[Table_subIndustry] 细分行业评级 医药制造业 增持 医药服务业 增持 本报告导读： 持续推荐创新药等投资主线 [Table_Industry] 医药 ——国泰海通医药 2025 年 5 月第一周周报 [Table_Invest] 评级： 增持 制药龙头恒瑞医药港股发行已通过港交所聆讯，有望持续催化创新药行情，持续推 进创新药等投资主线。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /Table_Date] 2025.05.11 请务必阅读正文之后的免责条款部分 2 of 8 [table_Authors] 余文心分析师 郑琴分析师 谈嘉程分析师 02138676666 02138676666 02138676666 登记编号 S0880525040111 S0880525040108 S0880523070004 2025-05-12 [Table_Summary] 持续推荐创新药等投资主线。持续推荐景气度向上的创新药，维持 恒瑞医药、华东医药、翰森制药、贝达药业、信立泰、科伦药业、 百利天恒、荣昌生物、科伦博泰生 ...

Group 1: Financial Performance - The company's net profit for the current period is 120.27 million yuan, an increase of 9.84 million yuan year-on-year, with a net profit margin of 12.35%, up by 1.09% [8] - Operating revenue decreased by 0.71% year-on-year, while the net profit increased by 8.91%, indicating a divergence in revenue and profit growth due to changes in product structure [22][14] - The company’s operating cash flow net amount increased by 50.50% year-on-year, primarily due to stable cash flow from self-produced traditional Chinese medicine [9] Group 2: Market Position and Product Performance - The main product, Panlong Qipian, holds the number one market share in the traditional Chinese medicine market for musculoskeletal and rheumatic diseases, with a market share of 8.05% [2][11] - The company’s revenue from the Northwest region decreased by 32.48%, attributed to the concentration of clients in that area and the impact of divesting a subsidiary [5] - The company plans to expand its product line and market presence, focusing on potential high-revenue products like children's throat granules and osteoporosis tablets [11] Group 3: Research and Development - R&D expenses increased by 85.31% year-on-year, with a total of 17.28 million yuan invested, but the R&D expense ratio remains low at 3.8% compared to the industry average [10] - The company is advancing the development of new products, including PLZY-001 and PLJT-004, and aims to enhance its R&D capabilities through partnerships with universities and research institutions [4][6] - The company has established multiple research platforms to support innovation in traditional Chinese medicine, including a new drug research base in Shaanxi [6] Group 4: Strategic Initiatives - The company adheres to a "one body, two wings" strategy, focusing on core business and innovation while expanding its international vision [6] - Plans to enhance the market presence of traditional Chinese medicine products and improve brand recognition in key markets are underway [7] - The company is committed to sustainable practices and has been recognized as a national green factory, integrating environmental considerations into its operations [16] Group 5: Challenges and Risks - The company faces risks related to the concentration of revenue sources, particularly from its core product, Panlong Qipian, which accounts for over 70% of revenue [11] - The increase in accounts receivable, which is three times the profit, raises concerns about potential bad debt risks, although historical data suggests minimal losses [5] - The company is addressing the challenges posed by fluctuating raw material prices and healthcare cost control policies through strategic sourcing and inventory management [12]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status, strategic moves, and financial activities [2]. Company Announcements - Lijun Co. confirmed that its operational status is normal and there are no undisclosed significant matters affecting its stock price, despite recent trading volatility [3]. - Wolong Nuclear Materials plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand image, pending shareholder and regulatory approvals [4]. - Aikelan announced the termination of a share transfer agreement with a private equity fund, which will not affect the company's control or governance structure [6]. - Wanda Film's subsidiary plans to invest in Lezi Tiancheng and engage in strategic cooperation, focusing on IP toy product development and marketing [7]. - Sunshine Nuohuo intends to acquire 100% of Jiangsu Langyan Life Science Technology Co., enhancing its R&D and production capabilities, with stock resuming trading on May 13 [8]. Shareholding Changes - Ruineng Technology's controlling shareholder plans to reduce its stake by up to 2.89% through block trades and public offerings, with a reduction period from June 4 to September 3, 2025 [9]. - Tianqiao Hoisting's controlling shareholder plans to increase its stake by investing between 75 million to 150 million yuan, with a maximum purchase price of 5 yuan per share [10]. - Boyun New Materials' shareholder plans to reduce its stake by up to 3% within three months starting from June 5, 2025 [11]. Share Buybacks - Guomai Culture plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 16 yuan per share, to be completed within 12 months [12]. - Haizheng Pharmaceutical intends to repurchase shares worth between 50 million to 100 million yuan for an employee stock ownership plan, with a maximum price of 13 yuan per share [13]. Major Contracts - China CNR recently signed significant contracts totaling approximately 54.74 billion yuan, accounting for about 22.2% of its projected revenue for 2024, covering various sectors including urban rail vehicles and wind energy equipment [14].

