晨会纪要 证券研究报告 2025 年 12 月 25 日 核心结论 分析师 【医疗器械】IVD 体外诊断相关医疗器械行业报告：IVD 国内短期承压，头 部企业积极出海 建议关注公司：迈瑞医疗（300760.SZ，已覆盖）、新产业（300832.SZ）、 安图生物（603658.SH，已覆盖）、亚辉龙（688575.SH）、迪瑞医疗 （300396.SZ）、艾德生物（300685.SZ）等 风险提示：行业政策变化风险、新产品研发注册风险、技术替代风险、行业 竞争加剧风险、地缘政治等风险 【医药生物】健康元（600380.SH）首次覆盖报告：呼吸龙头再起航，创新 +国际化开启成长新篇章 盈利预测与评级：预计 2025-2027 年公司实现营收 158.11/170.17/182.73 亿元，同比增长 1.2%/7.6%/7.4%，归母净利润 14.66/15.72/17.09 亿元，同 比增长 5.7%/7.3%/8.7%。基于公司主业集采影响出清、创新管线即将步入 收获期，首次覆盖给予"买入"评级。 风险提示：市场竞争加剧，产品销售不及预期；新药研发进度不及预期；产 品集采降价超预期。 【北交所】北交所市场点评 ...

公司深度研究 | 健康元 呼吸龙头再起航，创新+国际化开启成长新篇章 健康元（600380.SH）首次覆盖报告 大型综合医药集团，创新+国际化开启新篇章。公司始创于 1992 年，保健品 业务起家，通过收并购不断开拓商业版图，经过 30 余年逐步发展为大型综 合医药集团。近年来，公司加快布局国际化及创新转型，一方面推动海外生 产基地建设，同时通过合作引进等方式快速丰富研发管线，聚焦呼吸常见疾 病，同时拓展镇痛、抗感染等领域布局。 制剂集采压力出清，新品放量助力主业拐点向上。近年来受艾普拉唑系列产 品、盐酸左沙丁胺醇吸入溶液等大单品降价影响，公司主业短暂承压，目前 核心产品降价压力基本出清，后续随着妥布霉素吸入溶液、玛帕西沙韦等新 品陆续放量，公司主业有望拐点向上。 加快创新管线布局，聚焦呼吸大适应症。多年深耕呼吸领域，近年来随着公 司创新转型进程加速推进，公司通过合作引进快速扩充在研管线，覆盖支气 管扩张、流感、COPD 等呼吸常见适应症。目前改良新药妥布霉素吸入溶液 以及流感新药玛帕西沙韦胶囊已获批，另外 TSLP 单抗、MABA 双靶点吸入 溶液、PREP 抑制剂等核心药物已进入 2 期临床。 丽珠集团： ...

Group 1 - The company and its subsidiaries have a total of 218 products included in the new National Medical Insurance Drug List, with 94 classified as Category A and 124 as Category B [1] - Notable products include injectable Aripiprazole microspheres, which were included through negotiation, and injectable Triptorelin microspheres, which have a new indication [1] - The inclusion of these products is expected to enhance market expansion and improve drug accessibility, positively impacting the company's future operating performance [1] Group 2 - The new Medical Insurance Drug List will officially take effect on January 1, 2026, and is not expected to have a significant impact on the company's current operating performance [1]

Core Viewpoint - Health元药业集团股份有限公司 has successfully had 218 products included in the new National Medical Insurance Directory, which is expected to positively impact the company's future operating performance, although it will not have a significant effect in the current period [1]. Group 1: Stock Performance - As of December 8, 2025, Health元's stock closed at 12.54 yuan, down 0.79% from the previous trading day, with a total market capitalization of 22.941 billion yuan [1]. - The stock opened at 12.63 yuan, reached a high of 12.76 yuan, and a low of 12.48 yuan, with a trading volume of 2.51 billion yuan and a turnover rate of 1.09% [1]. Group 2: Product Inclusion in National Medical Insurance Directory - On December 7, 2025, the National Medical Insurance Bureau released the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory, which includes 218 products from Health元 and its subsidiaries [1]. - Among the included products, 94 are classified as Category A and 124 as Category B [1]. - Notable inclusions are the injectable Aripiprazole microspheres and the injectable Triptorelin acetate microspheres, which now have an added indication for endometriosis [1]. - The renewal of the Tobramycin inhalation solution and injectable Esomeprazole sodium was also successful, with no products being removed from the directory [1]. - The new directory will take effect on January 1, 2026, and while it is expected to have a positive impact on future sales, the sales performance remains subject to policy and market uncertainties [1].

