坚定出海方向，把握结构性机遇 - 医药行业 2026 年策略 20260108 摘要 2025 年创新药企凭借对外授权交易（BD）取得突破，全球前十大创新 交易中八项来自中国企业，提升市场信心，但 BD 首付款仅为部分价值 兑现，临床数据验证仍是关键。 中国创新药发展加速，从 me-too/fast follow 向 best-in-class/first- in-class 升级，出海成关键驱动力。ADC、双抗等技术积累领域已突破， 小核酸、基因治疗等新兴领域展现潜力。 医疗器械领域各细分市场表现分化：低值耗材（如丁腈手套）已具产业 话语权；IVD 疫情期间出口良好；高端医疗设备和高值耗材出海初期， 高值耗材被认为更具突破性。 医疗器械出海成绩显著，心血管支架、人工关节、心脏起搏器等增速可 观，本土企业在关节和内镜检查耗材方面实现出口突破，进入发达国家 市场，定价和利润回报可期。 高值耗材与药品差异在于其独立知识产权和创新性，可进行 license out。通过合作或自建渠道建立发达国家销售网络，有望抵消国内集采 影响，推动医疗器械板块增速回升。 Q&A 2025 年医药行业的整体表现如何？创新药在其中扮演 ...

以下文章来源于21新健康 ，作者唐唯珂 21新健康 . 政策密集落地 本轮价格治理以"全域覆盖、动态调整"为核心特征，各地政策形成互补协同的治理体系。宁夏 聚焦采购金额靠前的高风险挂网耗材，要求企业在2026年1月28日前确认全国最低有效价并上 传证明材料，未按期调价或弄虚作假的产品将被暂停挂网，涉及一次性心电电极、医用胶片等 临床高频使用品类。 21世纪传媒 · 公众号矩阵成员。 记者丨 唐唯珂 编辑丨季媛媛 2026年初，医用耗材价格治理进入"全域覆盖、动态联动"的新阶段，多地开始耗材降价落地。 宁夏医保局近期发布的价格风险治理通知，与江西、黑龙江此前推出的常态化联动政策形成呼 应，多地密集出台的治理措施直指耗材价格虚高问题。从部分产品超97%的惊人降幅，到全国 最低价成为挂网"硬门槛"，这场覆盖临床常用耗材与高值产品的价格革命，正重塑医药产业竞 争格局。 "全国价格已经联网了，躲也躲不过，企业必须赶紧梳理产品线，该降的就及时降。"一位医药 经销商向21世纪经济报道记者坦言，低价竞争终非长久之计，未来企业需绑定SPD管理、DRG 控费方案等服务才能持续发展。 价格"地板价"的出现，正在加速医用耗材行业的洗 ...

Core Viewpoint - The article discusses the implications of Hainan's recent closure and its potential as a free trade zone, highlighting both opportunities and risks associated with this transition [4][5][7]. Group 1: Economic Opportunities - Hainan's closure represents a significant leap towards a higher level of openness, offering a unique environment characterized by "zero tariffs, low tax rates, and simplified tax systems" [5][7]. - The potential for Hainan to become a new Singapore and the heart of the RCEP (Regional Comprehensive Economic Partnership) is emphasized, contingent on overcoming development bottlenecks [8]. - The introduction of the policy allowing "30% value-added processing to be exempt from tariffs" is seen as a key to reshaping the real economy in Hainan [17]. Group 2: Industrial Challenges - Hainan's economic structure is described as "dumbbell-shaped," with a weak industrial base, relying heavily on agriculture and low-end tourism [9][10]. - The risk of falling into "industrial hollowing" is highlighted, where the economy could become overly reliant on service sectors without a solid manufacturing foundation [11][14]. - Historical examples suggest that economies lacking a robust industrial backbone ultimately face challenges in employment and income stability [14][15]. Group 3: Strategic Development Areas - Three key sectors for development are identified: luxury goods assembly, biomedicine, and future technologies like aerospace and deep-sea industries [19][22][25]. - The luxury goods sector can benefit from a model where high-value assembly occurs in Hainan, leveraging its tariff exemptions [20][21]. - The biomedicine sector can utilize special policies in Boao Lecheng to import and assemble advanced medical devices, enhancing local capabilities [22][24]. Group 4: Logistics and Connectivity - Hainan's geographical isolation poses challenges for becoming a global shipping hub, as it is not located on major shipping routes [28][30]. - The article suggests that Hainan should focus on creating a "functional platform" rather than merely competing on logistics speed [34]. - Strategies include leveraging "seventh freedom rights" for air travel and establishing a competitive fuel pricing model to attract international shipping [35][41]. Group 5: Unique Selling Propositions - Hainan's potential lies in offering unique privileges that cannot be found elsewhere in China, particularly in healthcare, education, data access, airspace, and culture [52][53]. - The establishment of international medical facilities and educational institutions can attract both domestic and international students, capturing significant educational spending [57][59]. - The development of a "digital nomad zone" with unrestricted internet access aims to attract global talent, enhancing Hainan's appeal as a destination for professionals [61]. Group 6: Future Challenges - The article outlines a "triangle dilemma" that Hainan must navigate: overcoming geographical disadvantages, avoiding industrial homogenization, and preventing economic hollowing [64]. - The success of Hainan will depend on integrating high-level open policies with unique local resources to create a vibrant economic ecosystem [65].

