证券日报网讯 1月12日，普蕊斯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。 （文章来源：证券日报） ...

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [4]. Core Insights - The brain-computer interface (BCI) sector is showing active performance, with recommendations to continue monitoring thematic opportunities. The global BCI market is projected to reach USD 7.63 billion by 2029, indicating a rapidly opening blue ocean market [20][21]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, focusing on innovative drug chains and medical devices. Key recommendations include companies involved in BD overseas acceleration and high-end medical devices [23][25]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 7.81%, outperforming the CSI 300 index by 5.03 percentage points and the ChiNext index by 2.10 percentage points, ranking 6th among 31 sub-industries. The Hong Kong Hang Seng Healthcare Index increased by 10.26%, surpassing the Hang Seng Index by 11.57 percentage points [15][9]. R&D Progress - Recent clinical applications include IMM2510 and Tida-Paclitaxel from Yiming Anke, with ongoing Phase III trials for Tiengoteini from Yaokang and Phase II trials for SYS6017 from Shiyao Group [28]. Key Recommendations - Focus on three categories of companies: 1. Medical scene integrators (e.g., Xiangyu Medical, Weisi Medical) benefiting from insurance payment integration and existing rehabilitation needs [21]. 2. Leaders in invasive/semi-invasive technologies (e.g., Xinwei Medical, Jieti Medical) with significant technological advantages [21]. 3. Full-process support providers (e.g., Meihua Medical, Sanbo Neuroscience) focusing on high-certainty segments like supply chain production and clinical development [21]. Financial Forecasts and Valuations - Key companies and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024-2026 include: - Tianzhili: EPS of 0.64, PE of 24 [3]. - Innovent Biologics: EPS of -0.06, PE of NA [3]. - WuXi AppTec: EPS of 3.27, PE of 30 [3]. - Mindray Medical: EPS of 9.62, PE of 21 [3]. - Weisi Medical: EPS of 1.06, PE of 62 [3]. Policy and Industry Resonance - The report highlights a structural shift in domestic policies favoring innovative drugs, with a focus on clinical value and the potential for valuation recovery in the pharmaceutical sector. The report suggests that the investment attractiveness of the pharmaceutical sector will continue to grow [23][24].

证券研究报告：医药生物 | 公司点评报告 股票投资评级 Q3 收入增速稳定，毛利率显著回暖 ⚫ 事件 买入|首次覆盖 个股表现 -3% 10% 23% 36% 49% 62% 75% 88% 101% 114% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 普蕊斯 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.80 | | --- | --- | | 总股本/流通股本（亿股）0.79 / 0.75 | | | 总市值/流通市值（亿元）45 / 43 | | | 52 周内最高/最低价 | 56.80 / 24.84 | | 资产负债率(%) | 17.9% | | 市盈率 | 42.07 | | 第一大股东 | 石河子市玺泰股权投资 | | 合伙企业(有限合伙) | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 普蕊斯(30 ...

Group 1 - The core point of the news is that Prasis (Shanghai) Pharmaceutical Technology Development Co., Ltd. experienced a stock price increase of 5.56%, reaching 57.00 CNY per share, with a total market capitalization of 4.503 billion CNY as of January 7 [1] - The company, established on February 22, 2013, and listed on May 17, 2022, focuses on technology development, transfer, consultation, and services in the pharmaceutical sector, with 100% of its revenue coming from services [1] Group 2 - From the perspective of fund holdings, the Chuangjin Hexin Fund has a significant position in Prasis, with its Chuangjin Hexin Health Mixed A Fund (013348) holding 121,000 shares, representing 4.56% of the fund's net value, making it the tenth largest holding [2] - The Chuangjin Hexin Health Mixed A Fund was established on January 26, 2022, with a current scale of 47.4529 million CNY, and has achieved a year-to-date return of 5.36%, ranking 833 out of 8,823 in its category [2] Group 3 - The fund manager of Chuangjin Hexin Health Mixed A Fund is Pi Jinsong, who has been in the position for 7 years and 71 days, managing assets totaling 900 million CNY, with the best fund return during his tenure being 92.69% and the worst being -49.36% [3]

证券日报网讯 1月6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。 ...

证券日报网讯 1月5日，普蕊斯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。 （文章来源：证券日报） ...

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]

Investment Rating - The report indicates a positive outlook for the SMO industry, suggesting it is entering a new growth cycle [15]. Core Insights - The SMO industry is experiencing steady growth driven by an increase in clinical trial registrations, particularly for innovative drugs, with a projected market size of 35 billion yuan by 2030 [23]. - The report highlights the recovery of the innovative drug sector, with an emphasis on the importance of quality over quantity in drug development [9]. - The medical device sector is benefiting from a rebound in bidding activities and government subsidies for home medical devices, indicating a favorable investment environment [56]. Summary by Sections Market Review - The report notes a slight decline in the CITIC pharmaceutical index, underperforming the CSI 300 index by 2.14 percentage points, ranking 26th among 30 primary industries [6]. Industry and Stock Events - The report identifies key stocks that have performed well, including Hongyuan Pharmaceutical and Luyan Pharmaceutical, while also noting significant declines in stocks like ST Bailing and Huaren Health [6]. Overall Viewpoint and Investment Themes - The report emphasizes the transition in the innovative drug sector from quantity to quality, recommending companies such as BeiGene and Innovent Biologics for their potential to deliver profits [9]. - In the medical device sector, the report highlights the recovery in imaging equipment procurement and the growth of home medical devices, recommending companies like Mindray and Yuyue Medical [9]. - The report discusses the potential for the CXO and life sciences services sector to recover, with a focus on companies that can leverage their market position for high-profit returns [9]. - The report suggests that the pharmaceutical industry is entering a new growth cycle, particularly in the specialty raw materials sector, with companies like Tonghua Dongbao and Huahai Pharmaceutical recommended for investment [9]. SMO Industry Insights - The SMO industry is characterized by a stable growth trajectory, with a significant increase in clinical trial registrations, particularly in complex therapeutic areas [23]. - The report notes that the demand for SMO services is expected to rise as the number of innovative drug trials increases, with a forecasted annual registration of 4,900 clinical trials in 2024, representing a 13.9% year-on-year growth [23]. - The report highlights the potential for AI applications to enhance efficiency and reduce costs in the SMO sector, which traditionally relies heavily on manual processes [33]. Medical Services and Pharmacy - The report expresses optimism about the pharmacy sector, driven by the acceleration of prescription outflow and the optimization of competitive dynamics, recommending companies like YaoXing and YiFeng Pharmacy [61]. - In the medical services sector, the report highlights the potential for private healthcare providers to enhance their competitive edge through reforms and the expansion of commercial insurance [63].

（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。 ...