证券日报网讯12月30日，华东医药（000963）在互动平台回答投资者提问时表示，创新转型一直是公司 的核心战略方向。一方面，公司核心产品管线已进入密集收获期，预计未来2-3年内将有多项核心产品 落地，为业绩增长提供持续动能；另一方面，公司通过"自主研发+外部合作"的双轮驱动模式，聚焦差 异化创新领域，持续强化核心竞争力。对于创新药业务收入，公司具备充分的战略信心与执行保障，目 前公司已将资源配置、考核机制全面向创新业务倾斜，管理层及全体员工均已明确目标、凝聚共识。公 司深知信任之重，必将全力以赴，用扎实的进展回报各位股东。 ...

"广药集团将搭建孵化平台、聚合创新生态，'十五五'时期预计完成研发投入100亿—150亿元、产业投 资与并购200亿—300亿元，并通过举才引智、建强平台、深耕生态、拓展布局、优化激励等途径，全速 推进创新转型，全力冲刺世界一流医药健康科技创新企业目标。"广药集团党委副书记、副董事长、总 经理陈杰辉在2025广药集团科技创新大会上如是表示。 除了引进外部"智囊团"，广药集团还大力整合科研体系资源，积极构建覆盖全产业链、面向未来的科研 与转化支柱体系，已打造以七大创新研发平台为核心的创新平台体系，包括中医药创新平台、化学药创 新平台、生物药创新平台、高端营养创新平台、核医药创新平台、动物保健创新平台、医疗器械创新平 台。 作为广东省、广州市生物医药健康产业"链主"企业，广药集团目前已发展为首家以中医药为主业的世界 500强企业。广东省工信厅党组成员陈绩在此次大会上表示，广东省正全力建设生物医药强省，广药集 团为广东省生物医药产业高质量发展作出了重要贡献，希望广药集团更好发挥链主企业和平台型企业的 作用，持续深化开放协同和产业带动，在科技创新的道路上勇攀高峰，助力广东省生物医药产业"健圈 强链"。 此次大会上，广 ...

2025.12.28 本文字数：1168，阅读时长大约2分钟 收入仅次于大商业板块之后，是大健康业务，2025年上半年收入为70.23亿元，毛利率为44.67%；之后 是大南药板块，收入为52.41亿元，毛利率为49.71%。 在饮料行业竞争日趋激烈以及药品集采政策持续推进之下，白云山的大健康业务、大南药板块业绩增长 疲软。 近年来，一些在创新转型方面走在前列的传统药企，创新药销售收入以及对外授权收入，已成为业绩的 增长点。相比之下，以中医药为主业的传统药企面临创新能力不足、产品结构老化、市场竞争加剧等挑 战。 2024年，白云山研发投入合计8.28亿元，占公司营收比例仅有4.26%，这样的投入比例偏低。 作者 |第一财经 林志吟 对于去年11月上任的广药集团（下称广药集团）党委书记、董事长李小军及新一届管理层来说，如何带 领广药集团走出经营低谷期？ 2025年12月27日，在2025广药集团科技创新大会上，李小军提出，"十五五"时期，公司要坚定不移抓住 科技创新这个"牛鼻子"，再造一个新广药。 广药将搭建孵化平台、聚合创新生态，"十五五"期间预计完成研发投入100亿元至150亿元、在产业投资 与并购方面投入 ...

2025.12. 28 2025年12月27日，在2025广药集团科技创新大会上，李小军提出，"十五五"时期，公司要坚定不移抓住科技创新这个"牛鼻子"，再造一个新广药。 广药将搭建孵化平台、聚合创新生态，"十五五"期间预计完成研发投入100亿元至150亿元、在产业投资与并购方面投入200亿元至300亿元，并通过举 才引智、建强平台、深耕生态、拓展布局、优化激励等途径，全速推进创新转型。 广药集团对创新转型的紧迫，源于自身发展现状倒逼。 具体以广药旗下上市公司平台白云山（600332.SH、00874.HK）为例，上市公司的收入主要来源于大南药、大健康、大商业这几大板块。其中，大南 药板块主要从事医药制造，包括中西成药、化学原料药、生物医药等。大健康主要从事饮料、食品、保健品等产品的生产。大商业主要经营医药流通业 务，包括医药产品、医疗器械、保健品等的批发、零售与进出口业务。 大商业板块是白云山营收比例最高的业务，2025年上半年，该板块收入达到290亿元，占白云山营收比例近七成，但该板块的毛利率并不高，仅有 6.13%。 收入仅次于大商业板块之后，是大健康业务，2025年上半年收入为70.23亿元，毛利率为4 ...