阳光诺和是一家专业的药物临床前及临床综合研发服务 CRO 公司，并有较 多自研产品落地的需求；朗研生命专注于高端化学药及原料药的研发、生产和销 售，并对外提供药品生产服务，在高端化学药、原料药等领域深耕多年，已经形 成了较为成熟的医药生产体系。 通过本次收购朗研生命，公司将直接具备朗研生命完整的医药生产能力，形 成产业协同。一方面，阳光诺和作为 CRO 企业，具有较强的医药研发能力，并 且能够提高自有产品的研发效率、降低研发成本；另一方面，朗研生命作为医药 生产企业，能够优化生产工艺、保证生产质量、降低生产成本，促进自研产品落 地。 一、标的公司所处行业与上市公司处于上下游，符合科创板定位 标的公司主要从事高端化学药品制剂及原料药的研发、生产、销售，并对外 提供药品生产服务。根据《国民经济行业分类》（GB/T 4754-2017），标的公司 所处行业属于"C27 医药制造业"，与上市公司处于上下游。 根据国家统计局发布的《战略性新兴产业分类（2018）》，标的公司所属行 业为"4 生物产业"之"4.1 生物医药产业"之"4.1.2 化学药品与原料药制造", 标的公司所属行业符合《上海证券交易所科创板企业发行上 ...

北京阳光诺和药物研究股份有限公司董事会 关于本次交易符合《上市公司重大资产重组管理办法》 经审慎判断，公司董事会认为本次交易符合《上市公司重大资产重组管理办 法》（以下简称"《重组管理办法》"）第十一条、第四十三条的规定，具体情 况如下： 一、本次交易符合《重组管理办法》第十一条的有关规定 （一）符合国家产业政策和有关环境保护、土地管理、反垄断、外商投资、 对外投资等法律和行政法规的规定 本次交易完成后，朗研生命将成为上市公司的子公司，根据《国民经济行业 分类》（GB/T 4754—2017），朗研生命所处行业为"C27 医药制造业"。朗研 生命所处行业符合国家产业政策，本次交易符合国家产业政策等法律和行政法规 的规定，符合《重组管理办法》第十一条第（一）项的规定。 行政法规的规定 报告期内，朗研生命不存在因违反环境保护、土地管理、外商投资、对外投 资等方面法律和行政法规而受到重大行政处罚的情形；本次交易通过发行股份及 可转换公司债券的方式购买的资产为股权，不涉及立项、环保、规划等报批事项； 本次交易未涉及外商投资及对外投资事项。本次交易符合有关环境保护、土地管 理、外商投资、对外投资的法律和行政法规的规定。 ...

重要的消息有哪些 何立峰：中美达成重要共识 会谈取得实质性进展 央行：加强债市建设 中国人民银行（下称"央行"）5月9日发布《2025年第一季度中国货币政策执行报告》（下称《报告》）。本次《报告》有多篇专栏从不同角度体现出宏观政 策思路的转变，明确指出提振消费是当前扩内需稳增长的关键点；对比中美日政府债务情况，中国政府债务扩张仍有可持续性；促进物价合理回升，需要推 动经济供需平衡，关键在于扩大有效需求。《报告》还在专栏中指出要加强债券市场建设。在下一阶段政策取向上，《报告》提出，积极落地5月推出的一揽 子金融政策。把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水平。畅通货币政策传导机制，进一步完善利率调控框架，持续强化 利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。 央行重磅发布，额度5000亿元 5月9日，央行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设立服务消费与养老再贷款，额度5000亿元，激励引导金融机构加大对住宿餐饮、 文体娱乐、教育等服务消费重点领域和养老产业的金融支持。 4月份CPI环比由降转涨 核心CPI涨幅稳定 4月份，居民消费价格指数（CPI ...

