作者：老萝卜头 2025年的A股生物医药板块，有的净利润翻30倍一路狂飙，有的却从行业巅峰摔进亏损泥潭，细分赛道同样有人吃肉有人喝西北风。 政策压顶、市场洗牌、创新突围，多重变量搅局下，生物医药行业的变革早就不是说说而已，而是真刀真枪的淘汰赛！ 01 盈亏对半开，要么赢要么凉，鲜有中间地带 2025年的生物医药行业彻底告别了"大家一起喝汤"的温柔时代，迎来了"非赢即亏"的残酷格局。 Wind数据显示，截至2月2日，已发布业绩预告的275家医药上市公司中，138家预盈，137家预亏，几乎平分秋色。 但赚钱的企业是真的赚麻了。 药明康德直接稳坐盈利王宝座，预计归母净利润达191.51亿元，直接甩开同行一大截。三生国健、吉林敖东、九安医疗、艾力斯紧随其后，预计净利润均突 破20亿元，稳居第一梯队。 增幅方面，赛诺医疗成为年度"预增王"，预计2025年归母净利润同比增幅高达2767%至3233%。 而亏损的企业亏得更是触目惊心。 智飞生物直接爆出预亏超百亿，预计亏损106.98亿元至137.26亿元，同比下滑630%至780%，这是这家疫苗巨头上市以来的首次年度亏损，昔日风光彻底不 再。 一边是百亿盈利的狂欢，一边是 ...

2026 年 02 月 25 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260225）：酶替代疗法 Loargys 获 FDA 批准 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/25 25/5/9 25/7/21 25/10/2 25/12/14 26/2/25 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260224）： Molbreevi 获 FDA 授予优先审评资 格>>--2026-02-25 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 电话： E-MAIL：zha ...

与此同时，2月24日晚间三生国健发布的业绩快报显示，公司2025年营业收入约41.99亿元，同比增加 251.81%；归属于上市公司股东的净利润约29.39亿元，同比增加317.09%；归母扣非净利润28.05亿元， 同比增长1041.01%。分析三生国健的业绩的增长可见，报告期内公司与美国辉瑞达成重要合作，公司 收到辉瑞公司就707项目支付的授权许可首付款并相应确认收入约28.9亿元。 业内人士认为，这不仅是单个企业的胜利，更是2025年中国创新药企集体进入"盈利分水岭"的一个鲜明 注脚。随着年报季大幕拉开，一个清晰的逻辑浮出水面：商务拓展（BD）正从过去单纯的"现金流补 充"，跃升为重塑企业估值、验证研发实力的"战略新引擎"。 有券商医药行业分析师也对21世纪经济报道记者指出，分析财报可见，2025年对先声药业、三生国健等 不少药企而言，增长主要依靠BD驱动，公司进入依靠核心创新品种驱动增长的新阶段。 2月25日，先声药业发布盈喜预告。预告显示，2025财政年度公司预计录得收入约人民币77亿至78亿 元，同比增长16.0%至17.6%；而归属于公司权益股东的利润更是有望达到人民币13亿至14亿元，同比 增 ...

Group 1: Market Performance - The A-share biopharmaceutical ETF Huatai Fuhua (159839) rose by 1.1%, with a total trading volume exceeding 22 million yuan, marking the fourth consecutive day of inflows totaling over 20 million yuan [2] - The Hong Kong biopharmaceutical ETF Huatai Fuhua (513280) fluctuated and closed flat, with a trading volume exceeding 42 million yuan, and a net inflow of over 17 million yuan in the last 60 days [3] - The majority of the popular component stocks in the biopharmaceutical ETF Huatai Fuhua (159839) showed positive performance, with Changchun High-tech hitting the daily limit and its subsidiary GenSci141 ointment receiving clinical trial approval [5] Group 2: Company Performance - WuXi AppTec (药明康德) reported a significant performance increase, with a projected net profit growth of 41.3% in 2025, driven by the TIDES business, which saw revenue growth exceeding 90% [8] - WuXi Biologics (药明生物) achieved a record total of 945 projects, with a 30% growth in dual monoclonal antibodies and ADC projects, indicating strong future revenue potential [8] - The domestic clinical CRO market is expected to return to a growth trajectory in 2025, benefiting companies like Tigermed (泰格医药) from improved order prices and increased clinical pipeline numbers [8] Group 3: Industry Trends - The global CXO industry is expected to continue its strong recovery, with significant investment and transaction demand in the biotech and pharmaceutical sectors anticipated to rebound in 2025 [7] - The Chinese innovative drug market is showing robust activity, with a 19% year-on-year increase in IND numbers and a substantial rise in BD transaction amounts, indicating a vibrant domestic market [7] - The Chinese innovative drug sector is transitioning from pipeline expectations to revenue realization, with over 70% of companies projected to achieve positive revenue growth in 2025 [11]

