证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 临床前和临床后期表现亮眼，上调全年业 绩指引 [Table_ReportDate] 2025 年 8 月 24 日 [Table_S 事件：2025 ummar年y]8 月 19 日，公司发布 2025 年中期业绩简报。2025H1 公司 实现营业收入 99.53 亿元，同比增长 16.1%；2025H1 公司实现毛利润 42.53 亿元，同比增长 27.0%，对应毛利率 42.7%，同比提升 3.6pct；2025H1 公 司实现归母净利润 23 ...

本文源自：金融界 中国生物制药有限公司是一家创新研究和研发驱动型的医药集团，其主要业务包括医药研发、智能化生 产以及销售，主要产品包括多种生物药和化学药，特别在肿瘤、肝病、呼吸系统、外科/镇痛四大治疗 领域具有优势。公司自从2000年上市以来，在MSCI全球标准指数、恒生指数等多个指数中成为成分 股，连续六年入选《制药经理人》的"全球制药企业TOP50"，核心企业正大天晴药业集团、北京泰德制 药股份有限公司多年位列中国医药工业企业百强榜，公司产品收入占比逐年提升。 作者：行情君 截至2025年中报，中国生物制药营业总收入175.75亿元、净利润33.89亿元。 8月21日，中国生物制药(01177)盘中上涨2.01%，截至09:58，报7.61元/股，成交3.03亿元。 8月19日，浦银国际证券维持买入评级,目标价9.1港元。 ...

Company Overview - Zhongsheng Pharmaceutical closed at 22.79 yuan on August 20, down 1.04 yuan, a decrease of 4.36% from the previous trading day [1] - The opening price was 23.39 yuan, with a high of 24.34 yuan and a low of 22.50 yuan, and the trading volume reached 661,194 hands with a transaction amount of 1.537 billion yuan [1] Business Operations - Zhongsheng Pharmaceutical is primarily engaged in the manufacturing of pharmaceuticals, focusing on the research, production, and sales of traditional Chinese medicine, chemical drugs, and biological drugs [1] - The company's product range covers multiple therapeutic areas, including cardiovascular, anti-infection, digestive system, and respiratory system [1] Market Activity - On the morning of August 20, Zhongsheng Pharmaceutical experienced a rapid rebound, with a rise of over 2% within 5 minutes, peaking at 24.01 yuan [1] - The net outflow of main funds on that day was 120.6993 million yuan, while the net inflow over the past five days was 14.899 million yuan [1]

益佰制药发布公告称，拟以8000万元受让控股子公司益佰中药配方颗粒制药有限公司40.03%的股权， 交易完成后将持有该公司100%股权。公司2025年半年报显示，上半年实现营业收入9.93亿元，同比下 降15.0%；归母净利润亏损1990万元，较去年同期亏损1.06亿元有所收窄。 益佰制药股价报4.55元，较前一交易日下跌0.87%。开盘价为4.66元，盘中最高触及4.75元，最低下探 4.47元，成交量为1121773手，成交金额达5.18亿元。 风险提示：股市有风险，投资需谨慎。 该公司主营业务为医药工业、医疗服务和大健康产业。医药工业板块主要产品包括化学药、中成药和生 物药，涉及肿瘤、心脑血管、妇科等多个治疗领域。医疗服务板块运营综合性医院和肿瘤专科医院，大 健康产业板块则开发以苗药为特色的健康产品。 来源：金融界 ...

每经AI快讯，天士力（SH 600535，收盘价：16.18元）8月15日晚间发布公告称，公司第九届第12次董 事会会议于2025年8月14日在公司会议室以现场会议方式召开。会议审议了《2025年半年度报告》等文 件。 截至发稿，天士力市值为242亿元。 每经头条（nbdtoutiao）——华康股份11亿元并购疑云：收购对象的大客户两年前已深陷债务危机，如 何贡献巨额营收？ （记者 曾健辉） 2024年1至12月份，天士力的营业收入构成为：中药占比70.89%，化学制剂药占比15.38%，医药商业占 比10.53%，生物药占比2.25%，化学原料药占比0.61%。 ...

