记者丨季媛媛 编辑丨包芳鸣 截至8月29日，国内药企2025年中报披露进入尾声，总的来看创新药企业的业绩表现十分亮眼。 特别是包括恒瑞医药、百济神州、信达生物等在内的头部企业均交出了令人振奋的成绩单，并且创新药 成为增长引擎。 例如，恒瑞医药2025年上半年实现营业收入157.61亿元，同比增长15.88%，归母净利润44.50亿元，同 比增长29.67%，创新药销售及许可收入95.61亿元，占公司营业收入比重60.66%；百济神州2025年上半 年实现营业总收入175.18亿元，同比增长46.0%，归属于母公司所有者的净利润达4.5亿元，较去年同期 扭亏为盈；中国生物制药发布的半年报显示，上半年营收175.7亿元，同比增长10.7%，其中，创新产品 收入达78亿元，同比增长27.2%，占总收入比例已达44.4%。 眼下，多家药企创新药收入占比攀升，是否意味着医药产业的"春天"已然来临？对此，高特佳投资执行 合伙人王海姣对21世纪经济报道记者指出，当前二级市场呈现繁荣景象，基于此，不少人认为市场已迎 来春天，甚至即将步入夏天。然而，从一级市场创业者的角度来看，市场仍处于"寒冬"期。 这也是由于基金的运作遵循募 ...

记者丨 季媛媛 编辑丨包芳鸣 截至8月29日，国内药企2025年中报披露进入尾声，总的来看创新药企业的业绩表现十分亮 眼。 特别是包括恒瑞医药、百济神州、信达生物等在内的头部企业均交出了令人振奋的成绩单，并 且创新药成为增长引擎。 例如，恒瑞医药2025年上半年实现营业收入157.61亿元，同比增长15.88%，归母净利润44.50 亿元，同比增长29.67%，创新药销售及许可收入95.61亿元，占公司营业收入比重60.66%；百 济神州2025年上半年实现营业总收入175.18亿元，同比增长46.0%，归属于母公司所有者的净 利润达4.5亿元，较去年同期扭亏为盈；中国生物制药发布的半年报显示，上半年营收175.7亿 元，同比增长10.7%，其中，创新产品收入达78亿元，同比增长27.2%，占总收入比例已达 44.4%。 眼下， 多家药企创新药收入占比攀升，是否意味着医药产业的"春天"已然来临 ？对此，高特 佳投资执行合伙人王海姣对21世纪经济报道记者指出，当前二级市场呈现繁荣景象，基于此， 不少人认为市场已迎来春天，甚至即将步入夏天。然而，从一级市场创业者的角度来看，市场 仍处于"寒冬"期。 这也是由于基金 ...

Core Viewpoint - The performance of innovative pharmaceutical companies in China has shown significant growth in the first half of 2025, with many companies reporting impressive revenue and profit increases driven by innovative drug sales [1][4][7]. Group 1: Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67%, with innovative drug sales accounting for 60.66% of total revenue [1][8]. - BeiGene reported total revenue of 17.52 billion yuan, a 46.0% increase year-on-year, with a net profit of 450 million yuan, marking a turnaround from losses [1][4]. - Innovent Biologics achieved revenue of 5.95 billion yuan, a 50.6% increase, and a net profit of 1.21 billion yuan, compared to a loss of 160 million yuan in the previous year [5]. - Xiansheng Pharmaceutical reported a revenue increase of 15.1% to 3.58 billion yuan, with innovative drug revenue reaching 2.78 billion yuan, accounting for 77.4% of total revenue [6]. Group 2: Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies indicates a successful shift towards innovation-driven strategies, with increasing market demand for innovative products [7][12]. - The Chinese innovative drug market is expanding, supported by improved public health awareness and favorable healthcare policies [7][12]. - Business development (BD) activities have become a crucial growth engine for innovative pharmaceutical companies, with significant increases in BD transactions in the first half of 2025 [9][10]. Group 3: Challenges and Future Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [12][13]. - The overall industry is transitioning from a low point, with profitability beginning to recover, indicating a shift from an "investment phase" to a "harvest phase" [12][14]. - Analysts predict that the innovative drug sector will continue to thrive, driven by high efficiency and low-cost development advantages, particularly in popular technology areas [12][14].

