特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无 法看到我们的推送。 导读： 财政部20%价格优惠+国务院新规双重推动，仪器外企本土化正重塑中国市场格局——这场变革 将如何改写行业竞争规则？ 回望上世纪80年代，珀金埃尔默、安捷伦、赛默飞、沃特世等一批海外仪器企业陆续进入中 国，开启了长达四十余年的本土化探索。从设立办事处到建设实验中心，它们稳扎稳打，持续 深耕。 站在2025年，一场更彻底、更系统的本土化浪潮，正迎面而来。 本文 盘点2025年各大仪器外企在我国的本土化动作 （见文末），并从中梳理 外企本土化的 模式 ，进而分析论述 由本土化带来的市场竞争格局变化以及机遇与挑战 。 01. 本土化元年催生4种模式 2025年，是仪器外企的" 本土化元年 "。 2024年12月，财政部在政府采购征求意见稿中明确，对符合条件的产品给予20%价格扣除优 惠；今年9月，国务院进一步细化"本国产品标准"，从生产地点到核心组件本土化比例，层层 压实， 正式开启企业深层次本土化进程 。我们看到，本土化手段主要有以下4种： 1. 生产基地本土化 多家外企通过在中国设 ...

地缘风险催化下，生命科学上游(细胞培养基、生物试剂、层析介质等)国产替代需求迫切，目前细分领 域国内市占率低，各企业有望凭借新分子品类或高性价比产品抢占市占率。叠加国内与海外新靶点新机 理研发需求提升，带动细分赛道(如药效、抗体、蛋白质等)需求增长，行业长期成长逻辑清晰，短期业 绩边际改善显著。 广发证券主要观点如下： 国内投融资研发需求修复，叠加行业订单价格企稳CRO企业底部向上趋势明确 国内研发需求端边际改善，创新药出海BD带动研发积极性回升，国内研发订单需求增长，行业价格自 2023年降价后已见底企稳，部分领域略有回升。临床CRO(泰格医药（300347）、诺思格（301333）、 普蕊斯（301257）)2025年营收增速已逐步转正，临床前CRO业绩亦持续改善;扣非归母净利润环比修复 显著;国内CRO临床数据认可度提升，泰格医药海外业务贡献总量显著。预计2026年整个板块将迎来更 好的业绩增长。 CDMO新签订单延续季度改善趋势，行业新分子为行业发展带来新增量 2025年CDMO业绩已触底回升，全球创新药研发需求复苏带动行业新签订单与在手订单整体保持增长， 新分子赛道需求打开增量空间;同时，前期产能建 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 69 yuan, reflecting an expected performance exceeding the benchmark index by over 20% in the next six months [2][10][25]. Core Insights - The company reported a revenue of 272 million yuan for the first three quarters of 2025, representing a year-on-year growth of 25.79%. The net profit attributable to the parent company reached 49 million yuan, up 81.48% year-on-year, while the non-recurring net profit was 37 million yuan, increasing by 118.80% [2][9]. - In Q3 2025 alone, the company achieved a revenue of 94 million yuan, marking a 29.80% year-on-year increase, with a net profit of 12 million yuan, which is a significant growth of 283.59% year-on-year [2][9]. - The cell culture product business remains the core pillar of the company's revenue, generating 239 million yuan in the first three quarters of 2025, a 32.56% increase year-on-year. The company continues to invest in product technology optimization, R&D innovation, and market expansion [9][10]. - The CDMO (Contract Development and Manufacturing Organization) business faced challenges, with revenue of 32.58 million yuan in the first three quarters of 2025, showing a slight decline. The company is optimizing internal processes and innovating service models to stabilize and recover this segment [9][10]. - The company has expanded its customer base, serving over 800 domestic and international biopharmaceutical companies and research institutions, with a total of 2,000 clients as of Q3 2025 [9][10]. - Cost control measures have led to an increase in net profit margin to 18.07%, up 5.73 percentage points year-on-year, despite a slight decline in gross margin to 54.57% [9][10]. Financial Summary - The company is projected to achieve total revenue of 381 million yuan in 2025, with a year-on-year growth rate of 28.2%. The net profit attributable to the parent company is expected to reach 71 million yuan, reflecting a substantial growth of 238.1% [5][10]. - Earnings per share (EPS) are forecasted to be 0.63 yuan in 2025, increasing to 1.25 yuan by 2027 [5][10]. - The company maintains a low debt-to-equity ratio of 4.0%, indicating strong financial stability [10].

