2025 年 11 月 17 日 证券研究报告 行业周报 行业评级： weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 23 期总第 146 期 | 报告期：2025.11.3-2025.11.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 创新为源，临床为鉴，效率为盾 聚焦三大投资方向 行业回顾 本报告期医药生物行业指数涨幅为 0.81%，在申万 31 个一级行业中 位居第 21，跑赢沪深 300 指数（-0.27%）。从子行业来看，医药流 通、体外诊断涨幅居前，涨幅分别为 7.61%、5.32%；医疗研发外包、 医疗设备跌幅居前，跌幅分别为 3.49%、1.76%。 行业走势： 估值方面，截至 2025 年 11 月 14 日，医药生物行业 PE（T ...

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

11月14日，贝达药业大宗交易成交6.9万股，成交额300.7万元，占当日总成交额的0.98%，成交价43.58 元，较市场收盘价54.32元折价19.77%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-11-14 | 300558 | 贝达药业 | 43.58 | 6.90 | | 300.70 广发证券股份有限 | 方正证券股份有限 | | | | | | | | 公司广州黄埔大道 | 公司株洲攸县大巷 | | | | | | | | 证券营业部 | 路班弟营不部 | ...

证券日报网讯贝达药业11月11日在互动平台回答投资者提问时表示，公司的经营发展是一项长期工程， 需要根据自身的实际情况，妥善应对和积极解决经营中遇到的各种困难和挑战。从创业板上市以来，公 司业务稳健发展，从单产品逐步成为多品种销售的格局，营收与净资产持续增长。公司会一如既往地坚 持创新发展、艰苦奋斗的初心，进一步加强四驾马车的战略引领，在研发、市场、战略合作和生态圈建 设方面积极拥抱变化、推动变革，优化研发策略、提升研发效率，加强前沿技术布局，着力于提升创新 活力，加快实现创新成果的价值，从而实现公司价值的长期成长。 （文章来源：证券日报） ...

Core Viewpoint - The short-term stock price fluctuations of the company are influenced by various market factors, while the long-term stock price is more dependent on the company's intrinsic value [1] Group 1: Company Operations - The company is currently operating normally and is making efforts to achieve its operational goals for 2025 [1] - The team is intensifying efforts to meet the 2025 operational plan [1] Group 2: Market Activities - The company's plan for issuing and listing on the Hong Kong stock market is progressing as scheduled [1]

（文章来源：证券日报） 证券日报网讯贝达药业11月11日在互动平台回答投资者提问时表示，公司与杭州瑞普晨创科技有限公司 已签署《战略合作协议》并进行投资，双方在人多能干细胞向胰岛细胞诱导分化技术领域展开深入合 作。目前，瑞普晨创自主研发的RGB-5088胰岛细胞注射液治疗1型糖尿病的临床研究已在推进当中。公 司亦会关注其他领域的发展情况，如有重要合作将及时公开披露。 ...

证券日报网讯贝达药业11月11日在互动平台回答投资者提问时表示，截至2025年6月30日，公司共有 1800余名员工，研发团队近300人，商业化团队1100余人。公司已建立起广泛的营销网络，覆盖全国30 多个省份，并与多家领先经销商建立了长期合作关系，有效覆盖3000多家医院。这是公司根据市场和销 售工作的具体需求，妥善组织的人员规模，兼顾了市场的开拓和资源的效率。目前，全体员工正认真落 实、推进公司经营计划，加强产品市场策略落实，集中资源、聚焦开发重点管线，实现企业突破发展， 为股东创造更多价值。 （文章来源：证券日报） ...

证券日报网讯贝达药业11月11日在互动平台回答投资者提问时表示，目前交易所规则指引鼓励上市公司 在年度报告披露后十五个交易日内举行年度报告业绩说明会，对其他定期报告未做要求。公司高度重视 与投资者间的互动与交流，通过互动易、投资者热线、微信公众号、业绩说明会、券商策略会等多渠道 保持互动和交流。 （文章来源：证券日报） ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在高血压、糖尿病、高血脂、关节炎等慢性 病领域上这些广阔的临床需求，有什么项目临床储备没有？ 贝达药业（300558.SZ）11月11日在投资者互动平台表示，公司投资并与杭州瑞普晨创科技有限公司达 成战略合作，双方将合作开发干细胞治疗业务，在人多能干细胞向胰岛细胞诱导分化技术领域展开深入 合作。目前，瑞普晨创自主研发的RGB-5088胰岛细胞注射液治疗1型糖尿病的临床研究已在推进当中。 公司亦会关注其他领域的发展情况，如有重要合作将及时公开披露。 ...

Core Viewpoint - The company, Betta Pharmaceuticals (300558.SZ), confirmed that its subsidiary, Xcovery Holdings, Inc., is currently focused solely on the overseas commercialization of Ensartinib and has not initiated marketing efforts for other products [2] Group 1 - The company is engaged in the overseas development and operation of the Ensartinib project through its subsidiary [2] - There are no current plans for the marketing and promotion of additional products by the subsidiary [2]