来源 | 《财经》杂志 作者 | 《财经》记者 凌馨 编辑 | 王小 超跌之后的估值回归，是造就"X倍股"的最大因素 中国医药股领涨全球的2025年，涨幅最高的个股有哪些？ 香港市场，涌现出一批"三倍股""四倍股"，甚至"十倍股"，其中，有因产品海外授权交易声名鹊起的和铂医药、荣昌生物，也有2025年踩中了港股医药热点 的"打新宠儿"，还有一批，是经历了上一轮寒冬后，终于等来投资市场春天的老牌未盈利药企。 北海康成曾是"中国罕见病第一股"。它的产品，都是治疗普通人几乎没听说过的病。已经上市的两款产品，分别用于治疗黏多糖贮积症Ⅱ型、阿拉杰里综合 征以及进行性家族性胆汁淤积症。 因为主要针对罕见病市场，北海康成的产品市场都很小。2021年就在中国市场推出的首款产品，是用于治疗黏多糖贮积症Ⅱ型，至2024年末，共识别出843 名患者。另一款已上市产品，识别患者数为839名。 理论上，罕见病用药单价高，还可以享受药审、医保的各种政策倾斜，实际上，北海康成多年来仍处于亏损状态。2024年，全年收入8510.3万元，亏损金额 4.43亿元。截至2024年末，公司流动性资产4535.2万元，流动性负债4.826亿元。 北海 ...

Core Insights - Rongchang Biotech is expected to achieve multiple clinical advancements, product approvals, and partnership milestones by 2026 [1] Stock Performance - The overseas Phase III clinical trial for Taitasip in treating myasthenia gravis continues to enroll participants, with completion anticipated in the first half of 2026 [2] - Taitasip has received FDA fast track designation for primary Sjögren's syndrome, with a global Phase III trial likely to commence [2] - The global Phase II registration trial for Vidisizumab in second-line urothelial carcinoma has been completed, and the accelerated enrollment for the Phase III trial in first-line urothelial carcinoma is ongoing, with Pfizer expected to submit an overseas marketing application in the first half of 2026 [2] Project Progress - New indications for Vidisizumab and the ophthalmic drug RC28 are expected to receive approval in the second to third quarter of 2026 [3] - The indication for Taitasip in IgA nephropathy is anticipated to be approved in the fourth quarter [3] - Core product RC148 (PD-1/VEGF dual antibody) has three Phase III clinical trials approved, with overseas development plans being noteworthy [3] Related Transactions - An upfront payment of $650 million from the licensing agreement with AbbVie for RC148 will be reflected in the 2026 performance, with the total transaction amount reaching $5.6 billion [4] - Subsequent milestone payments from collaborations with Vor Bio and Santen Pharmaceutical may also progress [4] Product Development Progress - RC278 (targeting CDCP1 ADC) has entered Phase I/II clinical trials [5] - RC288 (bispecific ADC) is planned to initiate clinical trials in early 2026 [5]

Mergers and Acquisitions - Huapei Power plans to acquire 100% equity of Meichuang Zhiguan through issuing convertible bonds and cash payment, with the transaction expected to be a related party transaction and a major asset restructuring [1] - Xiamen Airport intends to acquire 100% equity of Zhaoxiang Technology for a cash consideration of 1.193 billion yuan, constituting a related party transaction but not a major asset restructuring [2] - Zhongnan Culture is planning to acquire controlling interest in Jiangyin Sulong Thermal Power through issuing shares and cash, with the stock expected to be suspended for up to 10 trading days [3] Earnings Disclosure - Bio Valley expects a net profit attributable to shareholders of -55.8469 million yuan for 2025, with a revenue forecast of 433 million yuan, a year-on-year decline of 16.12% [4] - Zhuozhao Adhesive anticipates a net profit of 51.8926 million yuan for 2025, reflecting a year-on-year growth of 350.08%, with revenues expected to reach 379 million yuan, a 202.58% increase [5] - Feiyi Pharmaceutical forecasts a net profit of 50.3319 million yuan for 2025, a year-on-year increase of 1.34%, with revenues expected to be 288 million yuan, up 6.37% [6] Shareholding Changes - Fuda Alloy's controlling shareholder Wang Dawu plans to reduce his stake by up to 3% of the company's total shares, equating to a maximum of 4.0634 million shares [7] - Laisentongling's shareholder Oulu Star Diamond intends to reduce its stake by up to 3% through both centralized bidding and block trading [8] - Dayuan Pump's controlling shareholder's concerted actor Han Yuanfu plans to reduce his stake by up to 3%, amounting to 559.5 thousand shares [9] Risk Matters - Tongde Chemical has received a pre-litigation property preservation order from a court, with a request to freeze assets worth 30.0466 million yuan [10] - Digital China announced that 50% of the shares held by its controlling shareholder Guo Wei have been judicially frozen, affecting 7.73889 million shares, which is 10.68% of the total shares [11] - He Xin Instrument expects to face delisting risk warnings if its audited net profit is negative and revenue falls below 1 billion yuan for 2025 [12]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]

Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Enhanced ETF (159680), which rose by 0.76% to 1.732 yuan with a trading volume of 28.7856 million yuan as of the midday close [1] - The fund's performance benchmark is the CSI 1000 Index return, and it has achieved a return of 71.34% since its establishment on November 18, 2022, with a one-month return of 4.69% [1] - The major holdings of the CSI 1000 Enhanced ETF include companies such as O-film Technology, which fell by 0.50%, and Huayang Group, which increased by 2.54% [1] Group 2 - The fund is managed by China Merchants Fund Management Co., with fund managers Cai Zhen and Wen Yu overseeing its operations [1] - The article provides a detailed breakdown of the performance of individual stocks within the ETF, indicating mixed results among its top holdings [1]

Group 1 - The Hong Kong stock market for innovative drugs experienced a decline, with the Hong Kong Stock Connect Innovative Drug ETF (520880) dropping by 2%, and major stocks like CSPC Pharmaceutical, China Biologic Products, and Hansoh Pharmaceutical falling over 2% [1] - The market is expected to see a traditional surge during the Chinese New Year holiday, with an average increase of 2% since 2021 [1] - CICC highlights four key sectors in the A-share market: dividends, internet, innovative drugs, and new consumption, which are considered to have long-term investment value [1] Group 2 - Chinese innovative drugs continue to gain traction internationally, with significant business development (BD) deals, including a partnership between Innovent Biologics and Eli Lilly worth up to $8.85 billion [2] - In January, CSPC Pharmaceutical announced a partnership with AstraZeneca valued at up to $18.5 billion, showcasing the global competitiveness of Chinese innovative drugs [2] Group 3 - The Chinese innovative drug sector is entering a commercialization phase, with over 70% of innovative drug companies reporting revenue growth, and companies like BeiGene achieving revenues exceeding 36 billion yuan [3] - Leading companies are starting to achieve profitability, with firms like Innovent Biologics and Rongchang Biologics reaching annual breakeven, and Elysium achieving over 2 billion yuan in net profit [3] - Open Source Securities expresses optimism about the innovative drug sector and its supply chain, as well as emerging industries like AI and biomanufacturing [3] Group 4 - The Hong Kong pharmaceutical sector has adjusted for nearly two quarters, presenting an attractive investment opportunity, particularly through ETFs for efficient capital allocation [3] - The Hong Kong Stock Connect Innovative Drug ETF (520880) focuses on innovative drug R&D companies, with the top ten holdings accounting for over 73% of the portfolio [3]

