证券研究报告·公司深度研究·中药Ⅱ 万邦德（002082） 神经及罕见病领域转型新星，石杉碱甲解码 AD 千亿蓝海 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,542 | 1,443 | 1,144 | 1,404 | 1,641 | | 同比（%） | (13.69) | (6.39) | (20.75) | 22.71 | 16.94 | | 归母净利润（百万元） | 49.21 | 55.44 | (198.77) | 178.62 | 254.90 | | 同比（%） | (47.23) | 12.66 | (458.52) | 189.86 | 42.71 | | EPS-最新摊薄（元/股） | 0.08 | 0.09 | (0.32) | 0.29 | 0.42 | | P/E（现价&最新摊薄） | 294.23 | 261.15 | (72.84) | 81.06 | 56.80 | [Table_Tag ...

证券研究报告·公司深度研究·中药Ⅱ 万邦德（002082） 神经及罕见病领域转型新星，石杉碱甲解码 AD 千亿蓝海 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,542 | 1,443 | 1,144 | 1,404 | 1,641 | | 同比（%） | (13.69) | (6.39) | (20.75) | 22.71 | 16.94 | | 归母净利润（百万元） | 49.21 | 55.44 | (198.77) | 178.62 | 254.90 | | 同比（%） | (47.23) | 12.66 | (458.52) | 189.86 | 42.71 | | EPS-最新摊薄（元/股） | 0.08 | 0.09 | (0.32) | 0.29 | 0.42 | | P/E（现价&最新摊薄） | 294.23 | 261.15 | (72.84) | 81.06 | 56.80 | [Ta ...

盘面上，市场热点快速轮动， 全市场超4300只个股上涨。 从板块来看， 锂电产业链爆发 ，十余只成分股涨停，融捷股份4连板，石大胜华2连板， 江特电机、金圆股份、盛新锂能、赣锋锂业、海科新源、川能动力封涨停。医药板块走强，科拓生物20cm涨停，美诺华6天5板，万邦德4天3板，双 鹭药业3天板。化工板块表现活跃，苏利股份、鲁北化工、金正大、金煤科技涨停。 今日A股市场低开高走，深成指涨超1%。沪深两市成交额连续两日不足两万亿，今日仅1.85万亿，较上一个交易日缩量903亿。 下跌方面，绿电方向多股下挫，辽宁能源跌停，节能风电、海力风电、湖南发展大跌。 截至收盘，沪指涨0.63%，深成指涨1.13%，创业板指涨0.71%。 创业板指 上证指数 深证成指 -3913.72 -3295.88 -13760.37 +24.64 +0.63% +153.93 +1.13% +23.39 +0.71% 市场概况 2718 1114 828 294 175 93 87 124 83 42 22 5 6 小于 大于 +8% 涨停 跌停 +8% +6% +4% +2% 0% -2% -4% -6% -8% -8% 上涨 4337 ...

A股市场今天（3月27日）低开高走，主要指数盘中集体拉升，全面翻红。盘面上，有色金属、医药生物、基础化工等三大板块个股掀涨 停潮。 港股市场今天上午整体窄幅震荡，中国龙工盘中暴涨逾20%，成为上午港股市场表现最好的个股之一。 美容护理、农林牧渔等板块亦跟涨。 A股三大板块掀起涨停潮 A股市场今天上午整体上行，主要指数不同程度上涨，截至上午收盘，上证指数涨0.26%，深证成指涨0.93%，创业板指涨0.83%，科创综指涨1.08%。 具体板块和赛道方面，若按照申万一级行业划分，有色金属板块领涨，板块涨幅达2.6%。个股方面，深圳新星、海星股份、融捷股份、云南锗业、盛新 锂能、金徽股份等多股涨停。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 603978 | 深圳新星 | 25.69 | 2.34 | 10.02% | | 603115 | 海星股份 | 43.43 | 3.95 | 10.01% | | 002192 | 融捷股份 | 78.00 | 7.09 | 10.00% | | 002428 | 云南猪业 | 51.36 | ...

