Group 1 - The core point of the news is that shareholders of Priss (SZ 301257) plan to reduce their holdings in the company through centralized bidding transactions within three months after the announcement [1][2] - The shareholder Zibo Hongrun Yingke Venture Capital Partnership holds 6,500 shares, accounting for 0.0082% of the total share capital, and plans to reduce its holdings by the same amount [1] - The shareholder Shihezi Ruixin Equity Investment Partnership holds approximately 6.4 million shares, accounting for 8.0977% of the total share capital, and plans to reduce its holdings by up to 73,100 shares, which is 0.0925% of the total share capital [1] Group 2 - The company's financial director, Song Weihong, holds approximately 292,500 shares indirectly through Shihezi Ruixin and 3,250 shares directly, planning to reduce her total holdings by up to 73,900 shares, which is 0.0935% of the total share capital [2] - The planned reduction by Song Weihong does not exceed 25% of her total direct and indirect holdings [2] Group 3 - For the first half of 2025, Priss's revenue composition is entirely from the service industry, accounting for 100% [3] - As of the report, Priss has a market capitalization of 3.5 billion yuan [4]

Core Viewpoint - The company announced a share reduction plan by its shareholders, which will not affect the company's control or ongoing operations [1] Shareholder Reduction Plans - Shareholder Zibo Hongrun Yingke Venture Capital Partnership plans to reduce its holdings by up to 6,500 shares, representing 0.0082% of the total share capital [1] - Shareholder Shihezi Ruixin Equity Investment Partnership plans to reduce its holdings by up to 73,100 shares, representing 0.0925% of the total share capital [1] - The company's CFO, Ms. Song Weihong, plans to reduce her direct holdings by up to 800 shares, totaling a reduction of 73,900 shares, which is 0.0935% of the total share capital [1] Compliance and Impact - The reduction plan complies with relevant laws and regulations, with uncertainties regarding the timing, quantity, and price of the reductions [1] - The planned reductions will not lead to a change in company control and will not impact the company's ongoing operations [1]

证券代码：301257 证券简称：普蕊斯 公告编号：2025-066 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）、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。 特别提示： 1、普蕊斯（上海）医药科技开发股份有限公司（以下简称"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"）持有公司股份 6,500 股，占本公司总股本比例 0.0082% （其中 5,431.4 股系由公司实际控制人赖春宝先生通过持有弘润盈科的上层权益 对应间接持有的公司股份，占本公司总股本比例 0.0069%，弘润盈科不是公司实 际控制人控制的企业）。鉴于弘润盈科自 2014 年 6 月 20 日成立至今已存续超过 10 年，近期因投资 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The report emphasizes three core investment directions: 1) Breakthroughs in cutting-edge technologies (e.g., First-in-class drugs in oncology, weight loss, autoimmune fields, and innovative devices like brain-machine interfaces); 2) Clinical validation and commercialization potential (focus on the progress of domestic innovative drugs going abroad and the clinical development progress post-BD transactions); 3) Efficiency advantages in the industry chain (CXO leaders and high-value consumables' global layout) [8] Industry Review - The pharmaceutical and biotechnology industry index increased by 0.81%, ranking 21st among 31 primary industries, outperforming the CSI 300 index which decreased by 0.27% [5][16] - The sub-industries of pharmaceutical circulation and in vitro diagnostics saw significant gains of 7.61% and 5.32% respectively, while medical research outsourcing and medical devices experienced declines of 3.49% and 1.76% [5][16] - As of November 14, 2025, the industry PE (TTM overall method, excluding negative values) was 30.89x, up from 30.67x in the previous period, indicating an upward valuation trend that remains below the average [21] - The top three PE ratios among the sub-industries were for vaccines (50.42x), hospitals (43.67x), and medical devices (37.84x), while pharmaceutical circulation had the lowest valuation at 15.46x [21] Important Industry News - The National Health Commission and others issued implementation opinions to promote and regulate the application of "AI + healthcare" [7] - The NMPA released a new version of the "Medical Device Production Quality Management Specifications" [7] - Novartis received NMPA approval for its first radioligand therapy drug "Pluvicto®" for dual indications [7] - Sanofi's innovative targeted nano-antibody "Cablivi®" was approved by NMPA for treating immune-mediated thrombotic thrombocytopenic purpura [7] - The U.S. government reached a drug price control agreement with Eli Lilly and Novo Nordisk, leading to significant price reductions for GLP-1 drugs [7]

