Core Insights - The Biotech Economy Index (970038) closed at 2261.4 points, down 0.81%, with a trading volume of 16.635 billion yuan and a turnover rate of 1.19% [1] - Among the index constituents, 19 stocks rose while 30 stocks fell, with Meihao Medical leading the gainers at 6.53% and Prolo Pharma leading the decliners at 5.41% [1] Index Performance - The Biotech Economy Index experienced a decline of 0.81% on the reporting day [1] - The total market capitalization of the index constituents was significant, with major players like Mindray Medical valued at 266.98 billion yuan [1] Top Constituents - The top ten constituents of the Biotech Economy Index include: - Mindray Medical (13.81% weight, 220.20 yuan, -1.51% change, 2669.80 billion yuan market cap) [1] - Changchun High-tech (5.41% weight, 119.11 yuan, -0.97% change, 485.89 billion yuan market cap) [1] - Kanglong Chemical (4.66% weight, 30.96 yuan, +0.29% change, 550.53 billion yuan market cap) [1] - Other notable constituents include Taige Pharmaceutical, Muyuans, and Aimeike, all within the biotech and healthcare sectors [1] Capital Flow - The net outflow of main funds from the Biotech Economy Index constituents totaled 0.893 billion yuan, while retail investors saw a net inflow of 0.75 billion yuan [1] - Specific stocks like Kanglong Chemical and Meihao Medical experienced varying levels of net inflow and outflow from different investor categories [2]

Group 1: Financial Performance - The company achieved a revenue of 7.76 billion CNY in the first three quarters, a year-on-year decrease of 16% [3] - Net profit for the same period was 700 million CNY, down 19% year-on-year [3] - Gross margin stood at 25%, showing a slight increase compared to the previous year [3] Group 2: Business Segment Performance - CDMO business revenue reached 1.69 billion CNY, with a year-on-year growth of nearly 20% [4] - API business revenue was 5.19 billion CNY, with a gross margin of approximately 20%, at a historical low [5][7] - Pharmaceutical business revenue was 830 million CNY, down about 10% year-on-year, with a gross margin maintained at 50%-60% [6] Group 3: Order and Project Status - The company has 391 commercial projects (+15%) and 853 clinical projects (+41%) [4] - The total amount of orders to be delivered in the next 2-3 years is 5.2 billion CNY, primarily from commercial orders [4] - The number of CDMO clients reached 670 in Q3, expected to exceed 700 by year-end [10] Group 4: Strategic Initiatives - The company plans to expand its R&D team to 2,000 personnel within 2-3 years, currently having about 900 in the CDMO sector [4][6] - The company is focusing on differentiating its pharmaceutical products and expanding into international markets, with U.S. generic drug shipments starting in Q4 [6] - The company is actively pursuing new projects in the peptide and ADC fields, with significant potential for growth [8][10] Group 5: Market Outlook - The company anticipates that the third quarter will be the lowest point for overall performance, with a recovery expected in Q4 [7] - The gross margin for CDMO is projected to remain between 40%-50% in the future, while API margins are expected to improve next year [7] - The company is managing exchange rate risks effectively, with 70% of exposure hedged [13]

10月21日，浩欧博公告，公司近期与罗氏诊断产品(上海)有限公司签署框架协议，合作内容为罗氏诊断 采购浩欧博化学发光自身抗体检测产品并在中国进行商业推广。该协议为框架协议，不涉及具体金额， 是双方相互合作项目的基础和指导性文件。具体的交易细节需要双方在后期签署的正式合同或协议中另 行约定，预计不会对浩欧博本年度的业绩及经营成果产生重大影响。 NO.1浩欧博：公司近期与罗氏诊断签署框架协议 NO.2成大生物：与中国科学院微生物所达成战略合作，协同发力应对传染病防控 10月21日，成大生物公告，公司与中国科学院微生物研究所(以下简称"微生物所")近日签署《战略合作 协议》，双方聚焦新发突发传染病领域，重点围绕虫媒传染病预防，联合申报国家级、省部级科研项 目，协同发力应对传染病防控。该协议属于意向性合作范畴，对公司2025年度及未来业绩不构成直接影 响。 点评：本次战略合作整合了微生物所病原学研究资源，能够与成大生物现有疫苗研发平台形成协同效 应，有望加速新发突发传染病疫苗及生物药研发进程。 NO.3圣湘生物：拟出资2000万元与专业机构共同投资设立基金 10月21日，圣湘生物公告称，公司拟与苏州维特力新创业投资管 ...

对于社保基金，本期较上一季未再披露的社保基金共计1个，即全国社保基金一零一组合。 险资方向，本期较上一期持股增加的险资共计1个，即前海人寿保险股份有限公司-分红保险产品，持股 增加占比小幅上涨。 2025年10月22日，普洛药业(000739.SZ)发布2025年第三季报。截至2025年10月21日，共有10个机构投 资者披露持有普洛药业A股股份，合计持股量达7.02亿股，占普洛药业总股本的60.62%。其中，前十大 机构投资者包括横店集团控股有限公司、浙江横店进出口有限公司、浙江横润科技有限公司、横店集团 家园化工有限公司、香港中央结算有限公司、普洛药业股份有限公司-第一期员工持股计划、中国农业 银行股份有限公司-大成睿享混合型证券投资基金、中国农业银行股份有限公司-大成高鑫股票型证券投 资基金、中国工商银行股份有限公司-大成竞争优势混合型证券投资基金、前海人寿保险股份有限公司- 分红保险产品，前十大机构投资者合计持股比例达60.62%。相较于上一季度，前十大机构持股比例合 计上涨了0.92个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括大成睿享混合A、大成竞争优势混合 A，持股增加占 ...

