Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Views - The domestic demand for the research service sector is recovering, supported by national policies and increased market activity in innovative drugs, leading to stable revenue and profit growth [2][6] - The overseas business environment is showing steady recovery, with domestic companies making significant progress in international markets, enhancing their profit margins [3][19] - The overall performance of the research service sector is improving, with a notable increase in both domestic and overseas business contributions [6][41] Summary by Sections Financial Performance - For the first three quarters of 2025, the overall revenue of the research service sector increased by 6.61% year-on-year, with net profit rising by 13.30% and non-recurring net profit up by 20.89% [5][6] - In Q3 2025 alone, the sector's revenue grew by 8.53% year-on-year, with net profit increasing by 17.97% and non-recurring net profit by 36.37% [6] - The gross profit margin for the sector was 49.95%, reflecting a 1.64 percentage point increase year-on-year, attributed to improved product quality and effective cost control [6] Market Trends - The demand for innovative drug research is driving growth in the sector, with a significant increase in the number of projects and investments in high-value services [2][14] - The trend of domestic companies replacing imported products is gaining momentum, with leading firms expected to capture a larger market share [2][7] Company Recommendations - Companies to watch include Haoyuan Pharmaceutical, Baiao Saitou-H, Naimi Technology, Aopumai, Yaokang Biological, and Saifen Technology, which are likely to benefit from improved industry demand [4] - New business opportunities are emerging for Haoyuan Pharmaceutical and Baiao Saitou-H, particularly in ADC CDMO services [4][27] Segment Performance - The research service sector consists of 18 listed companies, with stable growth across various segments, including model animals, biological reagents, and chromatography materials [6][7] - Companies like Naimi Technology and Yaokang Biological are experiencing significant growth in their respective fields, driven by strong domestic and international demand [30][36]

专题：专题|2025上海证券交易所国际投资者大会 责任编辑：常福强 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 11月13日，在上海证券交易所国际投资者大会的圆桌论坛上，上海奥浦迈生物科技股份有限公司董事长 肖志华围绕"中国能否诞生世界级的医药企业"发表了精彩观点。 肖志华指出，成为全球化企业的关键在于坚守核心业务、推动并购整合与资本驱动的协同发展。他强 调，奥浦迈的培养基业务是生物医药产业链的核心原料，"一种药物上市后生命周期很长，我们必须在 核心领域保持最佳状态，建立最坚固的竞争壁垒。" 他同时认为，并购是中国企业走向国际化的必经之路。奥浦迈今年与恒力生物开展合作，双方在产品与 服务链条上协同效应明显，目前项目正在审核中。肖志华透露，公司已发起设立规模达10亿元的生物制 造基金，奥浦迈自有出资3亿元，旨在通过资本助力推动产业生态形成。 在他看来，中国企业要真正成为世界级选手，不仅要"讲好故事"，更要让资本市场认可。"要走出独特 的道路，稳扎稳打，以质量与创新取胜。" 对于国际化路径，肖志华直言，"只有在海外市场的竞争中，才能真正体现核心竞争力。"目 ...

Group 1 - The independent director of Aopumai, Tao Hua'an, opposed the company's acquisition of 1.45 billion yuan, stating that the company does not currently have a necessity for mergers and acquisitions [1][2] - This marks the fourth time Tao has voted against acquisition-related proposals during board meetings [1] - Aopumai plans to acquire control of Pengli Biotechnology, which specializes in preclinical CRO services, with a final transaction price of approximately 1.45 billion yuan, reflecting a valuation increase of 56.62% [1] Group 2 - Post-acquisition, Aopumai expects to add 555 million yuan in goodwill, which would account for 849.41% of the projected net profit for 2024 [2] - The CRO industry is characterized by intense competition and significant market segmentation, with risks of price wars and regulatory impacts [2] - Aopumai reported revenue of approximately 272 million yuan for the first three quarters of the year, representing a year-on-year growth of 25.79%, and a net profit of about 49.43 million yuan, up 81.48% year-on-year [2]

