医药产业运行数据专题：院内外承压，局部恢复 20251020 摘要 2025 年 1-7 月全国财政卫生健康支出同比增长 5.3%，达 12,000 亿元 以上，较疫情前 2019 年同期增长 13.9%，表明政府对卫生健康领域支 持力度加大。 2025 年医药工业增加值增速低于全国工业平均水平，但逐月改善，7 月 份同比增长 2.4%。收入端承压，利润受出口和反内卷影响波动，总体 有恢复迹象，未来有望向上发展。 2025 年院外零售市场承压，中西药品社零增速仅为 1.2%，低于社零总 额增速。实体药店规模同比下降，中西药品需求相对刚性，医疗器械销 售改善，保健品下滑，行业监管趋严加剧竞争。 2025 年院内诊疗量放缓甚至下滑，住院人次下降明显。医疗设备招标 及医疗器械进出口受到影响，需持续关注。 2025 年上半年医疗器械出口表现较好，内窥镜、核磁共振设备和导管 插管类产品出口增长显著。但手套等产品受关税影响较大，出口下滑。 Q&A 今年医保基金的收入和支出情况如何？ 今年（2025 年）医保基金的收入保持了稳健增长。1-7 月份累计收入增速为 6.9%，7 月单月也表现出稳健增长，达到对打水平。从城镇职工 ...

Core Viewpoint - The IVD industry is experiencing rapid growth in domestic product registration and is increasingly focusing on international markets as a second growth curve, driven by domestic replacement and overseas expansion opportunities [13][17][27]. Market Review - The CITIC medical index fell by 2.60%, underperforming the CSI 300 index by 0.37 percentage points, ranking 14th among 30 primary industries [7]. - The top-performing stocks included Asia-Pacific Pharmaceutical, Duorui Pharmaceutical, and Guangsheng Tang, while the worst performers were Beida Pharmaceutical and Hualan Biological [7][11]. Industry and Stock Events - The IVD market is projected to grow significantly, with the global market expected to reach $128.2 billion by 2028, while China's IVD market is anticipated to grow to $8 billion [15][16]. - The registration of IVD products in China has shown robust growth, with a CAGR of 18.6% from 2021 to 2024, particularly in domestic products, which are expected to account for 80.5% of registrations by 2024 [14][17]. Overall Industry Perspective - The current valuation of the pharmaceutical sector is low, with public funds underweighting the sector. The industry is expected to benefit from macroeconomic factors and a recovery in demand for large-scale products [11]. - The domestic innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and internationalization [11]. - The medical device sector is witnessing a recovery in bidding volumes for imaging equipment and is expected to benefit from ongoing updates and overseas expansion [11]. IVD Industry Focus - The domestic IVD market is seeing accelerated replacement of imported products, with significant growth in the chemical luminescence segment, which is projected to grow at a CAGR of 15-20% from 2021 to 2025 [35]. - Companies like Mindray and New Industries are making significant strides in overseas markets, focusing on localization and expanding their product lines [32][35]. Company-Specific Developments - Mindray has strengthened its IVD capabilities through strategic acquisitions, enhancing its competitive edge in the international market [32]. - New Industries has successfully established a local operational model in India, which is now being replicated in other key markets, contributing to its overseas revenue growth [32][27]. - Ji'an Medical has rapidly expanded its brand presence in the U.S. market, leveraging its COVID-19 testing products to drive growth [33].

Core Viewpoint - The acquisition of Jiangsu Langyan Life Science Technology Co., Ltd. by Sunshine Nuohuo aims to create a seamless integration of R&D and production, significantly enhancing the efficiency and success rate of drug development [1][2][3] Group 1: Acquisition Details - Sunshine Nuohuo plans to acquire 100% equity of Langyan Life for a transaction price of 1.2 billion yuan [1] - The acquisition will involve issuing shares and convertible bonds to 38 shareholders and raising up to 865 million yuan from no more than 35 specific investors [1][3] Group 2: Strategic Significance - The merger is expected to reduce R&D failure risks and conversion costs by integrating R&D services with manufacturing capabilities [1][2] - Sunshine Nuohuo aims to enhance its early involvement in new drug development, optimizing R&D strategies and increasing success rates [1][2] Group 3: Product Pipeline and Innovation - Langyan Life has over 30 products in development, including two innovative drugs in clinical trials, which will complement Sunshine Nuohuo's CRO services [2] - The company is also advancing in cutting-edge fields like small nucleic acid drugs, with products expected to enter clinical stages by 2026 [2] Group 4: Financial Projections - Langyan Life has profit commitments of at least 74.87 million yuan, 87.67 million yuan, 110.81 million yuan, and 131.11 million yuan from 2025 to 2028, contributing significantly to Sunshine Nuohuo's profitability [3] - The integration of CRO and pharmaceutical manufacturing is expected to diversify Sunshine Nuohuo's revenue structure, enhancing overall profitability and risk resilience [3] Group 5: Industry Impact - The acquisition represents a strategic industry integration rather than a simple asset purchase, setting a new benchmark for the pharmaceutical R&D industry [3] - As competition in the pharmaceutical R&D sector intensifies, industry integration is seen as a key path for companies to build core competitiveness [3]

