乐普医疗 20250823 摘要 乐普医疗预计 2025 年全年利润为 10-11 亿元，与多家研究机构预测一 致，公司对实现此目标充满信心。2026 年预计整体增长 10%，主要由 创新药品和新产品驱动，传统业务保持稳定。 公司未来战略重点是维持基础业务稳定，并在医美、创新药品及新型器 械三大板块实现突破。医美板块被视为最具潜力的增长点，已获得多个 产品注册证，并计划推出更多产品。 医美板块已布局童颜针、水光针等产品，计划推出 PDRN 注射针和热玛 吉设备及耗材，预计未来三年内营收可达 20-30 亿元，利润 7-10 亿元， 通过多渠道覆盖市场。 创新药品方面，重组肉毒素已进入一期临床，同时布局其他皮肤科制剂 线。明维主要围绕减肥、降脂、降糖和降血压等代谢疾病进行产品线布 局，GLP-1 药物 109 表现出色。 公司正在推进脑机接口与神经调控技术的发展，包括 CCM、中风后瘫痪、 癫痫、尿失禁等多种适应症，通过无创与有创两条路径推进主动神经调 控技术的发展。 Q&A 乐普医疗 2025 年上半年业绩表现如何？ 2025 年上半年，乐普医疗的收入和利润基本持平，二季度利润同比大幅修复。 公司在经历了前几 ...

行 行业周报 业 业绩密集披露，关注超预期标的 研 究 分析师： 侯雅楠 SAC NO： S1150524120001 2025 年 08 月 22 日 houyn@bhzq.com （1）国家医疗保障局印发《医疗保障按病种付费管理暂行办法》； 医药生物 投资要点： 证券分析师 侯雅楠 行业要闻 022-23839211 （2）司美格鲁肽获美国食品药品监督管理局（FDA）批准治疗 MASH。 研究助理 公司公告 近三月行业指数走势图 （1）恒瑞医药：①公布 2025 年半年度报告；②药品上市许可申请获受理； 证 券 （2）百利天恒：①公布 2025 年半年度报告；②关于 iza-bren（EGFR×HER3 双抗 ADC）用于治疗晚期 EGFR 突变的非小细胞肺癌获得美国 FDA 突破性 疗法认定； 研 （3）荣昌生物：①NMPA 药品审评中心（CDE）授予 RC148 突破性治疗药 物认定用于治疗非小细胞肺癌；②签署授权许可协议； 报 相关研究报告 医疗器械关注度提升，关注相 （4）百奥泰：①公布 2025 年半年度报告；②与 STADA 就 BAT1806（托珠 单抗）注射液签署授权许可与商业化协议；③U ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The innovative pharmaceutical and medical device market continues to thrive, with an increase in the prosperity of segmented tracks. The Shanghai Composite Index rose by 2.37%, while the pharmaceutical and biological sector increased by 3.08%, ranking 10th among 31 primary sub-industries. The pharmaceutical sector has shown strong recovery and continuity, aligning with previous predictions that declines would be short-lived and shallow [4][8][5]. - The market remains focused on innovative pharmaceuticals and medical devices, with significant events catalyzing the sector. Key highlights include a price increase of up to 170% for Eli Lilly's weight loss drug Mounjaro in the UK and the announcement of pivotal clinical trial results for a dual-target antibody by CanSino Biologics [4][8][5]. - Recommendations for investment focus on specific segments such as GLP-1 drugs, second-generation IO companies, and innovative medical devices, with notable companies identified for potential growth [4][8][5]. Summary by Sections Industry Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biological industry [2]. Market Dynamics - The pharmaceutical sector has shown a year-to-date return of 25.02%, outperforming the Shanghai Composite Index by 18.22 percentage points. The sector's valuation is currently at 27.0 times PE, with a premium of 32.9% compared to the overall A-share market [5][16][8]. Key Company Performance - Notable companies recommended for investment include WuXi Biologics, 3SBio, Changchun High-tech, and others, with their respective stock performances highlighted [2][26][25]. Sector Trends - The report emphasizes the ongoing trend of innovation in pharmaceuticals and medical devices, with specific attention to the GLP-1 drug market and second-generation IO companies, suggesting a rotation of investment opportunities within these segments [4][8][5].

