我国生物医药市场规模跃居全球第二，券商：处于销售快速放量期

Core Insights - China's biopharmaceutical market has become the second largest globally, with innovative drugs in development accounting for approximately 30% of the global total [1] - The total amount of external licensing for innovative drugs reached nearly $66 billion in the first half of 2025, indicating increasing global recognition of Chinese innovative drugs [1] Group 1: Market Growth - The innovative drug sector is experiencing rapid sales growth, driven by the approval and inclusion of several key products in medical insurance, leading to a surge in domestic sales [3] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [3] Group 2: External Licensing and Global Positioning - External licensing revenue has become a crucial income source for innovative drug companies, with a notable increase in the number and value of Chinese innovative drug assets in multinational corporation business development transactions [3] - The scope of innovative drugs is expanding from oncology to autoimmune and metabolic diseases, reflecting a diversification in therapeutic areas [3] Group 3: Clinical Data and Global Competitiveness - Chinese innovative drugs are entering a phase of differentiated, high-quality innovation, with strong preclinical and clinical data supporting their global competitiveness [3] - An increasing number of Chinese innovative drugs are being showcased at top global academic conferences such as ASCO, ESMO, and WCLC, validating their potential on the international stage [3]