2026年，全球生物科技行业正处于一个微妙的转折点。 一方面，医药市场见证了并购交易总额的显著反弹。研发客数据显示2025年生物制药领域共产生173笔BD交易【不包含合作开发（partnership）类交 易】，同比2024年的136笔显著增长；交易预付款及总额分别达到83亿美元和1468亿美元，较2024年上涨了82%和218%。 另一方面，在IRA实质性落地、《生物安全法案》立法的波折以及美联储降息周期的开启中，重新定义了资本流向与资产溢价的核心逻辑。 在此背景下，近日安永美洲区生命科学部门负责人Arta Ural与Fierce Pharma的Kevin Dunleavey就生物制药行业的交易环境进行了深入对话，包括从监管 环境变化到治疗领域热点、从AI应用到中国创新崛起等多个关键议题。bioSeedin柏思荟将对这次对话进行深度解析，为读者呈现2026年生物技术行业的 发展图景。 此外心血管代谢疾病领域在GLP-1类药物热潮的推动下，成为仅次于神经和肿瘤的第三大投资热点。相比之下，罕见病和基因治疗领域的投资热度有所降 温。 在技术平台方面，虽然ADC和放射性药物继续吸引大量投资，但市场已经开始显现饱和迹 ...

时代的全球医疗健康版图重构 2025年，医疗健康行业进入结构性重塑期。技术突破、支付改革与数字化浪潮叠加，推动行业从 规模扩张走向价值创造与精准医疗。 中国市场由医保改革与健康消费升级驱动增长；全球范围内，创新压力与资本约束并存，企业必 须以更清晰的战略聚焦应对不确定性。 GLP-1引发医疗需求结构重塑 生存之战：GLP-1药物将如何重塑医疗健康行业 GLP-1 药物的快速崛起正在重塑全球医疗健康行业。作为被视为"医 学奇迹"的新型治疗手段，GLP-1 显著降低多类慢性疾病的风险，却 同时引发医疗服务提供方的结构性焦虑：未来的临床服务需求将下 降，直接冲击行业盈利模式。 精准靶向治疗加速落地 蓄势待发，放射性药物产业迎来发展新纪元 3 放射性药物正成为继 ADC、GLP-1 之后的全新"黄金赛道"，在肿瘤等重 大疾病的精准诊疗中展现突破性潜力。中国市场虽仍处早期，但在巨大 患者需求推动下具备快速扩容空间。 消费者健康需求结构性升级 1 2 一文读懂2025年消费者健康新趋势 后新冠时代，健康焦虑持续存在，新技术与新产品推动消费者从被动 治疗转向主动、前置的健康管理。在中国市场，医保与支付体系改革 叠加消费升级 ...

12月19日，联化科技（002250）披露投资者关系活动记录，公司于当日以特定对象调研形式接待了国海 证券、野村资管、易方达、湘财基金、国诚投资等5家机构的调研。公司高级副总裁、董秘陈飞彪及证 券事务代表戴依依参与接待，就公司植保业务布局、医药CDMO发展、研发创新方向及资本运作计划等 核心问题与机构进行了深入交流。 投资者关系活动基本信息投资者关系活动类别：特定对象调研时间：2025年12月19日地点：上海办会议 室参与单位名称：国海证券、野村资管、易方达、湘财基金、国诚投资上市公司接待人员：高级副总 裁、董秘 陈飞彪；证券事务代表 戴依依 调研核心内容解读植保业务：加码海外基地布局 构建差异化供应链 针对机构关注的植保业务规划，公司表示，植保行业集中度较高，公司已与多家国际农化/植保企业建 立长期战略合作伙伴关系，业务覆盖产品生命周期全阶段。为满足客户供应链布局需求，公司正将马来 西亚打造为"差异化的供应链布局"第二海外基地，协同中国、英国及马来西亚三地生产基地，利用中国 完善的化工供应链配套、英国及马来西亚灵活的生产及登记政策，为客户提供全产业链一站式服务。未 来，植保业务CDMO领域有望持续稳步发展。 ...

