2026 年 3 月 2 日 医药: 超配 证券研究报告 / 公司更新报告 联影医疗 (688271 CH, 买入, 目标价: RMB185.31) 2H25 经营业绩迎拐点，2026 年医疗设备行业高景气有望延续 2H25 公司经营业绩进入拐点：根据公司 2025 年业绩快报，联影医疗预计实现营业收入 138.2 亿元，同比增长 34.2%；归母净利润 18.9 亿元，同比增长 49.6%；每股收益 （EPS）为 2.29 元。我们预计 4Q25 公司实现收入和净利润 49.6 亿元和 7.7 亿元，同比 分别增长 48.2%和 30.3%。分季度看，2025 年 1-3 季度公司实现收入和净利润增速分别为 5.4%/ 18.6%/ 75.4%和 1.9%/ 7.0%/ 143.8%。根据公司业绩快报，公司 2025 年业绩增长 主要受公司创新产品持续推出、高端产品市场认可度不断提升、全球营销及服务进一步体 系完善、海外业务快速增长、管理运营质量持续优化、国内设备更新政策逐步常态化落地 等多重因素推动。 赵冰, 分析师 证书编号：S1680519040001 电话：+86 21 6015 6766 注：历史 ...

Policy Developments - Shandong Province held a meeting on February 25, 2026, to address corruption and misconduct in the healthcare sector, emphasizing the need for a coordinated effort to safeguard medical insurance funds and promote orderly development in healthcare [1] Drug and Device Approvals - Kanghong Pharmaceutical received approval from the National Medical Products Administration for clinical trials of KHN707 tablets for insomnia, a class 1 innovative drug [2] - Fosun Pharma's subsidiary received approval for clinical trials of Rumaine® (generic name: Luwomeitini tablets) for advanced non-small cell lung cancer, with global sales of MEK1/2 inhibitors projected to reach approximately $2.068 billion in 2024 [3] - China Pharmaceutical announced that its subsidiary received a drug registration certificate for injectable fosfomycin, aimed at treating acute bacterial skin and soft tissue infections [4] - Huyou Pharmaceutical received FDA approval for its new drug applications for Etoposide injection and Fluorouracil injection, enabling sales in the U.S. market [5] - Kangfang Biotech's application for the monoclonal antibody AK120 was accepted for review by the National Medical Products Administration [6] Industry Developments - Junshi Bioscience and Deqi Pharmaceuticals entered a strategic collaboration to explore the combined treatment potential of JS207 and ATG-037 for cancer patients in mainland China [8] - Illumina announced an 18-month innovation upgrade roadmap for the NovaSeq X sequencer, enhancing its capabilities and productivity [9] Capital Market Activities - Sainuo Medical announced a share repurchase plan with a total amount between 15 million and 30 million yuan, aimed at employee stock ownership plans or equity incentives [10] Financial Data - United Imaging reported a net profit of 1.888 billion yuan for 2025, a year-on-year increase of 49.60%, driven by new product launches and growth in overseas business [11] - Xiansheng Pharmaceutical projected a revenue of approximately 7.7 billion to 7.8 billion yuan for the 2025 fiscal year, with a net profit increase of 80.1% to 93.9% [12] - Sainuo Medical reported a net profit of 47.29 million yuan for 2025, a significant increase of 3,057.05% year-on-year, attributed to revenue growth and cost management [13]

Group 1 - The case of Wang Xiaolin, former Vice President of Guiyang Medical College and President of its affiliated hospital, resulted in a death sentence with a two-year reprieve for bribery, along with lifelong deprivation of political rights and confiscation of personal assets [1] - The bribery scandal has implicated the A-share listed company Xinbang Pharmaceutical, which acquired 98.25% of Keke Pharmaceutical in 2013, a company formed from the restructuring of the drug sales department of the affiliated hospital [1][2] - Xinbang Pharmaceutical has grown to become a leading pharmaceutical distribution enterprise in Guizhou Province, establishing a comprehensive sales network covering major hospitals in the region [2] Group 2 - Following Wang Xiaolin's downfall, a corruption documentary aired in January 2025, revealing that a pharmaceutical supply company, restructured from the hospital's drug sales department, had terminated a merger with a state-owned enterprise under Wang's influence, leading to a subsequent acquisition by another pharmaceutical company [2]