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

Group 1: Macro Economic Insights - Construction activity is weakening, with the construction opening rate falling to historical lows, and industrial production remains at a historically high level [5][6] - Demand in the construction sector is weak, with low apparent demand for rebar and building materials, while automobile sales are also declining [5] - Recent weeks show a mixed performance in commodity prices, with black metals and coal prices recovering, while chemical products are experiencing a decline [6] Group 2: Industry Performance - The retail sales growth rate for October 2025 shows a year-on-year increase of 2.9%, but the growth rate continues to decline, particularly in the home appliance and automotive sectors [18][19] - The white liquor industry is in a bottoming phase, with structural recovery in demand during the holiday season, while the snack food sector shows resilience due to high-frequency demand [20] - In the poultry sector, chicken prices are supported by seasonal demand, while egg prices are declining, leading to accelerated culling of laying hens [22][23] Group 3: Company Updates - Li Min Co. (002734.SZ) has seen a price increase in its manganese-based products, and a strategic partnership with BASF has been established to enhance growth potential [37][38] - Bilibili (09626.HK) reported a significant increase in Q3 revenue, driven by advertising and new game launches, maintaining a "buy" rating [41][42] - Tencent Holdings (00700.HK) continues to experience high growth in revenue and net profit, with strong performance in both new and existing games, supported by AI applications [46][48] Group 4: Investment Opportunities - The 2025 private placement market is showing signs of recovery, with a significant increase in the number of new proposals and financing scale [10][12] - The Robotaxi industry is gaining traction, with companies like Xiaoma Zhixing and Wenyan Zhixing going public, indicating growth potential in the autonomous driving sector [31] - The outdoor camping and barbecue market is expected to thrive, with companies like Guoquan focusing on expanding their product offerings in this area [34]

Core Viewpoint - The company reported strong revenue growth and profitability in Q1-Q3 2025, indicating a robust performance trajectory in the cell culture media sector [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 272 million yuan, representing a year-on-year increase of 25.79% [1]. - The net profit attributable to shareholders reached 69 million yuan, with a year-on-year growth of 75.66% [1]. - The net profit excluding non-recurring items was 49 million yuan, reflecting an 81.48% increase year-on-year [1]. Business Segmentation - In Q3 2025, the company generated revenue of 94 million yuan, marking a 29.80% year-on-year increase [2]. - The cell culture media segment contributed 83 million yuan in Q3 2025, with a significant year-on-year growth of 48%, driven by product development and market expansion [2]. - The CDMO segment, however, saw a revenue decline of 35% year-on-year, generating 10 million yuan in Q3 2025, attributed to fluctuations in demand [2]. Future Outlook - The company is expected to continue experiencing high growth in the cell culture media business, supported by international expansion and an increasing number of domestic service pipelines [2]. - The strategic alignment between the CDMO and cell culture media businesses is anticipated to foster collaborative growth in the coming years [3]. Investment Recommendations - As a leading player in the domestic cell culture media market, the company is poised to benefit from the thriving domestic biopharmaceutical market and domestic substitution trends [3]. - Revenue forecasts for 2025-2027 have been adjusted slightly downward, with expected revenues of 374 million, 473 million, and 595 million yuan respectively [3]. - Corresponding EPS estimates have also been revised to 0.61, 0.90, and 1.29 yuan, with a PE ratio of 96, 65, and 45 times based on the closing price of 58.50 yuan per share on November 13, 2025 [3].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company continues to experience rapid growth, with its cell culture media business contributing significantly to performance resilience. For the first three quarters of 2025, the company achieved revenue of 272 million yuan, a year-on-year increase of 25.79%, and a net profit attributable to shareholders of 69 million yuan, up 75.66% year-on-year [2][3] - The cell culture media business saw a revenue of 83 million yuan in Q3 2025, representing a year-on-year growth of 48%, driven by product development and market expansion both domestically and internationally. In contrast, the CDMO business experienced a revenue decline of 35% in the same quarter due to demand fluctuations [2] - The company is positioned as a leader in the domestic culture media market, benefiting from the robust growth of the domestic biopharmaceutical market and domestic substitution trends. The strategic alignment between the CDMO and culture media businesses is expected to support continued high growth in the coming years [3] Financial Summary - For the fiscal year 2025, the company is projected to generate revenue of 374 million yuan, with a year-on-year growth of 25.7%. The net profit attributable to shareholders is expected to be 69 million yuan, reflecting a significant increase of 230.1% year-on-year [4][8] - The gross profit margin is anticipated to be 55% in 2025, improving to 59.5% by 2027. The earnings per share (EPS) are forecasted to be 0.61 yuan in 2025, increasing to 1.29 yuan by 2027 [4][8] - The company’s price-to-earnings (PE) ratios are projected to be 95.83 for 2025, 64.98 for 2026, and 45.21 for 2027, indicating a decreasing trend as earnings grow [4][8]

