Guoxin Securities: Pharmaceutical intermediary reporting boom continues to recommend innovative drugs and industrial chains
The Zhitong Finance App learned that Guoxin Securities released a research report saying that in the first half of 2026, A-share pharmaceutical industry listed companies achieved operating income of 11.421 billion yuan, an increase of 2.6% over the previous year; net profit to mother was 104.96 billion yuan, an increase of 10.8% over the previous year, and the profit growth rate was significantly faster than on the revenue side. Overall, the fundamentals of the pharmaceutical industry continued to improve in the first half of 2026, profit recovery trends were further confirmed, and booming trends such as innovative drugs and CXO showed outstanding performance. The bank continues to recommend innovative drugs and industrial chains.
Guoxin Securities's main views are as follows:
The pharmaceutical industry's mid-term reporting boom has increased
In the first half of 2026, A-share pharmaceutical industry listed companies achieved operating income of 1194.21 billion yuan, an increase of 2.6% year on year; net profit to mother was 104.96 billion yuan, up 10.8% year on year, and profit growth rate was significantly faster than on the revenue side. By sector, the innovative drug sector achieved revenue of 43.75 billion yuan (+44.1%) and net profit of 7.51 billion yuan, continuing the high growth trend; the CXO sector achieved operating income of 55.62 billion yuan (+23.3%) and net profit of 13.05 billion yuan (+15.7%), and the prosperity continued to improve. Judging from the 26Q2 situation, A-share pharmaceutical industry listed companies achieved operating income of 598.05 billion yuan, an increase of 2.7% year on year; net profit to mother was 54.72 billion yuan, up 15.3% year on year, and profit growth rate was further increased compared to 26Q1. Among them, the 26Q2 revenue of the innovative drug sector increased 51.3% year on year, and the CXO sector's revenue and net profit to mother increased 27.8% and 11.0% year on year, respectively. Overall, the fundamentals of the pharmaceutical industry continued to improve in the first half of 2026, profit recovery trends were further confirmed, and booming trends such as innovative drugs and CXO showed outstanding performance.
It is recommended to focus on the CXO sector, leading companies with good performance and good order performance/ushered in an inflection point
1) In terms of CDMO, Chinese CDMO companies have comprehensive advantages in terms of talent dividends, compliant production capacity, and intellectual property protection. The bank believes that the core industry position of Chinese companies in the field of chemical CDMO is highly irreplaceable within 5 years, and their capabilities in the field of biopharmaceutical CDMO have continued to increase. Recommended attention: Pharmacomics (accelerated growth, sufficient short-term performance and mid-term order certainty), PharmacomingKangde (geographical risks are phased out, peptide CDMOs are stable in the global leading position), Pharmacomimetics (XDC industry is growing rapidly, production capacity is gradually being implemented), Kailaiying (the pace of performance is good for the next three years, and the growth rate of chemical macromolecules and biological macromolecules is impressive), etc. 2) On the CRO side, based on the gradual delivery of early price increase orders, pre-clinical and clinical CRO companies are expected to see a recovery in performance. We recommend focusing on: Zhaoyan New Pharmaceutical, Tiger Pharmaceuticals, Innox, etc.
Domestic sales in the innovative drug sector are growing rapidly, and overseas is about to enter the commercialization stage intensively
Most of the domestic innovative pharmaceutical companies have entered the large-scale medical insurance release stage, driving rapid revenue growth. Innovative Overseas 2.0 will also usher in a harvest period. MSD, a partner of Colombotech, announced that SAC-TMT's global phase 3 clinical Trofuse-005 has reached the main clinical end point, and is expected to be declared and marketed with the FDA in the second half of the year. Products such as CMG901 from Conoa/Lepu Biotech and cevotinib from Hutchison Pharmaceuticals have also reached major clinical endpoints in phase 3 clinical trials worldwide. The clinical development of China's innovative drugs has progressed overseas and is about to enter the global commercialization stage.
Risk warning: risk of R&D failure; risk of commercialization falling short of expectations; geopolitical risk; risk of policies exceeding expectations.