Group 1 - The core viewpoint of the article emphasizes maintaining an "overweight" rating for offline pharmacies, focusing on companies with significant advantages in compliance, supply chain, and digital management, as well as those that can successfully integrate and enhance the efficiency of acquired stores [1] - The medical consumables industry also maintains an "overweight" rating, with three main lines of focus: performance reversal, increased penetration rates, and international expansion [1] - Recent pressures on the medical consumables sector due to anti-corruption measures and centralized procurement have affected performance, but long-term fundamentals for domestic high-value consumables companies remain positive due to factors like aging population, increased penetration of innovative procedures, and rising domestic production rates [1] Group 2 - The Chinese chain pharmacy industry has transitioned from a phase of growth driven by the expansion of store numbers to a high-quality development era focused on operational efficiency, service value, and ecosystem construction [1] - Under policy guidance, the industry is moving towards supply-side clearing and increased concentration, where well-managed leading chain brands are expected to gather resources and optimize operations, leading to an early recovery in market conditions [1]

Group 1 - The core issue highlighted is a long-term bribery case involving a sales representative from a medical polymer products company, which has exposed systemic corruption within the healthcare sector, particularly at the Pu'er People's Hospital [1][4] - The bribery network spanned over 15 departments within the hospital, implicating various levels of personnel, including financial directors and clinical department heads, indicating a widespread issue of collective bribery in the medical industry [1][4] - The National Healthcare Security Administration (NHSA) has publicly addressed this case to signal a commitment to tackling corruption by focusing on bribery entities and enforcing legal accountability across the entire chain [1][3] Group 2 - During the "14th Five-Year Plan" period, China has established the largest medical security network globally, significantly reducing the burden of medical expenses for the public and improving overall health levels [3] - Continuous efforts in anti-corruption within the medical sector are seen as crucial for maintaining a healthy industry ecosystem and ensuring the protection of public interests [3][9] - The NHSA has been actively reporting on cases of medical commercial bribery, emphasizing the need for stringent oversight on key positions and processes to strengthen anti-corruption measures [6][9] Group 3 - The bribery case involved a total of over 1.19 million yuan in bribes, with the pediatric department receiving the highest kickbacks, indicating a deep entrenchment of corrupt practices at various levels of hospital operations [5][4] - The NHSA has initiated centralized procurement measures for medical consumables to eliminate inflated pricing and reduce the financial burden on patients, addressing the root causes of corruption in the industry [5][8] - Recent cases of bribery in the medical equipment sector have also been reported, showcasing a broader trend of corruption that the NHSA is actively working to combat [7][8]

Policy Trends - The National Medical Insurance Administration has intensified anti-corruption efforts in the medical sector, highlighted by a case involving a doctor who accepted kickbacks totaling 789,100 yuan from pharmaceutical companies between 2012 and 2023 [1] - The Central Commission for Discipline Inspection has emphasized the need to address issues such as "kickback sales" and has included them in the scope of strict investigation [1] Drug Approval - Hualan Biological announced that its subsidiary received a notice of acceptance for the domestic production registration application of Adalimumab injection, a biosimilar drug for treating various immune diseases [1] - China Resources Double Crane's subsidiary has received implied permission from the FDA for clinical trials of the new drug DC6001 [2] - Heng Rui Medicine's SHR-1826 injection has been included in the list of breakthrough therapy varieties by the National Medical Products Administration [3] Financial Disclosures - WuXi AppTec expects a net profit of 19.151 billion yuan for 2025, representing a year-on-year increase of approximately 102.65% [4] - Sharp Eye's projected net profit for 2025 is expected to be negative due to anticipated goodwill impairment [5] Industry Developments - Haixiang Pharmaceutical has signed an innovative drug cooperation agreement with Wanbangde Pharmaceutical to develop treatments for amyotrophic lateral sclerosis, with Haixiang providing 150 million yuan in funding [6] - Innovation Medical's product, Cyberlink AC5, was officially launched in October 2025, generating revenue of 114,000 yuan, while the AM5 product has completed clinical trials but has not yet generated revenue [6] Regulatory Actions - The National Medical Products Administration has initiated an investigation into Anhui Telunshake Biotechnology for violations of cosmetic production regulations, leading to a halt in production and a requirement for corrective actions [7]

