证券研究报告 | 行业简评报告 2026 年 02 月 03 日 布局消费反转！ 大消费组二月消费金股 研究部/消费品 % 1m 6m 12m 绝对表现 4.3 4.6 25.0 相对表现 3.1 -8.7 1.7 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 消费品 沪深300 相关报告 1、《招商证券 1 月港股消费观察： 外卖反垄断如何影响港股消费股前 景？》2026-01-27 2、《大消费组一月消费金股—双节 消费亮点前瞻》2026-01-06 ❑ 轻纺 杨蕊菁：看好家居板块修复以及倍加洁益生菌业务发展 风险提示：消费下行风险，消费复苏疲软风险、宏观经济变动风险等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 1216 | 23.5 | | 总市值（十亿元） | 17628.3 | 15.6 | | 流通市值（十亿元） | 16321.4 | 15.9 | 行业指数 3、《招商证券 12 月港股消费观察— 1-2 月流动性改善后港股消费买什 么？》2025 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **pharmaceutical industry**, particularly the **CDMO (Contract Development and Manufacturing Organization)** sector, highlighting key players like **Lonza** and **Samsung Biologics** [1][2]. Core Insights and Arguments - **Lonza's Financial Performance**: - For the year 2025, Lonza reported sales of **65.31 billion Swiss Francs**, with a constant exchange rate (CER) year-over-year growth of **21.7%**. - The core EBITDA margin improved by **1.4 percentage points** to **31.6%**, exceeding the revised annual expectations [1]. - The company maintains an optimistic outlook for 2026, projecting a **11-12%** CER year-over-year growth in CDMO sales and an EBITDA margin surpassing **32%** [1]. - **Upcoming Financial Disclosures**: - February will see a concentrated disclosure period for several leading CXO companies, which will provide insights into revenue, profits, orders, and capacity planning, along with 2026 operational guidance [2]. - **Strategic Collaborations**: - On January 30, **Shijiazhuang Pharmaceutical Group** announced a strategic R&D collaboration with **AstraZeneca** to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and AI drug discovery platform [2]. - **Growth Projections for CXO Companies**: - Given the order-to-performance conversion cycle, it is anticipated that CXO companies will continue to experience rapid growth over the next **1-2 years** [2]. Additional Important Content - **Medical Devices and Biologics**: - Roche reported positive topline results from the **CT388-103 Phase II clinical trial**, suggesting continued monitoring of subsequent R&D progress [3]. - **Medical Services and Consumer Healthcare**: - **Gushengtang** plans to issue convertible bonds totaling **$110 million** (approximately **860 million Hong Kong Dollars**) [3]. - **Synergistic Opportunities**: - There is potential for deep collaboration in business synergy and resource integration, which could yield significant synergistic effects [4]. - **Chinese Herbal Medicine**: - Some companies are expected to achieve good results in inventory reduction, and with a low base, the operational trend for 2026 is anticipated to improve, suggesting potential turnaround opportunities for certain companies [4]. - **Overall Industry Recovery**: - The combination of overseas CXO annual reports and 2026 performance guidance, along with domestic CXO companies' 2025 performance forecasts, indicates a clear recovery rhythm and upward trend in the industry, presenting strong investment value and suggesting active positioning [4].

Investment Rating - The report does not explicitly provide an investment rating for Gushengtang (2273 HK) Core Insights - Gushengtang announced plans to issue US$110 million (approximately HK$857 million) in convertible bonds with a 2% coupon rate and a 5-year maturity, aimed at share repurchases, AI-powered TCM system development, and working capital replenishment [1][5] - The issuance is fully underwritten by funds managed by Boyu Capital, with a controllable equity dilution of 8.91% post-full conversion [1][5] - The expected settlement date for the bond issuance is February 12 [1][5] Summary by Sections Event - Gushengtang plans to issue convertible bonds to raise approximately HK$857 million, with a 2% interest rate and a 5-year term, to support share buybacks, AI system development, and working capital [1][5] Commentary - The low-interest convertible bond issuance is seen as beneficial for stabilizing market expectations, with four key advantages: 1. Strategic endorsement from Boyu Capital, which may accelerate business expansion and diversify customer acquisition channels [2][7] 2. Low-cost financing minimizes interest burden while keeping dilution impact manageable [2][7] 3. Enhanced cash reserves provide greater flexibility for future repurchases or expansion initiatives [2][7] 4. Allocation of funds towards TCM AI system development addresses the industry challenge of a shortage of renowned traditional Chinese medicine practitioners [2][7]

