证券研究报告：医药生物 | 公司点评报告 股票投资评级 Q3 收入增速稳定，毛利率显著回暖 ⚫ 事件 买入|首次覆盖 个股表现 -3% 10% 23% 36% 49% 62% 75% 88% 101% 114% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 普蕊斯 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.80 | | --- | --- | | 总股本/流通股本（亿股）0.79 / 0.75 | | | 总市值/流通市值（亿元）45 / 43 | | | 52 周内最高/最低价 | 56.80 / 24.84 | | 资产负债率(%) | 17.9% | | 市盈率 | 42.07 | | 第一大股东 | 石河子市玺泰股权投资 | | 合伙企业(有限合伙) | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 普蕊斯(30 ...

21世纪经济报道记者季媛媛 2025年，中国生物医药行业一扫前几年的阴霾，呈现出一系列活跃信号：创新药对外授权（License- out）交易频传捷报，一级市场融资活动回暖，一度沉寂的海外基石投资者重新出现在港股生物科技 （18A）公司的IPO名单中。投融资的"暖意"似乎正在驱散资本寒冬的记忆。 然而，这是否表明长达数年的周期性深度调整已然彻底结束？当前的复苏究竟是可持续的"新常态"的开 端，还是阶段性的情绪修复？步入2026年，驱动行业前行的核心力量究竟是什么？企业与投资者又该如 何辨识真正的机遇与潜在的泡沫呢？ 针对这些问题，安永大中华区生命科学与医疗健康行业联席主管合伙人吴晓颖接受了21世纪经济报道记 者的专访。基于其对行业的长期深耕与一线观察，吴晓颖认为，市场正从前几年的"极致压缩"回归"相 对正常"，但尚未进入全面繁荣。新一轮的上升通道正在形成，其底层支撑是结构性变化而非短期刺 激。在这个过程中，分化与理性将成为关键词。 "其实，这两年我们所看到的投融资变化，更多是从前几年的极致压缩状态，回归到了一个相对正常的 状态。"吴晓颖开门见山地指出，市场情绪与投融资活动均在修复恢复，但这更像是有质量的复苏， ...

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]