9月2日，百济神州（688235.SH）A股股价单日大涨9.84%，市值突破5074亿元，登顶A股医药股市值榜首。盘中涨幅一度超过15%，股价创下346元/股的历 史新高，最终收报324.85元/股，市值稳稳站在5000亿元关口之上。 这不仅刷新了百济神州自身的市值纪录，也标志着中国创新药企业迎来了一个全新的里程碑。此前，恒瑞医药A股市值曾在2020年6月22日盘中首次突破 5000亿元。 2025年上半年，百济神州实现营业收入175.18亿元，同比增长46%；净利润4.5亿元，首次依靠产品销售实现扭亏为盈。自主研发的明星产品百悦泽全球销售 额达125.27亿元，同比增长56.2%，在美国BTK抑制剂市场占有率连续两季度位居第一。 从持续亏损到自我造血 2025年上半年，百济神州终于迎来了业绩拐点，今年上半年百济神州实现营业总收入175.18亿元，同比增长46.03%。公司经营性现金流净额16.31亿元，同 比增长152.6%，归母净利润4.50亿元，一举扭转此前连续四年中报亏损的局面。这份成绩单的背后，是百济神州核心产品百悦泽（泽布替尼）的强势爆发。 | | | 2025年上半年，百济神州的研发费用为72. ...

百济神州公告，公司股票交易于2025年8月28日至2025年9月1日连续三个交易日内收盘价格涨幅偏离值 累计超过30%，属于股票交易异常波动情形。经公司自查，目前生产经营活动正常，未发生重大变化， 也不存在应披露而未披露的重大信息。同时，公司股价短期波动幅度较大，提醒广大投资者注意投资风 险，理性决策，审慎投资。 ...

南财智讯9月2日电，百济神州公告，公司股票交易于2025年8月28日至9月1日连续三个交易日内收盘价 格涨幅偏离值累计超过30%，构成股票交易异常波动。经公司自查，目前生产经营活动正常，市场环境 和行业政策未发生重大调整，不存在应披露而未披露的重大事项，也未发现对公司股价可能产生重大影 响的媒体报道及市场传闻。公司董事、高级管理人员在股票交易异常波动期间未买卖公司A股股票。公 司提醒投资者注意投资风险，理性决策，审慎投资。 ...

Summary of Key Points Core Viewpoint - On September 2, a total of 40 stocks were identified with institutional activity, with 19 stocks showing net buying and 21 stocks showing net selling by institutions [1]. Institutional Buying - The top three stocks with the highest net buying by institutions were: - Liao Co., with a net buying amount of 222 million [1] - Maiwei Bio, with a net buying amount of 109 million [1] - Yingweike, with a net buying amount of 93.3 million [1]. Institutional Selling - The top three stocks with the highest net selling by institutions were: - Baiji Shenzhou, with a net outflow amount of 1.261 billion [1] - Jingwang Electronics, with a net outflow amount of 290 million [1] - Chuangxin Medical, with a net outflow amount of 216 million [1].

Group 1 - Beijing-based innovative pharmaceutical company BeiGene announced an agreement with Royalty Pharma to sell the rights to receive royalties from the global sales of the drug Talazoparib outside of China, with a maximum transaction value of $950 million [1] - According to the agreement, BeiGene will receive an upfront payment of $885 million and has the option to sell the remaining royalty rights within 12 months for an additional payment of up to $65 million [1] - Talazoparib is a first-in-class immunotherapy that targets DLL3 protein on tumor cells and CD3 protein on T cells, activating T cells to kill DLL3-expressing tumor cells, and has been approved in the U.S. for treating extensive-stage small cell lung cancer [1] Group 2 - This year, Beijing's innovative pharmaceutical companies have been active in overseas licensing deals, generating significant revenue and enhancing self-sustainability [2] - Earlier this year, companies Innovent Biologics and Connaissance Therapeutics entered into a licensing agreement with Prolium Bioscience for the development and commercialization of a bispecific antibody, ICP-B02, with a total payment of up to $520 million [2] - The licensing fees from this agreement helped Innovent Biologics achieve its first quarterly profit in the first quarter of this year [2]

Core Insights - On September 2, a total of 40 stocks were involved in institutional trading, with 19 stocks showing net buying and 21 stocks showing net selling [1] Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Liou Co., Ltd. with a net buying amount of 222.5 million yuan [2] - Maiwei Bio with a net buying amount of 109.4 million yuan [2] - Yingweike with a net buying amount of 93.3 million yuan [2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Baiji Shenzhou with a net outflow of 1.26 billion yuan [4] - Jingwang Electronics with a net outflow of 290.3 million yuan [4] - Innovation Medical with a net outflow of 216.2 million yuan [4]