Core Viewpoint - The company Health元 (600380.SH) announced that a total of 218 products from the company and its subsidiaries have been included in the medical insurance catalog, which includes 94 Class A and 124 Class B products [1] Group 1 - The injectable Aripiprazole microspheres have been included in the medical insurance catalog through negotiations [1] - The injectable Acetate Triptorelin microspheres have a newly added indication [1] - The Tobramycin inhalation solution and injectable Esomeprazole sodium have successfully renewed their contracts [1]

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential stock price increase of 5% to 15% over the next six months [7][18]. Core Insights - The company reported a revenue of 7.898 billion yuan, a decrease of 4.1%, and a net profit of 785 million yuan, an increase of 1.1%, which aligns with expectations [3]. - The gross profit margin slightly decreased to 62.2%, down by 1.1 percentage points, while the net profit margin improved to 22.3%, up by 1.7 percentage points, indicating stable profitability [4]. - The chemical preparation segment faced short-term pressure, with sales revenue of 3.768 billion yuan, down by 7.5%, primarily due to the impact of centralized procurement policies and intensified market competition [5]. - The health food segment showed robust growth, achieving revenue of 244 million yuan, an increase of 35.2% [5]. - The company has made significant progress in its innovative product pipeline, particularly in the respiratory field, with over 10 first-class innovative drugs under development [6]. Financial Summary - The company expects net profits for 2025, 2026, and 2027 to be 1.407 billion yuan, 1.456 billion yuan, and 1.566 billion yuan, respectively, with corresponding EPS of 0.77 yuan, 0.80 yuan, and 0.86 yuan [7]. - The current market capitalization is approximately 22.74 billion yuan, with a closing price of 12.42 yuan [9]. - The projected P/E ratios for the next three years are 16 times for 2025, 15.6 times for 2026, and 14.5 times for 2027 [7].

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit showed a modest increase, indicating resilience amid market challenges [1][2]. Financial Performance - Revenue for the first half of 2025 was 7.898 billion yuan, a year-on-year decrease of 4.08% - Net profit attributable to shareholders was 785 million yuan, a year-on-year increase of 1.10% - Non-recurring net profit was 770 million yuan, a year-on-year increase of 1.04% - Basic EPS was 0.43 yuan, in line with market expectations [1][2]. Business Segment Analysis - Chemical preparations revenue was 3.768 billion yuan, down 7.51% year-on-year - Chemical raw materials and intermediates revenue was 2.525 billion yuan, down 4.48% year-on-year - Traditional Chinese medicine preparations revenue was 812 million yuan, up 4.29% year-on-year - Diagnostic reagents and equipment revenue was 374 million yuan, down 5.13% year-on-year - Health food revenue was 244 million yuan, up 35.24% year-on-year, driven by brand digital marketing - Bioproducts revenue was 95 million yuan, up 8.31% year-on-year [2]. Cost Management - Gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year - Selling expense ratio was 25.54%, an increase of 0.07 percentage points year-on-year - Management expense ratio was 5.34%, a decrease of 0.06 percentage points year-on-year - R&D expense ratio was 7.74%, a decrease of 0.94 percentage points year-on-year [2]. Innovation and Pipeline Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from procurement policies - Sales of tobramycin inhalation solution increased by 112% year-on-year - The company is advancing its innovation transformation with a rich pipeline, including: - Antiviral drug TG-1000 expected to be approved in the second half of 2025 - Complex formulations such as salmeterol/fluticasone inhalation powder and fluticasone propionate nebulized suspension received registration - TSLP monoclonal antibody and IL-4R monoclonal antibody are in Phase II clinical trials - The company is also diversifying into innovative fields, with Nav1.8 targeting peripheral nerve pain signaling [3]. Profit Forecast and Valuation - The company is in a transitional phase due to procurement factors, but innovation transformation is progressing steadily - Net profit forecasts for 2025-2027 are 1.32 billion, 1.51 billion, and 1.67 billion yuan, respectively - Corresponding P/E ratios are 18, 16, and 14 times - The company maintains a leading position in inhalation formulations, with core products expected to grow significantly [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Views - The company is undergoing a transitional phase in its traditional business due to factors such as centralized procurement, while its innovative transformation is progressing in an orderly manner [4]. - The company reported a revenue of 7.898 billion yuan for the first half of 2025, a year-on-year decrease of 4.08%, but the net profit attributable to shareholders increased by 1.10% to 785 million yuan, aligning with market expectations [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the revenue from the chemical preparation segment was 3.768 billion yuan (down 7.51% year-on-year), while the revenue from chemical raw materials and intermediates was 2.525 billion yuan (down 4.48% year-on-year). The traditional Chinese medicine segment saw a revenue increase of 4.29% to 812 million yuan, and health food revenue surged by 35.24% to 244 million yuan [2]. - The gross margin for the pharmaceutical manufacturing sector was 62.53%, a decrease of 1.09 percentage points year-on-year [2]. Business Development - The company is deepening its layout in the respiratory field, with core products performing well despite short-term pressures from centralized procurement policies. Sales of the core product, Tobramycin inhalation solution, increased by 112% year-on-year [3]. - The company is advancing its innovative transformation with a rich pipeline, including an anti-influenza drug expected to be approved in the second half of 2025 and several complex formulations that have received registration [3]. Profit Forecast and Valuation - The profit forecast for the company is set at 1.32 billion yuan for 2025, with projected earnings per share (EPS) of 0.72 yuan. The price-to-earnings (P/E) ratio is expected to be 18 for 2025, decreasing to 14 by 2027 [4][5]. - The report anticipates a gradual recovery in revenue growth, with a projected increase of 0.90% in 2025, followed by higher growth rates in subsequent years [5].

