下一步，医疗、医药应如何协同推进产业格局？ 随着我国创新药械在全球市场中不断展现出显著优势，下一步，医疗、医药应如何协同推进产业格局？ 在9日举办的第八届中国国际进口博览会上海会议活动"2025生命健康大会"上，来自医药研发、医疗服 务、药械投资等领域的多位业界人士针对上述问题提出了新观点。 "除了NewCo模式，本土药企还需要探索一些新做法。"谈及药企出海新策略，张连山表示，恒瑞实际上 与GSK（葛兰素史克）、Merck（默克）均有2～3次的深度合作。以恒瑞与GSK的合作为例，公司就通 过早期授权一款呼吸产品管线给一家海外小公司来打开海外市场，这一做法直接为后续推动恒瑞与CSK 的一揽子战略合作（共同开发至多12款创新药物）奠定了信任基础，"研发需要投入，投入需要产出， 授权则是产生收入的关键部分；下一步，我们将在'一带一路'国家开展更多工作"。 作为一家已有50年历史的新加坡老牌机构，莱佛士医疗集团在东南亚、中国大陆都有不少医疗服务与医 药产业的协同经验。集团大中华区副总裁潘展明表示，集团目前在中国大陆有3家综合医院及10余家诊 所，"从宏观来看，医疗服务是一个属地化、当地化特征强，监管也非常严格的领域" ...

将投中网设为"星标⭐"，第一时间收获最新推送 此一时彼一时。美国当年综合实力领先苏联太多，再加上眼一闭心一横，反超苏联不难。但终归，美 国不再是当年的美国，中国也不是那时的苏联，拿创新药来说，中国走的可不是"大力出奇迹"的路 子，而是在原料药、研发外包乃至很多创新药管线，近乎全方位将美国"拿捏"得死死的。 信心普遍很足，疑问倒也不是没有，比如未来BD交易持续性到底如何？为什么同样消沉了好几年， 相比于因为利好不断而火热的二级市场，一级市场明显有种不对称的冷清？创新药创业公司情况有变 得更好吗？再比如，虽然绝对金额一直在飙升，但平均下来看，中国出海BD交易的首付款仍然不 高，走"性价比"路线也有争议，很多资产到底算不算"贱卖"？另外，就算是二级市场，大额BD也无 法刺激创新药表现了，这是为什么？最近引发不少讨论的NewCo又是怎么回事？ 总之，关于中国创新药的成绩和疑问，还是得坐下来当面聊聊。 关于中国创新药的成绩和疑问，还是得好好聊聊。 作者丨张楠 来源丨 投中网 不知道各位最近去没去过中关村鼎好。对，就是刘强东发迹的那个"电脑城"。 今年2月，鼎好后面加了个"DH3"，摇身一变成了海淀科创生态的集中地之一， ...

在第八届中国国际进口博览会上，连续七年参与进博会的全球领先生物制药公司默沙东以"创新科 学，健康未来"为主题，携其前沿医疗创新成果亮相，展现其在中国市场深耕细作、共促医疗健康行业 高质量发展的决心。 默沙东全球高级副总裁兼默沙东中国总裁唐凯宇（Kyle Tattle）表示，希望借助进博会这一国际交 流合作的顶级平台，不仅加强医药行业内以及跨行业的深度交流与紧密合作，更能加速推动医药创新成 果在中国市场的落地应用，让更多患者早日受益于创新科学带来的健康福祉。 连续七年参展 默沙东是一家拥有130多年历史的生物制药巨头，其业务十分广泛覆盖处方药、疫苗和动物保健产 品等多个领域。自成立以来，默沙东始终站在科学探索的前沿，致力于将突破性科学成果转化为重要药 物及疫苗。自1992年进入中国以来，默沙东深耕中国市场，已将中国视为其全球增长战略的关键一环。 默沙东全球高级副总裁兼中国总裁唐凯宇（Kyle Tattle） 默沙东帮助公众增强健康意识，理解疾病预防的重要性。 展望未来，唐凯宇表示："默沙东将一如既往地坚守对中国市场的承诺，继续加快创新引入，深化 本土合作，通过切实行动践行企业社会责任。我们期待与各方携手，为加快 ...

