Zhi Tong Cai Jing·2025-11-13 07:43Group 1 - The innovative drug sector has shown strong performance, with notable stock increases for companies such as Sangamo Therapeutics (up 10.11%), Innovent Biologics (up 7.52%), BeiGene (up 7.34%), China Biologic Products (up 6.79%), and I-Mab (up 6.37%) [1] - In Q3, the innovative drug sector reported a revenue growth of 1.98% year-on-year and a net profit attributable to the parent company increased by 7.25% year-on-year [1] - Despite adjustments since September, the overall trend for the innovative drug industry remains positive, supported by domestic policy and the Federal Reserve entering a rate-cutting cycle, with a significant number of licensing deals expected in the next six months to a year [1] Group 2 - Guotai Junan Securities noted that the innovative drug sector continued to experience high revenue growth and profitability turnaround in Q3, indicating a long-term positive development trend for China's innovative drug industry [2] - The explosive growth in business development (BD) transactions has been a key highlight in recent years for the domestic innovative drug sector [2] - For most domestic innovative drugs, external licensing is often just the starting point for global development, with the progress of partners in overseas development and subsequent global clinical data readings enhancing the commercial certainty of products in the global market [2]