Group 1 - Fosun Pharma (600196.SH) reported its Q1 2025 financial results on April 30, 2025, with 45 institutional investors disclosing holdings in the company, totaling 1.12 billion shares, which represents 41.92% of the total share capital [1] - The top ten institutional investors include Shanghai Fosun High Technology (Group) Co., Ltd., Hong Kong Central Clearing Limited, and several major banks and funds, with their combined holdings accounting for 41.34% of the total shares, a decrease of 0.18 percentage points from the previous quarter [1] Group 2 - In the public fund sector, 17 funds increased their holdings compared to the previous period, with notable funds including Tianhong Guozhen Biomedicine ETF and GF Innovation Drug ETF, representing an increase of 0.10% [2] - Conversely, 21 public funds reduced their holdings, including Huatai-PB CSI 300 ETF and E Fund CSI 300 Medicine ETF, with a decrease of 0.14% [2] - One new public fund was disclosed during this period, namely Dongfanghong CSI 500 Index Enhanced Initiation A, while 348 funds were not disclosed compared to the previous quarter [2]

2025年4月30日，通化东宝(600867.SH)发布2025年第一季报。截至2025年4月30日，共有14个机构投资 者披露持有通化东宝A股股份，合计持股量达9.07亿股，占通化东宝总股本的46.33%。其中，前十大机 构投资者包括东宝实业集团股份有限公司、天津桢逸股权投资合伙企业(有限合伙)、阿布达比投资局、 中国银行股份有限公司-招商国证生物医药指数分级证券投资基金、香港中央结算有限公司、中国农业 银行股份有限公司-中证500交易型开放式指数证券投资基金、上海银行股份有限公司-银华中证创新药 产业交易型开放式指数证券投资基金、中信建投证券股份有限公司-天弘国证生物医药交易型开放式指 数证券投资基金、通化吉祥创赢投资管理中心、九泰久睿量化A，前十大机构投资者合计持股比例达 46.31%。相较于上一季度，前十大机构持股比例合计上涨了0.48个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括创新药、天弘国证生物医药ETF，持 股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计2个，包括南方中证500ETF、招商国证 生物医药指数A，持股减少占比达0.15%。本期较上一季度新披露的公 ...

公司研究 单位租金稳步上涨，分红派息保持稳定 ——上海临港（600848.SH）2024 年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年报及 2025 年一季报 2024 年，公司实现营业总收入 111.03 亿元，（调整后）同比增长 57.2%；实 现归母净利润 10.97 亿元，（调整后）同比增长 3.1%。 2025 年一季度，公司实现营业总收入 15.81 亿元，（调整后）同比下降 17.1%； 实现归母净利润 1.72 亿元，（调整后）同比下降 16.5%。 点评：经营业绩略超预期，单位租金稳步上涨，分红派息保持稳定 2025 年 4 月 30 日 经营业绩略超预期：2024 年公司实现营业收入 111.03 亿元（我们预测为 82 亿 元），实现归母净利润 10.97 亿元（我们预测为 9.5 亿元），略超预期。原因主 要为 2024 年园区销售业务实现营收 74.77 亿元（同比增长 100.97%），实现结 转面积 35.41 万平方米（同比增长 159.2%）。 单位租金稳步上涨：2024 年公司出租房地产的建筑面积约为 269.9 万平方米（同 比下降 13.9%）， ...

Core Insights - Shijiazhuang is leveraging its strong industrial foundation and innovation-driven approach to promote high-quality development in the biopharmaceutical industry, aiming to cultivate a trillion-level biopharmaceutical industry cluster [1][3]. Industry Development - Shijiazhuang has a rich history in pharmaceutical manufacturing, with the establishment of the North China Pharmaceutical Factory in 1953, which became Asia's largest antibiotic producer [3]. - The biopharmaceutical industry in Shijiazhuang was recognized as a national-level biopharmaceutical base in 2005, and it has been included in the city's key development plans as one of five trillion-level industry clusters [3]. - In 2023, the biopharmaceutical industry in Shijiazhuang achieved an operating income exceeding 100 billion yuan, with projections to surpass 120 billion yuan in 2024 [3]. Infrastructure and Ecosystem - The Shijiazhuang International Biopharmaceutical Park, covering an area of 28,000 acres, is designed to enhance basic research and technological innovation, featuring five functional zones for R&D, incubation, industrialization, sales, and support services [5]. - In 2024, the high-tech zone attracted 82 industry chain projects, including notable companies like Sinovac Biotech and BGI [5]. Innovation and Talent - The proportion of raw materials in Shijiazhuang's biopharmaceutical revenue has decreased from over 60% before 2000 to less than 30% currently, indicating a shift towards innovative drug development [8]. - The Shijiazhuang pharmaceutical group has made significant strides in innovation, with 6 new drug registration approvals in China and 6 clinical trial approvals in North America from 2024 to March [8]. - The establishment of the Tsinghua Development Research Institute in the biopharmaceutical park aims to enhance technology innovation and industry transformation, supported by talent attraction initiatives such as the talent green card program [8][9].

