证券研究报告 2025 年 12 月 21 日 湘财证券研究所 本周医药生物下跌 0.14%，涨跌幅排名位列申万一级行业第 22 位 根据 Wind 数据，本周申万一级行业医药生物下跌 0.14%，涨幅排名位列申 万 31 个一级行业第 22 位。沪深 300 指数下跌 0.28%，医药跑赢沪深 300 指数 0.14 个百分点。申万医药生物二级子行业医疗服务 II 报收 6344.37 点，上涨 0.55%；中药 II 报收 6372.09 点，上涨 0.17%；化学制药Ⅱ报收 13271.69 点，下跌 1.74%；生物制品Ⅱ报收 6234.22 点，下跌 0.67%；医 药商业Ⅱ报收 5257.60 点，上涨 4.94%；医疗器械 II 报收 6373.39 点，上 涨 1.16%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 美年健康（+24.1%）、百花医药（+8.8%）、迪安诊断（+8.1%）、澳洋健康 （+6.4%）、光正眼科（+5.1%）；表现靠后的公司有：南华生物（-6.5%）、 美迪西（-5.2%）、ST 中珠（-4.8%）、博腾股份（-4.7%）、毕得医药（- ...

Investment Rating - The industry rating is maintained as "Buy" [6][10]. Core Views - The recent geopolitical tensions between China and the US have led to a pullback in the medical services sector, but the long-term positive trend remains unchanged due to the strengthening of domestic companies' capabilities in the innovative drug industry [10][64]. - The report emphasizes the importance of company capabilities in driving industry development, suggesting a focus on high-growth areas such as ADC CDMO and peptide CDMO, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 1.20%, ranking 25th among 31 primary industries [2][12]. - The medical services sub-sector reported a decline of 3.37%, closing at 7156.07 points, which is a significant drop compared to other sub-sectors [24][25]. Company Performance - Notable performers in the medical services sector include Sanbo Brain Science (+3.5%), Meinian Health (+2.8%), and Aier Eye Hospital (+2.6%), while underperformers include Medicy (-8.8%) and Kanglong Chemical (-7.5%) [3][31]. - The report highlights a significant pullback in CXO-related companies [3][31]. Valuation Metrics - The current PE ratio for the medical services sector is 36.92X, with a PB ratio of 3.77X, showing a decrease from the previous week [4][32]. - The PE ratio has fluctuated between a maximum of 41.13X and a minimum of 28.46X over the past year [4][32]. Investment Recommendations - The report suggests focusing on high-growth companies in the medical outsourcing services and those with expected improvements in profitability, particularly in third-party testing laboratories and consumer healthcare sectors like ophthalmology and dentistry [10][64].

Core Viewpoint - Medisi (688202.SH) announced a legal dispute involving its wholly-owned subsidiary, Medisi Puyah Pharmaceutical Technology (Shanghai) Co., Ltd., with a lawsuit amounting to approximately 159 million yuan initiated by Hongxu Biopharmaceutical Technology (Beijing) Co., Ltd. The company expects that this lawsuit will not significantly impact its daily operations [1][4][8]. Group 1: Legal Dispute Details - The lawsuit involves a technical service contract dispute, with Hongxu Biopharmaceutical claiming breach of contract by Medisi Puyah, which was contracted to conduct non-clinical safety evaluations for a biopharmaceutical project [6][7]. - The total amount claimed in the lawsuit is approximately 159 million yuan, which includes various requests such as contract termination, compensation for damages, and return of service fees [7][8]. Group 2: Financial Performance - In the first half of 2025, Medisi reported revenues of approximately 540 million yuan, a year-on-year increase of 3.64%, while the net loss attributable to shareholders was about 12.9 million yuan, a significant reduction compared to the previous year's loss [4][5]. - The company attributes the narrowing of net losses to increased revenue and strict cost control measures, with operating costs decreasing year-on-year [4][5]. Group 3: Company Background - Medisi is a specialized CRO (Contract Research Organization) providing comprehensive preclinical research services in the biopharmaceutical sector, recognized as a "small giant" enterprise in Shanghai [4][6]. - The project in question received clinical trial approval from the National Medical Products Administration (NMPA) on December 14, 2023, indicating that the company has complied with industry standards and regulations [8].

Group 1 - The recent announcement by President Trump to suspend tariffs for 90 days on countries that do not retaliate has led to a significant rise in US stock markets, with major indices experiencing collective gains [1] - The Hong Kong stock market responded positively, with the Hang Seng Index rising by 2.69%, the National Index by 2.43%, and the Hang Seng Tech Index by 3.96% [1] - Biopharmaceutical stocks, particularly those related to WuXi AppTec, saw substantial gains, with WuXi AppTec's subsidiary rising over 14%, and other related stocks also experiencing increases of over 6% [1] Group 2 - The imposition of tariffs on pharmaceuticals by the US is expected to impact the industry, particularly affecting raw materials and generic drugs, while innovative drugs may face less disruption [1] - Experts suggest that the tariff plan serves as a threat to encourage US pharmaceutical companies to relocate production back to the US, given the limited domestic production capacity [1] - The Hang Seng Medical ETF (513060) saw a significant increase, rising over 5% with a trading volume exceeding 600 million yuan, indicating active trading in the sector [1] Group 3 - Recent US-China tariff increases have created disturbances in the pharmaceutical industry, but China's pharmaceutical exports are relatively small and mainly consist of raw materials and low-value consumables [2] - The domestic pharmaceutical outsourcing service companies are becoming crucial in the global pharmaceutical supply chain, supporting US pharmaceutical companies in enhancing R&D efficiency [2] - The innovative drug industry chain is showing active performance, with a focus on high-growth areas such as ADCCDMO and weight-loss drug supply chains, as well as companies in third-party testing laboratories and consumer healthcare sectors [2] Group 4 - The Hang Seng Medical ETF (513060) closely tracks the Hang Seng Healthcare Index, which reflects the overall performance of healthcare-related securities listed in Hong Kong, making it a key focus for investors [3]