2025 年 10 月 20 日 证券研究报告 行业周报 行业评级： | 报告期：2025.10.9-2025.10.19 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 分析师 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 21 期总第 144 期 政策规范临床研究路径 重磅创新成果集中亮相 2025ESMO 大会 行业回顾 本报告期医药生物行业指数跌幅为 3.65%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（-2.73%）。从子行业来看，中药、 线下药店涨幅居前，涨幅分别为 1.90%、0.88%；医疗研发外包、医 疗设备跌幅居前，跌幅分别为 11.40%、5.54%。 行业走势： 估值方面，截至 2025 年 10 月 ...

Core Viewpoint - The innovation drug sector in China is experiencing significant growth, driven by increased investment, favorable policies, and a strong pipeline of new drugs entering clinical trials, positioning it for a robust future in both domestic and international markets [6][8][10]. Group 1: Market Performance - As of October 16, the Science and Technology Innovation Drug ETF (Huitianfu, 589120) saw a notable increase of 3.31%, maintaining a rise of over 2% despite a slight pullback [1]. - The ETF has attracted over 40 million yuan in net inflows over the past five days, indicating strong investor interest [1]. - Key constituent stocks such as Sangfor Technology and Yifang Bio have shown significant gains, with Sangfor hitting the daily limit up and Yifang Bio rising by 8.61% [2][3]. Group 2: Industry Trends - The number of License-out transactions in China reached 72 in the first half of 2025, surpassing half of the total for 2024, with a total transaction value 16% higher than the previous year [5]. - The innovation drug sector is primarily driven by business development (BD) expectations, with a significant portion of annual BD activity occurring in the fourth quarter [6]. - The Chinese innovation drug market is expected to see a recovery in confidence as more BD deals materialize, particularly as companies prepare for the upcoming European Society for Medical Oncology (ESMO) conference [6][7]. Group 3: R&D and Financial Outlook - Since 2015, Chinese innovation drug companies have significantly increased R&D investments, leading to a rise in the number of original innovative drugs entering clinical trials, with 704 drugs expected to enter Phase I trials in 2024 [8]. - The revenue of innovation drug companies has been steadily increasing, with projections indicating that one-third of these companies will achieve profitability by 2025, and 70% will reach breakeven by 2026 [8]. - The Chinese government's support for innovation drugs through favorable policies and increased funding is expected to enhance the sector's growth, with healthcare spending on innovation drugs projected to rise from 50 billion yuan in 2022 to 120 billion yuan in 2024 [9]. Group 4: Competitive Landscape - The impending patent cliff for multinational corporations (MNCs) is expected to create a demand for new products, with 190 drugs losing patent protection by 2030, including 69 with annual sales exceeding 1 billion dollars [10]. - Chinese innovation drug companies are well-positioned to fill this gap due to their high R&D efficiency and rich technological outcomes, making them attractive partners for MNCs [10].

Core Insights - The Medical Health Index (980016) closed at 6759.45 points, up 1.78%, with a trading volume of 27.946 billion yuan and a turnover rate of 1.0% [1] - Among the index constituents, 40 stocks rose, with Huahai Pharmaceutical leading at a 7.59% increase, while 9 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Performance - The Medical Health Index saw a net inflow of 1.063 billion yuan from main funds, while retail investors experienced a net outflow of 392 million yuan [1] - The top ten constituents of the index include major companies such as WuXi AppTec, Hengrui Medicine, and Mindray Medical, with varying market capitalizations and price changes [1] Fund Flow Analysis - Huahai Pharmaceutical had a main fund net inflow of 163 million yuan, while retail investors saw a net outflow of 76.6 million yuan [2] - Other notable companies with significant fund flows include Aier Eye Hospital and Hengrui Medicine, both experiencing mixed inflows and outflows from different investor categories [2]

截至6月30日，艾力斯股东户数1.30万，较上期增加3.61%；人均流通股34578股，较上期减少3.48%。 2025年1月-6月，艾力斯实现营业收入23.74亿元，同比增长50.57%；归母净利润10.51亿元，同比增长 60.22%。 资料显示，上海艾力斯医药科技股份有限公司位于上海市浦东新区周浦镇凌霄花路268号，成立日期 2004年3月22日，上市日期2020年12月2日，公司主营业务涉及创新药物的研发、生产和销售。主营业务 收入构成为：药品销售收入99.93%，推广服务收入0.06%，其他0.00%。 艾力斯所属申万行业为：医药生物-化学制药-化学制剂。所属概念板块包括：抗癌药物、抗癌治癌、创 新药、生物医药、百元股等。 10月15日，艾力斯盘中上涨2.04%，截至10:03，报104.16元/股，成交1.06亿元，换手率0.23%，总市值 468.72亿元。 资金流向方面，主力资金净流入701.42万元，特大单买入355.65万元，占比3.36%，卖出236.25万元，占 比2.23%；大单买入2547.27万元，占比24.03%，卖出1965.25万元，占比18.54%。 艾力斯今年以来股价涨 ...

