Investment Rating - The report maintains a positive outlook on innovative drugs, AI healthcare, and brain-computer interfaces [1]. Core Insights - The report analyzes 362 pharmaceutical listed companies, including those on the Sci-Tech Innovation Board, reporting a total revenue of 1,084.5 billion yuan in H1 2025, a decrease of 2.1% year-on-year. The net profit attributable to shareholders was 103.64 billion yuan, down 1.1%, while the net profit excluding non-recurring items was 88.905 billion yuan, down 9.4% [3][17]. - In H1 2025, 165 companies achieved revenue growth, accounting for 46% of the total, while 165 companies also reported positive net profit growth, also 46% [17]. Summary by Relevant Sections Overall Industry Performance - The pharmaceutical industry faced pressure from policies and macroeconomic conditions, leading to a decline in performance in H1 2025 [19]. - The overall revenue for the industry decreased by 2.1%, with a net profit decline of 1.1% [46]. Subsector Analysis - **Innovative Drugs and Formulations**: Revenue was 194.6 billion yuan (-2.0%), with net profit at 25.8 billion yuan (+1.2%) [5]. - **Medical Devices**: Revenue decreased to 96.8 billion yuan (-5%), with net profit down 16.9% [5]. - **CXO Services**: Revenue increased by 13.8% to 44.85 billion yuan, with net profit rising 64.6% [5]. - **Active Pharmaceutical Ingredients**: Revenue remained stable at 52.88 billion yuan, with net profit increasing by 19.1% [5]. - **Life Sciences**: Revenue was 3.9 billion yuan (-1.8%), with net profit down 3.6% [7]. - **Medical Services**: Revenue grew by 0.9% to 28.3 billion yuan, but net profit fell by 10.2% [7]. - **Blood Products**: Revenue was approximately 11.7 billion yuan (-0.3%), with net profit down 14.4% [7]. - **Retail Pharmacies**: Revenue was 57.8 billion yuan (+0.1%), with net profit up 0.9% [9]. - **Pharmaceutical Distribution**: Revenue increased by 0.9% to 404.57 billion yuan, with net profit rising 12.4% [9]. - **Traditional Chinese Medicine**: Revenue decreased by 4.8% to 173 billion yuan, with net profit slightly up by 0.6% [9]. - **Vaccine Sector**: Revenue plummeted by 58.0% to 10.5 billion yuan, with a net loss of 0.5 billion yuan [11]. Financial Metrics - The overall gross margin for the industry was 32.4%, with a decline in the four expense ratios [46][49]. - The report highlights that the CXO sector showed the highest growth in both revenue and net profit, indicating a strong recovery trajectory [34][37].

Core Viewpoint - The CXO sector is experiencing stable revenue growth and significant profit increases, driven by industry recovery, improved operational efficiency, and cost reduction efforts [1][2]. Revenue and Profit Performance - In the first half of 2025, the CXO sector achieved revenue of 47.096 billion yuan, a year-on-year increase of 13.25%, and a net profit attributable to shareholders of 11.743 billion yuan, up 61.19% year-on-year [1][2]. - In Q2 2025, the CXO sector reported revenue of 24.750 billion yuan, a 13.95% increase year-on-year, and a net profit of 6.674 billion yuan, reflecting a 52.26% year-on-year growth [2]. Productivity and Efficiency - In H1 2025, per capita revenue increased to 411,100 yuan, a 12.62% year-on-year rise, while per capita profit reached 114,000 yuan, up 52.41% year-on-year, indicating improved operational efficiency [3]. - The fixed asset turnover rate was 1.00 times, a 7.03% increase year-on-year, attributed to industry recovery and enhanced operational efficiency [3]. Demand and Supply Dynamics - As of H1 2025, contract liabilities and advance receipts amounted to 7.549 billion yuan, a 3.71% year-on-year increase, indicating stabilization in industry demand and a slight recovery in orders [4]. - Fixed assets totaled 47.274 billion yuan, a 5.81% year-on-year increase, with ongoing projects valued at 15.810 billion yuan, up 7.69% year-on-year [4]. Investment Recommendations - The easing of liquidity due to anticipated interest rate cuts by the Federal Reserve is expected to positively impact market conditions [5]. - The domestic A+H share innovative drug companies are seeing significant market capitalization increases, which may enhance local investment and financing conditions [5]. - Key areas to focus on include the impact of U.S. monetary policy, changes in investment and financing dynamics, and the gradual recovery of overseas demand [5]. Company-Specific Focus - Companies benefiting from domestic innovative drug support policies include clinical CROs like Sunshine Nuohuo and Nuo Si Ge [6]. - Life sciences upstream companies with strong overseas business performance include Haoyuan Pharmaceutical and Bid Pharma [6]. - Companies involved in weight loss drugs, Alzheimer's treatments, ADC, and AI concepts, such as Hongbo Pharmaceutical, are also of interest [6]. - Companies with unexpectedly high new order signings, like Pruis, should be monitored [6].