Group 1 - The core point of the news is that Proprius (Shanghai) Pharmaceutical Technology Development Co., Ltd. experienced a stock decline of 5.07%, with a current share price of 45.51 yuan and a total market capitalization of 3.596 billion yuan [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 - Morgan Stanley's fund holds a significant position in Proprius, with the "Morgan Stanley Youyue Anhe Mixed A" fund owning 80,300 shares, representing 6.23% of the fund's net value, making it the fourth-largest holding [2] - The fund has reported a floating loss of approximately 195,100 yuan as of the latest update [2] - The fund manager, Zhao Weijie, has been in charge for 4 years and 260 days, with the fund's total asset size at 339 million yuan, achieving a best return of 30.95% and a worst return of -32.57% during his tenure [2]

Market Overview - The medical services sector declined by 0.47% on November 14, with the digital human sector leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable declines in individual stocks include: - Digital Human: closed at 17.28, down 4.85% with a trading volume of 80,400 shares and a turnover of 1.411 million [1] - Haoyuan Pharmaceutical: closed at 77.20, down 3.54% with a trading volume of 30,800 shares and a turnover of 2.4212 million [1] - Yinos: closed at 48.69, down 2.62% with a trading volume of 14,300 shares and a turnover of 7132.217 [1] - Other notable declines include Taige Pharmaceutical, MediX, and WuXi AppTec, all showing declines between 1.28% and 2.08% [1] Capital Flow - The medical services sector experienced a net outflow of 238 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [3] - Notable capital flows for specific stocks include: - Ruizhi Pharmaceutical: net inflow of 38.93 million yuan from institutional investors, but net outflows from retail and speculative investors [3] - Chengda Pharmaceutical: net inflow of 37.96 million yuan from institutional investors, with significant outflows from speculative investors [3] - Other stocks like Sanbo Brain Science and Jinyu Medical also showed varying net inflows and outflows among different investor types [3]

Core Viewpoint - The report from Huaxi Securities indicates that Puris achieved a net profit attributable to shareholders of 87 million yuan in Q1-Q3 of 2025, representing a year-on-year growth of 20.92% [1] - In Q3 of 2025, the company reported a single-quarter revenue of 33 million yuan, which is a significant year-on-year increase of 91.6%, exceeding market expectations [1] - The company noted a positive recovery trend in industry and customer demand, with a rapid growth in inquiry volume and new orders in Q1-Q3 of 2025, laying a solid foundation for future performance growth [1] Company Performance - The net profit for Q1-Q3 of 2025 was 87 million yuan, marking a 20.92% increase compared to the previous year [1] - Q3 of 2025 saw a revenue of 33 million yuan, which is a 91.6% increase year-on-year, surpassing market forecasts [1] - The company is adjusting its previous profit forecasts due to the rapid growth in new orders in H1 of 2025 and maintains an "overweight" rating [1] Industry Outlook - The SMO (Site Management Organization) demand is expected to gradually improve in 2025, indicating a potential bottoming out of the industry [1] - As one of the leading players in the domestic SMO market, the company is well-positioned to benefit from the anticipated recovery in the industry [1] - The outlook for the SMO industry suggests a gradual improvement from the bottom, which could positively impact the company's future performance [1]

