创新药利好！又一创新药企扭亏为盈，BD交易功不可没

Core Insights - Lepu Biotech reported a total revenue of approximately RMB 466 million for the first half of 2025, representing a year-on-year increase of about 350% [1] - The company achieved profitability for the first time, with a profit of approximately RMB 29.3 million, compared to a loss of RMB 197 million in the same period of 2024 [1] - The main revenue sources for Lepu Biotech in H1 2025 were BD business (over RMB 300 million) and sales of Putili monoclonal antibody (RMB 151 million) [1] Financial Performance - Lepu Biotech's financial indicators for H1 2025 showed significant improvement, marking the transition from a research and development phase to a profitability phase [1] - The company reported positive operating cash flow for the first time [1] Industry Trends - The domestic innovative pharmaceutical sector experienced explosive growth in BD transactions, with transaction amounts surpassing the total for the entire year of 2024 [1] - Many innovative pharmaceutical companies achieved profitability for the first time, contributing to a surge in performance for innovation-related indices [1] - The Hang Seng Pharmaceutical ETF (159892), which tracks the Hang Seng Biotechnology Index, saw a year-to-date increase of over 90% as of August 20 [1]