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。 【#百济神州市值首次突破5千亿元#，#百济神州成A股市值最高医药股# 】 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。 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。 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。 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。 ...

Core Viewpoint - 百济神州's A-share market value has surpassed 500 billion yuan for the first time, marking a significant milestone in the pharmaceutical sector [1][2]. Company Performance - On September 2, 百济神州's stock price surged by 9.84%, leading to a total market value of 507.4 billion yuan, making it the highest-valued pharmaceutical stock in A-shares [2]. - In the first half of 2025, 百济神州 achieved a revenue of 17.518 billion yuan, a year-on-year increase of 46%, and a net profit of 450 million yuan, marking its first profit driven by product sales rather than external licensing [4]. - The primary revenue driver was 百悦泽 (Zebutinib), which generated 12.527 billion yuan, accounting for 72% of the company's total revenue [4]. Product Development and Market Position - 百济神州 is recognized for its significant investment in R&D, earning the nickname "burning money king," but has begun to generate profits from product sales [4]. - The company is focusing on enhancing its competitive edge in the hematological oncology field, with two late-stage products: 索托克拉 (BCL2 inhibitor) and the first-in-class BTK CDAC [4][5]. - 索托克拉 has received acceptance for its listing application in China and is expected to submit applications to global regulatory bodies in the second half of 2025 [5]. Market Outlook - 百济神州 aims to establish a sustainable product portfolio in the global chronic lymphocytic leukemia market, projected to reach 12 billion USD, leveraging its differentiated products [5].

这也是百济神州A股市值首次突破五千亿元。 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。 公司此次实现盈利，主要靠的是自主研发产品百悦泽（泽布替尼）和百泽安（替雷利珠单抗），以及安 进授权产品的销售增长。 其中，百济神州的百悦泽是全球获批适应证最广泛的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%。 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。 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 ...

Group 1: Industry Overview - The healthcare sector has experienced a bifurcation, with innovative drugs reviving while consumer healthcare remains in a downturn [1][12] - The innovative drug sector has seen significant growth, with a total transaction volume of $60.8 billion in the first half of the year, a 129% increase year-on-year [2][4] - The number of innovative drug companies with a market capitalization exceeding 100 billion yuan has increased to nine [3] Group 2: Innovative Drug Companies Performance - Hengrui Medicine reported revenue of 15.76 billion yuan and a net profit of 4.45 billion yuan in the first half of the year, with a year-on-year growth of 15.88% and 29.67% respectively [5] - BeiGene achieved revenue of 17.52 billion yuan and a net profit of 450 million yuan, marking its first half-year profit since its listing [7] - China Biologic Products reported revenue of 17.57 billion yuan, a 10.7% increase year-on-year, with innovative product revenue reaching 7.8 billion yuan, up 27.2% [6] Group 3: Consumer Healthcare Challenges - The vaccine sector, particularly for Zhifei Biological, saw a 73.06% decline in revenue to 4.92 billion yuan, resulting in a net loss of 597 million yuan [12] - Other consumer healthcare companies like Opcon Vision and Anke Bio also reported revenue declines, indicating a broader trend of stagnation in the sector [13] - The decline in consumer healthcare is attributed to price wars and changing consumer perceptions regarding product efficacy [13] Group 4: CRO Industry Dynamics - The CRO sector has experienced a divergence, with leading companies like WuXi AppTec reporting significant growth while smaller firms struggle [9][11] - WuXi AppTec's revenue reached 20.8 billion yuan, with a net profit increase of 101.92% [9] - The demand for CRO services is driven by the need for customized technology platforms and compliance capabilities in high-value segments like ADC and GLP-1 [10][11]

值得一提的是，百济神州9月2日股价最高触及346元/股，创下历史新高。 北京商报讯（记者 丁宁）9月2日，百济神州（688235）A股低开高走，盘中一度涨逾15%。截至北京商 报记者发稿，百济神州报335.38元/股，涨幅为11.79%，交易金额为28.78亿元，总市值达到5164亿元。 ...

