机构：国泰海通证券 研究员：余文心/周航/陈铭/吴晗 风险提示：全球生物医药研发景气度风险；行业竞争加剧风险；全球宏观地缘风险；产能建设不达预期 风险；产能爬坡不达预期风险。 我们预计公司25/26/27 年EPS 分别为1.11/1.28/1.49 元。我们采用PE 估值方法，考虑到公司上调业绩指 引、CRDMO 模式稀缺，我们给予公司2025 年PE 倍数40 倍，目标价每股48.18 港元，维持"增持"评 级。 分子漏斗项目数不断扩大，在手订单充足保障未来增长。2025 上半年新增86 个项目为1H 历史新高，其 中超过一半新签项目来自美国，双抗、多抗、抗体偶联药物占新签项目比例超过70%。截至25H1，公 司864 个项目中包含67 个临床三期和24 个商业化生产项目，为未来商业化生产收入持续增长奠定坚实 基础。截至25H1，公司未完成订单总额达203 亿美元，未完成服务订单约114亿美元。临床三期项目推 进、商业化生产项目爬坡和早期项目的临床进展共同促进未完成服务订单增长，三年内未完成订单约42 亿美元，巩固近期收入增长预期。 M 端收入保持较快增长，北美地区收入增速展现韧性。临床前收入今年上半年同 ...

医药生物/医疗服务 药明合联（02268.HK） 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 59.050 | | 一年最高最低(港元) | 64.450/17.900 | | 总市值(亿港元) | 711.27 | | 流通市值(亿港元) | 711.27 | | 总股本(亿股) | 12.05 | | 流通港股(亿股) | 12.05 | | 近 3 个月换手率(%) | 32.17 | 股价走势图 -80% 0% 80% 160% 240% 320% 2024-08 2024-12 2025-04 药明合联 恒生指数 数据来源：聚源 《业绩表现持续亮眼，充沛订单或保 障未来高增长—港股公司信息更新报 告》-2024.8.23 余汝意（分析师） 汪晋（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 wangjin3@kysec.cn 证书编号：S0790525060003 2025H1 业绩表现亮眼，在手订单充沛保障未来成长 2025H1 公司实现营收 27.01 亿 ...

该集团未完成订单总量截至2025年6月30日增加至203亿美元，包括未完成服务订单114亿美元以及未完 成潜在里程碑付款订单90亿美元，同时该集团三年内未完成订单总额截至2025年6月30日增加至42亿美 元。潜在里程碑付款订单实现收入的时点及概率或有不同，因其受制于项目成功率及项目进展等集团可 能无法完全控制的因素的影响。 公告称，收益增长主要归因于(i)"跟随并赢得分子"战略的成功执行，以及领先的技术平台、行业最佳的 项目交付时间及优秀的项目执行过往记录，推动集团收益增长; (ii)基于ADC(抗体偶联药物)和双特异性 抗体等快速发展的技术平台，集团扩大了对生物药行业提供包括研究发现、IND前开发及临床和商业化 生产等在内的服务範围;(iii)集团多个先进技术所产生的研究服务收益增长;及(iv)集团对现有及新增产能 的利用，包括欧洲生产基地的产能爬坡。 智通财经APP讯，药明生物(02269)公布2025年中期业绩，收益约99.53亿元，同比增长16.1%;毛利约 42.53亿元，同比增长27%;公司拥有人应占纯利约23.39亿元，同比增长56%;公司拥有人应占经调整纯利 约23.89亿元，同比增长6.2 ...

