Core Viewpoint - The CDMO (Contract Development and Manufacturing Organization) business of multinational companies in China is not just shrinking but appears to be disappearing, with only a few remaining players like Boehringer Ingelheim still operating in the market [2][10]. Group 1: Current State of CDMO in China - The CDMO business in China has seen a significant decline, with major players like Lonza and Thermo Fisher Scientific facing operational challenges and even selling their facilities [5][6][8]. - Boehringer Ingelheim remains one of the few foreign CDMO companies still active in China, primarily due to securing a contract for the production of BeiGene's PD-1 drug [10]. - The CDMO market in China is experiencing a transformation, with many foreign companies exiting or downsizing their operations due to insufficient orders and market conditions [7][10]. Group 2: Market Dynamics and Trends - The implementation of the 2019 Drug Administration Law in China marked a turning point for the CDMO market, allowing for a separation of production and marketing licenses, thus lowering barriers for research-focused pharmaceutical companies [12]. - Despite the advantages of a large workforce and lower costs in China, many foreign CDMO companies have struggled to establish a foothold due to high pricing models that do not align with local market conditions [13][14]. - The Chinese CDMO market has grown significantly, with a compound annual growth rate of 39.9% from 2018 to 2023, increasing from 16 billion RMB to 85.9 billion RMB, and is expected to reach 208.4 billion RMB by 2028 [16]. Group 3: Future Outlook - Domestic CDMO companies are increasingly matching or surpassing the capabilities of foreign counterparts, offering higher efficiency and lower prices, which positions them favorably in the market [16][17]. - The evolution of the Chinese CDMO industry has transitioned from reliance on foreign technology and policy support to a focus on technological development and global capacity expansion [16].

Core Insights - The CDMO (Contract Development and Manufacturing Organization) business of multinational companies in China is experiencing significant decline, with many exiting the market entirely [1][8] - The Chinese CDMO market is growing rapidly, with a compound annual growth rate of 39.9% from 2018 to 2023, and is expected to reach 208.4 billion RMB by 2028 [16] Group 1: Multinational CDMO Operations in China - Multinational companies like Lonza, Thermo Fisher, and Merck have faced challenges in their CDMO operations in China, with many either closing facilities or selling them off [4][5][6] - Lonza's Guangzhou factory, which was operational for only three years, was sold to a local company due to insufficient orders [4] - Thermo Fisher's factory in Hangzhou is struggling with low order volumes, and its future remains uncertain [5][6] Group 2: Local CDMO Developments - Zhaoyan Biotech's new manufacturing base in Guangzhou, which focuses on large molecule CDMO, signifies a strategic move to enhance capacity and create a collaborative platform for biopharmaceutical innovation in Southeast Asia [3] - Local companies are increasingly building their own production capabilities, reducing reliance on foreign CDMO services [14] Group 3: Market Dynamics and Trends - The introduction of the MAH (Marketing Authorization Holder) system in 2019 has lowered production barriers, allowing more companies to utilize CDMO services [11] - Despite the advantages of a large workforce and lower costs, foreign CDMOs have struggled to establish a foothold in China due to high pricing models that do not align with local market conditions [12][13] - The efficiency and cost-effectiveness of Chinese CDMOs are becoming competitive with their foreign counterparts, leading to a shift in market dynamics [15][16]

Core Viewpoint - The company, Baicheng Pharmaceutical, anticipates a net profit loss attributable to shareholders of 66 to 96 million yuan for the fiscal year 2025, compared to a loss of 52.74 million yuan in the same period last year [1] Financial Performance - The net profit loss after deducting non-recurring gains and losses is expected to be between 79 to 110 million yuan, compared to a loss of 72.63 million yuan in the previous year [1] - The company's revenue from its generic drug business has declined year-on-year due to the impact of policies such as centralized procurement and the MAH (Marketing Authorization Holder) system, leading to a decrease in gross profit margin [1] Management Expenses - Management expenses for the fiscal year 2025 are projected to increase year-on-year, primarily due to the absence of a reversal of previously accrued share-based payment expenses, which had resulted in lower management expenses in 2024 [1]

