创新药24&25Q1业绩综述：政策驱动，全球重估

Investment Rating - The industry investment rating is optimistic, with a "positive" outlook for the sector [2][54]. Core Insights - The report highlights a recovery in commercial volume and profit improvement, driven by strong performance in the innovative drug sector from January 2, 2024, to April 30, 2025, with significant stock price increases for various companies [4][10]. - The report emphasizes the ongoing policy-driven growth and global revaluation of the innovative drug industry, supported by favorable domestic policies and international competitiveness [4][31]. Summary by Sections Review: Commercial Volume and Profit Improvement - Stock prices are primarily driven by performance and clinical data, with notable increases in A-share and H-share biotech companies [4][14]. - R&D investment for 32 sample innovative drug companies reached 67.2 billion yuan in 2024, reflecting a year-on-year increase of 7.23% [4][18]. - The sales and R&D expense ratios for 22 sample innovative drug companies have been continuously optimized, leading to improved profit expectations for companies like BeiGene and Innovent Biologics [4][25]. - The total product sales revenue for 17 commercialized innovative drug companies reached 91.3 billion yuan in 2024, marking a 35% year-on-year growth [4][30]. Outlook: Policy-Driven Global Revaluation - The report discusses the domestic policy framework that supports the innovative drug sector, including the establishment of a drug pricing mechanism and the implementation of supportive measures for innovative drug development [4][39]. - The international competitiveness of Chinese innovative drugs is highlighted, with significant licensing deals and collaborations indicating a strong global presence [4][41]. Investment Strategy: Profitability + Internationalization + Major Products - The report recommends focusing on companies with potential for major product sales, such as Zebrutinib, which is expected to exceed 2.6 billion USD in sales in 2024 [5][48]. - It emphasizes the potential for global pricing of assets and the expected profitability improvements for companies like Innovent Biologics and Honor Pharma [5][48]. - The report suggests that the innovative drug sector is entering a phase of accelerated revenue and profit growth, driven by new product approvals and market access [5][47].