Investment Rating - The industry investment rating is "stronger than the market" (预计6个月内，行业指数表现强于市场表现5%以上) [35] Core Viewpoints - The report emphasizes the importance of multi-party collaboration in supporting the development of innovative drugs and medical devices, highlighting the integration of data, policy, and funding as essential elements for growth [4] - The report notes that recent measures from the Financial Supervisory Administration and the Medical Insurance Bureau aim to promote the development of commercial health insurance, which will provide additional support for the innovation and development of drugs and medical devices [4] Summary by Sections Industry Insights - The Medical Insurance Bureau's recent meetings have established a comprehensive support system for innovative drugs and medical devices, involving various stakeholders such as research institutions, enterprises, medical institutions, financial companies, and government departments [4] - The Financial Supervisory Administration has released measures to enhance the quality of commercial health insurance, which will further support the biopharmaceutical industry's innovation [4] Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipelines, such as 恒瑞医药 (Hengrui Medicine), 百济神州 (BeiGene), and 中国生物制药 (China Biologic Products) [6] - It also highlights companies with significant single-product potential and those leading in advanced technology platforms, recommending关注 (focus on) companies like 凯莱英 (Kailaiying) and 药明康德 (WuXi AppTec) [6] Market Performance - The pharmaceutical sector experienced a decline of 0.84% last week, ranking last among 28 industries, while the Shanghai and Shenzhen 300 Index rose by 1.23% [9][21] - The report indicates that the pharmaceutical sector's valuation is currently at 30.91 times (TTM), with a premium of 37.32% compared to the overall A-shares excluding financials [27]

行业日报 | 北交所 震荡微跌，创新药持续活跃，关注前沿新兴产业技术突破 2025 年 08 月 04 日 证券研究报告 北交所市场点评——20250801 核心结论 行情回顾：1）指数层面：8 月 1 日北证 A 股成交金额达 217.3 亿元，较上 一交易日减少 43.7 亿元，北证 50 指数收盘价为 1419.61，下跌 0.23%， PE_TTM 为 66.36 倍。北证专精特新指数收盘价为 2425.87，下跌 0.29%； 2）个股层面：当日北交所 269 家公司中 158 家上涨，6 家平盘，105 家下 跌。其中涨幅前五的个股分别为：生物谷（23.2%）、立方控股（11.1%）、 大唐药业（10.2%）、讯安科技（9.7%）、戈碧迦（8.5%）；跌幅前五的个 股分别为：鼎佳精密（-14.6%）、三元基因（-9.5%）、方盛股份（-9.1%）、 云创数据（-6.4%）、明阳科技（-5.6%）。 新闻汇总：1）英伟达 800V 架构重塑产业链 AIDC 供电效率将迎变革：英 伟达最新 800V 架构供应商名单曝光，英诺赛科入选；公司拥有全球最大的 8 英寸硅基氮化镓晶圆的生产能力；未来 AI 数 ...

Group 1: Macro Economic Insights - The US non-farm payrolls for July showed a significant drop, with only 73,000 jobs added, far below the expected 110,000, and previous months' data was revised downwards by 258,000 jobs [2][3] - The unemployment rate rose to 4.25%, while hourly wages increased year-on-year to 3.91%, indicating a mixed labor market scenario [2][3] - Market expectations for interest rate cuts have increased, with traders anticipating three cuts totaling 75 basis points by December 2025, reflecting concerns over economic weakness [6][8] Group 2: Chemical Industry Insights - The polyester filament industry is experiencing a concentration of production capacity, with leading companies increasing their market share, resulting in a more orderly supply environment [19][22] - Demand for polyester filament remains stable, with a seasonal uptick expected in the second half of the year as inventory levels are low [20][22] - The cost pressures from raw materials are expected to ease, with oil price fluctuations influencing the cost structure of polyester filament production [21][22] Group 3: Pharmaceutical Industry Insights - The pharmaceutical sector is witnessing a recovery in public fund holdings, with a notable increase in the market value of heavy holdings, indicating a structural rebound [25][28] - Recent policy changes in drug procurement are expected to favor quality over price, potentially stabilizing profit margins for innovative drug and device companies [26][28] - The medical device market is showing signs of recovery, with significant growth in tendering activities, particularly in medical imaging and rehabilitation equipment [27][28] Group 4: North Exchange Market Insights - The North Exchange market has seen a decline in trading activity, with the average daily turnover dropping to approximately 251 billion yuan [31][32] - The overall market valuation remains high, with the North Exchange's price-to-earnings ratio at around 50.9 times, indicating potential for long-term investment value [32][34] - The introduction of new indices and steady progress in IPOs are expected to maintain a high level of market interest and activity [34]