Core Insights - The strategic partnership between Guoshengtang Traditional Chinese Medicine Group and Nanyang Technological University marks a significant step in the internationalization of TCM, integrating academic, technological, and capital elements into a comprehensive model for overseas expansion [2][10] Academic Foundation - The collaboration focuses on talent cultivation and research, addressing the growing demand for preventive medicine and complementary therapies in Singapore, particularly in the context of an aging population and increasing healthcare needs [3][4] - Guoshengtang aims to establish an international talent training system by inviting top TCM experts from China, offering doctoral scholarships, and facilitating overseas exchange programs [4] Technological Empowerment - Guoshengtang is leveraging AI and big data to digitize the clinical experiences of top TCM experts, creating an AI-assisted diagnostic system known as "Traditional Chinese Medicine Brain" [7][8] - This system serves dual purposes: acting as an intelligent assistant for practitioners and as a mentor for young physicians, thereby enhancing the efficiency of TCM services and shortening the training period for new practitioners [7][8] Capital Support - The strategic investment from August Global Partners (AGP) is crucial for Guoshengtang's internationalization strategy, providing financial resources to support the development of AI technologies in TCM [9] - Since entering the Singapore market in 2024, Guoshengtang has rapidly expanded, operating 16 clinics by December 2025, with plans to increase this number to 50 by the end of 2026 [9] Future Outlook - The partnership is expected to elevate the status and credibility of TCM within Singapore's healthcare system, positioning Guoshengtang as a key player in the global recognition of TCM as a complementary medical system [10]

Core Viewpoint - The strategic partnership between Guoshengtang Traditional Chinese Medicine Group and Nanyang Technological University marks a significant step in the internationalization of traditional Chinese medicine (TCM) in Singapore, integrating academic, technological, and capital resources to enhance TCM's role in modern healthcare [2][9]. Academic Foundation - The collaboration aims to leverage Nanyang Technological University's research capabilities to initiate evidence-based research and talent development in TCM, addressing the growing demand for preventive medicine and complementary therapies in Singapore [3][4]. - The partnership will establish an international talent cultivation system by inviting top Chinese TCM experts to lecture, setting up doctoral scholarships, and promoting overseas exchange programs [4]. Technological Empowerment - Guoshengtang is utilizing AI and big data to digitize the clinical experiences of top TCM experts, creating an AI-assisted diagnostic system known as "Traditional Chinese Medicine Brain" [6][7]. - This system aims to enhance the efficiency of TCM practitioners and support the training of young physicians both domestically and internationally, thereby improving the quality of TCM services [6][7]. Capital Support - A strategic investment from August Global Partners (AGP) will provide financial backing for Guoshengtang's internationalization strategy and the development of AI technologies in TCM [8]. - Since entering the Singapore market in 2024, Guoshengtang has rapidly expanded, operating 16 clinics by December 2025, with plans to increase this number to 50 by the end of 2026 [8]. Conclusion - The partnership represents a milestone in the internationalization of TCM, combining academic, technological, and capital elements to enhance TCM's credibility and position within Singapore's healthcare system, with aspirations to extend its influence across Southeast Asia and globally [9].

Core Viewpoint - The partnership between Guoshengtang Traditional Chinese Medicine Group and Nanyang Technological University aims to enhance the training of TCM professionals and evidence-based research in Singapore, contributing to the local healthcare ecosystem [1][9]. Academic Foundation - The collaboration represents a deep integration of a top academic institution and a quality healthcare service provider, focusing on talent and research as core pillars to support overseas development [4]. - The partnership aligns with Singapore's healthcare priorities, particularly in aging population management and chronic disease care, highlighting the growing importance of TCM [4]. Talent Development - The initiative includes inviting top TCM experts from China to lecture in Singapore, establishing doctoral scholarships, and creating international exchange programs to cultivate a globalized TCM talent pool [5]. - The collaboration will facilitate evidence-based research that meets international standards, enhancing the scientific credibility of TCM [5]. Technological Empowerment - Guoshengtang is leveraging AI and big data to digitize the clinical experiences of top TCM experts, creating an AI-assisted diagnostic system to enhance the efficiency of TCM practices [6]. - The "Chinese Medicine Brain" AI system serves as both an intelligent assistant for practitioners and a mentor for young TCM doctors, significantly shortening the training period for overseas practitioners [6][7]. Capital Support - A strategic investment from August Global Partners (AGP) will accelerate Guoshengtang's internationalization efforts and the development of AI technologies in TCM [8]. - Since entering the Singapore market in 2024, Guoshengtang has rapidly expanded, operating 16 clinics by December 2025, with plans to increase to 50 clinics by the end of 2026 [8]. Strategic Significance - This partnership is a milestone in the internationalization of TCM, integrating academic, technological, and capital elements to enhance TCM's position and credibility within Singapore's healthcare system [9]. - Guoshengtang aims to use Singapore as a core hub for regional development, expanding its influence across Southeast Asia and globally [9].