Core Insights - The biopharmaceutical industry is experiencing an upward trend, with companies showcasing their R&D progress and global market strategies during the recent performance briefing [1] - Companies are optimistic about their development in the second half of the year, driven by high R&D investments and technological advancements [1][4] R&D Progress - Companies like Sailun Biopharma and Haohai Biological are making steady progress in product development and market expansion [1] - Sailun Biopharma plans to introduce new projects, including broad-spectrum anti-snake venom antibodies and recombinant snake venom coagulants by mid-2025 [1][2] - Haohai Biological has several innovative products in the pipeline, including a pain-free cross-linked hyaluronic acid gel for aesthetic medicine, which has entered the registration phase [2] Market Trends - The demand for algal oil DHA products is increasing, driven by the replacement of old national standards for infant formula and rising maternal and infant consumption [2][3] - Jia Bi You's sales of algal oil DHA are growing significantly, with a faster transition from fish oil DHA among major clients [3] Industry Outlook - Companies express confidence in the industry's performance in the second half of the year, with expectations of continued growth in the GLP-1 drug market due to its effectiveness in diabetes and weight loss [4] - Nawei Technology anticipates significant market expansion for GLP-1 and other peptide drugs, projecting a revenue increase of approximately 108% in the first half of 2025 [4] Innovation and Global Expansion - The demand for drug molecular building blocks is recovering, with companies like Bid Pharma expanding their compound libraries to cover mainstream targets [5] - Companies are leveraging AI in synthetic biology to enhance R&D efficiency and reduce costs [5] - Xuan Tai Pharmaceutical is pursuing a diversified market strategy, collaborating with Kalbe Farma in Indonesia to penetrate Southeast Asian markets [6]

2025 年 09 月 15 日 行业深度研究 看好/维持 医药 医药 行业企稳向好，回暖曙光已现 走势比较 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<板块缩量高位震荡，关注创新药 BD 新 进 展 （ 附 原 料 药 中 报 总 结 ） (2025.09.08-2025.09.14)>>-- 2025-09-15 <<太平洋医药日报（20250912）： Ionis 在研 ASO 疗法 ION582 获突破 性疗法认定>>--2025-09-14 <<祥生医疗：业绩符合预期，创新管 线稳步推进 >>--2025-09-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 收入保持稳定增长，利润同比快速提升。2025 年上半年，CXO 板块实 现营业收入 47 ...

截至收盘，沪指跌0.26%报3860.5点，深证成指涨0.63%报13005.77点，创业板指涨1.52%报3066.18点， 沪深北三市合计成交23034亿元。 （文章来源：证券时报网） 盘面上看，保险、银行、酿酒、券商、有色等板块走低，农业、汽车、地产等板块上扬，网游、CXO 概念、机器人概念等活跃。 15日，沪指盘中回落走低，创业板指较为强势，盘中一度涨近3%，场内近3400股飘绿。 华西证券指出，本轮牛市驱动力并未改变，政策依旧对"稳股市"提供有力支持，居民端潜在增量资金也 依旧充沛。结构上，牛市行情中景气赛道有望在产业变迁过程中享受估值溢价；政策维度，10月将召开 四中全会，硬科技、新质生产力领域或有较多政策催化；产业维度，近期海外AI产业资本开支预期持 续增强，市场对此反映积极；盈利维度，A股盈利筑底阶段需在结构上精选高景气赛道，从2025年盈利 预期来看，TMT领域亮点较多。行业配置上，首选高景气赛道，如固态电池、储能、创新药、AI应 用、人形机器人等；新消费领域，如IP经济、口含烟等；另外，美联储降息的背景下，港股有望获 得"外资+南下"双加持，如港股互联网。 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report focuses on investment opportunities in the dual-antibody treatments in the autoimmune sector, highlighting the unmet needs in existing therapies and the potential for blockbuster drugs [5][15] - The report emphasizes the long-term trends in innovative drugs, the recovery of the CRO industry, and the potential for growth in various sub-sectors of the pharmaceutical industry [8][22][28] Summary by Relevant Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9157.77, with a 52-week high of 9323.49 and a low of 6070.89 [2] Recent Market Performance - During the week of September 8 to September 12, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.47 percentage points [7][19][36] Investment Recommendations 1. **Innovative Drugs**: The report suggests that domestic innovative drugs are poised for global competition, with significant potential for growth in the oncology and respiratory sectors. Beneficiaries include companies like Innovent Biologics and Junshi Biosciences [8][22] 2. **CRO Sector**: The report indicates that the CRO industry is expected to see a recovery in profitability due to stable competition and increasing demand from innovative drug development [22][24] 3. **Biological Products**: Focus on core product volume opportunities and potential valuation re-evaluations based on product data or business development expectations. Key companies include TianTan Bio and Anke Bio [9][28] 4. **Medical Devices**: The report anticipates a turning point in the medical device sector due to improved procurement processes and funding availability [29] 5. **Traditional Chinese Medicine**: The report highlights opportunities in innovative research and policies benefiting traditional Chinese medicine companies [32][34] Market Trends - The report notes that the overall valuation of the pharmaceutical sector (TTM) is 31.72, with a relative valuation premium of 136.86% over the CSI 300 index, indicating a slight decrease from the previous week [42]

