医药行业2025年中期投资策略 BD加速创新药重估，后续持续看好创新药及产业链、 AI医疗、脑机接口等结构性机会 西南证券研究院 医药杜向阳团队 2025年7月 核 心 观 点 1 2025年上半年医药生物板块迎来拐点与结构性行情，持续关注创新药及其产业链、AI医疗、脑机接口等方 向结构性机会： 2025上半年A股、港股医药生物指数涨幅居前，大幅跑赢大盘。2025年初以来（截至20250706），A 股医药生物指数上涨10.10%，跑赢沪深300指数8.90个百分点，行业涨跌幅排名第4，迎来2021年以来 的拐点；两大港股医药指数分别上涨54.1%、61.7%，大幅跑赢恒生指数。 从子行业来看，医药板块的行情具有结构性，创新药领涨。申万一级子行业指数涨幅最大的是化学制剂 与其他生物制品，分别增长25.8%与+24.0%，疫苗、中药等板块小幅下跌。 从个股表现来看，480家医药生物上市公司中有348家上涨，占比72.5%。其中翻倍的有17支个股,占比 3.5%；涨幅在50%-100%的有44支个股，占比9.2%。 从估值来看，短期修复，长期仍处低位。医药板块估值经过2019和2020年达峰后，经过了近4年的调整 ...

一、合作情况 禾元生物是一家创新型生物医药企业，拥有领先的植物生物反应器技术平台， 创建了具有自主知识产权的水稻胚乳细胞生物反应器高效重组蛋白表达平台 （OryzHiExp）和重组蛋白纯化技术平台（OryzPur），建立了完善的药品、药用辅料 及科研试剂的产业化体系，并于 2023 年 12 月获得由湖北省药品监督管理局颁发 的《药品生产许可证》。 2022 年，公司以 3.85 亿元人民币的自有资金按每股 19.24 元的价格认购 禾元生物新发行的 Pre-IPO 轮普通股 20,010,395 股，截至目前，公司直接持 有禾元生物 7.47%的股份。2024 年，双方签署《禾元生物药品区域经销协议》， 禾元生物委托贝达药业在约定区域内独家经销奥福民®。具体内容详见公司披 露在巨潮资讯网上的相关公告（公告编号：2022-019、2022-023、2022-041、 2024-069）。 证券代码：300558 证券简称：贝达药业 公告编号：2025-050 贝达药业股份有限公司 关于参股公司禾元生物新药奥福民获批上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述 ...

AI基金银华医疗健康量化股票发起式A（005237）披露2025年二季报，第二季度基金利润70.42万元，加权平均基金份额本期利润0.0363元。报告期内，基金 净值增长率为3.25%，截至二季度末，基金规模为2277.19万元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至7月17日，单位净值为1.253元。基金经理是马君和杨腾。 基金管理人在二季报中表示，我们看好创新药产业链的发展前景。从业绩表现来看，创新药企业 2025 年以来产品管线出海加速，授权价格也有逐步上涨的 态势，从首付款到里程碑付款增厚企业业绩，后续产品上市后在海外销售或有爆发式增长，创新药在整个医药行业中脱颖而出，成为内部表现最为强劲的子 板块。 截至7月17日，银华医疗健康量化股票发起式A近三个月复权单位净值增长率为12.97%，位于同类可比基金47/54；近半年复权单位净值增长率为18.70%，位 于同类可比基金47/54；近一年复权单位净值增长率为19.99%，位于同类可比基金45/53；近三年复权单位净值增长率为-15.15%，位于同类可比基金29/46。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩 ...

近日，益方生物在回复上交所关于2024年年报的信披监管问询函时披露，贝达药业拖欠其肺癌1类创新 药贝福替尼的里程碑款项1.8亿元，逾期时间已近2年。益方生物表示，通过邮件、电话、线下拜访等方 式与贝达药业多次沟通，并于2024年底发出正式催款函，但款项仍未到账。截至2024年末，益方生物已 按10%的坏账率计提坏账准备1800万元。 贝达药业拖欠益方生物1.8亿元的里程碑付款纠纷，不仅揭开了双方合作背后的生存压力，也让外界得 以窥见创新药BD（授权合作）交易中不为人知的履约困境，同时引发创新药行业对BD交易信用体系的 广泛讨论。经济学家、新金融专家余丰慧在接受《华夏时报》记者采访时表示，"益方生物与贝达药业 的付款拖延纠纷虽然引起了关注，但这并不意味着类似的付款纠纷已经成为国内创新药领域授权合作中 的普遍现象。然而，这一案例确实揭示了在BD交易合作模式上存在的一些问题和风险点。" 贝达药业1.8亿元欠款拉锯战 事件的起因源自于2018年12月，益方生物与贝达药业就肺癌创新药BPI-D0316（甲磺酸贝福替尼）的合 作达成共识，双方约定在合作区域（涵盖中国内地及港、台地区）内推进该产品的研发与商业化。合作 协议 ...

