证券研究报告 医药健康 CXO：拐点已至，新周期启航 华泰研究 2025 年 12 月 16 日│中国内地 深度研究 包袱渐轻，情绪渐暖，行业进入新一轮上升周期 CXO 行业外部扰动因素（美国生物安全法案、美国药品关税、新冠药品及 疫苗业务高基数、生物医药投融资走弱等）已边际改善，包袱渐轻，情绪渐 好。伴随海外降息、国内复苏、叠加产业升级三重驱动，行业已开启新一轮 高景气周期。我们认为，中国 CXO 核心竞争力仍在（效率、成本、质量、 快速扩产能力等），中短期全球地位难以撼动，且大浪淘沙后格局有望逐渐 向头部集中。穿越周期，外需型 CXO 已于 2H24 陆续走出困境，1-3Q25 订单、收入同比双增，美国降息+新分子订单拉动下有持续提速潜力；内需 型 CXO 经历 23-24 年集中降价后目前订单端已量增价稳，收入端有望于 26 年起陆续迎来曙光。推荐外需型且具备新分子布局优势的龙头，包括药明合 联、药明康德 AH 股、康龙化成 AH 股、凯莱英 AH 股、昭衍新药 AH 股等。 新周期：海外降息+国内复苏共振，高景气周期开启 CXO行业经历2H21-1H24相对漫长的调整期后，外部扰动因素已逐渐好转， 包 ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

证券之星消息，12月8日医疗服务板块较上一交易日上涨0.51%，成都先导领涨。当日上证指数报收于 3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688222 | 成都先导 | 23.20 | 1.75% | 4.57万 | 1.06亿 | | 002524 | 光正眼科 | 4.63 | 1.54% | 9.88万 | 4569.31万 | | 688202 | 美迪西 | 53.96 | 1.35% | ● 1.68万 | 9075.75万 | | 688073 | 毕得医药 | 69.95 | 1.27% | 5666.77 | 3982.02万 | | 603259 | 药明康德 | 91.55 | 1.27% | 36.47万 | 33.29亿 | | 920670 | 数字人 | 15.53 | 1.17% | 3.07万 | 4783.43万 | | 002821 | 凯莱 ...

Core Insights - AsymBio has officially commenced commercial production at its Shanghai Fengxian Commercial Manufacturing Base, enhancing its integrated biologics CDMO services and commitment to innovative therapies [1][4] Facility Overview - The Fengxian facility spans 130,000 square meters and serves as a strategic hub within AsymBio's global network, providing flexible and scalable support across all clinical phases [2] - The facility is designed to offer tailored CDMO solutions from early development through to commercial production [2] Advanced Manufacturing Capabilities - The Fengxian base is equipped to manufacture a wide range of next-generation biotherapeutics, including ADCs, dual-payload ADCs, RDCs, APCs, PDCs, AOCs, monoclonal, bispecific, and multispecific antibodies, as well as recombinant proteins [3] Leadership and Strategic Goals - CEO Rui Yang emphasized that the launch of the Fengxian Base is a strategic milestone for global expansion, enhancing production capacity and service capabilities while strengthening supply chain resilience [4] Quality and Sustainability Commitment - The Fengxian facility operates under a quality management system that meets global regulatory standards and employs advanced biomanufacturing technology for cost reduction and flexibility [4] - The site adheres to Asymchem's ESG strategy and EHS management principles [4] Business Focus - AsymBio specializes in biopharmaceutical CDMO services, leveraging advanced technology platforms and extensive project experience to provide one-stop solutions for global clients [5]

消息面上，近期，据凯莱英官微消息，公司旗下凯莱英生物的上海奉贤商业化生产基地正式投产，该基 地是凯莱英生物继上海金山基地和张江科学技术中心后重点打造的又一核心商业化产业基地，可助力客 户快速推进商业化生产。奉贤基地商业化投产意味着凯莱英生物在生物药CDMO领域实现跨越式升级。 据介绍，奉贤基地规划总建筑面积超过13万平方米，重点布局以ADC为代表的偶联药物NDCs(Novel Drug Conjugates)、抗体/TCE、重组蛋白等生物药领域。抗体商业化产能(I期A阶段)采用先进的自动化 系统和生产设备，配备 200L/500L/2000L 一次性生物反应器生产线、20㎡冻干机，可承接IND及商业化 后期项目。NDCs商业化产能(I期B阶段)预计于2026年1月进行商业化投产，配备100L-200L-500L偶联反 应器和10㎡+15㎡+2x20㎡冻干机，可迅捷灵活的满足客户生产需求。 凯莱英(06821)午前涨近3%，截至发稿，涨2.05%，报79.65港元，成交额1551.75万港元。 ...