记者丨韩利明 编辑丨季媛媛 医药领域关乎民生福祉，医疗反腐是守护群众切身利益的关键防线。2025年，我国医疗反腐工作持续推进，中央纪委 国家监委网站在《2025年度十大反腐热词》中明确"反腐为了人民"，并将持续深化医保基金管理领域突出问题治理列 为重要内容。 医保基金牵动千家万户切身利益，监管力度始终不减。2025年收官当日，中央纪委国家监委网站发布《四川:坚持办案 引领 从严查处医保基金管理领域突出问题》，明确提出严肃查处内外勾结欺诈骗保、违规套取医保基金等行为，以及 监督管理乏力背后的不正之风和腐败问题，以强有力的监督执纪执法筑牢医保基金安全防线。 医药行业因资金链条长、权力集中度高、利润空间较大，历来是腐败风险高发领域。步入"十五五"开局之年的2026 年，医疗反腐力度持续加码，中央纪委国家监委网站开年以来已密集刊发多篇文章，进一步释放持续深化医疗反腐的 强烈信号。 有业内人士对21世纪经济报道指出，在医疗这个与百姓生命健康安全密切相关的行业大力反腐，对于捍卫人民生命健 康，保障行业风清气正，助力行业长久良性发展都具有重要意义。随着相关工作的持续深入，2026年医疗反腐将向更 深层次推进，为医药行业高质 ...

Core Viewpoint - The article discusses the ongoing price war in the medical equipment industry due to centralized procurement, leading to significant price drops and market share losses for some multinational companies [1][2][3]. Group 1: Market Dynamics - The centralized procurement of medical devices began in 2020 in provinces like Anhui and Fujian, but has recently expanded nationwide, affecting market dynamics significantly [2][13]. - Prices for various medical devices have plummeted, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][11]. - The procurement process has become more competitive, with many projects being canceled or re-tendered due to complaints from companies, indicating a turbulent market environment [9][10]. Group 2: Impact on Distributors - Medical equipment distributors are facing severe challenges, with many considering transitioning to other business areas due to shrinking profit margins from centralized procurement [4][5]. - The profit margins for distributors have drastically decreased, with potential earnings from projects dropping from millions to tens of thousands [5][6]. - It is estimated that only about 10% of medical equipment distributors will remain in the industry post-procurement, primarily focusing on after-sales services [6][7]. Group 3: Competitive Landscape - Domestic companies are gaining market share at the expense of smaller multinational firms, with companies like Wandong Medical achieving high bid rates in centralized procurement [10][11]. - The article highlights that while domestic companies are performing well, the overall profit margins in the industry are under pressure due to the aggressive pricing strategies adopted during centralized procurement [11][12]. Group 4: Future Trends - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures in the next 3 to 5 years [15][16]. - The article suggests that centralized procurement for medical devices is simpler to implement compared to pharmaceuticals due to fewer product categories and more straightforward technical specifications [15][16].

