Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 19, 2026 [1] Core Insights - 2025 marked a significant year for Chinese innovative drugs going global, with a total transaction amount of $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs. The trend continues into 2026, with notable licensing agreements from companies like Yilian Biotech and Rongchang Biotech, indicating strong global competitiveness for Chinese innovative drugs [2] - Major companies are increasingly investing in the small nucleic acid field, with significant acquisitions and clinical approvals. For instance, China National Pharmaceutical Group acquired Hangzhou Hejiya Biopharmaceutical for 1.2 billion RMB, while international firms like Novartis and GSK are also advancing in this area [3] - The GLP-1 market is expected to grow despite new pricing systems, with ongoing collaborations and new product launches anticipated in 2026. The market for GLP-1 drugs is projected to remain robust due to the large patient population for weight loss and diabetes [4] - The oral autoimmune drug market is gaining attention, with promising results from Takeda's new TYK2 inhibitor for psoriasis. Other domestic companies are also advancing in this space, exploring new targets for oral small molecules [5] - The brain-computer interface sector is poised for industrialization, with companies like Neuralink set to produce devices in 2026. Domestic advancements and regulatory support are enhancing the potential for this technology in medical applications [6] - The ZAP-X radiation therapy device is expected to capture a significant market share in China, with rapid growth projected in non-invasive tumor radiation treatment, driven by increasing clinical recognition and adoption [8] Summary by Sections Industry Trends - The pharmaceutical sector is witnessing a resurgence in interest towards innovative drugs, with a notable increase in the innovative drug index by 8.97% since early January 2026, outperforming the CSI 300 index by 6.77 percentage points [2] Company Recommendations - Recommended companies include: - **Yuekang Pharmaceutical** and **Sunshine Nuohua** in the small nucleic acid space - **Yahong Pharmaceutical** and **Yifang Biotechnology** in the autoimmune sector - **Zhongsheng Pharmaceutical** in the GLP-1 market - **Baiyang Pharmaceutical** for ZAP-X radiation therapy - **Meihao Medical** for brain-computer interface technology [10] Market Opportunities - The non-invasive tumor radiation treatment market is projected to grow from 27.2 billion RMB in 2018 to 59.4 billion RMB by 2024, with a compound annual growth rate of 13.9% [8]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本 资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 免责声明 具体内容详见华创证券研究所2026年1月16日发布的报 告《普蕊斯（301257）深度研究报告：行稳致远，SMO行业 领军者开启成长新周期》 法律声明 华创证券研究所定位为面向专业投资者的研究团队，本资料仅适用于经认可的专业投资者，仅供在新媒体背景下研究观 点的及时交流。华创证券不因任何订阅本资料的行为而将订阅人视为公司的客户。普通投资者若使用本资料，有可能因 缺乏解读服务而对报告中的关键假设、评级、目标价等内容产生理解上的歧义，进而造成投资损失。 SMO行业快速发展，未来格局有望进一步集中 。 SMO是临床试验不可或缺的一环，主要负责 临床试验非医学判断事务的执行与管理。随着国内创新药研发投入持续增长、临床试验数量稳步 提升，SMO行业迎来快速发展期。根据CDE数据，2024年中国药物临床试验年度登记总量为 49 ...

证券代码：301257 证券简称：普蕊斯 普蕊斯（上海）医药科技开发股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位 名称及人员 姓名 汇添富基金 华夏基金 万家基金 信达澳亚基金 慎知资产 人保养老 建投基金 华泰保兴基金 太平洋保险 财通资管 农银汇理 中邮证券 华泰证券 华创证券 东方证券 国联民生证券 招商证券共 17 家机构 20 人 时间 2026 年 1 月 6 日、2026 年 1 月 9 日、2026 年 1 月 12 日—2026 年 1 月 13 日、2026 年 1 月 16 日 地点 上海公司会议室 上市公司接 待人员姓名 董事会秘书 赖小龙 投资者关系 活动主要 内容介绍 一、介绍公司基本情况 普蕊斯是一家大数据驱动型临床研究服务商，始终秉持"以 患者为中心"的理念，通过将临床试验和医院实际场景进行解 构，创建出一套临床试验全流程项目管理体系，公司深耕临床试 验现场管理组织（SMO）业务，致力于为中国临床试验执行提 质增效，助力新药更快惠及患 ...

Group 1 - The core point of the news is that Proprius (Shanghai) Pharmaceutical Technology Development Co., Ltd. experienced a stock price decline of 5.06%, trading at 66.26 CNY per share, with a total market capitalization of 5.235 billion CNY as of the report date [1] - Proprius was established on February 22, 2013, and went public on May 17, 2022, focusing on technology development, transfer, consulting, and services in the pharmaceutical sector, with 100% of its revenue coming from services [1] Group 2 - From the perspective of major fund holdings, the Chuangjin Hexin Fund has a significant position in Proprius, holding 121,000 shares in its Chuangjin Hexin Health Mixed A Fund, which represents 4.56% of the fund's net value, ranking it as the tenth largest holding [2] - The Chuangjin Hexin Health Mixed A Fund, established on January 26, 2022, has a current scale of 47.4529 million CNY, with a year-to-date return of 9.74% and a one-year return of 38.81%, ranking 1027 out of 8847 and 3324 out of 8094 respectively [2] - The fund manager, Pi Jinsong, has been in the position for 7 years and 80 days, managing assets totaling 900 million CNY, with the best return during his tenure being 119.78% and the worst being -49.36% [2]

