汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

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Group 1 - The core viewpoint of the news is that Xianju Pharmaceutical's subsidiary, Taizhou Xianju Pharmaceutical Co., Ltd., has been re-certified as a high-tech enterprise, allowing it to enjoy a 15% corporate income tax rate for three consecutive years from 2025 to 2027 [1] Group 2 - The company's project, "High-end Formulation Internationalization Construction Project," has been delayed from its original completion date of the end of 2025 to December 31, 2026. As of October 31, 2025, the project has invested 636 million yuan, achieving a progress rate of 90.79%. The delay is primarily due to the incomplete approval processes for certain products [2]

Group 1 - The company Xianju Pharmaceutical has approximately 50,000 shareholders as of recent updates [2]

Core Viewpoint - The report highlights the growth trends in China's chemical pharmaceutical raw material production, indicating a steady increase in output and providing insights into future market dynamics [1] Industry Summary - As of December 2025, China's chemical pharmaceutical raw material production reached 361,000 tons, reflecting a year-on-year growth of 2.3% [1] - The cumulative production of chemical pharmaceutical raw materials for the entire year of 2025 was 3,707,000 tons, showing a cumulative growth of 1.6% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry research institution in China [1] Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1] - The report provides a comprehensive analysis of the market supply and demand situation in the chemical pharmaceutical industry from 2026 to 2032, offering insights for investment decisions [1]

Core Insights - The report provides an analysis of the hair medical industry in China, highlighting key players, market share, and competitive dynamics. Group 1: Industry Overview - The main listed companies in the hair medical industry include Yonghe Medical, Xianju Pharmaceutical, ST Meigu, Yisheng Pharmaceutical, Zhendong Pharmaceutical, International Medical, Kanghui Pharmaceutical, Kangyuan Pharmaceutical, Kang Enbei, and Furuida [1]. - The competitive landscape shows that companies with registered capital exceeding 1.5 billion yuan are in the leading position, while those with capital between 500 million to 1.5 billion yuan are in the first tier, and companies with less than 500 million yuan are in the second tier [1]. Group 2: Regional Distribution - Representative enterprises in the hair medical industry are mainly distributed across provinces such as Shaanxi, Zhejiang, Jilin, Liaoning, Shandong, and Jiangsu, with a notable concentration in Shaanxi and Zhejiang [4]. Group 3: Market Dynamics - As of November 21, 2025, leading hair transplant chains like Yonghe Hair Transplant, Dama Micro-needle (Kefa Source), and Bilian Sheng have over 30 stores each [7]. - The market for Minoxidil, a common hair growth medication, is highly concentrated, with the top three brands holding over 97% market share in online pharmacies as of 2024 [10][14]. Group 4: Competitive Analysis - The hair transplant sector has many institutions with low concentration, leading to intense competition, while the market for Minoxidil is dominated by a few key players [12][16]. - The threat of new entrants is moderate due to certain industry barriers, while substitutes like wigs and hair tattoos pose a threat due to their lower cost and quicker application [16].

Core Viewpoint - Xianju Pharmaceutical's wholly-owned subsidiary, Taizhou Xianju Pharmaceutical Co., Ltd., has received the "High-tech Enterprise Certificate" from multiple governmental bodies, marking the renewal of its previous certification [1]. Group 1 - The certificate was issued by the Zhejiang Provincial Department of Economy and Information Technology, Zhejiang Provincial Department of Finance, and the State Taxation Administration of Zhejiang Province [1]. - This renewal follows the expiration of the previous high-tech enterprise certificate [1].

证券代码：002332 证券简称：仙琚制药 公告编号：2026-004 浙江仙琚制药股份有限公司 关于全资子公司通过高新技术企业重新认定的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江仙琚制药股份有限公司的全资子公司台州仙琚药业有限公司（以下简称"台 州仙琚药业"）于近日收到由浙江省经济和信息化厅、浙江省财政厅、国家税务总局 浙江省税务局联合颁发的《高新技术企业证书》，具体情况如下： 企业名称：台州仙琚药业有限公司 发证日期：2025年12月19日 有效期：三年 本次系台州仙琚药业原高新技术企业证书有效期满后的重新认定，根据《中华人 民共和国企业所得税法》的规定，台州仙琚药业通过高新技术企业重新认定后将连续 三年（即2025年、2026年、2027年）按15%的税率缴纳企业所得税。 台州仙琚药业2025年度已根据相关规定按照15%的企业所得税税率进行财务核算， 上述税收优惠政策不会影响公司2025年度的经营业绩。 特此公告。 浙江仙琚制药股份有限公司 董事会 2026年1月30日 证书编号：GR202533003759 ...

Core Insights - The hair medical service industry is experiencing significant growth driven by increasing consumer focus on appearance and aesthetics, with a projected market size of 270.8 billion yuan by 2025 and 296.8 billion yuan by 2026 [1][9] Industry Definition and Classification - Hair medical services address various hair issues such as hair loss, alopecia, and scalp conditions, categorized into surgical hair transplant services and non-surgical hair care services [2][4] Market Size and Growth - The hair medical service market in China is expected to grow to 270.8 billion yuan by 2025, with hair transplant services accounting for 238.9 billion yuan (88.22%) and hair care services for 31.9 billion yuan (11.78%) [9] - By 2026, the market is projected to reach 296.8 billion yuan, with hair transplant services at 259.6 billion yuan (87.47%) and hair care services at 37.2 billion yuan (12.53%) [9] Industry Chain - The upstream of the hair medical service industry includes equipment for hair transplants and hair care, while the midstream consists of service providers such as hair transplant and care institutions. The downstream involves marketing through various online and offline channels targeting hair loss patients [10] Industry Development History - The hair medical service industry in China has evolved through four stages: technology introduction, market emergence, standardized development, and rapid growth, spanning over 100 years [11] Competitive Landscape - The market is characterized by a mix of national chain private hair transplant institutions, medical beauty institutions, public hospital transplant departments, and other non-chain private institutions, with national chains holding about 25% market share [12] - Key players include Yonghe Medical, Dama Micro-needle Transplant, and others in the hair transplant sector, while companies like SanSheng Pharmaceutical and Zhendong Pharmaceutical dominate the hair care market [12] Company Profiles - Yonghe Medical, established in 2010, is the largest one-stop hair service provider in China, offering a tiered service system to cater to diverse patient needs [14][15] - Zhendong Pharmaceutical is a major player in the hair care market, with its Minoxidil product leading in market share and recognized for its safety and effectiveness [13] Future Outlook - The rise of the beauty economy is shifting the focus of hair medical services from merely restoring function to enhancing aesthetics, leading to a broader demand for comprehensive hair management solutions [16][17] - The industry is expected to evolve towards a more integrated, personalized, and routine approach to hair health management, with an emphasis on professional training and standardized treatment processes [17]

Group 1 - The core viewpoint of the article is that Xianju Pharmaceutical (002332) has engaged in preliminary commercialization preparations for the drug Ageng Glucosamine Sodium Injection, but the financial impact on current operations is expected to be minor due to uncertainties in approval and market access [1][1][1] Group 2 - The company has signed various agreements related to the product, but the specific financial amounts have not been disclosed, citing potential commercial confidentiality [1][1] - The product is currently under review, and there are uncertainties regarding its approval and the timeline for market entry, as well as negotiations with health insurance [1][1][1]