Group 1: Nanjing Business Travel - Nanjing Business Travel (600250) expects a net profit of 6 million to 9 million yuan for the first half of 2025, a decrease of 67.4% to 78.27% year-on-year [1] - The net profit excluding non-recurring gains and losses is expected to be between 5.5 million and 8.5 million yuan, down 17.34% to 46.52% year-on-year [1] Group 2: Jihong Co., Ltd. - Jihong Co., Ltd. (002803) anticipates a net profit of 112 million to 119 million yuan for the first half of 2025, an increase of 55% to 65% year-on-year [2] - The net profit excluding non-recurring gains and losses is expected to be between 106 million and 113 million yuan, up 68.16% to 79.62% year-on-year [2] - Basic earnings per share are projected to be between 0.29 yuan and 0.31 yuan [2] Group 3: Zhuhai Design - Zhuhai Design (300564) announced that its actual controller plans to reduce holdings by up to 3% of the company's shares, totaling 483.95 million shares [3] Group 4: Anjisi - Anjisi (688581) disclosed that two shareholders plan to reduce their holdings by up to 2% of the company's shares, totaling 162.27 million shares [4] Group 5: Jingwei Huikai - Jingwei Huikai (300120) intends to acquire a total of 12.44% equity in Nuo Si Wei, with a total transaction price of approximately 1.49 billion yuan [4] - The acquisition will increase the company's control over Nuo Si Wei from 22.12% to 34.56% [4] Group 6: Hainan Highway - Hainan Highway (000886) is planning to purchase 51% equity in Hainan Jiao Control Petrochemical, which will become a subsidiary after the transaction [9] Group 7: *ST Modern - *ST Modern (002656) has applied to revoke other risk warnings but will still face delisting risk warnings due to financial indicators [10] Group 8: Ningde Times - Ningde Times (300750) has repurchased 6.641 million A-shares at a total cost of 1.551 billion yuan [11][12] Group 9: Lixun Precision - Lixun Precision (002475) is planning to issue H shares and list on the Hong Kong Stock Exchange [13] Group 10: Ruikang Pharmaceutical - Ruikang Pharmaceutical (002589) announced that its vice president has been placed under detention by the local supervisory committee [14] Group 11: Changchun High-tech - Changchun High-tech (000661) announced that its subsidiary has received approval for a new drug, a monoclonal antibody for gout treatment [15] Group 12: Guofang Group - Guofang Group (002708) plans to reduce its holdings by up to 1.45% of the company's shares, totaling 666 million shares [16] Group 13: Guangyang Co., Ltd. - Guangyang Co., Ltd. (002708) announced that shareholders plan to reduce their holdings by up to 1.65% of the company's shares, totaling 922.76 million shares [17] Group 14: Zhixin Precision - Zhixin Precision (301512) disclosed that a major shareholder plans to reduce holdings by up to 1.86% of the company's shares, totaling 99 million shares [18] Group 15: Xinzhou Bang - Xinzhou Bang (300037) announced that its directors and executives plan to reduce their holdings by up to 126.88 million shares [19] Group 16: Guoanda - Guoanda (300902) announced that its actual controllers plan to reduce their holdings by up to 362 million shares [20]

Group 1 - The core viewpoint of the article highlights that Rui Feng Hui Bang, a well-known private equity firm, has conducted research on a listed company, Weili Medical, focusing on its strategies to address domestic medical consumables procurement and the growing demand for overseas production capacity [1] - Weili Medical is actively establishing a factory in Mexico starting in 2024 to meet production needs and is also preparing a second overseas production base in Indonesia, which is expected to complete its first phase of construction and production by the end of this year [1] - The company is developing key products in its anesthesia line, nursing line, and urology field, aiming to launch these products quickly to better meet clinical needs while expanding its product range through technology transformation [1]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that Maiwei Biotech has achieved two licensing agreements, which will enhance cash flow and may indicate a turning point in its operations [5][14] - The pharmaceutical and biotechnology sector has seen a 1.6% increase this week, underperforming the CSI 300 index by 0.35 percentage points, ranking 23rd among 31 sub-industries [7][20] - The report emphasizes the accelerating trend in licensing out Chinese innovative drugs, with the total licensing amount exceeding 51.9 billion USD in 2024, marking a 27.4% year-on-year increase [18][19] Summary by Sections Weekly Insights - Maiwei Biotech's recent licensing agreements include a 25 million USD upfront payment and potential milestone payments totaling up to 571 million USD with CALICO Life Sciences for IL-11 targeted therapy, and a 3.8 billion CNY upfront payment with Qilu Pharmaceutical for 8MW0511 [5][14][15] - The report notes that the cash flow issues for Maiwei Biotech are expected to be significantly alleviated due to these agreements, with further business development opportunities anticipated [6] Subsector Performance - The pharmaceutical and biotechnology sector increased by 1.6% this week, with all sub-sectors showing growth. The hospital sector had the highest increase at 3.92% [7][24] - The report identifies key investment opportunities in various subsectors, including innovative drugs, medical devices, and medical consumables, with specific companies recommended for investment [8][28][29][30] Recommended and Benefiting Stocks - Recommended stocks include Innovent Biologics, Hengrui Medicine, and medical device companies such as YK Medical and Mindray Medical [8][31] - Benefiting stocks in the innovative drug sector include companies like Zai Lab, BeiGene, and others in both A-shares and H-shares [8][34][35] Market Trends - The report indicates that the innovative drug sector is expected to continue its upward trajectory, driven by strong clinical data and increased business development activities [28] - The medical device sector is projected to benefit from government policies promoting equipment upgrades, with a significant increase in procurement expected in the second quarter of 2025 [29][30]