Group 1 - The article discusses the challenges of long-term investing, highlighting that stocks often perform better after being sold, leading to frustration for investors [1][3][4] - It mentions specific companies like Hisense Electric and Yonghui Supermarket, illustrating the difficulties faced when holding onto underperforming stocks [1][2] - The author reflects on the unpredictability of the market, noting that stable profit companies may not yield expected returns while underperforming stocks can unexpectedly rise [3][4] Group 2 - The article emphasizes the importance of understanding market dynamics and avoiding reliance on social media opinions, which can lead to poor investment decisions [7][12] - It suggests that investors should consider low-risk options like convertible bonds or index funds, especially when market conditions are uncertain [5][12] - The discussion includes the notion that successful investing requires patience and a long-term perspective, as many stocks may take years to appreciate [11][14]

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

Core Insights - The biopharmaceutical industry is a strategic emerging industry crucial for national economy and security, with a significant growth of 13.7% in pharmaceutical manufacturing in Nanjing during Q1 2025, driven by innovation and a vibrant ecosystem of high-tech enterprises [1][8]. Group 1: Innovation and Product Development - Jiangsu Aosai Kang Pharmaceutical Co., Ltd. launched its first class innovative drug, Liratinib tablets, approved for non-small cell lung cancer, marking it as the first innovative drug approved in the province this year [2]. - Nanjing Novozan Biotechnology Co., Ltd. plans to launch six new Alzheimer's disease testing kits, with four being the first of their kind in the country, enhancing early detection capabilities [2][3]. - The new Alzheimer's testing kits are expected to receive regulatory approval by Q3, further simplifying the testing process from cerebrospinal fluid to blood samples [3]. Group 2: Ecosystem and Collaboration - Nanjing has established a deep integration of "industry-university-research-medical" collaboration, positioning itself as a hub for biopharmaceutical innovation, with significant clinical trial and drug approval activity [4][6]. - The city has created a favorable environment for research and development, with over 200 innovation platforms supporting various stages of drug creation [7]. - A strategic cooperation agreement was signed to support biopharmaceutical research and development, with a commitment of 2 billion yuan in diversified capital investment [9][10]. Group 3: Market Growth and Future Plans - The biopharmaceutical industry in Nanjing is projected to generate over 210 billion yuan in revenue in 2024, reflecting a 5% growth, indicating simultaneous scale and quality improvements [8]. - Nanjing aims to enhance its innovation ecosystem by promoting the transformation of cutting-edge research into commercial products, while also attracting leading technology firms [10].

Core Viewpoint - The A-share market will have three new stock subscriptions this week, including Hanbang Technology, Weigao Blood Purification, and Taili Technology, indicating a growing interest in innovative companies within the healthcare and technology sectors [1] Group 1: Hanbang Technology - Hanbang Technology is a leading supplier of chromatography separation and purification equipment in China, particularly in the production-grade small molecule drug separation market, holding a market share of approximately 39.2% [3] - The company has developed a comprehensive product matrix for both small and large molecule drug separation and purification equipment, catering to industrial production and laboratory research [2] - Hanbang Technology's revenue for 2022, 2023, and 2024 is projected to be 482 million, 619 million, and 691 million yuan, respectively, with net profits of 39 million, 51 million, and 79 million yuan [3] Group 2: Weigao Blood Purification - Weigao Blood Purification focuses on the research, production, and sales of medical products for blood purification, with a diverse product line including blood dialysis machines and accessories [4] - The company holds a leading market share in the domestic blood dialysis sector, with 32.5% in blood dialysis devices and 31.8% in blood dialysis tubing [4] - Revenue projections for Weigao Blood Purification for 2022, 2023, and 2024 are 3.426 billion, 3.532 billion, and 3.604 billion yuan, respectively, with net profits of 315 million, 442 million, and 449 million yuan [5] Group 3: Taili Technology - Taili Technology specializes in new material research and vacuum technology applications, being the exclusive supplier of compression bags for China's aerospace sector [6] - The company has implemented a multi-channel sales strategy, transitioning from traditional distribution to a primarily online sales model, while also maintaining strong offline retail partnerships [7] - Revenue forecasts for Taili Technology for 2022, 2023, and 2024 are 638 million, 835 million, and 1.02 billion yuan, respectively, with net profits of 59 million, 85 million, and 88 million yuan [7]