Core Insights - Chengdu has established two trillion-level industrial clusters, 13 hundred-billion-level industrial chains, and 14 hundred-billion-level parks, leading among vice-provincial cities in terms of national advanced manufacturing clusters and national characteristic industrial clusters for small and medium-sized enterprises [1] - The city has adopted a "one enterprise leads one chain, one chain forms a cluster" model to support the development of its "9+9+10" modern industrial system, with the total output value of 13 manufacturing industrial chains accounting for over 70% of the industrial output value, showing a year-on-year growth of 12.1% [1] - By 2025, Chengdu plans to attract 380 major projects, accelerate the construction of 303 key projects, and complete an annual investment of 110 billion yuan [1] Group 1 - Chengdu's manufacturing industrial chains have five chains with comprehensive strength ranking in the top five nationwide [1] - The city has seen breakthroughs in brand building with notable companies emerging, such as Xin Yisheng and Bai Li Tianheng, alongside popular products and parks like Nezha IP and Tianfu Changdao [1] - Chengdu has established 141 pilot platforms for technology and industry integration, implementing 135 key core technology projects [1] Group 2 - In 2026, Chengdu will focus on eight major tasks, including cultivating business entities, promoting major projects, and enhancing technology-industry integration [2] - The city aims to cultivate over 80 specialized and innovative "little giants" and more than 300 "tomorrow stars" through a structured enterprise cultivation program [2] - Chengdu plans to introduce over 550 major industrialization projects and accelerate the construction of over 450 key projects, with an annual investment target exceeding 149 billion yuan [2]

Core Insights - The Chinese innovative pharmaceutical industry is transitioning from "catching up" to "keeping pace" and even "leading" on a global scale, with a significant increase in business development (BD) transactions indicating enhanced international competitiveness [2][11][12] - The trend of BD transactions is accelerating, with record-breaking transaction sizes and optimized structures, marking a shift from single product licensing to platform-based and systematic collaborations [2][11] - The demand for Chinese innovative assets from global pharmaceutical companies is increasing due to challenges such as patent cliffs and declining R&D returns, creating a supportive environment for the high activity in the BD market [12] Recent Market Performance and BD Transaction Analysis - In January 2026, the pharmaceutical and biotechnology sector outperformed the CSI 300 index, rising by 2.97% compared to the index's 1.65% increase, reflecting a revaluation of the innovative drug industry [14] - A notable BD transaction occurred on January 30, 2026, when CSPC Pharmaceutical Group signed a collaboration and licensing agreement with AstraZeneca, involving a $1.2 billion upfront payment and potential milestone payments totaling up to $35 billion for development and $138 billion for sales [15][16] - This transaction exemplifies a platform-based approach, including not only the clinical-stage product SYH2082 but also three preclinical products and four new collaboration projects leveraging CSPC's proprietary technologies [15][16] Potential BD Target Value Identification and Screening Logic - Identifying potential BD targets should focus on differentiated technological barriers, such as the proprietary ADC technology of Kelun-Biotech, which has shown promising clinical data for international licensing [19] - The quality of proof of concept (POC) data is crucial, as seen with Innovent Biologics' IBI363, which has demonstrated efficacy in challenging tumor types, indicating significant commercial potential [19][20] - Global clinical demand and competitive landscape for indications are important, with companies like 3SBio and Diligent Pharma showing strong potential in weight management and oncology, respectively, enhancing their market entry opportunities [20] Conclusion - The Chinese innovative pharmaceutical industry is entering an "Innovation 3.0 era," characterized by a shift from single product licensing to systematic technology platform outputs and deep strategic alliances [21] - The current high activity in BD transactions reflects the industry's strengthening capabilities and serves as a catalyst for value reassessment, positioning companies with technological advantages and high-quality clinical data for significant roles in the global pharmaceutical landscape [21]

Core Viewpoint - The company announced significant progress in the Phase III clinical trial of iza-bren for locally advanced or metastatic triple-negative breast cancer, with the independent data monitoring committee recommending early regulatory submission based on interim analysis results [1] Group 1: Clinical Trial Progress - The topline data indicates that iza-bren significantly extends progression-free survival (PFS) and overall survival (OS), achieving both primary endpoints [1] - This marks the third Phase III clinical trial where the dual antibody ADC has reached its primary endpoints [1] Group 2: Regulatory Status - As of now, iza-bren has seven indications included in the breakthrough therapy list by the National Medical Products Administration (NMPA) and one indication by the U.S. Food and Drug Administration (FDA) [2] - Two indications for iza-bren, targeting locally advanced or metastatic nasopharyngeal carcinoma and recurrent or metastatic esophageal squamous cell carcinoma, have had their New Drug Applications (NDA) accepted by the NMPA and are in the priority review process [2] Group 3: Development and Market Considerations - The company emphasizes that drug registration requires completion of relevant clinical trials and approval from the NMPA before market launch, highlighting the lengthy and complex nature of the drug development process [2] - The company will actively promote the aforementioned research projects and comply with information disclosure obligations regarding project progress [2]

