中国生命科学上游行业景气度上行

Investment Rating - The report rates the Chinese life sciences upstream industry as "outperforming the market" [38]. Core Insights - The Chinese life sciences upstream industry is experiencing an upward trend, benefiting from increased R&D spending in the pharmaceutical sector, a recovery in financing for innovative drugs, and a surge in domestic innovative drug exports [1][4]. - There is significant potential for domestic substitution, which is expected to drive long-term growth in the domestic upstream industry [1][4]. - Domestic companies are narrowing the technological gap with international giants through continuous investment in technology, gaining customer recognition and market share [1]. Summary by Sections Industry Overview - The report highlights that the pharmaceutical industry is the most important client for the life sciences upstream sector in China, with R&D demand maintaining growth despite fluctuations [4]. - Key indicators of recovery include sustained growth in R&D spending by large pharmaceutical companies and biotech firms post-COVID-19, a significant increase in domestic innovative drug export transactions, and a resurgence in financing for innovative drugs [4][18]. Domestic Companies - Domestic companies are leveraging technological barriers, cost advantages, and policy opportunities to increase market share [4]. - The average R&D expense ratio for leading domestic upstream companies was 13.0% in the first half of 2025, exceeding levels during the pandemic [4]. - Notable domestic companies include Nanwei Technology, Nuoviz, and Aopumai, which have shown strong revenue growth and technological advancements [1][4][29]. Market Trends - The report indicates that the domestic market for life sciences is characterized by a fragmented structure, with significant growth opportunities arising from the need for domestic substitution due to geopolitical risks and supply chain disruptions [4]. - The report provides data on the increasing domestic market share of various products, such as culture media and chromatography materials, with notable growth in their localization rates [28][30].