Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Investment Rating - The report has downgraded the investment rating for the pharmaceutical and biotechnology industry, indicating that most sub-sectors are under performance pressure and suggesting a focus on performance improvement directions [1]. Core Insights - The overall revenue and net profit attributable to the parent company in the pharmaceutical and biotechnology industry saw a decline in H1 2025, with total revenue of 1.23 trillion yuan, down 2.7% year-on-year, and net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - Most sub-sectors experienced a year-on-year decline in performance in H1 2025, with only a few segments like medical R&D outsourcing and other biological products showing positive growth [4][14]. - The investment strategy suggests focusing on innovative drugs and medical devices, highlighting companies such as Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical as potential investment opportunities [4]. Summary by Sections Overall Industry Performance - In H1 2025, the pharmaceutical and biotechnology industry reported total revenue of 1.23 trillion yuan, a decrease of 2.7% year-on-year, and a net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - The industry also saw a decline in non-recurring net profit, which fell by 13.2% year-on-year to 82.67 billion yuan [4]. Sub-sector Performance - **Chemical Preparations**: Revenue decreased by 3.2% to 271.41 billion yuan, and net profit fell by 7.5% to 25.72 billion yuan in H1 2025 [23][30]. - **Traditional Chinese Medicine**: Revenue dropped by 5.5% to 178.60 billion yuan, with net profit slightly down by 0.1% to 22.34 billion yuan [32][37]. - **Biological Products**: Revenue fell by 17.6% to 55.80 billion yuan, and net profit decreased by 31.3% to 6.36 billion yuan [40][45]. - **Pharmaceutical Commerce**: Revenue was 514.18 billion yuan, a slight decline of 0.2%, while net profit increased by 7.2% to 12.04 billion yuan [49][52]. Investment Strategy - The report recommends focusing on innovative drugs and medical devices, with specific companies highlighted for potential investment, including Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical [4].

截至6月30日，贝达药业股东户数3.21万，较上期增加9.97%；人均流通股13064股，较上期减少9.08%。 2025年1月-6月，贝达药业实现营业收入17.31亿元，同比增长15.37%；归母净利润1.40亿元，同比减少 37.53%。 分红方面，贝达药业A股上市后累计派现6.69亿元。近三年，累计派现1.84亿元。 机构持仓方面，截止2025年6月30日，贝达药业十大流通股东中，易方达创业板ETF（159915）位居第 五大流通股东，持股636.78万股，相比上期减少10.76万股。中欧医疗健康混合A（003095）位居第八大 流通股东，持股435.13万股，为新进股东。南方中证500ETF（510500）位居第十大流通股东，持股 374.74万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 9月3日，贝达药业跌0.01%，成交额8.56亿元。两融数据显示，当日贝达药业获融资买入额8121.18万 元，融资偿还1.09亿元，融资净买入-2800.26万元。截至9月3日，贝达药业融资融券余额合计5.90亿 元。 融资方面，贝达药业当日融资买入8121.18万元。当前融资余额5.78亿元，占流 ...

证券日报网讯贝达药业9月3日在互动平台回答投资者提问时表示，公司按照产品的终端需求计划安排产 品发运，并在客户取得产品控制权时确认收入。因此，总体而言，收入取决于产品覆盖的患者人数。近 几年来，公司始终贯彻学术引导的推广策略，深入挖掘产品的差异化治疗优势，以丰富的循证医学证据 去妥善解决临床的患者需求，产品疗效和安全性受到医生和患者的认可，产品收入保持稳定增长。 （文章来源：证券日报） ...

Core Viewpoint - The company emphasizes its commitment to innovation and has successfully launched 8 new drugs while developing a promising pipeline with over 20 projects focused on various cancers and eye diseases [2] Company Summary - The company is concentrating resources on developing new drugs for high-incidence cancers such as lung and breast cancer [2] - The company has established a strong research and development pipeline, with ongoing projects targeting diseases like lung cancer, breast cancer, and wet age-related macular degeneration (wAMD) [2] - The company recognizes the advantages of small molecule drugs in terms of oral activity, permeability, stability, and production costs, and is exploring how to integrate these advantages with other therapeutic modalities like antibodies [2]