Core Viewpoint - The company is currently not in a position to pursue acquisitions, as indicated by the independent director's repeated opposition to the proposed acquisition of Pengli Bio [1][2] Group 1: Acquisition Details - The company plans to acquire 100% of Pengli Bio for approximately 1.45 billion yuan, with an estimated valuation of 1.452 billion yuan by the end of 2024, reflecting a 56.62% increase in value [1] - The independent director has expressed concerns about the necessity of the acquisition, stating that the company does not require it at this stage [1] Group 2: Financial Performance - In the first three quarters of the year, the company reported revenue of approximately 272 million yuan, representing a year-on-year growth of 25.79%, and a net profit of about 49.43 million yuan, up 81.48% year-on-year [2] - Following the acquisition, the company expects to recognize goodwill of 555 million yuan, which would account for 849.41% of the projected net profit for 2024 [2] Group 3: Industry Context - The CRO industry is characterized by intense competition and significant market segmentation, with a rising risk of price wars due to stringent cost control from downstream clients [2] - The company faces potential risks related to the target company's performance, including the possibility of goodwill impairment if the acquired company's operational results are poor [2]

Core Viewpoint - The acquisition of 100% equity of Chengli Bio by Aopumai for 1.4505 billion yuan has been approved, despite ongoing controversies regarding the necessity and strategic rationale of the merger [2][3]. Group 1: Acquisition Details - The acquisition proposal includes a differentiated valuation mechanism, with pricing for Chengli Bio's shareholders ranging from 1.23 billion yuan to 2.18 billion yuan, reflecting a significant variance of 77.24% [2][15]. - The deal has faced opposition from independent director Tao Hua'an, who questioned the necessity of the acquisition, suggesting that Aopumai should focus on improving its existing CDMO and culture medium businesses instead [3][6]. Group 2: Business Performance and Strategy - Aopumai's CDMO business has been under pressure, with a 10.03 million yuan impairment charge due to insufficient fixed asset utilization in 2024, and it has not yet turned profitable [3]. - The culture medium business has shown a growth rate of approximately 30%, generating 239 million yuan in revenue in the first three quarters of 2025, but faces competition from both international giants and domestic alternatives [3][6]. Group 3: Strategic Rationale for the Acquisition - Aopumai argues that the acquisition is aimed at capitalizing on the cyclical bottom of the CRO industry and enhancing long-term service capabilities through business synergies, rather than providing a short-term boost to CDMO capacity [5][8]. - The acquisition is expected to facilitate Aopumai's entry into the global market by leveraging Chengli Bio's established overseas channels, particularly in North America, where Chengli Bio has a strong presence [10][11]. Group 4: Financial Implications and Shareholder Dynamics - The valuation of Chengli Bio has significantly decreased, with the total consideration of 1.4505 billion yuan representing a 55% drop from its last financing round valuation of 3.22 billion yuan [12][15]. - Differentiated pricing was introduced to address the conflicting interests of early and late-stage investors, with varying performance compensation responsibilities based on the valuation at which they entered [16][18]. Group 5: Market Position and Future Outlook - Aopumai has successfully entered Merck's supplier system, indicating progress in establishing its market position [11]. - The future success of the acquisition will depend on Aopumai's ability to realize business synergies and improve the performance of its CDMO segment, which remains a critical challenge [23].

