年终盘点|以康宁杰瑞-B(9966.HK)为例，洞见差异化创新的医药硬科技

Core Viewpoint - The Chinese capital market is undergoing a profound transformation under the "dual circulation" development pattern, with the innovative drug sector emerging as a key player in this narrative, highlighted by the significant performance of companies like CStone Pharmaceuticals [1][3]. Group 1: Industry Overview - The innovative drug sector has entered a structural bull market in 2025, driven by valuation recovery, policy support, and a wave of business development (BD) overseas [3]. - The investment logic in innovative drugs has shifted from narrative-driven stories to a focus on commercialization capabilities and sustained innovation momentum [3]. - The industry is moving towards individual differentiation, with a clear emphasis on companies that possess source innovation capabilities and differentiated technology platforms [3]. Group 2: CStone Pharmaceuticals' Performance - CStone Pharmaceuticals achieved a stock price increase of 220.57% in 2025, becoming a leader among mid-to-large unprofitable biotech companies [1][5]. - The company successfully transitioned from early product development to focusing on dual antibodies and ADC (antibody-drug conjugates), marking a significant strategic shift [5][7]. - Financially, CStone reported a revenue of 319 million yuan in the first half of 2025, an 84% year-on-year increase, and a net profit of 21.58 million yuan, maintaining positive earnings [7]. Group 3: Technological Advancements - CStone's modular and iterative technology platform has begun to yield clinically validated differentiated innovative molecules, receiving high praise from clinical experts [7]. - The company showcased advancements in dual antibodies and dual-load ADCs during its R&D day in December 2025, indicating strong platform capabilities [7]. - Key products like KN026 and JSKN003 are expected to receive regulatory approvals and show superior efficacy compared to international competitors, further solidifying CStone's market position [9][10]. Group 4: Future Outlook - 2026 is anticipated to be a critical year for CStone, with multiple milestone events and clinical data readouts expected to act as catalysts for growth [9][10]. - The market perception of CStone is evolving, with several institutions raising their ratings and target prices, reflecting confidence in the company's growth potential [10]. - The rise of CStone exemplifies a broader shift in the Chinese innovative drug landscape, moving from "following innovation" to "source innovation," emphasizing the importance of platform capabilities in sustaining competitive advantage [14].