Group 1 - The stock market showed strength on May 14, with both the ChiNext Index and Shanghai Composite Index rising over 1%, while the Hong Kong Hang Seng Index increased by 2% and the Hang Seng Tech Index rose by over 2% [1] - Popular ETFs such as the Biopharmaceutical ETF (159859) and the Innovative Drug Hong Kong-Shanghai ETF (517380) turned positive in the afternoon, with the Innovative Drug ETF up 0.35% and key components like China National Pharmaceutical Group and Hengrui Medicine rising over 3% [1] - The Biopharmaceutical ETF tracks the National Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical sector based on market capitalization and liquidity, reflecting the overall performance of the industry [1] Group 2 - The 36th Pharmaceutical Economic Information Conference was held in Guangzhou from May 12 to 14, focusing on drug regulation policies, industry trends, and high-quality development in the pharmaceutical sector [2] - According to Founder Securities, the pharmaceutical and biotechnology sector's Q1 2025 financial reports showed stable revenue and profit performance, with notable improvements in certain sub-sectors, particularly in pharmaceutical R&D outsourcing, which achieved over 10% growth in both revenue and profit [2] - The market sentiment towards the pharmaceutical industry has improved, with a noticeable increase in equity fund allocations since Q1 2024, driven by a systematic valuation increase in the innovative drug sector [2]

Core Viewpoint - The stock price of Hongyuan Pharmaceutical has experienced a dramatic decline since its IPO, dropping from 45 yuan to 13.7 yuan, raising concerns about the company's performance and underlying issues [1][5]. Group 1: IPO and Initial Performance - On March 20, 2023, Hongyuan Pharmaceutical listed on the Shenzhen Stock Exchange's ChiNext, but the stock price opened below the issue price, falling by 16.1% to close at 41.95 yuan on the first day [1][4]. - The issue price was set at 50 yuan per share with a price-to-earnings ratio of 41.21, significantly higher than the industry average of 26.98, contributing to investor skepticism and the subsequent price drop [4]. Group 2: Financial Performance - In the first half of 2023, the company's net profit attributable to shareholders plummeted by 78.51%, with cash flow from operating activities declining by 198.11% [5][7]. - For the entire year of 2023, the projected net profit is expected to be between 83 million and 97 million yuan, representing a year-on-year decline of 80.91% to 77.69% [5]. Group 3: Market Conditions and Competition - The decline in performance is attributed to intense competition in the lithium battery materials sector, where the price of lithium hexafluorophosphate has remained low, impacting profitability despite increased sales volume [7]. - Additionally, the pharmaceutical sector faces heightened competition due to national procurement and medical insurance policies, leading to decreased unit prices for products like metronidazole, further eroding profit margins [7]. Group 4: Stock Price Decline - Following the initial high of 45 yuan, the stock price has continued to decline, reaching a low of 11.41 yuan by September 10, 2024, and closing at 13.28 yuan on May 7, 2025, representing a drop of over 70% from the issue price [7][8]. Group 5: Fundraising and Investor Sentiment - The company raised 15.45 billion yuan through its IPO, more than double the expected amount, but faced criticism for investing 2 billion yuan in financial products the day after listing, leading to accusations of "money-grabbing" [9][10]. - Investors have suffered significant losses, with many expressing dissatisfaction in online forums regarding the company's stock performance and financial results [12].

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential for future growth [20]. 4. Blood Products - The report highlights the strong pricing power of manufacturers in the blood products sector, driven by increased demand for immunoglobulin products [22]. 5. Vaccine Sector - The vaccine sector is facing challenges due to low birth rates, but there are opportunities in specific areas such as HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD sector is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drugs [37]. 9. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [42]. 10. Offline Pharmacies - The report indicates that leading pharmacy chains are stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. 11. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [51]. 13. Instrument Equipment - The report notes that the scientific instrument sector is expected to recover as demand improves and more domestic support policies are introduced [56]. 14. Low-value Consumables - The report suggests that the low-value consumables sector may see investment opportunities as the industry cycle improves [59].

