（编辑 王雪儿） 证券日报网讯 2月11日，博济医药在互动平台回答投资者提问时表示，中药研发服务一直是公司的特色 并具竞争力的业务，公司以提供中药研发服务为主，全资子公司杏林中医药主要提供中药临床、临床前 及注册服务；控股子公司河南康立主要提供中药的上市后再评价服务。自研中药方面，近两年自研的中 药1.2类CRA（原料、制剂）、中药1.1类卿芷软膏获得《药物临床试验批准通知书》，也有多项中药创 新药自研项目处于临床前研发阶段。公司未来仍将以中药研发服务业务为主，自研为辅，并不断引入中 药研发人才，进一步提升公司在中药领域的竞争力。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Group 1 - The company, Boji Pharmaceutical, is actively expanding its overseas clinical business by establishing subsidiaries abroad and forming an international business department [2] - The company is recruiting talent with international business experience to support its global expansion efforts [2]

Group 1 - The management of Boji Pharmaceutical expresses confidence in the company's long-term development and has never relaxed its efforts in operations and growth [1] - The company is focused on enhancing its profitability and is committed to returning value to investors through continuous dividends [1] - Boji Pharmaceutical aims to create long-term value for its investors [1]

Group 1 - The company, Boji Pharmaceutical, is actively monitoring technological developments in the forefront of the industry [2] - The company is making corresponding technological reserves to adapt to these advancements [2]

Group 1 - The AI healthcare and AI pharmaceutical sectors experienced significant fluctuations, with notable declines in stock prices [1] - Hongbo Pharmaceutical saw a drop of over 18%, while Nossger fell nearly 15% [1] - Other companies such as International Medicine, Boji Pharmaceutical, Jiahe Meikang, and Berry Genomics also reported declines exceeding 5% [1]

Group 1 - The CRO index experienced a decline of 2.66% during intraday trading, with all constituent stocks showing a downward trend [1] - Hongbo Pharmaceutical led the decline with a drop of 19%, followed by Nossig at 9.65%, Yinos at 15%, Chengdu XianDao at 5%, and Boji Pharmaceutical at 4% [1]

Core Viewpoint - The strategic collaboration between Boji Pharmaceutical, its subsidiary BlOTrialMed, and European CRO Pharmaxi aims to provide a comprehensive "China-US-Europe" cross-regional clinical trial solution for Chinese biopharmaceutical companies [1] Group 1 - Boji Pharmaceutical has announced a strategic partnership with BlOTrialMed and Pharmaxi [1] - The collaboration will integrate Boji's full-process R&D capabilities with BlOTrialMed's North American clinical service advantages and Pharmaxi's localized resources in Europe [1] - This partnership is designed to offer a one-stop solution for clinical trials across multiple regions [1]

Group 1 - Boji Pharmaceutical's stock reached the daily limit increase of 20.00%, with a turnover rate of 22.34% and a total transaction amount of 776 million yuan, showing a volatility of 17.35% [2] - Institutional investors net sold 3.5153 million yuan, while brokerage seats collectively net bought 170 million yuan [2] - The top five brokerage seats accounted for a total transaction amount of 285 million yuan, with a net buying amount of 166 million yuan [2] Group 2 - The main capital inflow for Boji Pharmaceutical was 241 million yuan, with a large single net inflow of 303 million yuan, while large single capital outflow was 62.1141 million yuan [2] - Over the past five days, the net inflow of main capital was 225 million yuan [2] - Specific brokerage seats showed significant buying activity, with the top buying seat contributing 73.2318 million yuan and the second seat contributing 44.5081 million yuan [2]

Core Insights - The medical services sector experienced a significant increase of 4.15% on January 13, with Norska leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Group 1: Stock Performance - Norska (301333) closed at 76.48, up 20.01% with a trading volume of 55,200 shares and a transaction value of 397 million yuan [1] - Yingsi (301257) also saw a rise of 20.00%, closing at 72.24 with a trading volume of 22,900 shares [1] - Hongbo Pharmaceutical (301230) increased by 20.00%, closing at 56.64 with a trading volume of 57,200 shares [1] - Lanwei Medical (301060) rose by 19.96%, closing at 13.28 with a trading volume of 135,210 shares [1] - Boji Pharmaceutical (300404) increased by 19.96%, closing at 12.92 with a trading volume of 627,100 shares [1] - Dian Diagnostics (300244) saw an increase of 11.90%, closing at 29.16 with a trading volume of 1,516,000 shares [1] Group 2: Capital Flow - The medical services sector saw a net inflow of 1.497 billion yuan from institutional investors, while retail investors experienced a net outflow of 713 million yuan [2] - The main stocks with significant capital flow include International Medical (000516) with a net inflow of 259 million yuan from institutional investors [3] - Boji Pharmaceutical (300404) had a net inflow of 243 million yuan from institutional investors, but also saw a net outflow of 140 million yuan from retail investors [3]