证 券 研 究 报 告 万孚生物（300482）2025 年中报点评 推荐（维持） 业绩阶段性承压，业务出海稳步推进 目标价：29 元 事项： ❖ 公司发布 25 年中报，营业收入 12.46 亿元（-20.92%），归母净利润 1.89 亿元 （-46.82%），扣非净利润 1.54 亿元（-52.73%）。单 25Q2，营业收入 4.45 亿元 （-37.64%），归母净利润 6 万元（-99.95%），扣非净利润-0.18 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,065 | 2,634 | 3,004 | 3,464 | | 同比增速(%) | 10.8% | -14.1% | 14.1% | 15.3% | | 归母净利润(百万) | 562 | 418 | 491 | 589 | | 同比增速(%) | 15.2% | -25.5% | 17.3% | 20.1% | | 每股盈利(元) | 1.2 ...

投资建议：关注出海、产品矩阵完善、大单品方向 中国腹膜透析液市场也保持着稳步增长，预计2022-2026年CAGR达16.0% 整体看透析市场规模持续扩容：1)需求端：ESRD患者数量迅猛增长，透析需求稳步增长，透析市场规 模持续扩容；居民医疗支付能力不断增强，医保体系逐渐覆盖推动推动透析治疗渗透率。根据弗若斯特 沙利文数据，2018年至2023年，我国接受血液/腹膜透析的ESRD患者数量从57.9/9.5万人增加到91.7/15.3 万人，透析行业需求端呈现稳定增长态势。2)供给端：血液净化耗材行业布局公司持续增加，国产厂商 居领先地位；行业政策助力血液净化行业发展，带量采购进一步提升市场集中度。 他山之石：参考费森尤斯，看好我国服务发展和产品出海 费森尤斯医疗美国收入贡献约7成，全球化布局生产基地和透析中心。目前我国血透厂商尚处于加速海 外市场布局阶段，国内市场仍贡献大部分营收。山外山通过出口血透机等血液净化设备和自产耗材，威 高血净（603014）持续扩大海外及国际销售范围。参照全球龙头费森尤斯医疗公司情况，我们认为随着 国产厂商血液净化设备和耗材产品的认可度持续提升，海外市场仍有较大潜力。费森尤斯医疗 ...

Core Insights - The 2025 Tencent Global Digital Ecosystem Conference focuses on independent innovation and industrial intelligence upgrades, highlighting new trends in global technology and industry development [1] - Wangxing Technology's Vice President Zhang Zheng emphasizes that going global has shifted from an option to a necessity for enterprises, driven by changes in traffic patterns, localization challenges, and the rise of AI [1] Group 1: Company Strategies - Wangxing Technology aims to overcome traffic challenges by establishing global operation centers and recruiting creative talent, focusing on creativity as a core strategy [1] - The company has achieved over 90% of its revenue from overseas markets by deepening user insights and building a multi-dimensional brand [1] - Wangxing Technology enhances its competitiveness in going global through internal efficiency improvements and external empowerment via AI applications [1] Group 2: AI Innovations - In 2025, Wangxing Technology will launch several AI products, including the Multimedia Model 2.0 and the AI Video Creation Platform, aimed at lowering creative barriers [2] - The company collaborates with partners to build an AI open ecosystem, with its subsidiary, Wondershare Filmora, leveraging Microsoft's Windows 11 capabilities to enhance AI performance [2]