Group 1: Industry Overview - The pharmaceutical and biotechnology industry is entering a new upward cycle, with accelerated overseas orders and strong upward momentum, particularly for companies with strong overseas capabilities in the upstream biological sector [1] - The early-stage CRO (Contract Research Organization) industry is experiencing a significant development opportunity, driven by the historical chance for innovative drugs to expand internationally [1] Group 2: Early-stage CRO - The early-stage CRO industry is seeing a shift towards domestic advantages in quality, efficiency, and cost, as overseas demand for early-stage research increases [1] - The demand for preclinical and safety evaluation orders is gradually recovering, with a recommendation to focus on leading companies such as Yino Science and Zhaoyan New Drug [1] - The supply-demand mismatch for experimental monkeys is expected to persist, leading to stable prices in the short term [1] Group 3: Upstream Biological Products - The domestic biological sector is recovering quickly, with significant growth expected in biological reagents, including culture media and recombinant proteins, driven by the structural recovery from domestic innovative drug exports [2] - The overseas market presents vast opportunities, and domestic brands are favored for their cost-effectiveness, suggesting a focus on companies with overseas capabilities such as Baipusais and Haoyuan Pharmaceutical [2] Group 4: Clinical CRO - The clinical CRO sector is approaching a turning point, with SMO (Site Management Organization) orders showing early signs of recovery [3] - As innovative drug financing improves, the number of clinical projects is expected to increase, leading to a recovery in overall orders [3] - Leading clinical CRO companies such as Tigermed and Nossger are recommended for investment [3] Group 5: CDMO - The CDMO (Contract Development and Manufacturing Organization) sector is showing strong performance, particularly in the peptide and ADC (Antibody-Drug Conjugate) segments, which are expected to maintain high growth rates [4] - New molecular tracks, including small nucleic acids, also present significant long-term development potential [4] - Recommended CDMO leaders include Kelaiying and WuXi AppTec, which are expected to show performance elasticity due to stable small molecule business and rapid growth in new molecular business [4]

Core Insights - The report from Zhejiang Securities indicates that the recovery of the upstream life sciences sector in the first half of the year is primarily driven by a stable improvement in the supply-demand balance, with expectations for further profit elasticity and rapid valuation digestion in the fourth quarter and next year [1][2] - The overseas demand recovery has been more pronounced compared to domestic demand, but there is a significant acceleration in domestic business growth for many companies, with improved accounts receivable turnover rates for reagents and consumables [1] - The firm is optimistic about the performance of upstream companies benefiting from a combination of commercial project expansion, accelerated domestic import substitution, and international market expansion [1] Industry Trends - Despite some stocks in the sector returning to their 2022-2023 valuation levels, there is still potential for upward movement based on the recovery of fundamentals and investment opportunities [2] - The industry is entering a new phase characterized by breakthroughs in biotechnology, local innovation, favorable liquidity conditions (with the Federal Reserve's interest rate cuts), and a recovery in the capital cycle, which is expected to enhance the valuation of the innovation chain [2] - The positive trends in the domestic new drug research and development environment, along with successful commercialization pathways, are anticipated to sustain the acceleration of demand for chromatography fillers, culture media, and synthetic reagents [1]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **biotechnology and pharmaceutical contract development and manufacturing organization (CDMO)** industry, focusing on companies like **WuXi AppTec**, **Kailai Ying**, and **Boteng** [1][2]. Key Points and Arguments 1. **Order Growth and Capacity Utilization** - WuXi AppTec and Kailai Ying accelerated overseas MNC orders in Q3, leading to increased capacity utilization. Small molecule oral drug orders began to materialize in Q3, expected to contribute to revenue in Q4 and increase gradually next year [1][2]. 2. **Emerging Business Performance** - Kailai Ying's emerging business is nearly at full capacity, particularly in its Tianjin factory, with recent price increases. Boteng's traditional small molecule business also raised prices by approximately 8-10% due to improved capacity utilization, primarily targeting biotech clients [1][5]. 3. **Biosimilar Exemption Benefits** - The exemption for Phase III biosimilars is a significant positive for the large molecule CDMO sector, expected to accelerate overseas orders in Q4 or the first half of next year, positively impacting media and large molecule CGM [1][6]. 4. **Domestic CRO Demand Surge** - Domestic CRO companies saw a further increase in demand in Q3, particularly in pharmacodynamics and toxicology. In vitro pharmacodynamics orders showed a year-on-year growth of 20-30% in H1, reaching 35-40% in Q3, with expectations for continued growth into H1 2026 [1][7][8]. 5. **Biotech Industry Budget Management** - The biotech industry's budget management in 2025 is more relaxed compared to 2024, with reduced pressure on order discounts and price negotiations, leading to an anticipated increase in biotech order prices [1][9]. 6. **Price Trends for Experimental Monkeys** - The price of experimental monkeys increased significantly in Q3, averaging around 95,000 yuan in H1, rising to 110,000-120,000 yuan by late August, reflecting increased demand [1][10]. 7. **Clinical Sector Performance** - The clinical sector saw a 5% growth in total volume in Q3 compared to Q2. Although prices have not yet increased, there is potential for industry-wide price hikes in Q4 due to rising demand and relaxed budgets [1][11]. 8. **Competitive Strategies in Clinical Sector** - Major companies in the clinical sector are adjusting their competitive strategies. For instance, companies like Kailai Ying and KunTuo are focusing on high-margin orders and reducing participation in price wars, which may support future price increases [1][12]. 9. **Impact of External Factors** - The influence of external factors, such as Trump's tweets, on CDMO businesses like WuXi AppTec is limited, as these companies have already engaged with U.S. counterparts regarding capacity issues [1][13][14]. Additional Important Insights - The overall sentiment in the industry is optimistic, with expectations for continued growth in orders and potential price increases across various segments, driven by improved demand and strategic adjustments by key players [1][2][9].

