Summary of Conference Call Records Industry Overview - The A-share pharmaceutical sector underperformed the market in September 2025, declining by 1.7%, while the Hong Kong Hang Seng Healthcare Index rose by 5.2%, lagging behind the Hang Seng Index's 7.1% increase. The S&P 500 healthcare index increased by 1.6%, lower than the S&P 500's 3.5% rise [1][3][4]. Key Companies and Insights Changchun High-tech - Significant investment in R&D, focusing on pediatrics, oncology, and women's health. New products such as Meishiya and Jinbeixing are expected to ramp up quickly. Early-stage products like 047 and PD-1 agonist 120 have differentiated advantages, indicating substantial long-term growth potential [1][5]. Enhua Pharmaceutical - As a leader in the precision medicine sector, Enhua's main business is immune to centralized procurement risks. New product 60,001 is expected to mitigate risks associated with the procurement of etomidate. The company has a multi-pipeline layout in the CNS field, with a low current valuation [1][6]. Lepu Medical - Traditional business has stabilized, with strategic focus on innovative cardiovascular and metabolic drugs. Products like Mingweisheng's 109 injection and 105 injection are in clinical trials for obesity-related conditions. The company is also expanding into non-reimbursed areas [1][7]. Terbium Biologics - Recent approval for Pegbivac's use in chronic hepatitis B patients marks a significant clinical milestone. The growth hormone Tigebin is expected to drive performance in 2026 [1][8]. CRO Sector - Despite short-term impacts from safety legislation, the CRO industry is expected to recover. Companies like WuXi AppTec and Tigermed are recommended due to their strong market positions [2][9][22]. Market Trends and Predictions - The overall performance of the pharmaceutical sector in October 2025 is expected to be volatile, influenced by U.S.-China relations and tariff wars. However, the innovative drug supply chain remains promising. New recommendations include Changchun High-tech, Enhua Pharmaceutical, and Lepu Medical, while maintaining recommendations for Hengrui Medicine and Kelun Pharmaceutical [2][10]. Long-term Industry Outlook - The structural trends in the innovative drug industry and the advantages of China's engineering talent remain intact despite macro uncertainties. The external licensing model is considered safe under geopolitical conditions, with clear property rights [3][12]. Notable Companies to Watch - In October, companies such as Hengrui, Kangfang, and Rongchang Biologics are highlighted for their potential catalysts due to core asset data disclosures [2][13]. Additional Insights - The CRO sector is expected to see valuation recovery, with companies like WuXi AppTec projected to achieve double-digit revenue growth in Q3 2025 [22]. - JD Health is noted for its strong growth potential in the consumer healthcare sector, with revenue growth expected to exceed 20% in 2025 [23]. This summary encapsulates the key points from the conference call records, focusing on the pharmaceutical industry and specific companies within it.