Core Viewpoint - The CSI All Share Healthcare Equipment and Services Index has shown a slight increase of 1.03% on June 25, closing at 13,409.79 points, with a trading volume of 14.805 billion yuan, despite a decline of 1.11% over the past month and 4.37% over the past three months [1][2]. Group 1: Index Performance - The CSI All Share Healthcare Equipment and Services Index has decreased by 3.04% year-to-date [1]. - The index is based on a sample of listed companies in the healthcare sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base point of 1,000.0 [1]. Group 2: Index Holdings - The top ten weighted companies in the index are: Mindray Medical (9.98%), United Imaging (8.42%), Aier Eye Hospital (7.67%), Aimeike (3.48%), Huatai Medical (3.26%), New Industries (2.98%), Yuyue Medical (2.83%), Lepu Medical (2.29%), Meinian Health (2.09%), and Shandong Pharmaceutical Glass (1.96%) [1]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.30%) and the Shanghai Stock Exchange (39.70%) [1]. Group 3: Industry Composition - The industry composition of the index includes: medical devices (35.16%), medical consumables (28.03%), in vitro diagnostics (21.23%), and medical services (15.58%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the healthcare sector include various funds such as Southern CSI All Share Healthcare Equipment and Services Link A, C, I, and several ETFs [2].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights that the domestic PFA brands are expected to enter a commercialization fast track in 2025, driven by their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [5][6] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% this week, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [6][18] - The report emphasizes the importance of high-end medical device innovation, supported by recent regulatory measures aimed at optimizing lifecycle management [13][14] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 7552.12, with a 52-week high of 8490.25 and a low of 6070.89 [1] Recent Developments - Johnson & Johnson announced significant progress in PFA research at the HRS2025 conference, showcasing three key PFA products with excellent safety and efficacy profiles [4][5] - The report notes that six domestic brands have received approval for PFA technology, marking a significant step towards commercialization [5] Subsector Performance - All sub-sectors within the pharmaceutical and biotechnology industry experienced declines this week, with the largest drop in the other biological products sector at 6.7% [6][23] - The report provides a detailed breakdown of weekly performance across various sub-sectors, indicating a general trend of retraction [6][24] Recommended and Beneficiary Stocks - Recommended stocks include innovative pharmaceutical companies such as Xinda Biopharma and Kangfang Biopharma, as well as medical device firms like Yingke Medical and Maipu Medical [7][29] - Beneficiary stocks in the innovative drug sector include Zai Lab, Yifan Biopharma, and others, while the medical device sector includes companies like Mindray Medical and Aohua Endoscopy [7][29] Regulatory Insights - The report discusses the approval of measures to support high-end medical device innovation, which includes optimizing special approval processes and enhancing communication mechanisms [13][14] - The report suggests that the implementation of these measures will significantly benefit high-tech medical devices, including AI-assisted diagnostic tools [14][28]

Group 1 - The core viewpoint of the article highlights that Yongxi Investment has conducted research on a listed company, Weili Medical, focusing on its strategies to expand overseas production in response to domestic medical consumables procurement and geopolitical risks [1] - Weili Medical is actively building a factory in Mexico starting in 2024, having completed land acquisition and project planning, while also preparing a second overseas production base in Indonesia to mitigate high tariffs imposed by the U.S. [1] - The company expects that by 2024, overseas business will account for approximately 54% of its total revenue, with North America contributing 34%, Europe 27%, Asia 15%, and South America 8% [1] Group 2 - Weili Medical has seen a significant increase in the gross profit margin of its overseas business, rising from 27% in 2021 to 35% in 2024, an increase of 8 percentage points [1] - The company is diversifying its export products, with a growing proportion of high-margin products being exported, which contributes to the overall improvement in gross profit margins [1]

证券研究报告：医药生物|行业周报 发布时间：2025-06-16 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7895.79 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 推荐标的：英科医疗、迈普医学、怡和嘉业、微电生理、 拱东医疗、派林生物、益丰药房、大参林、康臣药业、佐力药 业、桂林三金、天士力、新里程、美年健康、国际医学。 《政策支持上市公司通过并购重组高 质量发展，行业整合持 ...

