2025 年 09 月 15 日 行业深度研究 看好/维持 医药 医药 行业企稳向好，回暖曙光已现 走势比较 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<板块缩量高位震荡，关注创新药 BD 新 进 展 （ 附 原 料 药 中 报 总 结 ） (2025.09.08-2025.09.14)>>-- 2025-09-15 <<太平洋医药日报（20250912）： Ionis 在研 ASO 疗法 ION582 获突破 性疗法认定>>--2025-09-14 <<祥生医疗：业绩符合预期，创新管 线稳步推进 >>--2025-09-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 收入保持稳定增长，利润同比快速提升。2025 年上半年，CXO 板块实 现营业收入 47 ...

北京市嘉源律师事务所 关于上海泓博智源医药股份有限公司 2025 年第二次临时股东大会的 法律意见书 Sh 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 ิ้ YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:上海泓博智源医药股份有限公司 北京市嘉源律师事务所 关于上海泓博智源医药股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-670 北京市嘉源律师事务所(以下简称"本所")接受上海泓博智源医药股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称 "《公司法》"》《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效 的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《上 海泓博智源医药股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025年第二次临时股东大会(以下简称"本次股东大会")进 行见证,并依法出具本法律意见书。 泓 ...

上海泓博智源医药股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：301230 证券简称：泓博医药 公告编号：2025-053 特别提示： 1、本次股东大会不存在新增、修改、否决议案的情形； 2、本次股东大会不存在变更前次股东大会决议的情形； 3、本次股东大会采取现场投票与网络投票相结合的方式进行。 一、会议召开情况 1、会议通知方式：公告方式 2、会议召开时间： （1）现场会议召开时间：2025 年 9 月 15 日（星期一）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 15 日上午 9:15~9:25，9:30~11:30 和下午 13:00~15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为 2025 年 9 月 15 日 9:15～15:00 任意时间。 3、现场会议地点：上海浦东新区凯庆路 59 号 12 幢公司一楼会议室 4、会议召开方式：本次股东大会采取现场投票、网络投票相结合的方式。 参加本次股东大会表决的股东（含代 ...

9月9日，泓博医药跌5.02%，截至发稿，报36.33元/股，成交2.13亿元，换手率7.45%，总市值50.71亿 元。 资料显示，上海泓博智源医药股份有限公司位于上海市浦东新区凯庆路59号12幢，成立日期2007年12月 14日，上市日期2022年11月1日，公司主营业务涉及药物发现、制药工艺的研究开发以及原料药中间体 的商业化生产。主营业务收入构成为：药物发现52.67%，商业化生产35.00%，工艺研究与开发8.10%， 其他(补充)4.23%。 中欧科创主题混合(LOF)A（501081）基金经理为邵洁。 截至发稿，邵洁累计任职时间5年210天，现任基金资产总规模92.84亿元，任职期间最佳基金回报 114.56%， 任职期间最差基金回报0.58%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从泓博医药十大流通股东角度 数据显示，中欧基金旗下1只基金位居泓博医药十大流通股东。中欧科创主题混合(LOF)A（501081）二 季度新进十大流 ...

中信证券股份有限公司 关于上海泓博智源医药股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：泓博医药 | | --- | --- | | 保荐代表人姓名：王琦 | 联系电话：010-60833007 | | 保荐代表人姓名：李嵩 | 联系电话：010-60838329 | 2 11.其他需要说明的保荐工作情况 无 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | | 保荐人查阅了公司信息披露文件，深圳证券 | | | | 交易所互动易网站披露信息，重大信息的传 | | | 1.信息披 | 递披露流程文件，内幕信息管理和知情人登 | 不适用 | | 露 | 记管理情况，信息披露管理制度，检索公司 | | | | 舆情报道，对高级管理人员进行访谈，未发 | | | | 现公司在信息披露方面存在重大问题。 | | | 2.公司内 | 保荐人查阅了公司章程及内部制度文件，对 | | | 部制度的 | 公司高级管理人员进行访谈，未发现公司在 | 不适用 | | 建立和执 | 公司内部制度的建 ...

Market Performance - On September 5, the AI medical sector rose by 1.53%, with Yaoshi Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - The top-performing stocks in the AI medical sector included: - Yaoshi Technology (300725) with a closing price of 44.21, up 3.85% [1] - ZheShu Culture (600633) with a closing price of 14.44, up 3.74% [1] - MaiDi Technology (603990) with a closing price of 14.64, up 3.24% [1] - Other notable stocks included Hongbo Pharmaceutical (301230) at 37.89, up 3.21%, and Jiahe Meikang (688246) at 31.20, up 2.80% [1] Capital Flow - The AI medical sector saw a net inflow of 56.49 million yuan from institutional investors, while retail investors experienced a net outflow of 50.12 million yuan [2] - The capital flow for specific stocks showed: - Meinian Health (002044) had a net inflow of 39.11 million yuan from institutional investors [3] - MaiDi Technology (603990) had a net inflow of 19.26 million yuan from institutional investors [3] - ZheShu Culture (600633) had a net inflow of 5.19 million yuan from institutional investors [3]

