化学制剂%26医疗服务行业2026H1业绩分析：医药外包高景气延续化学制剂利润强修复

1医药生物业绩持续改善，医疗服务依旧亮眼2026H1医药生物营收及归母净利稳健增长，利润端增速较2025年全年明显好转。2026H1申万医药生物板块实现营业收入12597.3亿元，同比增长2.1%，实现归母净利润1090.2亿元，同比增长9.5%。图12019-2026H1申医药物收增速 图22019-2026H1申医药物母利增速0

20192020202120222023202420252026

5%0%-5%

0

20192020202120222023202420252026

60%40%20%0%-20%-40%营业总收入(亿元，左) 同比增速（右）

归母净利润(亿元，左) 同比增速（右）Wind 2026年为H1据 Wind 2026年为H12026H112.9%14.2%2026H11板块营收增速YoY归母净利润YoY2023202420252026H12023202420252026H1医药生物1.7%-1.0%-0.1%2.1%-16.9%-11.4%-1.0%9.5%医疗服务-5.5%-3.9%4.4%12.9%-16.4%-33.9%80.7%14.2%中药Ⅱ6.0%-4.9%-2.9%-4.8%33.9%-20.7%-0.8%-10.6%化学制药-0.4%2.3%0.0%1.7%-18.1%36.2%13.0%22.2%生物制品9.9%-21.3%-9.3%2.4%-7.5%-39.0%-105.6%63.8%医药商业7.8%0.9%1.2%1.5%-0.9%-13.1%8.0%-12.0%医疗器械-23.9%1.5%-0.2%7.8%-49.2%-10.5%-14.0%7.9%Wind

2026H1同比增长1.2%2板块营收增速YoY归母净利润YoY2023202420252026H12023202420252026H1医疗研发外包-2.9%-4.9%12.4%23.1%-18.3%-25.4%84.1%15.9%疫苗7.6%-37.8%-34.5%-10.4%-16.0%-65.7%-393.5%75.9%其他生物制品13.2%0.5%14.9%18.0%6.1%-19.9%101.2%131.4%医疗耗材-9.9%8.4%1.9%9.4%-36.3%20.5%-8.3%3.6%中药6.0%-4.9%-2.9%-4.8%33.9%-20.7%-0.8%-10.6%体外诊断-62.4%-4.2%-11.7%-0.2%-80.9%-23.0%-24.8%66.9%化学制剂0.6%2.3%1.3%1.2%-10.6%44.2%17.5%24.7%医疗设备10.0%-1.1%2.6%9.1%15.6%-17.5%-14.4%-7.9%原料药-4.3%1.6%-6.0%4.2%-36.6%-25.4%-7.1%11.2%血液制品15.1%3.3%-1.7%-18.6%1.5%29.8%-34.8%-49.2%医院27.0%0.5%0.1%1.2%865.6%-19.9%5.9%-17.6%线下药店10.6%4.9%1.9%1.9%-3.0%-31.0%22.7%11.1%医药流通7.4%0.4%1.1%1.5%-0.1%-6.8%4.2%-18.3%Wind

民营医疗结构分化，CXO业绩持续向好民营医疗结构性调整，品牌专科营收表现较优2026H1（06（74（9%、爱尔眼科+38（22%）（01（6415（59（128+07+04（09327（650T（5030338（34代码代码00证券名称盈康生命三博脑科普瑞眼科何氏眼科通策医疗爱尔眼科华厦眼科皓宸医疗国际医学美年健康澳洋健康光正眼科新2025营收YoY20204.-0.3%1.4%6.5%2.8%.4%.4%.2%民营医院2026H1营收YoY20.6%14.5%4.1%3.8%2.22025归母净利YoY-40.6%-19.8%40.2%192026H1归母-189.8%7.4%.9%.7%4%-3Wind

