Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Company Overview - Proris is a big data-driven clinical research service provider focused on creating a comprehensive project management system for clinical trials, emphasizing a patient-centered approach [1][2] - As of Q3 2025, the company achieved a revenue of CNY 219 million, representing a year-on-year growth of 9.84% [2] - The net profit for Q3 2025 was CNY 69.67 million, a significant increase of 120.72% compared to the previous year [2] Financial Performance - For the first three quarters of 2025, the total revenue reached CNY 609 million, with a year-on-year growth of 2.59% [2] - The net profit for the first three quarters was CNY 67.67 million, reflecting an 11.48% increase year-on-year [2] - The company distributed cash dividends totaling CNY 5.37 million in 2025, demonstrating a commitment to shareholder returns [4] Market Position and Competitive Landscape - The SMO industry is experiencing a concentration of resources towards leading firms, with increased competition characterized by: - Leading SMO companies expanding their client resources, professional talent, and research coverage [3] - Smaller SMOs gradually exiting the market, leading to increased industry concentration [3] - Proris has established partnerships with major global pharmaceutical companies and CROs, enhancing its service capabilities in innovative drug projects [4] Project Execution and Areas of Expertise - As of September 2025, Proris has undertaken over 4,200 clinical projects, with 2,538 currently in execution, covering various disease areas including hematological tumors, solid tumors, and rare diseases [4] - The company has a competitive advantage in several therapeutic areas, including cardiovascular diseases and endocrine disorders [4] Digital Transformation and Efficiency - Proris is focused on integrating digital technologies into its operations to enhance efficiency and service quality [6] - The company has developed a robust quality management system that supports cost reduction and efficiency improvements [4][6]

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月27日 华创医药投资观点&研究专题周周谈 · 第156期 SMO格局稳固，行业有望开启成长新周期 本周专题联系人：王宏雨 华创医药团队： | 首席分析师 郑辰 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | 刘浩 | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | 高初蕾 | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | | | 执业编号：S0360524070007 | 邮箱：zhukec ...

（编辑 姚尧） 证券日报网讯 12月17日晚间，普蕊斯发布公告称，普蕊斯（上海）医药科技开发股份有限公司（以下 简称"公司"）于2025年11月19日披露了《关于公司股东减持股份预披露公告》，公司股东淄博弘润盈科 创业投资合伙企业（有限合伙）（曾用名：平潭弘润盈科新材料创业投资合伙企业（有限合伙）、福州 弘润盈科新材料创业投资中心（有限合伙），以下简称"弘润盈科"）、股东石河子市睿新股权投资合伙 企业（有限合伙）（以下简称"石河子睿新"）和财务总监宋卫红计划自减持计划公告发布之日起15个交 易日后的3个月内以集中竞价交易方式分别减持本公司股份不超过6，500股（占本公司总股本比例 0.0082%）、73，100股（占本公司总股本比例0.0925%）、800股（占本公司总股本比例0.0010%）。近 日，公司收到股东弘润盈科、石河子睿新和财务总监宋卫红女士分别出具的《关于股份减持计划实施完 成的告知函》，截至本公告披露日，上述股东的减持计划已实施完成。 ...

Group 1 - The core point of the article is that the company, Puris (SZ 301257), announced the completion of a share reduction plan by its shareholders, resulting in a total reduction of approximately 80,400 shares [1] - The shareholders involved in the reduction plan include Hongrun Yinke, Shihezi Ruixin, and the financial director, Ms. Song Weihong [1] - As of the announcement date, the company's revenue composition for the first half of 2025 is entirely from the service industry, accounting for 100% [1] Group 2 - The current market capitalization of Puris is 3.6 billion yuan [2]