Summary of the Conference Call for Zhaoyan New Drug Industry Overview - The CXO industry is performing well, driven by the concentration of early orders towards leading companies, benefiting firms like Zhaoyan New Drug, Weiya Bio, and WuXi AppTec among others [2][3] - The demand recovery in domestic R&D and growth in clinical outsourcing business are key factors for the positive outlook in the CRO sector [2][5] Company Performance - Zhaoyan New Drug, as a leading safety evaluation CRO in China, is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.7 billion, 2 billion, and 2.23 billion RMB respectively, and net profits of 370 million, 550 million, and 570 million RMB [2][5] - The company experienced rapid revenue growth from 2018 to 2022, but faced a slowdown in 2023 due to a cooling investment environment and increased competition [4][10] - In the first half of 2025, Zhaoyan New Drug signed new orders worth 1.02 billion RMB, a 13% year-on-year increase, with a backlog of 2.3 billion RMB [4][11] Market Dynamics - The experimental monkey market is currently facing a supply-demand imbalance, leading to rising prices. The aging population of existing monkeys and strict import policies exacerbate this issue [6][7] - The demand for experimental monkeys is particularly high for large molecule drug development, which uses monkeys in over 70% of cases, compared to 20%-30% for small molecules [8] Strategic Initiatives - Zhaoyan New Drug has invested in building an experimental animal base since 2018 and acquired monkey breeding facilities to mitigate supply shortages and stabilize operations [9] - The company has successfully expanded its overseas business, leveraging competitive advantages in cost and efficiency, particularly in offshore outsourcing [12] Future Outlook - The company is expected to maintain a strong growth trajectory, with a projected compound annual growth rate of 54% from 2018 to 2022, despite facing challenges in 2023 and 2024 [10][13] - Investors are advised to consider potential risks including market demand fluctuations, increased competition, and changes in import/export policies [13]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [9] Core Insights - The innovation chain sector has shown strong performance, standing out within the pharmaceutical sub-sectors, with both CXO and life sciences services on an upward trend. The sector benefits from a resonance of overseas and domestic demand [2][6] - The innovation chain sector has been the fastest-growing sub-sector in the pharmaceutical industry, with a notable return to positive revenue growth since Q4 2024, and accelerating year-on-year growth rates [6][26] - The profitability of the innovation chain sector has significantly improved, making it the strongest sub-sector in terms of profit levels within the pharmaceutical industry [34] Summary by Sections Innovation Chain Performance - In H1 2025, the overall revenue of the pharmaceutical sector was CNY 11,836.9 billion, down 3.0% year-on-year, while the innovation chain sector's revenue reached CNY 616.1 billion, up 9.9% year-on-year [26] - The innovation chain sector's net profit attributable to shareholders in H1 2025 was CNY 122.5 billion, a 64.2% increase year-on-year, indicating a strong recovery in profitability [30] Overseas Demand - The overseas demand for biopharmaceuticals has been recovering, with a significant increase in investment and financing amounts since Q1 2024, driven by expectations of interest rate cuts by the Federal Reserve [7] - Chinese CDMO companies have seen a notable improvement in new orders and backlog amounts, with year-on-year growth rates recovering to over 15% [7] Domestic Demand - The domestic demand for innovative drug research and development is improving, with diversified funding sources and a rising willingness to invest in R&D [8] - Companies with strong capabilities in drug discovery CRO services, such as Kanglong Chemical and Hongbo Pharmaceutical, have shown improved revenue performance [8] CXO and Life Sciences Services - The CXO sector's revenue in H1 2025 was CNY 457.6 billion, a 14.0% increase year-on-year, with net profit growing by 65.6% [36] - Life sciences services are also on an upward trajectory, with significant potential for revenue growth driven by the recovery in domestic drug discovery [8][36]