先声药业(02096)午前涨超6%，截至发稿，涨6.02%，报14.08港元，成交额2.41亿港元。 中金认为，先声药业上半年业绩超出市场预期，主要是创新药业务带动。1H25公司创新药业务收入达 到27.76亿元，同比提升26.0%，收入占比从2024年74.3%提升3.1ppt至77.4%，科赛拉、先比新舌下片等 创新药快速放量，公司预计科唯可(达利雷生)有望2H25正式上市；同时公司三款产品(苏维西塔单抗、 达利雷生、先比新舌下片)入选近期商保目录，该行认为有望带动创新药收入持续快速提升。 消息面上，先声药业发布中期业绩，上半年营业收入同比增长15.1%至35.85亿元，经调整净利润6.51亿 元，同比增长21.1%。根据报告，公司已上市创新药数量达十款，创新药收入27.76亿元，同比增长 26%，占总收入比例首次超过3/4，达77.4%。2025年上半年2款创新药获批上市、2款候选药物进入NDA 审评阶段，另有2款自研临床阶段产品实现创新出海授权，创新转型成果亮眼。 ...

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Core Viewpoint - The company is acquiring all assets and equity of Shanghai Xiangrui and Xianwei for a total consideration of 83.18 million yuan, aiming to quickly enter the mRNA technology field and enhance its competitive advantage in various therapeutic areas [1][2]. Group 1: Acquisition Details - The total consideration for the acquisition is 83.18 million yuan, comprising 17.52 million yuan for Shanghai Xiangrui's assets and 65.66 million yuan for Xianwei's equity [1]. - Shanghai Xiangrui is primarily engaged in mRNA technology-related research and development activities, with its main assets including laboratory instruments and office equipment [1]. - Xianwei is involved in the preparation of clinical samples related to mRNA vaccines, with key assets including raw materials for medical consumables and equipment for mRNA factory installation [1]. Group 2: mRNA Technology Significance - mRNA technology represents a revolutionary breakthrough in the biopharmaceutical field, inducing immune responses by introducing mRNA encoding pathogen antigens into human cells [2]. - Compared to traditional vaccines, mRNA vaccines do not require the cultivation of live pathogens, thus eliminating risks associated with enhanced virulence and gene integration [2]. - mRNA vaccines avoid issues related to protein folding errors and low expression levels, which are common in recombinant protein vaccines, and do not require adjuvants that may cause adverse reactions [2]. Group 3: Strategic Implications - The acquisition allows the company to quickly enter the mRNA technology sector, avoiding redundant research and development investments while being more responsive to diverse future demands in infectious diseases, cancer treatment, autoimmune diseases, rare diseases, and gene editing [2]. - The company aims to establish a competitive advantage in key areas such as infectious diseases, cancer, and autoimmune diseases, complementing its existing innovative drug pipeline [2]. - The strategic acquisition is expected to enhance research and development efficiency, shorten new drug development cycles, and create a solid barrier against potential competition in the mRNA sector [2].

上海祥瑞及先为在北京祥瑞集团内建立了成熟mRNA技术平台。mRNA技术为生物医药领域的革命性突 破。通过将编码病原体抗原的mRNA导入人体细胞，从而诱导免疫应答，具有高免疫原性、安全性好、 生产週期短的特点。相比传统疫苗，mRNA疫苗不需要培养活的病原体，没有毒力增强和基因整合的风 险。与重组蛋白疫苗相比，mRNA疫苗不需要表达和纯化目的蛋白，可以避免蛋白折叠错误和表达水准 低等问题，且无添加佐剂引发的不良反应。 截至本公告日期，上海祥瑞仅进行与mRNA技术相关的研发和实验等业务筹备活动。上海祥瑞的主要资 产包括实验仪器及办公室设备，该等资产均为资产收购事项标的。先为仅进行生产与mRNA疫苗相关的 临床样品等业务筹备活动。先为的主要资产包括(i)生产医疗耗材的原材料;(ii)细胞分析仪、药物强光照 射试验箱、电脑等机电设备;(iii)已完成建设并正待进行GMP认证的mRNA工厂设备安装项目;及(iv)向公 司附属公司海南先声药业有限公司租赁的物业的使用权资产。 公告称，集团通过该等收购事项快速切入mRNA技术领域，避免重复研发投入，能够更灵活应对未来在 传染病、抗肿瘤治疗、自身免疫疾病、罕见病以及基因编辑等方 ...

