风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取涉及医疗器械、医疗 服务及医疗信息化等业务的上市公司证券作为指数样本，以反映医疗主题相关上市公司证券的整体表 现。中证医疗指数覆盖医药卫生行业多个细分领域，具有显著的行业集中度和成长特征，为投资者提供 了布局医疗健康产业的投资工具。 银河证券指出，医药生物行业集采提质扩面进入后半程，价格机制与质量监管并重。国家集采累计覆盖 435个品种，第十一批聚焦55种临床成熟药物，通过制度创新实现稳临床、保质量、防围标、反内卷， 保证中选产品的临床可及性和标准一致性。随着集采规则持续优化、价格机制更趋合理，国产龙头企业 依靠合规和创新能力，有望实现份额提升及结构性增长。医保基金收 ...

相关企业：晖致制药（大连）有限公司、南京优科生物医药研究有限公司、成都倍特药业股份有限公 司、长江润发健康产业股份有限公司、齐鲁制药有限公司、山东睿鹰制药集团有限公司、广州医药集团 有限公司、上海罗氏制药有限公司、湘北威尔曼制药股份有限公司、扬子江药业集团有限公司、浙江惠 迪森药业有限公司 相关上市企业：国药股份（600511）、福安药业（300194）、金城医药（300233）、信立泰 （002294）、罗欣药业（002793）、华北制药（600812）、科伦药业（002422）、华润医药 （03320.HK） 头孢类药物分类 二、发展历程 我国头孢类药物行业的发展历程是从技术引进到自主创新、从低端仿制到高端突破、从规模扩张到质量 升级的渐进过程，可划分为起步探索、快速发展、产业升级、转型优化四个核心阶段，政策扶持与市场 需求是推动行业演进的核心动力。近年来，集采政策常态化压缩了传统头孢品种的利润空间，"限抗 令"等政策规范了临床使用，倒逼企业从"规模竞争"转向"价值竞争"，企业研发重心转向头孢复方制 剂、儿童专用剂型、长效缓释制剂等差异化产品，同时酶法、生物催化等绿色生产工艺逐步替代传统化 学裂解法，契合 ...

医药生物 2025 年 12 月 29 日 版 行业 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 (2025/12/08-2025/12/12) 》 2025/12/14 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 0.2%,关注对外授权及新品上 —— 医药行业周报（2025/12/22-2025/12/26） 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 下 看好 相关研究 市场表现：本周申万医药生物指数下跌 0.2%，同期上证指数上涨 1.88%，万得全 A ● (除金融石油石化） 上涨 3.1%。本周医药生物指数在 31 ...

Investment Rating - The report indicates a cautious outlook on the pharmaceutical industry, with the overall investment rating reflecting a mixed performance in the sector [2][3]. Core Insights - The Shenwan Pharmaceutical and Biological Index decreased by 0.2% this week, while the Shanghai Composite Index rose by 1.88%, ranking the pharmaceutical index 25th among 31 Shenwan sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among 31 Shenwan primary industries [5]. - Recent collaborations in the industry include significant licensing agreements, such as the partnership between JAKOS and AstraZeneca for the Pan-KRAS inhibitor, which could yield up to $20.15 billion in potential payments [11]. - The report highlights the ongoing challenges in the industry, including a decline in the number of retail pharmacies, which has seen a net reduction of over 8,800 stores in the last quarter alone [16]. Market Performance - The pharmaceutical sector's performance this week showed a decline of 0.2%, with various sub-sectors experiencing mixed results, such as raw materials (+2.0%) and hospitals (-2.8%) [2][5]. - The report notes that the pharmaceutical index's performance is lagging compared to other sectors, indicating a need for strategic adjustments [3][5]. Recent Developments - The sixth batch of national procurement for medical consumables has been officially launched, which may impact pricing and availability in the market [14]. - Several innovative drugs and medical devices have received approval for market entry, including Novo Nordisk's oral semaglutide, marking a significant advancement in obesity treatment [19][21]. - The report also mentions the IPO applications of several companies, including Xinnowei and Frontera, indicating a trend of new entrants seeking capital in the pharmaceutical sector [26][29].

随着生活水平的提升，越来越多消费者愿意为家人健康"买单"，益生菌等健康相关产品备受关注。近日，一家在中国 分销妈咪爱益生菌等药品的公司正冲击IPO。 如今医药分销生意好做吗？不妨通过科郦来一探究竟。 01 在中国分销妈咪爱、易坦静等药品，依赖供应商韩美集团 科郦是一家源自韩国，主要业务位于中国的综合医疗健康解决方案供应商，其自2007年起与韩美集团保持长期合作， 自韩美集团购买妈咪爱、易坦静、易安平及利动等药品分销至中国市场。 格隆汇获悉，近日，科郦有限公司（简称"科郦"）向港交所递交招股书，拟在香港主板上市，中金公司为其独家保荐 人。 科郦是妈咪爱、易坦静在中国院外细分市场的独家分销商，公司2024年收入约2.82亿美元（约合人民币19.8亿元）， 毛利率超53%，号称是中国最大的儿科医药营销、推广与销售服务供应商。 2022年至2025年上半年（简称"报告期"），医药营销、推广与销售业务为公司贡献了86%以上的收入，母婴及营养补 充剂的收入占比在7%左右，其他业务（包括产后护理中心服务、广告服务、销售自有品牌化妆品、转售医疗器械）收 入占比较低。 | | | | 截至12月31日止年度 | | | | | ...

