交银国际研究 行业更新 行业评级 领先 2026 年 2 月 27 日 医药行业周报 ASCO GU 大会召开在即，板块波动中持续看好低估创新标的 行业与大盘一年趋势图 资料来源： FactSet 2/25 6/25 10/25 2/26 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 评级 | | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY26E | | | FY27E FY26E FY27E FY26E FY27E FY26E | | | | | | | | | ...

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]

（来源：衢州日报） 2022年4月，陈某投资设立某血液透析中心并担任院长。为吸引患者就诊、谋取非法利益，该中心以低 价治疗、发放补贴、免费接送等"福利"为诱饵，重点针对低保户血液透析患者开展营销。 转自：衢州日报 法律依据：本案中，医保基金属于公共财产范畴。被告人以非法占有为目的，利用经营医疗机构的便 利，虚构医疗服务事实，骗取医保基金，其行为完全符合《中华人民共和国刑法》第二百六十六条规定 的诈骗罪的构成要件。法院的判决不仅评价了其诈骗公共财产的罪行，也实质上否定了其通过违法手段 进行不正当竞争、扰乱正常医疗市场与监管秩序的经营模式，维护了市场经济所必需的法治原则与诚信 基石。 通讯员 石洁 王元欣 风险提示：在激烈的市场竞争中，任何市场主体都必须将合规经营放在首位，严禁通过虚构服务、欺诈 欺瞒等违法手段获取竞争优势或非法利润，否则终将受到法律的严厉制裁。 医保基金是人民群众的"看病钱""救命钱"，更是受法律严格保护的公共财产，其安全高效运行直接关系 国计民生与公共服务质量。近日，一起民营医院以"优惠福利"为幌子、虚构诊疗项目骗取医保基金的案 件依法宣判，三名相关责任人均因诈骗罪被判处刑罚，彰显了司法机关守 ...

责编| 柒 排版| 沐言 第 9425篇深度好文：4447字 | 11 分钟阅读 商业思维 在网友的"野性消费"下，李亚鹏还在刷新自己的带货纪录。2026年1月30日晚，李亚鹏在抖音举办普洱茶专场，6小时的直播中，单场销售额达1.62亿元。 这场直播累计观看人次超4028万，虽然李亚鹏不断提醒网友"理性下单"，但多数茶品上架即秒空。 其中高端茶品"班章孔雀生态茶大饼"单链接销售额破1200万元，价格为12888元/饼的收藏茶，同样在12秒内售罄。 网友将支持李亚鹏比作"善意聚会"，1.62亿的GMV，也打破了他上周在1月23日创造的1亿元纪录。 那个夜晚，曾被网友比作"李亚鹏之夜"。当晚，李亚鹏在直播间里第三次鞠躬致谢时，观看人数突破2400万。 这位曾经因"欠债4000万"屡登失信名单的明星，此刻站在了抖音带货总榜榜首，热度值1683.8万，将热度429.2万的"与辉同行"甩在身后。 一夜间，李亚鹏身上的标签从"老赖""商业黑洞"，变换为"侠义心肠""慈善家"等。 1月28日，李亚鹏再次现身，与10天前相比，他的粉丝数已从600多万涨至千万。虽然他依旧如过去几年一样，讲述着茶品文化，但评论区的画风已经从调 ...

