www.hczq.com 证券研究报告 | 医药生物 | 2026年01月04日 华创医药投资观点&研究专题周周谈 · 第157期 2025年度医药业绩前瞻 | 华创医药团队： | | --- | | 首席分析师郑辰 | | 联席首席分析师刘浩 | | 医疗器械组组长李婵娟 | | 中药和流通组组长高初蕾 | | 高级分析师王宏雨 | | 高级分析师朱珂琛 | | 分析师陈俊威 | | 分析师张良龙 | 执业编号：S0360520110002邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002邮箱：liuhao@hcyjs.com 执业编号：S0360520110004邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007邮箱：zhukechen@hcyjs.com 执业编号：S0360525060002邮箱：chenjunwei@hcyjs.com 执业编号：S03605251 ...

Investment Rating - The report maintains a positive outlook on the insomnia treatment market, highlighting the potential for new drug sales performance in this sector [20][32]. Core Insights - The insomnia treatment market in China is characterized by a significant unmet need, with over 200 million individuals estimated to suffer from insomnia symptoms, representing a large consumer market potential [16][24]. - The report emphasizes the shift towards innovative insomnia medications, particularly focusing on new types of benzodiazepine receptor agonists (BZRAs) and dual orexin receptor antagonists (DORAs) as key areas for development [25][38]. - The introduction of new drugs like JY-202 (地达西尼) and DORA medications is expected to reshape the market dynamics, with a forecasted rapid increase in market share and sales [34][39]. Market Overview - The insomnia drug market in China has seen stagnant growth due to a lack of new effective treatments, with the market size in 2023 estimated at 31.62 billion yuan [24]. - The report outlines the historical sales performance of major insomnia medications, indicating a long gap since the last new product launch in 2007, which has contributed to the current market stagnation [24][25]. - The report projects a significant increase in the market size and sales for innovative insomnia drugs, particularly with the anticipated approval and market entry of new products [34][39]. Drug Development Trends - The report identifies two main directions for insomnia drug innovation: improvements on existing BZRAs and the development of DORAs, which are expected to have lower addiction risks and better patient compliance [25][38]. - The new drug JY-202 is highlighted for its selective action on the GABAA receptor, which may reduce side effects associated with traditional insomnia medications [34]. - The report also notes the successful clinical trial results for DORAs, which have shown significant improvements in sleep quality without the risk of addiction, making them suitable for broader consumer use [38][39]. Key Players and Recommendations - The report suggests focusing on companies like 京新药业 (JY-202) and 先声药业 (DORA medications) as they are positioned to capitalize on the emerging market opportunities in insomnia treatment [34][39]. - It recommends monitoring the sales performance of these new drugs as they enter the market, particularly in the context of changing consumer behavior and increasing awareness of sleep health [20][32].

证券研究报告 | 医药生物 | 2025年12月20日 www.hczq.com 华创医药投资观点&研究专题周周谈 ·第155期 失眠治疗蓝海大市场,看好上市新药销售表现 本周专题联系人:朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师郑辰 | 执业编号: S0360520110002邮箱: zhengchen@hcyjs.com | | 联席首席分析师刘浩 | 执业编号:S0360520120002邮箱:liuhao@hcyjs.com | | 医疗器械组组长李婵娟 | 执业编号: S0360520110004邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长高初营 | 执业编号: S0360524070002邮箱: gaochulei@hcyjs.com | | 分析师王宏雨 | 执业编号: S0360523080006邮箱:wanghongyu@hcyjs.com | | 分析师朱珂琛 | 执业编号: S0360524070007邮箱: zhukechen@hcyjs.com | | 分析师陈俊威 | 执业编号：S0360525060002邮箱:ch ...

对于迈瑞医疗未来经营和业绩，业内人士认为，国内医疗、耗材集采持续，行业基本面并未见底，而 海外主要业务地区面临关税相关风险。也有分析人士判断，经过四年调整，该公司无论是股价，还是 基本面都有可能迎来反转。 半月增持占总股本不到千分之一 本文字数：1612，阅读时长大约3分钟 作者 | 第一财经 李隽 股价跌破200元大关，相比近500元的历史高点，迈瑞医疗（300760.SZ）的股价，目前已经"膝盖 斩"。 面对股价持续下挫，迈瑞医疗实际控制人李西廷，从11月底开始，在两周多时间内出手增持了约2亿 元的股份。 增持金额虽然不小，但相较于此前减持却显得颇为微弱。2023年以来，李西廷等人控制的持股平台 就大举减持，曾经一个季度就套现大约25亿元，合计已经减持套现过百亿元。 2025.12. 18 根据迈瑞医疗公告，11月27日至12月12日，李西廷使用资金2亿元，累计增持该公司100.5万股，占 公司总股本0.08%的股份，。由于增持已经完成，原定六个月的增持期提前结束。 增持完成后，李西廷其与一致行动人Smartco Development、Magnifice(HK)等，合计持有迈瑞医 疗6.25亿股，占比5 ...