Core Viewpoint - The event aims to promote the integration of medical and engineering fields, focusing on technological innovation and the deep integration of the medical industry, while providing a platform for collaboration among experts, investors, and innovative enterprises [1]. Event Details - The Future Industry Innovation Seminar on Medical-Engineering Cross-Integration will be held on December 23, 2025, at Tsinghua Science Park Medical-Engineering Cross-Innovation Center [1]. - The event is part of the "2025 Tsinghua Star Annual DEMO DAY" series, gathering clinical experts, investment institutions, industry associations, and innovative companies [1]. - The agenda includes registration, opening remarks, mentor awarding, platform introduction, keynote speeches, and networking opportunities [2][3]. Keynote Topics - Topic 1: "Promoting Results Transformation and Iteration from Technology to Artificial Joints in Total Knee Replacement" presented by a professor from Tsinghua University [3]. - Topic 2: "Exploration of Trends in China's Biopharmaceutical Industry and Investment Development" by the General Manager of a medical fund [3]. - Topic 3: "Medical-Engineering Cross-Validation Platform Supporting Medical Technology Results Transformation" by the head of a validation center [3]. - Topic 4: "Global Medical Technology Innovation Ecosystem" by the editor-in-chief of a medical technology media matrix [3]. Organizing Entities - The event is organized by Tsinghua Holdings, Tsinghua Star, and Tsinghua Science Park Medical-Engineering Cross-Innovation Center, with support from various academic and industry organizations [2].

Core Insights - The official launch of Hainan's zero-tariff and low-tax policy marks a significant step towards higher levels of openness, but it poses both opportunities and risks for policymakers, entrepreneurs, and residents [3][5] - The success of Hainan's free trade zone will depend on its ability to transition from a policy-driven economy to one that fosters industrial growth and innovation [5][9] Industry Challenges - Hainan's economic structure is characterized by a weak industrial base, primarily reliant on agriculture and low-end tourism, lacking a robust manufacturing sector [7][9] - The risk of "deindustrialization" looms if Hainan attempts to bypass traditional manufacturing in favor of high-end services without a solid industrial foundation [7][9] Economic Opportunities - The introduction of a 30% value-added tax exemption for processing and manufacturing presents a unique opportunity to revitalize Hainan's economy by attracting high-value industries [9][11] - Potential growth sectors include luxury goods assembly, biomedicine, and advanced technology, leveraging Hainan's unique geographical and regulatory advantages [11][15][17] Strategic Positioning - Hainan must transform from a geographical outlier to a functional hub by creating a platform for international trade and logistics, similar to Dubai's model [19][22] - The implementation of the "seventh freedom" in aviation could enhance Hainan's connectivity and attractiveness for international logistics [22][25] Consumption and Market Differentiation - Hainan's tourism strategy must evolve beyond low-cost offerings to focus on unique privileges and high-value experiences that cannot be found elsewhere in China [35][37] - Key areas for differentiation include healthcare, education, data access, airspace management, and cultural experiences, which can attract both domestic and international consumers [37][38][40][42][45] Future Outlook - Hainan faces a complex challenge of overcoming its geographical disadvantages, avoiding homogeneous competition, and preventing industrial hollowing [47] - The future success of Hainan will hinge on integrating high-level open policies with its unique resources, aiming for a transformation from a policy landscape to a thriving industrial ecosystem [47]