CXO业绩分化，扩张放缓有助产能消化2026H1“格局。524+09（078-02（-21%未消。利润端分化：美迪西（501%、昭衍新药（168%、博济医药189%（6）286（7（21（0-52%O代码代码835670.BJ600721.S6886证券名称成都先导美迪西诚达药业药明康德皓元医药博济医药诺思格药康生物南模生物康龙化成药石科技泰格医药凯莱英博腾股份毕得医药诺泰生物睿智医药昭衍新药泓博医药和元生物数字人普蕊斯百诚医九2025营收YoY23.1%12.22.0%15.26.7%17.14.15.10.14.16.9%3.5%14.13.20.19.17.0%-17.9%26CXO2026H1营收YoY52.4%40.9%40.0%38.9%25.7%25.6%23.3%22.6%18.7%17.9%15.2%14.1%132025归母净利YoY113.2%49.3%57.6%102.6%19.0%6.0%-2.4%2026H1归母净利61.2%506%1%5%9%8%4%5%4%1%8%1%Wind

ICL利润端修复，IVD依旧承压第三方医学检验实验室利润端现拐点2026H1ICL（独立医学实验室）板块呈现“营收筑底、利润强力修复”2026H12026H1利润端反2160.9%（行业已走出2024—2025表5医疗服务板块医学检验实验室相关公司2025/2026H1增长情况医学检验实验室代码代码证券名称2025营收YoY2026H1营收YoY2025归母净利YoY-2.3%112.3%2026H1归母净利YoY-61.3%6%1199.2160.9%9.6%-0.1%-3.3%-3.8%-22.1%-4.2%-13.8%-17.2%-16.1%-16.9%Wind

体外诊断：医保控费影响利润2026H1IVD行业呈现（1（9（7%（7%06%-04%（78%60-05/359（699+00+3+7168（9（432750（120（472（335）/分子/POCT表6部分IVD板块公司2025&2026H1业绩情况

IVD代码 证券名

2025营收YoY 2026H1营收YoY 2025归母净利YoY 2026H1归母净利YoY688068.SH 热景生物 -20.6%688389.SH 普门科技 -9.6%300642.SZ 透景生命 -16.7%300942.SZ 易瑞生物 17.4%300396.SZ 迪瑞医疗 -17.4%688298.SH 东方生物 14.4%300439.SZ 美康生物 -11.7%300832.SZ 新产业 0.9%688575.SH 亚辉龙 -10.0%603387.SH 基蛋生物 -9.7%688393.SH 安必平 -26.8%688767.SH 博拓生物 -19.9%002022.SZ 科华生物 -6.6%688067.SH 爱威科技 8.0%688656.SH 浩欧博 -1.0%300406.SZ 九强生物 -18.3%002932.SZ 明德生物 -24.3%002086.SZ *ST东洋 4.7%603658.SH 安图生物 -5.5%300318.SZ 博晖创新 -3.2%688193.SH 仁度生物 -8.7%002030.SZ 达安基因 -11.2%300685.SZ 艾德生物 8.0%300463.SZ 迈克生物 -14.8%688289.SH 圣湘生物 12.6%688338.SH 赛科希德 -13.9%300639.SZ 凯普生物 -17.9%300289.SZ 利德曼 -11.9%688468.SH 科美诊断 -23.7%600645.SH 中源协和 -8.2%688606.SH 奥泰生物 4.5%688317.SH 之江生物 -30.1%688399.SH 硕世生物 -3.0%300482.SZ 万孚生物 -31.9%688075.SH 安旭生物 -16.5%688217.SH 睿昂基因 -26.8%002432.SZ 九安医疗 -47.3%688253.SH 英诺特 -32.1%Wind

31.6%19.1%17.8%17.5%16.5%15.2%12.5%10.8%9.8%8.3%7.6%5.6%5.5%3.4%3.2%1.5%1.5%0.9%-0.1%-2.1%-2.2%-3.2%-3.5%-3.8%-3.9%-4.3%-4.7%-5.3%-6.2%-8.0%-8.8%-10.5%-16.0%-16.6%-17.8%-20.4%-30.6%-49.1%