截至收盘，沪指涨0.26%，深成指涨0.93%，创业板指涨0.83%。 今日A股市场早盘低开高走，三大指数均翻红。沪深两市半日成交额1.14万亿，较上个交易日缩量843亿。 盘面上热点快速轮动，全市场超3700只个股上涨。 从板块来看， 锂矿概念爆发，融捷股份4连板，江特电机、金圆股份、盛新锂能涨停。 医药板块走强，科拓生物20cm涨停，美诺华6天5板，万邦德4天3板，联环药业、双鹭药业涨停。化工板块表现活跃，苏利股份、鲁北化 工、金正大涨停。 下跌方面，绿电方向多股下挫，辽宁能源跌停，节能风电、海力风电大跌。 下载财联社APP获取更多资讯 7x24h电报 头条新闻 VIP资讯 实时盯盘 准确 快速 权威 专业 ...

证券代码：002082 证券简称：万邦德 公告编号：2026-014 万邦德医药控股集团股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 万邦德医药控股集团股份有限公司（以下简称"公司"）股票连续 3 个交易 日内（2026 年 3 月 24 日，2026 年 3 月 25 日，2026 年 3 月 26 日）收盘价格涨幅 偏离值累计超过 20%，根据《深圳证券交易所交易规则》的相关规定，属于股票 交易异常波动。 二、公司关注并核实的情况 针对公司股票异常波动情况，按照相关规定的要求，公司对有关事项进行了 核查，并询问了公司控股股东及实际控制人，现就核实情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生较 大影响的未公开重大信息； 3、公司目前经营情况正常，不存在内外部经营环境发生重大变化的情形； 4、根据公司向控股股东及实际控制人书面函询核实，公司控股股东及实际控 制人目前正筹划涉及公司股份的协议转让事宜， ...

万邦德医药控股集团股份有限公司 关于控股股东部分股份质押的公告 公司控股股东保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：002082 证券简称：万邦德 公告编号：2026-013 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示：公司控股股东及其一致行动人累计质押股份数量占其所持公 司股份数量比例超过 80%，请投资者注意相关风险。 一、股东股份质押基本情况 万邦德医药控股集团股份有限公司（以下简称"公司"）近日收到公司控股 股东万邦德集团有限公司（以下简称"万邦德集团"）的通知，获悉其所持有本 公司的部分股份被质押，具体事项如下： | 是否为控 | 占公司 | 是否 | 股股东或 | 占其所 | 是否 | 股东名 | 本次质押数量 | 总股本 | 为补 | 质押起始 | 质押到 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第一大股 | 持股份 | 为限 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on companies with validated platforms and effective innovative drugs, indicating a positive outlook for certain segments within the industry [2]. Core Insights - The pharmaceutical and biotechnology sectors are experiencing a shift towards a multi-layered overseas strategy, with Chinese companies increasingly recognized by global multinational corporations (MNCs) for their research capabilities and technology platforms [2]. - Recent significant business development (BD) deals include China National Pharmaceutical Group's exclusive licensing agreement for the drug Rovabatinib worth $1.53 billion and the collaboration between Deqi Pharmaceutical and UCB for the CD19/CD3 bispecific T cell engager ATG-201, valued at over $1.18 billion [2][10]. - The report highlights the performance of the in vitro diagnostics sector, which was the only sub-sector to see a gain of 0.18%, while other segments like medical device and vaccine sectors faced declines [7][8]. Market Weekly Review - The pharmaceutical and biotechnology sector fell by 2.78% from March 2 to March 6, underperforming the Wind All A index (-2.3%) and the CSI 300 index (-1.07%) [7]. - Notable stock performances included Yahui Pharmaceutical (+38.1%), Zhejiang Pharmaceutical (+12.8%), and Zhongyuan Xiehe (+12.7%) as top gainers, while Tianzhihang-U (-14.8%), Furui Medical (-13.1%), and Haoyuan Pharmaceutical (-12.3%) were the biggest losers [10]. Industry News and Key Company Announcements - On March 6, Xianweida Biopharmaceutical and Pfizer announced the approval of a new indication for their GLP-1 receptor agonist, Enoglutide, for long-term weight management in adults [10]. - China National Pharmaceutical Group's licensing agreement for Rovabatinib includes a $135 million upfront payment and potential milestone payments based on sales performance [10]. - Deqi Pharmaceutical's agreement with UCB for ATG-201 includes an upfront payment of $80 million and potential milestone payments exceeding $1.1 billion [10]. - Wanbangde reported a significant increase in net profit for Q1 2026, reaching 165 million yuan, a year-on-year growth of 985.4% [11].