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

Group 1 - The core point of the news is that Elysium Pharmaceuticals experienced a decline in stock price, dropping by 5.05% to 104.67 CNY per share, with a trading volume of 284 million CNY and a turnover rate of 0.59%, resulting in a total market capitalization of 47.101 billion CNY [1] - Elysium Pharmaceuticals, established on March 22, 2004, and listed on December 2, 2020, focuses on the research, production, and sales of innovative drugs, with 99.93% of its revenue coming from drug sales [1] Group 2 - From the perspective of major fund holdings, Elysium is heavily weighted in the Huatai-PineBridge fund, which reduced its holdings by 135,900 shares in the second quarter, now holding 587,300 shares, accounting for 4.73% of the fund's net value, making it the fifth-largest holding [2] - The Huatai-PineBridge fund, established on January 21, 2016, has a current scale of 778 million CNY, with a year-to-date return of 47.65% and a one-year return of 34.99% [2]

Core Viewpoint - The announcement details the completion of share reduction by the employee stock ownership platforms of Shanghai Aixiang and Nantong Aiyun, resulting in a total cash-out of 1.445 billion yuan from the sale of 13.5 million shares, which represents 3% of the company's total share capital [1]. Group 1: Share Reduction Details - Shanghai Aixiang held 32,930,660 shares (7.32% of total shares) and Nantong Aiyun held 9,770,362 shares (2.17% of total shares) prior to the reduction [1]. - The reduction period for both platforms was from September 1, 2025, to September 24, 2025 [2][4]. - Shanghai Aixiang reduced 10,410,000 shares, with a total amount of 1.114 billion yuan, while Nantong Aiyun reduced 3,090,000 shares, amounting to 330 million yuan [2][4]. Group 2: Current Shareholding Status - After the reduction, Shanghai Aixiang holds 22,520,660 shares (5.00% of total shares) and Nantong Aiyun holds 6,680,362 shares (1.48% of total shares) [2][4]. - The original plan for Shanghai Aixiang was to reduce no more than 2.31% of its shares, while Nantong Aiyun aimed for a maximum reduction of 0.69% [2][4]. Group 3: Company Background - Ailisi was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 2, 2020, with an issuance of 90 million shares at a price of 22.73 yuan per share [5]. - The total funds raised amounted to 2.0457 billion yuan, with a net amount of 1.9325 billion yuan after deducting issuance costs [5]. - The funds were intended for various projects, including new drug research and development, headquarters and research base construction, marketing network development, and information technology projects [5].

Core Points - Shanghai Ailis Pharmaceutical Technology Co., Ltd. announced the results of shareholder share reduction, revealing the reduction situation of employee shareholding platforms [1] Group 1: Shareholding Situation Before Reduction - Before the reduction plan, Shanghai Aixiang held 32,930,660 shares, accounting for 7.32% of the total share capital; Nantong Aiyun held 9,770,362 shares, accounting for 2.17% of the total share capital [2] Group 2: Review of Reduction Plan - On August 9, 2025, Ailis disclosed a share reduction plan, intending to reduce a total of no more than 13,500,000 shares, accounting for no more than 3.00% of the total share capital, through block trading and centralized bidding from September 1, 2025, within three months [3] Group 3: Results of Share Reduction - As of September 24, 2025, the two shareholding platforms had cumulatively reduced 13,500,000 shares, achieving the planned reduction of 3.00% of the total share capital. Specifically, Shanghai Aixiang reduced 10,410,000 shares (2.31%) and Nantong Aiyun reduced 3,090,000 shares (0.69%). The reduction price ranged from 100.00 to 115.35 yuan per share, with total amounts of 1,114,190,265.82 yuan and 330,436,753.50 yuan respectively [4]

Group 1 - The company Ailis (SH 688578) announced on September 24 that Shanghai Aixiang and Nantong Aiyun have completed a share reduction plan, reducing their holdings by 13.5 million shares, which accounts for 3.00% of the company's total share capital [1] - For the year 2024, Ailis's revenue composition is entirely from the pharmaceutical manufacturing industry, with a 100.0% share [1] - As of the announcement, Ailis has a market capitalization of 48.6 billion yuan [1]