Investment Rating - The industry investment rating is "Market Weight" [37] Core Viewpoints - The industry is experiencing a recovery trend, with both domestic and export sales of excavators and loaders showing positive year-on-year growth in August 2025 [3][4] - The domestic sales of excavators in August 2025 reached 7,685 units, a year-on-year increase of 14.80%, while the total excavator sales for January to August 2025 amounted to 154,181 units, reflecting a year-on-year growth of 17.20% [3] - Loader sales in August 2025 were 9,440 units, with a year-on-year increase of 13.34%, and cumulative sales for the first eight months of 2025 reached 83,209 units, up 12.86% year-on-year [4] - The demand for construction machinery is supported by stable infrastructure investment, ongoing replacement policies, and the issuance of special bonds, which totaled approximately 38,872 billion yuan from January to August 2025, marking a year-on-year increase of 20.94% [5] - The trend of exporting construction machinery is positive, with strong demand from Africa and improving sales in Southeast Asia and South America [5] Summary by Sections Excavator Sales - In August 2025, excavator sales were 16,523 units, with a year-on-year growth of 12.81% and a month-on-month decline of 3.59% [3] - Cumulative excavator sales from January to August 2025 were 154,181 units, reflecting a year-on-year increase of 17.20% [3] Loader Sales - Loader sales in August 2025 reached 9,440 units, showing a year-on-year increase of 13.34% and a month-on-month increase of 4.89% [4] - Cumulative loader sales for the first eight months of 2025 were 83,209 units, up 12.86% year-on-year [4] Industry Performance - The first half of 2025 saw revenue and net profit growth for major domestic construction machinery manufacturers, with revenue growth of 8.70% and net profit growth of 22.85% [6] - Major manufacturers such as Sany Heavy Industry and XCMG reported significant year-on-year increases in both revenue and net profit for the first half of 2025 [6] Investment Recommendations - The report suggests continued attention to industry leaders, specifically recommending Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]

Group 1 - The core viewpoint of the article is that Zhenghai Biological (300653.SZ) has potential for its active biological bone products in international markets, and the company will fulfill its information disclosure obligations according to regulatory requirements [1]

Core Viewpoint - The company reported a revenue of 1.09 billion yuan for the first half of 2025, representing a year-on-year growth of 48%, while the net loss attributable to shareholders was 450 million yuan, a reduction in loss by 330 million yuan compared to the previous year, aligning with expectations [1] Group 1: Financial Performance - The company's gross margin reached 84.0% in the first half of 2025, an increase of 5.8 percentage points compared to the same period in 2024 [1] - The sales expense ratio was 47.9%, a decrease of 4.6 percentage points year-on-year, indicating effective cost and expense management [1] - The company reduced its losses by 42.4% year-on-year and by 23.2% quarter-on-quarter in the second quarter of 2025 [1] Group 2: Product Development and Market Potential - The core product, Tai Tasi Pu (泰它西普), has been approved for market launch, with expectations for pSS and IgAN to submit applications in the second half of 2025 [1] - The company has received approval for the use of Vidi Xi Tuo (维迪西妥单抗) in treating second-line HER2-positive breast cancer with liver metastasis, and has submitted applications for other indications [1] - The PD-1/VEGF dual antibody is advancing in global clinical research, with a focus on its potential for international expansion [2] Group 3: Clinical Trials and Regulatory Approvals - Tai Tasi Pu has reached the primary endpoint in the Phase III clinical trial for IgA nephropathy in China, with plans to expedite the application for market approval [2] - The trial included 318 adult patients receiving standard treatment, showing a 55% reduction in the urine protein-to-creatinine ratio after 39 weeks of treatment [2] Group 4: Profit Forecast and Valuation - Based on the semi-annual report and expected potential collaboration funds, the profit forecast for 2025/2026 has been adjusted from a loss of 915 million yuan/333 million yuan to a loss of 345 million yuan and a profit of 34 million yuan, respectively [3] - The target price has been raised by 10.6% to 105.44 HKD, indicating a 20% upside potential from the current stock price [3]