Core Viewpoint - The surge of pharmaceutical companies listing on the Hong Kong Stock Exchange (HKEX) reflects a growing interest in the biotech sector, driven by innovative drug development and supportive regulatory frameworks [1][2][3]. Group 1: Market Activity - In 2023, 14 biopharmaceutical and medical device companies have listed on HKEX, raising a total of 182.25 billion HKD, with 36 more companies in the pipeline [2]. - The rapid development of innovative drugs is closely linked to the increase in listings, with 43 innovative drugs approved in the first half of the year, a 59% year-on-year increase [2]. - The Hang Seng Biotechnology Index has doubled in value this year, indicating strong market performance in the biotech sector [2]. Group 2: Regulatory and Capital Support - The introduction of the "Science and Technology Enterprises Special Line" and the 18A listing rule has facilitated early and customized listing guidance for innovative drug companies [3]. - Since the implementation of the 18A rule, 77 biotech companies have gone public, demonstrating the positive impact of regulatory reforms on the industry [3]. - Increased liquidity and capital inflow, particularly from foreign investments, have significantly improved the valuation and liquidity of the biotech sector [3]. Group 3: Company Performance and Evaluation Criteria - Companies with strong clinical data and rapid pipeline advancement, particularly in oncology, autoimmune diseases, and metabolic disorders, are attracting high valuations [6]. - The focus of investors is shifting from the quantity of drug pipelines to the quality and clinical value of the research outcomes [5][6]. - Successful recent listings, such as Zhonghui Biotech-B and Weilizhibo-B, highlight the market's preference for companies with innovative therapies and strong clinical trial results [6].

Group 1 - The core viewpoint of the article highlights the performance and strategic focus of CSPC Pharmaceutical Group Limited, emphasizing its strong product portfolio in various therapeutic areas and its innovative drug development strategy [1][2][3] Group 2 - As of the first quarter of 2025, CSPC Pharmaceutical Group reported total revenue of 7.015 billion yuan and a net profit of 1.478 billion yuan [2] - The company’s stock price increased by 2.07% to 9.86 yuan per share, with a trading volume of 0.852 billion yuan as of 11:40 AM on August 5 [1]

Group 1 - Nanjing Weilizhibo Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the third Nanjing company to go public this year, raising the total number of listed companies in Nanjing to 165 [1][2] - Weilizhibo focuses on the discovery, development, and commercialization of new therapies for tumors, autoimmune diseases, and other major diseases, with a pipeline of 12 products including monoclonal antibodies and antibody-drug conjugates [2][3] - The company has developed proprietary technology platforms such as LeadsBodyTM and X-bodyTM, which optimize the balance between efficacy and safety, aiming to improve patient quality of life [2][3] Group 2 - The company raised $189 million, which will be primarily used for clinical drug development, optimizing technology platforms, and increasing production capacity [3] - Weilizhibo has established a first-mover advantage in the solid tumor treatment market with a differentiated T-cell engager (TCE) product matrix covering hematological tumors, solid tumors, and autoimmune diseases [3] - Following Weilizhibo's listing, Nanjing's capital market is set to expand further with another company, Hansan (Nanjing) Technology Co., Ltd., expected to go public next month, increasing the total to 166 listed companies [4][5]

Core Insights - In April 2025, a total of 24 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 14.6 billion yuan, with a significant increase in the number of IPOs compared to the previous year [6][10][30]. Group 1: IPO Market Overview - The number of IPOs in April 2025 increased by 50% year-on-year, while the total fundraising amount rose by 152% compared to the same month last year [10][11]. - The top five companies by fundraising amount were Tianyouwei, Bawang Chaji, Ying'en Biotechnology, Zhengli New Energy, and Taihong Wanli [8][10]. - The A-share market returned to a normal state, while the Hong Kong A+H track remained active, and the number of Chinese companies going public in the US reached a one-year high [11][30]. Group 2: Market Breakdown - In April 2025, the A-share market saw 10 companies go public, with a total fundraising of 8.3 billion yuan, while the Hong Kong market had 2 IPOs raising 2.5 billion yuan [22][27]. - The US market had 12 Chinese companies listed, raising a total of 3.8 billion yuan, marking a significant increase in both the number of IPOs and the amount raised compared to the previous year [30]. Group 3: Performance Metrics - The first-day drop rate for IPOs was 16.67%, with 4 out of 24 companies experiencing a decline on their debut [16]. - The highest first-day gain was recorded by Huatuo Securities, which surged by 396.25%, while Tianci International faced the largest drop at 35% [17][18]. Group 4: Industry and Regional Analysis - The automotive and transportation sector led in fundraising, totaling 4.973 billion yuan, accounting for 34.06% of the total [54][59]. - Jiangsu province topped the fundraising chart with 3.982 billion yuan, followed by Heilongjiang and Beijing [62][67]. Group 5: VC/PE Exit Analysis - In April 2025, 12 companies with VC/PE backing went public, achieving a total exit return of 27.9 billion yuan, with an average return multiple of 9.11 times [37][43]. - The consumer sector had the highest exit return, with Bawang Chaji generating a return of 10.516 billion yuan and a multiple of 80.03 times [41][37].