增持完成后，李西廷其与一致行动人Smartco Development、Magnifice(HK)等，合计持有迈瑞医疗6.25亿股，占比51.55%。 半个月已经买完，增持不到总股本千分之一。 股价跌破200元大关，相比近500元的历史高点，迈瑞医疗（300760.SZ）的股价，目前已经"膝盖斩"。 面对股价持续下挫，迈瑞医疗实际控制人李西廷，从11月底开始，在两周多时间内出手增持了约2亿元的股份。 增持金额虽然不小，但相较于此前减持却显得颇为微弱。2023年以来，李西廷等人控制的持股平台就大举减持，曾经一个季度就套现大约25亿元，合计已经 减持套现过百亿元。 对于迈瑞医疗未来经营和业绩，业内人士认为，国内医疗、耗材集采持续，行业基本面并未见底，而海外主要业务地区面临关税相关风险。也有分析人士判 断，经过四年调整，该公司无论是股价，还是基本面都有可能迎来反转。 根据迈瑞医疗公告，11月27日至12月12日，李西廷使用资金2亿元，累计增持该公司100.5万股，占公司总股本0.08%的股份，。由于增持已经完成，原定六 个月的增持期提前结束。 相较于早前减持，李西廷此次增持力度显得有些薄弱。过去三年，李西廷等人的持 ...

| | | 深圳麦科田生物医疗技术股份有限公司-融资历程 | | | --- | --- | --- | --- | | 融资轮次 | 事件时间 | 融资金额 | 投资方 | | E轮 | 2023-09-20 | 8875万人民币 | 信达汉石 | | | | | 信达鲲鹏 | | D轮 | 2021-03-01 | 4.76亿人民币 | 基石资本 | | | | | 同创伟业 | | | | | 深创投 | | | | | 博众信合 | | | | | 分享投资 | | | | | 软银中国 | | | | | 嘉远资本 | | | | | 高特佳投资 | | | | | 粤科鑫泰 | | | | | 佳银基金 | | | | | 深圳高新投 | | | | | 道合科技投资 | | | | | 小禾投资 | | | | | 高瓴创投 | | | 2019-03-28 | | 高瓴创投 | | C轮 | | 2.178亿人民币 | 深创投 | | | | | Lilly Asia Ventures 礼来亚洲基金 | | B轮 | 2017-03-20 | 1.02亿人民币 | 高瓴创投 | | A轮 | ...

Core Viewpoint - The approval of the ePTFE membrane product by the National Medical Products Administration marks a significant development for Baijun Medical, as it ends the reliance on imported ePTFE membranes in the domestic market [1] Company Summary - Baijun Medical (688198) announced the approval of its ePTFE membrane product for registration, which is a 0.1mm expanded polytetrafluoroethylene membrane [1] - The product is intended for the repair or reconstruction of the pericardium in cardiac surgery [1] Industry Summary - The current market for pericardial membranes in China has been dominated by foreign companies, leading to a long-standing dependence on imports [1] - The registration and upcoming market entry of Baijun Medical's product will disrupt this import reliance, potentially transforming the domestic market landscape for cardiac surgical materials [1]

Core Viewpoint - Multiple oral cyclic peptide drugs have significant potential, and the industry chain is expected to benefit fully from this development [11][18]. Market Review - The CITIC pharmaceutical index decreased by 6.76%, underperforming the CSI 300 index by 2.99 percentage points, ranking 25th among 30 primary industries [7]. - The top ten stocks by increase this week include Hainan Haiyao, *ST Changyao, and *ST Suwu, while the top ten stocks by decrease include Jindike and Haichen Pharmaceutical [7][8]. Overall Viewpoint and Investment Themes - **Innovative Drugs**: The domestic innovative drug industry is transitioning from quantity logic to quality logic, emphasizing products that can ultimately generate profits. By 2025, more attention should be paid to differentiated domestic products and international pipelines [9]. - **Medical Devices**: The bidding volume for imaging equipment has significantly rebounded this year, and home medical device markets are benefiting from subsidy policies. The orthopedic sector is expected to see good growth post-collection [9]. - **Innovation Chain (CXO + Life Science Services)**: Overseas investment and financing are expected to continue recovering, while domestic financing is likely to stabilize. The innovation chain wave is anticipated to begin a bottom reversal [9]. - **Pharmaceutical Industry**: The specialty raw material drug sector is expected to see cost improvements, leading to a new growth cycle. Attention should be paid to new volumes from patent expirations and the gradual realization of formulation expansions [10]. Focus on Oral Cyclic Peptide Drugs - **Oral PCSK9 Inhibitors**: These drugs are expected to reshape the lipid-lowering treatment landscape. Current injectable PCSK9 inhibitors have poor patient adherence, and oral formulations could capture market share due to their convenience [11][19]. - **Clinical Data**: Recent clinical data for several oral cyclic peptide candidates in autoimmune and metabolic diseases have shown positive results, indicating a promising future for these therapies [13][19]. Focus on Oral IL-23 Antagonists - **JNJ-2113**: This oral peptide antagonist has shown positive Phase III data and has been submitted for FDA approval. It demonstrates significant efficacy in treating psoriasis, with high response rates compared to existing therapies [28][34]. - **Market Potential**: The annual peak sales for JNJ-2113 across all indications (psoriasis, psoriatic arthritis, ulcerative colitis, Crohn's disease) are expected to exceed $5 billion [41]. Industry Chain Benefits - Companies involved in the research and production of cyclic peptides are expected to benefit significantly. Notable domestic CXO companies include WuXi AppTec, Kanglong Chemical, and Kelaiying, with projected growth in net profits and market capitalization [42].

