医疗保健行业周报 2025 年 08 月 25 日 [Table_Main] 行业研究|医疗保健 证券研究报告 [Table_Title] 中报披露接近尾声，继续看好创新药 ——医药生物行业周报（2025.8.18-2025.8.22） [Table_Summary] 报告要点： 医药板块本周跑输沪深 300 指数 2025 年 8 月 18 日至 8 月 22 日，申万医药生物指数上涨 1.05%，跑 输沪深 300 指数 3.13pct，在 31 个申万一级行业指数中排名第 29。 2025 年初至今，申万医药生物指数上涨 26.33%，跑赢沪深 300 指数 15.07pct，涨跌幅在 31 个申万一级行业指数中排名第 8。截至 2025 年 8 月 22 日，医药板块估值为 31.34 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 151.05%。 本周 ST 香雪、欧林生物和透景生命等表现较好 涨幅排名前十的个股分别为：ST 香雪（+40.39%）、欧林生物 （+38.27%）、透景生命（+29.53%）、福瑞股份（+28.23%）、立方制 药（+23.69%）、浩欧博（+22 ...

圆桌讨论由博济医药首席运营官夏其奎主持，与石药集团明复乐药业董事长杨琴，卫生经济学学者、博 雅荟创始人张士勤博士，中再集团人身险事业部副总经理暴栋三位嘉宾，共探高值创新药支付难题的破 解路径。 嘉宾们纷纷表示，中国生物医药产业正处在从"本土创新"走向"全球价值"的关键阶段。唯有通过技术创 新、资本助力、政策支持与国际化合作，才能在全球医药格局中占据更重要的位置。 本报讯 （记者李雯珊 见习记者张美娜）8月21日，第五届深圳生物医药创新大会在深圳南山成功举办。 本次大会由广东省生物医药创新技术协会与博济医药科技股份有限公司（以下简称"博济医药"）共同主 办，深圳博瑞医药科技有限公司（以下简称"深圳博瑞"）、科兴生物制药股份有限公司（以下简称"科 兴制药"）联合承办，旨在聚焦生物医药全产业链创新与国际化发展，推动粤港澳大湾区生物医药产业 高质量融合与全球合作。 作为具备丰富出海经验的企业代表，科兴制药副总经理邵珂博士从企业实践角度分享了医药出海的策略 与案例。他指出，全球医药市场规模预计2027年达1.9万亿美元，肿瘤、自免、代谢等领域仍是增长主 力。中国药企在研发管线数量上已位居全球前列，热门靶点占比超60%， ...

翰森制药 20250820 摘要 翰森制药 2025 年上半年内生收入增长 13.2%，创新药纯销同比增长 23%，BD 合作进入收获期，实现 16 亿人民币收入，其中默沙东小分子 GLP-1 首付款为 1.12 亿人民币。剔除 BD 首付款后，创新药收入占比 仍接近 80%，内生利润同比增长 15%至 20%。 公司管线质量持续提升，布局包括 EGFR、CMET ADC、百健 23 小分 子口服、P2X3 慢性咳嗽及肿瘤领域 IO 双抗等。尤其在肺癌领域，公司 布局全面，覆盖 EGFR 突变和野生型肺癌。 翰森制药具备持续出海预期，基于管线高质高量发展。全球领先产品将 持续出海，BD 首付款及里程碑落地成为常态化利润，海外上市产品销 售分成将提升公司估值。 预计翰森制药 2025 年营收达 148 亿人民币，归母净利润有望突破 50 亿人民币，未来三年 PE 分别为 37 倍、34 倍和 29 倍。2026 年目标 PE 为 45 倍，对应市值约 2,600 亿人民币。 翰森制药已成功完成创新转型，创新收入占比已超过 80%。公司从 1995 年成立并于 2002 年率先布局创新药研发，目前研发团队、技术 ...

