根据披露的机构调研信息2025年9月1日至2025年9月26日，泉果基金对上市公司迈威生物进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为161.82亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得54.74%。 截至2025年9月29日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A54.742022年10月18日 赵诣 016710泉果旭源三年持有期混合C54.122022年10月18日赵诣 018329泉果思源三年持有期混合 A39.492023年6月2日刚登峰 018330泉果思源三年持有期混合C38.952023年6月2日刚登峰 022223泉果消 费机遇混合发起式A31.762024年9月27日孙伟 019624泉果嘉源三年持有期混合A28.882023年12月5日钱 思佳 019625泉果嘉源三年持有期混合C28.372023年12月5日钱思佳 020855泉果泰然30天持有期债券 A ...

Group 1 - The company, established in 2013 and listed on the Shanghai Stock Exchange in 2020, has developed a core self-researched HIV drug, Aikening (Aibowei Tai), which was approved in 2018, marking a significant milestone in its development [1] - The company is focusing on an innovative pipeline that combines innovative drugs and high-end generics, covering long-acting HIV drugs, small nucleic acid drugs, high-end generics, and medical devices, enhancing its core competitiveness [1] - The company anticipates steady growth in sales of HIV medications and potential growth from its small nucleic acid innovation pipeline, projecting net profits of -176 million, -171 million, and -164 million yuan for 2025-2027, with corresponding EPS of -0.47, -0.46, and -0.44 yuan, and a current PE ratio of -31.6, -32.6, and -33.8 times [1] Group 2 - The company is advancing in the small nucleic acid field, focusing on chronic disease treatment with self-researched ACORDE delivery carrier siRNA drugs, targeting diseases such as IgA nephropathy and dyslipidemia, with selected targets showing First-in-Class (FIC) or Best-in-Class (BIC) potential [2] - In the IgA nephropathy area, the company has three siRNA drugs targeting complement mechanisms, with FB7013 (single target MASP-2) expected to submit an IND application by the end of 2025, and FB7011 (dual targets MASP-2 and CFB) showing promising preclinical results [2] - The company has developed an innovative siRNA delivery carrier, ACORDE, and is exploring kidney and central nervous system delivery, which may further open growth opportunities [2] Group 3 - Aikening (injection form of Aibowei Tai) is the core product for long-acting HIV treatment, approved in 2018 as the first long-acting HIV fusion inhibitor globally, with potential for expanded market coverage and penetration into lower-tier markets [3] - The company is actively advancing the research and development of new long-acting HIV formulations and is assembling a complete long-acting treatment regimen [3] - The strategic layout of high-end generics and medical devices is expected to continuously contribute to the company's revenue growth [3]

