证券研究报告 2026 年 02 月 08 日 湘财证券研究所 核心要点： 本周医药生物上涨 0.14%，涨跌幅排名位列申万一级行业第 15 位 根据 Wind 数据，本周申万一级行业医药生物上涨 0.14%，涨幅排名位列申 万 31 个一级行业第 15 位。沪深 300 指数下跌 1.33%，医药跑赢沪深 300 指数 1.47 个百分点。申万医药生物二级子行业医疗服务 II 报收 6827.17 点，上涨 1.31%；中药 II 报收 6282.76 点，上涨 2.56%；化学制药Ⅱ报收 12759.67 点，下跌 0.62%；生物制品Ⅱ报收 6271.33 点，下跌 1.82%；医 药商业Ⅱ报收 5434.98 点，上涨 0.57%；医疗器械 II 报收 6635.59 点，下 跌 0.13%。 行业研究 医疗服务行业周报 互联网医疗首诊破冰，关注专科连锁龙头 --医疗服务行业周报 2.2-2.6 相关研究： 从医疗服务板块公司的表现来看，表现居前的公司有：美迪西（+18.0%）、 通策医疗（+8.1%）、诺思格（+5.7%）、贝瑞基因（+4.8%）、泰格医药（+4.2%）； 表现靠后的公司有： 皓元医 ...

证券代码：301096 证券简称：百诚医药 公告编号：2026-004 关于全资子公司完成工商设立登记的公告 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。 杭州百诚医药科技股份有限公司（以下简称"公司"）于2026年1月29日 召开第四届董事会第九次会议，审议通过了《关于投资设立全资子公司的议案》 ，根据未来业务发展及战略规划需要，为丰富研发板块布局，公司以临平政工 出〔2023〕26号文所涉宗地的土地使用权和在建工程评估作价出资5,849.94 万元（不含税），投资设立全资子公司浙江旭沛医药科技有限公司（拟定名， 以工商核准为准）（以下简称"浙江旭沛"），浙江旭沛拟定注册资本1,000 万元，公司持有其100%股权。具体内容详见公司于2026年1月29日在巨潮资讯 网披露的《关于投资设立全资子公司的公告》（公告编号：2026-002）。 近日，公司完成了全资子公司浙江旭沛医药科技有限公司的工商设立登 记，并取得由浙江省市场监督管理局核发的《营业执照》，相关登记信息如下： 1、名称：浙江旭沛医药科技有限公司 2、统一社会信用代码：91330113MAK6B ...

证券日报网讯2月4日，百诚医药（301096）在互动平台回答投资者提问时表示，公司与Delim公司已正 式签署战略合作协议，合作项目聚焦于司美格鲁肽、替尔泊肽及米诺地尔等产品的创新口服制剂研发、 生产及商业化上市。 ...

受仿制药竞争加剧及MAH 政策影响，业绩短期承压。公司近期发布25 年业绩预告，预计归母净利润亏 损0.66 亿元-0.96 亿元，扣非归母净利润亏损0.79 亿元-1.1亿元。业绩承压主要系公司仿制药业务受到集 采、MAH 制度政策的影响。面对行业政策环境变化，公司有望通过积极创新转型，优化业务结构，重 回增长轨道。 一体化综合服务能力赋能受托研发服务。公司深耕药学研究和临床试验领域，与国内核心制药公司和 MAH客户保持长期合作关系。此外，公司积极拓展CDMO业务，赛默制药加速内部项目推进，同时充 足的产能可承接外部 CDMO 项目。得益于公司"CRO+CDMO"的一体化服务能力，受托研发服务的"压 舱石"作用有望持续提升。 盈利预测与投资建议 受竞争加剧及政策影响，下调公司收入及利润水平，预测2025-2026 年每股收益分别为-0.63、0.37 元 （前值为2.49、2.80 元），并预测2027 年每股收益为0.61 元。 公司短期业绩虽然承压，但考虑到公司长期发展潜力较大，因此采取DCF 估值法，目标价为53.84 元， 维持"买入"评级。 风险提示 受托药品研发服务的项目数量增速不及预期的风险、 ...