Investment Rating - The report rates the medical device industry as "Outperforming the Market" [1][5]. Core Insights - 2026 is expected to be a year of value reconstruction for China's medical device sector, driven by policy support, innovation, and recovery of domestic demand [1][3]. - The industry is witnessing a shift from "approval optimization" to "payment optimization," with regulatory improvements supporting the innovation of high-end medical devices [1][3]. - The current market fundamentals show signs of a turning point, while institutional holdings are at historical lows, indicating potential investment opportunities [1][3]. Summary by Sections Overall Medical Device Situation - In the first three quarters of 2025, the SW medical device index reported total revenues of 178.4 billion yuan, a year-on-year decrease of 2.29%, primarily affected by low-value consumables and IVD [15]. - The overall net profit for the same period was 26.7 billion yuan, down 13.99%, with high-value consumables showing improved profitability [15][20]. Medical Equipment - The recovery of procurement orders is expected to peak in Q4 2025 to Q1 2026, driven by improved funding and the "old-for-new" policy [66]. - The domestic government procurement income is stabilizing, while overseas revenue is still in a low base phase, indicating significant growth potential [66]. - The report highlights that the economic benefits of equipment procurement are becoming evident, with domestic high-end equipment showing competitive pricing [71]. Innovation in Medical Devices - The report emphasizes three main investment themes: government support, recovery of domestic demand, and accelerated overseas expansion [3][66]. - The innovation cycle is expected to accelerate, with a focus on companies that possess core competitiveness and a global perspective [3][66]. Market Trends - The report notes that the medical device sector is gradually stabilizing, with companies adapting to procurement pressures and showing signs of performance recovery [54]. - The overseas revenue share for medical device companies is increasing, with significant growth opportunities in regions with lower per capita equipment numbers [32][66].

Market Overview - The CITIC Pharmaceutical Index decreased by 2.36%, underperforming the CSI 300 Index by 3.18 percentage points, ranking 30th among 30 CITIC first-level industries [8] - The top ten stocks with the highest gains this week included Hezhong Pharmaceutical, Fuxiang Pharmaceutical, and Hualan Biological, while the biggest losers were He Yuan Biological-U and Changshan Pharmaceutical [8] Overall Investment Viewpoints - Traditional Chinese Medicine: The basic drug catalog is expected to be released, with unique basic drugs projected to grow faster than non-basic drugs, leading to market fluctuations [10] - Innovative Drugs: The domestic innovative drug industry is transitioning from quantity to quality, focusing on differentiated and internationalized pipelines, with an emphasis on products that can generate profits [10] - Medical Devices: The bidding volume for imaging equipment has rebounded, and home medical device markets are benefiting from subsidy policies [10] - Pharmaceutical Industry: The specialty raw materials market is expected to see cost improvements, leading to a new growth cycle [10] Retail Pharmacy Market Analysis - The retail scale of the physical pharmacy market in China for January to August 2025 is projected to be 395.2 billion yuan, a year-on-year decline of 2.2% [17] - The retail scale for July and August 2025 was 99.1 billion yuan, with a year-on-year decline of 2.5% [17] - The market is under pressure from policies such as tightened medical insurance and increased competition due to industry expansion from 2019 to 2024 [17] Category Market Analysis - In the first eight months of 2025, the drug category accounted for 81.4% of the market share, with a year-on-year increase of 1.1 percentage points, while the health product category saw a decline of over 17% [18] - The retail scale of drugs in physical pharmacies for January to August 2025 was 321.7 billion yuan, a year-on-year decline of 1.2% [24] - The retail scale of traditional Chinese medicine for the same period was 30.2 billion yuan, down 4.7% year-on-year [25] Specific Product Analysis - The top 20 chemical drug categories in July and August 2025 showed a combined market share of 78.0% and 78.5%, respectively, with significant growth in categories like hemostatic drugs and immunosuppressants [36] - The top 20 traditional Chinese medicine categories had a combined market share of 83.8% in July and 84.5% in August, with notable declines in categories such as heat-clearing and detoxifying drugs [39] Future Outlook - The pharmacy sector is expected to benefit from the acceleration of prescription outflow and an improved competitive landscape, with a focus on the integration of online and offline channels [49] - The medical device market is anticipated to see continued growth driven by bidding recovery and government subsidies for home medical devices [42]