第一财经·2025-08-25 15:51Core Viewpoint - The article highlights the successful transformation of traditional pharmaceutical companies towards innovative drug development, driven by the implementation of drug procurement policies since 2018, which pressured companies reliant on generic drug revenues to adapt and innovate [3][7]. Group 1: Performance of Pharmaceutical Companies - Heng Rui Medicine reported a revenue of 15.762 billion yuan in the first half of 2025, a year-on-year increase of 15.88%, with a net profit of 4.45 billion yuan, up 29.67% [5]. - In the same period, Heng Rui's innovative drug sales and licensing income reached 9.561 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales alone at 7.570 billion yuan [6]. - Hansoh Pharmaceutical achieved approximately 6.145 billion yuan in innovative drug and cooperative product sales, a 22.1% increase, making up 82.7% of total revenue [7]. - Yuan Da Pharmaceutical reported a record revenue of approximately 6.11 billion HKD, with innovative and barrier products accounting for about 51% of total revenue, a nearly 15 percentage point increase year-on-year [7]. - Xiansheng Pharmaceutical's total revenue grew by 15.1% to 3.585 billion yuan, with innovative drug revenue reaching 2.776 billion yuan, a 26% increase, and accounting for 77.4% of total revenue [8]. Group 2: R&D Investments and Internationalization - Heng Rui Medicine invested 3.871 billion yuan in R&D in the first half of 2025, with cumulative R&D investments exceeding 48 billion yuan [9]. - Xiansheng Pharmaceutical reported an R&D investment rate of 28.7%, with over 10 billion yuan invested in the past decade [10]. - China National Pharmaceutical's innovative drug revenue accounted for 44.4% of total revenue, with plans to enhance its innovative drug business through acquisitions, including a recent 500 million USD acquisition of a Shanghai-based innovative drug company [10]. - The article notes that while many pharmaceutical companies are increasing R&D investments, their innovative drug sales are primarily focused on the domestic market, with limited international presence [11]. - Heng Rui has established 15 external authorization collaborations, emphasizing a strategy of combining independent R&D with international partnerships to enhance global market penetration [12]. - Xiansheng Pharmaceutical is accelerating its global layout with successful dual clinical trials in China and the U.S., aiming for sustainable growth through international collaborations [13].