Core Insights - The medical device CDMO sector in China is experiencing growth driven by policy support and increasing demand, with expectations to replicate the successful trajectory of the pharmaceutical CXO model over the next five years [1][6]. Policy Support - The China Federation of Logistics and Purchasing reported that the market size of the medical device industry is projected to reach 1.2 trillion yuan by 2024 [1]. - The implementation of the MAH system allows R&D companies to outsource production, providing significant policy support for the industry [2]. - The demand for innovation and cost control due to centralized procurement and medical insurance payment reforms is pushing companies to focus on medical device CDMO [2]. Industry Landscape - The global medical device CDMO market is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2020 to 2025, significantly outpacing the overall medical device industry growth [2]. - Domestic companies are rapidly entering the CDMO space, with firms like Meihao Medical providing comprehensive services from product development to mass delivery [3]. - High-end medical device sectors, such as surgical robots, show a particularly strong demand for CDMO platforms, which can facilitate faster product development and compliance [4]. Company Strategies - Companies are increasingly collaborating with CDMO platforms to enhance their product development capabilities and reduce time to market [4]. - Non-medical device companies, such as Huoyi Technology, are also entering the CDMO space, leveraging technology transfer and attracting global talent [4]. - The industry is characterized by a fragmented "specialized and precise" model, with a focus on specialized processes and engineering experience [5]. Future Outlook - The medical device CDMO sector is at a critical transition phase, moving from niche markets to broader product lines and upgrading from traditional OEM to full-service CDMO offerings [6]. - Key growth areas include high-value consumables, precision processing, and automated sterilization platforms [6]. - The industry is expected to face challenges such as talent shortages and insufficient intellectual property protection, necessitating coordinated efforts for talent development and regulatory compliance [7]. Development Pathways - The industry is likely to see the emergence of 1-2 leading companies capable of providing integrated services from R&D to mass production within the next 3-5 years [8]. - Companies are encouraged to focus on single market segments initially, ensuring quality and delivery efficiency before expanding into adjacent categories through mergers and acquisitions [8].

Core Insights - The medical device CDMO sector in China is experiencing significant growth driven by policy support and surging demand, with expectations to replicate the successful trajectory of the pharmaceutical CXO model over the next five years [1][7]. Policy Support - The Chinese medical device market is projected to reach 1.2 trillion yuan by 2024, indicating robust growth potential [2]. - Global leaders in the medical device industry have long outsourced production to specialized CDMO providers to enhance R&D efficiency and reduce time-to-market for new products [2]. - The implementation of the MAH system allows R&D companies to outsource production, providing a significant policy boost to the industry [3]. Industry Demand - There is a growing demand for CDMO services in high-end medical equipment sectors, particularly in surgical robotics, where innovative companies require robust support for product commercialization [5]. - The medical device CDMO market is expected to grow rapidly, with a projected annual compound growth rate of 16.3% from 2020 to 2025, significantly outpacing the overall medical device industry growth [2]. Company Developments - Companies like Meihua Medical are actively expanding their CDMO capabilities, offering comprehensive services from product development to mass delivery across various medical device segments [4]. - The establishment of high-end medical device CDMO platforms, such as Shuimu Dongfang, is facilitating the acceleration of product development and market entry for innovative projects [5]. Market Trends - The Chinese medical device CDMO sector is transitioning from a focus on specific segments like IVD to a broader range of product lines and full-service capabilities [7]. - The industry is characterized by a fragmented landscape with a focus on specialized, high-quality services rather than large-scale operations [6]. Future Outlook - The next 3-5 years are critical for the industry, with expectations for the emergence of 1-2 leading companies capable of providing integrated services from R&D to mass production [9]. - Key growth areas include high-value consumables, automated filling and sterilization platforms, and the development of accelerators for prototype registration and small batch production [7].

北京星昊医药股份有限公司 北京市北京经济技术开发区中和街 18 号 证券简称： 星昊医药 证券代码： 430017 北京星昊医药股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-2 声明 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1- ...

北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 申万宏源证券承销保荐有限责任公司 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 证券简称： 星昊医药 证券代码： 430017 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明 其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行 ...