2025年的A股生物医药板块，有的净利润翻30倍一路狂飙，有的却从行业巅峰摔进亏损泥潭，细分赛道 同样有人吃肉有人喝西北风。 政策压顶、市场洗牌、创新突围，多重变量搅局下，生物医药行业的变革早就不是说说而已，而是真刀 真枪的淘汰赛！ 01 盈亏对半开，要么赢要么凉，鲜有中间地带 2025年的生物医药行业彻底告别了"大家一起喝汤"的温柔时代，迎来了"非赢即亏"的残酷格局。 Wind数据显示，截至2月2日，已发布业绩预告的275家医药上市公司中，138家预盈，137家预亏，几乎 平分秋色。 但赚钱的企业是真的赚麻了。 药明康德直接稳坐盈利王宝座，预计归母净利润达191.51亿元，直接甩开同行一大截。三生国健、吉林 敖东、九安医疗、艾力斯紧随其后，预计净利润均突破20亿元，稳居第一梯队。 增幅方面，赛诺医疗成为年度"预增王"，预计2025年归母净利润同比增幅高达2767%至3233%。 而亏损的企业亏得更是触目惊心。 智飞生物直接爆出预亏超百亿，预计亏损106.98亿元至137.26亿元，同比下滑630%至780%，这是这家 疫苗巨头上市以来的首次年度亏损，昔日风光彻底不再。 一边是百亿盈利的狂欢，一边是百亿亏损的 ...

作者：老萝卜头 2025年的A股生物医药板块，有的净利润翻30倍一路狂飙，有的却从行业巅峰摔进亏损泥潭，细分赛道同样有人吃肉有人喝西北风。 政策压顶、市场洗牌、创新突围，多重变量搅局下，生物医药行业的变革早就不是说说而已，而是真刀真枪的淘汰赛！ 01 盈亏对半开，要么赢要么凉，鲜有中间地带 2025年的生物医药行业彻底告别了"大家一起喝汤"的温柔时代，迎来了"非赢即亏"的残酷格局。 Wind数据显示，截至2月2日，已发布业绩预告的275家医药上市公司中，138家预盈，137家预亏，几乎平分秋色。 但赚钱的企业是真的赚麻了。 药明康德直接稳坐盈利王宝座，预计归母净利润达191.51亿元，直接甩开同行一大截。三生国健、吉林敖东、九安医疗、艾力斯紧随其后，预计净利润均突 破20亿元，稳居第一梯队。 增幅方面，赛诺医疗成为年度"预增王"，预计2025年归母净利润同比增幅高达2767%至3233%。 而亏损的企业亏得更是触目惊心。 智飞生物直接爆出预亏超百亿，预计亏损106.98亿元至137.26亿元，同比下滑630%至780%，这是这家疫苗巨头上市以来的首次年度亏损，昔日风光彻底不 再。 一边是百亿盈利的狂欢，一边是 ...

证券日报网讯2月13日，万泰生物（603392）在互动平台回答投资者提问时表示，股价波动受到宏观经 济、行业周期、市场情绪等多重复杂因素的共同影响。公司九价HPV疫苗在与进口疫苗的"头对头"临床 试验中，证实免疫原性与安全性相当，同时公司严格执行高标准的质量管理体系，保障了产品的安全有 效和均一稳定。自公司九价HPV疫苗上市以来，接种工作正在全国平稳、有序推进。 ...

Core Insights - The A-share market concluded the Year of the Snake with all major indices showing positive performance, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index increasing by 38.84%, and the ChiNext Index leading with a remarkable gain of 58.73% [1] Individual Stock Performance - Nearly 4,700 stocks recorded gains throughout the year, with 779 stocks doubling in price and over 100 stocks achieving gains exceeding 200% [1] - The top ten performing stocks, excluding those listed after 2025, are: - Shangwei New Materials - Tianpu Co., Ltd. (605255) - Jiamei Packaging (002969) - *ST Yazhen (603389) - Honghe Technology (603256) - Dingtai High-tech (301377) - Feiwo Technology (301232) - *ST Yushun (002289) - Shengtong Energy (001331) - Chaojie Co., Ltd. (301005) [1] Underperforming Stocks - Despite the overall positive index performance, some stocks experienced significant declines. The top ten underperforming stocks, excluding newly listed and ST stocks, are: - Kangle Weishi - Hualian Co., Ltd. (000882) - Tianjian Co., Ltd. (301383) - Wantai BioPharm (603392) - Transsion Holdings - Guibao Pet (301498) - Yihualu (300212) - Aibo Medical - Longda Food (002726) - Beishidake (300822) [1]