Core Insights - The Chinese nuclear technology application industry is transitioning from a "follower" to a "leader" position, with significant advancements in key isotopes and domestic medical equipment [1][2] - The market for radioactive drugs is projected to grow from 9.3 billion yuan in 2025 to 26 billion yuan by 2030, indicating strong growth potential [3][4] Industry Developments - The successful domestic production of Lu-177 isotope marks a significant milestone, enabling targeted therapies for prostate cancer and neuroendocrine tumors, with annual production capacity meeting domestic demand [2][3] - Over 90 types of radiation therapy equipment have been approved for market, with domestic brands accounting for over 70% of the market share, reducing reliance on imports [2][3] Market Potential - The radioactive drug market is expected to grow significantly, with projections indicating a rise from 9.3 billion yuan in 2025 to 26 billion yuan by 2030 [3] - Nuclear technology applications are expanding beyond healthcare into industrial and agricultural sectors, driving modernization and growth [3] Policy and Support - The "Three-Year Action Plan for High-Quality Development of the Nuclear Technology Application Industry (2024-2026)" aims for an annual economic output of 400 billion yuan by 2026, supported by legal frameworks and national research facilities [4] - The establishment of a national-level isotope supply base is part of the strategy to enhance supply chain resilience and reduce dependency on single sources [7][8] Challenges and Solutions - The industry faces challenges such as single-point dependency risks for key isotopes and insufficient supply chain elasticity, which could impact stability in nuclear medicine and industrial applications [5][6] - A "Strong Chain Action Plan" has been initiated to address these challenges, focusing on collaborative efforts among state-owned enterprises, research institutions, and private companies to enhance the entire industry chain [7][8] Future Outlook - The nuclear technology application industry is expected to maintain a compound annual growth rate of over 10%, with a target output of 600 billion yuan by the end of the 14th Five-Year Plan [7] - The integration of nuclear technology with AI and new materials is anticipated to create significant new value, potentially exceeding 100 billion yuan during the 14th Five-Year Plan period [8]

Core Insights - The Chinese nuclear technology application industry is transitioning from a "follower" to a "leader" position, particularly in the nuclear medical field, with significant advancements in the supply of key isotopes and domestic market share of radiation therapy equipment [1][2][3] - The market for radioactive drugs is projected to grow from 9.3 billion yuan in 2025 to 26 billion yuan by 2030, indicating strong growth potential in the nuclear medical sector [3] - The "Nuclear Technology Application Industry High-Quality Development Three-Year Action Plan (2024-2026)" aims for the industry to achieve a direct economic output of 400 billion yuan by 2026, with a target of 600 billion yuan by the end of the 14th Five-Year Plan [3][5] Achievements - The successful production of Lu-177 isotope by Qinshan Nuclear Power, which is expected to meet domestic market needs for targeted cancer therapies, marks a significant milestone in self-sufficient isotope supply [1][4] - Over 90 radiation therapy devices have been approved for market use by the National Medical Products Administration, with more than 70% being domestic brands, reducing reliance on imports [2] - The development pipeline for new radioactive drugs has accelerated, with over 200 candidates entering clinical trials, enhancing treatment options for cancer [2] Challenges - The industry faces risks related to single-point dependency on key isotopes and insufficient elasticity in the supply chain, which could jeopardize stability in nuclear medicine and industrial applications [4] - There is a lack of understanding among small and medium enterprises regarding national support policies, leading to difficulties in seizing development opportunities [4] - Issues such as insufficient investment in basic research, weak pilot testing for technology transfer, and imbalanced regional development are hindering overall industry progress [4] Strategic Initiatives - The "Strong Chain Action Plan" was launched to address existing challenges and promote a systematic upgrade of the nuclear technology application industry, involving collaboration among state-owned enterprises, research institutions, and private companies [5][6] - The plan emphasizes a collaborative approach to enhance the entire industry chain, ensuring the stability of domestic isotope supply and fostering innovation through cross-sector integration [6] - The initiative aims to create industrial clusters in key regions to address developmental imbalances and stimulate growth across the industry [6]

