红杉中国杨云霞：下一代疗法风口下，坚守长期投资逻辑

Core Viewpoint - The article presents an interview with Yang Yunxia, a partner at Sequoia China, who discusses the value judgment framework for the next stage of the biopharmaceutical industry, emphasizing that Biotech will remain a mainstream investment direction in healthcare, particularly focusing on the iteration of "second-generation technology paradigms" [4][7]. Group 1: Investment Trends and Opportunities - Biotech is highlighted as a key investment direction, with a focus on advancements such as ADC drugs evolving from single-target to dual-target and the development of more complex antibody technologies [7][8]. - The Chinese biopharmaceutical industry is transitioning from being a global observer to a significant participant, characterized by strong iteration capabilities and efficient execution [9][10]. - By 2024, China is expected to account for 18% of the global share of new molecular entities, ranking as the second-largest country for new drug listings [9]. Group 2: Market Dynamics and Challenges - The overall pharmaceutical industry saw a 16.72% increase from early 2025 to November, outperforming the CSI 300 index by 1.68 percentage points, driven by breakthroughs in innovative drugs and active business development (BD) transactions [7]. - The article notes that while there are many opportunities, the industry must also confront challenges, including the need for improved commercialization capabilities and the risk of resource wastage due to blind competition [10][11]. Group 3: Strategic Insights for Investment - Yang Yunxia emphasizes the importance of selecting early-stage projects based on two criteria: the team and the asset, which are crucial for maximizing value returns [15]. - The article discusses the significance of BD transactions as a means to enhance capital, brand, and capabilities, which are essential for the growth of Biotech companies [11][12]. - It is noted that the pricing of Chinese Biotech assets in overseas transactions is often lower, highlighting the need for a shift in perception regarding the value of Chinese assets in global markets [11][12]. Group 4: Future Outlook - Yang Yunxia maintains an optimistic yet cautious outlook on the capital market cycle for 2026, emphasizing that the core standard for assessing enterprise value lies in fundamentals [8][14]. - The article concludes that the Chinese biopharmaceutical industry must focus on quality, differentiate its offerings, and balance speed with value to strengthen its competitive position globally [15].