Group 1 - The A-share market experienced a strong performance in the Year of the Snake, with major indices all showing positive growth. The Shanghai Composite Index rose by 25.58%, the Shenzhen Component Index increased by 38.84%, and the ChiNext Index led with a remarkable gain of 58.73% [1] - Nearly 4,700 stocks recorded gains over the year, with 779 stocks doubling in price and over 100 stocks increasing by more than 200% [1] - The top ten stocks by growth in the Year of the Snake, excluding those listed after 2025, included companies such as Shangwei New Materials, Tianpu Co., and Jiamei Packaging [1] Group 2 - Despite the overall positive index performance, some stocks experienced significant declines. The top ten stocks with the largest declines, excluding newly listed and ST stocks, included companies like Kangle Weishi, Hualian Co., and Tianjian Co. [1]

（编辑 楚丽君） 证券日报网讯 2月13日，万泰生物在互动平台回答投资者提问时表示，上市公司实施股份回购是一项审 慎的重大决策，需要综合考虑市场环境、股价走势、公司财务状况、资金安排、后续用途以及债权人的 合法权益等多方面因素，公司将严格按照《上海证券交易所股票上市规则》及《上市公司股份回购规 则》等法律法规的要求，履行审议程序及信息披露义务。 ...

（文章来源：证券日报） 证券日报网讯 2月13日，万泰生物在互动平台回答投资者提问时表示，公司印度市场业务回款正常，且 公司联合合作伙伴通过多种渠道开展市场教育和推广工作。 ...

Core Viewpoint - The A-share market concluded the Year of the Snake with all major indices showing positive performance, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index increasing by 38.84%, and the ChiNext Index leading with a remarkable gain of 58.73% [1]. Summary by Category Market Performance - The Year of the Snake saw significant gains across major indices, with the Shanghai Composite Index up by 25.58%, the Shenzhen Component Index up by 38.84%, and the ChiNext Index up by 58.73% [1]. Stock Performance - Despite the overall positive index performance, certain stocks experienced substantial declines. The top ten stocks with the largest declines, excluding newly listed stocks and ST stocks, are: 1. Kang Le Wei Shi 2. Hua Lian Shares 3. Tian Jian Shares 4. Wan Tai Biological 5. Chuan Yin Holdings 6. Guai Bao Pet 7. Yi Hua Lu 8. Ai Bo Medical 9. Long Da Mei Shi 10. Bei Shi Da Ke [1].

| | | | | | | | | | | | | 单位:股 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 报告期内 从公司获 | 在公 | | 姓名 | 职务 | 性 | से | 任期起始日期 | 任期终止日期 | 年初持股数 | 年末持股数 | | 年度内股份 | 增减变动 | 得的税前 | 司关 | | | | 别 | 龄 | | | | | | 增减变动量 | 原因 | | 联方 | | | | | | | | | | | | | 报酬总额 | 获取 | | | | | | | | | | | | | (力元) | | | | | | | | | | | | | | | 报酬 | | | 重事长 | | | 2021 年4月15日 | 2027年4月18日 | | | | | | | | | 邱子欣 | 总经理 | | 61 | 2021年4月15日 | 2024年1月15日 | 44.846.760 | 44.846.760 | ...

Group 1 - The chairman of Wantai Biological Pharmacy plans to reduce his holdings through a centralized bidding method, with all proceeds donated to Xiamen University Education Development Foundation and Xiamen No. 1 Middle School [1] - This is not the first donation made by the chairman to his alma mater; in April 2021, he donated 1 million shares valued at approximately 260 million yuan to Xiamen University, marking the largest donation received for the university's centennial celebration [1] - The performance of Wantai Biological has significantly declined compared to 2021, with a projected net loss of 330 million to 410 million yuan for 2025, marking the first annual loss since its listing [1] Group 2 - Following the announcement of the chairman's planned share reduction, Wantai Biological's stock price has experienced a slight decline for three consecutive days, closing at 40.47 yuan on February 12, 2026, with a market capitalization of approximately 51.17 billion yuan [2] - The stock price has dropped nearly 10% year-to-date in 2026 and has fallen over 70% from its historical peak [2] - If the chairman sells 5 million shares at 40.47 yuan, the cash amount raised would exceed 200 million yuan [2]