Core Insights - The China Securities Regulatory Commission (CSRC) has issued a notice regarding Beijing Xiantong International Pharmaceutical Technology Co., Ltd.'s overseas issuance and the "full circulation" of unlisted shares in the domestic market, allowing the company to issue up to 9,259,900 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - Xiantong Pharmaceutical is a leader in China's radiopharmaceutical market, focusing on the development and commercialization of innovative radiopharmaceuticals, aiming to be the first listed company in China with unique or best-in-class potential in this field [1] - The company is recognized as the first in China to obtain approval for innovative radiopharmaceuticals, hold production licenses as a Marketing Authorization Holder (MAH), and complete clinical trials for therapeutic radioligands [1] Company Overview - Xiantong Pharmaceutical plans to convert a total of 34,466,214 unlisted shares held by 95 shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [1] - The company is positioned as a pioneer in the innovative radiopharmaceutical sector, with significant achievements in regulatory approvals and clinical trials [1] Shareholder Details - A detailed list of shareholders and the number of shares they plan to convert to full circulation has been provided, with notable shareholders including Xu Xingsheng (3,343,071 shares) and Jiangsu Jiequan Chengda Equity Investment Center (2,959,381 shares) [2][3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Beijing Xiantong International Pharmaceutical Technology Co., Ltd. to issue up to 9,259,900 overseas listed ordinary shares and to list on the Hong Kong Stock Exchange, along with the conversion of 34,466,214 domestic unlisted shares into overseas listed shares by 95 shareholders [1]. Company Overview - Xiantong Pharmaceutical is a leader in the Chinese radiopharmaceutical market, focusing on the development and commercialization of innovative radiopharmaceuticals with the potential to be the first listed or best-in-class in China [1]. - The company is recognized as the first in China to obtain marketing approval for innovative radiopharmaceuticals, to receive production licensing as a Marketing Authorization Holder (MAH), and to complete clinical trials for therapeutic radioligands accepted by the National Medical Products Administration (NMPA) [1]. Shareholder Participation - A total of 95 shareholders are involved in the conversion of shares, with significant contributions from various investment funds and individuals, including: - Xu Xingsheng: 3,343,071 shares - Jiangsu Jiequan Chengda Equity Investment Center: 2,959,381 shares - Jinshi Manufacturing Transformation and Upgrading New Materials Fund: 2,276,447 shares - China State-Owned Enterprises Structural Adjustment Fund II: 1,707,335 shares [1][2].

Core Insights - Sichuan Mairidi Medical Technology Co., Ltd. has completed several million yuan in angel round financing, primarily supported by various investment entities [1][2] - The funding will be used for the development of a high-load nuclear medicine project and the construction of a radioactive drug pilot platform, leveraging microfluidic technology [1][2] Company Overview - Mairidi focuses on innovation in the fields of oncology and neurology, established by teams from Sichuan University and West China Hospital [1][2] - The company aims to overcome existing technological bottlenecks and pioneer the application of microfluidic technology in nuclear medicine [1][2] Technology and Services - The company plans to build a pilot platform for radioactive drug development, providing services such as product concept validation, technical development, and quality research [2][3] - Microfluidic technology offers significant advantages in the separation and purification of radionuclides, which are characterized by low material quantities and high costs [1][2] Industry Context - The nuclear medicine industry is rapidly emerging as a focal point in global healthcare, with therapeutic nuclear drugs already on the market in Europe and the U.S. [2] - Mairidi's investment reflects recognition of the nuclear medicine industry's growth trajectory and the importance of technology transfer from academic institutions [2][3] Future Development - Mairidi will establish core service capabilities in the radioactive drug industry chain, including platforms for radionuclide separation, labeling technology, and molecular modification [3] - The company will equip facilities that meet international standards for the synthesis and quality control of radioactive drugs [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, a decrease of 35.3% year-on-year, primarily due to intense domestic market competition and pricing factors [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular entities in the industry [9]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 855 million CNY, 1,046 million CNY, and 1,305 million CNY respectively, with corresponding EPS estimates of 0.14 CNY, 1.02 CNY, and 1.59 CNY [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 143 million CNY in 2026 and 224 million CNY in 2027 [4].

Core Viewpoint - The article highlights the 80th anniversary of Russia's nuclear industry, celebrating its historical achievements and looking forward to new projects by the Russian State Atomic Energy Corporation [1][9]. Group 1: Historical Development - The establishment of the nuclear industry in Russia dates back to August 20, 1945, when the Soviet Union formed a special committee for atomic energy utilization, marking the beginning of its nuclear history [3]. - Key figures in the development of the Soviet nuclear industry included prominent scientists and Nobel laureates, contributing to the establishment of closed nuclear cities for research and development [4]. Group 2: Technological Achievements - The first nuclear power plant for peaceful energy use, the Obninsk Nuclear Power Plant, was launched in 1954, significantly changing global perceptions of nuclear energy [5]. - Russia currently operates 11 nuclear power plants, contributing nearly 20% to the country's total electricity generation, with plans for additional plants under construction [5]. Group 3: Current Operations and Global Presence - The Russian State Atomic Energy Corporation is a leading producer of radioactive pharmaceuticals and ranks among the top five isotope producers globally, with operations in over 60 countries [7][8]. - The corporation has significant uranium reserves, ranking second globally, and is the third-largest in uranium mining and nuclear fuel production [8]. Group 4: Economic Impact - In 2024, the corporation's revenue is projected to exceed 3 trillion rubles, with record investments in the Russian economy and social sectors [8]. - The official slogan for the 80th anniversary celebration, "Glory, Inspiration, Dreams," reflects the industry's commitment to peaceful nuclear energy and its ongoing expansion [8].