| 11 | 2 19 | | 现在 | | --- | --- | --- | --- | | 000661 | 大香高 | +10.00% | 124.71 | | HIS SIG | -- | +6.99% | 56.50 | | 688062 | 迈克生物-U | +6.56% | 61.38 | | 300485 | 第 有V | +4.67% | 14.11 | | 301207 | K 7 2 2 1 | +3.76% | 19.05 | | 300357 | 我武生物 | +3.32% | | | 688278 | 特宣生物 | +2.01% | 87.63 | | 688687 | 圳天气 | +1.176 | 34.38 | | 887344 | 三元大 | +1.32% | 32.28 | | 688428 | 诺成健华-U | +1.21% | 30.00 | 9月2日早盘，创新药概念再度走强。百济神州一度涨超10%，股价续创历史新高。盟科药业涨超 10%，迈威生物、艾德药业、贝达药业、三生国健、南新制药等跟涨。 ...

Core Viewpoint - The innovative drug sector is experiencing strong performance due to favorable policies and positive earnings reports, with significant gains in Hong Kong-listed innovative drug stocks [1][2]. Policy Aspects - The National Healthcare Security Administration has introduced a "newly listed drug initial pricing mechanism" to encourage drug research and innovation, marking the first public announcement of this mechanism since last year's consultation [1]. - The mechanism aims to ensure that high-level innovative drugs can achieve returns that correspond to their high investment and risk during the initial listing period [1]. Performance Aspects - In the first half of this year, among 80 listed companies in the innovative drug sector, 34 companies reported year-on-year growth in net profit attributable to shareholders, excluding companies that turned losses into profits or reduced losses [2]. - For instance, Heng Rui Medicine achieved 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% [2]. - In the medical device sector, United Imaging Healthcare reported revenue of 6.02 billion yuan, a 12.79% increase, and a net profit of 998 million yuan, up 5.03% [2]. - The continuous optimization of the medical insurance catalog adjustment mechanism by the government has stimulated companies' enthusiasm for innovation, as they see increased chances of their products entering insurance and commercial insurance catalogs [2].

转自：智通财经 【创新药概念再度走强 百济神州涨超10%续创历史新高】智通财经9月2日电，创新药概念再度走强， 百济神州涨超10%，股价续创历史新高，此前长春高新2连板，盟科药业涨超10%，迈威生物、艾德药 业、贝达药业、三生国健、南新制药等跟涨。消息面上，国家药监局称，2025年上半年创新药对外授权 总金额已接近660亿美元，全球市场对中国创新药的认可度正在不断提升。即将收官的"十四五"，是持 续释放政策红利的五年，医药产业创新发展更加有为、更加有力。 ...

9月2日，A股制药板块延续强势，全市场唯一跟踪制药指数的药ETF（562050）冲高2．69%，场内价 格续刷上市以来新高！ 药ETF（562050）覆盖50大龙头药企，重仓创新药，兼顾中药。早盘创新药龙头股继续领衔，长春高新 涨停两连板，百济神州飙升15%创历史新高。 把握龙头药企价值重估机遇，配置工具认准场内唯一药ETF（562050）及其联接基金（024986）。聚焦 A股50大龙头药企，重仓创新药（60%），兼顾高壁垒仿制药及中药，且完全不含医疗和CXO。 把握医疗器械、CXO牛市补涨机遇，配置工具认准A股最大医疗ETF（512170）及其联接基金 （012323）。聚焦"医疗器械（52%）+医疗服务（40%）"，与AI医疗高相关，覆盖6只CXO龙头股。 注：行业权重数据来源于中证指数公司，截至 2025.8 ． 31 。 风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布于 2014.10.31 。药 ETF 被动跟踪中证制药指数，该指数基日为 2011.12.30 ，发布日期为 2013.7.15 ， 2020- 2024 年分年度历史收益分别为： ...

百济神州盘中涨超10%，现报330.80元。 ...