Core Insights - GSK emphasizes its commitment to health management through a combination of prevention and treatment, showcasing its innovative product pipeline at the 2025 China International Import Expo [1][3][6] Group 1: Innovation and Product Pipeline - GSK presented several innovative products, including the world's first approved RSV vaccine and a drug for chronic hepatitis B that aims for "functional cure" [1][3] - The company also introduced a long-acting monoclonal antibody for chronic diseases and a first-in-class antibody-drug conjugate for multiple myeloma, covering various therapeutic areas [1][3] Group 2: Health Management Strategy - GSK is focused on integrating prevention and treatment, aiming to create a comprehensive health management model that spans the entire lifecycle of diseases [3][4] - The company has a long history in hepatitis management, providing innovative solutions from vaccines to antiviral treatments [3] Group 3: Collaboration and Market Strategy - GSK has established partnerships with local companies to enhance the accessibility of its vaccines and support healthcare initiatives in China [5] - The company plans to accelerate its local market strategy, with over 80% of its R&D projects in China aligned with global development, aiming to introduce approximately 18 new products and indications in the next three years [6]

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Core Insights - The emergence of dual-target weight loss drugs has created significant market dynamics, with contrasting experiences for Chinese and foreign pharmaceutical companies [2] - Eli Lilly's weight loss drug, tirzepatide, generated $16.4 billion in sales last year due to its dual action on GLP-1 and GIP hormones, effectively suppressing appetite and controlling blood sugar [2] - Chinese company Hansoh Pharmaceutical's HS-20094, also a dual-target drug, was licensed to Regeneron for an upfront payment of only $80 million, highlighting the disparity in financial returns between Chinese and Western firms [4][6] Industry Dynamics - The pharmaceutical industry operates under a "three tens" rule: 10 years of development, $1 billion investment, and a 10% success rate, though actual conditions are more complex [7] - Innovative drugs are categorized into two types: First-in-class, which are groundbreaking, and Fast Follow, which modify existing drugs without infringing patents [9][11] - First-in-class drugs tend to have higher profit potential, while Fast Follow drugs have a higher success rate and quicker market access [11][13] Market Trends - Chinese pharmaceutical companies are increasingly recognized for their innovative capabilities, with their first-in-class drugs accounting for 24% of the global pipeline, second only to the U.S. [13] - The trend of multinational companies seeking to acquire Chinese innovations is driven by the expiration of patents on their main drugs and the high costs of internal R&D [15] - China’s advantages include faster clinical trial patient recruitment and the ability to develop competitive drugs in high-tech fields [16][18] Talent and Infrastructure - The rise of the pharmaceutical outsourcing industry (CXO) has created a large pool of skilled professionals familiar with international standards [20] - The return of Chinese scientists from abroad has brought advanced technology and a global perspective, enhancing the competitive edge of local firms [22][24] Challenges and Strategies - Chinese innovative drug companies often start by developing generics to build cash flow before investing in original research [25][30] - The licensing-out model allows Chinese firms to secure upfront payments for drugs in development, which can fund further R&D [32] - Despite successes, many companies face challenges such as product shortages and financial difficulties, emphasizing the risks inherent in drug development [34]

Core Viewpoint - The article discusses the contrasting experiences of Chinese and foreign pharmaceutical companies in the innovative drug market, particularly focusing on the emergence of dual-target weight loss drugs and the financial implications of drug licensing agreements [4][8]. Group 1: Market Dynamics - The dual-target weight loss drug "Tirzepatide," developed by Eli Lilly, generated sales of $16.4 billion last year due to its ability to mimic two natural hormones, GLP-1 and GIP, effectively suppressing appetite and controlling blood sugar [4][6]. - In contrast, Chinese company Hansoh Pharmaceutical's HS-20094, also a dual-target drug, was licensed to Regeneron for an upfront payment of only $80 million, highlighting the disparity in financial returns between Chinese and foreign firms [6][11]. Group 2: Drug Development Challenges - The pharmaceutical industry operates under a "three tens" rule: 10 years of development, $1 billion investment, and a 10% success rate, indicating the high risks associated with innovative drug development [12][13]. - Innovative drugs are categorized into two types: First-in-class, which are groundbreaking treatments, and Fast Follow, which modify existing drug structures without infringing on patents [14][17]. Group 3: Competitive Landscape - Chinese pharmaceutical companies have made significant strides, with their first-in-class drugs accounting for 24% of the global pipeline, second only to the United States [19]. - The article notes that multinational corporations are increasingly seeking to acquire Chinese innovative drugs due to the expiration of their own patents and the high costs of internal R&D [21]. Group 4: R&D Efficiency - Chinese companies excel in the speed of drug development, particularly in patient recruitment for clinical trials, which can take significantly less time compared to the U.S. [22]. - The rise of the CRO (Contract Research Organization) industry in China has created a large pool of skilled researchers familiar with international standards, enhancing the country's R&D capabilities [25][27]. Group 5: Globalization of Chinese Pharma - The article emphasizes that the ultimate goal for Chinese innovative drug companies is to enter global markets, as the potential market of 7 billion people far exceeds that of 1.4 billion in China [38]. - The licensing-out model allows Chinese companies to secure upfront payments to fund further R&D while granting multinational firms rights to sell their drugs in other markets [39]. Group 6: Social Responsibility and Challenges - The article highlights the social responsibility of pharmaceutical companies, citing the case of Betta Pharmaceuticals, which provided free life-saving drugs worth nearly $13 billion to patients [40]. - However, it also points out the challenges faced by companies like Betta, which have encountered product shortages and financial difficulties, raising questions about the sustainability of their charitable initiatives [42].

