Core Viewpoint - China is expected to transition from a "big pharmaceutical country" to a "strong pharmaceutical country" as the domestic innovative drug market grows and evolves [5][18]. Group 1: Market Trends and Performance - The Hang Seng Innovative Drug Index saw a maximum increase of 141.24% from January 1 to early September 2025, followed by a decline of 22.63% until October 30 [2]. - As of October 31, the index rebounded with a maximum increase of 4.84% [2]. - The scale of business development (BD) transactions for Chinese pharmaceutical companies has exceeded $100 billion this year, with China's innovative drugs accounting for 46% of global pharmaceutical licensing transactions, making it the largest source of licensing transactions globally [5][22]. Group 2: Challenges in the U.S. Market - The difficulty and cost of expanding into the U.S. market are expected to increase, influenced by stricter regulations from the U.S. FDA [8][10]. - The U.S. government is implementing measures to limit drug imports from China, including more rigorous reviews and higher regulatory fees [8][9]. - The FDA's new guidelines emphasize overall survival in cancer drug approvals, potentially increasing costs by 1 to 2 times [8]. Group 3: Evolution of Outbound Strategies - Chinese pharmaceutical companies are evolving their outbound strategies from out-licensing to more collaborative models like NewCo and Co-Co [12][13]. - The Co-Co model involves deep collaboration with multinational corporations (MNCs) for joint development and commercialization, allowing for shared decision-making and risk [12][13]. - Different products may require tailored outbound strategies, with companies like Heng Rui Pharma adopting a two-step internationalization strategy [14]. Group 4: Domestic Market Potential - The Chinese innovative drug market is currently underperforming compared to its potential, with a market share significantly lower than that of the U.S., Europe, and Japan [16][17]. - The average price of innovative drugs in China is substantially lower than in the U.S., which is a key factor hindering market growth [17]. - Recent policy adjustments, including the introduction of commercial insurance and price negotiations, are expected to gradually align domestic drug prices with international standards over the next 3 to 5 years [18]. Group 5: Future Outlook - By 2035, China is projected to develop a number of leading pharmaceutical companies and become a global center for new drug creation [20]. - The emergence of top global pharmaceutical companies from China is anticipated, with the potential for significant breakthroughs in innovative drug development [20][21]. - The current surge in innovative drugs is driven by fundamental changes in the market, particularly in BD transactions, and the recognition of the value of Chinese innovative drugs by multinational companies [22].

Core Insights - The 2025 Hurun Women's Entrepreneur List shows that the total wealth of the top 50 female entrepreneurs in China reached 1.9 trillion RMB, a significant increase of 32% compared to last year [1] - The threshold for the list has risen to 16 billion RMB, an increase of 40 billion RMB (33% growth) from the previous year [1] - The average age of the top 50 female entrepreneurs is 60 years, which is 2 years older than last year, aligning with the average age of the top 50 male entrepreneurs on the Hurun Rich List [1] Group 1: Top Entrepreneurs - Zhong Huijuan and her daughter Sun Yuan topped the list with a wealth of 141 billion RMB, marking Zhong's first time as China's richest woman [2][3] - Zhou Qunfei of Lens Technology ranked second with a wealth increase of 47 billion RMB, totaling 110 billion RMB [5] - Zong Fuli of Wahaha ranked third with 87.5 billion RMB, experiencing a decline of two positions from last year [6] Group 2: Industry Insights - The consumer electronics sector has emerged as a core driver of wealth growth for female entrepreneurs, benefiting from the popularity of short videos and global demand for smart devices [5] - The proportion of brands directly facing consumers, such as Wahaha and Dali Foods, has decreased to 35% from 47% five years ago [1] Group 3: Notable Newcomers - New entrants include Ye Qiongjiu of Tonghuashun with 30.5 billion RMB, ranking 22nd, and Wang Sihan of Hongren with 24.5 billion RMB [6] - Eight "post-80s" entrepreneurs made the list, with only Qu Fang of Xiaohongshu being a self-made entrepreneur [6] Group 4: Zhong Huijuan's Journey - Zhong Huijuan transitioned from being a chemistry teacher to co-founding Jiangsu Haisen Pharmaceutical, which later became Hansoh Pharmaceutical [7] - Under her leadership, Hansoh has become a major player in the innovative drug sector, focusing on oncology and central nervous system treatments [8][9] - Hansoh's market value has surged to over 200 billion HKD, with a stock price increase of over 100% this year [9]