Market Overview - On June 13, stock indices in China experienced a downward trend, with the Shanghai Composite Index falling below 3400 points, closing down 0.75% at 3377 points, while the Shenzhen Component Index and ChiNext Index dropped over 1% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 150.41 billion yuan, an increase of approximately 20 billion yuan compared to the previous day [1] - Sectors such as media, retail, liquor, automotive, pharmaceuticals, and real estate declined, while the oil sector surged [1] Military Trade Opportunities - The recent escalation of tensions in the Middle East, particularly Israel's airstrikes on Iran, has created new opportunities in the military trade market [2] - Global military spending is projected to increase for the tenth consecutive year in 2024, with the highest growth rates seen in Europe and the Middle East [2] - China's military exports are transitioning from low-end to high-end weaponry, with increasing international recognition of domestic military products [2] Oil Price Volatility - Current geopolitical tensions, particularly in the Middle East and Ukraine, are driving significant fluctuations in oil prices [3] - The next OPEC+ meeting on July 6 is crucial, as the group's production strategy may change in response to high oil prices [3] - Brent crude oil prices are expected to fluctuate between $70 and $100 per barrel in the short term, depending on demand and OPEC+ production levels [3] AI Industry Growth - As of May 2025, the daily usage of tokens for the Doubao large model exceeded 16.4 trillion, a growth of over 137 times since its launch last year [4] - Oracle anticipates a growth rate of over 40% for its overall cloud business in the 2026 fiscal year, with IaaS growth exceeding 70% [4] - The surge in AI-related activities indicates a high level of industry vitality, suggesting continued investment in the computing power supply chain [4] Medical Supplies Procurement Optimization - The State Council meeting on June 13 discussed optimizing drug and medical supplies procurement policies to enhance collaboration in the healthcare sector [5] - The meeting emphasized the need for better evaluation of procurement policies and improving the quality control of drugs and medical supplies [5][6] - Optimizing procurement rules is expected to benefit the medical supplies industry, particularly high-value supplies, by stabilizing market confidence [6] Real Estate Market Stabilization - The State Council meeting also focused on strategies to stabilize the real estate market, emphasizing the importance of a new development model [7] - Policies will be implemented to support the construction of quality housing and improve the overall effectiveness of existing policies [7] - The aim is to activate demand and optimize supply in the real estate sector to prevent further declines [7] Infrastructure Development - The "Two Heavy" construction projects are accelerating, focusing on national strategic implementation and safety capabilities [8] - Significant progress is being made in the construction of key railway and port projects, supported by various facilitation measures [8] Brain-Computer Interface Clinical Trials - China has successfully conducted its first prospective clinical trial of an invasive brain-computer interface, becoming the second country after the U.S. to enter this phase [9] Red-Chip Stock Listing in Shenzhen - New policies allow companies listed in Hong Kong to also list in Shenzhen, which is expected to enhance financial collaboration in the Guangdong-Hong Kong-Macau Greater Bay Area [10] - This initiative is anticipated to boost investor confidence in China's capital markets and facilitate the return of quality tech companies to the A-share market [10]

Core Viewpoint - The State Council emphasizes the need to strengthen the evaluation of drug and consumable procurement policies to ensure public confidence in medication [1] Group 1: Policy Evaluation and Implementation - The meeting highlighted the importance of summarizing experiences and addressing shortcomings in drug and consumable procurement policies [1] - There is a push for the standardization and institutionalization of procurement work to ensure its regular implementation [1] Group 2: Healthcare System Improvement - The meeting aims to better promote the coordinated development of the "three medical" systems (medical services, medical insurance, and pharmaceuticals) [1] - It calls for the improvement of public hospital compensation mechanisms to support the innovation capabilities of pharmaceutical companies [1] Group 3: Quality Control and Assurance - There is a focus on enhancing quality supervision across the entire chain of drug and consumable production, circulation, and usage [1] - The initiative includes advancing the consistency evaluation of the quality and efficacy of generic drugs to ensure public safety in medication [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Medical Index (Sci-Tech Medical, 950255) reported at 737.03 points, indicating a recent performance trend with a 1.84% increase over the past month, a 2.05% decrease over the past three months, and a 1.64% increase year-to-date [1] - The index comprises no more than 30 listed companies in the medical sector from the Sci-Tech Innovation Board, reflecting the overall performance of medical listed companies [1] - The index is based on a reference date of December 30, 2022, with a base point of 1000.0 [1] Group 2 - The top ten weightings in the index are as follows: Huatai Medical (11.45%), United Imaging (10.09%), Aibo Medical (6.94%), Yirui Technology (6.44%), Nanwei Medical (5.44%), Shengxiang Biology (5.0%), Xinmai Medical (4.74%), Haier Biomedical (4.22%), Yahui Long (3.61%), and Aohua Endoscopy (3.52%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100.00% representation [1] - The industry composition of the index holdings includes 45.39% in medical consumables, 33.24% in medical devices, and 21.37% in in vitro diagnostics [1] Group 3 - The index sample is adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to calculation and maintenance guidelines [2]