Core Views - Joincare Pharmaceutical Group Industry Co., Ltd. reported a steady growth trajectory in its overall performance during the first half of 2025, demonstrating strong operational resilience despite market fluctuations and intensified competition [16][18]. Financial Highlights - Revenues for the reporting period were RMB 7,898,328,250.41, a decrease of 4.08% compared to the same period last year [4]. - Total profit increased by 4.58% to RMB 2,072,742,025.46 [4]. - Net profit attributable to shareholders of the listed company was RMB 784,939,913.34, reflecting a slight increase of 1.10% [4]. Company Profile and Major Financial Indicators - The company is engaged in R&D, production, and sales of pharmaceutical products, including chemical pharmaceuticals, biologics, and traditional Chinese medicine [5]. - The company has established a comprehensive end-to-end system covering the entire value chain, from R&D to sales [5]. Industry Overview - The Chinese pharmaceutical innovation sector is undergoing structural changes, with a focus on innovative drug development, supported by government policies [13][15]. - The National Medical Products Administration approved over 20 Class 1 innovative drugs from January to May 2025, marking a record high [13]. Business Model - The company employs a multi-pronged R&D model that integrates independent innovation, external licensing, and collaborative development [5]. - The company has established long-term partnerships with suppliers to ensure procurement efficiency and quality [6]. Performance Drivers - The health care products segment achieved a 35% increase in sales, becoming a key driver of performance [20]. - The respiratory therapeutic area saw a sales increase of 112% for Tobramycin Inhalation Solution, demonstrating strong growth momentum [19]. R&D Innovation - The company has established a pipeline of more than ten Category I innovative drugs, focusing on respiratory diseases and other therapeutic areas [23]. - Significant progress has been made in various therapeutic areas, including autoimmune diseases and metabolism [24][25]. Internationalization Strategy - The company is expanding its global footprint with the construction of its first overseas API plant in Jakarta, Indonesia [30]. - The company has successfully obtained regulatory approvals in multiple international markets, enhancing its global supply chain [30]. Future Outlook - The company plans to deepen R&D in innovative drugs, focusing on core strengths in respiratory, anti-infective, and gastroenterology fields [32]. - The company aims to optimize production processes and enhance efficiency through intelligent manufacturing and AI data analytics [33].

Core Viewpoint - Health元药业集团 reported a stable overall business performance in the first half of 2025, with core business segments working collaboratively to adapt to market changes and maintain resilience [3][4]. Financial Performance - Total assets at the end of the reporting period were CNY 35,552.22 million, a decrease of 0.46% from the previous year [1]. - Operating revenue was CNY 7,898.33 million, down 4.08% year-on-year [1]. - Total profit reached CNY 2,072.74 million, an increase of 4.58% compared to the previous year [1]. - Net profit attributable to shareholders was CNY 769.81 million, showing a slight increase of 1.04% from the previous year [1]. Business Segments - The respiratory product segment faced sales declines due to continued centralized procurement policies and intensified market competition, but the company managed to grow sales of its existing products, such as tobramycin inhalation solution, by 112% year-on-year [4]. - The health products segment performed well, achieving a growth of 35% year-on-year, highlighting the positive effects of diversified business strategies [4]. - The raw materials segment maintained strong competitiveness, with key products like 7-ACA sustaining good pricing [4]. R&D and Innovation - The company has made significant progress in R&D across various therapeutic areas, with over 10 innovative drugs in the respiratory field, including a new treatment for influenza that has entered the production application stage [5][6]. - In the autoimmune field, a humanized monoclonal antibody for moderate to severe psoriasis has completed Phase III clinical trials, showing superior efficacy compared to existing treatments [6]. - The company is also advancing in the pain management area with a non-opioid innovative drug that has completed Phase I clinical trials [7]. International Expansion - The company has commenced construction of its first overseas raw material drug factory in Jakarta, Indonesia, aimed at enhancing its global supply chain and market responsiveness [8]. - Regulatory approvals for production and import in the Philippines and Malaysia have been achieved, facilitating market entry in Southeast Asia [8]. - The company is pursuing a strategic acquisition of a Vietnamese company to enhance its market penetration in the region [8].