行业要闻： 报告摘要 市场表现： 2025 年4 月25 日，医药板块涨跌幅-0.59%，跑输沪深300 指数1.29pct，涨跌幅居申万31 个子行业第30 名。各医药子行业中，医院(+1.58%)、其他生物制品 (+0.91%)、医疗研发外包（+0.72%）表现居前， 线下药店（-3.42%)、血液制品(-1.65%)、医疗耗材（-0.78%)表现居后。 个股方面，日涨幅榜前3 位分别为伟思医疗(+15.99%)、何氏眼科(+15.08%)、赛力医疗(+10.04%)；跌幅 榜前3 位为苑东生物（-11.80%）、华纳药厂(-10.29%)、江苏吴中（-10.02%)。 奥锐特（605116）：公司发布2025 年一季报，公司实现营业收入4.02亿元，同比增长19.78%，归母净 利润为1.19 亿元，同比增长45.30%，扣非后归母净利润为1.13 亿元，同比增长37.51%。 通策医疗（600763）：公司发布2025 年一季报，公司实现营业收入7.45 亿元，同比增长5.11%，归母净 利润为1.84 亿元，同比增长6.22%，扣非后归母净利润为1.82 亿元，同比增长7.08%。 振德医疗（603 ...

4月23日，由京东健康与赫力昂共同主办，人民健康提供平台支持的"无痛中国"生态共建暨全域合 作战略签约仪式在北京举行。此次合作双方以疼痛管理为切入点，依托京东健康在数字化诊疗、全渠道 供应链及用户全生命周期服务的核心优势，共同打造覆盖预防、诊断、治疗与康复的健康服务体系，为 大众提供更高效、便捷的疼痛管理解决方案，助力健康中国建设。 京东集团 SEC 委员、京东健康 CEO 金恩林在发言中回顾了与赫力昂过往九年的合作历程，同时表 示，"未来将依托京东健康的互联网医疗平台与全域流量优势，结合赫力昂在疼痛管理领域的专业经 验，构建服务闭环，助力患者全周期健康管理"。 赫力昂全球高级副总裁、中国大陆及香港地区总经理顾海英表示："我们也希望与京东一起树立医 药行业新标杆，推动疼痛管理领域的技术创新和服务升级，吸引更多的企业和机构关注疼痛管理，共同 为中国消费者的健康福祉贡献力量。" 活动当天上午，赫力昂与京东健康共同开展了以"无痛工作日"为主题的系列科普互动，现场设置丰 富多元的科普互动环节，包括疼痛冷知识问答、体态检测、疼痛管理体验、以及明星教练操课等，近距 离将无痛关怀带给职场人士，也将疼痛管理的专业支持与人文关 ...

Company Overview - Tongce Medical announced a 2024 annual distribution plan, proposing a cash dividend of 4.5 yuan per 10 shares (including tax), with a total cash distribution amounting to 201 million yuan, representing 40.14% of the net profit [2] - The company reported a revenue of 2.874 billion yuan for the year, reflecting a year-on-year growth of 0.96%, and a net profit of 501 million yuan, which is a 0.20% increase compared to the previous year [2] Dividend History - This marks the fourth cumulative cash distribution since the company's listing, with the following historical distribution plans: - 2024: 10 shares distributed 4.5 yuan (total cash: 201 million yuan, dividend yield: 0.84%) - 2023: 10 shares distributed 4.3565 yuan (total cash: 139 million yuan, dividend yield: 0.39%) - 2017: 10 shares distributed 0.3 yuan (total cash: 10 million yuan, dividend yield: 0.11%) - 2016: 10 shares distributed 1.3 yuan (total cash: 42 million yuan, dividend yield: 0.40%) [2] Market Performance - The stock experienced a net outflow of 197,400 yuan from main funds today, with a total net outflow of 11.9 million yuan over the past five days [3] - The latest margin financing balance for the stock is 852 million yuan, with an increase of 15.57 million yuan over the past five days, representing a growth of 1.86% [4] Industry Context - In the pharmaceutical and biotechnology sector, 255 companies have announced their 2024 distribution plans, with WuXi AppTec leading with a cash distribution of 7.692 billion yuan, followed by Yunnan Baiyao and Aier Eye Hospital with distributions of 2.114 billion yuan and 1.488 billion yuan, respectively [4]

Investment Rating - The report maintains a "Recommendation" rating for the company [6][14]. Core Insights - The company reported a strong Q1 performance with revenue of 800 million yuan, an increase of 18.21%, and a narrowed net loss of 4.2842 million yuan, improving by 95.48% [4]. - The core driver for Q1 was the overseas and small molecule CDMO business, with overseas revenue reaching 609 million yuan, up approximately 30%, while domestic revenue decreased by about 8% to 192 million yuan [5]. - The small molecule CDMO business generated 761 million yuan in revenue, reflecting a growth of around 20% [5]. - The overall gross margin for Q1 was 26.33%, an increase of 10.49 percentage points, attributed to improved capacity utilization [6]. - The company expects continued improvement in profitability, with projected net profits for 2025-2027 at 290 million, 2.46 billion, and 5.15 billion yuan respectively [6]. Summary by Sections Financial Performance - Q1 revenue was 800 million yuan, with a year-on-year growth of 18.21% [4]. - The net loss for Q1 was 4.2842 million yuan, a significant improvement of 95.48% [4]. - The gross margin for Q1 was 26.33%, up by 10.49 percentage points [6]. Business Segments - Overseas revenue was 609 million yuan, increasing by approximately 30% [5]. - Domestic revenue was 192 million yuan, down by about 8% [5]. - The small molecule CDMO segment achieved 761 million yuan in revenue, growing by around 20% [5]. Future Projections - The company forecasts net profits of 290 million yuan in 2025, 2.46 billion yuan in 2026, and 5.15 billion yuan in 2027 [6].