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has announced the completion of the third lock-up period for its 2022 employee stock ownership plan, with specific conditions for unlocking portions of the shares based on performance metrics [1][4][5]. Summary by Sections Employee Stock Ownership Plan Progress - The 2022 employee stock ownership plan was approved during meetings held on August 19, 2022, and September 8, 2022 [1][2]. - A total of 12 million shares were transferred to the employee stock ownership plan account at a price of 4.97 yuan per share [2]. - The first meeting of the plan's participants was held on November 7, 2022, where a management committee was established to oversee the plan [3]. Lock-up Period and Unlocking Conditions - The employee stock ownership plan has three unlocking phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months [4][5]. - The third lock-up period ended on November 7, 2025, and the management committee will manage the rights of the participants based on market conditions [5]. Performance Assessment for Unlocking - Company-level performance metrics include sales revenue from innovative drugs, the number of new molecular entity IND approvals, and the number of NDA applications accepted [6][7]. - For the third unlocking phase, the company achieved over 32 billion yuan in cumulative innovative drug revenue, more than 33 IND approvals, and over 21 NDA applications, meeting the 100% unlocking criteria [6]. Subsequent Arrangements Post Unlocking - After the third lock-up period, the management committee will handle the rights of the participants according to the employee stock ownership plan [7][8]. New Employee Stock Ownership Plan - The company has initiated a new employee stock ownership plan for 2025, with 13.51 million shares transferred at a price of 30.95 yuan per share, representing 0.20% of the total share capital [10][11]. - The new plan will also have three unlocking phases similar to the previous plan, with performance assessments determining the actual unlocking ratios [11]. Clinical Trial Approvals - The company has received approval for clinical trials of SHR-4610 injection, an innovative anti-tumor drug, and HRS-2430 injection, a general anesthetic, indicating ongoing investment in R&D [19][24]. - The total R&D investment for SHR-4610 is approximately 7.36 million yuan, while HRS-2430 has seen an investment of about 24.6 million yuan [21][25].

Core Insights - The Hang Seng AH Premium Index has slightly rebounded to 118.42 points as of November 7, following a low of 115.44 points on October 2, indicating a shift in market dynamics for A+H shares [1] Group 1: Recent H-Share Listings - Several well-known A-share companies have recently listed on the Hong Kong stock market, contributing to the AH Premium Index's movements [2] - Junsheng Electronics, listed on November 6, aims to raise funds for automotive intelligent solutions, smart manufacturing, and global expansion, but has seen a cumulative drop of 15.91% since listing, with an A-share premium of 71.63% over H-shares [2] - Seres, which listed on November 5, has experienced a cumulative decline of 13.31%, with an A-share premium of 33.41% over H-shares [2] Group 2: Premium Structure and Trends - The AH premium structure has become more differentiated, with five A+H stocks showing "price inversion" as of November 7, including Ningde Times and Midea Group, with Ningde Times showing the largest premium inversion at -22.303% [4] - The overall trend indicates that the phenomenon of A-shares having premiums over H-shares exceeding 300% has disappeared, with only 30 out of 166 A+H stocks having premiums over 100% [5] - The premium rates for some companies, such as Hongye Futures and Sinopec Oilfield Services, exceed 200%, while others like WuXi AppTec and Zijin Mining have premiums below 5% [5] Group 3: Expansion of A+H Market - The pace of expansion in the A+H market is accelerating, with companies like Baile Tianheng starting their IPO process and planning to raise up to 3.358 billion HKD [6] - The A+H market is becoming a crucial link between A-share and H-share markets, providing investors with more cross-market investment options [7] - Differences in investor structures and trading mechanisms between A-shares and H-shares are fundamental factors contributing to the observed price disparities [7]