Core Viewpoint - The article discusses the strategic investments and developments of Suzhou Fund in the biopharmaceutical sector, highlighting its role in shaping the industry landscape and facilitating exits for investors through significant mergers and acquisitions [2][19]. Investment Landscape - Suzhou Fund has invested in over 20 sub-funds in the biopharmaceutical sector, with a cumulative paid-in capital exceeding 3 billion yuan (approximately 0.43 billion USD) [2][3]. - The fund's investment strategy includes a mix of established "blue-chip" funds and emerging "dark horse" funds, allowing it to cover various stages and segments of the biopharmaceutical industry [6][7]. Historical Context - The biopharmaceutical industry in Suzhou began to take shape in the 1990s with the establishment of international pharmaceutical companies in the Suzhou Industrial Park [4]. - The introduction of the American Cold Spring Harbor Laboratory's first Asian branch in 2006 marked a significant milestone in the development of Suzhou as a biopharmaceutical hub [5]. Fund Structure and Strategy - Suzhou Fund operates on a "mother fund + sub-fund" model, collaborating with top-tier general partners (GPs) to ensure stable performance and comprehensive coverage of the biopharmaceutical value chain [5][6]. - The fund has also established a direct investment team to enhance market sensitivity and understanding, with a direct investment fund of approximately 0.71 billion yuan (about 0.1 billion USD) launched in early 2021 [7][8]. Ecosystem Development - Suzhou Fund aims to create a unique industrial ecosystem by collaborating with various stakeholders across the biopharmaceutical value chain, including CROs and clinical research organizations [8][9]. - The fund actively assists portfolio companies in navigating local resources and securing financing, particularly during challenging market conditions [9][11]. Market Outlook - Despite recent market downturns, Suzhou Fund believes that the biopharmaceutical industry remains undervalued and presents significant investment opportunities [16][18]. - The resurgence of the Hong Kong stock market for biopharmaceutical companies indicates a potential recovery, with several companies successfully listing and raising substantial capital [17][18]. Conclusion - Suzhou Fund's strategic investments and ecosystem-building efforts position it as a key player in the biopharmaceutical industry, with a long-term vision of fostering innovation and growth in this critical sector [19].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][44] Core Views - The pharmaceutical sector is expected to experience a rebound in 2025, driven by innovation in drugs and medical devices, with a focus on low-valuation assets related to aging and overseas expansion [44] - The small nucleic acid drug market is entering a rapid development phase, with significant potential reflected in the performance of leading companies like Alnylam [4][8] - The report emphasizes the importance of innovation in the pharmaceutical industry, highlighting the successful transition of traditional pharmaceutical companies to innovative drug development [44] Summary by Sections Market Performance - From July 21 to July 25, the pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [5][28] - Notable gainers included Haitai Biological (+46.93%), Zhendong Pharmaceutical (+42.89%), and Saily Medical (+31.73%) [5][28] Small Nucleic Acid Development - Small nucleic acid drugs, particularly siRNA and ASO, are gaining traction, with Alnylam leading the market [8][13] - Alnylam's market capitalization reached $42.8 billion as of July 24, 2025, reflecting its successful commercialization of siRNA therapies [13][20] Investment Recommendations - Key stocks to watch include innovative drug companies such as Heng Rui Pharmaceutical, Keren Pharmaceutical, and Xinlitai, as well as companies involved in overseas expansion like Mindray Medical and Yuyue Medical [4][44][45] - The report suggests focusing on sectors with low valuations, including medical devices and high-barrier industries like blood products and narcotics [44][45] Industry Trends - The report identifies several positive factors for the pharmaceutical industry, including the scaling of domestic innovation, increasing overseas capabilities, and the growing demand from an aging population [44] - The report also notes the ongoing development of a multi-layered payment system, which is expected to support industry growth [44] Valuation Insights - As of July 25, 2025, the overall PE valuation for the pharmaceutical sector is 37.98X, indicating that valuations are still relatively low compared to historical levels [37][44]

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The pharmaceutical sector outperformed the CSI 300 index, with the Shenwan Pharmaceutical and Biological Index rising by 4.00% from July 14 to July 18, 2025, surpassing the CSI 300 by 2.91 percentage points [2][12]. - Year-to-date, the Shenwan Pharmaceutical and Biological Index has increased by 16.59%, outperforming the CSI 300 by 13.45 percentage points, ranking third among 31 Shenwan primary industry indices [2][13]. - As of July 18, 2025, the valuation of the pharmaceutical sector stands at 29.88 times (TTM overall method, excluding negative values), with a premium of 153.54% compared to the CSI 300 [2][17]. Summary by Sections 1. Weekly Market Review - The pharmaceutical sector's performance from July 14 to July 18, 2025, showed a 4.00% increase, ranking second among 31 industry indices [2][12]. - The sector's valuation as of July 18, 2025, is 29.88 times, with a significant premium over the CSI 300 [2][17]. - Top-performing stocks included Borui Pharmaceutical (+42.35%), Lisheng Pharmaceutical (+41.68%), and Nanxin Pharmaceutical (+34.95%) [3][18]. 2. Important Events - On July 15, the National Healthcare Security Administration held a press conference to discuss the optimization of the national drug procurement policy, announcing the selection of 55 drug varieties for the 11th batch of national procurement [4][21]. 3. Industry Perspective - The 11th batch of national procurement will implement a "low-price declaration" system, requiring the lowest-priced selected enterprises to justify their pricing, ensuring it does not fall below cost [5][22]. - The procurement will continue to exclude new drugs and focus on ensuring quality, with enhanced scrutiny on low-priced selected drugs [5][22]. - The overall procurement policy is expected to gradually improve, balancing price reductions with the need to ensure enterprise profits and public healthcare needs [5][22]. - The report expresses optimism about innovative drugs, overseas expansion, and sectors benefiting from procurement reforms, particularly in insulin and orthopedic segments [5][23].

