www.hczq.com 证券研究报告 | 医药生物 | 2026年2月28日 华创医药投资观点&研究专题周周谈 · 第164期 海外CXO 2025财报总结&2026年展望 本周专题联系人：王宏雨 | 华创医药团队： | | | | --- | --- | --- | | 首席分析师郑辰 | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | 联席首席分析师刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 高级分析师王宏雨 | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 高级分析师朱珂琛 | 执业编号：S0360524070007 | 邮箱：zhukechen@hcyjs.com | | 分析师陈俊威 | 执 ...

证券简称：新里程 证券代码：002219 公告编号：2026-017 新里程健康科技集团股份有限公司 第七届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 新里程健康科技集团股份有限公司（以下简称"新里程"或"公司"）第七届董事会第五次会议通知于2026 年2月24日以书面、邮件及电话等形式发出，会议于2026年2月27日在公司会议室以现场结合通讯方式召 开，会议由董事长林杨林先生召集并主持，公司现任董事11名，实际表决董事11名，公司高级管理人员 列席本次会议，会议的召开与表决程序符合《中华人民共和国公司法》和《新里程健康科技集团股份有 限公司公司章程》（以下简称"《公司章程》"）的有关规定，所做决议合法有效。 一、董事会会议审议情况 经与会董事充分讨论，审议通过了以下议案并形成决议。 （一）审议通过《关于对全资子公司增加注册资本的议案》 公司于2026年2月9日以自有资金10,000万元投资设立了全资子公司北京新里程智能机器人有限公司（以 下称"新里程机器人公司"），基于公司战略发展规划及自身经营的需要，公司董事会同意公司以自有资 金对 ...

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the sector has clear long-term growth potential due to increasing supply and demand elasticity [12][19][36]. Core Insights - The blood products industry is expected to benefit from a more relaxed approval process for plasma collection stations during the 14th Five-Year Plan, leading to increased production capacity and a diverse range of products [12][19]. - The report highlights a significant shift in the industry from a supply surplus to a supply-demand balance, with expectations for improved performance in 2026 as supply constraints tighten and demand remains stable [36][34]. - Key companies to watch include TianTan Biotech, BoYa Bio, and HuaLan Bio, which are expected to see performance improvements as the market stabilizes [12][36]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index fell by 0.85%, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 primary industries [6]. - The top-performing stocks in the sector included AidiTe and ZhenDe Medical, while stocks like BeiXin Life and HuaYuan Bio faced significant declines [6][12]. Industry and Stock Events - The blood products sector has experienced a prolonged adjustment period, with a cumulative decline of 18.1% since early 2025, significantly underperforming the broader pharmaceutical sector [16]. - The report indicates that the performance of major blood product companies has varied, with some like WeiGuang Bio and HuaLan Bio performing better than the sector average [16]. Overall Perspective and Investment Themes - The report emphasizes the transition from a quantity-driven to a quality-driven approach in the innovative drug sector, suggesting a focus on differentiated products and international expansion [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with companies like MaiRui and LianYing expected to benefit from ongoing upgrades [10]. - The report also highlights the importance of the CXO and life sciences services sectors, predicting a recovery in domestic investment and a return to high growth rates [10]. Blood Products - The blood products industry is characterized by a clear growth trajectory, with both supply and demand expected to show significant elasticity [12][19]. - The report suggests that the industry will see improved performance due to a combination of increased plasma collection and a tightening supply situation, which is expected to stabilize prices and enhance profitability for key players [36][34].