Core Viewpoint - Betta Pharmaceuticals has demonstrated the differentiated clinical efficacy of its drug, Beifuqun, with favorable progression-free survival (PFS) data and controllable safety profile, indicating potential for effective market promotion and patient benefit [1] Group 1: Clinical Research and Product Development - Clinical research results indicate that Beifuqun shows good performance in PFS data, highlighting its differentiated clinical treatment capability [1] - The overall adverse event safety profile of Beifuqun is manageable, suggesting a strong safety record [1] - The company plans to leverage the data advantages of Beifuqun to develop effective promotional strategies [1] Group 2: Commercialization and Revenue Growth - The company aims to achieve comprehensive market coverage quickly, benefiting more patients through its successful commercialization experience with already launched products [1] - The collaboration with Yifang is ongoing, with both parties communicating to resolve new developments in their commercial partnership [1] - The company has established a robust revenue growth and cash flow through a virtuous cycle of "R&D - commercialization - reinvestment," ensuring orderly advancement of its R&D pipeline [1] Group 3: Future Prospects - Recent interim data from the postoperative adjuvant clinical trial of Ensatinib has reached the study endpoint, marking a significant achievement in resource concentration and development focus [1] - This achievement is expected to have a positive impact on the company's future revenue [1]

编辑 杨娟娟 新京报贝壳财经讯 9月3日，贝达药业在互动平台上表示，公司已逐步实现8款新药上市销售，并已建立 具有潜力的研发管线，在研项目20余项，涉及肺癌、乳腺癌等肿瘤疾病及wAMD等眼科疾病。目前公 司正集中资源、聚焦开发，在肺癌、乳腺癌等高发肿瘤领域争取更多新药上市。未来随着药品推广策略 的落地，公司的营收将得到持续改善，对财务指标也会产生积极影响。 ...

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 increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]

9月1日，贝达药业涨5.24%，截至发稿，报74.37元/股，成交6.33亿元，换手率2.09%，总市值312.90亿 元。 资料显示，贝达药业股份有限公司位于浙江省杭州市临平区经济技术开发区兴中路355号，成立日期 2003年1月7日，上市日期2016年11月7日，公司主营业务涉及药品的研发、生产和销售。主营业务收入 构成为：药品销售99.10%，其他(补充)0.90%。 从基金十大重仓股角度 天治新消费混合（350008）基金经理为梁莉。 截至发稿，梁莉累计任职时间4年141天，现任基金资产总规模7105.39万元，任职期间最佳基金回报 11.55%， 任职期间最差基金回报-60.72%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，天治基金旗下1只基金重仓贝达药业。天治新消费混合（350008）二季度持有股数9400股， 占基金净值比例为2.9%，位居第二大重仓股。根据测算，今日浮盈赚取约3.48万元。 天治新消费混合（350008 ...

Core Viewpoint - The performance of innovative pharmaceutical companies in China for the first half of 2025 has been impressive, with significant revenue and profit growth driven by innovative drug sales, indicating a potential recovery in the pharmaceutical industry [1][6][15]. Group 1: Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, with a net profit of 4.45 billion yuan, up 29.67%. Innovative drug sales accounted for 60.66% of total revenue [3][9]. - BeiGene reported total revenue of 17.52 billion yuan, a 46.0% increase year-on-year, with a net profit of 450 million yuan, marking a turnaround from losses [3][6]. - China Biopharmaceutical's revenue reached 17.57 billion yuan, a 10.7% increase, with innovative product revenue of 7.8 billion yuan, up 27.2%, representing 44.4% of total revenue [3][6]. - XinDa Biopharmaceutical achieved revenue of 5.95 billion yuan, a 50.6% increase, and a net profit of 1.21 billion yuan, turning a loss from the previous year [7][8]. - Xiansheng Pharmaceutical reported a revenue increase of 15.1% to 3.58 billion yuan, with innovative drug revenue surpassing 75% of total revenue [8]. Group 2: Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies suggests a shift towards innovation-driven strategies, indicating a growing market for innovative drugs in China [6][8][15]. - The second-tier market is experiencing a prosperous phase, leading to speculation about a potential "spring" for the pharmaceutical industry, although the primary market remains challenging [4][15]. - The demand for high-quality products that can compete globally is increasing, with a focus on "best-in-class" products [4][15]. Group 3: Business Development (BD) Contributions - Business development (BD) activities are becoming crucial for the growth of innovative pharmaceutical companies, with significant deals contributing to revenue [9][10]. - Heng Rui Pharmaceutical's BD activities included a $1.97 billion contract with Merck and a partnership with GSK, highlighting the increasing global engagement of Chinese innovative drug companies [10][11]. - The first half of 2025 saw over 50 BD transactions in China's innovative drug sector, with a total disclosed cooperation amount exceeding $48.44 billion, marking a significant increase compared to the previous year [10][11]. Group 4: Challenges and Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [13][14]. - Some companies, like BeiDa TianHeng, reported significant revenue declines due to high R&D investments and previous income recognition from collaborations [13][14]. - Overall, the industry is transitioning from an "investment phase" to a "harvest phase," indicating a recovery in profitability and a moderate expansion phase [14][15].