医药创新看中国：“一哥”恒瑞研发瞄定三大策略，构建全球竞争力

Core Insights - In 2025, China's innovative drug sector is experiencing a significant surge, with 43 innovative drugs approved in the first half of the year, nearing the total approvals for 2024 [1] - China now accounts for approximately one-fourth of the global innovative drug R&D pipeline, conducting around 3,000 clinical trials annually, placing it among the world's leaders [1] - The total amount for external licensing of Chinese innovative drugs has surpassed $100 billion in the first three quarters of 2025, indicating a strong market potential and heightened interest from capital markets [1] Industry Overview - The Chinese innovative drug industry is reshaping the global biopharmaceutical landscape, transitioning from a "Fast-follower" role to a "First-in-class" and "Best-in-class" approach, led by companies like Hengrui [2] - The approval speed and innovation quality of Chinese drugs have significantly improved, with a nearly 60% year-on-year increase in new drug approvals in the first half of 2025 [3] - China has become a major source of global pharmaceutical innovation, with the number of new drug molecules designed in China surpassing those from the US and Europe for the first time in 2024 [3] Hengrui Pharmaceutical's Strategy - Hengrui's innovation strategy focuses on unmet clinical needs, utilizing new technologies to enhance patient care while maintaining a commitment to both domestic and international growth [1][4] - The company has established a comprehensive R&D strategy that includes targeting high-prevalence diseases, utilizing modular technology platforms, and creating a multi-layered chronic disease management system [4] - Hengrui's R&D efforts cover various advanced technology platforms, including ADCs, bispecific/multispecific antibodies, and small nucleic acid drugs, with a focus on continuous innovation and collaboration [4] Key Developments - Hengrui has achieved significant milestones in the oncology sector, developing a comprehensive therapeutic ecosystem that includes precision therapy, immunotherapy, and targeted chemotherapy [5] - The company has also made strides in non-oncology areas, such as obesity treatment, by addressing existing therapy limitations with innovative dual-mode solutions [5] - In 2025, Hengrui's external licensing transactions exceeded $28 billion, reflecting the growing recognition of Chinese drug design capabilities and clinical data quality [6][10] Notable Collaborations - Hengrui's collaboration with GlaxoSmithKline (GSK) involved a record-breaking deal covering 12 innovative projects, with an upfront payment of $500 million and potential total payments of approximately $12 billion [7] - This partnership highlights the increasing value of Chinese innovation and Hengrui's strong R&D capabilities, with the company investing over $50 billion in R&D to date [7][10] Market Position and Future Outlook - Hengrui's market position has strengthened, with its innovative drug revenue surpassing half of its total income, and it ranks first in China for the number of projects under development [9] - The company is expected to continue its international expansion, with plans for over 10 innovative drugs and around 20 new indications to be approved domestically in the next two years [8] - The overall trend indicates a shift towards building a sustainable innovation ecosystem that enhances global competitiveness for Chinese pharmaceutical companies [10][11]