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The Alzheimer's Disease (AD) sector is transitioning from "symptom improvement" to "disease-modifying therapies (DMT)" in 2026, marking a critical growth phase with the approval of two major amyloid-beta (Aβ) antibody drugs and the emergence of new diagnostic technologies [4][11] - 2026 is expected to be a pivotal year for AD, with significant conferences serving as platforms for academic exchange and market negotiations, focusing on drug administration convenience, the rise of Chinese voices, and the reassessment of diagnostic value [15] - Key drug progress in 2026 includes regulatory decisions on AXS-05 and Leqembi, which could expand the AD treatment market significantly [17] - The AD detection field is set for large-scale clinical adoption, driven by blood tests, AI advancements, and new biomarkers, with a focus on early and precise diagnosis [19] Summary by Sections Industry Overview - The industry comprises 504 listed companies with a total market value of approximately 69,490.56 billion [2] Market Trends - The investment logic is shifting from solely "new drug development" to a comprehensive ecosystem of "early screening + precise treatment + full-course management" [4][11] Key Drug Developments - Major drug approvals and data releases are anticipated throughout 2026, including AXS-05 and Leqembi, which are crucial for market expansion [17][18] Diagnostic Innovations - The trend towards "blood-based" and "intelligent" diagnostics is accelerating, with significant advancements expected in blood biomarkers and AI integration in imaging [19][20] Investment Opportunities - The report highlights the increasing role of Chinese pharmaceutical companies in the global AD landscape, with notable collaborations and innovative drug developments [21][22] Clinical Trials and Research - The domestic clinical pipeline for AD is entering a phase of rapid development, with a focus on precision diagnostics and disease-modifying treatments [24]

Group 1 - The core point of the article is the leadership change at Xibei, with former CEO Dong Junyi returning to the position after the resignation of Jia Guolong due to significant business volume decline [4][5]. - Xibei has announced that due to a substantial decrease in business volume, many headquarters employees will need to be on standby or leave the company [5][7]. - The number of employees at Xibei's headquarters, originally over 500, is expected to drop to around 200 after the layoffs [7]. Group 2 - ByteDance has initiated its largest-ever intern recruitment drive, aiming to hire over 7,000 interns globally, with a focus on R&D, product, and AI fields [6][8]. - The recruitment plan includes over 4,800 offers for R&D positions, accounting for more than 60% of the total [8]. - The overall conversion rate for these intern positions is expected to exceed 50% [8]. Group 3 - The article mentions that the U.S. stock market indices collectively fell, with the Nasdaq down 1.59% and the S&P 500 down 1.33% [11]. - International crude oil futures saw a significant increase, with WTI crude oil futures rising 12.21% to $90.9 per barrel, marking a weekly increase of over 35% [11]. Group 4 - The Ministry of Commerce reported that the cross-border e-commerce import and export scale reached 2.75 trillion yuan [14]. - The revenue share of Chinese online dramas in the global market has reached 90%, with app downloads accounting for 80% globally [15]. Group 5 - Toshiba is restructuring its substantial debt with the goal of returning to the public market by the fiscal year 2028 [17]. - Pfizer China announced the approval of a new GLP-1 receptor agonist for long-term weight management in adults [18]. Group 6 - New Hope reported a decline in sales revenue from commodity pigs, amounting to 1.327 billion yuan, with a year-on-year decrease of 7.42% [20]. - Lao Fengxiang's net profit for the fiscal year 2025 was reported at 1.755 billion yuan, down 9.99% year-on-year [21]. Group 7 - Wanbangde expects a net profit growth of 985.40% year-on-year for the first quarter of 2026, driven by a strategic shift from generic to innovative drugs [22]. - Quince is in talks for financing that could double its valuation to over $10 billion [23].