优宁维（301166.SZ）1月5日在投资者互动平台表示，投资者您好，公司作为全国布局的生命科学一站 式服务商，已在海口等地设有18个办事处及11个销售子公司。包括海口办事处在内的各地办事处及销售 子公司均在正常开展业务，谢谢。 每经AI快讯，有投资者在投资者互动平台提问：冷总，公司在海南自贸区设分公司有没有开展业务？ （记者 曾健辉） ...

证券研究报告 | 医药生物 | 2026年01月04日 www.hczq.com 华创医药投资观点&研究专题周周谈·第157期 2025年度医药业绩前瞻 | 华创医药团队: | | | --- | --- | | 直席分析师郑辰 | 执业编号: S0360520110002邮箱: zhengchen@hcyjs.com | | 联席直席分析师刘浩 | 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 | 执业编号:S0360525060002邮箱:chenjunwei@hcyjs.c ...

证券日报网讯 12月25日，优宁维在互动平台回答投资者提问时表示，公司作为全国布局的生命科学一 站式服务商，已在海口等全国各地设有18个办事处及11个子公司。未来公司将会根据业务开展情况，综 合考虑优化业务布局，借助相关地区的政策优势加快业务发展。 （编辑 任世碧） ...

报告仅供4创证券有限责任公司的客户使用，本公司不会因接收人权到本报告而阅其为客户。华创证券的这些信息的准确性和完整性不作任何保证，提告中的内容和意见仅供参考，并不构成本公风对所述证券买 卖的出价或海价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免费声明。 部分 行情回顾 01 证券研究报告 | 医药生物 | 2025年12月12日 www.hczq.com 华创医药投资观点&研究专题周周谈 · 第154期 2025Q3实体药店市场分析 本周专题联系人: 高初营 | 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 高初营 | | 执业编号: S ...

Caris Life Sciences,?Inc. (CAI) closed the last trading session at $28.86, gaining 12.7% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $38.33 indicates a 32.8% upside potential.The average comprises nine short-term price targets ranging from a low of $28.00 to a high of $45.00, with a standard deviation of $4.72. While the lowest estimate indicates a decline of 3% from the curren ...

Overall Viewpoint - The core viewpoint of the report emphasizes that demand is the source of strength and innovation is the light that breaks the deadlock in the pharmaceutical industry. The continuous demand for pharmaceuticals and the increasing unmet needs drive pharmaceutical companies to invest in research and development, leading to explosive revenue and stock price growth [5][7][13]. Innovation Drugs - China has become a significant participant in global innovative drug research and development, with a high-quality growth rate of therapies in development far exceeding the global average. The domestic innovative drug sector is entering a revenue era driven by innovation, creating a positive dynamic between traditional pharmaceutical companies and emerging players [5][7][27]. - The number of domestic new drug overseas authorizations has surpassed $10 billion since 2021, indicating a sustained increase in overseas authorization activity, which continues to propel China's innovative drugs into the global market [5][7][27]. Pharmaceutical Industry - The report indicates that the innovative layout in the pharmaceutical industry is beginning to yield results, with performance expected to accelerate. Many companies are transitioning to a growth phase driven by innovation, suggesting that the current period is just the beginning of a more significant performance acceleration [5][7][27]. CXO Sector - Starting in the second half of 2024, global pharmaceutical research and development demand is expected to gradually recover, with strong demand for new molecular types such as peptides and ADCs driving growth in the CDMO segment. The value of leading CRO companies is anticipated to further highlight as the difficulty and barriers in drug development increase [5][7][27]. API Sector - The core business of API companies is primarily focused on non-U.S. exports (to Europe and India), with current demand remaining strong. Leading companies are achieving positive results in expanding into CDMO businesses, and many have integrated local market formulation businesses, which are expected to benefit from the easing of centralized procurement policies [5][7][27]. Medical Devices - The high-value consumables sector is experiencing a reduction in procurement pressure, with performance expected to return to a high growth trajectory. The report highlights that the bidding for medical devices is recovering, indicating an upcoming turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [5][7][27]. Traditional Chinese Medicine - The report expresses optimism for the recovery of the traditional Chinese medicine sector in 2026, with upward factors outweighing downward ones. The expected recovery sequence for sub-sectors includes hospital-based traditional Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer traditional Chinese medicine [5][7][27]. Medical Services - The report anticipates that with the introduction of several positive macro policies, consumer expectations are likely to recover. If favorable local fiscal policies are implemented, the bad debts and payment cycles for private hospitals will also see substantial relief, alleviating market concerns [5][7][27]. Pharmaceutical Retail - The pharmaceutical retail sector has faced continuous pressure since Q3 2024, primarily due to declining demand for four categories of drugs, consumption downgrading, intensified competition, and fluctuations in medical insurance policies. However, as high baselines are gradually digested, the revenue growth of leading chains is expected to stabilize and improve [5][7][27]. Blood Products - Despite short-term performance pressures, the essential nature of blood products indicates that supply and demand are expected to rebalance. The diversity of products among companies is rapidly increasing, with high-value new products like immunoglobulin expected to drive industry growth [5][7][27]. Life Sciences Services - The life sciences services sector is experiencing a demand recovery, coupled with deepening domestic substitution and ongoing overseas expansion, leading to a positive quarterly revenue growth starting from Q4 2024. The net profit margin of the sector has been gradually improving, indicating sustained profitability [5][7][27].