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 47% equity in SMIC North, with due diligence and evaluation processes still ongoing [1][2] - Zhuhai Gree Supply Chain intends to convert a debt of 200 million yuan into equity to increase capital for Shenzhen Haoneng Technology, changing its status from a wholly-owned subsidiary to a controlling subsidiary [3] - China Huadian Corporation is set to invest 12.043 billion yuan in a combined heat and power generation project integrated with renewable energy in Heilongjiang [4] Group 2 - Yong'an Pharmaceutical announces that some directors and senior management plan to reduce their holdings by up to 0.0799% of the total shares [5] - Lihua Co. reports a 11.44% year-on-year increase in chicken sales revenue for October, totaling 1.461 billion yuan [6] - Degu Technology intends to terminate the acquisition of 100% equity in Haowei Technology due to difficulties in meeting the demands of all parties involved [7] Group 3 - Guocheng Mining plans to pay 3.168 billion yuan in cash to acquire 60% equity in Guocheng Industrial [8] - Yingtang Intelligent Control intends to acquire 100% equity in Guanglong Integration and 80% equity in Aojian Microelectronics, with stock resuming trading on November 10 [9] - Shanshan Holdings announces that its actual controller and major shareholder have divorced, resulting in a change in control [10] Group 4 - Nutaige plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics and related components [11] - Chengxing Co. reports that its Jiangyin factory is currently under temporary shutdown for rectification due to a raw material leak [12] - Xindong Holdings announces that its shareholder Hainan Zhuhua plans to reduce its stake by up to 3% [13] Group 5 - Yonghui Supermarket's vice president has completed a share reduction of 0.0012% [14] - Xi'an Tourism plans to issue A-shares to raise no more than 300 million yuan for working capital and bank loan repayment [15] - Xiaogoods City has successfully acquired land use rights for a commercial site in Yiwu for 3.223 billion yuan [16][17] Group 6 - Tongda Chuangzhi announces a cash dividend of 6 yuan per 10 shares for the 2025 interim period [18] - Shen Nan Electric A received a government subsidy of 8.0518 million yuan, accounting for 36.75% of its last fiscal year's net profit [19] - Founder Technology's subsidiary plans to invest 1.364 billion yuan in an AI expansion project in Chongqing [20] Group 7 - Hezhong China reports significant stock trading fluctuations, indicating a "hot potato" effect [21] - Hengrui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection for late-stage solid tumors [22] - Sihua Holdings announces the termination of a restructuring investment agreement and continues to seek potential investors [23] Group 8 - Yingwei Technology's subsidiary has won a 27.78% share of a project from China Mobile [24] - Dabeinong reports a 45.20% year-on-year increase in pig sales for October, totaling 5.79 billion yuan [25] - Meihua Biotech's major shareholder has been sentenced for market manipulation, but it does not affect the company's operations [26] Group 9 - Zhongyi Da plans to terminate the issuance of A-shares to specific investors [27] - Zhongji Oil and Gas has received a notice of investigation from the China Securities Regulatory Commission regarding trading violations [28] - China International Trade Corporation announces the resignation of its chairman due to work reasons [29] Group 10 - GAC Group reports a decline in October vehicle sales by 8.10% [30] - Dameng Data has invested 100 million yuan to establish an investment fund focused on the database industry [31] - Zhengbang Technology reports a 78.08% year-on-year increase in pig sales revenue for the first ten months [32] Group 11 - Shanghai Xiba has announced that its directors are under investigation for suspected short-term trading [33] - Changgao Electric New has won a bid for a project from the State Grid worth 246 million yuan [34] - Jianghuai Automobile reports a 5.49% increase in October sales [35] Group 12 - Xintian Green Energy reports a 20.97% year-on-year decrease in power generation for October [36] - Luokang Pharmaceutical's products have been selected in the national centralized procurement [37] - Zhongyuan Home intends to invest 16 million USD in a self-built production base in Vietnam [38] Group 13 - Changcheng Technology has terminated plans for a control change and will resume trading on November 10 [39] - Poly Development reports a significant decrease in signed sales area and amount for October [40] - Wanhua Chemical's MDI phase II facility will undergo maintenance starting November 15 [41]