Group 1 - CITIC Construction Investment expects a net profit of 4.43 billion to 4.57 billion yuan for the first half of 2025, representing a year-on-year increase of 55%-60% [1] - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, recovering from a loss of 1.217 billion yuan in the same period last year [2] - Foton Motor forecasts a net profit of approximately 777 million yuan for the first half of 2025, marking an increase of about 87.5% year-on-year [7] Group 2 - North New Road and Bridge expects a net loss of 70 million to 85 million yuan for the first half of 2025 [2] - Nanwei Co. anticipates a net loss of 12 million to 16 million yuan for the first half of 2025 [3] - Hanhua Technology projects a net loss of 45 million to 60 million yuan for the first half of 2025, widening the loss by 11.42%-18.10% compared to the previous year [6] Group 3 - Songlin Technology expects a net profit of 90 million to 95 million yuan for the first half of 2025, a decrease of 57.06%-59.32% year-on-year [4] - Fuchun Environmental Protection anticipates a net profit of 178 million to 207 million yuan for the first half of 2025, representing a year-on-year increase of 80%-110% [18] - Ansteel Group forecasts a net loss of 1.144 billion yuan for the first half of 2025, a reduction in loss of approximately 57.46% compared to the previous year [20][22] Group 4 - China Wuyi expects a net loss of 80 million to 104 million yuan for the first half of 2025, a significant decline compared to the previous year [28] - Meikailong anticipates a net loss of 1.59 billion to 1.92 billion yuan for the first half of 2025 [26] - Aijian Group projects a net profit of 140 million yuan for the first half of 2025, a decrease of 33.26% year-on-year [27]

Core Viewpoint - The company has entered into a strategic partnership with Hangzhou Bozhi Rui Biological Pharmaceutical Co., Ltd., acquiring the project rights for the injection of Pertuzumab and exclusive distribution rights for the injection of Trastuzumab (Anruize®) in China, which is expected to positively impact future revenue [1] Group 1 - The exclusive distribution of Anruize has officially launched nationwide, indicating a significant step in the company's commercial strategy [1] - The collaboration on "Chupa Shuangzhu" follows the previous strategic partnership on the Beianting project, showcasing the company's ongoing commitment to expanding its product offerings [1] - This partnership marks the company's comprehensive commercial layout in the breast cancer treatment sector, following its focus on lung and kidney cancer treatments [1]

2025 年 5 月，公司与博锐生物达成"曲帕双珠"的全面合作：博锐生物 授予贝达药业负责安瑞泽在中国的经销活动及商务事务的独家权利，并授予 贝达药业在中国与帕妥珠单抗注射液有关的全部权益，包括产品注册、商业 化以及上市后开发的权利和权益。 2025 年 7 月，公司加快推进安瑞泽的商业化工作，已正式启动全国销售。 同时，帕妥珠单抗注射液上市申请已于 2024 年 10 月获国家药品监督管理局 （NMPA）受理（受理号为 CXSS2400116），相关的审评审批工作正在进行 中。根据合作协议约定，公司已向博锐生物支付帕妥珠单抗注射液项目权益 的首笔付款。 贝达药业股份有限公司 关于与博锐生物达成战略合作暨 注射用曲妥珠单抗（安瑞泽®）启动销售的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，贝达药业股份有限公司（以下简称"贝达药业"或"公司"）与杭 州博之锐生物制药有限公司（以下简称"博锐生物"）达成战略合作，贝达药 业取得帕妥珠单抗注射液的项目权益，获授注射用曲妥珠单抗（商品名：安 瑞泽®，以下简称"安瑞泽"）在中国的经销权，由公司独家经销的安瑞 ...