Core Insights - The news highlights that Zhong Huijuan, the founder and CEO of Hansoh Pharmaceutical, has become China's richest woman with a wealth of 141 billion yuan, marking a significant milestone in the 20-year history of the Hurun Women's Entrepreneur List [2][3] Company Overview - Hansoh Pharmaceutical was founded on July 26, 1995, originally as Jiangsu Haosen, a Sino-foreign joint venture [3][4] - The company underwent several restructurings and was listed on the Hong Kong Stock Exchange on June 14, 2019 [4] Business Strategy and Development - The company has focused on a development strategy of "combining imitation and innovation," establishing a foundation with generic drugs while seeking breakthroughs with innovative drugs [5] - Since 2002, Hansoh has been developing Class 1.1 innovative drugs, with its first approved innovative drug, Mylinda, launched in 2014 [5] Financial Performance - In the first half of this year, Hansoh Pharmaceutical achieved revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a net profit of 3.135 billion yuan, up 15% [5] - Innovative drugs and cooperative product sales contributed significantly to the revenue, with innovative drugs accounting for approximately 82.7% of total revenue [6] Market Position and Stock Performance - As of October 31, the market capitalization of Hansoh Pharmaceutical reached 212.9 billion yuan, with the stock price doubling this year [6] - Zhong Huijuan and her daughter hold over 60% of the company's shares, indicating strong family control [6] Recent Developments - Hansoh's innovative drug for non-small cell lung cancer, Amelot, was approved for sale in the UK, marking the company's first entry into the overseas market [7] - The company has also licensed overseas rights for its investigational CDH17-targeted antibody-drug conjugate to Roche, receiving an upfront payment of 80 million USD and potential milestone payments of up to 1.45 billion USD [7]

Group 1 - The core point of the article highlights the decline of the hard technology sector, with the Technology ETF (515000) dropping over 3% and a trading volume exceeding 200 million CNY, indicating potential bottom-fishing by investors [1][4] - The Technology ETF is designed to passively track the Technology Leader Index, which includes top-weighted stocks such as Xinyi Technology, Zhongji Xuchuang, and others [4] - The performance of individual stocks within the ETF shows a mixed trend, with strong gains in software companies like 360, while hard technology stocks like Shenghong Technology and Lanke Technology faced significant declines [2][3] Group 2 - The article mentions the strategic focus on quantum technology and nuclear fusion energy as part of China's 14th Five-Year Plan, which aims to support new economic growth points through policy backing [3] - The leading technology companies are expected to benefit from the policy environment and industry cycles, with a notable revenue increase of 54.65% year-on-year for Haiguang Information in the first three quarters of 2025 [3] - The emphasis on domestic substitution and self-reliance in technology, particularly in semiconductors and AI chips, is projected to receive ongoing policy and financial support, fostering the growth of leading companies in these sectors [3]

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 3.047 billion yuan and net profit at 818 million yuan, representing year-on-year increases of 35.73% and 61.32% respectively [1][2]. Group 1: Revenue Growth - Domestic sales revenue for the first three quarters of 2025 was 2.690 billion yuan, up 44.01%, while international sales revenue was 353 million yuan, up 45.52% [2]. - The growth in revenue is attributed to the price increase following the continuation of domestic insulin procurement and the expansion of international market sales [2][3]. Group 2: Domestic Sales Performance - Domestic insulin formulation revenue reached 2.624 billion yuan, reflecting a year-on-year growth of 45.6%, with volume contributing 27.3% and price contributing 18.3% to this growth [3]. Group 3: Global Strategy - The company is actively pursuing a global strategy, resulting in high growth in international sales, including a 10-year technical transfer and supply agreement with Brazil, with a total order value of no less than 3 billion yuan [4]. Group 4: R&D Pipeline - The company is advancing its insulin weekly formulation, which is expected to become a cornerstone drug for diabetes treatment globally, with several projects in clinical trials progressing well [5]. Group 5: Investment Outlook - The company forecasts net profits of 1.109 billion yuan, 1.432 billion yuan, and 1.595 billion yuan for 2025 to 2027, with respective year-on-year growth rates of 80.4%, 29.1%, and 11.4% [6].