Company Overview - Pursuit Pharmaceutical Technology Co., Ltd. is located at 500 Guangdong Road, World Trade Building, 23rd Floor, Huangpu District, Shanghai, established on February 22, 2013, and listed on May 17, 2022 [1] - The company specializes in technology development, transfer, consulting, and services within the pharmaceutical sector, with 100% of its revenue derived from service activities [1] Financial Performance - For the period from January to September 2025, Pursuit achieved a revenue of 609 million yuan, representing a year-on-year growth of 2.59%, and a net profit attributable to shareholders of 87.38 million yuan, up 20.92% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 40.77 million yuan [3] Stock Performance - As of November 12, the stock price of Pursuit was 45.88 yuan per share, with a market capitalization of 3.625 billion yuan [1] - The stock has increased by 70.81% year-to-date, but has seen a decline of 6.04% over the last five trading days [1] Shareholder Information - As of October 31, the number of shareholders was 8,576, a decrease of 0.14% from the previous period, with an average of 8,782 circulating shares per shareholder, an increase of 0.14% [2] - Notable shareholders include Noan Pioneer Mixed A (320003) as the fifth largest shareholder with 3.29 million shares, and Tianhong Medical Health A (001558) as the eighth largest shareholder with 961,000 shares, which decreased by 467,700 shares from the previous period [3] Market Activity - On November 12, the stock experienced a trading volume of 57.36 million yuan, with a turnover rate of 1.63% [1] - The net inflow of main funds was 1.08 million yuan, with large orders accounting for 16.99% of purchases and 15.11% of sales [1] Industry Classification - Pursuit is classified under the Shenwan industry as part of the pharmaceutical and biological sector, specifically in medical services and medical research outsourcing [1] - The company is associated with various concept sectors including margin financing, buybacks, small-cap stocks, hepatitis treatment, and medical devices [1]

Core Viewpoint - The company, Puris (301257), reported that as of October 31, 2025, the total number of shareholders will be 8,576 [1] Summary by Categories - **Company Information** - Puris has communicated to investors that the total number of shareholders is projected to reach 8,576 by the end of October 2025 [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Views - The medical device and medical services sectors have shown strong revenue performance, while the chemical preparation sector has experienced year-on-year net profit growth [2][21]. - The pharmaceutical and biotechnology sector achieved a revenue of CNY 1,825.74 billion in the first three quarters of 2025, a year-on-year decrease of 1.97%, with a net profit of CNY 139.66 billion, down 1.59% year-on-year [2][21]. - The report emphasizes the importance of clinical value in investment strategies, suggesting a focus on innovative drug and medical device sectors [3][35]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.40%, underperforming the CSI 300 index by 3.22 percentage points, ranking 29th among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index also declined by 2.62%, lagging behind the Hang Seng National Enterprises Index by 3.7 percentage points [1][16]. Financial Performance - In Q3 2025, the pharmaceutical sector reported a revenue of CNY 598.54 billion, a year-on-year increase of 0.78%, and a net profit of CNY 40.51 billion, up 7.67% year-on-year [2][21]. - The gross profit margin for the pharmaceutical sector was 31.4%, down 1.4 percentage points year-on-year [2][21]. Sector Analysis - The medical device sector saw a significant revenue increase of 10.65% in Q3 2025, attributed to a recovery in domestic bidding [22]. - The chemical preparation sector's revenue decreased by 0.82% in Q3 2025, but net profit increased by 5.05%, driven by strong performance from leading innovative drug companies [21][22]. - The CXO (Contract Research Organization) sub-sector showed robust growth, with a revenue increase of 10.93% and a net profit increase of 47.90% in Q3 2025 [22]. Investment Strategy - The report advocates for investments in innovative drug chains and high-end medical devices, highlighting companies such as Innovent Biologics, Eifang Biologics, and Mindray Medical [7][37]. - The report suggests that the pharmaceutical sector's valuation is recovering, with a focus on clinical value driving future investments [35][36].