执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。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责声明。 华创医药投资观点&研究专题周周谈 · 第140期 2025Q2实体药店市场分析 联系人：高初蕾 赵建韬 华创医药团队： 首席分析师 郑辰 联席首席分析师 刘浩 医疗器械组组长 李婵娟 中药和流通组组长 高初蕾 分析师 王宏雨 分析师 朱珂琛 www.hczq.com 证券研究报告 | 医药生物 | 2025年8月22日 @2021 华创 版权所 ...

Core Views - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years, showcasing a strong commitment to supporting technological innovation and development in various sectors, including semiconductors, renewable energy, biomedicine, and AI [1][6][12] Group 1: Achievements and Innovations - STAR Market companies have consistently demonstrated their capabilities in "hard technology," with notable breakthroughs in innovative drug development, such as the completion of Phase III clinical trials for a new cancer treatment and FDA approval for another drug [3][5] - Since its inception, the STAR Market has seen a continuous increase in its ability to support and service tech enterprises, leading to a surge in technological innovations [6][11] - By March 2024, STAR Market companies had invested a total of 168.1 billion yuan in R&D, which is more than three times the total net profit of the sector, with approximately 240,000 R&D personnel [10][11] Group 2: Market Structure and Support - The STAR Market has become a vital platform for financing "hard technology" enterprises, with over 589 listed companies raising more than 1.1 trillion yuan through IPOs and refinancing [19][30] - The market has a high proportion of companies in emerging industries, such as new-generation information technology and biomedicine, accounting for over 80% of listed firms [13][24] - The STAR Market's flexible capital tools and inclusive policies have enabled companies to efficiently finance and accelerate their technological advancements [16][24] Group 3: Future Directions and Reforms - Recent reforms, including the establishment of a growth tier for unprofitable companies, aim to attract more resources to new industries and technologies, enhancing the STAR Market's role in supporting innovation [33][35] - The ongoing reforms are expected to improve the balance of investment and financing, protect investors' rights, and foster a more inclusive market environment [36][38] - The STAR Market is positioned to become a key driver of China's technological innovation, with expectations for increased social capital flow into "hard technology" enterprises [38]

Market Review - The CITIC Pharmaceutical Index rose by 3.57%, outperforming the CSI 300 Index by 2.03 percentage points, ranking 4th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include: Seer Medical (51.55%), Guangsheng Tang (48.64%), Shenzhou Cell (45.01%), and others [5][30] - The top ten stocks by decrease include: Linuo Medical (-5.73%), New Ganjing (-5.53%), ST Zhongzhu (-4.79%), and others [5][30] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. The outlook for the pharmaceutical industry growth in 2025 remains optimistic due to macroeconomic factors and the driving effect of major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, emphasizing the importance of products that can generate profits. Companies with differentiated domestic and international pipelines are recommended for attention [9] - 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. Companies in this space are expected to see growth [9][16] - The innovation chain (CXO + life science services) is expected to see a recovery in overseas investment and a bottoming out in domestic investment, leading to a new wave of innovation [9] - The pharmaceutical industry is expected to enter a new growth cycle, particularly in the specialty raw materials sector, which is currently at a near ten-year low in valuation [9][22] Industry and Company Events - The blood products sector is expected to grow significantly during the 14th Five-Year Plan period, with a loosening of plasma station approvals and an increase in product variety and capacity [12] - The IVD market, particularly in chemical luminescence, is projected to grow rapidly, with domestic brands increasing their market share due to accelerated domestic substitution [14] - The medical device market is expected to see significant growth in 2025, driven by a recovery in procurement and the introduction of new products [16] - The pharmaceutical retail sector is anticipated to benefit from the acceleration of prescription outflow and an improved competitive landscape, with a focus on chain pharmacies [12][20] - The life science services sector is recovering, with an increase in demand from both domestic and overseas markets, and a trend towards consolidation through mergers and acquisitions [21] Earnings Forecast for Q2 2025 - Companies such as Maipu Medical and Bide Pharmaceutical are expected to see revenue growth rates of around 30% and 20%+, respectively, in Q2 2025 [11] - The medical device sector is projected to have varied growth rates, with companies like Mindray Medical expected to experience a decline, while others like Huayi Medical are expected to see stable growth [11] Investment Recommendations - Focus on companies in the neuro-interventional and peripheral interventional sectors that are benefiting from procurement policies and have a comprehensive product lineup [19] - The pharmaceutical retail sector is recommended for investment due to the expected acceleration of prescription outflow and improved competitive dynamics [20] - Companies in the life science services sector are advised for attention due to the anticipated recovery in demand and the potential for high profit elasticity as they enter the return on investment phase [21]

新华财经上海7月3日电（记者杜康）7月3日，百利天恒、迪哲医药两家科创板创新药企业的新药管线又 传来重大突破，研发创新次第开花。 舒沃替尼先后获得中、美四项突破性疗法（BTD）的认定。本次FDA申报中，舒沃替尼亦获得了"优先 审评"资格。FDA的"优先审评资格"主要授予在治疗、诊断或预防某些严重疾病方面取得重大安全性或 有效性突破的药物。对于获得优先审评资格的药物，FDA将加快完成审评，让药物更快地进入市场，更 早惠及患者。 记者获悉，截至目前，已有10款国产创新药获批在美国上市，科创板创新药企业推出其中4款。 百利天恒与迪哲医药在这两款新药上取得的突破，是中国生物医药产业实力崛起的缩影，生动展现了中 国创新药从"跟跑者"到"引领者"的身份转变，从"跟随仿制"向"自主创新"的发展模式转变，日益成为全 球创新药研发的核心阵地。 （文章来源：新华财经） 此前，百利天恒以8亿美元首付款、最高可达到84亿美元潜在交易总额的价格将该款产品授权跨国制药 巨头百时美施贵宝（BMS），这也是全球ADC领域单个资产的最高额交易。公告显示，目前伦康依隆 妥单抗还在中美进行40余项针对多种肿瘤类型的临床试验。 迪哲医药旗下舒沃替尼 ...

Group 1 - Baili Tianheng announced that its drug Iza-bren (BL-B01D1) for nasopharyngeal carcinoma achieved its primary endpoint in a Phase III clinical trial, marking it as the first dual antibody ADC to complete such a study globally [2][3] - The drug was licensed to Bristol-Myers Squibb for an upfront payment of $800 million, with a potential total deal value of up to $8.4 billion, representing the highest transaction for a single asset in the ADC field [2] Group 2 - Dize Pharma received FDA approval for its drug ZEGFROVY® (Shuwotini), which is indicated for adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, following disease progression after platinum-based chemotherapy [3][4] - Shuwotini has been recognized with four breakthrough therapy designations in China and the U.S., making it the only drug to achieve "BTD Grand Slam" for treating EGFR exon 20 insertion NSCLC [4] Group 3 - The breakthroughs by Baili Tianheng and Dize Pharma reflect the rising strength of China's biopharmaceutical industry, showcasing a shift from being "followers" to "leaders" in innovative drug development [5] - As of now, 10 domestic innovative drugs have been approved for marketing in the U.S., with four of them coming from companies listed on the STAR Market [5] - Recent policies from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs through various measures, injecting vitality into China's innovative drug sector [5]