广药集团称全速推进创新转型。 对于去年11月上任的广药集团（下称广药集团）党委书记、董事长李小军及新一届管理层来说，如何带 领广药集团走出经营低谷期？ 2025年12月27日，在2025广药集团科技创新大会上，李小军提出，"十五五"时期，公司要坚定不移抓住 科技创新这个"牛鼻子"，再造一个新广药。 广药将搭建孵化平台、聚合创新生态，"十五五"期间预计完成研发投入100亿元至150亿元、在产业投资 与并购方面投入200亿元至300亿元，并通过举才引智、建强平台、深耕生态、拓展布局、优化激励等途 径，全速推进创新转型。 广药集团对创新转型的紧迫，源于自身发展现状倒逼。 具体以广药旗下上市公司平台白云山（600332.SH、00874.HK）为例，上市公司的收入主要来源于大南 药、大健康、大商业这几大板块。其中，大南药板块主要从事医药制造，包括中西成药、化学原料药、 生物医药等。大健康主要从事饮料、食品、保健品等产品的生产。大商业主要经营医药流通业务，包括 医药产品、医疗器械、保健品等的批发、零售与进出口业务。 广药集团总经理陈杰辉表示，广药已经到了必须转型、必须创新的阶段，除了锐意创新、奋勇向前，别 无选择、无路 ...

Core Viewpoint - Guangzhou Pharmaceutical Group is accelerating its transformation into a technology-driven and innovative enterprise, emphasizing the necessity of innovation to overcome current challenges in the traditional pharmaceutical industry [1][3]. Group 1: Company Strategy and Goals - The company plans to invest between 10 billion to 15 billion yuan in research and development and 20 billion to 30 billion yuan in industrial investments and acquisitions during the 14th Five-Year Plan period [1][3]. - The new management team, led by Chairman Li Xiaojun, is focused on leading the company out of a performance slump and achieving transformation and upgrading [2][3]. - The company aims to establish an incubation platform and aggregate an innovation ecosystem to support its transformation efforts [3][4]. Group 2: Industry Context and Challenges - Traditional Chinese medicine companies, including Guangzhou Pharmaceutical Group, face significant challenges such as insufficient innovation capabilities, aging product structures, and intensified market competition [1][2]. - The pharmaceutical industry in China is transitioning from "generic following" to "original innovation," marking a critical shift in focus from scale expansion to value creation [4]. Group 3: Financial Performance - Baiyunshan, a core subsidiary of Guangzhou Pharmaceutical Group, reported a revenue of 74.993 billion yuan in 2024, a decrease of 0.69% year-on-year, with a net profit of 2.835 billion yuan, down 30.09% [2]. - In the first three quarters of the current year, Baiyunshan achieved a revenue of 61.606 billion yuan, an increase of 4.31%, and a net profit of 3.310 billion yuan, up 4.78% [2]. Group 4: Innovation and Research Focus - The company has partnered with 30 academic experts and is working on 20 innovative drug projects, with 13 already in clinical stages [4]. - The management acknowledges the high risks and long cycles associated with pharmaceutical innovation and is implementing mechanisms to encourage innovation while allowing for mistakes [4].

在具体合作层面，广药集团与慕恩生物达成战略合作，推进微生物相关技术的产业化应用；与数科集 团、华为技术有限公司开展合作，广药白云山"药物警戒智能化管理系统"项目完成签约，用于提升药物 安全管理的信息化水平。广药集团还分别与中南大学、凯普顿公司，以及白云山陈李济与澳门大学、广 东药科大学，王老吉大健康公司与山东舜丰生物科技公司开展合作，推进产学研协同。 在新业务方向上，广药集团与广州开发区管委会，白云山稀核健康医药公司与中山大学附属第一医院、 暨南大学附属第一医院、GE医疗等进行合作签约，推进核医药全产业链发展；广药动保科技公司与瑞 派宠物医院管理公司、北京诺和动保科技公司进行合作签约，开拓动物保健业务；果树科学研究所与湛 江农垦科学研究所签署合作协议开展新品种设施栽培试验。此外，为加快资本运作，广药资本还与多家 公司进行合作签约，拓展产业版图。（智通财经记者 李科文） 12月27日，智通财经了解到，十五五期间，广药集团拟投入研发费用约100亿—150亿元，并安排产业投 资与并购资金约200亿—300亿元，推动创新转型。 ...

格隆汇12月12日｜中信建投证券研报指出，华东医药2025年前三季度经营保持稳健，业绩符合我们此前 预期，维持"买入"评级。分板块来看，医药工业利润表现亮眼，创新动能逐步释放；医药商业重回增长 轨道，稳健应对行业变化；国内外医美受外部环境影响持续调整，管线布局持续推进；工微保持较快增 长， 积极拓展海外市场。展望未来：1）创新转型进展兑现，关注后续数据披露进展及对外合作可能 性；2）医美管线步入收获期，有望带来利润弹性；3）工微板块多重催化，加强海外布局。 ...