当下医疗器械创新浪潮正奔涌向前，而在关节置换领域，宽岳医疗以技术创新为核心，为中国和海外市 场提供高质量的关节产品与解决方案，更将中国关节企业的硬核实力展现于全球舞台。 卓越表现的背后离不开金融赋能。南京银行精准把握政策导向与产业需求，以专业科创金融服务为宽岳 医疗注入发展动能，让医疗创新成果更快惠及民生。 本集南京银行上海分行携手21世纪经济报道，带你走进《科创说·沪上新质生产力》——宽岳医疗篇， 一同探索中国关节企业如何以技术为翼，为全球患者重塑"行走自由"。 一个人工关节在美国FDA的测试标准是500万次，而宽岳医疗给自己定的标准是3000万次。这个看似简 单的数字背后，是一家中国医疗器械企业进军全球市场的决心，也是一场科技与金融深度融合的实践。 "从贷款，到认股权，南京银行上海分行的全生命周期服务见证并支撑了我们从研发走向全球化的关键 阶段。"宽岳医疗融资负责人表示。 2015年，曾在强生医疗工作并担任康辉医疗CFO的王俊文，怀揣着打造"中国强生"的愿景创立了宽岳医 疗。这家从诞生起就带着国际化基因的企业，选择了"海外研发、中国制造、全球销售"的独特路径，将 研发选址在海外，由前任史赛克全球资深研发总 ...

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the 2024 procurement cycle, the company achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The international strategy involves a dual-brand approach, utilizing the "JRI" brand to compete in the high-end markets of Europe and the U.S., while the "AK" brand focuses on production scale advantages to penetrate emerging markets. This strategy is anticipated to drive significant growth in foreign revenue [1] Group 2: Technological Advancements and Market Potential - The company is a pioneer in digital orthopedic solutions, having developed a comprehensive ecosystem that includes pre-surgical planning, intraoperative navigation, robotic precision, and personalized implant placement. The K3 knee surgery robot is set to launch in 2024, with competitive capabilities comparable to the Mako surgical robot, while also offering local responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is expected to grow significantly, with penetration rates projected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size is forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]

Core Viewpoint - Q3 revenue and profit exceeded expectations, driven by the company's product lines entering a new growth phase after participating in centralized procurement, with domestic business recovering and overseas business maintaining rapid growth [1][2] - Profit growth significantly improved due to refined operational management and optimized resource allocation, leading to a decrease in various expense ratios [1][2] - Q4 is expected to continue the high growth trend, with annual revenue projected to achieve rapid growth and profits potentially doubling due to a low base [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 756 million yuan (+48.75%) and a net profit attributable to shareholders of 192 million yuan (+213.21%), with a non-recurring net profit of 181 million yuan (+311.07%) [2] - In Q3 alone, revenue reached 268 million yuan (+109.51%) and net profit attributable to shareholders was 77 million yuan (+531.12%), indicating a strong performance [2] - The basic earnings per share stood at 0.50 yuan [1] Expense Management - The gross margin for the first three quarters was 67.27% (-2.03 percentage points), primarily due to price reductions from centralized procurement [3] - Sales expense ratio decreased to 19.34% (-12.82 percentage points), attributed to reduced market development costs following the implementation of centralized procurement [3] - Management and R&D expense ratios also saw significant reductions, with management at 5.10% (-1.07 percentage points) and R&D at 11.44% (-8.17 percentage points), reflecting improved efficiency [3] Cash Flow and Receivables - The net cash flow from operating activities was 175 million yuan, a significant improvement from -17 million yuan in the same period last year, mainly due to increased customer payments [3] - Accounts receivable turnover days decreased to 88.8 days, down 105.9 days year-on-year, indicating faster collection efficiency [3] Future Outlook - Short-term focus is on the domestic business turning a corner and the continued high growth of overseas operations, with expectations for rapid revenue growth and profit doubling due to a low base [4] - Long-term prospects remain strong, with robust R&D and production capabilities, new product approvals in sports medicine, robotics, and oral care expected to drive future growth [4] - Revenue projections for 2025-2027 are 1.129 billion yuan, 1.364 billion yuan, and 1.650 billion yuan, with respective growth rates of 40.0%, 20.9%, and 21.0% [4] - Net profit forecasts for the same period are 278 million yuan, 340 million yuan, and 410 million yuan, with growth rates of 122.4%, 22.5%, and 20.5% [4]