Core Viewpoint - The overdue payment of 180 million yuan from BeiGene to Yifang Biotech highlights the commercialization challenges and financial pressures faced by innovative pharmaceutical companies in China [1][2]. Group 1: Payment Dispute - BeiGene has failed to pay 180 million yuan in milestone payments to Yifang Biotech over two years, with 80 million yuan due after the approval of a lung cancer drug and 100 million yuan after another indication was approved [2]. - Yifang Biotech did not disclose this significant overdue receivable in its regular reports until questioned by the Shanghai Stock Exchange, revealing a hidden debt situation [2]. Group 2: Market Performance - BeiGene's delay in payments is attributed to its own financial arrangements, but the market performance of its drug, Beifuqunib, is concerning, facing stiff competition from established products like Osimertinib [3]. - Sales data indicates that Beifuqunib's annual sales are only about 100-200 million yuan, significantly lower than competitors, despite being included in the national medical insurance catalog [3]. Group 3: Financial Health - BeiGene's financial difficulties are evident, with cash reserves dropping to 472 million yuan by the end of 2024, a decrease of 280 million yuan year-on-year [4]. - The company's current ratio has been below 1 for three consecutive years, indicating declining short-term debt repayment capacity, with current assets of 1.224 billion yuan insufficient to cover current liabilities of 1.848 billion yuan [4]. Group 4: Industry Challenges - The payment dispute reflects a broader survival dilemma for Chinese biotech firms, with Yifang Biotech projected to have revenues of 169 million yuan in 2024 but losses of 240 million yuan, leading to accounts receivable exceeding revenue [5]. - BeiGene holds five marketed drugs, but three are licensed products, and its proprietary product faces patent expiration, indicating a dual financial strain from research and commercialization [5]. Conclusion - The 180 million yuan overdue payment serves as a mirror reflecting the difficulties faced by Chinese innovative pharmaceutical companies in transitioning from research to commercialization, raising questions about the industry's creditworthiness and cash flow challenges under current market pressures [6].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.30%, outperforming the CSI 300 index which rose by 3.52% during the reporting period [3][14] - The PE ratio (TTM, excluding negative values) for the pharmaceutical and biotechnology industry as of July 4, 2025, is 28.52x, up from 27.28x in the previous period, indicating an upward trend in valuation [3][19] - Notable sub-industries include "Other Biological Products" and "Medical R&D Outsourcing," which saw increases of 11.20% and 9.37% respectively, while "Medical Equipment" and "Blood Products" lagged with increases of only 0.98% [3][14] Industry Trends - The report highlights significant policy measures from the National Healthcare Security Administration and the National Health Commission aimed at supporting the high-quality development of innovative drugs [5][6] - The introduction of a commercial health insurance innovative drug directory is a key breakthrough, facilitating better pricing and reimbursement mechanisms for high-value drugs [6] - The report emphasizes the importance of the innovative drug industry chain, particularly focusing on platform pharmaceutical companies, clinical CROs, and high-barrier CDMOs [6] Important Industry News - The approval of several innovative drugs, including "ZEGFROVY" by Dize Pharmaceutical and "TQG203" by Zhengda Tianqing, marks significant advancements in the industry [41][42][46] - The report notes that the global number of hemophilia patients is expected to increase by 25% by 2025, highlighting the growing market for innovative treatments [42] - The approval of "Mastrudep" by Innovent Biologics for weight management in adults showcases the expanding therapeutic applications of GLP-1R/GCGR dual agonists [49][50] Investment Recommendations - Continuous attention is recommended for the innovative drug industry chain, particularly for companies that can navigate the new dual directory system and have international expansion capabilities [6] - The report suggests that the recent policy changes and the successful IPO of a biotech company signal a positive outlook for the innovative drug sector [6]

Core Viewpoint - The delayed payment of 180 million yuan by Betta Pharmaceuticals to Yifang Biologics for milestone payments related to the drug Beifuzi has raised concerns about the financial health and operational integrity of both companies [1][2][5]. Company Overview - Yifang Biologics developed Beifuzi, a first-in-class innovative drug for lung cancer, and granted commercial rights to Betta Pharmaceuticals in December 2018 [2][3]. - Betta Pharmaceuticals was supposed to pay a total of 230 million yuan in milestone payments based on the drug's development progress, which includes regulatory approvals for various treatment indications [2][4]. Financial Performance - Yifang Biologics reported zero revenue from 2020 to 2022, but began generating income in 2023, totaling 186 million yuan, primarily from technical authorization and cooperation [4][8]. - As of the end of 2023, Yifang Biologics had accounts receivable of 186 million yuan, with a provision for bad debts of 9.29 million yuan, indicating reliance on Betta Pharmaceuticals for revenue [4][5]. Payment Delays - Betta Pharmaceuticals has delayed payments for two years, with the outstanding amount of 180 million yuan due to its own financial management considerations [5][10]. - The company has acknowledged the overdue payments and stated that it will fulfill its obligations according to the agreement [5][7]. Market Competition - Beifuzi's market entry is hindered by its later approval compared to competitors like Osimertinib and Alectinib, which have annual sales in the range of 3 to 4 billion yuan [8][9]. - Yifang Biologics has reported sales-related income from Beifuzi of approximately 5.53 million yuan in 2023 and 16.38 million yuan in 2024, indicating a significant gap in sales compared to established competitors [8][9]. Financial Health of Betta Pharmaceuticals - As of the end of 2024, Betta Pharmaceuticals had cash reserves of 472 million yuan, down from 752 million yuan at the beginning of the year, reflecting a decline in liquidity [10]. - The company's current ratio has been below 1 for three consecutive years, indicating a potential decline in short-term solvency [10].