（於香港註冊成立的有限公司） （股份代號：2096） 有關收購 (1)上海祥瑞資產及 (2)先為全部股權的 關連交易 收購事項 董事會欣然宣佈，於2025年8月26日，買方（為本公司的間接全資附屬公司）與 賣方訂立轉讓協議，據此，買方同意收購而賣方同意出售：(i)上海祥瑞的全部 資產，現金代價為人民幣17,522,600元；及(ii)先為的全部股權，現金代價為人 民幣65,661,200元。轉讓協議項下的總代價為人民幣83,183,800元。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 收購事項完成後，先為將成為本公司的間接全資附屬公司，且先為的財務業績 將併入本集團的財務報表。 上市規則的涵義 於本公告日期，賣方分別由上海百家匯及海南百家匯直接擁有約85.46%及 1.20%權益，兩者均由本公司執行董事、行政總裁兼控股股東之一任晉生先生 最終全資擁有 ...

Group 1 - The core viewpoint of the report is that the performance of Xiansheng Pharmaceutical (02096) in the first half of the year met expectations, with a revenue increase of 15% to 3.6 billion RMB, aligning with the bank's forecast [1] - Adjusted net profit reached 651 million RMB, reflecting a year-on-year growth of 21.1% [1] - The bank has slightly revised its revenue forecasts for Xiansheng Pharmaceutical for 2025 to 2027, incorporating potential BD revenue, which is expected to contribute 2%, 4%, and 7% to total revenue in those years respectively [1] Group 2 - The management maintains its expectation of over 15% year-on-year growth in sales and recurring net profit for 2025, targeting revenues and net profits of 11 billion RMB and 2 billion RMB respectively [1] - Potential licensing assets for BD projects include Xianbixin sublingual tablets, FGFR2b ADC, and CDH17 ADC [1] - Xiansheng Pharmaceutical is also focused on collaborating with global partners to develop its next-generation ADC payload platform and has recently expanded its partnership with Almirall to co-develop various bispecific antibody products for autoimmune diseases [1]

创新药业务的崛起离不开药企持续加大的研发投入。2025年上半年，恒瑞医药研发投入38.71亿元（其中费用化研发投入32.28亿元），截至6月底 累计研发投入超480亿元，目前有100多个自主创新产品处于临床开发阶段，400余项临床试验在国内外同步开展。先声药业当期研发投入率达 28.7%，过去十年累计研发投入超百亿元，建成覆盖全球的创新药研发管线超60个。中国生物制药（01177.HK）虽创新药收入占比44.4%尚未过 半，但通过并购加速布局——2025年7月以5亿美元净对价全资收购上海创新药企礼新医药，以增强相关领域的核心竞争力与国际影响力。 值得注意的是，尽管国内药企创新药收入增长明显，但主要市场仍集中于国内。Insight数据库数据显示，2024年全球销售额前100的药物榜单中， 仅百济神州的BTK抑制剂泽布替尼（2024年收入26.44亿美元）一款国产药物上榜，且百济神州并非传统转型药企。全球TOP100药物的年销售额 门槛超17亿美元，且普遍在全球多市场销售。 【环球网财经综合报道】近日，多家上市药企发布的2025年半年报显示，创新药业务已成为企业业绩增长的核心驱动力，部分公司创新药收入占 比已突破 ...