Investment Rating - The industry rating is "stronger than the market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][75]. Core Insights - The report analyzes the impact of the "Biological Safety Act" on the CXO industry and concludes that the BD policies will not have a substantial effect on the innovative drug sector [4][28]. - The CXO companies have shown resilience, with stock prices recovering and reaching new highs despite the changes in the Biological Safety Act [4][17]. - The report emphasizes the advantages of China's innovative drug industry, including talent resources, research efficiency, and cost-effectiveness, which are expected to mitigate the impact of external policies [4][28]. Summary by Sections Market Review - During the week of September 8-12, 2025, the CITIC Pharmaceutical Index fell by 0.3%, underperforming the CSI 300 Index by 1.7 percentage points, ranking 28th among CITIC's primary industry classifications [3][30]. - Year-to-date, the CITIC Pharmaceutical and Biotechnology Index has risen by 27.8%, outperforming the CSI 300 Index by 12.9 percentage points, ranking 8th among CITIC's industry classifications [3][30]. - The top five performing stocks for the week included: Zhend Medical (+41.3%), Haooubo (+28%), Jimin Medical (+25.9%), Kangwei Century (+23.2%), and Ao Jing Medical (+20.5%) [3][44]. Impact of the Biological Safety Act - The report details the evolution of the Biological Safety Act since December 30, 2023, noting that the stock price reactions of representative CXO companies have become desensitized over time, with current prices surpassing levels from December 29, 2023 [4][17]. - The performance of CXO companies in the U.S. market has remained strong, with significant growth in orders and revenue despite the act's implications [24][28]. Investment Focus - The report suggests focusing on three main areas in the innovative drug and its supply chain: companies with revenue and commercialization capabilities, potential BD opportunities based on technological trends, and exploring cutting-edge technologies such as gene therapy and CAR-T [5][28]. - The medical device sector is also highlighted as a key area for investment, with expectations of a policy turning point and improving fundamentals [5][28]. Stock Recommendations - The report recommends a focus on specific stocks including Kangfang Biotech, Baiji Shenzhou, Xinda Biotech, Enhua Pharmaceutical, and others for the upcoming month [5][12].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The innovative drug industry chain has shown significant performance, with multiple sectors expected to see upward turning points in H2 2025 [1] - The pharmaceutical sector has experienced a strong rebound, significantly outperforming the broader market, with the CITIC Pharmaceutical Index rising by 26.28% as of August 29, 2025, surpassing the CSI 300 Index by 12.01 percentage points [2][9] - The report highlights a notable improvement in profit growth in June 2025, indicating a positive trend for the pharmaceutical industry [31] Summary by Sections Subsector Performance - **Chemical Pharmaceuticals**: In Q2 2025, revenue reached 189.9 billion yuan, a year-on-year decrease of 2.3%, while net profit was 24 billion yuan, up 4.4% [2] - **A-share Innovative Drugs**: Q2 2025 revenue grew by 31.6% year-on-year, with net profit losses narrowing by 61% [2] - **Hong Kong Stock Innovative Drugs**: H1 2025 revenue was 735.6 billion yuan, a 12.4% increase year-on-year, with net profit reaching 64.3 billion yuan, up 239.9% [2] - **Vaccines**: Revenue in Q2 2025 was 8.5 billion yuan, down 37.5% year-on-year, with net profit of 1 billion yuan, down 94.8% [3] - **Blood Products**: H1 2025 revenue was 11.4 billion yuan, up 0.6% year-on-year, with net profit of 2.75 billion yuan, down 13.1% [3] - **Traditional Chinese Medicine**: H1 2025 revenue was 177.5 billion yuan, down 5.5% year-on-year, with net profit of 22.1 billion yuan, up 0.4% [4] - **Medical Devices**: H1 2025 revenue was 115.96 billion yuan, down 5.0% year-on-year, with net profit of 18.35 billion yuan, down 17.6% [3] - **Pharmaceutical Distribution**: H1 2025 revenue was 468.1 billion yuan, down 0.04% year-on-year, with net profit of 9.8 billion yuan, up 8.1% [5] Market Overview - The pharmaceutical sector's valuation remains low, with a premium rate narrowing. As of August 29, 2025, the CITIC Pharmaceutical PE (TTM) was 30.8X, indicating a 22.03% premium rate, below the historical average [17] - The proportion of public funds heavily invested in pharmaceuticals has increased, with the total public fund's pharmaceutical heavy position at 9.8% in Q2 2025, up 0.7 percentage points [21] Future Outlook - The report anticipates continued growth in the innovative drug sector, driven by ongoing business development and data extraction catalysts, alongside easing policy disruptions [2][9] - The medical device sector is expected to see a turning point in performance in H2 2025, with increased demand and improved financial results anticipated [40]