Core Viewpoint - The article discusses the transformation of Li Yapeng from a "discredited" figure to a successful live-streaming seller, highlighting the impact of his charity work and the challenges faced by his associated charity hospital, the Yanyuan Angel Children's Hospital [4][10][24]. Group 1: Li Yapeng's Live-Streaming Success - Li Yapeng achieved a record sales figure of 1.62 billion yuan in a single live-streaming event on January 30, 2026, breaking his previous record of 1 billion yuan [5][6]. - The live-stream attracted over 40.28 million viewers, with high-end tea products selling out within seconds, indicating a strong consumer interest [5][6]. - Following a public appeal regarding the financial struggles of his charity hospital, Li Yapeng's popularity surged, leading to a significant increase in his follower count from 600,000 to over 1 million in just ten days [7][12]. Group 2: Challenges Faced by Yanyuan Angel Children's Hospital - The Yanyuan Angel Children's Hospital is facing severe financial difficulties, with reported debts exceeding 30 million yuan due to unpaid rent and operational costs [9][16][25]. - The hospital's patient volume has significantly declined, with outpatient visits dropping from over 63,000 in 2018 to just 27,900 in 2020, reflecting operational challenges [16][18]. - Despite the recent surge in donations exceeding 20 million yuan following Li Yapeng's appeal, the funds cannot be used for operational costs due to legal restrictions, necessitating the need for sustainable revenue generation [25][26]. Group 3: Li Yapeng's Business and Charity Dynamics - Li Yapeng's previous business ventures have faced failures, leading to a public perception of him as a "failed businessman" prior to his recent success in live-streaming [22][24]. - The article emphasizes the need for Li Yapeng to establish a sustainable operational model for the hospital, as relying solely on public goodwill and donations is insufficient for long-term viability [26]. - The hospital's operational model has been criticized for lacking a comprehensive medical system and revenue-generating capabilities, which are essential for its survival [21][24].

Core Insights - Li Yapeng has successfully transitioned from a "dishonest" label to a prominent figure in live commerce, achieving a record sales figure of 1.62 billion yuan in a single night on Douyin [2][3] - His recent success is attributed to a surge in public support following the announcement of financial difficulties faced by the Beijing Yanran Angel Children's Hospital, which he co-founded [5][8] - Despite the recent financial windfall, the long-term sustainability of the hospital remains uncertain, as it struggles with operational costs and a lack of a self-sustaining revenue model [20][22] Group 1: Sales Performance - On January 30, 2026, Li Yapeng's live stream generated 1.62 billion yuan in sales within six hours, breaking his previous record of 1 billion yuan set just a week earlier [2] - The live stream attracted over 40.28 million viewers, with high-end tea products selling out in seconds, including a single product that sold for 12.88 thousand yuan [2][3] - Following the announcement of the hospital's financial issues, Li's Douyin account gained over 1.32 million new followers in just seven days, with average sales per live stream increasing to around 25 million yuan [8] Group 2: Hospital Financial Struggles - The Yanran Angel Children's Hospital is facing severe financial difficulties, with reported debts exceeding 30 million yuan, primarily due to unpaid rent [12][21] - The hospital's patient volume has significantly declined, with outpatient visits dropping from over 63,000 in 2018 to just 27,900 in 2020, indicating a 58% decrease [12] - Li Yapeng has publicly acknowledged the hospital's operational challenges, stating that it may not survive without substantial financial support [17][20] Group 3: Public Perception and Brand Image - Li Yapeng's image has shifted from a "commercial failure" to a "philanthropist," as public sentiment has turned in his favor due to his charitable efforts [3][11] - The public's emotional support has translated into financial contributions, with over 20 million yuan raised for the hospital in just five days following the announcement of its financial troubles [8] - However, there are concerns that the reliance on public goodwill and donations may not be a sustainable solution for the hospital's long-term viability [20][22]

Core Viewpoint - Lianchi Hospital is shifting its focus to the Hong Kong Stock Exchange (HKEX) after unsuccessful attempts to list on various domestic capital markets, aiming to secure financing for its expansion in maternal and child healthcare and orthopedic services [1][4]. Group 1: Listing Path Changes - The hospital's journey towards capitalization has faced multiple challenges, having explored listings on different platforms including the New Third Board, the Selected Layer, the ChiNext, the Shenzhen Main Board, and the Beijing Stock Exchange, but none have succeeded [2]. - The frequent adjustments in listing strategy reflect the company's adaptation to varying regulatory environments across capital markets, raising concerns about the stability of its long-term capital strategy [2]. Group 2: Business Expansion and Potential Pressures - To strengthen its position in the "elderly and children" healthcare sector, Lianchi Hospital has accelerated external expansion through acquisitions, which have increased its hospital network and revenue but also raised funding needs [3]. - The company has faced regulatory penalties and issues related to compliance, highlighting the ongoing challenge of maintaining service quality and regulatory adherence during rapid expansion [3]. - The concentration of revenue sources and the complexities arising from acquisitions, such as increased accounts receivable and goodwill, complicate the financial landscape during this expansion phase [3]. - The funds raised from the upcoming IPO are intended for upgrading existing facilities, expanding operations, and enhancing research and development, indicating a strategic focus on leveraging capital for core business consolidation [3].

