Zhi Tong Cai Jing·2025-11-21 06:09Group 1: CRO Industry Recovery - The clinical and preclinical CRO industry is gradually recovering, with an expected improvement in order structure [1] - Domestic R&D demand is showing marginal improvement, driven by the resurgence of innovative drug development and stabilization of order prices [1] - Companies like Tigermed, Nossan, and Proprius are projected to see revenue growth turning positive by 2025, with significant contributions from overseas business [1] Group 2: CDMO Industry Growth - The CDMO sector has reached a bottom and is on a recovery trajectory, with new orders continuing to improve [2] - The global demand for innovative drug R&D is driving growth in new orders and backlog, with a strong certainty of performance and profitability improvement [2] - Companies are expected to maintain excellent growth trends in 2026 due to robust demand for new molecules [2] Group 3: Life Sciences Sector Dynamics - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives [3] - Companies are likely to capture market share in low-penetration segments by leveraging new molecular categories or high-cost performance products [3] - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic [3] Group 4: API Market Conditions - The raw material pharmaceutical industry is currently in a price bottom and supply surplus adjustment phase, with traditional product performance under pressure [4] - Companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [4] - The valuation of raw material pharmaceutical companies is at a bottom range, highlighting potential opportunities from new business layouts [4]