Group 1 - The pharmaceutical and biotech sectors are experiencing high growth, with a recommendation for Pharma and Biopharma/Biotech companies that are expected to see a revaluation of their value and performance entering a growth phase [1] - The medical device industry is likely to benefit from policy optimization, as recent statements from relevant authorities indicate support for innovation and a move away from simple lowest-bid procurement practices [1] - The A-share pharmaceutical sector outperformed, with the medical device sub-sector rising by 4.4%, indicating a sustained improvement in industry sentiment [1] Group 2 - The Guotai Medical ETF (159377) tracks the innovative pharmaceutical index (399275), which focuses on companies involved in biotechnology, pharmaceuticals, and related medical services, emphasizing those with high R&D investment and growth potential [1]

Market Overview - The market showed mixed performance with the Shanghai Composite Index down 0.68% to 3591.26 points, the Shenzhen Component Index down 0.45% to 11152.77 points, and the ChiNext Index up 0.43% to 2377.84 points [1][2]. Sector Performance - Strong sectors included assisted reproduction, AI technology, and liquid cooling servers, while steel, oil and gas, and coal mining sectors declined [4]. Capital Flow - Major capital inflows were observed in the computer, communication, and pharmaceutical sectors, while outflows were noted in non-ferrous metals, food and beverage, and public utilities [5]. Stock Specifics - Notable net inflows were seen in stocks such as Cambridge Technology (14.63 billion), Easy Point (12.33 billion), and Changying Precision (11.54 billion) [6]. - Conversely, significant net outflows were recorded for Kweichow Moutai (12.81 billion), CATL (8.85 billion), and Midea Group (7.26 billion) [7]. Institutional Insights - China Galaxy Securities indicated that the real estate sector may see overall valuation recovery, with leading companies benefiting from lower financing costs and high market share in core areas [9]. - CITIC Securities highlighted a shift in policy supporting the innovative drug and medical device industries, suggesting potential valuation and performance recovery in the medical device sector [9]. - Huatai Securities provided insights on the AI large model industry chain, noting a new growth phase driven by token growth, increasing server computing demand, and a competitive landscape fostering industry advancement [10].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector is experiencing a strong performance compared to the overall market, driven by policies aimed at reducing price competition and supporting innovative drugs and medical devices [2][11] - The recent policy changes in centralized procurement are expected to alleviate the low-price competition dilemma in the industry, allowing for a shift towards quality and value-based competition [2][11] - There is a growing support for innovative drugs and medical devices from regulatory and payment policies, which is likely to accelerate the development of high-end domestic medical devices [18] Summary by Sections Market Performance - The overall A-share market increased by 1.70%, with the biotechnology sector rising by 1.90%, outperforming the market [23] - The medical services sector led the gains with a 6.73% increase, while chemical pharmaceuticals saw a decline of 1.23% [23] Centralized Procurement Policy - The 11th batch of centralized procurement emphasizes a "reverse involution" approach, moving away from simple lowest price considerations [17] - The average bidding amount for selected products has decreased significantly, indicating a trend towards smaller-scale submissions [11] - The average price drop for the 10th batch reached a historical high of 72.5% [11] Support for Innovation - The National Medical Products Administration has announced measures to enhance the regulatory framework for high-end medical devices, aiming to accelerate their development [18] - The average annual growth rate of spending on innovative drugs by medical insurance is projected to be 40% from 2020 to 2024 [18] Company Recommendations - **Mindray Medical (300760.SZ)**: Strong growth potential due to its leading position in the medical device sector and international expansion [33] - **WuXi AppTec (603259.SH)**: Positioned to benefit from the rapid growth of the global new drug development outsourcing market [33] - **Aier Eye Hospital (300015.SZ)**: Dominates the domestic eye care service market with a robust expansion strategy [33] - **New Industries (300832.SZ)**: A leader in the field of chemiluminescence immunoassay, with strong growth prospects [33] Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 37.98x, compared to the overall A-share market P/E of 20.19x [28]

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]