Investment Rating - The report maintains an optimistic outlook for the pharmaceutical industry in 2025, suggesting a potential for diverse investment opportunities as the sector's valuation is currently low [9][10]. Core Viewpoints - The pharmaceutical sector is expected to experience growth driven by macroeconomic factors and the performance of major products [9]. - The report emphasizes a shift from quantity to quality in the innovative drug sector, highlighting the importance of product differentiation and internationalization [9]. - The medical device sector is witnessing a recovery in bidding volumes and ongoing equipment upgrades, with specific attention on companies like Mindray and Yuyue [9]. - The report identifies a potential rebound in the CXO and life sciences services sector, with expectations of high profit elasticity as companies enter a return-on-investment phase [9]. - The traditional Chinese medicine sector is projected to benefit from policy advantages and market concentration, with specific companies recommended for investment [11]. Summary by Sections Overall Pharmaceutical Industry - In 2024, the pharmaceutical sector's comparable company revenue decreased by 0.9%, with a net profit decline of 8.5% [16]. - The medical device sector showed the highest revenue growth among sub-sectors, while traditional Chinese medicine faced the most significant revenue decline [16]. Innovative Drugs - The innovative drug sector's revenue for 2024 is projected at 565.3 billion, a 34.1% increase from the previous year, with several companies achieving profitability for the first time [18][19]. - The report highlights the increasing number of IND and NDA approvals for domestic innovative drugs, indicating a growing presence in international markets [19]. Medical Devices - The medical device sector is experiencing a recovery in bidding volumes, with a focus on imaging equipment and home medical devices [9]. - The report notes that the orthopedic and neurosurgery fields are seeing improved growth post-collection, with significant attention on companies like Aikang and Weili [9]. Traditional Chinese Medicine - The report anticipates a market rebound for essential medicines, with specific companies recommended for investment based on their unique product offerings and market positioning [11]. Retail and Distribution - The report expresses confidence in the retail pharmacy sector, driven by prescription outflow and an improving competitive landscape [11]. Medical Services - The report suggests that the medical services sector will benefit from anti-corruption measures and the expansion of commercial insurance, enhancing the competitiveness of private healthcare providers [11]. Blood Products - The blood products sector is expected to see growth due to relaxed approval processes and increased demand post-pandemic, with companies like Tiantan Biological and Boya Biological highlighted for their potential [11].

Financial Performance - In 2024, the company's operating revenue decreased by 8.82% year-on-year, while net profit attributable to shareholders dropped by 74.83%, with a non-recurring net profit of -15.11 million yuan [2] - The decline in revenue is attributed to changes in downstream market demand, intensified competition in the domestic life sciences service market, and increased operational costs due to the completion of the self-owned brand product production base project [2][3] Brand Performance - Revenue from self-owned brands (Absin, LabEx, etc.) grew by nearly 30% year-on-year, while revenue from third-party brands declined significantly due to market competition [3][6] - The self-owned brand business, which accounts for over 90% of total revenue, faced substantial impacts from the downturn in third-party brand sales [3] Strategic Initiatives - The company aims to enhance its core competitiveness through a dual strategy of internal growth and external expansion, focusing on product pipeline enhancement, supply chain investment, and information technology [4] - Plans to accelerate the overseas expansion of self-owned brands, including the establishment of a subsidiary in Singapore and participation in online and offline promotional activities [4][5] Cost Management - The company continues to invest in marketing, product expansion, supply chain, and R&D to maintain service capabilities and improve the revenue share of self-owned products [2][4] - Direct sales decreased by 12.74%, prompting a shift towards distribution channels to reach price-sensitive customers [4] R&D and Innovation - As of the end of 2024, the company’s antibody R&D center in Hangzhou has developed over 2,900 products, while the protein R&D center in Nanjing has developed over 1,700 products [5] - The company is committed to leveraging information technology to enhance operational efficiency and customer service [7] Compliance and Safety - The company has established safety management systems and protocols to ensure compliance and safety in hazardous waste management [7]