Core Viewpoint - The financial report of Yuheng Pharmaceutical reveals a significant increase in net profit, primarily driven by non-operating income, raising concerns about the sustainability of its core business profitability [1][4]. Group 1: Financial Performance - Yuheng Pharmaceutical's net profit surged by 86.86% year-on-year, reaching 244 million yuan in the first three quarters of 2025 [1]. - The company reported 377 million yuan in entrusted financial management income, which accounted for 154.5% of its net profit, indicating that the core business is actually operating at a loss when excluding this income [1]. - Revenue has declined for three consecutive years, dropping from 2.626 billion yuan in 2023 to 1.665 billion yuan in the first three quarters of 2025, with a year-on-year decline of 10.36% [2]. Group 2: Product and Market Challenges - The core product, injectable multivitamins, holds an 80% market share but has seen growth slow to 10% due to price reductions from centralized procurement [2]. - Another key product, pravastatin sodium tablets, did not qualify for the 11th batch of centralized procurement, leading to expectations of a significant sales decline in 2026 [2]. - New product introductions have underperformed, with the recently launched sitagliptin and metformin sustained-release tablets generating only 25 million yuan in revenue, falling short of expectations [2]. Group 3: R&D and Strategic Concerns - Yuheng Pharmaceutical's R&D investment has consistently been below 3%, significantly lower than the industry average of 8%, raising concerns about its long-term competitiveness [3]. - The company has over 20 projects in development, none of which are original innovative drugs, indicating a lack of innovation in its pipeline [3]. - Cost control measures have reached their limits, with the sales expense ratio dropping below 25%, primarily due to passive reductions from centralized procurement policies, leaving little room for further cuts [3]. Group 4: Conclusion - The financial report highlights a strategic confusion within Yuheng Pharmaceutical amid industry changes, with short-term financial gains masking deeper issues such as revenue decline, product gaps, and lack of innovation [4]. - To build a sustainable growth model, the company needs to reduce reliance on non-operating income and focus on product structure optimization, increased R&D investment, and strategic acquisitions [4].

Investment Rating - The report suggests a cautious investment outlook for the pharmaceutical and biotechnology sector, highlighting a slow recovery influenced by various factors such as price reductions from centralized procurement and healthcare cost control measures [2][12]. Core Insights - The overall performance of the pharmaceutical and biotechnology sector is under pressure, with a slight improvement in Q3 2025. The 452 listed companies in this sector reported total revenue of CNY 1.85 trillion, a year-on-year decrease of 1.9%, and a net profit of CNY 140.6 billion, down 4.8% year-on-year [2][12]. - The sector's overall gross margin stands at 30.87%, down 0.66 percentage points year-on-year, while the net margin is at 8.00%, down 0.28 percentage points year-on-year, indicating historically low profitability [2][29]. - There is significant performance differentiation among sub-sectors, with innovative drugs showing strong growth. The top five sub-sectors by revenue growth in Q3 2025 are innovative drugs (+23.34%), CXO (+12.36%), other biological products (+8.15%), upstream reagents (+6.11%), and pharmacies (+0.74%) [2][35]. Summary by Sections 1. Industry Overview - The pharmaceutical manufacturing industry achieved revenue of CNY 1.82 trillion in the first three quarters of 2025, a year-on-year decline of 2.00%, with total profits of CNY 253.48 billion, down 0.70% year-on-year [11][12]. - The industry's revenue and profit growth rates are significantly below the national industrial growth rate of 6.20%, indicating ongoing pressure [11][12]. 2. Sub-sector Performance - The innovative drug sector continues to perform well, with a revenue increase of 23.34% and a net profit growth of 94.98% in Q3 2025 [2][35]. - The CXO sector also shows strong performance, with a revenue increase of 12.36% and a net profit increase of 55.90% [2][93]. - Other sub-sectors such as upstream reagents and pharmacies also reported positive growth, while traditional sectors like raw materials and vaccines faced significant declines [2][35][137]. 3. Company Recommendations - The report recommends focusing on investment opportunities in innovative drug chains, medical devices, healthcare services, second-class vaccines, chain pharmacies, traditional Chinese medicine, and raw materials [2]. 4. Market Trends - As of November 6, 2025, the pharmaceutical and biotechnology sector has seen an 18.61% increase, underperforming compared to the CSI 300 index [36]. - The sector's valuation is at a historical median level, with a PE ratio of 30.13, indicating a potential for recovery as market conditions improve [41].