丨2025年10月22日星期三丨 NO.1 浩欧博：公司近期与罗氏诊断签署框架协议 10月21日，浩欧博公告，公司近期与罗氏诊断产品（上海）有限公司签署框架协议，合作内容为罗氏诊 断采购浩欧博化学发光自身抗体检测产品并在中国进行商业推广。该协议为框架协议，不涉及具体金 额，是双方相互合作项目的基础和指导性文件。具体的交易细节需要双方在后期签署的正式合同或协议 中另行约定，预计不会对浩欧博本年度的业绩及经营成果产生重大影响。 点评：与罗氏诊断合作有利于增强浩欧博在本土市场的品牌认可度、拓展市场份额，但由于是框架协议 不涉及具体金额，该利好消息对股价的提振作用可能有限。 NO.2 成大生物：与中国科学院微生物所达成战略合作，协同发力应对传染病防控 10月21日，成大生物公告，公司与中国科学院微生物研究所（以下简称"微生物所"）近日签署《战略合 作协议》，双方聚焦新发突发传染病领域，重点围绕虫媒传染病预防，联合申报国家级、省部级科研项 目，协同发力应对传染病防控。该协议属于意向性合作范畴，对公司2025年度及未来业绩不构成直接影 响。 10月21日，国药股份发布公告称，2025年前三季度营收约393.81亿元，同比 ...

Summary of Pro Pharmaceutical Conference Call Company Overview - **Company**: Pro Pharmaceutical - **Industry**: Pharmaceutical, specifically focusing on CDMO (Contract Development and Manufacturing Organization) services, API (Active Pharmaceutical Ingredients), and generic drugs Key Points CDMO Business Performance - CDMO revenue for the first three quarters reached **1.69 billion** yuan, a year-on-year increase of nearly **20%** [2][3] - Gross margin for CDMO improved to **44.4%**, up from **40.8%** the previous year [3] - The number of commercial projects increased by **15%**, clinical projects by **41%**, and quoted projects by **68%** [2][3] - The company plans to hire **400-500** new employees to support CDMO business expansion [2][5] API Market Conditions - The API market has entered a period of overcapacity since **2022**, with demand decreasing by **30-40%** and prices significantly dropping [2][6] - The company anticipates a gradual recovery in the API market by **2026**, although the recovery will be slow [6] - Current gross margin for API is around **20%**, expected to improve as capacity utilization increases [2][11] Generic Drug Market Challenges - The generic drug market is heavily impacted by national procurement policies, leading to continuous price declines [2][7] - The company is focusing on developing improved new drugs and accelerating globalization efforts, with products already sold in the U.S. market [2][7] Future Performance Outlook - The third quarter of **2025** is expected to be the lowest point for the year, with a rebound in demand anticipated in the fourth quarter [2][8] - Overall performance is expected to improve in **2026**, with various demands showing signs of recovery [9] Gross Margin Trends - Tmall business gross margin is approximately **44%**, expected to remain between **40-50%** [2][11] - The gross margin for intermediates may be affected due to self-operated RCM, while CDMO business is expected to maintain stable margins [11] - Textile drugs maintain a gross margin of **50-60%** [11] Customer Base and Market Expansion - The company has **670** CDMO customers, expected to grow to **750** by year-end [25] - The U.S. market is projected to account for about **40%** of future CDMO customers, with China at **30-35%** [14][15] Capacity and Production Plans - Current overall capacity utilization is around **40%**, primarily affected by API demand [16][17] - The company has made proactive capacity expansions to meet growing market demands [16] Research and Development - The company plans to recruit approximately **500** new R&D personnel to support project demands [19] - R&D expenses are expected to increase due to the high investment required in the CDMO sector [19] Currency Exchange Impact - Currency fluctuations are not a major concern, as the company has agreements to mitigate risks [20][21] Medical Aesthetics Business - The medical aesthetics segment is in its early stages, with expected revenue of only a few million yuan in **2025** [22] Revenue and Profitability - For the first three quarters, CDMO revenue was approximately **1.69 billion** yuan, while API and trade revenue totaled **5.2 billion** yuan [23] - The raw material segment has seen a decline of about **10%** year-on-year, primarily due to low-margin trade reductions [23][24] Future Product Development - The company plans to launch **10-15** new specialty API products annually, with a growth period expected in the next two to three years [26][27] Veterinary Medicine Market - Veterinary products like Florfenicol are currently at historical low prices, with supply exceeding demand [28] CMO Opportunities - The company is seeing some opportunities due to the overseas patent cliff, although these are not as abundant as in previous years [29]

具体来看，前三季度，普洛药业实现营业收入77.64亿元，同比下降16.43%；归属净利润7亿元，同比下 降19.48%。 北京商报讯（记者 丁宁）10月21日晚间，普洛药业（000739）发布2025年三季报显示，公司前三季度 营收、净利双降。 ...

格隆汇10月21日丨普洛药业(000739.SZ)公布三季度报告，前三季营业收入77.6亿元，同比下降16.43%， 归属于上市公司股东的净利润7亿元，同比下降19.48%，归属于上市公司股东的扣除非经常性损益的净 利润6.47亿元，同比下降22.14%。 ...

人民财讯10月21日电，普洛药业（000739）10月21日发布2025年三季报，公司第三季度实现营业收入 23.19亿元，同比下降18.94%；归母净利润1.37亿元，同比下降43.95%。前三季度实现营业收入77.64亿 元，同比下降16.43%；归母净利润7亿元，同比下降19.48%。 ...

Core Viewpoint - Pro Pharmaceutical (000739.SZ) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 7.764 billion yuan, a year-on-year decrease of 16.43% [1] - The net profit attributable to shareholders was 700 million yuan, down 19.48% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 647 million yuan, reflecting a year-on-year decrease of 22.14% [1] - Basic earnings per share were 0.6063 yuan [1]