Core Insights - The report emphasizes the historical positioning of silver indicators, noting that 93% of historical dates are below 200%, while the current level exceeds 1800%, indicating potential price adjustments during the decline phase of silver [11] - It highlights the macroeconomic narratives, including geopolitical tensions and the impact of the new Federal Reserve chair, suggesting that the current market is less influenced by overseas factors [3][12] - The investment strategy focuses on three main areas: core growth assets, global competitive advantages, and emerging growth sectors, with specific recommendations for companies in these categories [14] Company Summaries TCL Electronics (01070) - TCL Electronics is forming a joint venture with Sony, where TCL will hold 51% and Sony 49%, aiming to leverage cost and technology advantages in the large-size and mini LED sectors [15] - The joint venture is expected to enhance TCL's high-end product series capabilities [15] Mao Geping (01318) - The brand is expanding its global presence with a new store in Hong Kong and a focus on integrating Eastern aesthetics with modern art, enhancing its international brand narrative [16] Anjuke Food (603345) - The company is shifting from a reliance on large B2B clients to a selective supermarket customization strategy, collaborating with major retailers to launch tailored products, resulting in a 28.1% year-on-year revenue increase in the supermarket channel [17] Chengda Pharmaceutical (301201) - Chengda is transitioning towards biocell therapy, developing innovative drug pipelines and forming strategic partnerships, including a significant collaboration with Chiron Pharma, which has led to clinical advancements [19] Xinquan Co., Ltd. (603179) - The company has established strong partnerships with major domestic truck manufacturers and is focused on expanding its automotive component offerings, leveraging over 20 years of industry experience [20] Jianghuai Automobile (600418) - Jianghuai is developing a new generation of high-end intelligent electric vehicles, integrating advanced technologies from partnerships with high-tech companies like Huawei [21] Chip Origin (688521) - The company reported significant growth in its chip design and mass production businesses, with a 290.82% quarter-on-quarter increase in design revenue and a 132.77% increase in mass production revenue [22] Tencent Holdings (00700) - Tencent's performance exceeded expectations with a 15.4% year-on-year revenue growth, driven by strong sales and R&D efficiency, leading to a notable increase in net profit [23] China Resources Land (01109) - The company is transitioning its real estate service platform to offer comprehensive lifecycle services, enhancing customer engagement through a new digital platform [24] China Merchants Energy Shipping (601872) - The company is benefiting from rising oil shipping rates, with Q4 2025 VLCC average rates reaching $94,000 per day, marking a significant increase in operational profits [26]

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]

随着募投项目完工交付，报告期内，公司固定资产规模扩大，折旧摊销费用增加；全资孙公司上海玖乾 诚生物医药有限公司尚处于创新药研发投入期，尚未产生收入；同时基于谨慎性原则，公司对报告期期 末的存货和投资性房地产进行了减值测试，并计提了相应的减值准备，以上因素均对净利润造成不利影 响。 格隆汇1月28日丨诚达药业(301201.SZ)公布，预计2025年亏损1,100万元至1,800万元，扣非亏损2,750万 元至3,450万元。报告期内，公司围绕既定发展战略，紧密结合市场环境变化，制定并实施积极有效的 销售策略，稳步推进市场开发与业务拓展工作，持续强化核心经营能力，顺利实现营业收入的增长。 ...

南财智讯1月28日电，诚达药业发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损1100万元至1800万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损2750 万元至3450万元。公司本报告期业绩变动的主要原因如下：1、报告期内，公司围绕既定发展战略，紧 密结合市场环境变化，制定并实施积极有效的销售策略，稳步推进市场开发与业务拓展工作，持续强化 核心经营能力，顺利实现营业收入的增长。2、随着募投项目完工交付，报告期内，公司固定资产规模 扩大，折旧摊销费用增加；全资孙公司上海玖乾诚生物医药有限公司尚处于创新药研发投入期，尚未产 生收入；同时基于谨慎性原则，公司对报告期期末的存货和投资性房地产进行了减值测试，并计提了相 应的减值准备，以上因素均对净利润造成不利影响。3、预计公司本报告期非经常性损益对净利润的影 响金额约1650万元，主要为计入当期损益的政府补助及现金管理投资收益等。综上所述，公司本报告期 仍处于亏损状态，但相较上年同期，亏损幅度有所收窄。 ...

证券代码：301201 证券简称：诚达药业 公告编号：2026-002 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预计情况：预计净利润为负值 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 | 亏损：1,100万元至1,800万元 | 亏损：2,810万元 | | 扣除非经常性损益后的净利润 | 亏损：2,750万元至3,450万元 | 亏损：5,767万元 | | 基本每股收益（元/股） | -0.0726元/股至-0.1188元/股 | -0.1849元/股 | 诚达药业股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 3、预计公司本报告期非经常性损益对净利润的影响金额约1,650万元， 主要为计入当期损益的政府补助及现金管理投资收益等。 综上所述，公司本报告期仍处于亏损状态，但相较上年同期，亏损幅度 有所收窄。 四、其他相关说明 本次业绩预告是公司财务部门初步 ...