Investment Rating - The report assigns a "Buy" rating for the company, with an initial coverage forecast for net profit of 7.51 billion, 8.67 billion, and 9.43 billion yuan for 2025-2027, corresponding to PE ratios of 15, 13, and 12 respectively [9][11]. Core Viewpoints - The company, Chuan Yi Co., is a leading enterprise in China's industrial automatic control system manufacturing industry, focusing on expanding its product categories and promoting domestic substitution to enhance market share. The company is also expected to benefit from overseas business growth [2][6][9]. - With the support of the state-owned enterprise Guo Ji Group, Chuan Yi Co. is anticipated to achieve multi-dimensional synergy in research and development, products, and channels, facilitating its growth into a world-class instrumentation enterprise [2][9]. Summary by Sections Company Overview - Chuan Yi Co. has a comprehensive product system covering temperature, pressure, level, and flow measurement, and has established itself as a leader in the industrial automatic control system manufacturing sector in China. The company has a diverse product range, including smart control valves, smart actuators, smart transmitters, and various other industrial control devices [2][6][19]. Market Potential - The market for instrumentation and control systems is vast, with the revenue of China's instrumentation manufacturing industry expected to exceed 1 trillion yuan by 2024. The company is positioned to capture significant market share through product category expansion and domestic substitution, as the global competitive landscape is still dominated by foreign enterprises [7][43]. Domestic and International Opportunities - Chuan Yi Co. is well-positioned to benefit from ongoing capital expenditures in key industries such as petrochemicals, metallurgy, and nuclear power. The company is also expanding into overseas markets, particularly in the Middle East, which presents substantial growth opportunities [8][9]. Synergy from State-Owned Enterprise Control - The acquisition by Guo Ji Group is expected to create synergies in R&D, product development, and distribution channels, enhancing the company's competitive edge and facilitating its entry into high-end markets [9][11]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 7.592 billion yuan in 2024, reflecting a 2.4% year-on-year increase. The compound annual growth rate (CAGR) for revenue from 2016 to 2024 is 11.1%, while net profit has shown a CAGR of 25.2% during the same period [17][25]. Product Development and Market Strategy - Chuan Yi Co. is actively pursuing the localization of its products and enhancing its manufacturing capabilities through the establishment of smart production lines and digital workshops. The company aims to improve its product offerings and market competitiveness by focusing on high-end product development and expanding its product categories [19][23][25]. Joint Ventures and Collaborations - The establishment of the joint venture with Yokogawa Electric Corporation, known as Yokogawa Chuan Yi, is aimed at expanding into the high-end market for pressure transmitters and industrial automation control systems. This partnership is expected to contribute significantly to the company's investment income [29][30]. Competitive Landscape - The company faces competition from established global players in the instrumentation sector, such as Emerson and Yokogawa. However, there remains substantial potential for domestic substitution, particularly in the control valve and transmitter markets, where the current domestic market share is still below 50% [49][58].

Core Viewpoint - Tonghua Dongbao, a leading insulin manufacturer, reported significant growth in revenue and profit for the first half of 2025, driven by the rapid increase in sales of insulin analogs and the successful implementation of national insulin procurement policies [1][2][6] Financial Performance - The company achieved a revenue of 1.373 billion yuan, representing a year-on-year increase of 85.60% [1] - Net profit attributable to shareholders reached 218 million yuan, marking a turnaround from losses [1] - The second quarter revenue was 722 million yuan, showing a quarter-on-quarter growth of 10.82% [1] Product Growth - Sales of insulin analogs increased by over 200% year-on-year, with the Aspart series insulin sales surging by over 360% [1][2] - Insulin analogs now account for over 40% of the company's total revenue, indicating a significant shift in product structure [2] Market Expansion - The company has made substantial progress in hospital access, adding approximately 1,400, 3,000, and 5,000 hospitals for different insulin products [2] - The total signed volume for insulin products in the upcoming procurement cycle is approximately 45 million units, a significant increase from 26 million units in the previous cycle [1] R&D and Innovation - R&D expenditure reached 341 million yuan, a nearly 60% increase year-on-year, reflecting the company's commitment to innovation [3] - The company is advancing multiple innovative drug candidates in the endocrine metabolism field, including GLP-1 receptor agonists and dual-target inhibitors [3][4] International Market Development - Overseas revenue reached 110 million yuan, surpassing the total for the previous year [5] - The company is actively pursuing international market opportunities, with strategic collaborations in the U.S. and sales in emerging markets like Brazil and Russia [5][6] Long-term Growth Potential - The company is positioned for sustained growth due to the increasing market share from insulin procurement, ongoing product structure optimization, and the development of innovative drug pipelines [6] - The transition from a leading insulin manufacturer to an innovator in the endocrine field is anticipated to further enhance growth prospects [6]

