Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The pharmaceutical and biotechnology industry is experiencing a recovery in Q2 2025, with innovative drugs poised for significant development opportunities [1][10]. - The overall revenue for 461 A-share pharmaceutical companies in H1 2025 was CNY 11,939.5 billion, a year-on-year decrease of 3.21%, while net profit attributable to shareholders was CNY 1,016.2 billion, down 8.55% [8][24]. - The medical services sector showed positive growth, with revenue increasing by 3.92% year-on-year, while other segments like raw materials, chemical preparations, traditional Chinese medicine, and medical devices faced declines [8][24]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index rose by 7.36% in H1 2025, outperforming the CSI 300 index by 7.33 percentage points, with the chemical preparation sector leading with a 20.09% increase [15][21]. 2. Industry Performance - In H1 2025, the chemical preparation sector reported a revenue of CNY 2,044.3 billion, down 5.77%, and a net profit of CNY 223.1 billion, down 22.92% [43]. - The medical services sector achieved a revenue of CNY 890.2 billion, with a significant net profit increase of 40.22% [8][24]. - The report highlights a trend of improving performance in Q2 compared to Q1, with several sectors showing signs of recovery [30]. 3. Subsector Analysis Raw Materials - The raw materials sector generated CNY 459.1 billion in revenue, a decrease of 6.74%, with a net profit of CNY 45.4 billion, down 2.71% [32][38]. - The report suggests a long-term growth outlook for the raw materials sector, driven by increasing demand and regulatory changes [38]. Chemical Preparations - The chemical preparations sector is expected to benefit from new policies supporting innovative drugs, with a focus on balancing price and clinical needs [48][49]. - The sector's revenue and profit are under pressure but are anticipated to recover as innovation and reform take hold [43][48]. Traditional Chinese Medicine - The traditional Chinese medicine sector reported a revenue of CNY 1,731.95 billion, with a slight profit increase of 0.24% [52]. - The sector is seen as having structural opportunities despite overall revenue declines [52]. Medical Services - The medical services sector is highlighted for its robust growth, with a focus on integrated service platforms [30][31]. Medical Devices - The medical devices sector is expected to recover as demand for equipment updates increases, with a revenue of CNY 1,155.6 billion, down 4.47% [8][30]. 4. Recommendations - The report recommends focusing on leading companies in various sectors, such as Tianyu Co. in raw materials, BeiGene in innovative drugs, and Yifeng Pharmacy in medical commerce [8][42][50].

智通财经编辑 | 谢欣 中美贸易摩擦影响延伸到体外诊断（IVD）行业。 体外诊断作为我国现代医疗体系的核心组成部分，广泛应用于疾病筛查、诊断与疗效监测，在整个医疗 服务链条中扮演着基础但关键的角色。 长期以来，IVD产业链高度依赖全球化分工，是受进出口影响最大的医疗器械细分领域之一。这也是我 国唯一进口额大于出口额的医疗细分领域，其余如医用耗材、康复产品、牙科设备等均实现顺差。 智通财经记者 | 李科文 据药智医械数据，2024年，我国IVD试剂与IVD仪器的进口额分别为416.79亿元和154.08亿元，分别占 医疗器械进口总额的17%和6.28%。 在关税摩擦下，国产IVD行业、尤其是在上游原料上，也迎来了一个发展的窗口期。 国产化已有突破 伯杰医学健康X研究院负责人沙海跟智通财经表示，过去十余年间，我国体外诊断领域的国产化进程取 得了不少实质性突破。在生化诊断、血细胞分析、分子PCR检测、NGS（二代基因测序）和POCT（即 时诊断）这些产品领域，国产替代的比例已达到60%–70%。而随着国家政策的持续鼓励以及产业技术 能力的进一步提升，相关技术已逐步趋近于完全自主。 一位不愿具名的体外诊断从业者向智通 ...