Hengrui Pharma(SH:600276) 市值风云·2025-09-30 11:54Group 1 - The core viewpoint of the article highlights that the Chinese innovative pharmaceutical industry is increasingly focusing on international expansion, with a significant rise in business development (BD) transactions in 2025 compared to previous years [4][5] - In the first half of 2025, the total amount of BD transactions for innovative drugs going overseas approached the total for the entire year of 2024, indicating a strong trend towards international collaboration [4] - BD transactions are characterized as technology licensing rather than product sales, offering lower initial investment and shorter monetization cycles compared to self-directed overseas market entry [4][5] Group 2 - The article notes that while large companies like Heng Rui Medicine (恒瑞医药) can sustain regular BD transactions due to their abundant pipelines, smaller pharmaceutical companies may struggle to maintain consistent overseas revenue through this model [5] - A Chinese innovative pharmaceutical company has adopted a unique approach to its overseas strategy, distinguishing itself from typical models in the industry [7]