Core Viewpoint - The Guangzhou Baiyun District is launching a three-year action plan (2026-2028) to accelerate the high-quality development of the biomanufacturing industry, establishing a comprehensive ecosystem to enhance the sector's competitiveness and output [1][2]. Group 1: Action Plan and Ecosystem - The action plan outlines the construction of a "11221" industrial ecosystem, which includes the establishment of 1 biomanufacturing innovation center, 1 pilot base, 2 achievement transformation platforms, two phases of over 1,000 acres of biomanufacturing industrial parks, and a biomanufacturing fund cluster with a scale of 100 billion [1][2]. - The goal is to drive the output value of related biomanufacturing industries to exceed 50 billion by 2028, positioning the area as a leading biomanufacturing hub with national competitiveness [1]. Group 2: Capital and Project Collaboration - A biomanufacturing fund cluster with a total scale of 10 billion has been established, led by Baiyun Investment Group and supported by various top investment institutions and industry leaders, aiming to create a "state-owned enterprise leading + professional fund management + industry enterprise collaboration" structure [2]. - The first phase of the fund has completed a 1 billion fundraising, covering the entire lifecycle of biomanufacturing enterprises from startup to Pre-IPO [2]. Group 3: Project Signings - The event featured significant project signings in areas such as biomedicine, biomaterials, and biocosmetics, including plans for a cell culture medium and CDMO production base by Auscon Biotech, and a core component R&D and production base for mass spectrometers by Shandong Yingsheng Biotech [2]. - Blue Bay Technology will develop a biomanufacturing industrial park that integrates R&D, pilot testing, and production, providing systematic services for technology transformation and enterprise growth [2]. Group 4: Ongoing Support - Guangzhou's municipal departments will continue to support Baiyun District in leveraging its industrial foundation and innovative resources to implement biomanufacturing development policies and facilitate the transformation of more research outcomes [3].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].

Core Viewpoint - The next decade is expected to be a pivotal period for China's biomanufacturing industry, following a decade of innovation in pharmaceuticals [2][10]. Investment Strategy - Dao Tong Investment has launched Shanghai's first biomanufacturing industry fund, totaling 1 billion yuan, in collaboration with Aopumai, utilizing a "C+VC" model to drive industry growth [4][10]. - The fund aims to address the high technical barriers and long conversion cycles inherent in the biomanufacturing sector, leveraging Shanghai's unique ecosystem [4][5]. Industry Collaboration - The establishment of the "Biomanufacturing Industry Value Partners" consortium aims to integrate resources across enterprises, research institutions, and capital to accelerate industrialization [8][9]. - The consortium will focus on four key areas: resource sharing, technology transfer, application and capital collaboration, and talent development [9][10]. Market Potential - Biomanufacturing has been identified as a key future industry in China's 2025 government work report, indicating significant market opportunities [2][10]. - Dao Tong's investment strategy emphasizes the importance of transforming scientific research into large-scale industrial production, highlighting the synergy between synthetic biology and biomanufacturing [3][10]. Recent Investments - Dao Tong has made several strategic investments in biomanufacturing projects, including Yuan Tian Biotechnology and Wei Yuan Biotechnology, focusing on technology conversion efficiency and sustainable practices [13][15]. - Yuan Tian's innovative PET recycling technology and Wei Yuan's industrial enzyme platform exemplify the potential for cost-effective and environmentally friendly solutions in the industry [14][15]. Future Outlook - The biomanufacturing sector is poised for a "golden era" in the next decade, driven by lower costs, faster production efficiencies, and greener methods to address energy and climate challenges [17][18]. - Dao Tong aims to be a key player in this transformation, fostering a sustainable innovation ecosystem through capital, partnerships, and targeted investments [17][18].