Core Viewpoint - The stock of Boteng Co., Ltd. has shown a positive trend with a 2.61% increase on January 9, 2025, alongside significant trading activity and financial metrics indicating a stable position in the market [1]. Financing Summary - On January 9, 2025, Boteng Co. recorded a financing buy-in amount of 30.88 million yuan, with a net financing purchase of 6.22 million yuan after repayments [1]. - The total financing and securities balance for Boteng Co. reached 364 million yuan, accounting for 2.61% of its market capitalization, which is below the 30% percentile level over the past year, indicating a low financing balance [1]. - In terms of securities lending, the company had a securities lending balance of 26.11 thousand yuan, with a remaining quantity of 10,200 shares, also below the 20% percentile level over the past year [1]. Business Performance - For the period from January to September 2025, Boteng Co. achieved an operating revenue of 2.544 billion yuan, reflecting a year-on-year growth of 19.72% [2]. - The net profit attributable to the parent company was 79.92 million yuan, marking a significant year-on-year increase of 138.71% [2]. - The company's main business revenue composition includes 66.81% from late-stage clinical and commercialization, 25.76% from early-stage clinical, and 7.11% from emerging businesses [1]. Shareholder Information - As of December 19, 2025, the number of shareholders for Boteng Co. was 43,400, a decrease of 1.75% from the previous period, while the average circulating shares per person increased by 1.78% to 11,484 shares [2]. - The company has distributed a total of 1.193 billion yuan in dividends since its A-share listing, with 866 million yuan distributed over the past three years [3]. - Notable changes in institutional holdings include an increase in shares held by Hong Kong Central Clearing Limited to 23.98 million shares, while Tianhong Medical Innovation A reduced its holdings by 458,400 shares [3].

Group 1 - The company, Boten Co., Ltd. (300363), stated that it will fulfill its information disclosure obligations in accordance with the relevant business rules of the Shenzhen Stock Exchange based on financial accounting results [1] - The specific performance forecast will be subject to the company's formal announcements [1]

Group 1 - The company emphasizes a long-term development philosophy and continuously formulates strategic development plans [1] - The company is focused on deepening core business, market expansion, and capability upgrades [1] - Major operational information should be disclosed in accordance with legal information disclosure requirements [1]

证券日报网讯1月8日，博腾股份（300363）在互动平台回答投资者提问时表示，公司将在2025年年度报 告中披露截至2025年12月31日股东户数，请以届时法定披露信息为准。 ...

每经AI快讯，博腾股份发布公告称，2026年1月5日，博腾股份接受长江证券等投资者调研，公司董事 会秘书、副总经理皮薇等人参与接待，并回答了投资者提出的问题。 （记者 张明双） 每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 ...

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical sector is currently in a left-side layout phase after adjustments in 2025, with both institutional holdings and valuations positioned for upward elasticity, particularly in innovative drugs and their supply chains for 2026, benefiting from China's strengthening innovation competitiveness [1][4] - The recovery of the innovative industry chain is expected to continue, with CDMO orders and performance starting to recover from 2024, further improving in 2025 and expected to sustain into 2026 [1][9] Core Insights and Arguments - The driving forces behind the enhancement of China's innovation competitiveness include the successful implementation of business development (BD), overseas clinical progress, and commercialization, along with breakthroughs in new technologies such as XDC, dual antibodies, and small nucleic acids [5] - Investment opportunities in 2026 are concentrated in globally competitive assets, including innovative drugs, high-end manufacturing, and domestic demand-related sectors, particularly those with recovery logic [2] - The domestic demand recovery trend is clear, strengthening quarter by quarter in 2025, driven by high domestic innovation BD, a warming primary and secondary market, and an increase in IPOs in both A-shares and Hong Kong stocks [20] Notable Companies and Technologies - Key companies to watch include Innovent Biologics, Botai Biological Products, and Engen Biologics, which are core recommended assets due to their potential for significant data readouts and BD catalysts [6][10] - In the CRO sector, companies like Tigermed and Zhaoyan New Drug are expected to see performance turning points in 2026, supported by a recovery in domestic demand [3][21] - The CDMO sector is projected to continue its growth trajectory, with leading companies such as WuXi AppTec and Kelun Biotech expected to perform well due to increasing orders from overseas [22][23] Emerging Technologies and Investment Opportunities - Emerging technologies such as brain-computer interfaces and AI in pharmaceuticals are anticipated to bring new investment opportunities, with potential IPOs in these areas [12][29] - The central OTC sector is expected to see marginal recovery in 2026, with key companies like China Resources and Dong'e Ejiao being highlighted for their potential growth [13][30] Upcoming Catalysts and Key Events - Important upcoming events include the JPMorgan conference, which may provide data updates and BD changes, and significant data readouts expected in Q1 and April from major conferences [8][10] - The performance of companies in the first quarter of 2026 is anticipated to show significant elasticity and fundamental support, particularly in the CRO and innovative drug sectors [11][20] Conclusion - The pharmaceutical industry is positioned for a recovery phase with significant investment opportunities in innovative drugs, CDMO, and CRO sectors, driven by domestic demand recovery and technological advancements. Key companies and upcoming events will play a crucial role in shaping the market dynamics in 2026 [1][2][4][20]

Q5：细胞基因治疗业务今年的情况如何？是否有海外客户？ A5：2025 年，博腾生物整体业务开展符合预期，在多个业务领 域均实现突破，包括获得商业化工艺变更阶段的 CMC 项目、完 成首个 in vivo CAR 慢病毒项目工艺开发及三批 GMP 批次生 产，签署多个慢病毒/mRNA-tLNP 的 in vivo CAR-T 管线项目。 博腾生物已经在美国、欧洲、韩国等海外市场取得突破。 Q6：如何看待 in vivo CAR-T？ A6：In vivo CAR-T 为未来 CGT 商业化现货型产品打开了一种 思路和可能，但是目前仍在早期阶段，在技术成熟度、安全性 等方面仍需要验证。 证券代码：300363 证券简称：博腾股份 博腾股份投资者关系活动记录表 编号：00120260105 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 □电话通讯 | | | □其他 | | 参与单位名称及人 | 长江证券：万梦蝶、刘长洪；长江证券自营：彭仲杄；兴银基 | | 员姓名 | 金 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

Core Viewpoint - Chongqing Boteng Pharmaceutical Technology Co., Ltd. (referred to as "Boteng Co., Ltd.") announced that its wholly-owned subsidiary, Chongqing Boteng Pharmaceutical Co., Ltd. (referred to as "Boteng Pharmaceutical"), has successfully passed the EU Qualified Person (QP) audit and received a compliance statement from the EU QP, indicating that its quality management system meets EU GMP standards [1] Group 1 - The audit was conducted based on EU GMP Guidelines EudraLex Volume 4, EU Clinical Trial Regulation (536/2014), and GMP for IMP guidelines, covering various aspects such as quality management, production management, facilities, material systems, and packaging and labeling systems at the Chongqing formulation production base [1] - The successful completion of the QP audit allows Boteng Pharmaceutical to provide customized R&D and production services that meet international standards for global clients [1] - The announcement disclosed that the passing of the EU QP audit will not have a significant impact on the current performance of Boteng Co., Ltd. [1]