Summary of Key Points Company Overview - The document discusses Guotai Haitong Pharmaceutical's drug, Iza Bren, which is an EGFR*HER3 dual-target antibody-drug conjugate (ADC) [1] Core Insights and Arguments - Iza Bren has successfully reached both progression-free survival (PFS) and overall survival (OS) endpoints in a Phase III clinical trial for second-line treatment of triple-negative breast cancer (TNBC) after chemotherapy failure [1] - This marks the first indication for Iza Bren to achieve the OS endpoint, highlighting its superior efficacy [1] - Previously, Iza Bren has also met the PFS endpoint in Phase III clinical trials for second-line nasopharyngeal carcinoma (NPC) and esophageal squamous cell carcinoma (ESCC) in China [1] - The company anticipates that Iza Bren will complete an additional 3-4 Phase III clinical trials in China within the year [1] Additional Important Information - The successful clinical trial results may position Iza Bren favorably in the competitive oncology market, potentially leading to increased market share and revenue for Guotai Haitong Pharmaceutical [1]

Group 1 - Tongce Medical's chairman and executives plan to increase their shareholding by 6 to 12 million yuan within six months, following recent purchases totaling approximately 1.34 million yuan [1] - Luxshare Precision has repurchased 9.9006 million shares for nearly 500 million yuan, representing 0.14% of its total share capital [2] - Jintai Construction's subsidiary won a project in Malaysia worth approximately 281 million yuan, accounting for 1.53% of the company's audited revenue for 2024 [3] Group 2 - Kela Co. announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties [4] - Mingyang Smart Energy is planning to acquire 100% of Zhongshan Dehua Chip Technology Co., with ongoing audits and evaluations [5] - BGI Genomics intends to sell a subsidiary's equity for approximately 50 million USD and adjust licensing agreements [6] Group 3 - Guotou Capital reported that valuation adjustments at Guotou Ruijin Fund are expected to impact 2026 net profit by less than 5% [7] - Donghong Co. won a bid for a pressure steel pipe project worth 353 million yuan [9] - Yashi Chuangneng's major shareholder's shares, amounting to 2.9165% of total shares, will be auctioned, but it will not affect the company's operations [10] Group 4 - Frontier Biotech signed an exclusive licensing agreement with GlaxoSmithKline, receiving an upfront payment of 40 million USD and potential milestone payments totaling up to 950 million USD [11] - Kede CNC's major shareholders committed not to reduce their holdings for the next six months [12] - Richen Co. reported a 31.87% increase in net profit for 2025, driven by market expansion and operational efficiency [13] Group 5 - Jiayou International's PPP project in Zambia has officially commenced commercial operations and charging [14] - Junxin Co. updated its H-share listing application, pending approvals from regulatory bodies [15] - Shuangliang Energy's subsidiary won a bid for a 100 million yuan project in the Middle East [16][17] Group 6 - Baili Tianheng's drug candidate achieved primary endpoints in a Phase III clinical trial for triple-negative breast cancer [18] - ST Jinglan announced a significant stock price increase of 86.90% without major changes in performance, warning of potential stock suspension if prices continue to rise [19] - *ST Huiteng projected a revenue of 330 to 400 million yuan for 2025, with negative net profit expected [20]

Important Events - BGI Genomics plans to sell 100% equity of Complete Genomics for $50 million and adjust the licensing of CoolMPS sequencing technology [1] - Base Pharmaceuticals received approval from the UK MHRA for Sugli monoclonal antibody's new indication in non-small cell lung cancer [1] - Frontline Bio signed a licensing agreement with GlaxoSmithKline, receiving an upfront payment of $40 million and potential milestone payments totaling up to $950 million (approximately 6.56 billion RMB) [1] - Bai Li Tian Heng's clinical trial for iza-bren (EGFR×HER3 dual antibody ADC) in locally advanced or metastatic triple-negative breast cancer reached its primary endpoint in interim analysis [1] - Huagong Technology's AI high-speed optical module orders are scheduled to run through the fourth quarter, with production bases in Wuhan and Thailand fully operational [1] - Wuliangye has distributed over 76.8 billion RMB in dividends over the past five years [1] - Tongfu Microelectronics' application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [1] Bids - Donghong Co., Ltd. won a procurement project for pressure steel pipes and accessories worth 353 million RMB [1] - Jintanglan's subsidiary won a project for the Sabah Intercontinental Resort Hotel in Malaysia, amounting to approximately 281 million RMB [1] - Shuangliang Energy's wholly-owned subsidiary won a bid for the cooling island system of an H-class combined cycle power plant project in the Middle East, with a bid amount of 100.26 million RMB [1] Performance - Jiantao Group expects a more than 165% increase in net profit for 2025 compared to the same period in 2024 [1] Buybacks & Increases - Luxshare Precision conducted its first share buyback, repurchasing 9.9 million shares for nearly 500 million RMB [2] - Tongce Medical's chairman and others plan to increase their holdings in the company by 6 to 12 million RMB [2]