Group 1 - The National Health Commission and 11 other departments issued the "National Essential Drug Directory Management Measures," revising six key areas to enhance the essential drug system in China [1] - The revised measures include optimizing the directory structure, categorizing drugs into chemical drugs, biological products, and traditional Chinese medicine based on clinical pharmacology and functionality [1] - The management mechanism for the directory has been improved, emphasizing the clinical value of drugs and considering factors such as disease spectrum changes and drug supply assurance [1] Group 2 - Reborna Biotech and Madrigal Pharmaceuticals entered a global exclusive licensing agreement worth $4.4 billion to develop innovative siRNA therapies for metabolic dysfunction-related fatty liver disease (MASH) [2] - Reborna will receive a $60 million upfront payment and is eligible for additional payments upon achieving clinical development and regulatory milestones, along with royalties based on global net sales [2] - The agreement highlights the international value of domestic innovative drugs and the urgent demand for effective therapies in the MASH field, indicating significant market potential [2] Group 3 - Watson Bio announced plans to invest 450 million yuan to establish a biological industry investment fund, targeting a total fund size of 1 billion yuan [3] - The fund will primarily invest in the synthetic biology manufacturing sector, including areas such as synthetic biology, health, bio-agriculture, bio-energy, and bio-materials [3] - This initiative is expected to help Watson Bio capture industry benefits and lay the groundwork for future strategic mergers and acquisitions [3] Group 4 - Hengrui Medicine's subsidiary, Suzhou MSD Biopharmaceutical Co., has had its drug SHR-A1811 included in the list of breakthrough therapies by the National Medical Products Administration [4] - SHR-A1811 is intended for first-line treatment of locally advanced or metastatic non-small cell lung cancer patients with HER2 (ERBB2) activating mutations [4] - The inclusion of SHR-A1811 reflects Hengrui's research achievements in the ADC field, although it will face competition from several already approved similar products [4]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. announced that its subsidiary, Suzhou Merdia Biopharmaceutical Co., Ltd., has received inclusion of its injectable SHR-A1811 (Rocatinib) in the list of breakthrough therapies by the National Medical Products Administration (NMPA), marking the 10th indication for which it has received breakthrough therapy certification [1] Group 1: Drug Information - Drug Name: Injectable Rocatinib (SHR-A1811) [1] - Acceptance Number: CXSL2000087 [1] - Drug Type: Therapeutic biological product [1] - Registration Category: Class 1 [1] - Application Date: December 2, 2025 [1] - Proposed Indication: First-line treatment for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with HER2 (ERBB2) activating mutations [1] Group 2: Approved Indications - The injectable Rocatinib was approved for domestic market launch in May 2025, indicated for adult patients with unresectable locally advanced or metastatic NSCLC who have previously received at least one systemic therapy and have HER2 (ERBB2) activating mutations [2] Group 3: Market Context - Primary lung cancer is the most common malignant tumor globally, with GLOBOCAN 2022 data indicating approximately 2.48 million new cases and 1.82 million deaths annually, making it the leading cause of cancer mortality [3] - In 2022, China reported 1.06 million new lung cancer cases, accounting for 22.0% of all malignant tumors, and 733,300 deaths, representing 28.5% of all cancer deaths [3] - NSCLC accounts for about 85% of lung cancer cases, with approximately 2%-4% of NSCLC patients experiencing HER2 mutations, which are associated with high tumor invasiveness and poor prognosis [3] - Recent advancements in antibody-drug conjugates and highly selective HER2-TKIs have provided new treatment options for patients with advanced NSCLC harboring HER2 mutations [3] Group 4: Drug Mechanism and Competition - Injectable Rocatinib binds to HER2-expressing tumor cells, inducing cell cycle arrest and apoptosis through the release of toxins in the tumor cell lysosome [4] - Competing intravenous products in the domestic market include Roche's Ado-trastuzumab emtansine, AstraZeneca and Daiichi Sankyo's Fam-trastuzumab deruxtecan, Rongchang Biopharmaceutical's Vidisichu monoclonal antibody, and Kelun-Biotech's Bodo-trastuzumab [4] - According to EvaluatePharma, the global sales of similar products are projected to reach approximately $6.557 billion by 2024 [4] - Cumulative R&D investment for injectable Rocatinib is approximately 1.7725 billion yuan (unaudited) [4]

Group 1: Core Insights - The article highlights the absence of significant announcements from a company named "Shengyan Bio" as of February 11, 2026 [1] - It points out notable developments in the biopharmaceutical sector involving companies with similar names [1] Group 2: Stock Performance - Maiwei Bio-U announced a global strategic cooperation agreement with Sentonix on January 7, 2026, to jointly develop innovative drugs for neurodegenerative diseases [2] Group 3: Business Performance - Rongchang Bio's 2025 earnings forecast indicates a revenue increase of approximately 89% year-on-year, achieving profitability. The company has multiple new drug indication applications accepted, with expected market attention in 2026 [3] Group 4: Strategic Initiatives - Liankang Biotechnology Group signed a tripartite strategic cooperation agreement with Wenzhou Medical University National Engineering Research Center and the People's Government of Ouhai District, Wenzhou, on December 30, 2025, to enhance its R&D pipeline in skin, ophthalmology, and metabolic diseases [4]