Group 1: Legal and Regulatory Issues - The National Healthcare Security Administration disclosed a bribery case involving Huang Mouyun, who was found guilty of bribing multiple healthcare professionals to increase sales of a traditional Chinese medicine product [1][2] - Huang Mouyun paid a total of 1.9263 million yuan in bribes to 15 doctors at a local hospital to secure sales, with the product achieving over 10 million yuan in sales since December 2018 [1][2] - The court ruled that Huang Mouyun's actions constituted bribery of non-state personnel, and he may receive a lighter sentence due to his confession [2] Group 2: Pharmaceutical Developments - Huason Pharmaceutical announced that its product, Amlodipine Besylate Tablets, has completed domestic production registration, aimed at enhancing market competitiveness amid an aging population [1] - Fosun Pharma's subsidiary has had its PD-1 monoclonal antibody, used for gastric cancer treatment, included in the breakthrough therapy designation, marking a significant advancement in cancer treatment options [3] - Tianyi Medical received a medical device registration certificate for its blood dialysis concentrate, which is intended for patients with acute and chronic renal failure [4] Group 3: Clinical Research and Results - Innovent Biologics reported that its drug, Ma Shidu Peptide, achieved a weight reduction of up to 20.1% in obese patients during a Phase III clinical trial, with significant improvements in various health metrics compared to the placebo group [5][6] - The trial involved 462 participants, with the Ma Shidu Peptide group showing an average weight loss of 18.55% after 60 weeks, while the placebo group only lost 3.02% [6] Group 4: Corporate Governance - Changchun High-tech announced a change in the shareholding structure of its controlling shareholder, which will not affect the company's operations or control [4][5] - Guangji Pharmaceutical's independent director, Guo Wei, resigned due to personal reasons, which may impact the board's composition and the presence of accounting professionals [8]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for investment opportunities in this industry [4]. Core Insights - The pharmaceutical sector is experiencing performance divergence, with the medical device segment showing signs of a turning point [1]. - For the first three quarters of 2025, the total revenue of 461 A-share pharmaceutical companies was CNY 17,876.4 billion, a year-on-year decrease of 2%, while net profit attributable to shareholders was CNY 1,435.7 billion, down 6.43% year-on-year [10][29]. - In Q3 2025, the industry showed signs of improvement, with total revenue reaching CNY 5,936.9 billion, a year-on-year increase of 0.51%, and net profit of CNY 419.4 billion, down only 0.95% year-on-year [33]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index increased by 21.1% year-to-date, outperforming the CSI 300 index by 3.17 percentage points, with the medical services sub-sector showing the highest growth at 40.25% [17]. 2. Industry Performance - The medical commercial and medical service sectors are the only segments showing positive revenue growth in the first three quarters of 2025, with revenues of CNY 7,723.1 billion and CNY 1,374.9 billion, respectively [29]. - The chemical preparation and medical service sectors demonstrated significant profit growth in Q3, with net profits increasing by 10.43% and 25.80%, respectively [33]. 2.1 Raw Materials and Auxiliary Drugs - The raw materials sector reported total revenue of CNY 670.65 billion, down 7.56% year-on-year, with net profit of CNY 61.01 billion, down 11.18% year-on-year [35]. - The report suggests focusing on high-quality raw material companies such as Shanhe Pharmaceutical and Weier Pharmaceutical [42]. 2.2 Chemical Preparations & Innovative Drugs - The chemical preparations sector achieved total revenue of CNY 3,050.25 billion, down 3.79% year-on-year, with net profit of CNY 320.73 billion, down 15.09% year-on-year [43]. - The report highlights the significant growth of innovative drugs, with 43 new drugs approved in the first half of 2025, a 59% increase year-on-year [47]. 2.3 Traditional Chinese Medicine - The traditional Chinese medicine sector reported total revenue of CNY 2,512.22 billion, down 3.84% year-on-year, with net profit of CNY 292.63 billion, down 1.16% year-on-year [49]. - The sector is transitioning towards quality-oriented development, with a focus on improving the quality of raw materials [57]. 2.4 Biological Products - The biological products sector reported total revenue of CNY 802.59 billion, down 15.34% year-on-year, with net profit of CNY 123.48 billion, down 28.73% year-on-year [58]. - The report suggests monitoring companies with strong internationalization efforts, such as Kangtai Biological [62]. 2.5 Medical Commerce - The medical commerce sector achieved total revenue of CNY 7,723.15 billion, up 0.56% year-on-year, with net profit of CNY 160.9 billion, up 4.94% year-on-year [63]. - The report emphasizes the importance of diversified development in pharmacies, supported by national policies promoting health consumption [68].