Core Viewpoint - The implementation plan for the reform of drug, medical device, and cosmetic regulation in Hainan aims to enhance the competitiveness of the biopharmaceutical industry by introducing 20 reform measures across five key areas [1][2] Group 1: Regulatory Reforms - The plan emphasizes improving the efficiency of review and approval processes, focusing on the actual needs of enterprises during product development and registration [1] - It aims to facilitate the market entry of innovative products, targeting the launch of at least one innovative product annually and the introduction of over 60 licensed medical devices each year [1] Group 2: Innovation in Biopharmaceuticals - The initiative seeks to address bottlenecks in innovation by enhancing clinical research levels and increasing support for traditional Chinese medicine research and development [2] - By the end of 2027, the goal is to promote the registration or filing of over 15 hospital preparations [2] Group 3: International Competitiveness - The plan includes regulatory innovations to enhance product participation in international markets, aiming to create a high ground for real-world research applications [2] - It promotes the "Research and Use + Haikou/Qionghai Production" model to facilitate local production of more innovative drugs and medical devices [2] Group 4: Industry Development - The implementation of the plan is expected to significantly promote structural adjustments, efficiency transformations, and quality improvements in Hainan's biopharmaceutical industry [2] - It aims to create a unique competitive advantage for Hainan's biopharmaceutical sector, contributing to the establishment of a modern industrial system with Hainan characteristics [2]

Financial Performance - In Q1 2025, the company achieved revenue of 606 million yuan, representing a year-on-year growth of 20.05% [1] - The net profit attributable to shareholders reached 62.38 million yuan, with a significant year-on-year increase of 272.28% [1] - The gross profit margin stood at 48.58%, an increase of 7.78 percentage points compared to the previous year [1] - As of the end of Q1, the company's total assets rose to 5.714 billion yuan [1] Industry Context - The global trade environment is undergoing profound changes, particularly due to escalating tensions in US-China trade relations [2] - The anticipated price increases for certain research service products from the US are expected to enhance the price competitiveness of domestic brands in China [2] - The domestic market is likely to see an acceleration in the process of domestic substitution, particularly in high-frequency repurchase products like research reagents [2] Business Development - The company has established a strong presence in the life sciences reagent sector, having developed over 37,000 products and accumulated more than 141,000 types of life science reagents [3] - The company operates eight business centers globally, serving over 13,000 clients, which solidifies its leading market position [3] - The front-end life sciences reagent business has shown robust growth, with its revenue share significantly increasing compared to the previous year [3] Innovation and Collaboration - The company is actively exploring the application of AI technology in new drug development, aiming to create an "AI + biomedicine" innovation hub [4] - A partnership with East China Normal University has been established to develop an "AI Drug Discovery Joint Laboratory," focusing on ADC drug database construction and AI-driven drug manufacturing [4] Backend Business and Global Strategy - The backend business is focused on specialty generic drug APIs and related intermediates, with a strong emphasis on meeting the growing demand for GMP commercial production capacity [5] - The company has launched a new ADC CDMO base in Chongqing, which provides comprehensive services from toxin synthesis to antibody conjugation and formulation [5] - The backlog of orders in the backend business has increased by over 30% year-on-year, indicating strong customer demand [5] Future Outlook - The company plans to deepen the operational efficiency and collaborative development of its three main business engines: tool compounds and biochemical reagents, molecular building blocks, and APIs and intermediates [6] - The focus for 2025 will be on sustainable high-quality development through co-creation and exploring new growth directions [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][13]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.075 billion RMB, down 11.87% year-on-year, and net profit at 309 million RMB, down 68.61% year-on-year [2][4]. - The first quarter of 2025 showed a recovery in revenue, reaching 325 million RMB, up 52.53% year-on-year, primarily due to the consolidation of Shenzhen Jianyuan and a recovery in cement sales [2][3]. - The private equity business is expected to recover as project exits accelerate, with potential excess performance compensation of 1.023 billion RMB anticipated by the end of 2024 [3][4]. Summary by Sections Performance Overview - In Q4 2024, the company achieved total revenue of 330 million RMB and net profit of 65 million RMB, reflecting declines of 20.16% and 79.56% year-on-year, respectively [2]. - The decline in 2024 was attributed to capital market fluctuations affecting the fair value of invested projects and a significant drop in sales volume and prices in the building materials sector [2]. Business Segments - Private equity business revenue for 2024 was 452 million RMB, down 2.93% year-on-year, with expectations of declining management fee income as project exits accelerate [3]. - The building materials segment generated 594 million RMB in revenue for 2024, down 21.19% year-on-year, due to weak market demand in real estate and infrastructure [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 650 million RMB, 990 million RMB, and 1.376 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 111%, 52%, and 39% [4]. - A price-to-earnings ratio of 28 times is applied for the year 2025 [4].