Group 1 - The CRO (Contract Research Organization) concept stocks in the A-share market have shown strong performance, with notable gains in several companies [1] - Zhaoyan New Drug approached the daily limit increase with a rise of 9.12%, while other companies like Kailaiying, Nossger, and Kanglong Chemical also saw increases exceeding 5% [1][2] - The total market capitalization of Zhaoyan New Drug is 25.3 billion, and it has achieved a year-to-date increase of 103.06% [2] Group 2 - Kailaiying's stock rose by 5.48%, with a total market capitalization of 38.7 billion and a year-to-date increase of 42.84% [2] - Nossger and Kanglong Chemical experienced increases of 5.44% and 5.19%, respectively, with market capitalizations of 5.631 billion and 55.5 billion [2] - Other companies such as Sunshine Nuohuo and Boteng also reported gains of over 5%, with year-to-date increases of 109.05% and 64.55% respectively [2]

Market Overview - On September 4, the medical services sector declined by 4.28%, with Bid Pharma leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the medical services sector included: - Zihua Pharmaceutical (600721) with a closing price of 11.07, up 6.24% [1] - Innovation Medical (002173) with a closing price of 24.99, up 5.31% [1] - Wisdom Pharmaceutical (300149) with a closing price of 13.17, up 4.36% [1] - Major decliners included: - Bid Pharma (688073) with a closing price of 62.65, down 9.44% [2] - WuXi AppTec (603259) with a closing price of 101.94, down 8.06% [2] - Zhaoyan New Drug (603127) with a closing price of 30.92, down 7.48% [2] Capital Flow - The medical services sector experienced a net outflow of 1 billion yuan from institutional investors, while retail investors saw a net inflow of 359 million yuan [2][3] - Key stocks with significant capital flow included: - Innovation Medical (002173) with a net inflow of 136 million yuan from institutional investors [3] - Wisdom Pharmaceutical (300149) with a net inflow of 79 million yuan from institutional investors [3] - Meinian Health (002044) with a net inflow of 64 million yuan from institutional investors [3]

（记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，长城国瑞证券9月2日发布研报称，给予泓博医药（301230.SZ）增持评级。评级理由主要 包括：1）营业收入稳健增长，盈利能力持续修复；2）药物发现板块维持稳健增长，商业化板块延续快 速放量；3）新签订单金额和新增客户数快速增长，市场拓展成效显著；4）CADD/AIDD平台持续赋 能，DiOrion平台建设成果显著。风险提示：新签订单不及预期风险，人才流失风险，毛利率下滑风 险，环保及安全生产风险，地缘政治风险，汇率波动风险。 每经头条（nbdtoutiao）——人口流失、土地闲置的城市要不要撤并？专访国家发改委专家高国力：未 来不排除，目前没到这阶段 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][3][7] Core Views - The company has shown steady revenue growth with a 32.73% year-on-year increase in revenue for the first half of 2025, reaching 353 million yuan [3] - The net profit attributable to the parent company for the same period was 25 million yuan, reflecting a significant year-on-year growth of 54.99% [3] - The company has successfully established a comprehensive service platform and maintains high R&D investment, which supports its growth potential [6][7] Financial Performance - In the first half of 2025, the company achieved a revenue of 353 million yuan, with quarterly revenues of 169 million yuan in Q1 and 183 million yuan in Q2, marking an 8.19% quarter-on-quarter increase [3] - The company’s net profit margin improved, with sales gross margins of 28.39% and 27.51% in Q1 and Q2 respectively, compared to 20.61% and 26.84% in the same periods of 2024 [3] - The company’s operating cash flow turned positive, reaching 39 million yuan in the first half of 2025 [3] Business Segments - The drug discovery segment generated 186 million yuan, accounting for 52.67% of total revenue, with a year-on-year growth of 17.41% [3] - The commercial production segment saw revenue of 123 million yuan, representing 35.00% of total revenue, with a remarkable growth rate of 55.89% [3] - The process research and development segment contributed 29 million yuan, with a growth rate of 30.13% [3] Market Expansion - The company experienced significant growth in new orders and customer acquisition, with Q2 new orders in the service segment reaching 246 million yuan, a 98.77% increase from Q1 [4] - The number of new customers in the service segment increased by 35.29% in Q2, while the commercial production segment added 20% more customers [4] R&D and Technology Platforms - The company invested 19 million yuan in R&D in the first half of 2025, representing 5.39% of its revenue [5] - The CADD/AIDD technology platform has supported 95 new drug projects, with 7 projects entering clinical trials [5] - The DiOrion platform has expanded its capabilities, enhancing drug discovery efficiency and supporting complex molecular types [5] Profit Forecast - The company’s projected net profits for 2025-2027 are 639 million yuan, 817 million yuan, and 979 million yuan respectively, with corresponding EPS of 0.46, 0.59, and 0.70 yuan [6][10]