盈利能力改善。2025Q1-Q3 毛利率37.55%（同比+2.80pct），归母净利率17.97%（同比+2.06pct）；Q3 单季度毛利率37.78%（同比+4.10pct，环比+0.30pct），毛利率改善，预计主要系原料药板块整体价格 企稳，CDMO 高毛利板块持续放量所致。2025Q3 费用率持续优化，销售费用率1.97%（同 比-0.4pct），管理费用率7.37pct（同比-1.17pct），研发费用率5.17pct（同比-1.50pct），毛利率改善叠 加费用优化下，归母净利率17.20%（同比+4.22pct）。 CDMO 业务不断开拓，加码新兴领域布局。公司持续推进"做深"大客户和"做广"新型客户战略，订单 和项目稳步增长。截至2025H1，原料药CDMO 承接已上市/III期临床/II期及I期临床项目38/90/1086个， 项目涵盖抗肿瘤、抗心衰、抗病毒、中枢神经和心脑血管等治疗领域，已递交NDA 的新药项目数快速 增加。制剂CDMO 业务依托"端到端"一体化优势，2025H1 成功为来自全球多个主要医药市场的80 余家 客户提供专业服务，覆盖百余个活跃制剂项目，项目类型涵盖创新药、 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Insights - The report highlights the recent policy issued by the Ningxia Hui Autonomous Region government aimed at enhancing the regulatory framework for pharmaceuticals and medical devices, which is expected to promote high-quality development in the pharmaceutical industry [5] - The policy emphasizes support for the entire chain of traditional Chinese medicine (TCM) innovation, particularly focusing on the protection and development of local resources such as goji berries and licorice, which will benefit local TCM enterprises [6] - The report suggests that the policy will significantly improve the efficiency of product approvals for innovative drugs and medical devices, with specific measures to shorten approval timelines [6] - The report recommends focusing on companies with existing operations in Ningxia, especially those involved in the deep processing of local TCM resources, as well as innovative drug and medical device developers [6] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -4.75% over the past month, -17.32% over the past three months, and -7.19% over the past year compared to the CSI 300 index [3] Policy Impact - The Ningxia policy includes measures to enhance the approval process for innovative drugs and medical devices, reducing the approval time for medical device production licenses from 30 to 20 working days and for second-class medical device renewals from 60 to 50 working days [6] - The policy encourages collaboration among local enterprises, universities, research institutions, and medical organizations to foster innovation in drug and medical device development [6] Investment Recommendations - The report advises investors to pay attention to companies that have a strong presence in Ningxia, particularly those involved in the development of local TCM resources, as well as those engaged in innovative drug and medical device research [6] - Specific companies mentioned for potential investment include Tongrentang, Dong'e Ejiao, Mindray Medical, Jiuzhoutong, and Tigermed [6]