创新药企迎来“收获季”，对外授权成业绩新引擎

Core Insights - The performance of innovative pharmaceutical companies in China has shown significant growth in the first half of 2025, with major players like Heng Rui Medicine, BeiGene, and Innovent Biologics reporting impressive financial results driven by innovative drug sales [1][3][4] Group 1: Financial Performance - Heng Rui Medicine reported a 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%, with innovative drug sales accounting for 60.66% of total revenue [1][7] - BeiGene achieved a total revenue of 17.52 billion yuan, a 46.0% increase year-on-year, and turned a profit with a net income of 450 million yuan [1][3] - Innovent Biologics also reported a revenue of 5.95 billion yuan, a 50.6% increase, and a net profit of 1.21 billion yuan, marking its first profitable half-year [4] Group 2: Market Trends - The increasing proportion of innovative drug revenue among several pharmaceutical companies indicates a potential "spring" for the pharmaceutical industry, although some experts suggest that the primary market remains in a "winter" phase [1][2] - The demand for high-quality products that can compete globally is rising, with a focus on "best-in-class" products, which are expected to drive further growth in the innovative drug sector [2][6] Group 3: Business Development (BD) Activities - Business development has become a crucial growth engine for innovative pharmaceutical companies, with Heng Rui Medicine leading in this area through significant partnerships and licensing agreements [7][8] - The number and value of BD transactions in China's innovative drug sector have surged, with over 50 deals reported in the first half of 2025, totaling approximately 48.45 billion USD [8] Group 4: Future Outlook - Companies like Innovent Biologics expect continued growth, projecting revenues to exceed 10 billion yuan by the end of 2025 and aiming for 20 commercialized products by 2027 [5] - The overall sentiment in the industry suggests a transition from an investment-driven phase to a profit-driven phase, indicating a recovery and expansion in the market [14][15]