Core Viewpoint - The company is advancing its smart manufacturing capabilities, enhancing production efficiency and competitiveness through automation and digitalization, while also focusing on innovation and international expansion in the pharmaceutical sector [2][3][4]. Group 1: Smart Manufacturing and Automation - The new facility emphasizes automation, digitalization, and intelligent design, incorporating advanced equipment such as AI inspection machines and integrated filling machines, achieving industry-leading smart manufacturing levels [3]. - Production efficiency has increased by 15% to 20%, with daily output rising by 15%, significantly enhancing competitiveness [3]. - Since relocating in 2021, overall production capacity has surged by 346% without increasing labor costs, resulting in a 310% rise in per capita labor productivity [3]. Group 2: Digital Transformation - The company has accelerated its digital transformation, achieving an 85% digital coverage rate in key business areas and receiving recognition as an "Excellence Level Smart Factory" [4]. - The digital transformation supports operational excellence and innovation, aligning with the company's strategic goals [4]. Group 3: Product and Market Expansion - The company is committed to low-cost, large-scale, multi-product, innovative, and high-quality strategies, focusing on developing products that better serve clinical needs [6]. - The acquisition of global commercialization rights for a new diabetes treatment marks a significant advancement in addressing unmet medical needs in the diabetes foot ulcer market [6]. Group 4: Innovation and R&D Strategy - The company aims to balance generic and innovative drug development, utilizing a "License-out" strategy to manage R&D costs and enhance quality while expanding international presence [7]. - Mergers and acquisitions are pivotal for expanding the product portfolio and driving innovation, with a focus on leading companies in niche markets and biomanufacturing [8]. Group 5: Synthetic Biology and Future Growth - The company has established a "raw material and formulation integration" strategy, acquiring biopharmaceutical firms to enhance profitability through synthetic biology technologies [9]. - The synthetic biology research institute has been set up to drive innovation, with several products already in the pilot testing phase, focusing on raw materials and specialty formulations [10]. Group 6: Strategic Goals and Internationalization - The company aims to become the leading brand in prescription drugs in China, with plans to enhance brand influence and expand its product pipeline through strategic acquisitions [11]. - Internationalization is viewed as a key pathway for achieving strategic goals, transitioning from raw material exports to finished product exports to enhance competitiveness in the global market [11].

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly focusing on innovative drugs and industry chain opportunities, with an investment rating of "Overweight" [1][6]. Core Insights - Multiple policies are supporting the development of the innovative drug industry, with domestic innovative drug transactions reaching historical highs in both value and quantity. The sector's valuation has rebounded from a low point, and leading companies are achieving profitability through increased commercial sales and licensing income [6][8]. - Companies like BeiGene are experiencing significant growth, with global sales exceeding $1 billion in Q3 2025, marking a 51% year-on-year increase. The company anticipates a positive GAAP operating profit for the full year 2025, raising its revenue guidance to $5.1-5.3 billion [1][6]. - Innovent Biologics is expanding its pipeline with a dual focus on oncology and non-oncology products, expecting to achieve positive non-IFRS net profit and EBITDA in 2024, with continued growth projected for 2025 [2][6]. - The report highlights the increasing R&D investments by leading pharmaceutical companies, which are enhancing their innovative pipelines and accelerating their transformation towards innovation [3][7]. Summary by Sections Section 1: Overseas Pharmaceuticals - The report emphasizes the focus on innovative drugs and the opportunities within the industry chain for 2026, noting the historical highs in transaction amounts and numbers for domestic innovative drugs going overseas [6][8]. - BeiGene's overseas sales are highlighted, with Q3 2025 global sales surpassing $1 billion and a significant year-on-year profit turnaround [1][6]. - Innovent Biologics is noted for its strategic partnerships and expected profitability in the coming years [2][6]. Section 2: Pharma Sector - Leading companies are rapidly increasing their R&D investments, which is expected to strengthen their innovative pipelines and global competitiveness [3][7]. - Companies like Hansoh Pharmaceutical and China Biologic Products are projected to see substantial growth in their innovative product revenues, with significant contributions expected in the coming years [3][7]. Section 3: CXO Sector - The report indicates a recovery in investment and financing for innovative drugs, which is likely to drive early-stage R&D investments and boost demand [8]. - Emerging fields such as peptides and ADCs are expected to open new growth opportunities, with a recommendation to focus on companies like WuXi AppTec and WuXi Biologics [8].