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential investment opportunities as the sector stabilizes [20]. 4. Blood Products - The report highlights the demand for immunoglobulin products and the potential for price increases due to supply shortages, recommending companies with strong product lines in this area [22]. 5. Vaccine Sector - The vaccine sector is currently under pressure, but there are opportunities in specific products that may gain market share, particularly in HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and operational capabilities in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD industry is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drug growth [37]. 9. Medical Services - Investment opportunities are identified in ophthalmology and dental services, with a focus on companies that can leverage consumer healthcare trends [42]. 10. Pharmacy Sector - The report indicates that leading pharmacy chains are stabilizing, and suggests focusing on companies with strong supply chain capabilities [45]. 11. Raw Materials - The raw materials sector is undergoing significant changes due to procurement policies, with recommendations for companies that can adapt to these shifts [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in medical devices and the ongoing trend of domestic replacements in various medical fields [51]. 13. Instrument Equipment - The scientific instrument sector is expected to recover as demand increases, with a focus on companies that are expanding their product offerings [56]. 14. Low-value Consumables - The report notes a potential recovery in the low-value consumables sector, particularly for companies that can capitalize on emerging market trends [59].

证券代码：300583 证券简称：赛托生物 山东赛托生物科技股份有限公司 投资者关系活动记录表 编号：DY2025-001 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 参与公司 2024 年度业绩网上说明会活动的投资者 时间 2025 年 5 月 9 日 15:00-17:00 地点 "价值在线"平台（www.ir-online.cn） 上市公司接待 人员姓名 董事长米奇先生 财务总监李福文先生 董事、副总经理、董事会秘书李璐女士 独立董事康立女士 保荐代表人刘彦先生 投资者关系活 动主要内容介 绍 公司于 2025 年 5 月 9 日 15:00-17:00 在"价值在线"（www.ir- online.cn）举办 2024 年度业绩网上说明会，本次业绩说明会采用网络远 程的方式举行，问答环节主要内容如下： 1、问：过去一年，公司的经营策略是什么？ 回复：尊敬的投资者，您好！过去一年，公司董事会管理层确定的经 营策略主要可以用"稳份额、保现金、推注册、剥资产"十二字概括，在 董事会的领导下，公司在生产端严 ...

Summary of Conference Call Records Industry Overview - The pharmaceutical industry is projected to see a revenue decline of 0.46% in 2024, with net profit attributable to shareholders decreasing by 6.7% and non-recurring net profit declining by approximately 11% [1][4] - In Q1 2025, the fastest-growing sectors include medical services, CXO, and raw materials, while community pharmacies and research services lead in revenue growth [1][4] Key Insights on Specific Sectors Innovative Drug Sector - 23 innovative companies reported a total revenue of 62.8 billion yuan in 2024, reflecting a year-on-year growth of 23.8%, with net profit attributable to shareholders reaching 3.7 billion yuan, significantly outpacing the industry average [1][5] - In Q1 2025, these companies achieved a total revenue of 16.3 billion yuan, marking an 18.7% year-on-year increase, indicating a trend towards profitability [5] Research Services Industry - The research services sector saw a total revenue growth of 6.5% in 2024, although profits declined by 20%-16% [6] - In Q1 2025, total revenue grew by 4.7%, with scale profit increasing by 9% and non-recurring profit rising by 13%, indicating a recovery phase compared to the overall industry decline of 5% [6][7] CXO Industry - The CXO sector experienced a revenue decline in 2024 but rebounded in Q1 2025 with a 13% year-on-year revenue growth and a 23% increase in non-recurring net profit, showcasing strong development potential [8] Chemical Preparations Sector - The chemical preparations industry reported stable revenue in 2024, with a slight increase of 1.2%, and a minimal growth of 0.3% in Q1 2025, indicating a phase of stability [9][10] Raw Materials Sector - The raw materials sector faced a revenue decline of 3.8% in Q1 2025, following a 3.9% decrease in 2024, but non-recurring profit grew by 5%, suggesting that the most challenging phase post-pandemic has passed [10] Medical Devices and Traditional Chinese Medicine - The medical devices industry is projected to grow by 1% in 2024 and 0.3% in Q1 2025, with noticeable profit declines potentially linked to centralized procurement policies [11] - The traditional Chinese medicine sector experienced a 6% revenue decline in Q1 2025 due to high base effects, following a 3.9% decrease in 2024 [11] GLP-1 Receptor Agonists Developments - The development of GLP-1 receptor agonists is trending towards oral formulations and extended half-lives, with multi-target drugs becoming a research focus [3][14] - Notably, the revenue for semaglutide surpassed that of pembrolizumab, indicating strong consumer demand [13] - Companies such as Innovent Biologics, Federated Pharmaceuticals, and Boryung Pharmaceutical are making significant strides in the GLP-1 space [16] Market Performance - The overall pharmaceutical sector saw a 1% increase this week, with a year-to-date rise of 1.2%, slightly underperforming compared to the CSI 300 index, which fell by 1% [2] - Notable individual stock performances included Changshan Pharmaceutical (up 23%), Haichuang Pharmaceutical (up 22%), and Jinkai Biotechnology (up 19%) [2] Conclusion - The pharmaceutical industry is navigating a challenging landscape with mixed performance across sectors, but innovative drugs and specific niches like GLP-1 receptor agonists show promising growth potential. The recovery signs in research services and CXO sectors are noteworthy, indicating potential investment opportunities.