2025.10. 31 本文字数：1652，阅读时长大约3分钟 作者 | 第一财经 林志吟 封图 | 翰森制药公众号截图 中国女首富易主的消息在市场中刷屏。 此后，江苏豪森又经历了一系列重组，变成翰森制药。2019年6月14日，翰森制药在港交所挂牌上市。 钟慧娟自公司成立以来就负责公司整体发展。公司成立之初就确定了"仿创结合、仿制打基础、创新求突破"的发 展战略。在她的带领之下，公司于2002年开始研制1.1类创新药。 10月30日，胡润研究院发布的《2025胡润女企业家榜》显示，来自中国创新药头部企业翰森的64岁钟慧娟以 1410亿元财富首次成为中国女首富，这是胡润女企业家榜二十年来的第八位新晋榜首，同时也是榜单史上第一位 从事生命健康领域的女首富。 钟慧娟身份是翰森制药（03692.HK）创始人、董事会主席、首席执行官兼执行董事，她还有另外一个被市场津 津乐道的身份：恒瑞医药董事长孙飘扬的妻子。 在医药行业，孙飘扬与钟慧娟被称为"最牛夫妻档"，两人各执掌不同药企。不同于很多富豪夫妇，钟慧娟的身价 大涨，依靠的不是丈夫所在的企业，而是自己创办的企业。值得一提的是，在胡润研究院发布的《2025年胡润百 富榜》 ...

创新药概念今日逆市走高，截至发稿，三生制药(01530)涨11.42%，报30.84港元；信达生物(01801)涨 8.12%，报87.25港元；科伦博泰生物-B(06990)涨6.97%，报451港元；康诺亚-B(02162)涨4.71%，报 60.05港元；翰森制药(03692)涨4.56%，报35.76港元。 消息面上，10月30日，2025年国家医保谈判在北京开启。今年国谈在延续医保目录常规调整机制的基础 上，首次正式引入"商保创新药目录"机制。此外，10月份以来，创新药多起BD交易落地，有数据显 示，截至10月21日，中国创新药今年对外许可共发生115起，金额总计达到1012.4亿美元，远超2024年 全年的519亿美元。 值得关注的是，多家药企三季度业绩亮眼，其中，恒瑞医药（600276）前三季度归母净利润57.51亿 元，同比增加24.5%；信达生物三季度共取得总产品收入超33亿元，同比保持约40%的强劲增长。信达 证券（601059）认为，医药行业整体呈现边际改善趋势，市场风格有望切换至有业绩支撑的高景气赛 道，建议关注Q3业绩有望超预期个股、CXO及生命科学上游产业链、医疗器械需求复苏、创新 ...