税金及附加 26,816,307.83 29,528,550.80 销售费用 620,586,202.68 638,226,395.90 管理费用 180,754,339.09 173,744,849.65 研发费用 118,627,834.42 114,594,982.81 财务费用 14,555,119.54 32,257,721.06 其中：利息费用 25,822,154.10 33,443,730.44 利息收入 5,452,211.74 4,334,459.37 加：其他收益 69,741,135.46 83,284,962.09 投资收益（损失以"-"号填列） -14,370,446.64 -1,288,863.23 其中：对联营企业和合营企业的投资收益 -14,504,210.38 -15,244,148.07 以摊余成本计量的金融资产终止确认收益 汇兑收益（损失以"-"号填列） 净敞口套期收益（损失以"-"号填列） 公允价值变动收益（损失以"-"号填列） -459,827.92 信用减值损失（损失以"-"号填列） -23,146,737.30 -50,826,479.16 资产减值损失（损失以 ...

Core Viewpoint - The collaboration between Shanghai and Taizhou is expected to create new opportunities in the biopharmaceutical industry, enhancing innovation and development in the China Medical City [2] Group 1: Development and Innovation - Taizhou has a unique advantage in the biopharmaceutical sector, being home to the first national high-tech zone for pharmaceuticals and receiving significant policy support from Jiangsu provincial government [2] - The city has established various innovative platforms, including the International Genetic Engineering and Biotechnology Center and the Fudan University Health Science Research Institute, to foster a comprehensive innovation matrix for the biopharmaceutical industry [3] Group 2: Talent Acquisition and Industry Growth - Taizhou focuses on attracting high-level talent and entrepreneurs, having introduced 10 academicians, 75 national high-end experts, and 1,746 high-level talents under various talent programs, ensuring a strong talent foundation for industry development [4] - The city has attracted over 1,300 biopharmaceutical companies, including major players like AstraZeneca and Nestlé, with the health industry expected to exceed 400 billion yuan by 2025 [4] Group 3: Service and Future Prospects - Taizhou is committed to providing specialized, full-chain services to businesses, having established the first comprehensive drug supervision service center in China, which includes four service centers for new drug applications and regulatory reviews [5] - The city aims to leverage the integration of the Yangtze River Delta region to explore future growth areas such as synthetic biology, cell and gene therapy, AI pharmaceuticals, and high-end medical devices, positioning itself as a vibrant hub for biopharmaceutical innovation [5]

Group 1 - The National Medical Insurance Administration announced that the basic medical insurance coverage rate will remain stable at around 95% during the 14th Five-Year Plan, with the number of insured individuals reaching 1.327 billion by 2024 [2] - The 11th batch of centralized procurement for drugs has been initiated, with new principles established to protect innovative drugs from price pressure, thereby encouraging R&D in the pharmaceutical industry [2] - Recent statistics show a significant increase in the number of new drug approvals globally, with 106 new drugs approved in June 2025, indicating a vibrant pharmaceutical research and development environment [3] Group 2 - The Biopharmaceutical ETF (159839) has seen a strong performance, with a 3.82% increase in the National Biopharmaceutical Index and notable gains in constituent stocks such as Zhifei Biological Products and Watson Bio [1] - The Biopharmaceutical ETF has experienced a substantial growth in scale, increasing by 13.76 million in the past six months, ranking in the top third among comparable funds [1] - Leveraged funds have been actively investing in the Biopharmaceutical ETF, with net purchases reaching 1.2935 million in recent days, indicating strong market interest [1]

Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Group 1 - China Resources Pharmaceutical (03320.HK) announced the establishment of a joint venture fund named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership (Limited Partnership) with a proposed scale of RMB 1 billion and a total duration of seven years [1] - The group's proposed capital contribution will be approximately RMB 245 million, accounting for about 24.5% of the total fund capital [1] - The fund is expected to primarily engage in equity investment, venture capital, and investment management activities, focusing on the pharmaceutical and health industry as well as strategic emerging sectors [1] Group 2 - The fund will target investments in areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices (including IVD), traditional Chinese medicine supplements, and synthetic biology, among other strategic emerging fields [1] - The company believes it can leverage the fund's professional investment team resources to effectively control risks associated with mergers and acquisitions and innovation projects, ensuring the quality of target companies and accelerating strategic mergers and acquisitions in the pharmaceutical industry [2] - This strategy aims to enhance the company's long-term sustainable development capabilities within the pharmaceutical sector [2]