格隆汇1月26日丨富祥药业(300497.SZ)公布，预计2025年亏损3,900万元–5,700万元，扣非亏损6,900万 元–8,700万元，营业收入115,000万元–125,000万元。2025年，公司三大业务协同发展，带动整体经营业 绩改善，推动归属于上市公司股东的净利润同比大幅减亏，主要得益于：（1）新能源锂电池电解液添 加剂业务方面，受动力电池市场需求持续增长、储能电池需求快速爆发的影响，拉动上游锂电材料需求 攀升，促使VC、FEC等锂电池电解液添加剂产品价格在第四季度大幅上涨。（2）医药制造业务方面， 公司医药产品的市场竞争仍然激烈，但公司医药核心产品他唑巴坦、舒巴坦的主要原材料6-apa等价格 下降，推动医药业务毛利率有所提升。同时随着上述业务盈利状况改善，本报告期相关资产减值准备计 提减少。 ...

Group 1 - The core viewpoint of the report is that Sichuan Shuangma Technology is positioned for significant growth in the investment and pharmaceutical manufacturing sectors, indicating a potential rise for the technology leader [1] Group 2 - In the private equity investment management business, the company estimates a conservative valuation based on future fund exits, projecting a total cash return of 10.4 billion yuan from the management of funds such as Hexie Jinyu and Hexie Jinhong over the next 2-3 years, assuming a total investment return of 3 times [1] Group 3 - For the biopharmaceutical business, comparable companies include ST Nuotai, Shengnuo Biotech, and Hanyu Pharmaceutical, with average valuation multiples projected at 25x, 21x, and 17x for the years 2025-2027 [1] - The estimated price-to-earnings (PE) ratios for the company are projected to be 39x, 17x, and 13x for the years 2025-2027, based on the closing price on December 31, 2025 [1] - The report initiates coverage with a "Buy" rating for the company [1]

2025年1-10月，医药制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模 以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为9846个， 和上年同期相比，增加了98个，同比增长1.01%，占工业总企业的比重为1.88%。 上市公司：国药现代（600420），昆药集团（600422），片仔癀（600436），千金药业（600479），津 药药业（600488），国药股份（600511），联环药业（600513），合富中国（603122），康惠制药 （603139），莎普爱思（603168），奥翔药业（603229），大参林（603233） 相关报告：智研咨询发布的《2026-2032年中国医药制造外包（CMO/CDMO）行业市场发展态势及未来 趋势研判报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The A-share market experienced significant activity on September 16, with a total of 89 stocks hitting the daily limit up, indicating strong investor interest, particularly in the real estate sector [1]. Group 1: Stock Performance - Multiple real estate stocks achieved consecutive limit-up days, with Rongsheng Development and Xiangjiang Holdings both recording three consecutive limit-ups [1]. - Other notable stocks include *ST Weier with 8 consecutive limit-ups, *ST Yatai with 7, and Huajian Group with 4 [1]. Group 2: Sector Highlights - The real estate sector showed robust performance, with several companies like Rongsheng Development, Xiangjiang Holdings, and Shoukai Co. each achieving three consecutive limit-ups [1]. - Other sectors represented in the limit-up stocks include aluminum-plastic film, chemicals, urban renewal, automotive parts, and solid-state batteries, indicating a diverse range of investor interest [1].

Core Insights - Tonghua Dongbao and Dongfulong have signed a strategic cooperation agreement to collaborate on product development, equipment innovation, process optimization, and commercial cooperation in the diabetes treatment sector [1][2][3] Company Overview - Tonghua Dongbao specializes in diabetes treatment and has a comprehensive product pipeline, including human insulin, glargine insulin, aspart insulin, liraglutide injection, and related medical devices [1] - The company is advancing innovative drugs in other endocrine areas such as weight loss and gout/hyperuricemia, with ongoing research on ultra-rapid insulin, semaglutide, GLP-1/GIP dual receptor agonists, small molecule GLP-1 receptor agonists, URAT1 inhibitors, and XO/URAT1 dual-target inhibitors [1] Strategic Development - The company emphasizes a dual strategy of "independent research and development + external cooperation" to enhance research efficiency and expand its business scope [2] - Tonghua Dongbao's chairman highlighted the commitment to innovation and patient needs, with increased investment in R&D for insulin analogs and GLP-1 receptor agonists [2] Industry Collaboration - Dongfulong provides comprehensive solutions for pharmaceutical companies, with four core divisions and multiple subsidiaries, focusing on drug manufacturing science and equipment [2] - The collaboration between Tonghua Dongbao and Dongfulong aims to integrate resources to advance technology and industry development in diabetes treatment, enhancing the competitiveness of China's pharmaceutical industry [3]