Group 1 - The Guangdong Provincial Strategic Emerging Industry Investment Fund has a total scale of 100 billion yuan, with an initial scale of 50 billion yuan, aimed at leveraging social capital to form a fund cluster exceeding one trillion yuan [1][75]. - The fund operates under a three-tier structure of "guiding fund - mother fund - sub-fund," enhancing the leverage effect of fiscal funds and attracting private investment [2][76]. - The fund will primarily invest in strategic emerging industries, future industries, and the upgrading of traditional industries, supporting key provincial initiatives [3][77]. Group 2 - The guiding fund is designed for long-term operation without a fixed duration, establishing a stable investment mechanism to support the modernization of the industrial system [2][76]. - The fund's management includes ten innovative mechanisms, such as performance evaluation and resource sharing, to encourage early and long-term investments in hard technology [2][76]. - The fund aims to attract leading enterprises and establish industry ecological funds, focusing on unicorns and specialized enterprises [3][77]. Group 3 - The loan interest subsidy policy for manufacturing and high-tech enterprises allows for a subsidy of up to 35% of the bank loan interest rate, with a maximum annual subsidy of 20 million yuan per enterprise [8][81]. - The total scale of the annual loan interest subsidy is capped at 200 billion yuan, with a three-year total limit of 600 billion yuan [8][81]. - The policy is effective from May 1, 2025, to December 31, 2027 [8][82]. Group 4 - The personal consumption loan interest subsidy policy provides a 1% annual subsidy on eligible personal loans, with a maximum of 3,000 yuan per borrower per year [10][85]. - The policy is valid from September 1, 2025, to December 31, 2026, with potential extensions based on implementation results [10][86]. - The service industry loan interest subsidy policy supports loans for various service sectors, with a maximum subsidy of 1% on loan principal [10][91].

Group 1: Company Performance - Haiwang Bio (code: 000078.SZ) expects a net loss attributable to shareholders of 490 million to 600 million yuan for the year 2025, compared to a loss of 1.19 billion yuan in the previous year, indicating a continuous narrowing of losses for two consecutive years [1] - The company plans to focus on core business and asset integration by divesting 24 long-term loss-making subsidiaries, which is expected to impact net profit by 110 million to 150 million yuan this period [3] - The company anticipates goodwill impairment of 120 million to 150 million yuan, significantly lower than previous periods, indicating a gradual release of prior goodwill risks [3] Group 2: Industry Overview - The pharmaceutical distribution industry is undergoing a deep adjustment, with a decline in hospital and pharmacy terminal sales by 5.7% and 0.4% respectively in the first half of 2025 [2] - The new stage of centralized procurement emphasizes "stabilizing clinical use, ensuring quality, and countering internal competition," leading to structural adjustments in the procurement mechanism [2] Group 3: Strategic Transformation - 2025 is a critical year for Haiwang Bio's strategic transformation, with short-term business structure optimization and cost control pressures affecting performance [3] - The company is enhancing its core capabilities through collaboration with leading brands in the medical device sector and expanding value-added services [4] - The focus on high-margin industrial products and innovative research and development is expected to drive long-term growth, with a shift towards a "product + service" integrated business model [4][5] Group 4: Future Outlook - The company is expected to benefit from industry policy dividends and the implementation of its strategic initiatives, with a potential performance inflection point in 2026 [5] - The medical device sector will continue to deepen partnerships with top brands, aiming to expand its commercial platform to a "billion-level" target [5] - The company plans to accelerate the development of core pipelines and expand its matrix of products undergoing consistency evaluation, aiming to cultivate new profit growth points [7]

Core Viewpoint - Sunshine Nuohuo (688621.SH) has officially terminated its plan to acquire 100% equity of Langyan Life, marking the second failed attempt since 2022, amid challenges from policy changes and valuation disputes [1][3]. Group 1: Acquisition Attempts - The first acquisition attempt in 2022 was priced at 1.611 billion yuan, while the second attempt in 2025 was reduced to 1.2 billion yuan, a 25.5% decrease [2][4]. - The core products of Langyan Life, including Valsartan and Entecavir, faced significant price reductions due to centralized procurement, impacting revenue and profit forecasts [3][4]. - The termination of the first acquisition occurred on August 1, 2023, and the second on January 27, 2026, with both attempts facing scrutiny from the Shanghai Stock Exchange [2][5]. Group 2: Financial Performance and Market Conditions - Langyan Life's revenue dropped from 617 million yuan in 2022 to 465 million yuan in 2023, with net profit falling from approximately 80 million yuan to 36.71 million yuan [3][4]. - The company set a performance commitment for the second acquisition, requiring a cumulative net profit of at least 404 million yuan from 2025 to 2028 [2][4]. - Despite a report suggesting opportunities from a shift towards quality in procurement policies, market skepticism regarding the sustainability of Langyan Life's profitability persisted [5][6]. Group 3: Regulatory and Advisory Context - Guolian Minsheng Securities served as the independent financial advisor for both acquisition attempts, facing challenges in transaction structuring and compliance due to market conditions [6][8]. - The Shanghai Stock Exchange raised multiple inquiries regarding the fairness of pricing and the feasibility of performance commitments during the second acquisition attempt [4][5]. - Sunshine Nuohuo stated that the termination of the acquisition would not significantly impact its operational and financial status, projecting a revenue increase of 10.57% to 27.15% for 2025 [7][8].