Core Viewpoint - The company, Gushengtang (02273), plans to issue convertible bonds totaling $110 million to optimize its capital structure and enhance shareholder value, with a conversion price set at a premium of approximately 22.23% over the market price on January 26, 2026 [1] Group 1 - The company has entered into a subscription agreement with relevant investors to issue convertible bonds with an initial conversion price of HKD 37.77 per share, compared to the closing price of HKD 30.90 on January 26, 2026 [1] - The expected net proceeds from the issuance of the convertible bonds are approximately $108.7 million, which will be used for share buybacks, the development of AI systems for traditional Chinese medicine and health management, and general working capital [1] Group 2 - The relevant investor is Ginkgo Health Investment Ltd., a Cayman Islands exempt company wholly owned by Boyu Capital Growth Fund I, Pte. Ltd., which is advised by Boyu Capital Group Management Ltd., a private equity fund providing catalytic capital and strategic support in various sectors including technology and healthcare [2]

格隆汇1月26日丨固生堂(02273.HK)公告，于2026年1月26日，公司与相关投资者订立认购协议，据此， 公司有条件同意发行而相关投资者有条件同意认购本金总额为110,000,000美元的可换股债券。 初始换股价为每股股份37.77港元，较股份于2026年1月26日(即签订认购协议交易日)于联交所所报的收 市价每股30.90港元溢价约22.23%；公司拟将认购事项所得款项用于(i)股份回购以优化资本结构并提高 股东价值，(ii)开发应用于中医诊疗、健康管理及专家经验传承的人工智能系统以及(iii)一般营运资金用 途。 ...

待完成发行可换股债券后，预计发行可换股债券募集净额约1.087亿美元，拟用于股份回购以优化资本 结构并提高股东价值，开发应用于中医诊疗、健康管理及专家经验传承的人工智能系统以及一般营运资 金用途。 相关投资者为Ginkgo Health Investment Ltd.。Ginkgo Health Investment Ltd.为根据开曼群岛法律注册成立 的豁免公司，由Boyu Capital Growth Fund I,Pte.Ltd.全资拥有，而Boyu Capital Growth Fund I,Pte.Ltd.为由 其投资顾问Boyu Capital Group Management Ltd.提供建议的私募股权基金。Boyu Capital Group Management Ltd.为全球科技、医疗保健、消费品及可持续能源等领域的领先企业提供催化资本与战略 支持。 固生堂(02273)公布，于2026年1月26日(交易时段后)，公司与相关投资者订立认购协议，拟向相关投资 者发行本金总额为1.1亿美元的可换股债券，初始换股价为每股股份37.77港元，较股份于2026年1月26日 于联交所所报的收市价每股3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告並非亦無意成為於美國或任何其他在根據任何有關司法權區證券法辦理登記或取得 資格前作出有關要約、招攬或銷售即屬違法的司法權區出售本公司證券之要約或招攬購買本 公司證券之要約。本公告所述證券概無且不會根據美國證券法登記，且不可在美國境內發售 或出售，惟根據美國證券法下的豁免或在不受美國證券法規限的交易中除外。本公告及本公 告所載資料不得直接或間接在美國境內分發或分發至美國。本公告所述證券並無亦不會在美 國境內公開發售。 GUSHENGTANG HOLDINGS LIMITED 固 生 堂 控 股 有 限 公 司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2273） 根據一般授權建議發行可換股債券 本公司的財務顧問 認購協議 於2026年1月26日（交易時段後），本公司與相關投資者訂立認購協議，據此， 本公司有條件同意發行而 ...