证券代码：301257 证券简称：普蕊斯 公告编号：2025-070 近日，公司收到股东弘润盈科、石河子睿新和财务总监宋卫红女士分别出具 的《关于股份减持计划实施完成的告知函》，截至本公告披露日，上述股东的减 持计划已实施完成。根据《证券法》《上市公司股东减持股份管理暂行办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关规定，现将相关情况公 告如下： 一、股东减持计划实施情况 普蕊斯（上海）医药科技开发股份有限公司 关于公司股东减持计划实施完成的公告 公司股东淄博弘润盈科创业投资合伙企业（有限合伙）、股东石河子市睿 新股权投资合伙企业（有限合伙）和财务总监宋卫红女士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。 普蕊斯（上海）医药科技开发股份有限公司（以下简称"公司"）于 2025 年 11 月 19 日披露了《关于公司 ...

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector, with a focus on specific companies such as Innovent Biologics, Efang Biologics, and Mindray Medical [4][27]. Core Insights - The report emphasizes the investment opportunities in the "One Old, One Young" sectors, particularly in reproductive assistance, pediatric drugs and vaccines, maternal and infant health monitoring, and aging-related consumer healthcare [2][24]. - It highlights the importance of clinical value in the pharmaceutical sector, suggesting that future investments should focus on innovative drug chains and high-end medical devices [3][25]. - The report notes that the domestic pharmaceutical sector is experiencing a valuation recovery, driven by supportive policies and increasing global competitiveness [26]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 1.04%, underperforming the CSI 300 index by 0.96 percentage points and the ChiNext index by 2.52 percentage points, ranking 17th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.26%, lagging behind the Hang Seng Index by 0.97 percentage points [1][15]. R&D Progress - Recent developments include IND applications from Haisimengnuo and clinical trial advancements for various drugs from companies like Hengrui Medicine and Anke Biotechnology [29][30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a positive outlook for companies like WuXi AppTec and Mindray Medical, with projected PE ratios decreasing over the next few years [4][27]. Policy and Industry Resonance - The report discusses the eight key tasks for medical insurance in 2026, focusing on improving coverage for flexible employment and enhancing maternal healthcare services, which are expected to boost the birth rate and the rehabilitation medical device industry [2][20][24]. Investment Strategy - The report suggests a three-stage investment strategy based on clinical value, recommending investments in innovative drugs and high-value medical devices, with a focus on companies that are expanding internationally [3][25][26].

最新一期业绩显示，2025年三季报，公司实现营业收入6.09亿元，同比增加2.59%；净利润8738.15万 元，同比增加20.92%，销售毛利率25.58%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)2普蕊斯30.1334.412.9236.63亿行业平均 49.3754.234.64188.00亿行业中值61.7864.673.0074.65亿1药明康德18.5929.493.932786.83亿3华康洁净 31.5151.091.8834.13亿4诺禾致源31.5928.132.1355.35亿5爱尔眼科31.9028.874.581026.73亿6凯莱英 32.4535.531.94337.16亿7康龙化成34.1528.803.53516.57亿8通策医疗34.9636.064.16180.79亿9华厦眼科 35.9337.002.64158.59亿10诺思格36.5039.402.8855.24亿11迈普医学42.8155.325.8143.62亿12百普赛斯 52.4673.193.4390.63亿 本文源自：市场资讯 作者：行情君 交易所数据显示，12月11日，普蕊斯收盘46.3 ...

证券日报网讯12月11日，普蕊斯（301257）在互动平台回答投资者提问时表示，截至2025年11月28日收 盘，公司股东总数为8285户。 ...

每经AI快讯，12月5日，普蕊斯（301257）公告，公司股东观由昭泰通过大宗交易和集中竞价方式合计 减持236.995万股股份，减持计划已实施完成。其中，大宗交易减持158万股，集中竞价减持78.995万 股，减持均价分别为46.01元/股和45.35元/股。本次减持后，观由昭泰持有公司股份310.409万股，占总 股本比例3.9290%。本次减持符合相关法律法规及创投基金减持特别规定，未导致公司控制权变更，亦 未违反此前披露的减持计划或相关承诺。 ...