Core Points - Amazon Web Services announced the establishment of the Greater Bay Area Industry Digital Empowerment Center in collaboration with the Nanshan District government, marking its sixth center in China and the only one in the Greater Bay Area, aimed at providing high-quality technology and solutions for local enterprises [1] - The Go Global center is designed to serve both domestic companies looking to expand internationally and foreign enterprises seeking to enter the Chinese market, facilitating a comprehensive international service platform [1][3] Group 1: Go Global Center - The Go Global center aims to lower the "psychological threshold" for companies venturing into unfamiliar global markets by offering customized solutions based on real needs [3] - The center has formed a service team that proactively addresses the challenges faced by companies in their international expansion efforts [3] - The center provides extensive support to companies like Di Shang Tie, which operates over 170,000 electric logistics vehicles across more than 200 cities in China, helping them navigate potential risks in international partnerships [4][6] Group 2: Case Studies of Companies - Di Shang Tie has expressed that the center's expert team has significantly boosted their confidence in international expansion by providing comprehensive reports on potential overseas partners [4] - Companies like Rayman Optoelectronics and Ruivode have successfully expanded globally, with Rayman participating in high-profile events like the 2022 Beijing Winter Olympics and Ruivode engaging in over 300 international exhibitions in 2024 [5][10] - The center has provided tailored support to Ruivode in overcoming challenges in entering the Dutch market, including assistance with talent recruitment and establishing distribution channels [10] Group 3: Service Offerings - The Go Global center operates on a model that integrates government guidance, enterprise collaboration, and platform services, creating a market-oriented international service "joint fleet" [11] - The center has partnered with renowned service providers like Dun & Bradstreet for consulting services, offering access to a vast database of global enterprises [13] - The center aims to enhance the international business environment in Nanshan District, promoting two-way interaction between domestic and foreign enterprises to drive high-quality economic development [14]

Company Overview - Shanghai Youningwei Biotechnology Co., Ltd. introduced its basic situation and 2024 operational performance during the investor relations activity [2]. Impact of Tariff Policies - The impact of increased tariffs on exports is minimal due to the low export ratio; however, it affects imports from the U.S. and promotes the development of the company's own brand [2]. Business Strategy for 2024 - The company will focus on a one-stop platform strategy and antibody strategy, increasing investment in R&D, promoting its own brand, and enhancing operational efficiency through information technology [2]. R&D Investment - In 2024, R&D investment reached CNY 62.77 million, a year-on-year increase of 7.10%, with R&D expenditure accounting for 5.62% of revenue [3]. Product Development - The company has significantly increased its product offerings, with over 2,900 products developed at the Nanjing Protein R&D Center and a nearly 30% year-on-year growth in revenue from its own brand in 2024 [3]. Share Buyback Program - In 2024, the company initiated a share buyback plan, utilizing CNY 25,987,076 to repurchase shares for employee stock ownership plans, aiming to enhance investor confidence and promote sustainable development [3]. Future Market Strategy - The company plans to enrich its product system and enhance both third-party and self-owned brand offerings, leveraging 20 years of experience in life sciences to provide comprehensive solutions to meet diverse customer needs [3].

证券研究报告 医药生物行业生命科学服务系列报告（一） ——海外公司 Bio-Techne & Thermo Fisher 西部证券研发中心 2025年3月14日 分析师 | 李梦园 S0800523010001 邮箱地址 limengyuan@research.xbmail.com.cn 分析师 | 谭雨露 S0800524100004 邮箱地址 tanyulu@research.xbmail.com.cn 核心结论 CONTENTS 目 录 CONTENTS 目 录 02 Thermo Fisher 公司概述 01 Bio-Techne 公司概述 生命科学服务国内相关标的 03 Bio-Techne 公司介绍 3.1 3.6 4.5 5.0 5.6 6.4 7.1 7.4 9.3 11.1 11.4 11.6 5.9 15.2% 26.4% 10.3% 12.8% 14.2% 11.0% 3.5% 26.0% 18.7% 2.8% 2.0% 6.7% 0% 5% 10% 15% 20% 25% 30% 0 2 4 6 8 10 12 14 2013 2015 2017 2019 2021 2023 2025 ...