Company Overview - Lianchi Hospital Group Co., Ltd. is a specialty medical group in China, operating five hospitals and one elderly care institution under a group management structure as of September 30, 2025 [3] - The company emphasizes a "patient-first" core value and implements a "human-centered medical" management model, creating a well-known medical brand called "Lianchi Medical" [3] - As of September 30, 2025, the total building area of the hospitals is approximately 117,893.06 square meters, with a total of 786 registered beds and a team of 341 practicing physicians and assistant doctors [3] Financial Performance - The company recorded revenues of approximately RMB 356.43 million, RMB 418.41 million, and RMB 358.57 million for the years ending December 31, 2023, December 31, 2024, and the nine months ending September 30, 2025, respectively [5][6] - The net profit for the same periods was RMB 56.73 million, RMB 67.59 million, and RMB 55.51 million [7] - Gross profit figures were approximately RMB 117.23 million, RMB 151.14 million, and RMB 127.63 million, with gross profit margins remaining stable at 35.0% for the nine months ending September 30, 2024, and 35.6% for the nine months ending September 30, 2025 [8] Industry Overview - The Chinese healthcare service market has been steadily improving, driven by increasing health awareness, expanded public health insurance coverage, and the rise of chronic diseases [9] - Total healthcare expenditure in China increased from RMB 6.58 trillion in 2019 to RMB 9.76 trillion in 2024, with a compound annual growth rate (CAGR) of 8.2% from 2019 to 2024 [9] - The number of private hospitals in China is projected to grow from 22,424 in 2019 to 26,956 by 2024, with a CAGR of 3.8% [15] Competitive Position - Lianchi Hospital's Zibo Lianchi Orthopedic Hospital ranks first in Shandong Province and third nationally in terms of private hospital knee surgery volume for 2024 [4] - The Chongqing Great Wall Orthopedic Hospital is ranked first among private orthopedic specialty hospitals in Southwest China based on revenue for 2024 [4]

Core Viewpoint - The documentary reveals a corruption case in the medical insurance fund management in Beizhen City, Liaoning Province, highlighting the collusion between public officials and a private hospital to defraud the medical insurance fund [1][5]. Group 1: Corruption Details - Nine public officials from the Beizhen Medical Insurance Center were investigated for collusion with the private hospital, Xinzhuguang Hospital, to defraud the medical insurance fund [1]. - The investigation began after public reports indicated that officials were colluding with the hospital to misappropriate funds, leading to the discovery of "yin-yang" accounts with fixed ratios of 2% to 5% for medical insurance expenditures [1][3]. - The hospital's fraudulent activities included creating fictitious medical records and procedures, with a significant number of false cataract surgeries reported in 2020, which did not align with local healthcare realities [3][4]. Group 2: Methods of Fraud - The hospital employed various deceptive tactics, such as offering free health check-ups and meals to lure patients, while using their identities to fabricate medical records for reimbursement [2][4]. - The hospital's management, led by Xu Hongmei, shifted focus from genuine medical care to fraudulent practices, with a structured plan to incentivize staff for patient recruitment [2][4]. - The fraudulent scheme was facilitated by bribing public officials, including Li Ying, who received a total of 685,000 yuan in bribes, resulting in significant losses to the medical insurance fund [5][6]. Group 3: Impact on Healthcare System - The corruption undermines the integrity of the healthcare system, leading to a loss of public trust and potential harm to patient health due to over-medication and unnecessary procedures [5]. - The involvement of public officials in corrupt practices compromises the intended benefits of including private hospitals in the medical insurance system, ultimately harming the public interest [5]. - The case illustrates the broader implications of corruption in healthcare, where personal gains lead to substantial losses in public resources meant for community health [5].