Core Insights - The pharmaceutical industry is expected to reach new highs globally due to persistent human demand and unmet needs, alongside increased R&D investments by pharmaceutical companies [1] - Continuous innovation and successful outcomes are essential for pharmaceutical companies to achieve explosive revenue and stock price growth [1] Group 1: Innovative Drugs - China has seen a high-quality growth in the number of innovative therapies in development, significantly outpacing the global average, establishing itself as a key player in global innovative drug R&D [2] - Since 2021, the total overseas licensing amount for domestic new drugs has exceeded $10 billion, with ongoing growth in overseas licensing driving China's share in the global market [2] - The industry is entering an "innovation-driven" revenue era, fostering a positive dynamic between traditional pharmaceutical companies and emerging players [2] Group 2: Pharmaceutical Industry - The industry is experiencing accelerated growth as companies reap the benefits of years of R&D, with many transitioning to innovation-driven growth phases [2] - The current period is seen as just the beginning of a harvest phase, with future performance expected to further accelerate [2] Group 3: CXO Sector - Starting in the second half of 2024, global pharmaceutical R&D demand is anticipated to recover, with leading CXO companies seeing a gradual increase in orders and revenue [2] - There is strong demand for new molecular types such as peptides, small nucleic acids, and ADCs, which is driving high prosperity in the CDMO segment [2] - As drug development becomes more challenging, the value of leading CRO companies is expected to become more pronounced [2] Group 4: API Sector - API companies primarily focus on non-U.S. exports (Europe/India), with strong current demand [3] - Leading companies are achieving positive results in expanding into CDMO businesses, leveraging their robust EHS and GMP systems [3] - Many companies are also integrating local market formulation businesses, poised to benefit from easing centralized procurement pressures [3] Group 5: Medical Devices - The high-value consumables sector is expected to return to a high growth trajectory as procurement pressures ease, with innovation driving ongoing development and value reassessment [3] - The medical equipment bidding process is recovering, indicating a turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [3] - The IVD industry is under pressure, but policy disruptions are gradually clearing, allowing leading domestic companies to increase market share [3] Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to recover significantly, driven by improved chip structure, favorable policies, and inventory reduction [3] - The anticipated recovery sequence for sub-sectors includes hospital-based Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer Chinese medicine [3] Group 7: Medical Services - Positive macro policies are expected to restore consumer confidence, alleviating concerns about private hospitals' bad debts and payment cycles [4] Group 8: Pharmaceutical Retail - The pharmaceutical retail sector has faced ongoing pressure since Q3 2024 due to declining demand for four categories of drugs, consumer downgrading, and intensified competition [4] - Drugstores are responding by closing locations and enhancing efficiency, with expectations for recovery as high baseline effects are gradually digested [4] Group 9: Blood Products - Despite short-term performance pressures, the essential nature of blood products suggests a return to supply-demand balance [4] - The variety of products is increasing rapidly, with high-value new products expected to drive industry growth [4] Group 10: Life Sciences Services - The sector is seeing a recovery in demand, supported by deepening domestic substitution and ongoing international expansion, with quarterly revenue expected to turn positive from Q4 2024 [4] - The net profit margin for the sector has been improving, indicating sustained profitability growth [4]