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 804 | 852 | 1,059 | 1,305 | | 同比增速(%) | 5.7% | 6.1% | 24.3% | 23.2% | | 归母净利润(百万) | 106 | 119 | 160 | 198 | | 同比增速(%) | -21.0% | 12.2% | 33.7% | 24.4% | | 每股盈利(元) | 1.35 | 1.51 | 2.02 | 2.51 | | 市盈率(倍) | 52 | 46 | 35 | 28 | | 市净率(倍) | 4.7 | 4.3 | 3.8 | 3.4 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 15 日收盘价 公司研究 医疗服务 2026 年 01 月 16 日 当前价：69.79 元 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S03 ...

证券日报网讯1月15日，普蕊斯（301257）在互动平台回答投资者提问时表示，截至2025年12月31日收 盘，公司股东总数为6759户。 ...

Core Viewpoint - The market experienced a slight decline on January 14, with the Shanghai Composite Index down by 0.31%. However, the total margin financing balance increased to 26,982.31 billion yuan, reflecting a rise of 152.38 billion yuan from the previous trading day [1]. Margin Financing Overview - As of January 14, the margin financing balance in the Shanghai market was 13,513.10 billion yuan, up by 82.09 billion yuan; in the Shenzhen market, it was 13,376.36 billion yuan, increasing by 68.55 billion yuan; and in the Beijing Stock Exchange, it reached 92.85 billion yuan, up by 1.74 billion yuan. The combined margin financing balance for Shanghai, Shenzhen, and Beijing was 26,982.31 billion yuan, an increase of 152.38 billion yuan [1]. - Among the industries tracked by Shenwan, 22 sectors saw an increase in margin financing, with the computer industry leading with an increase of 39.64 billion yuan, followed by the communication and public utilities sectors, which increased by 16.97 billion yuan and 16.93 billion yuan, respectively [1]. Individual Stock Performance - A total of 1,961 stocks experienced an increase in margin financing, accounting for 52.02% of the total. Among these, 535 stocks had a margin financing increase of over 5%. The stock with the highest increase in margin financing was Puris, with a latest margin financing balance of 1.20 billion yuan, reflecting a 228.57% increase from the previous trading day, and its stock price rose by 14.70% [1]. - Other notable stocks with significant increases in margin financing included Zhisheng Information and Ruifeng New Materials, with increases of 117.49% and 77.12%, respectively [1]. Top Gainers and Losers in Margin Financing - The top 20 stocks with the highest increase in margin financing averaged a rise of 7.00%, with Jia Yuan Technology, Hanshuo Technology, and Nuo Si Ge leading with increases of 20.00%, 20.00%, and 19.25%, respectively [2]. - Conversely, the stocks with the largest decreases in margin financing included Feike Electric, which saw a decline of 42.15%, and other notable declines were recorded by Lifan Holdings and Shisheng Intelligent, with decreases of 27.19% and 23.79%, respectively [5].

格隆汇1月14日｜普蕊斯(301257.SZ)公告称，公司股票交易价格连续两个交易日收盘价涨幅偏离值累计 超过30%，属于股票交易异常波动情形。经核实，公司前期披露的信息不存在需要更正、补充之处，未 发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响的未公开重大信息，公司近期经 营情况正常，内外部经营环境未发生重大变化。股东汇桥弘甲拟减持不超0.71%股份、股东张晶拟减持 不超1.16%股份。 ...

2、公司股东张晶持有公司股份916,826股，占本公司总股本比例1.1605%。股东张晶计划自本公告发布 之日起3个交易日后的3个月内以大宗交易方式和/或以集中竞价交易方式减持本公司股份不超过916,826 股（占本公司总股本比例1.1605%）。 格隆汇1月14日丨普蕊斯(301257.SZ)公布，1、普蕊斯（上海）医药科技开发股份有限公司股东上海弘 甲私募基金管理有限公司－宁波汇桥弘甲创业投资合伙企业（有限合伙）（简称"汇桥弘甲"）持有公司 股份557,320股，占本公司总股本比例0.7054%。汇桥弘甲计划自本公告发布之日起3个交易日后的3个月 内以大宗交易方式和/或以集中竞价交易方式减持本公司股份不超过557,320股（占本公司总股本比例 0.7054%）。 ...

公司持股1.16%的股东张晶计划3个交易日后的3个月内，以大宗交易方式或集中竞价交易方式，减持公 司股份不超过91.68万股(占公司总股本的1.16%)。 人民财讯1月14日电，普蕊斯（301257）1月14日公告，公司持股0.71%的股东汇桥弘甲计划3个交易日 后的3个月内，以大宗交易方或集中竞价交易方式，减持公司股份不超过55.73万股(占公司总股本的 0.71%)。 ...