Group 1: Yiqiao Shenzhou - The company reported a more than 10% year-on-year growth in overseas conventional business revenue in the first half of the year, with the US being the primary market [1] - The performance of reagents was strong, while service revenue slightly declined due to large customer order impacts compared to the same period last year [1] - Future focus will be on enhancing reagent promotion, strengthening the sales team, and leveraging SCB's geographical advantages for business expansion [1] - The company will consider mergers and acquisitions that focus on technology complementarity, strategic regional layout, and upstream and downstream enterprises in the industry chain [1] - The sales volume of culture media business increased, but revenue and profit margins were affected by price competition [1] - The Taizhou subsidiary experienced rapid growth, while the Suzhou subsidiary faced longer expansion cycles due to certification requirements, with overall business showing stable growth [1] Group 2: Huaxiang Co., Ltd. - The company achieved a revenue of 1.98 billion yuan in the first half of the year, representing a year-on-year growth of 2.38%, and a net profit attributable to shareholders of 290 million yuan, up 25.66% year-on-year [2] - The profit growth outpaced revenue growth mainly due to an increase in the proportion of high-margin precision parts revenue to 80.8% and an improvement in gross margin to 23.3%, along with a decrease in expense ratio [2] - Financial expenses decreased primarily due to increased foreign exchange gains, with limited impact from the convertible bond delisting [2] - The company views the decline in white goods production as a temporary fluctuation and plans to offset pressure through increased automotive parts production, cost reduction via "short-process joint casting," and enhancing added value [2] - The company is expanding into the robotics sector, having initiated process validation for metal structural components of reducers, and plans to establish an industrial fund through external acquisitions [2] - Capital expenditure in the second half of the year will focus on "three park construction" to advance the expansion of automotive and industrial equipment industrial parks [2] - The mid-term dividend payout ratio reached 40.11%, with the annual dividend level to be announced later [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 32,445.52 million yuan, a year-on-year increase of 6.15% [3] - Regular business revenue was 30,013.52 million yuan, up 13.50% year-on-year, while non-regular business revenue was 1,018.27 million yuan, down 63.00% [3] - Net profit attributable to shareholders was 6,768.63 million yuan, a decrease of 4.59% year-on-year; net profit excluding non-recurring gains and losses increased by 31.85% to 3,312.25 million yuan [3] Overseas Business Development - Overseas regular business revenue grew by over 10% year-on-year, with the U.S. remaining the primary market [3] - The company plans to enhance reagent promotion and strengthen sales team development to leverage geographical advantages for business expansion [3] Mergers and Acquisitions Strategy - The company is actively pursuing investment and acquisition opportunities, focusing on firms with complementary technologies and products [3] - Recent acquisitions include a Canadian kinase company, with future targets being companies that can fill technological gaps and align with the company's strategic planning [3] Product and Market Positioning - The company’s main product in the culture medium segment is liquid culture medium, targeting research institutions and industrial clients [4] - Sales volume of culture media is increasing, although industry price competition is impacting revenue scale and profit margins [4] Subsidiary Performance - The Taizhou subsidiary is experiencing rapid growth in reagent and service business, while the Suzhou subsidiary faces longer market expansion cycles due to certification requirements [4] - Both subsidiaries are progressing according to plan, showing stable growth trends [4]