2024医药生物（A股）上市公司市值战略研究报告

Core Insights - The pharmaceutical and biotechnology industry in China is at a crossroads of cyclical adjustment and innovative transformation in 2024, with a slow recovery process despite a rebound trend [1][14] - The industry is experiencing significant changes in market value management logic and practices due to tightening policies, accelerated innovation, and reshaped market dynamics [1][14] Industry Overview - The industry is facing multiple challenges including tightened policy environment, innovation impacts, changing demand structures, and price restructuring [14][17] - In 2024, the focus of pharmaceutical policies is on six core areas: supporting innovative drug development, deepening medical reform, expanding the opening of wholly-owned hospitals, improving multi-level medical insurance systems, enhancing centralized procurement, and refining drug pricing mechanisms [17][18] Innovation and Market Dynamics - Innovation is the core growth engine, with a record 48 innovative drugs and 65 innovative medical devices approved in 2024, positioning China as the second globally in new drug research [2][18] - The market is shifting towards high-end and differentiated demands domestically, while international strategies are transitioning from "bringing in" to "going out," covering various categories including chemical drugs and monoclonal antibodies [2][19] Market Capitalization and Valuation - As of May 31, 2025, there are 495 pharmaceutical and biotechnology companies listed in A-shares, with a total market capitalization of 6.6 trillion yuan, accounting for 6.62% of the total A-share market [20][22] - The distribution of market capitalization shows that 187 companies fall within the 2-5 billion yuan range, making up 37.78% of the industry, while there are 9 companies with market caps exceeding 100 billion yuan [22][24] Value Management Strategies - The value creation ability of listed companies is under pressure, scoring 45.65 out of 100, which is below the A-share average, indicating a need for improvement in profitability and operational efficiency [3][15] - Value shaping is lagging, with a score of 36.88, highlighting the need for companies to enhance their communication of investment value to the capital market [3][15] Changes in Value Management Practices - M&A activities have slowed down, with total M&A amounting to 4.364 billion yuan in 2024, while share buybacks have increased significantly, indicating a shift towards returning value to shareholders [4][15] - The proactive nature of value management has increased, with a notable rise in stock buybacks and share incentive plans, reflecting a focus on long-term value [4][15] Expectations and Market Feedback - The industry has seen an increase in institutional attention, but this has not yet translated into substantial investment decisions, indicating a need for improved expectation management [4][15][16] - The overall performance in terms of investment returns and growth certainty is declining, but remains better than the A-share average [16]