转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO） 行业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 本文核心数据：企业主营业务收入、企业经营毛利率 1、中国CRO产业链全景梳理 中国CRO产业链贯穿研发阶段、生产阶段和产品销售整个药品生命周期，分别对应药物研发服务(CRO)、 医药生产服务(CMO/CDMO)以及医药销售服务(CSO)。研发阶段覆盖临床前与临床两大核心环节，其中临 床前主要做有关药物发现、化合物合成、合成工艺研发及制剂研发等早期基础研发工作;临床阶段主要进行 临床试验、医学统计、数据整理与数据分析等流程。生产阶段，针对不同药物类型提供生产服务，化学原 料药包含了 ...

Group 1 - The medical ETF (512170) opened high on January 6, rising over 1% and reaching a 20-day high, with real-time transaction volume exceeding 350 million yuan. The ETF recorded a daily increase of over 5%, marking five consecutive days of gains [1][5] - Brain-computer interface stocks, including Sanbo Brain Science and Meihua Medical, both hit the 20% daily limit up, achieving two consecutive boards. Conversely, the CXO sector saw a pullback, with Tigermed falling over 1% [1][5] Group 2 - On January 5, 2026, Elon Musk announced that Neuralink plans to start large-scale production of brain-computer interface devices, advancing the commercialization of the technology. Concurrently, the National Medical Products Administration held a meeting to expedite the review and approval of related medical devices [3][6] - According to CITIC Securities, China's brain-computer interface technology is relatively advanced globally, with potential to cultivate leading companies in the sector. This could enhance the valuations of related listed companies in the secondary market and stimulate financing in the primary market, creating a synergy between capital and industry development [7] - Zhongtai Securities noted that the pharmaceutical sector is expected to rebound in 2025 after four consecutive years of decline, driven by the realization of innovative drug export logic and industry recovery post-policy reform. Certain areas of the medical device sector may also see a reversal of difficulties [7]

Group 1 - JPMorgan increased its stake in Kanglong Chemical (03759) by 1,456,225 shares at a price of HKD 19.388 per share, totaling approximately HKD 28.2333 million [2][4] - After the increase, JPMorgan's total shareholding in Kanglong Chemical reached approximately 15,810,300 shares, representing a stake of 5.24% [2][4]

智通财经APP获悉，香港联交所最新资料显示，12月30日，小摩增持康龙化成(03759)145.6225万股，每 股作价19.388港元，总金额约为2823.33万港元。增持后最新持股数目约为1581.03万股，最新持股比例 为5.24%。 ...

香港联交所最新资料显示，12月30日，小摩增持康龙化成（300759）(03759)145.6225万股，每股作价 19.388港元，总金额约为2823.33万港元。增持后最新持股数目约为1581.03万股，最新持股比例为 5.24%。 ...

Group 1 - CRO concept stocks are performing strongly, with notable increases in share prices: Zhaoyan New Drug up 11.52% to HKD 22.26, Tigermed up 5.98% to HKD 44.98, WuXi AppTec up 4.65% to HKD 105.7, and Kanglong Chemical up 4.59% to HKD 20.74 [1] - Huafu Securities reports that external demand for CXO companies has significantly improved since 2024, with a recovery in year-on-year growth expected from Q4 2024 through Q3 2025, indicating a clear trend of industry rebound [1] - Yongxing Securities notes that the domestic CXO industry is experiencing an upward trend in light of improved investment and financing conditions for innovative drugs, with strong demand for specialized CDMO services driven by the expanding market for emerging fields such as peptides, CGT, ADC, and nucleic acid drugs [1] Group 2 - The domestic CXO sector has shown relatively weaker performance compared to external demand since the beginning of 2025, but there is a strong certainty of recovery from the front-end to the back-end, suggesting potential left-side opportunities [1] - Chinese CDMO companies are expected to open growth ceilings through capacity expansion, technological layout, and model innovation, building barriers in niche markets while accommodating global orders [1]

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

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]

Group 1 - The Hong Kong stock market saw a decline in CRO (Contract Research Organization) concept stocks, with notable drops in several companies [1] - Zhaoyan New Drug fell over 7%, while Kanglong Chemical and King’s Ray dropped over 4% [1] - Kylin and Weiya Bio experienced declines of over 2% [1]

Summary of Key Points from the Equity Research Report Industry Overview - The report focuses on the **China CXO (Contract Research Organization) sector**, highlighting growth prospects and investment opportunities for 2026 and beyond [2][3]. Core Insights and Arguments - The **2026 National Defense Authorization Act (NDAA)** was signed, which includes a revised Biosecure provision that reduces geopolitical risks and ensures continuity of US orders for Chinese companies [3][4]. - The **Federal Reserve's anticipated rate cuts** (two to three 25 basis points cuts in 2026) are expected to revive biotech financing, enhancing demand for CXO services [3][4]. - The **Chinese CXO competitive advantage** is strengthening due to economies of scale, AI-driven efficiencies, and advancements in niche technologies like antibody drug conjugates (ADCs) and peptides [3][4]. - The report forecasts **11-39% net profit growth** for major players in the CXO industry by 2026, supported by low-teen order growth [4][5]. Valuation and Investment Recommendations - Current valuations are considered attractive, with an average **30x 2026e PE** and **1.1x 2026e PEG** [4]. - Investment themes include: 1. Launch of the **1260H list** in January 2026 for risk mitigation. 2. Full-industry-chain leaders like **Wuxi Apptec** and **Wuxi Biologics** with global scalability. 3. High-growth specialists like **Wuxi XDC** focusing on niche markets and overseas expansion. 4. Domestic recovery names like **Pharmaron** offering stable profitability [5][9]. Company-Specific Updates Wuxi Apptec - Target price maintained at **RMB137.00** for A-shares and **HKD133.90** for H-shares, implying **51.2% and 30.9% upside** respectively [6][33]. Wuxi Biologics - Target price remains at **HKD45.00**, with a **37.5% upside** from current levels. Revenue estimates for 2025-27 have been slightly decreased by 1-3% due to competitive pricing pressures [20][22][33]. Wuxi XDC - Target price increased to **HKD90.50** from **HKD90.00**, reflecting a **33.2% upside**. Revenue estimates for 2025-27 have been reduced by approximately 3% each due to lower-than-expected capacity ramp-up [26][28][33]. Pharmaron - Target price set at **RMB41.00** for A-shares and **HKD30.80** for H-shares, indicating **41% and 44% upside** respectively. The valuation is based on a DCF model with unchanged assumptions [33]. Risks to Monitor - Potential expansion of US biotech restrictions and geopolitical tensions could impact the sector [4][5]. - Risks include capacity surplus from rapid industry expansion, slower-than-expected recovery in biotech financing, and increased regulatory compliance costs [4][5][25][33]. Additional Important Insights - The report emphasizes the importance of monitoring the **1260H list** updates and the potential impact of US tariffs on the CXO sector [10][25]. - The **global healthcare funding** has shown signs of recovery, with a **18% year-on-year growth** in 1H25, which may take time to reflect in CXO backlogs [12][22]. This comprehensive analysis provides a detailed overview of the current state and future outlook of the China CXO sector, highlighting key players, investment opportunities, and associated risks.