"这是中国创新药的黄金时刻，也是我个人的圆梦时刻。"说起今年创新药企出海的新变化，和黄医药执 行副总裁崔昳昤笃定的话语中充满自豪。 她至今记得，十几年前，中国药企卖出一卡车抗生素仿制药，利润竟比不过跨国药企的一箱原研药。比 对一致性评价数据后，崔昳昤发出更深的追问——明明疗效相同，为何进口药能卖出高价？中国何时才 能做出属于自己的创新药？ 如今，处方笺成为答案。作为我国首个从早期发现到临床开发全链条自主完成的抗肿瘤原创新药，和黄 医药的拳头产品呋喹替尼已在30多个国家获批或上市。今年上半年，呋喹替尼海外市场销量同比增长 25%，未来销售额有望继续增长。 4月15日，映恩生物在港交所上市。在映恩生物的基石投资者阵容中，出现了拜恩泰科（BioNTech SE）等多家知名药企和国际头部长线基金的身影。 在复杂多变的国际环境下，国际资本的入场，不仅是对一家企业的认可，也折射出中国创新药出海的整 体转向——不仅进入海外市场，更进入全球竞争的主场。 上海证券报记者调研发现，今年中国创新药迎来出海收获季：大额BD交易（商务拓展）接连落地，明 星产品深入全球市场，多家上市公司扭亏为盈……截至目前，中国已成为全球第二大医药市场 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **Chinese innovative pharmaceutical industry** and its growing collaboration with **multinational corporations (MNCs)** due to the impending patent cliffs faced by these companies [1][2][4]. Core Insights and Arguments - MNCs are facing significant patent cliffs, with companies like **BMS** potentially losing up to **69%** of their revenue and **Merck** facing a **63%** patent cliff in the next five years, prompting them to seek partnerships with Chinese innovative drug companies [2][4]. - The quality of clinical data from Chinese innovative drug companies has significantly improved, gaining international recognition. For instance, at the **2025 ASCO conference**, Chinese LBA accounted for **20%** of the total, with **73** presentations, indicating a rise in academic standing [1][4][6]. - The oncology sector is shifting from PD-1 combined with chemotherapy to next-generation immuno-oncology (I/O) therapies and next-generation antibody-drug conjugates (ADCs). MNCs are focusing on these next-generation therapies, with potential buyers including **AstraZeneca**, **Pfizer**, and **Merck** [1][2][3][7]. - In the metabolic disease area, the focus is moving from merely weight loss to comprehensive management, including GLP-1 therapies and oral GLP-1 options. Recent data from **Eli Lilly** and **Amgen** show promising results for their calcitonin selective agonist, which has a safety profile comparable to GLP-1 [1][10]. - The autoimmune disease sector is seeing new targets like **STAR6** and innovations in engineering such as dual-antibody TCE Protect, with leading companies like **AbbVie**, **Johnson & Johnson**, and **Sanofi** continuing to invest in this area [1][11]. Additional Important Insights - The total upfront payment for Chinese innovative drug companies' business development (BD) in the first half of **2025** exceeded **$5 billion**, with total transaction amounts surpassing **$60 billion**, indicating a robust growth trajectory [2][3][6]. - The Chinese innovative drug sector's share of global first-in-class drugs has increased from single digits to **19%**, showcasing its competitive edge on the international stage [6][19]. - MNCs are exploring various strategies to cope with patent cliffs, including focusing on core areas, entering new fields like metabolic weight loss, and leveraging new technologies such as small nucleic acids and molecular glue [2][5]. - The oncology landscape is expected to see significant developments with new data releases from various companies, including PD-1, VEGFR, and others, indicating a continuous advancement in innovative drug capabilities [18][20]. This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the Chinese innovative pharmaceutical industry and its collaboration with multinational corporations amidst evolving market conditions.

而这仅仅是今年上半年中国抗体药物偶联物（ADC）出海浪潮的一朵浪花。医药魔方数据显示，2025年上半年，中国创新药License-out交易持续 升温，仅ADC领域就贡献了巨大比例。截至2025年5月底，中国企业License-out的ADC重磅交易（总交易金额≥10亿美元）数量已达到24笔。 近日也有市场消息指出，复宏汉霖就PD-L1 ADC在研管线HLX43的权益，正与包括强生、罗氏在内的跨国药企洽谈。据悉，此项协议可能带来至 少数亿美元的预付款，以及未来根据该药物的表现，获得更多的里程碑付款。 （原标题：中国ADC"出海"潮迭起：下一个百亿重磅交易在哪？） 21世纪经济报道记者 季媛媛 2025年，手里缺钱但有管线的中国创新药企，和手里有钱但缺管线的跨国药企，刚好对上了。 2025年5月，中国生物医药行业迎来历史性时刻。三生制药宣布与辉瑞达成一笔交易：首付款12.5亿美元，总金额超60亿美元，创下中国创新药出 海新纪录。 目前，复宏汉霖正全力推进HLX43的临床开发进程，已在全球入组超过300例患者，并在中国、美国、日本等多国顺利推进患者入组。 中国ADC领域正在经历从"快速跟随"到"同类最优"乃至"同 ...