Summary of Key Points from Conference Call Records Industry Overview - The medical device sector is expected to see investment opportunities in Q2 2025 due to steady equipment updates and the end of inventory clearance by companies [1][5] - The pharmaceutical industry is projected to perform relatively flat in 2025, ranking between 10th to 15th among 31 primary industries [2] Key Insights on Specific Sectors Innovative Drugs - The innovative drug sector showed strong performance in Q1 2025, with companies like BeiGene reporting a 50% year-over-year revenue increase, and others like Innovent and Rongchang Biotech seeing growth rates of over 40% and nearly 60%, respectively [3] - Small-cap companies like Aidi Kang experienced triple-digit growth, indicating a robust market for innovative drugs [3] Medical Devices - The medical device market is witnessing a significant uptick in procurement, with a nearly 70% year-over-year increase in bidding for equipment in Q1 2025 [3][17] - Major imaging equipment and radiation therapy devices are in high demand, particularly in tertiary hospitals, with procurement rates accelerating in eastern provinces like Jiangsu and Guangdong [20][22] Traditional Chinese Medicine (TCM) - The TCM sector is expected to perform well in Q2 and Q3 2025, driven by domestic demand expansion, aging population, and state-owned enterprise reforms [1][9] - Key recommended stocks include China Resources Sanjiu, Dong-E E-Jiao, and Jianmin, with valuations currently at 15-17 times earnings [9] Pharmaceutical Retail - The pharmaceutical retail sector is undergoing a supply-side clearance, with leading chains focusing on cost reduction and efficiency to ensure profit growth [11] - Companies like Yifeng Pharmacy and Lao Bai Xing are highlighted for their operational efficiency [11] API Market - The active pharmaceutical ingredient (API) market is stabilizing after years of price declines, with companies like Huahai Pharmaceutical and Tianyu Co. reporting stable revenues around 1.4 billion [12] Future Trends and Events - Upcoming academic conferences and significant data releases from companies are expected to impact market sentiment positively [6] - The medical device sector is projected to see concentrated procurement activity in Q3 and Q4 2025, following a government push for large-scale equipment updates [17][18] Additional Insights - The in-vitro diagnostics (IVD) sector is facing pressure due to price reductions and tax adjustments, but a potential recovery is anticipated by the end of 2025 [8] - The high-value consumables market remains stable, with companies in orthopedics showing strong performance post-collective procurement [8] - The construction of tightly-knit county medical communities is expected to drive procurement in these areas, with a goal of 90% completion by the end of 2025 [23]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering, and others [4]. Core Viewpoints - The report highlights the investment opportunities in innovative drugs against the backdrop of global asset rebalancing, particularly focusing on KRAS G12C mutation in non-small cell lung cancer (NSCLC) [2][8]. - It emphasizes the potential for KRAS G12C inhibitors to advance to first-line treatment for NSCLC, with an estimated 30% of KRAS mutations in NSCLC being of the G12C subtype, leading to approximately 30,000 new cases annually in China [5][17]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - KRAS G12C inhibitors are progressing towards first-line treatment for NSCLC, with current standard therapies being PD1 ± chemotherapy [18]. - The report suggests focusing on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market, with significant data releases expected from major conferences [6][32]. 2. Pharmaceutical Industry Market Performance - The pharmaceutical sector saw a 1.01% increase, slightly underperforming the CSI 300 index by 1.00 percentage points [39]. - Sub-sectors such as drug packaging and medical devices performed well, while innovative drugs lagged behind [39]. 3. Company Dynamics - Notable company activities include the approval of new drugs and clinical trial advancements, such as the successful Phase III trials for AstraZeneca's Breztri and Genmab's Epcoritamab [46]. - Companies like Junshi Biosciences and Innovent Biologics are highlighted for their leading positions in the KRAS G12C inhibitor market [22][23]. 