Core Insights - The recent conference in Suzhou focused on advancements in the diagnosis and treatment of Acute Lymphoblastic Leukemia (ALL), aiming to enhance the standard of care in Jiangsu Province [1][2] - ALL accounts for 30% to 40% of acute leukemia cases, primarily affecting adults aged 30 to 40, with poor prognosis for patients over 40 and those with relapsed or refractory cases [1] Group 1: Current Status and Challenges - Significant improvements in survival rates for ALL patients have been observed due to advancements in treatment technologies, including bispecific antibodies and CAR T-cell therapy [2] - Despite these advancements, there are still unmet needs in clinical diagnosis and treatment, particularly in grassroots medical institutions, leading to a lack of standardized care for many patients [2] Group 2: Initiatives and Future Directions - The Jiangsu ALL Working Group has been established to explore standardized treatment pathways and improve overall care quality, focusing on the development of clinical pathways for ph+/ph- B-ALL [2] - The group aims to enhance regional diagnostic and treatment levels through regular academic exchanges, case consultations, and research initiatives, ultimately striving for a uniform standard of care across the province [2][3] - Future efforts will include optimizing standardized treatment pathways and promoting the "Jiangsu experience" nationwide to improve ALL care for more patients [3]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index rising by 0.23% to 21,466.27 points, while the Hang Seng Tech Index fell by 0.67% to 4,981.6 points, indicating a mixed performance across indices [1] - Short-term impacts from the U.S. tariff policy on China have led to a decline in investor risk appetite, causing a valuation adjustment in the Hong Kong stock market [1] Blue-Chip Stocks Performance - Semiconductor stocks, particularly SMIC, led the decline among blue-chip stocks, with SMIC dropping 4.53% to HKD 45.35, contributing to a loss of 15.99 points in the Hang Seng Index [2] - New Oriental and Nongfu Spring saw gains of 3.66% and 2.48%, respectively, contributing positively to the index [2] Sector Performance Semiconductor Sector - The semiconductor sector faced significant declines, with Shanghai Fudan down 5.17% and Huahong Semiconductor down 3.2% [3] - The U.S. government has initiated investigations into semiconductor imports under national security concerns, which may impact the sector's future [3] Apple-Related Stocks - Apple-related stocks experienced pressure, with notable declines in companies like Sunny Optical and BYD Electronics, attributed to ongoing tariff discussions [4] Gaming Sector - The gaming sector saw widespread declines, with Galaxy Entertainment down 3.57% and other major gaming stocks also falling [4] Consumer Sector - Consumer stocks showed resilience, with notable gains in brands like Zhou Hei Ya, which rose 7.83% [6] - The Chinese government's push for consumption growth is expected to bolster the consumer market, enhancing investment preferences in this sector [6] Notable Company Movements - Yineng Biopharma saw a significant increase of 116.7% on its first trading day, reflecting strong investor interest in its innovative drug development [8] - Yujian Robotics rose 4.57% following the release of a national standard for industrial robots, indicating positive market sentiment towards the company [9] - Sunac China experienced a decline of 6.58% amid news of plans to convert offshore bonds into company stock, alongside a report of its March sales figures [10]