Core Viewpoint - The innovative drug sector is experiencing a rise in stock prices despite market conditions, driven by new policies and strong quarterly performances from several pharmaceutical companies [1] Group 1: Stock Performance - Innovent Biologics (01801) saw an increase of 8.12%, reaching HKD 87.25 [1] - Three-Sixty Biopharma (01530) rose by 11.42%, trading at HKD 30.84 [1] - Kelun-Biotech (06990) increased by 6.97%, priced at HKD 451 [1] - Connaissance-B (02162) gained 4.71%, with a price of HKD 60.05 [1] - Hansoh Pharmaceutical (03692) rose by 4.56%, trading at HKD 35.76 [1] Group 2: Policy Changes - The 2025 National Medical Insurance negotiation commenced on October 30, introducing a "commercial insurance innovative drug catalog" mechanism for the first time [1] - This year's negotiations continue the regular adjustment mechanism of the medical insurance catalog [1] Group 3: Market Activity - As of October 21, 2023, there have been 115 licensing agreements for innovative drugs in China, totaling USD 101.24 billion, significantly surpassing the total of USD 51.9 billion for the entire year of 2024 [1] Group 4: Company Performance - Hengrui Medicine reported a net profit of CNY 5.751 billion for the first three quarters, a year-on-year increase of 24.5% [1] - Innovent Biologics achieved total product revenue exceeding CNY 3.3 billion in Q3, maintaining a robust year-on-year growth of approximately 40% [1] Group 5: Industry Outlook - The pharmaceutical industry is showing signs of marginal improvement, with a potential shift in market focus towards high-growth sectors supported by performance [1] - Recommendations include focusing on companies with Q3 performance likely to exceed expectations, as well as sectors such as CXO, upstream life sciences, medical device recovery, and innovative drugs [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business is experiencing steady growth, and the value of its innovative pipeline continues to be realized [5] - The company reported a revenue of 231.88 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.85%, with a net profit attributable to shareholders of 57.51 billion yuan, up 24.50% year-on-year [7] - The company has achieved significant milestones in its internationalization efforts, including three overseas business development (BD) agreements that could provide regular profits [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: 22,820 million yuan (2023), 27,985 million yuan (2024), 34,074 million yuan (2025E), 40,899 million yuan (2026E), and 49,373 million yuan (2027E) with corresponding growth rates of 7.26%, 22.63%, 21.76%, 20.03%, and 20.72% [6] - Net profit attributable to shareholders is projected to be 4,302 million yuan (2023), 6,337 million yuan (2024), 9,431 million yuan (2025E), 11,331 million yuan (2026E), and 13,693 million yuan (2027E), with growth rates of 10.14%, 47.28%, 48.84%, 20.14%, and 20.85% respectively [6] - The company has maintained a low debt ratio of 12.14% and a net asset value per share of 8.97 yuan [3] Product Development and Innovation - The company has launched new products such as EZH2 inhibitor and has received approvals for multiple new indications, indicating the ongoing realization of its innovative pipeline [7] - The company has received 48 clinical approvals and has several products included in the breakthrough therapy list, showcasing its strong R&D capabilities [7] International Expansion - The company has accelerated its internationalization process, with significant overseas BD transactions that could lead to substantial future revenues [7] - The agreements include collaborations with GSK and other companies, with potential milestone payments reaching up to 120 billion yuan [7]

Core Insights - The news highlights that Zhong Huijuan has become the richest woman in China, with a wealth of 141 billion yuan, according to the 2025 Hurun Women Entrepreneurs List, marking her as the first female billionaire in the life and health sector in the list's history [1] Company Overview - Zhong Huijuan is the founder, chairperson, CEO, and executive director of Hansoh Pharmaceutical, which was established on July 26, 1995, originally as Jiangsu Haosen, a Sino-foreign joint venture [3][4] - The company underwent several transformations and was listed on the Hong Kong Stock Exchange on June 14, 2019 [4] Business Strategy - Hansoh Pharmaceutical has adopted a development strategy of "combining imitation and innovation," focusing on the research and development of innovative drugs since 2002 [4] - The company has successfully developed and launched two innovative drugs, with its first innovative drug, Mai Ling Da, approved in 2014 [4] Financial Performance - In the first half of this year, Hansoh Pharmaceutical achieved a revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a net profit of 3.135 billion yuan, up 15% [5] - The sales revenue from innovative drugs and cooperative products accounted for approximately 82.7% of the company's total revenue [5] Market Position - As of October 31, the market capitalization of Hansoh Pharmaceutical reached 212.9 billion yuan, with the stock price doubling this year [5] - The company has made significant strides in its innovative drug business, including the approval of its non-small cell lung cancer drug in the UK and a licensing agreement with Roche for an ADC product, which includes an upfront payment of 80 million USD [5]