汇丰HSBC：中国医药外包行业深度聚焦：从提供成本经济的外包服务商到全球制药全方位合作伙伴-250828（英文版）（30页）.pdf

1、Disclosures&Disclaimer:This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of August 2025DateSPOTLIGHTAsset|SubcategoryTitle of reportDateBy:Linda Shu(S1700522120001)China CXOsFrom cost savers to full-service

2、 global partnersChinas CXO ecosystem is evolving from low-cost execution to full-service global partnerships in innovationCatalysts:domestic drugs in global trials and multi-year mandates from multinationals for blockbuster productsThe sector trades at a valuation discount,yet the earnings visibilit

3、y of high-quality players remains intactSP OTLIGHTChina Health CareEquity Research Report 1 Equities China Health Care August 2025 One-stop shops.Chinas contract research,development,and manufacturing organisation(CXO)companies that provide one-stop shop services for pharmaceutical research and deve

4、lopment are on the road to recovery.They have been through a rough patch because of rising geopolitical tensions and a global decline in biotech funding,but sentiment is improving and the China CXO index is up 52%y-t-d vs 11%for the CSI 300 Index.Global funding is on the rise again,China-US trade te

5、nsions show signs of easing,and the sector is riding regulatory tailwinds from Chinese policy support to fast-track early-stage R&D.The global CXO market is forecast to grow from USD197bn in 2024 to USD298bn in 2030e at a 7%CAGR,slightly faster than the 6%CAGR predicted for the global pharma market(

6、source:Grand View Research estimates).Structural shift.More importantly,the role of Chinas CXO companies is changing.Long seen as a low-cost outsourcing service,Chinas CXOs are increasingly becoming full-service partners of pharma giants in the US and Europe.This is the result of Chinas end-to-end b