Core Viewpoint - Kailaiying's subsidiary, Kailaiying Biotech, has officially launched its commercial production base in Shanghai Fengxian, marking a significant upgrade in the biopharmaceutical CDMO sector [1] Group 1: Company Developments - The Fengxian base is the third major commercial production facility following the Jinshan base and Zhangjiang Science and Technology Center, aimed at accelerating clients' commercial production [1] - The total planned construction area of the Fengxian base exceeds 130,000 square meters, focusing on biopharmaceuticals such as ADCs, antibody/TCEs, and recombinant proteins [1] Group 2: Production Capacity - The antibody commercial production capacity (Phase I A) utilizes advanced automation systems and production equipment, featuring production lines with 200L/500L/2000L single-use bioreactors and a 20㎡ freeze-dryer, capable of handling IND and late-stage commercial projects [1] - The NDCs commercial production capacity (Phase I B) is expected to commence in January 2026, equipped with 100L-200L-500L conjugation reactors and multiple freeze-dryers, designed to flexibly meet client production needs [1]

Core Insights - The biopharmaceutical sector is one of the fastest-growing areas in the pharmaceutical industry, driven by an aging population and increased public health awareness [1][5] - China's biopharmaceutical market is projected to grow from CNY 312 billion in 2019 to CNY 587.1 billion in 2024, and is expected to reach CNY 675.2 billion by 2025, with a potential to hit CNY 1.149 trillion in the next five years [1][5][6] - Innovation remains the core driver of growth in the biopharmaceutical industry, which is capital-intensive and requires significant R&D investment [1][6] Industry Definition and Classification - Biopharmaceuticals are medical products manufactured using biological methods, aimed at replicating the activity of natural substances [2][4] - They can be categorized into vaccines, blood products, biopharmaceutical drugs, diagnostic reagents, and others, with further subdivisions based on source or mechanism of action [2] Current Industry Status - The global biopharmaceutical market is expected to grow from USD 286.4 billion in 2019 to USD 461.6 billion in 2024, with the original biopharmaceutical market projected to increase from USD 268.9 billion to USD 427.9 billion in the same period [5] - China plays a significant role in the global biopharmaceutical market, with rapid growth driven by favorable policies, increased R&D investment, and advancements in biotechnology [5][6] Industry Development Environment - Policies - The Chinese government has implemented various laws and policies to encourage biopharmaceutical R&D, including the Drug Registration Management Measures and regulations for clinical research and application of biomedical technologies [7] Competitive Landscape - The biopharmaceutical sector is recognized as a "new frontier" in the pharmaceutical industry, with major global players actively entering the market [9] - Key companies in China's biopharmaceutical industry include WuXi AppTec, Hengrui Medicine, ZhiFei Biological, BeiGene, and others, with a competitive landscape characterized by differentiated strategies [9] Future Development Trends - Market demand for biopharmaceuticals is expected to continue growing, supported by policy backing, technological advancements, and increased health awareness [10] - Domestic companies are transitioning from biosimilars to First-in-Class drugs, with examples like Hengrui Medicine's ADC drug showing superior efficacy [10][11] - Personalized medicine based on genetic testing is anticipated to become a trend, with increasing international recognition of Chinese innovative drugs [11]

截至月份: 2025年11月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2025年12月2日 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 備註： 致：香港交易及結算所有限公司 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06821 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 2. ...

Market Overview - On December 1, the medical services sector rose by 0.68% compared to the previous trading day, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Medical Services Sector - ST Zhongzhu (600568) closed at 2.85, up 5.17% with a trading volume of 230,800 shares and a turnover of 64.91 million yuan [1] - Haoyuan Pharmaceutical (688131) closed at 78.45, up 3.21% with a trading volume of 30,400 shares and a turnover of 238 million yuan [1] - Kanglong Chemical (300759) closed at 29.66, up 2.45% with a trading volume of 189,900 shares and a turnover of 563 million yuan [1] Top Losers in Medical Services Sector - Bid Pharma (688073) closed at 69.33, down 4.70% with a trading volume of 10,800 shares and a turnover of 75.39 million yuan [2] - Chengda Pharmaceutical (301201) closed at 45.90, down 4.26% with a trading volume of 116,700 shares [2] - Yaokang Bio (688046) closed at 16.40, down 4.21% with a trading volume of 36,600 shares and a turnover of 60.80 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 152 million yuan from institutional investors, while retail investors saw a net inflow of 88.82 million yuan [2] - Notable stocks with significant capital inflow include Innovation Medical (002173) with a net inflow of 29.99 million yuan from institutional investors [3] - Conversely, stocks like Bid Pharma (688073) faced a net outflow of 63.70 million yuan from institutional investors [3]