Group 1 - The core point of the announcement is that Chenda Group has pledged approximately 454 million shares of Zhenbaodao, accounting for 81.04% of its total holdings [1] - As of the announcement date, Zhenbaodao's market capitalization is 11.2 billion yuan [2] - For the fiscal year 2024, Zhenbaodao's revenue composition is as follows: pharmaceutical industry accounts for 87.78%, pharmaceutical commerce for 11.13%, and other businesses for 1.09% [1]

Market Review - The CITIC Pharmaceutical Index decreased by 1.98%, underperforming the CSI 300 Index by 1.54 percentage points, ranking 22nd among 30 CITIC first-level industries [7] - The top ten stocks by increase this week included Xiangrikui, Aopu Mai, and Xinlitai, with increases of 57.86%, 23.89%, and 15.81% respectively [7][37] - The top ten stocks by decrease included Borui Pharmaceutical and Jimin Health, with decreases of 38.36% and 19.65% respectively [7][37] Overall View and Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company maintains an optimistic outlook for the growth of the pharmaceutical industry in 2025, expecting diverse investment opportunities [12] - The innovative drug sector is transitioning from quantity to quality, focusing on differentiated and internationalized pipelines. Companies that can deliver profitable products are expected to be favored [12] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies. The company suggests focusing on key players in these areas [12] - The life sciences service sector is expected to see a rebound in overseas investment and domestic demand, with a focus on CXO and life science services as a growth driver [12] - The pharmaceutical industry is anticipated to enter a new growth cycle, particularly in the specialty raw materials sector, which is expected to benefit from cost improvements and low valuations [12] Industry and Individual Stock Events - The Chinese traditional medicine sector is expected to see growth driven by basic drug reforms and national enterprise reforms, with a focus on companies like Kunming Pharmaceutical Group and Kangyuan Pharmaceutical [10][31] - The medical service sector is expected to improve due to anti-corruption measures and centralized procurement, enhancing the competitiveness of private medical institutions [13][26] - The blood products sector is projected to grow significantly during the 14th Five-Year Plan period, with increased approval for plasma stations and expanding product offerings [13] - The medical device market is experiencing a shift towards domestic alternatives, particularly in high-value consumables and imaging equipment, with significant growth expected in 2024 and beyond [20][21] 2025Q3 Pharmaceutical Performance Outlook - Expected revenue growth rates for various companies in Q3 2025 range from 0% to over 60%, with notable mentions including Bai Pu Sai Si and Kanglong Huacheng [14] - The innovative drug sector is expected to see significant contributions from companies like Betta Pharmaceuticals and Hengrui Medicine, with growth rates projected between 10% and 30% [14] Investment Recommendations - The company recommends focusing on the pharmaceutical retail sector, particularly in light of the accelerating trend of prescription outflow and the optimization of competitive dynamics [25] - In the medical device sector, attention is drawn to companies benefiting from the recovery in bidding for imaging equipment and the growth of home medical devices [20] - The life sciences service sector is highlighted for its potential recovery and growth opportunities, particularly in overseas markets [24]

Group 1 - The company Jiuzhoutong (SH 600998) announced that its shareholder Shanghai Hongkang holds approximately 1.088 billion shares, accounting for 21.58% of the total share capital [1] - After the early release of share pledges, Shanghai Hongkang has pledged a total of approximately 467 million shares, which is 42.87% of its holdings and 9.25% of the total share capital [1] - As of September 25, 2025, the controlling shareholder Chuchang Investment and its concerted parties hold approximately 2.291 billion shares, representing 45.43% of the total share capital [1] Group 2 - Following the early release of share pledges, the total number of pledged shares held by Chuchang Investment and its concerted parties is approximately 1.077 billion shares, reducing the pledged proportion of their holdings to 47.01% and the total share capital to 21.36% [1] - For the first half of 2025, Jiuzhoutong's revenue composition is as follows: pharmaceutical wholesale and related businesses account for 95.94%, pharmaceutical manufacturing for 1.96%, pharmaceutical retail for 1.84%, medical health and technology services for 0.17%, and other businesses for 0.08% [1] - As of the report date, Jiuzhoutong's market capitalization is 24.6 billion yuan [1]

