经济观察报·2025-09-12 04:19Core Viewpoint - The article discusses the significant fluctuations in stock prices of innovative pharmaceutical companies, highlighting both the successes and failures in the market, particularly focusing on the performance of companies that reached historical highs in 2025 and those that have experienced substantial declines. Group 1: Performance of Innovative Pharmaceutical Companies - As of September 11, 2025, 90% of Hong Kong and STAR Market innovative pharmaceutical companies have seen significant stock price increases since the beginning of the year [6] - A total of 17 companies reached historical highs in stock price and market capitalization in 2025, with notable companies including BeiGene (688235.SH) and Innovent Biologics (01801.HK) [7][10] - Among these 17 companies, 12 have entered or are about to enter the commercialization phase, establishing stable revenue sources [7] Group 2: Key Events and Financial Performance - BeiGene and Innovent Biologics achieved their first profits in the first half of 2025, with BeiGene reporting a net profit of approximately 450 million yuan, a significant turnaround from a loss of 2.877 billion yuan in the same period last year [10] - Innovent Biologics reported a net profit of 834 million yuan, benefiting from the growth of PD-1 and other oncology drugs in the domestic market [10] - Other companies like Kintor Pharmaceutical (06990.HK) and Rongchang Biologics (688331.SH) have also made significant progress through BD transactions and drug approvals [11] Group 3: Declining Companies and Market Challenges - Despite the successes, 50% of innovative pharmaceutical companies still have stock prices below their initial offering prices, with 31 out of 55 Hong Kong 18A innovative pharmaceutical stocks experiencing declines [14][15] - Companies like Tengsheng Bo Pharmaceutical (02137.HK) and Akeso (09939.HK) have seen significant drops in stock prices, with some losing over 90% of their value since their IPOs [20][21] - The article notes that many of these declining companies faced challenges such as failed drug trials or adverse market conditions, leading to substantial losses [20][21] Group 4: Recent Trends and Future Outlook - Three companies, including Tongyuan Kang Pharmaceutical (02410.HK), have seen stock price declines of 70% or more since the beginning of the year, indicating ongoing volatility in the sector [25] - The article emphasizes the importance of BD transactions and successful drug approvals as key factors for recovery and growth in the innovative pharmaceutical market [12][22]