证券研究报告：医药生物|行业周报 发布时间：2025-12-29 行业投资评级 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8254.26 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《第六批高值医用耗材国家集采工作 正式启动，头部国产企业有望凭借集采 中选获得更多市场份额》- 2025.12.23 医药生物行业报告 （2025.12.22-2025.12.28） 国内创新药研发景气回暖，关注非临床安评行业投 资机会 ⚫ 本周主题 非临床安全性评价是新药申请 IND 并进入临床试验或申请 NDA/BLA 的必要程序和重要步骤。非临床安全性评价受近年来我国政 策鼓励创新药发展等因素催化，市场规模一度呈现快速增长的趋势。 非临床安全性评价行业是一个 ...

Core Viewpoint - The investment by Medisi is aimed at strengthening the supply of key experimental animals through acquiring a 23% stake in Plai Biological, which specializes in breeding and selling experimental animals like macaques and crab-eating monkeys [1][2]. Group 1: Investment Details - Medisi plans to acquire a 23% stake in Plai Biological for a total amount of 21.906 million yuan [1]. - The registered capital corresponding to this stake is 23 million yuan, with a paid-in capital of 7.728 million yuan [2]. - The remaining unpaid capital of 15.272 million yuan will be settled by Medisi at a nominal fee of 1 yuan per registered capital [2]. Group 2: Company Background - Plai Biological was established in November 2022 with a registered capital of 100 million yuan and paid-in capital of 33.6 million yuan [1]. - The company is fully owned by Puxin Biological, which holds a national license for breeding key protected terrestrial wildlife [1]. Group 3: Industry Context - Medisi primarily engages in pharmaceutical research outsourcing, with experimental animals being a crucial raw material [3]. - The demand for experimental animals has surged due to the growth in the healthcare industry, leading to significant price increases for monkeys used in experiments [3]. - The price of crab-eating monkeys rose from approximately 13,500 yuan in 2018 to over 200,000 yuan in 2022, impacting Medisi's operational costs [3]. Group 4: Market Trends - In 2023, the demand for experimental monkeys has decreased, resulting in a drop in prices to 125,000 yuan, with projections for 2024 to fall below 100,000 yuan [4]. - Companies that previously stockpiled monkeys, like Zhaoyan New Drug, have faced financial challenges due to the declining value of biological assets [4].