-5.0%-46.7%-89.6%-19.7%-477.5%-8.4%-75.5%-11.4%-92.3%-1.3%-320.9%-70.9%-14.3%26.4%-37.0%-64.7%-122.1%19.8%-10.6%-1094.2%229.1%19.5%41.7%-128.3%-27.8%-20.7%80.0%69.4%-65.4%13.4%-27.2%73.1%-1952.2%-111.2%-63.9%-219.6%35.8%-41.5%

-52.4%-34.8%315.9%-943.2%126.8%-36.3%9.0%12.5%167.0%69.4%106.1%-233.5%22.2%25.8%37.0%20.0%-275.0%32.1%-12.9%16.5%369.9%33.9%-12.1%0.6%-39.8%-11.4%134.9%-67.6%-36.2%5.7%-61.5%-312.0%390.0%-35.2%-117.9%-447.2%233.7%-75.1%化学制剂：利润端增长亮眼，创新成主要驱动化学制剂利润端修复快2026H120254501.41.3%321.9长17.5%2026H12251.31归净润现77亿比长247续现高长势。图32019-2026H1化制剂块收增速 图42025-2026H1化制剂块母利增速Wind 2026年为H1数据 Wind 2026年为H1数据出海BD+26.8%、7（29（营收+54.7%+/（2）高研发Biotech根据（、-16.37（-0.6/BD（3）传统仿制（75-38167175/表7部分化学制剂公司2025&2026H1业绩情况

化学制剂代码 证券名

2025营收YoY 2026H1营收YoY 2025归母净利YoY 2026H1归母净利YoY688197.SH -U688221.SH -U688266.SH -U688062.SH -U688382.SH -U688428.SH 诺诚健华002653.SZ 海思科688192.SH 迪哲医药-U688578.SH 艾力斯688321.SH 微芯生物688235.SH 百济神州300573.SZ 兴齐眼药688176.SH 亚虹医药-U002294.SZ 信立泰300558.SZ 贝达药业688506.SH 百利天恒688566.SH 吉贝尔002262.SZ 恩华药业002793.SZ 罗欣药业600196.SH 复星医药603207.SH 小方制药000963.SZ 华东医药688658.SH 悦康药业688759.SH -U600079.SH ST人福002020.SZ 京新药业600276.SH 恒瑞医药603367.SH 辰欣药业002422.SZ 科伦药业603707.SH 健友股份600062.SH 华润双鹤002019.SZ 亿帆医药003020.SZ 立方制药002755.SZ 奥赛康300705.SZ 九典制药600380.SH 健康元000513.SZ 丽珠集团000915.SZ 华特达因Wind

119.9%-4.7%52.1%231.6%-77.9%135.3%17.9%122.6%45.8%38.3%40.5%27.2%37.5%8.5%24.8%-56.7%7.8%3.7%-14.1%1.4%10.7%4.1%-35.3%0.0%-5.8%-2.1%13.0%-13.5%-15.1%1.7%-1.9%-0.5%2.3%0.1%6.1%-2.6%1.8%4.4%

1300.0%434.3%220.9%209.0%178.2%55.5%54.7%47.2%39.9%33.6%26.8%20.5%19.3%16.3%14.1%9.4%7.6%6.9%6.5%4.8%4.5%1.8%1.2%0.0%0.0%-1.5%-1.9%-2.7%-2.7%-2.7%-3.4%-6.4%-6.6%-13.5%-14.9%-16.7%-20.3%-27.5%

39.2%-33.1%-18.2%7.1%-31.9%245.8%-34.4%9.7%53.1%144.5%129.3%105.8%-8.4%8.3%-24.2%-128.4%19.3%-7.5%70.1%21.7%1.1%-2.8%-312.1%-175.0%39.5%6.5%21.7%-17.2%-42.0%-29.6%1.2%