Group 1: Support for SMEs - The Ministry of Finance and five other departments issued a notification to support small and micro enterprises in increasing investment and expanding production, providing a 1.5% annual interest subsidy for eligible enterprises [1] - The policy focuses on key industries such as new energy vehicles, industrial machinery, pharmaceuticals, medical equipment, and emerging fields like artificial intelligence [1] - The subsidy applies to fixed asset loans and new policy financial tools for eligible small and micro enterprises, with a maximum loan subsidy limit of 50 million yuan per enterprise [1] Group 2: National Emerging Industry Innovation Centers - The National Development and Reform Commission released a management method for national emerging industry innovation centers, aiming to promote the integration of technological and industrial innovation [3] - These centers will be led by industry leaders and will collaborate with upstream and downstream resources, focusing on key and frontier technologies [3] - The centers are expected to operate as independent corporate entities with diverse ownership structures and will utilize venture capital to support technology transfer and incubation [4] Group 3: Logistics and Supply Chain Development - The Ministry of Transport and seven other departments issued an action plan to enhance the service capacity of supply chains, aiming to create around 100 comprehensive logistics integrators by 2030 [5] - The plan encourages the establishment of a unified transportation market and supports the integration of logistics services across different modes of transport [5][6] - It promotes collaboration between logistics companies and upstream enterprises to improve efficiency and reduce costs in transportation logistics [6] Group 4: Regional Economic Development Initiatives - Yunnan Province introduced an action plan to develop its park economy, targeting a GDP contribution of over 25% from park areas by 2028 [7] - The plan emphasizes upgrading existing parks, focusing on manufacturing, and fostering high-tech enterprises [7][8] - It encourages collaboration among neighboring parks to enhance industrial development and resource sharing [8] Group 5: Business Environment Improvement - Jinshan District in Shanghai launched an action plan to enhance its business environment, focusing on high-quality development and streamlined project approval processes [9] - The plan includes personalized support for key projects and aims to reduce the administrative burden on enterprises [9] - It also emphasizes the creation of service brands tailored to specific industries, such as smart vehicles and advanced materials [9] Group 6: Innovative Approval Services - Beijing Economic-Technological Development Area introduced a new licensing model for the co-production of regular and health foods to reduce costs and improve efficiency [10][11] - The model allows for customized review processes and collaborative risk assessments to ensure compliance with safety standards [11] - This approach has led to significant cost savings and increased production capacity for participating companies, exemplifying a replicable model for other regions [11]

Core Viewpoint - The article discusses six fiscal and financial support policies aimed at stimulating private investment and promoting consumer spending, utilizing tools such as fiscal interest subsidies, financing guarantees, and risk-sharing mechanisms to lower financing costs for enterprises and reduce the consumption burden on residents [1][2]. Policy Content: Three Additions and Three Optimizations - Three new policies include: - Implementation of interest subsidy policy for loans to small and micro enterprises, with a 1.5% annualized subsidy for fixed asset loans, capped at 50 million per entity, focusing on key industries such as new energy vehicles and pharmaceuticals [2]. - Establishment of a special guarantee plan for private investment, with a total amount of 500 billion over two years, supporting loans for equipment purchases and business upgrades, including mid-sized enterprises for the first time [2]. - Creation of a risk-sharing mechanism for private enterprise bonds, providing credit enhancement support and loss compensation for bond issuances [3]. - Three optimized policies include: - Expansion of the equipment update loan interest subsidy policy to include more sectors and extend the support period, maintaining a 1.5% subsidy [4]. - Extension of the service industry loan interest subsidy policy until December 31, 2026, increasing the loan cap from 1 million to 10 million [4]. - Optimization of personal consumption loan interest subsidy policy, extending the support period and including credit card installment payments, with a 1% subsidy rate [4]. Policy Effectiveness: Expanding Demand and Credit Expansion - The fiscal interest subsidies are expected to significantly increase in scale from 60-90 billion in 2025 to 1,000-1,300 billion in 2026, with specific allocations for small and micro enterprises, equipment updates, service industry loans, and personal consumption loans [6][8]. - The combination of fiscal interest subsidies and fiscal subsidies is anticipated to effectively stimulate investment and consumption, with a notable impact on sectors like equipment upgrades and durable consumer goods [7][8]. Credit Impact: Demand Release and Differentiated Effects - The policy is expected to improve financing willingness and release credit demand, with differing effects between enterprises and residents [9]. - For enterprises, the policy is projected to significantly boost medium and long-term loans, with estimated savings of 1.75% in financing costs due to combined interest subsidies and structural policy rate cuts [10]. - For residents, despite the expanded support for non-housing consumption loans, conservative financial behavior may limit the effectiveness of the policy, leading to a focus on refinancing existing high-interest loans rather than increasing new loans [10].

