Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

证券日报网讯12月10日晚间，百普赛斯（301080）发布公告称，公司已完成工商变更登记并换发营业执 照，注册资本由120，000，000元变更为167，848，198元，此外，根据经营发展需要，公司增加了经营 范围并相应修订《公司章程》。 ...

类型：其他股份有限公司（上市） 统一社会信用代码：911103025604366893 证券代码：301080 证券简称：百普赛斯 公告编号：2025-084 北京百普赛斯生物科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京百普赛斯生物科技股份有限公司（以下简称"公司"）分别于 2025 年 8 月 20 日、2025 年 9 月 16 日召开第二届董事会第二十次会议、2025 年第三次临 时股东大会，审议通过了《关于变更注册资本、经营范围并修订<公司章程>的 议案》。鉴于公司 2024 年度利润分配及资本公积金转增股本方案已实施完毕， 公司注册资本由 120,000,000 元人民币变更为 167,848,198.00 元人民币；此外， 根据经营发展需要，公司增加了经营范围并相应修订《公司章程》。具体内容详 见公司在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 一、公司新取得营业执照的相关信息 近日，公司完成了工商变更登记、《公司章程》备案等手续，并取得了北京 经济技术开发区 ...

/ 北京百普赛斯生物科技股份有限公司 一、通知债权人的原因 （1）公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复印件到公司申报债 权。 北京百普赛斯生物科技股份有限公司于近日办理完成回购专用证券账户股份注销事宜，公司总股本由 167,848,198股变更为167,177,695股。鉴于公司拟将注册资本将由人民币167,848,198元减少至人民币 167,177,695元，现通知如下： 二、债权申报相关事项 针对公司减少注册资本事宜，公司特此通知债权人： 1、申报时间 自本通知日起45日内 2、申报材料送达地点 （3）地址：北京市北京经济技术开发区宏达北路8号4幢4层 3、债权申报所需材料 关于减少注册资本暨通知债权人的通知 （2）债权人为法人的，需同时携带营业执照副本原件及复印件、法定代表人身份证明文件；委托他人 申报的，除上述文件以外，还需携带法定代表人授权委托书和代理人有效身份证件的原件及复印件。 （3）债权人为自然人的，需同时携带有效身份证件原件及复印件；委托他人申报的，除上述文件外， 还需携带授权委托书和代理人有效身份证件原件及复印件。 特此通知。 北京百普赛斯生物科技股份有限公 ...

内容概要：胶原蛋白面膜是以胶原蛋白为核心成分，搭配辅助成分制成的抗衰修复类主流护肤产品，能 实现保湿、修护肌肤屏障等功效。中国面膜行业在2024年达729.86亿元规模后，进入调整转型期，虽面 临增长放缓与竞争加剧压力，但受益于功效型产品迭代、男性护肤市场拓展及场景细分创新，长期增长 稳健，而胶原蛋白市场正爆发式增长，2020-2023年年复合增长率达41.9%，2030年零售端规模预计破 2695亿元，成为核心增长引擎。品类结构上，中国市场贴片式面膜稳居主流，涂抹型面膜快速增长，功 效聚焦保湿、修护等需求；竞争格局呈现"本土龙头主导、细分突围、国际渗透"特征，重组胶原蛋白为 核心技术路线，巨子生物、华熙生物等头部企业凭借差异化技术与渠道优势领跑，价格梯度清晰，高中 低端市场分化明显。未来行业将向技术高端化、产品精细化、生态规范化推进，跨学科技术融合、场景 化精准配方、线上线下协同渠道及政策监管收紧成为主要发展方向。 上市企业：巨子生物（02367.HK）、锦波生物（920982.BJ）、华熙生物（688363.SH）、丸美生物 （603983.SH）、敷尔佳（301371.SZ）、诺唯赞（688105.SH ...

中国经济网北京12月8日讯百普赛斯（301080）(301080.SZ)12月5日披露了关于实际控制人之一致行动人及高级管理人员股份减持计划期限届满暨实施结果 的公告。 公司于2025年8月14日披露了《关于实际控制人之一致行动人及高级管理人员减持股份的预披露公告》(公告编号：2025-048)。公司实际控制人陈宜顶的一致 行动人苗景赟计划自2025年9月5日至2025年12月4日以集中竞价或大宗交易方式减持所持有的公司股份合计不超过400,000股(占公司当时总股本的0.24%)。公 司实际控制人陈宜顶的一致行动人安义百普赛斯企业管理咨询合伙企业(有限合伙)(原名为"上海百普赛斯企业管理咨询合伙企业(有限合伙)"，以下简称"安义 百普赛斯")、安义百普嘉乐企业管理咨询合伙企业(有限合伙)(原名为"上海百普嘉乐企业管理咨询合伙企业(有限合伙)"，以下简称"安义百普嘉乐")计划自 2025年9月5日至2025年12月4日以集中竞价或大宗交易方式减持所持有的公司股份合计不超过4,600,000股(占公司当时总股本的2.74%)。公司副总经理、董事 会秘书、财务负责人林涛计划自2025年9月5日至2025年12月4 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-083 北京百普赛斯生物科技股份有限公司 股份减持计划期限届满暨实施结果的公告 公司实际控制人之一致行动人苗景赟先生、安义百普赛斯企业管理咨询合 伙企业（有限合伙）、安义百普嘉乐企业管理咨询合伙企业（有限合伙）及高 级管理人员林涛先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 北京百普赛斯生物科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 14 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于实 际控制人之一致行动人及高级管理人员减持股份的预披露公告》（公告编号： 2025-048）。公司实际控制人陈宜顶先生的一致行动人苗景赟先生计划自 2025 年 9 月 5 日至 2025 年 12 月 4 日以集中竞价或大宗交易方式减持所持有的公司股 份合计不超过 400,000 股（占公司当时总股本的 0.24%）。公司实际控制人陈宜 顶先生的一致行动人安义百普赛斯企业管理咨询合伙企业（有 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-082 北京百普赛斯生物科技股份有限公司 关于回购专用证券账户股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、北京百普赛斯生物科技股份有限公司（以下简称"公司"）本次注销的 回购股份数量为 670,503 股，占注销前公司总股本的 0.3995%。本次注销完成后， 公司总股本由 167,848,198 股减少至 167,177,695 股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次注销 回购专用证券账户股份事宜已于 2025 年 12 月 3 日办理完成。 依据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所上市公司自律监管指引第 9 号—回购股份》等相关规定，现就本次回购专用证 券账户股份注销完成暨股份变动情况公告如下： 一、第一期回购股份情况概述 第一期回购实施期间，公司按规定在每个月的前三个交易日内披露了截至上 月末的回购进展情况，具体内容详见公司在巨潮资讯网上披露的相关回购股份进 展公告。 截至 2024 ...