提问 请用一句话形容你是一个怎样的基金经理？ 姜诚 我是一个致力于在股票二级市场实践价值投资的基金经理。 提问 你如何理解价值投资？ 姜诚 顾名思义，价值投资的定义其实很简单，就是我们用自己付出的价格去交换资产背后创造的价值。 价值的定义是它能够给我们带来的长期的现金的回报， 我们衡量一笔投资好坏的标准也就很明确了—— 跟我们付出的成本相比较，我们能够获得的长期回报的内部收益率是什么样的水平？ 在实践来看，就是 我们致力于以尽可能低的价格去买到尽可能好的资产，来提升我们的内部收益率。 提问 你如何定义好资产？ 姜诚 我对好资产的定义是，它可以让我们比较放心地相信它在比较长的时间内能够带来有一定持续性的 现金回报。理论上满足这样标准的资产就是好资产，现实中能够满足这样标准的资产为数不多，所以我们 需要用一些办法、需要用一些定性的标准来去框它，尽可能提高我们找到好资产的概率。 大体上来讲，在一些长坡、厚雪、慢变的行业当中，持续的领先者更容易成为股市当中的长期的好资产， 当然最终还是需要一事一议。我们有一个模具、我们有一个筛子，但是通过模具和筛子筛选出来的标的， 它会有很大的偏差，最终我们落地到组合当中，还是要从商 ...

公 司 报 告 医药 2025年04月25日 博腾股份(300363.SZ) Q1表现理想，小分子业务实现扭亏 推荐 ( 维持) 股价:14.78元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.portonpharma.com | | 大股东/持股 | 重庆两江新区产业发展集团有限公 | | | 司/14.48% | | 实际控制人 | 居年丰,陶荣,张和兵 | | 总股本(百万股) | 545 | | 流通A股(百万股) | 500 | | 流通B/H股(百万股) | | | 总市值(亿元) | 81 | | 流通A股市值(亿元) | 74 | | 每股净资产(元) | 9.56 | | 资产负债率(%) | 37.5 | 行情走势图 相关研究报告 【平安证券】博腾股份（300363.SZ）*年报点评*经 营否极泰来，有望年内实现扭亏*推荐20250331 证券分析师 事项： 公司发布25年一季报，实现营收8.01亿元（+18.21%），实现归母净利 润 -428.42 万 元 （ +95.48% ） ， 扣 非 后 归 母 净 利 润 -1009.01 万 元 ...

► 文 观察者网 齐倩 近期，国际经贸风云变幻，美国总统特朗普挑起的关税战冲击全球产业链。但在如此关税风暴下，来自日本、德国、美国等国家的汽车、 医药、化学等多行业企业纷纷宣布新的在华投资，其中包括丰田、日产、西门子、巴斯夫等行业巨头。 据各地政府网站和媒体消息，4月以来，多家行业巨头与中方达成新的合作协议。 4月22日，上海市人民政府与丰田汽车公司在沪签署战略合作协议，双方将在新能源汽车等领域加强合作，共同助力中国社会绿色低碳发 展。据介绍，此次丰田项目总投资146亿元，接下来将加速整个项目的审批进度。根据规划，预计今年6月份实现项目正式开工，2027年第 一台车正式下线。 《南华早报》称，这是特朗普发动关税战以来，外企宣布的最大一笔在华投资之一。 一周前（15日），这家日本汽车巨头还与四川蜀道投资集团及蜀道装备科技签署了一项价值2.36亿元人民币的协议，成立一家氢燃料电池 合资企业。 4月23日，另一家日本知名汽车制造商日产携其全新电驱化车型亮相2025上海国际车展，同时启动了新的全球战略，制定全球各区域市场 策略、根据市场需求打造产品组合，加强与本土伙伴合作。 日产携其全新电驱化车型亮相2025上海国际 ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and a notable rise in the Hang Seng Healthcare ETF, reflecting positive market sentiment and growth potential in the healthcare sector [3][4]. Group 1: Market Performance - As of April 25, 2025, the HSHCI rose by 1.77%, with notable gains from stocks such as Yidu Tech (10.15%) and WeDoctor (7.05%) [3]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.68%, marking its fifth consecutive rise, with a latest price of 0.50 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated an 8.50% increase [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 1.57% during the trading session, with a transaction volume of 183 million yuan [3]. - The ETF's average daily trading volume over the past month was 2.072 billion yuan, ranking first among comparable funds [3]. Group 3: Policy and Industry Outlook - On April 24, 2025, the Ministry of Industry and Information Technology and six other departments issued a notice on the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)," aimed at enhancing the integration of AI and new information technologies within the pharmaceutical industry [3]. Group 4: Fund Performance and Metrics - The Hang Seng Healthcare ETF has seen a net asset growth of 715 million yuan over the past year, ranking in the top third among comparable funds [4]. - As of April 24, 2025, the ETF's net value increased by 41.16% over the past year, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio was reported at 1.34, indicating strong risk-adjusted returns [5]. Group 5: Valuation and Holdings - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, which is below 92.78% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the HSHCI account for 57.54% of the index, with companies like BeiGene and WuXi Biologics being significant contributors [5].

智通财经4月25日电，早盘塞力医疗涨停，泓博医药、思创医惠涨超10%，创业慧康、朗玛信息、贝瑞 基因、卫宁健康、润达医疗等跟涨。消息面上，工信部等七部门关于印发《医药工业数智化转型实施方 案（2025—2030年）》提出，到2027年，医药工业数智化转型取得重要进展，以数智技术驱动的医药全 产业链竞争力和全生命周期质量管理水平显著提升。 AI医疗概念盘初活跃 塞力医疗涨停 ...

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]