Core Viewpoint - The innovative drug sector has led the market this year, with the Hang Seng Innovative Drug ETF (159316) rising over 86% since April 9 [1][4]. Fund Inflows - In the last 60 days, the Hang Seng Innovative Drug ETF (159316) has seen a net inflow of 1.547 billion yuan, bringing its latest scale to 1.968 billion yuan [3]. Breakthroughs - The strong performance of the innovative drug sector is attributed to a series of favorable developments, particularly in international markets. A significant boost occurred on September 1 when Hengrui Medicine announced conditional approval from the National Medical Products Administration for its self-developed innovative drug, SHR2554, for treating relapsed or refractory peripheral T-cell lymphoma [4][5]. - SHR2554 represents a major breakthrough as China's first self-developed EZH2 inhibitor, indicating a shift from "Me-too" drugs to genuine innovation, showcasing China's capability to compete in global markets [5][6]. Incremental Growth - From January to July this year, Chinese innovative drug companies licensed out nearly 80 billion yuan, a year-on-year increase of over 160%. Several companies have announced large licensing agreements, indicating a growing trend in international collaborations [7][9]. - The innovative drug industry in China is characterized by increasing foundational innovation capabilities, expanding market size, and improving international market share. The number of self-developed innovative drugs surpassed that of the U.S. in 2020, with 592 drugs in development by 2021, accounting for 22% of the global total [9][11]. Qualitative Changes - The Hang Seng Innovative Drug Index has rebounded significantly after a steep decline, with a 73% drop from its peak in June 2021 to July 2024, followed by a doubling in value over the past year [13][14]. - Several companies have reported profitability for the first time, with notable net profits from companies like BeiGene and Innovent Biologics, indicating a shift towards sustainable revenue sources [15][16]. - The innovative drug sector is transitioning from a phase of heavy R&D investment to one of realizing results, supported by valuation recovery, earnings growth, accelerated international expansion, and favorable policies [18]. Conclusion - The innovative drug sector is expected to continue benefiting from multiple catalysts, including upcoming international conferences and potential interest rate cuts, which could enhance global liquidity and favorably impact the sector [18].

9月2日，百济神州股价以8.28%的涨幅收于324.85元/股，总市值突破5000亿元大关，不仅刷新历史高 位，更奠定了其A股医药板块市值龙头的地位。 百济神州短期的上涨，源于其交出的首份盈利中报。2025年上半年，百济神州实现营业总收入175.18亿 元，同比增长46.03%；经营性现金流净额16.31亿元，同比增长152.6%；取得归母净利润4.50亿元，一 举扭转此前连续四年中报亏损的局面。 这份成绩单的背后，是百济神州核心产品百悦泽（泽布替尼）的强势爆发。 作为全球首个且唯一获批适应症最广的BTK抑制剂，百悦泽凭借差异化临床优势，上半年全球销售额 达125.27亿元，同比增长56.2%。其中，美国市场贡献89.58亿元，同比增长51.7%，成为驱动增长的核 心引擎；欧洲市场以81.4%的增速紧随其后；国内市场亦保持36.5%的稳健增长。 百济神州称，营业收入预计增长的调整主要得益于百悦泽在美国市场的领先地位以及其在欧洲和全球其 他重要市场的持续扩张；毛利率预计提升的调整主要得益于产品组合的改善和生产效率的提高。 此外，百泽安的销售额也达到26.43亿元，同比增长20.6%。至于百泽安销售额的增长，主要 ...

2021年下半年，医药行业资本市场从热转冷，并经历了几年调整后，直到2025年上半年，在医药企业对 外授权交易火热的背景下，医药股价值迎来重估。 2025年以来，百济神州A股股价涨幅实现翻倍。 2025年上半年，百济神州实现营业收入175.18亿元，同比增长46%；归属于母公司所有者的净利润4.5亿 元，扭亏为盈。 9月2日上午，百济神州（688235.SH）A股股价大涨9.84%，公司总市值也达到5074亿元，成为A股市值 最高的医药股，截至下午1点39分之际，公司市值仍达到5023亿元。 这也是百济神州A股市值首次突破五千亿元。 在此之前，A股医药板块也有其他个股市值站上五千亿元高峰，比如2020年6月22日，恒瑞医药A股市值 盘中首次突破5000亿元。 在创新药行业，由于在研发上大手笔投入，百济神州有着"烧钱一哥"之称，但公司已开始靠产品销售在 赚钱了。 这是百济神州历史上首次靠着产品上市销售，而并非对外授权，实现真正意义上的盈利。 百济神州在近日发布的半年报中表示，索托克拉和BTK CDAC这两款产品均有潜力成为全球范围内同 类最佳药物。 半年报显示：索托克拉用于治疗复发/难治性慢性淋巴细胞白血病和复 ...

2025.09.02 本文字数：1055，阅读时长大约2分钟 作者 |第一财经 林志吟 9月2日上午，百济神州（688235.SH）A股股价大涨9.84%，公司总市值也达到5074亿元，成为A股市值 最高的医药股，截至下午1点39分之际，公司市值仍达到5023亿元。 这也是百济神州A股市值首次突破五千亿元。 在此之前，A股医药板块也有其他个股市值站上五千亿元高峰，比如2020年6月22日，恒瑞医药A股市值 盘中首次突破5000亿元。 2021年下半年，医药行业资本市场从热转冷，并经历了几年调整后，直到2025年上半年，在医药企业对 外授权交易火热的背景下，医药股价值迎来重估。 2025年以来，百济神州A股股价涨幅实现翻倍。 其中，百济神州的百悦泽是全球获批适应症最广泛的BTK抑制剂，已在全球75个市场获批，这是一款血 液肿瘤治疗药物，也是公司收入最高的产品，收入达到125.27亿元，占公司营收比例72%。 不过，百济神州收入过于依赖百悦泽，以及百悦泽在BTK市场竞争激烈背景下能否继续保持高增长态 势，也引发市场担忧。 百济神州仍在血液肿瘤领域加码自身的竞争优势。公司目前有两款处于开发后期阶段的血液肿瘤产品分 ...