Core Insights - 康哲药业 successfully held a forum and appreciation dinner in Singapore to celebrate its secondary listing on the Singapore Exchange, gathering nearly 150 industry leaders and stakeholders [1][3] - The forum focused on the development of the pharmaceutical industry in Singapore and emerging markets, discussing strategies for internationalization and commercialization of innovative drugs [3][5] Industry Overview - Emerging markets, including Asia-Pacific, India, Africa & Middle East, and Latin America, are projected to reach a pharmaceutical market size of $336 to $384 billion by 2028, nearing the $410 billion expected for Western Europe [5] - Singapore is positioned as a hub for capital and innovation, with a shift from traditional third-party logistics to more integrated commercial strategies being essential for sustainable success in Southeast Asia [5] Company Strategy - 康哲药业 aims to expand its strategic vision across the Asia-Pacific market, leveraging its established resources in China and using Singapore as a regional hub to drive innovation through a comprehensive "research-production-sales-investment" model [6][8] - The company has introduced its international business cluster, highlighting its PharmaGend factory, which aims to become the largest and most trusted CMO/CDMO in Southeast Asia, with a production area of approximately 30,000 square meters and dual certifications from the FDA and HSA [8] Innovation and Development - 康哲药业 is establishing a global incubation platform for early-stage biopharmaceutical innovations through its HiGend initiative, enhancing the efficiency of global drug development [9] - The company is also setting up the CMS R&D Institute in 2024, focusing on early-stage innovative drugs, aiming to synchronize "China speed" with global standards [8][9] Market Exploration - Chinese pharmaceutical companies are increasingly exploring emerging markets, with over $10 billion in upfront payments from licensing deals in the past three years, primarily focused on mature markets [11] - The need for a comprehensive internationalization strategy that integrates research, production, and sales is emphasized for sustainable growth in new markets [12]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the pharmaceutical industry, particularly focusing on the implications of U.S. drug pricing policies and U.S.-China trade negotiations on Chinese pharmaceutical companies and their market opportunities. Core Points and Arguments 1. **Positive Impact of U.S.-China Negotiations on Pharmaceuticals** The recent U.S.-China negotiations are viewed as a significant positive for the pharmaceutical sector, alleviating previous concerns regarding trade impacts on drug pricing and exports of innovative drugs and raw materials [1] 2. **U.S. Drug Pricing Policy Changes** Trump's announcement of an executive order to reduce prescription drug prices by 30% to 80% is highlighted. The U.S. drug pricing system, characterized by high list prices, is under scrutiny, with the potential for significant price reductions impacting the market [2][3] 3. **Global Drug Pricing Context** U.S. drug prices are noted to be among the highest globally, particularly for innovative drugs, which are approximately 300% higher than prices in countries like Japan and Germany. This pricing structure encourages innovation but also raises concerns about affordability [3] 4. **Encouragement of Competition** The U.S. policy aims to accelerate competition among high-priced drugs, encouraging the entry of biosimilars and generic drugs, which could benefit Chinese pharmaceutical companies that can offer lower-cost alternatives [4][6] 5. **Opportunities for Chinese Pharmaceutical Companies** The reduction in U.S. drug prices is expected to create opportunities for Chinese companies, particularly in the fast-follow and biosimilar segments, as they can provide high-quality, cost-effective alternatives [6][8] 6. **Long-term Trends Favoring Chinese Innovation** The inefficiencies in innovation among multinational pharmaceutical companies may lead to increased reliance on Chinese innovation and manufacturing capabilities, especially if U.S. companies face cost pressures [7][8] 7. **Market Dynamics and Export Opportunities** The easing of trade tensions is anticipated to enhance the macroeconomic environment in China, leading to improved domestic