Group 1 - The core viewpoint of the article is the introduction of a comprehensive set of fiscal and financial policies aimed at boosting domestic demand, particularly through enhancing consumer spending and supporting private investment [1][4]. Group 2 - The optimization of the "dual subsidy" policy includes increased subsidy amounts for personal consumers, with the subsidy per transaction rising from 500 yuan to 3000 yuan, and for service industry enterprises, the loan subsidy limit increased from 1 million yuan to 10 million yuan [2]. - The implementation period for the optimized personal consumption and service industry loan subsidy policies has been extended to the end of 2026, with potential for further extension based on effectiveness [2]. - The coverage of financial institutions has expanded from over 20 national institutions to more than 500, enhancing accessibility for consumers and businesses [3]. Group 3 - The policy to stimulate private investment includes a subsidy of 1.5% on fixed asset loans for equipment updates, applicable for a maximum of two years, and covers loans issued from 2026 onwards for technology innovation [4]. - The subsidy for small and micro enterprises includes a 1.5% annual subsidy on fixed asset loans, with a maximum loan size of 50 million yuan, and is set to be implemented for one year with the possibility of extension [5]. - A special guarantee plan for private investment has been established with a total quota of 500 billion yuan, aimed at enhancing government financing guarantees and directing financial resources to support quality goods and services [5].

Core Viewpoint - The current economic situation in China is characterized by strong supply but weak demand, prompting the National Development and Reform Commission (NDRC) and the Ministry of Finance to emphasize the need for macroeconomic policies that strengthen domestic circulation and expand domestic demand [1][3][4]. Group 1: Domestic Demand Expansion Strategy - The NDRC plans to formulate a five-year strategy for expanding domestic demand from 2026 to 2030, focusing on creating new demand through innovative supply [1][3][4]. - The strategy aims to achieve a dynamic balance between supply and demand, promoting an economic model driven by domestic demand and consumption [3][4]. Group 2: Fiscal Policy and Support Measures - The Ministry of Finance will maintain necessary levels of fiscal deficit, debt, and expenditure, ensuring that overall spending increases, particularly in key areas such as consumption and social welfare [1][5]. - A total of 1.3 trillion yuan (approximately 1.9 billion USD) in long-term special bonds will be issued to support consumption, with 300 billion yuan allocated specifically for the "old-for-new" consumption subsidy program [5]. Group 3: Consumer Incentives and Support - The "old-for-new" policy has significantly boosted consumption, with expectations that it will drive sales of related goods by over 2.6 trillion yuan (approximately 3.7 billion USD) [5]. - The NDRC will implement personal consumption loan interest subsidy policies, extending the implementation period to the end of 2026, and expanding the support scope to include credit card installment payments [10]. Group 4: Support for Small and Medium Enterprises (SMEs) - A new loan interest subsidy policy for SMEs will provide a 1.5% annual subsidy on fixed asset loans, with a cap of 50 million yuan (approximately 7 million USD) per enterprise [18][19]. - The policy targets key industries such as new energy vehicles, advanced manufacturing, and production services, aiming to stimulate investment and support industrial upgrades [19][20]. Group 5: Regulatory and Market Improvements - The NDRC will work on eliminating unreasonable restrictions in the consumption sector and establishing management methods for new consumption formats and scenarios [12][14]. - Efforts will be made to enhance the efficiency of fund usage and support for SMEs, including lowering investment thresholds and improving project approval processes [16][21].