Core Insights - The pharmaceutical industry in the first half of 2025 is characterized by deepening centralized procurement and intense market competition, with companies balancing between stabilizing their fundamentals and seeking growth [2] - Haizheng Pharmaceutical (600267.SH) reported a mid-year performance that stands out, achieving slight revenue growth despite industry pressures, while net profit declined [2][3] - The company plans to divest Zhejiang Pharmaceutical Industry Co., aiming to lighten its operational burden for future development [2][7] Financial Performance - In the first half of 2025, Haizheng Pharmaceutical achieved revenue of 5.25 billion yuan, a slight increase of 0.13% year-on-year, maintaining a stable business foundation amid industry challenges [3] - Net profit decreased by 31.29% year-on-year, influenced by reduced convertible bond repurchase income; however, the adjusted net profit excluding non-recurring items grew by 23.92% to 321 million yuan [3] - The gross profit margin improved to 43.94%, driven by product structure optimization and cost management [4] Business Segments - The core pharmaceutical manufacturing segment remains a key revenue driver, with steady sales growth from major products like "Saismei" and "Meiman" [3] - The pet health sector emerged as a new growth area, with over 60% year-on-year growth in pet business, and the e-commerce segment surpassing 100 million yuan in sales [3] Strategic Initiatives - The company is focusing on long-term competitiveness through R&D innovation and emerging business layouts, including the development of a first-class innovative drug HS387 for oncology [6] - Haizheng Pharmaceutical is pursuing a "self-research + collaboration" model, with significant investments in synthetic biology and AI drug development [6] - The divestiture of Zhejiang Pharmaceutical Industry Co. is part of a strategy to concentrate resources on high-value areas, despite potential short-term revenue impacts [7]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [4][7]. Core Views - The company's operating performance is recovering positively, with a strong growth in CDMO (Contract Development and Manufacturing Organization) business [2][3]. - The company reported a revenue of 2.871 billion yuan for the first half of 2025, a year-on-year increase of 3.86%, and a net profit attributable to the parent company of 526 million yuan, up 10.70% year-on-year [2]. - The cash flow from operating activities showed significant improvement, reaching 845 million yuan, a year-on-year increase of 164.50% [2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.871 billion yuan, with CDMO business sales revenue at 2.291 billion yuan, growing 16.27% year-on-year [2][3]. - The API (Active Pharmaceutical Ingredient) and intermediate business revenue was 523 million yuan, down 28.48% year-on-year, but the gross margin improved by 2.07 percentage points to 23.26% [2][6]. - The company expects a net profit attributable to the parent company of 933 million yuan in 2025, with an EPS of 0.97 yuan per share [7]. Business Development - The CDMO project pipeline continues to expand, with new customer acquisitions progressing smoothly [3][5]. - As of June 30, 2025, the company has 38 launched projects and 1,086 projects in clinical phases, showing significant growth compared to 2024 [3]. - The TIDES division and related technology platforms are rapidly developing, with plans for capacity expansion to meet increasing demand [5]. Market Outlook - The company is well-positioned to benefit from the growth in the global market for peptides and conjugated drugs, with expectations for continued project acquisition [5]. - The forecast for net profit from 2025 to 2027 is 933 million, 1.076 billion, and 1.156 billion yuan respectively, indicating a positive growth trajectory [7].

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Pharmaceutical and Medical Devices - **Performance**: The pharmaceutical sector showed strong performance in July, with the Shenwan Biopharmaceutical Index rising by 13.9%, and over 20% year-to-date increase, indicating a positive market sentiment towards the sector [1][3][12]. Core Insights and Arguments - **Innovation Drug Market**: The innovation drug sector is experiencing active trading, with significant business development (BD) collaborations among companies like Heng Rui, Shi Yao, and San Sheng. New therapies such as small nucleic acids, stem cells, and AAV are gaining attention, with upcoming WCLC and ESMO conference results expected to catalyze further growth [1][5][4]. - **CRO and Medical Devices**: The CXO (Contract Research Organization) sector, particularly domestic CROs, is expected to recover as policy impacts diminish. High-value medical devices are also anticipated to see performance improvements due to policy optimizations [1][6][11]. - **Investment Recommendations**: Investors are advised to focus on mainstream, high-quality stocks with growth potential in the innovation drug sector. Specific recommendations include companies like San Sheng Pharmaceutical and He Huang Pharmaceutical, which are expected to maintain profit growth rates above 20% [1][9][12][17]. Additional Important Content - **High-Value Consumables**: There are significant recovery opportunities in high-value consumables, with stabilization of procurement impacts and accelerated growth in overseas markets. Products like endoscopic consumables and aortic stents are expected to see valuation recovery [1][13][14]. - **Market Trends**: The overall sentiment remains optimistic for the pharmaceutical sector, with expectations of continued growth driven by innovation and recovery in previously struggling segments. The upcoming mid-year report season is anticipated to further boost market confidence [7][10][11]. - **Specific Company Updates**: - **He Huang Pharmaceutical**: Recently approved for a major indication and has a global registration phase III clinical trial completed, with expected profit growth of over 20% [1][17]. - **Mei Nuo Hua**: The company is focusing on a breakthrough project in synthetic biology that significantly enhances GLP-1 analog production, with commercialization expected in Europe next year [2][36][37]. - **Warner Pharmaceuticals**: The company is developing a new antidepressant, VG001, which shows promise in reducing addiction side effects compared to existing treatments [22][23]. Conclusion The pharmaceutical and medical device sectors are poised for growth, driven by innovation, recovery in high-value segments, and strategic collaborations. Investors are encouraged to focus on quality stocks with clear growth trajectories and to remain vigilant about upcoming market catalysts.