Core Viewpoint - Weijian International Holdings Group Limited (Weijian Pharmaceutical) is seeking to go public on the Hong Kong Stock Exchange, showcasing strong performance but facing challenges in its IPO journey. Group 1: Company Overview - Established in 2011, Weijian Pharmaceutical is a leading Chinese pharmaceutical company focused on the treatment of kidney and blood diseases, with a comprehensive capability in drug development, production, and commercialization [1]. - The company has developed a diverse product portfolio, covering six kidney drugs, making it the Chinese pharmaceutical company with the highest number of commercialized original drugs for kidney diseases [1][2]. Group 2: Financial Performance - Revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 724 million, RMB 887 million, RMB 902 million, and RMB 797 million, respectively, with corresponding net profits of RMB -92.8 million, RMB -17 million, RMB 8.57 million, and RMB 2.40 million [1][2]. - The total loss over three and a half years amounted to RMB 77.19 million [1]. Group 3: Customer Concentration - The company relies heavily on a few major clients, with total revenue from the top five clients for the years ending December 31, 2022, 2023, 2024, and the first half of 2025 being RMB 435 million, RMB 487 million, RMB 539 million, and RMB 487 million, respectively, accounting for 60.2%, 54.8%, 59.8%, and 61.1% of total revenue [3][4]. Group 4: Market Competition - The company faces increasing market competition, particularly with the drug Sinacalcet, which has seen its market share decline from 35% in 2019 to 19.7% in 2024 due to generic drug competition [5]. - The company anticipates price reductions of 30%-50% for two of its products during the 2024 national medical insurance directory adjustment, which could further impact gross margins [5]. Group 5: Research and Development - The company has a low R&D investment ratio, with expenditures of RMB 17.27 million, RMB 19.36 million, and RMB 11.86 million for the years 2022-2024, representing less than 2% of revenue, which is below the industry average [7]. Group 6: Supply Chain Risks - The company faces supply chain risks, with 82% of procurement in the first half of 2025 coming from the top five suppliers, and the largest supplier accounting for 41.9% of total procurement [8].

Core Viewpoint - The recent criminal detention of Xu Xiren, the chairman and president of Peking University Medicine, has led to a decline in the company's stock price and raised concerns about its operational stability and future prospects [1][3][4]. Group 1: Leadership Changes - Xu Xiren was detained for investigation on October 29, 2023, just three months after taking office as president [3][5]. - The company has appointed Chen Yuezhong as acting chairman and Yu Mengchuan as acting president during Xu's absence, ensuring that the board's operations remain normal and control has not changed [3][5]. - Xu Xiren's acquisition of a controlling stake in Peking University Medicine was completed in December 2024, where he paid a symbolic price of 1 yuan for 100% of a subsidiary and assumed significant debt [6][11]. Group 2: Financial Performance - Peking University Medicine's revenue for the third quarter of 2025 was approximately 274 million yuan, a decrease of 47.95% year-on-year, while net profit fell by 18.04% [10][12]. - The company is projected to face a revenue decline of about 600 million yuan and a net profit decrease of approximately 40 million yuan due to the loss of its largest customer, Peking University International Hospital, which accounted for 78.15% of its drug distribution revenue in 2024 [9][10]. Group 3: Brand and Market Position - The company is required to sever ties with the "Peking University" brand within a specified timeframe, which may significantly impact its market reputation and customer trust [11]. - The loss of the Peking University brand and the termination of the contract with its largest client have compounded the challenges faced by the company, which is already undergoing a transformation [4][11]. Group 4: Industry Challenges - The pharmaceutical industry is facing pressure from centralized procurement, which has led to a decline in profit margins for generic drugs, affecting the company's overall profitability [12]. - Peking University Medicine's accounts receivable turnover rate is significantly lower than the industry average, indicating inefficiencies in cash flow management [12].

Revenue Performance - Medical services segment achieved revenue of 2.018 billion CNY, a year-on-year decrease of 13.88% due to adjustments in medical insurance payment policies [2] - Pharmaceutical segment reported revenue of 238 million CNY, down 60.46% year-on-year, primarily impacted by centralized procurement of the "Duyiwai" series products [2] Cost Management - Sales expenses decreased by 35% year-on-year, mainly due to reduced sales expenses in the pharmaceutical segment following price drops from centralized procurement [3] - Management expenses fell by 23% year-on-year through strict budget management and performance reforms [3] - Drug cost ratio was 36%, down 4 percentage points year-on-year, while effective revenue ratio increased by 3 percentage points [3] Operational Adjustments - Bed occupancy rate was nearly 80%, slightly down year-on-year, as the company adjusted patient admission strategies in response to ongoing medical insurance payment reforms [6] - Plans to add over 2,000 beds, representing a 30% increase, with new facilities under construction [6] Future Outlook - The company aims to stabilize and improve pharmaceutical segment performance through refined sales strategies and market coverage [7] - Anticipates significant recovery in performance starting from September, driven by proactive measures and strategic investments [8] - Focus on enhancing "health technology" positioning and exploring innovative business segments for future growth [8]