Pharma收入端增长整体有所放缓：2025Q1，礼来及诺和诺德在GLP-1类药物驱动下，收入端分别+45%/+18%，其中诺和诺德由于美国compounded GLP-1药物影响，销售低于预期并下调全年收入指引；诺华、艾伯维、阿斯利康、赛诺菲分别依靠诺欣妥/可善挺、Skyrizi/Rinvoq、Farxiga/Enhertu、Dupixent等核心品种放量维持10%+营收增长；吉利德、BMS、罗氏、强生、再生元、辉瑞等受到 Medicare Part D redesign、核心产品专利到期、biosimilar/其他竞品竞争等影响，GSK及Merck受到疫苗板块下滑影响，收入端低个位数增长或同比下滑。

2024 年年报及 2025 年一季报 CRO、CDMO 板块完美收关，我们选取具有代表性、市场关注度高的28只CRO与CDMO创新药产业链核心标的分别组成 CRO 与 CDMO板块，对各项指标进行解读，发掘数据背后的行业趋势。

产品种类及研发管线：重组产品及层析静丙研发持续推进。1）人血白蛋白：生产厂家众多，禾元生物重组白蛋白提交上市申请。2）静丙：国内两款高浓度层析静丙已上市，多家企业布局研发。3）凝血因子：分为血源性和重组产品，在研管线以重组产品为主。4）纤原：国内多款产品上市，集采价格降幅明显。5）PCC：主要用于治疗凝血因子缺乏，上市产品 均为国内厂商。6）特免：种类众多，主要针对感染性疾病。

25Q1疫苗行业整体批签发次数为697批次，同比下降14%。分产品来看，25Q1流感疫苗、百白破疫苗和肝炎疫苗同比增幅较大，脊髓灰质炎疫苗、带状疱疹疫苗、轮状病毒疫苗和HPV疫苗同比降幅较大。

Allergy treatment refers to the medical management and therapeutic interventions aimed at alleviating or preventing the symptoms of allergic reactions.

Artificial Intelligence (AI) in the medical field is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market for artificial intelligence in the medical sector is anticipated to grow as opportunities in geriatric population care with the aid of AI technology and imaging and diagnosticsto generate data for research development arise. • The artificial intelligence in medicine market was valued at USD 15.48 billion in 2023 and is expected to reach USD 130.11 billion by 2029, growing at a CAGR of 42.84% during the forecast period (2024-2029).

The incidence of allergies has been increasing across the world, and the rise in allergies may also be due to an increase in airborne pollens, climate changes that trigger a rise in pollen levels, the energy-proofing of indoor homes and workspaces, urban air pollution, or the overuse of antibiotics. Various serum-based tests and skin tests are used to detect such allergies.

Blood collection refers to the process of obtaining blood samples from individuals for diagnostic, therapeutic, or medical purposes. It is typically carried out using various devices such as needles, syringes, vacutainer tubes, and blood bags. Blood collection is essential for routine health check-ups, disease diagnosis, monitoring medical conditions, and administering treatments like blood transfusions. This process plays a critical role in healthcare, ensuring accurate diagnosis, treatment efficacy, and the management of chronic illnesses and traumatic injuries.

A baby diaper is a type of absorbent garment designed to be worn by infants and toddlers who are not yet toilet trained. Its primary function is to contain and absorb urine and feces, thereby preventing the soiling of outer clothing and the surrounding environment.

A beauty salon is a professional establishment offering a variety of cosmetic treatments and services aimed at enhancing personal appearance and well-being. Common services include haircuts, styling, coloring, skincare treatments, manicures, pedicures, and spa therapies. Some salons also provide advanced services like laser hair removal, facials, and anti-aging treatments.