demand and potential export opportunities for medical devices and raw materials [10][9] 8. **Impact of Drug Price Reductions on Market Dynamics** The anticipated drug price reductions in the U.S. are not expected to significantly diminish the addressable market for Chinese companies, as their market share in the U.S. remains relatively small [11][12] 9. **Long-term Supply Chain Considerations** U.S. concerns regarding supply chain security may lead to a push for domestic manufacturing, which could have long-term implications for Chinese companies seeking to penetrate the U.S. market [14][15] 10. **Investment Recommendations** The call suggests focusing on three categories of companies: innovative leaders, those with strong business development (BD) expectations, and upstream suppliers with global advantages, as the market enters a new growth cycle [16][18] Other Important but Possibly Overlooked Content 1. **Sector-Specific Insights** The discussion includes insights into specific companies and their competitive advantages, such as the potential for certain drugs to achieve significant market penetration despite pricing pressures [31][33] 2. **Emerging Trends in Medical Devices** The call also touches on the medical device sector, emphasizing the importance of high-end equipment and the potential for growth in home healthcare products, which may offer higher profit margins compared to domestic markets [25][26] 3. **Long-term Growth Projections** There is an optimistic outlook for the pharmaceutical sector, with expectations of a gradual recovery in demand and performance improvements in the coming years, driven by policy support and market dynamics [29][40] 4. **Focus on Innovation and R&D** The emphasis on innovation and the need for companies to adapt to changing market conditions is reiterated, highlighting the importance of R&D in maintaining competitive advantages [19][20] 5. **Market Sentiment and Future Outlook** The overall sentiment is cautiously optimistic, with a belief that the current market conditions present opportunities for growth and investment in the pharmaceutical and medical device sectors [46][47]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation with traditional Big Pharma companies increasingly focusing on innovation and BD (business development) transactions, which are expected to become a regular source of income and profit [9][12] - The report highlights that the innovative drug segment is gaining momentum, with companies like 恒瑞医药 (Hengrui Medicine) and 翰森制药 (Hansoh Pharmaceutical) achieving significant growth in their innovative drug revenues [12][21] - The report anticipates that the pharmaceutical industry will benefit from multiple positive factors, including the aging population, steady growth in medical insurance revenue, and advancements in AI technology [45] Summary by Sections Industry Performance - From July 7 to July 11, the pharmaceutical index rose by 1.82%, outperforming the沪深 300 index by 1.00% [5] - The report notes that 350 stocks in the sector increased in value, while 131 stocks decreased [5][25] Business Development (BD) Insights - BD transactions are becoming a crucial strategy for traditional Big Pharma, with a focus on increasing international revenue and opening new growth avenues [9][12] - The report indicates that BD income is expected to contribute significantly to the profit growth of companies like 恒瑞医药 and 翰森制药, with numerous successful licensing agreements [18][21] Investment Recommendations - The report suggests focusing on innovative drugs and related sectors, particularly companies with strong BD capabilities and those positioned for international expansion [45][46] - Specific companies recommended for investment include 恒瑞医药, 科伦药业, and various CXO and supply chain firms [45][46] Market Trends - The report emphasizes the ongoing shift towards innovative drug development, with traditional pharmaceutical companies successfully transitioning to this model [12][21] - The aging population is expected to drive demand for chronic disease treatments, further supporting the growth of the pharmaceutical sector [45] Valuation Insights - As of July 11, 2025, the overall PE valuation for the pharmaceutical sector is 35.79X, indicating that the sector is still at a relatively low historical valuation [33][45]

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].