4. Industry Dynamics - The report discusses the impact of patent expirations on raw material demand, projecting a significant increase in sales due to the expiration of patents for top-selling small molecule drugs [35]. - It also notes the improvement in demand for raw materials and the end of inventory destocking phases, suggesting a positive outlook for the raw material sector [35].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Insights - The report highlights a marginal easing of tariff policies, suggesting a potential recovery in consumption and export sectors within the industry [3][12]. - The pharmaceutical and biotechnology sector has shown a weekly return of 1.01%, ranking 26th among 31 primary sub-industry indices, with medical devices leading at 1.67% [3][27]. - Recent government policies, such as the establishment of geriatric medicine departments in hospitals and new regulations for drug wholesale management in the Beijing-Tianjin-Hebei region, are expected to positively impact the industry [3][47]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector's performance over the past month was a return of 4.77%, ranking 19th among 31 primary sub-industry indices [3][14]. - The sector's current PE (TTM) is 26.29 times, which is below the historical average of 31.15 times, indicating a relatively low valuation [20][21]. 2. Market Performance - The report notes that the recent three-month performance shows a decline of 1.88%, while the six-month performance indicates a drop of 7.71% [15][16]. - The report suggests that the easing of tariff impacts may lead to a valuation recovery in specific sub-sectors such as CXO, raw materials, and medical devices [3][12]. 3. Export Industry Chain - The report recommends focusing on the export industry chain, particularly in the CXO sector, with key companies including WuXi AppTec and others highlighted for potential investment [3][12]. - In the raw materials sector, companies like Junshi Biosciences and others are suggested for attention [3][12]. 4. Consumption Recovery - The report anticipates that monetary policies such as interest rate cuts and reserve requirement ratio reductions will enhance macroeconomic consumption [3][12]. - Specific sectors for investment include ophthalmology and dental care, medical aesthetics, traditional Chinese medicine, and retail pharmacy leaders [3][12]. 5. Industry Dynamics - Recent policy developments include the release of guidelines for geriatric medicine and new regulations for drug wholesale management, which are expected to foster healthy development in the pharmaceutical distribution sector [3][47]. - Notable industry news includes collaborations between major pharmaceutical companies and health platforms, as well as significant investments in local production facilities [47].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The report emphasizes the focus on innovative drugs and the recovery of consumer demand as key drivers for investment in the pharmaceutical sector [3] - The TCE (T-cell Engager) solid tumor pipeline is highlighted, with Janux and Vir making significant progress in their development plans [5][13] - The pharmaceutical sector saw a 1.01% increase in the second week of May, underperforming the CSI 300 index by 1 percentage point, ranking 26th among 31 sub-industries [6][15] Summary by Sections TCE Solid Tumor Pipeline Update - Janux announced that JANX007 (PSMA/CD3) will enter the 1b expansion trial, targeting taxane-naive patients, marking a significant step for TCE in solid tumors [5][13] - Vir has registered VIR-5525 (EGFR/CD3) for a first-in-human trial, expected to start this month, focusing on EGFR-expressing NSCLC [5][13] Market Performance - In the second week of May, the pharmaceutical sector increased by 1.01%, with the medical device sector showing the highest growth at 1.98% [6][19] - The report notes that the offline pharmacy sector experienced the largest decline, dropping by 1.65% [19] Recommended and Benefiting Stocks - Recommended stocks in the pharmaceutical and biotechnology sector include: - Innovative drugs: Zai Lab, Innovent Biologics, and others [7] - Traditional Chinese medicine: Dong-E E-Jiao, Jiangzhong Pharmaceutical, and others [7] - Medical devices: Mindray Medical, and others [7]