Summary of the Conference Call on Hong Kong Pharmaceutical Sector Industry Overview - The Hong Kong pharmaceutical sector, particularly the innovative drug index, has experienced a correction of over 10% due to valuation digestion, profit-taking, and external policy disturbances. However, the trend of upgrading China's innovative drug industry remains unchanged, with CXO performance exceeding expectations, indicating that the long-term growth logic of the industry is intact [1][3][4]. Key Points and Arguments - **External Variables Impacting the Sector**: Key external variables include the Federal Reserve's monetary policy, international trade environment, and global competition landscape. These factors significantly influence the capital costs and risk preferences of global investors in the Hong Kong innovative drug sector [5][6]. - **Domestic Policy Environment**: The domestic policy environment has shifted from the impacts of medical corruption and healthcare cost control to clearer support for genuine innovation. Reforms in payment and approval processes are expected to provide higher valuation premiums for companies with core R&D capabilities and differentiated pipelines [6][7]. - **Valuation Logic Similar to Tech Stocks**: The valuation logic of the innovative drug sector is similar to that of technology stocks, relying on technological advancements, high R&D investments, and future growth assessments. Investor sentiment tends to be consistent across both sectors [8][9]. - **Shift from Theme Investment to Performance-Driven Investment**: The Hong Kong pharmaceutical sector is transitioning from theme-based investments to performance-driven investments. By the first half of 2025, 36 innovative drug companies are expected to turn around their overall losses, shifting market focus from R&D teams to product commercialization revenue and profit improvement [11][12]. - **Impact of Overseas Expansion**: Domestic innovative drugs are monetizing technology through overseas licensing, reshaping market valuation logic based on global product competitiveness and actual cash flow, rather than mere concept speculation [13][14]. Additional Important Insights - **Market Rotation Phenomenon**: There is a rotation phenomenon within the Hong Kong pharmaceutical sector, with market attention shifting from downstream innovative drug companies to CROs, life sciences services, and high-end medical devices, driven by improvements in fundamentals [2][16]. - **Profitability Turning Point**: The profitability turning point in the Hong Kong pharmaceutical sector is attributed to commercial maturity, accelerated overseas expansion, and internal management optimization. Leading companies are establishing a positive cycle from R&D to commercialization and profitability [12][15]. - **Systematic Revaluation of Chinese Innovative Drugs**: The systematic revaluation of Chinese innovative drugs is supported by multiple long-term industry trends, including improved R&D efficiency and quality, as well as a favorable policy environment that encourages innovation [15]. - **Investor Strategies**: Investors are advised to adopt a phased investment strategy when investing in the Hong Kong pharmaceutical sector, particularly in innovative drug ETFs, to mitigate risks associated with high volatility and to ensure a diversified portfolio [22][23]. - **Future Outlook**: Despite recent corrections driven by technical and emotional factors, the long-term outlook for the Hong Kong pharmaceutical sector remains optimistic, particularly in the context of a declining interest rate environment and ample liquidity [24][25].

Core Viewpoint - The article focuses on the innovative pipeline layout of Xinlitai in the CKM (Cardio-Kidney-Metabolic) field, emphasizing the company's strategic focus on chronic diseases related to cardiovascular health, kidney function, and metabolic disorders [13][18]. Market Review - The CITIC Pharmaceutical Index rose by 3.29%, outperforming the CSI 300 Index by 4.37 percentage points, ranking third among CITIC's 30 primary industries [8]. - The top ten stocks by growth this week included Jindike, Renmin Tongtai, and Chengda Pharmaceutical, while the bottom ten included *ST Changyao and Zhendai Medical [8]. Overall Perspective and Investment Themes - The innovative drug sector is transitioning from a quantity-driven logic to a quality-driven logic, with a focus on differentiated and internationalized pipelines expected to yield profitable products by 2025 [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and the home medical device market is benefiting from subsidy policies [10]. - The CXO and life sciences services sector is anticipated to see a rebound in domestic financing, with a trend towards high growth expected to return [10]. - The pharmaceutical industry is expected to enter a new growth cycle, particularly in the specialty raw materials sector, with a focus on patent expirations and vertical expansion of formulations [10]. Company-Specific Insights - Xinlitai currently has six innovative drugs on the market, with innovative drug revenue expected to exceed 50% by the end of 2025, driven by strong growth in products like Xinlitai and Fuli [12][16]. - The company is focusing on a comprehensive pipeline addressing various stages of CKM syndrome, with over 50 products in development targeting cardiovascular diseases, chronic kidney disease, and metabolic disorders [17][21]. - Xinlitai's internationalization strategy includes establishing a subsidiary in the U.S. (Salubris Bio) to enhance its global competitive edge [30]. Pipeline Development - The CKM pipeline includes drugs targeting obesity, hypertension, and chronic kidney disease, with a focus on innovative mechanisms and new targets for lipid management [25][27]. - The company is advancing multiple projects in various clinical phases, with significant milestones expected in the coming years [29][34]. Investment Recommendations - The medical device sector is expected to benefit from a recovery in bidding for imaging equipment and the growth of home medical devices due to government subsidies [40]. - The life sciences services sector is showing signs of recovery, with increasing demand and a focus on domestic product replacement [46].

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [10] Core Insights - The performance of the innovation chain sector is outstanding, showing significant growth in the pharmaceutical sub-sectors, particularly in CXO and life sciences services, driven by improving domestic and overseas demand [2][6] - The innovation chain sector has become the fastest-growing segment in the pharmaceutical industry, with a revenue growth rate exceeding 10% in both Q2 and Q3 of 2025 [6][26] - The overall revenue for the innovation chain sector reached 956.8 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 10% [26] Summary by Sections Overseas Demand - The overseas demand is on an upward trend, supported by a favorable industrial cycle and the emergence of new technologies such as peptides and ADCs, leading to a significant recovery in the biopharmaceutical investment and financing amounts [7] - Chinese CDMO companies have seen a noticeable 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 new business models accelerating the drug development and commercialization process [8] - Companies with strong capabilities in drug discovery CRO, such as Kanglong Chemical and Hongbo Pharmaceutical, are experiencing improved revenue performance [8] CXO and Life Sciences Services - The CXO sector maintained double-digit revenue growth, contributing significantly to the overall revenue of the innovation chain sector, with a total revenue of 708.4 billion yuan in the first three quarters of 2025, up 13% year-on-year [41] - The life sciences services sector is also showing positive trends, with revenue growth accelerating and profitability steadily improving [6][41]