布局，充分发挥研发平台资源和优势，实现营业 收入预计同比增长约12%，其中境外主营业务收入占比预计提升至约47%。公司在推动营业收入增长的 同时，持续深化降本增效，加强成本管控，综合毛利率预计同比提升约11个百分点，盈利能力稳步改 善，实现亏损规模大幅收窄。 ...

格隆汇1月30日丨美迪西(688202.SH)公布，经公司财务部门初步测算，预计2025年度将出现亏损，公司 实现归属于母公司所有者的净利润为-18,600万元到-12,400万元，与上年同期（法定披露数据）相比， 亏损预计减少14,485万元到20,685万元，同比减亏43.78%至62.52%。预计2025年年度实现归属于母公司 所有者的扣除非经常性损益后的净利润为-20,400万元到-13,600万元，与上年同期（法定披露数据）相 比，亏损预计减少14,371万元到21,171万元，同比减亏41.33%至60.89%。 报告期内，公司归属于母公司所有者的净利润以及归属于母公司所有者的扣除非经常性损益后的净利润 较上年同期实现大幅减亏，主要系公司加快全球化战略布局，充分发挥研发平台资源和优势，实现营业 收入预计同比增长约12%，其中境外主营业务收入占比预计提升至约47%。公司在推动营业收入增长的 同时，持续深化降本增效，加强成本管控，综合毛利率预计同比提升约11个百分点，盈利能力稳步改 善，实现亏损规模大幅收窄。 ...

（记者 王晓波） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，美迪西1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-1.86亿元到-1.24亿元，与上年同期相比，亏损预计减少约1.45亿元~2.07亿元，同比减亏 43.78%~62.52%。业绩变动主要原因是，报告期内，公司归属于母公司所有者的净利润以及归属于母公 司所有者的扣除非经常性损益后的净利润较上年同期实现大幅减亏，主要系公司加快全球化战略布局， 充分发挥研发平台资源和优势，实现营业收入预计同比增长约12%，其中境外主营业务收入占比预计提 升至约47%。公司在推动营业收入增长的同时，持续深化降本增效，加强成本管控，综合毛利率预计同 比提升约11个百分点，盈利能力稳步改善，实现亏损规模大幅收窄。 ...

美迪西1月30日公告，预计2025年度归母净利润亏损1.24亿元-1.86亿元，上年同期亏损3.31亿元。该公 司称，报告期内，公司归属于母公司所有者的净利润较上年同期实现大幅减亏，主要系公司加快全球化 战略布局，充分发挥研发平台资源和优势，实现营业收入预计同比增长约12%，其中境外主营业务收入 占比预计提升至约 47%。公司在推动营业收入增长的同时，持续深化降本增效，加强成本管控，综合 毛利率预计同比提升约11个百分点，盈利能力稳步改善，实现亏损规模大幅收窄。 ...

证券代码：688202 证券简称：美迪西 公告编号：2026-003 上海美迪西生物医药股份有限公司 2025 年年度业绩预告 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。 重要内容提示: 经上海美迪西生物医药股份有限公司（以下简称"公司"）财务部门初步 测算，预计 2025 年度将出现亏损，公司实现归属于母公司所有者的净利润为 -18,600 万元到-12,400 万元，与上年同期（法定披露数据）相比，亏损预计减少 14,485 万元到 20,685 万元，同比减亏 43.78%至 62.52%。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润为-20,400 万元到-13,600 万元，与上年同期（法定披露数据）相比，亏损预计 减少 14,371 万元到 21,171 万元，同比减亏 41.33%至 60.89%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （三）本次业绩预告未经注册会计师审计。 二、上 ...