Group 1 - In the first quarter, the total import and export value of medical device products in the Pudong Airport Comprehensive Bonded Zone reached 1.129 billion yuan, a year-on-year increase of 397.36% [1][2] - The opening of the BD Medical Pudong Airport Bonded Zone Distribution Center and the BD Medical Greater China R&D Center in Shanghai marks the first project in the Shanghai Free Trade Zone that integrates self-operated medical device international distribution and R&D functions, with an expected annual import and export total of 2 billion yuan after operation [1] - The BD Medical Greater China R&D Center in Shanghai has established three world-class laboratories covering mechanical, electronic, and chemical research fields, and is currently working on multiple product projects in the interventional and medical sectors [1] Group 2 - The management bureau of the bonded zone has implemented a three-in-one service mechanism to ensure the rapid implementation of projects, providing customized service plans and a green channel for approvals [2] - With the support of industry authorities, the company obtained the necessary medical device licenses in about a week, achieving a breakthrough in approval service efficiency [2] - The Pudong Airport Comprehensive Bonded Zone is becoming a hub for the biomedical industry, with various distribution centers for companies like Dongsong Medical, Contis, and Siemens Diagnostics being established [2] Group 3 - In the future, the Pudong Airport Comprehensive Bonded Zone will leverage the advantages of the Free Trade Zone and the International Business Cooperation Zone to optimize the business environment and accelerate the gathering and rapid development of the biomedical industry [3] - The goal is for the bonded area to become a target market for medical device consumption, a source of innovation and R&D, and a manufacturing output location [3]

据大河财立方消息，河南省生物医药产业系统会暨医药行业统计工作会议在郑州召开，会议总结了2024 年河南生物医药产业的成效，并规划了2025年八项重点工作。河南将通过提升产业链群能级、推动科技 创新、制造业数字化转型等方式，加快生物医药产业现代化发展。会议强调支持各地产业链建设，提升 供应链韧性，推动产业高端化发展。河南生物医药产业联盟也在强化产业链合作、推动创新成果转化方 面取得重要成果。 ...

Core Viewpoint - The company reported a slight revenue beat in Q1 2025, with adjusted Non-IFRS net profit slightly below expectations, primarily due to higher-than-expected losses from non-operating items [1] Revenue Performance - Q1 2025 revenue reached RMB 3.099 billion, representing a 16% year-over-year increase but a 10.4% quarter-over-quarter decline, slightly above expectations [1] - Laboratory services and clinical research services outperformed expectations, contributing to revenue growth [1][2] Segment Analysis - Laboratory services revenue grew by 15.7% YoY and 1.6% QoQ, with gross margin slightly improving by 1.4 percentage points YoY and 0.2 percentage points QoQ [2] - CMC services revenue increased by 19.1% YoY but decreased by 31.5% QoQ, with a gross margin improvement of 2.5 percentage points YoY [2] - Clinical research services revenue rose by 14.2% YoY and fell by 14% QoQ, with gross margin also improving by 2.5 percentage points YoY [2] - CGT revenue grew by 7.9% YoY and 2.2% QoQ, although gross margin declined significantly by 30.3 percentage points YoY due to increased operational and depreciation costs [2] Order Growth - Overall new orders in Q1 2025 achieved a growth rate of over 10% YoY, with CMC's backlog orders growing by over 20% YoY [3] - Management maintains a revenue guidance of 10%-15% growth for the full year 2025, despite a slowdown in new order growth compared to previous quarters [3] External Factors - The impact of tariffs on the company is limited, with minimal reliance on U.S. sourced materials, and the company is well-prepared with sufficient inventory [4] - The recovery of overseas biopharmaceutical financing remains slow, with only signs of moderate recovery in VC financing [4] Investment Rating - The company maintains a "Buy" rating, with target prices set at HKD 20 for Hong Kong shares and RMB 32 for A-shares, reflecting a premium of 80% for A-shares compared to Hong Kong shares [5]