Group 1 - The controlling shareholder and actual controller of Jinhua Co., Ltd., Mr. Xing Boyue, holds approximately 73.27 million shares, accounting for 19.63% of the total share capital of the company [1] - After the release and re-pledging of shares, Mr. Xing has pledged a total of 53.27 million shares, which is 72.7% of his holdings and 14.27% of the total share capital [1] - As of the announcement date, Mr. Xing and his concerted parties collectively hold about 94.79 million shares, representing 25.4% of the total share capital [1] Group 2 - Mr. Xing and his concerted parties have pledged a total of 68.17 million shares, which is 71.92% of their total holdings and 18.26% of the total share capital [1] - For the fiscal year 2024, the revenue composition of Jinhua Co., Ltd. is as follows: pharmaceutical industry 99.89%, pharmaceutical commerce 0.14%, hotel industry 0.03%, and internal offsets -0.06% [1] - The current market capitalization of Jinhua Co., Ltd. is 2.6 billion yuan [2]

Core Viewpoint - The emphasis on new industrialization as a foundation for modernization, focusing on high-quality development of the real economy, is highlighted as a key strategy for enhancing national economic and technological strength, as well as improving people's living standards [2][4]. Group 1: Government Oversight and Implementation - The Central Commission for Discipline Inspection and the National Supervisory Commission are closely monitoring the implementation of important directives from General Secretary Xi Jinping regarding the industrial mother machine and pharmaceutical industries [4][5]. - A comprehensive evaluation mechanism is being established to assess the effectiveness of implementing these directives, ensuring that the standards of execution improve from mere compliance to high-quality implementation [5][6]. - In Sichuan Province, a political supervision ledger has been created to track over 100 items related to the implementation of Xi Jinping's directives, focusing on key areas with high risks [6][10]. Group 2: Local Initiatives and Support for Enterprises - Local governments are actively engaging in supervision to ensure that policies aimed at supporting specialized and innovative small and medium-sized enterprises (SMEs) are effectively implemented [10][11]. - In Henan Province, a working group has been formed to focus on the application of special funds and subsidies for SMEs, ensuring that policies are accurately executed without discrepancies [10][11]. - The establishment of a "direct connection" supervision platform in Guangzhou aims to enhance oversight of policy implementation and resource allocation for enterprises [13]. Group 3: Efficiency Improvements in Project Management - The Haimen Economic and Technological Development Zone has implemented a collaborative supervision mechanism to streamline project approval processes, ensuring compliance and timely execution [7][8]. - The supervision team in Haimen has proactively identified potential delays in land division procedures and has facilitated rapid responses to mitigate these issues [8]. - In Hunan Province, the supervision commission has successfully reduced the fund disbursement timeline for a housing project from 20 to 10 working days, enhancing operational efficiency for enterprises [14].

Group 1 - The company Dong-E E-Jiao (SZ 000423) held its 12th meeting of the 11th Board of Directors on September 21, 2025, via telecommunication to discuss the appointment of senior management personnel [1] - For the first half of 2025, Dong-E E-Jiao's revenue composition was as follows: pharmaceutical industry accounted for 97.88%, donkey breeding and trade accounted for 1.11%, and other industries accounted for 1.01% [1] - As of the report date, Dong-E E-Jiao's market capitalization was 30.8 billion yuan [1]

Group 1 - The core activity involved investors visiting China National Pharmaceutical Group, which is a key player in the pharmaceutical and medical device industry, showcasing its comprehensive business model and strategic layout [1][2] - The company emphasizes its mission of leading a better life through technological advancement and quality service, with a focus on high-quality development and innovation [1][3] - The company operates across a full industry chain, including planting, processing, research and development, production, sales, logistics, international trade, academic promotion, and technical services [1][2] Group 2 - During the event, the management team presented detailed operational data, highlighting the company's competitive strengths in the pharmaceutical health industry [3] - The company is committed to green production and new drug research, while also enhancing its innovative business platforms in medical devices [3] - The company maintains a high cash dividend ratio to strengthen shareholder return mechanisms, and it aims to improve operational efficiency amid national enterprise reforms [3]