格隆汇2月4日｜东方证券研报指出，百诚医药短期业绩承压，自研驱动创新转型。公司近期发布25年业 绩预告，预计归母净利润亏损0.66亿元-0.96亿元，扣非归母净利润亏损0.79亿元-1.1亿元。业绩承压主 要系公司仿制药业务受到集采、MAH制度政策的影响。面对行业政策环境变化，公司有望通过积极创 新转型，优化业务结构，重回增长轨道。近期，公司就自研肿瘤创新药BIOS-0629与众神创新达成合 作，未来公司将获得里程碑款3亿元，以及上市销售额10%的分成收益。凭借公司对于行业的洞察及研 发能力，创新药物研发及授权有望为公司带来第二成长曲线。受竞争加剧及政策影响，下调公司收入及 利润水平，预测2025-2026年每股收益分别为-0.63、0.37元（前值为2.49、2.80元），并预测2027年每股 收益为0.61元。公司短期业绩虽然承压，但考虑到公司长期发展潜力较大，因此采取DCF估值法，目标 价为53.84元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.84 CNY [4][7]. Core Insights - The company's short-term performance is under pressure due to intensified competition and policy impacts, leading to a downward revision of revenue and profit forecasts for 2025-2026 [4][10]. - Despite the short-term challenges, the company has significant long-term growth potential driven by self-research and innovation transformation [4][10]. - The company is expected to leverage its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) to enhance its business structure and return to a growth trajectory [10]. - The company has a robust pipeline of self-researched products, with 132 projects under development, including 37 approved projects, which are anticipated to contribute positively to future revenues [10]. - The company is actively transitioning to innovative drug development, with 15 ongoing projects in critical therapeutic areas, which could provide a second growth curve through partnerships and milestone payments [10]. Financial Summary - Revenue is projected to decline from 1,017 million CNY in 2023 to 696 million CNY in 2025, with a recovery expected in subsequent years [6][12]. - The net profit attributable to the parent company is forecasted to be a loss of 53 million CNY in 2024, with a gradual return to profitability by 2026 [6][12]. - The earnings per share (EPS) is expected to drop to -0.63 CNY in 2025, before recovering to 0.37 CNY in 2026 and 0.61 CNY in 2027 [6][12]. - The gross margin is projected to decrease from 65.5% in 2023 to 52.0% in 2024, with a gradual recovery thereafter [6][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.84 CNY [4][7]. Core Insights - The company's short-term performance is under pressure due to intensified competition and policy impacts, leading to a downward revision of revenue and profit forecasts for 2025-2026 [4][10]. - Despite the short-term challenges, the company has significant long-term growth potential driven by self-research and innovation transformation [4][10]. - The company is expected to leverage its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) to enhance its business structure and return to a growth trajectory [10]. - The company has a robust pipeline of self-researched products, with 132 projects under development, including 37 approved products, which are anticipated to contribute to stable revenue growth as they enter commercialization [10]. - The company is actively transitioning to innovative drug development, with 15 ongoing projects in key therapeutic areas, which could provide a second growth curve through partnerships and milestone payments [10]. Financial Summary - Revenue is projected to decline from 1,017 million CNY in 2023 to 696 million CNY in 2025, with a recovery to 889 million CNY by 2027 [6]. - The net profit attributable to the parent company is expected to turn negative in 2024 and 2025, with forecasts of -53 million CNY and -69 million CNY respectively, before recovering to 67 million CNY in 2027 [6]. - The earnings per share (EPS) is forecasted to be -0.63 CNY in 2025, with a recovery to 0.61 CNY by 2027 [6]. - The gross margin is expected to decrease from 65.5% in 2023 to 52.0% in 2024, before gradually improving to 56.4% by 2027 [6].

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

百诚医药公告，预计2025年度归属于上市公司股东的净利润亏损6600-9600万元，上年同期亏损5274.28 万元。扣除非经常性损益后的净利润亏损7900-1.1亿元，上年同期亏损7263.18万元。报告期内，公司仿 制药业务受集采、MAH制度等政策的影响，营业收入同比下降，毛利率同比降低。2025年度管理费用 较上年同比增加，主要原因系2024年度公司因股权激励考核目标未实现，对原计提的股份支付费用进行 了冲回，导致2024年度管理费用偏低；2025年度无前述冲回情形，由此导致管理费用同比增加。 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 每经AI快讯，百诚医药1月29日晚间发布公告称，公司第四届第九次董事会会议于2026年1月29日在公 司会议室以现场结合通讯的方式召开。会议审议了《关于投资设立全资子公司的议案》等文件。 （记者 张明双） ...