证券研究报告：医药生物|行业周报 发布时间：2025-12-29 行业投资评级 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8254.26 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《第六批高值医用耗材国家集采工作 正式启动，头部国产企业有望凭借集采 中选获得更多市场份额》- 2025.12.23 医药生物行业报告 （2025.12.22-2025.12.28） 国内创新药研发景气回暖，关注非临床安评行业投 资机会 ⚫ 本周主题 非临床安全性评价是新药申请 IND 并进入临床试验或申请 NDA/BLA 的必要程序和重要步骤。非临床安全性评价受近年来我国政 策鼓励创新药发展等因素催化，市场规模一度呈现快速增长的趋势。 非临床安全性评价行业是一个 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Views - The company's 1H25 revenue and net profit attributable to shareholders were CNY 66.9 million and CNY 6.1 million respectively, showing a year-on-year decline of 21.3% in revenue but a significant increase of 135.9% in net profit, aligning with performance forecasts [1]. - The overall order backlog stands at approximately CNY 2.3 billion, with new orders amounting to CNY 1.02 billion, reflecting a year-on-year increase of 13.3%, and a notable recovery in new orders in 2Q25 with an 18.0% year-on-year growth [1][4]. - The company is expected to benefit from a continued recovery in industry demand and a well-structured overseas business expansion, indicating strong long-term growth potential [1][4]. Financial Performance - The gross margin for 1H25 was 24.0%, down 6.3 percentage points year-on-year, primarily due to pressure on domestic order volume and the completion of high-margin long-term projects by the end of 2024 [2]. - Operating cash flow for 1H25 was CNY 163 million, representing a year-on-year increase of 3.2%, indicating stable cash flow performance [2]. Business Segments - Non-clinical drug research services generated revenue of CNY 639 million, down 21.1% year-on-year, attributed to short-term pressures in domestic business, while overseas revenue in this segment grew by 7.1% [3]. - Clinical services and others reported revenue of CNY 29.02 million, down 26.8% year-on-year, with several service varieties progressing through NMPA inspections [3]. - The experimental model supply segment generated revenue of CNY 480,000, with ongoing development in non-human primate models and small animal models [3]. Geographic Revenue Breakdown - Overseas revenue reached CNY 252 million, up 7.1% year-on-year, accounting for 37.7% of total revenue, with expectations for continued growth in this area [4]. - Domestic revenue was CNY 417 million, down 32.2% year-on-year, primarily due to historical pressures on order volume and pricing, but there are expectations for marginal improvement in domestic business [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits attributable to shareholders of CNY 292 million, CNY 360 million, and CNY 445 million for 2025-2027 [5]. - The company is positioned as a leader in the domestic non-clinical safety evaluation industry, with a solid technical foundation and active overseas expansion, leading to a target price of CNY 37.02 and HKD 27.34 for A and H shares respectively [5].