Investment Rating - The industry investment rating is maintained at "Market Weight" [1][6]. Core Insights - In July 2025, excavator sales reached 17,138 units, a year-on-year increase of 25.19%, while month-on-month sales decreased by 8.86%. Domestic sales were 7,306 units, up 17.20% year-on-year, and exports were 9,832 units, up 31.87% year-on-year, accounting for 57.37% of total sales, marking a two-year high [3]. - For the first seven months of 2025, cumulative excavator sales totaled 137,658 units, a year-on-year increase of 17.75%, with domestic sales at 72,943 units (up 22.67%) and exports at 64,715 units (up 13.02%) [3]. - Loader sales in July 2025 were 9,000 units, a year-on-year increase of 7.41%, with domestic sales at 4,549 units (up 2.48%) and exports at 4,451 units (up 12.97%) [4]. - The cumulative loader sales for the first seven months of 2025 reached 73,769 units, a year-on-year increase of 12.80% [4]. - The report highlights that domestic demand is supported by multiple factors, including the acceleration of local government bond issuance, which totaled approximately 33,071 billion yuan, up 42.72% year-on-year [5]. - Major projects such as the Yarlung Tsangpo River hydropower project and future railway constructions in Tibet are expected to effectively support long-term domestic demand [5]. - In July 2025, the export trade value of construction machinery was 5.238 billion USD, a year-on-year increase of 19.19% [5]. - The report suggests a continued focus on industry leaders such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]. Summary by Sections Excavator Sales - July 2025 excavator sales: 17,138 units, +25.19% YoY, -8.86% MoM [3] - Domestic sales: 7,306 units, +17.20% YoY, -10.20% MoM [3] - Export sales: 9,832 units, +31.87% YoY, -7.84% MoM [3] - Cumulative sales (Jan-Jul 2025): 137,658 units, +17.75% YoY [3] Loader Sales - July 2025 loader sales: 9,000 units, +7.41% YoY, -25.09% MoM [4] - Domestic sales: 4,549 units, +2.48% YoY, -24.37% MoM [4] - Export sales: 4,451 units, +12.97% YoY, -25.08% MoM [4] - Cumulative sales (Jan-Jul 2025): 73,769 units, +12.80% YoY [4] Market Demand and Investment - Local government bond issuance: 33,071 billion yuan, +42.72% YoY [5] - Major projects supporting demand: Yarlung Tsangpo River hydropower project, Tibet railway construction [5] - July 2025 export trade value: 5.238 billion USD, +19.19% YoY [5] Investment Recommendations - Suggested focus on industry leaders: Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Hengli Hydraulic [6]

Core Viewpoint - Heng Rui Pharmaceutical demonstrates strong performance with significant revenue growth and profitability, supported by robust R&D capabilities and a solid financial foundation [1][2][10] Financial Performance - As of June 30, 2025, Heng Rui Pharmaceutical achieved operating revenue of 15.761 billion yuan, a year-on-year increase of 15.88% [1] - The net profit attributable to shareholders reached 4.45 billion yuan, reflecting a growth of 29.67% year-on-year [1] - Operating cash flow net amount was 4.3 billion yuan, up 41.8% year-on-year [1] - The company plans to repurchase shares worth 1 to 2 billion yuan for a new employee stock ownership plan [1] R&D Capabilities - Heng Rui Pharmaceutical invested 3.871 billion yuan in R&D during the reporting period, with 3.228 billion yuan classified as expense R&D [2] - The company submitted 255 new patent applications in Greater China and 33 international PCT applications during the reporting period [2] - As of the end of the reporting period, the company held a total of 2,864 invention patent applications in Greater China and 737 PCT patents [2] Profitability and Cash Flow - Heng Rui Pharmaceutical maintained a sales net profit margin above 20% for the past five years, exceeding 28% in the first half of 2025 [3] - The company's monetary funds reached 36.12 billion yuan, a year-on-year increase of 61.89%, providing a strong safety net for high R&D investments [5] Growth Potential - The company has a rich R&D pipeline, with six class 1 innovative drugs approved for market and six new indications approved during the reporting period [6] - There are five listing applications accepted by NMPA, ten clinical trials in phase III, and 22 in phase II [6] - Heng Rui Pharmaceutical's internationalization strategy includes significant licensing agreements, with potential amounts exceeding 10 billion USD in recent years [8][9] Conclusion - Heng Rui Pharmaceutical is positioned as a leader in the innovative drug sector, leveraging its strong technical barriers and self-sustaining capabilities to drive future growth [10]