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a prolonged downturn from 2021 to 2024, followed by a substantial recovery in 2025. The Hang Seng Medical Index has doubled from its lowest point but still has room to grow compared to previous highs, while the A-share medical index remains significantly below its historical peak [1][2]. Group 1: Investment Opportunities in the Pharmaceutical Sector - The current market sentiment towards the pharmaceutical sector is cautious, with a need to reassess the understanding of the industry and future prospects [2]. - Four major investment opportunities in the pharmaceutical sector over the next three years have been identified, which may influence future fund allocation strategies [2]. Group 2: Domestic High-Value Consumables - Domestic high-value consumables, particularly in the context of "innovation + going global," show strong growth potential, although market consensus is still lacking [3][9]. - The market capitalization of domestic high-value consumables companies is significantly lower than their international counterparts, indicating substantial growth potential [5][9]. - The characteristics of high-value consumables align well with China's manufacturing strengths, suggesting that the emergence of world-class companies in this sector is likely [9][10]. Group 3: U.S. Biotech Sector - The U.S. biotech sector is experiencing a second upward cycle driven by various intracellular biological technologies achieving clinical validation [14]. - The rise of domestic innovative drugs has created competitive pressure on U.S. biotech firms, but it also opens opportunities for collaboration and integration [14][15]. - The market for intracellular technologies is expected to grow, with significant investment opportunities in U.S. biotech companies [16][19]. Group 4: Domestic Innovative Drugs - The domestic innovative drug sector is entering a golden window of opportunity following deep medical reforms, with strong growth potential anticipated in the coming years [23][24]. - The growth trajectory of domestic innovative drugs mirrors that of the U.S. market in the 1980s, suggesting a potential for a prolonged high-growth cycle [25][27]. - The competitive landscape for domestic innovative drugs is evolving, with a focus on maintaining product quality and performance to succeed in a mature global market [27][29]. Group 5: Overall Pharmaceutical Industry Trends - The overall growth rate of the pharmaceutical industry is expected to accelerate marginally over the next three years, improving the industry’s overall outlook [29][30]. - The anticipated recovery in industry revenue and profit margins is driven by the maturation of previously loss-making innovative drug companies and a reduction in competitive pressures [30][35]. - Despite the positive outlook, the market has yet to fully recognize the potential for recovery, as evidenced by low valuation levels compared to historical averages [33].

Core Viewpoint - The stock of Aikang Medical (01789) has seen a significant increase, with a current rise of over 6%, attributed to positive forecasts regarding the orthopedic industry and the company's performance in the upcoming years [1] Industry Summary - The orthopedic industry is expected to stabilize its pricing system as the national policy for artificial joint procurement is fully implemented by the second half of 2025 [1] - There is an anticipated recovery in the volume of orthopedic surgeries, which, combined with a low revenue base from the previous year, suggests a trend of increasing performance for the company in the latter half of this year [1] Company Summary - Aikang Medical has successfully increased its bid prices for hip and knee joints in the current procurement round, indicating a potential for both volume and price growth [1] - The company is strategically positioned for long-term growth through its advancements in 3D printing, surgical robots, and a digital orthopedic ecosystem, which are expected to create strong technological barriers [1] - The overseas market is projected to become a significant growth driver for the company, supported by the deepening of the "JRI + Aikang" dual-brand strategy and ongoing product registrations [1]