Zheng Quan Shi Bao Wang·2025-08-18 00:24Core Viewpoint - The CXO industry in China is entering an adjustment phase due to a cooling in pharmaceutical market investments and the high base effect from COVID-related orders, with performance under pressure in 2023-2024 [1] Group 1: Industry Trends - The overseas market demand is expected to show signs of recovery starting at the end of 2023, leading to a rebound in overseas orders for leading domestic companies in 2024 [1] - Many innovative drug assets in China have entered late-stage clinical trials, with clinical data increasingly validated, indicating a clear trend towards internationalization [1] Group 2: Financial Opportunities - The confirmation of various upfront payments and potential milestone payments is becoming an important source of funding for domestic innovative pharmaceutical companies [1] - The active Hong Kong stock market in the first half of this year and the reopening of listing channels for unprofitable companies on the Sci-Tech Innovation Board are expected to further boost domestic demand [1]