诚达药业首次公开发行股票的发行费用总额为13,576.31万元，其中，保荐承销费用11,792.90万元。 诚达药业实际控制人为葛建利、卢刚、卢瑾，其中卢瑾为中国国籍，拥有加拿大永久居留权。 2023年7月3日，诚达药业发布2022年度权益分派实施公告。公司2022年年度权益分派方案为：以公司现 有总股本96,696,140股为基数，向全体股东每10股派3.000000元人民币现金，同时，以资本公积金向全 体股东每10股转增6.000000股。本次权益分派股权登记日为2023年7月6日，除权除息日为2023年7月7 日。 诚达药业于2022年1月20日在深交所创业板上市，公开发行新股2,417.4035万股，发行价格为72.69元/ 股，保荐机构(主承销商)为光大证券，保荐代表人为杨科、范国祖。上市首日，诚达药业盘中最高报 188.00元，为该股上市以来最高点。 诚达药业首次公开发行股票募集资金总额为175,721.06万元，扣除发行费用后募集资金净额162,144.75万 元。诚达药业实际募资净额比原拟募集资金多110,816.71万元。诚达药业于2022年1月14日披露的招股说 明书显示，该公司原拟募集资 ...

证券之星消息，1月22日医疗服务板块较上一交易日下跌0.25%，诚达药业领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 688710 | 益诺思 | 66.35 | 5.96% | | 1.44万 | 9269.41万 | | 300683 | 海特生物 | 30.94 | 4.28% | | 12.00万 | - 3.60亿 | | 301239 | 普瑞眼科 | 34.79 | 3.73% | | 2.24万 | 7657.97万 | | 000710 | 贝瑞基因 | 12.94 | 2.21% | | 14.77万 | 2006T | | 002173 | 创新医疗 | 28.93 | 1.97% | | 45.44万 | 13.10亿 | | 600568 | ST中珠 | 2.69 | 1.89% | | 35.10万 | 9428.7 ...

Market Overview - The medical services sector increased by 0.18% on January 21, with Nanmo Biology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers in Medical Services - Nanmo Biology (688265) closed at 49.79, up 7.01% with a trading volume of 20,000 shares and a transaction value of 98.02 million [1] - Hite Biology (300683) closed at 29.67, up 5.74% with a trading volume of 107,800 shares and a transaction value of 32.2 million [1] - Dean Diagnostics (300244) closed at 26.46, up 5.59% with a trading volume of 796,300 shares and a transaction value of 2.13 billion [1] - ST Zhongzhu (600568) closed at 2.64, up 5.18% with a trading volume of 376,500 shares and a transaction value of 9.81 million [1] - Tongce Medical (600763) closed at 46.51, up 4.99% with a trading volume of 198,600 shares and a transaction value of 911 million [1] Top Losers in Medical Services - Digital Human (920670) closed at 18.72, down 4.44% with a trading volume of 74,500 shares and a transaction value of 143 million [2] - Hongbo Pharmaceutical (301230) closed at 46.36, down 1.88% with a trading volume of 131,200 shares and a transaction value of 614 million [2] - Chengda Pharmaceutical (301201) closed at 41.39, down 1.76% with a trading volume of 36,600 shares and a transaction value of 153 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 50.51 million from institutional investors, while retail investors experienced a net outflow of 375 million [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, with retail investors pulling back [2][3] Notable Capital Inflows - Sanbo Brain Science (301293) had a net inflow of 91.48 million, representing 9.03% of its total capital [3] - Tongce Medical (600763) saw a net inflow of 83.46 million, accounting for 9.16% of its total capital [3] - BGI Genomics (300676) recorded a net inflow of 51.81 million, which is 8.37% of its total capital [3]

每经头条（nbdtoutiao）——海利生物增值9倍并购的企业，估值8个月"腰斩"，其第一大客户竟是尚未 成立的公司，离奇的事还不少…… 每经AI快讯，诚达药业发布公告称，2026年1月14日，诚达药业接受信达证券等投资者调研，公司董 事、总经理卢刚等人参与接待，并回答了投资者提出的问题。 （记者 王晓波） ...

Group 1: Small Nucleic Acid Business - The company's small nucleic acid business primarily includes phosphoramidite monomers and GalNAc delivery systems, with the capability to provide modified monomer processes to meet diverse customer needs [2][3] - Pricing for small nucleic acid monomers varies based on customer requirements, including different segments, quantities, and stages [3] - The company began its small nucleic acid business layout in 2024, driven by overseas agency promotion and technical cooperation [3] Group 2: Supply Chain and Production Capacity - MNC suppliers generally do not change key material suppliers easily due to the need for global registration and product process validation [3] - The company's production capacity is expected to meet the demands of small nucleic acid business as fundraising projects gradually release capacity [3] Group 3: Stem Cell Projects - The company has made progress in its cell therapy projects, including the completion of GMP facility design, installation, and validation for heart and brain infarction projects [3] - Technical transfers for umbilical cord mesenchymal stem cells have been completed, establishing seed, master, and working cell banks, along with method development and validation for analysis [3] Group 4: Investor Relations Activity - The investor relations activity took place on January 14, 2026, from 10:30 to 11:30 in the company meeting room, involving various investment firms [2] - The activity did not involve the disclosure of any undisclosed significant information [3]