科创板医药2025：赛道分化显冷暖 支持“硬科技”仍然是主调⎜年终盘点

Core Insights - The pharmaceutical sector of the Sci-Tech Innovation Board (STAR Market) has shown significant market narrative capabilities and has attracted more attention from the capital market in 2025 [1] - As of December 26, 2025, there were 118 listed companies in the STAR Market's pharmaceutical sector, with 98 companies experiencing stock price increases throughout the year [1] - The number of IPOs for biopharmaceutical companies on the STAR Market has decreased significantly, with only one company, Tianxing Medical, terminating its review in 2025, compared to over 10 in 2024 [2] Market Performance - The STAR Market's overall index has risen by 48.35% since its launch on January 20, 2025, outperforming major broad-based indices [5] - By December 26, 2025, 40 companies in the pharmaceutical sector had stock price increases exceeding 50%, with the top ten companies all surpassing a 100% increase compared to the previous year [6][7] New Listings and Policies - In 2025, five new biopharmaceutical companies were listed on the STAR Market, a significant increase from one in 2024 [2] - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) on June 18, 2025, aimed to enhance the inclusivity of the STAR Market, particularly for unprofitable technology companies [2][3] Company Performance - The top-performing pharmaceutical companies in terms of stock price increase included Tianchen Medical, with a 226.84% rise, and others like Kangzhong Medical and SanSheng Guojian, which also saw significant gains [8] - Many of the companies with the highest stock price increases reported substantial revenue and net profit growth, indicating a strong correlation between financial performance and market valuation [8] Innovation Drug Sector - The innovation drug sector has emerged as a major highlight in 2025, with a total annual increase of 60.75%, driven by supportive policies and increasing market interest [9] - The total amount of business development (BD) transactions in the domestic innovation drug sector exceeded $130 billion in 2025, more than doubling from $64.08 billion in 2024 [10] Challenges in Other Sectors - The IVD (in vitro diagnostics), vaccine, and medical aesthetics sectors faced significant challenges, with many companies experiencing stock price declines and performance pressures [11] - The IVD sector, once considered a golden opportunity, is now facing a downturn due to various factors, including prolonged accounts receivable cycles and lower-than-expected demand [12] - The medical aesthetics industry is also under pressure, with both listed companies reporting declines in performance and stock prices due to increased competition and regulatory changes [13][14]