Summary of Key Points from Conference Call Industry and Company Involved - The conference call primarily discusses the Chinese economy, government stimulus plans, and the impact of the Federal Reserve's interest rate cuts on global asset prices and investment strategies. Core Insights and Arguments 1. **Potential Government Stimulus**: The Chinese government is expected to introduce a supplementary stimulus plan ranging from 500 billion to 1 trillion RMB to address economic downturns, with implementation anticipated by late September or October [3][5][24]. 2. **Focus of the 14th Five-Year Plan**: The plan will emphasize stabilizing the real estate market, promoting high-quality development, enhancing the national unified market, and advancing new productive forces to combat deflation and achieve a virtuous economic cycle [5][24]. 3. **Real Estate Market Intervention**: The central government may intervene by purchasing unsold residential properties to convert them into affordable housing, which would help clear inventory and improve living conditions for urban workers [7][11]. 4. **Impact of Federal Reserve Rate Cuts**: The Fed's shift to a rate-cutting cycle is expected to increase global liquidity, raise asset prices, and potentially alter capital flows, necessitating adjustments in asset allocation strategies by investors [8][14]. 5. **Chinese Innovative Pharmaceuticals**: The market for Chinese innovative drugs abroad, particularly in Hong Kong, shows significant potential, although current valuations and growth prospects require careful assessment [9][40]. 6. **Social Security Reform**: Enhancing social security and increasing state-owned enterprise dividend payouts are seen as crucial for improving consumer sentiment and stimulating domestic demand [5][13][24]. 7. **Stock Market Recovery**: The Chinese stock market is showing signs of stabilization and improvement, with a positive impact on earnings expectations, which is crucial for sustainable market performance [26][36]. 8. **Consumer Spending Dynamics**: High household savings rates in China, driven by inadequate social security, could be reduced through comprehensive reforms, potentially releasing significant consumer spending power [16][25]. Other Important but Possibly Overlooked Content 1. **Inflation Expectations**: There has been limited progress in restoring inflation expectations, with concerns about overcapacity in certain sectors and insufficient demand-side stimulus [22][24]. 2. **Global Chemical Industry Dynamics**: The chemical sector is experiencing changes due to anti-involution policies, which may affect global supply-demand relationships and pricing [42][44]. 3. **Investment Opportunities in Chemicals**: The chemical industry has seen a 10% average increase in stock prices since the introduction of anti-involution policies, indicating potential investment opportunities [49]. 4. **Long-term Economic Reforms**: The success of the 15th Five-Year Plan in implementing social security and fiscal reforms could lead to a gradual exit from deflation starting in 2027 [24][25]. This summary encapsulates the key points discussed in the conference call, highlighting the anticipated government actions, market dynamics, and broader economic implications.

Core Insights - The Chinese innovative pharmaceutical industry is experiencing significant growth as companies expand overseas through various strategies such as licensing, establishing overseas bases, and forming new companies [1][10] - A notable challenge faced by Chinese pharmaceutical companies is the shortage of talent, particularly when transitioning to international multi-center clinical trials [1][9] Group 1: Market Expansion - By 2025, Chinese innovative pharmaceutical companies are expected to maintain their momentum in international markets [1] - Over 40% of business development deals with upfront payments exceeding $50 million are now attributed to Chinese biotech firms, a significant increase from less than 5% four years ago [3] - The historical shift in global pricing power for Chinese innovative drugs reflects a transition from weakness to strength [3] Group 2: Case Studies - The case of Hutchison China MediTech illustrates the difficulties faced during global expansion, highlighting the need for collaboration with established pharmaceutical companies to navigate complex global operations [4] - The approval of the drug fruquintinib in the U.S. in late 2023, after a partnership with Takeda Pharmaceuticals, underscores the importance of strategic alliances in overcoming initial setbacks [4] Group 3: ADC Development - Antibody-drug conjugates (ADCs) have emerged as a key area for Chinese innovative drug development, with companies like WuXi AppTec and Kelun-Biotech securing significant deals with international firms [4] - The combination of chemical advantages and innovative approaches in ADC development positions Chinese companies favorably in the global market [4] Group 4: Talent Acquisition and Challenges - Talent shortages remain a critical challenge for Chinese pharmaceutical companies as they expand internationally, necessitating a focus on both recruitment and training [9] - WuXi AppTec's establishment of its first overseas factory in Singapore reflects a strategic choice based on execution, management, and government support [8] - The company emphasizes the importance of local talent availability and has implemented a strategy of combining local hiring with the relocation of domestic employees to build a balanced workforce [8][9] Group 5: Future Outlook - The next few years are expected to see an increase in the number of ADCs launched in China, with companies advised to align closely with the needs and development directions of multinational corporations [5] - The evolution of Chinese pharmaceutical companies into the "outbound 2.0 era" signifies a shift towards deeper integration into the global market and competition with top multinational firms [10]

时下，全球医药产业格局正在经历深刻变革，中国创新药出海已成为行业发展的关键议题。工银瑞信研 究部研究总监谭冬寒指出，中国创新药出海已成为产业升级的"必选项"，这一现状的背后，具有深刻的 产业逻辑和战略意义。 今年以来，全球创新药交易数量与金额均呈现显著上升态势，中国正成为核心引擎。医药魔方数据显 示，2025年上半年，全球医药交易数量达456笔，同比增长32%；交易总金额为1304亿美元，同比增长 58%。其中，涉及中国的交易贡献了超过30%的交易数量和近50%的总金额。值得关注的是，上半年全 球达成金额≥10亿美元的重磅交易共有40笔，其中中国药企对外授权（License-out）交易占比高达 40%。 谭冬寒指出，在BD交易方面，中国已是全球最重要的市场之一。这种结构性变化不仅体现在交易规模 上，更反映出中国创新药全球竞争力的本质提升。主流跨国药企已普遍在中国设立专职BD团队，将中 国视为最重要的创新药来源地之一，相较于以往的孤立订单，这种系统性布局标志着中国创新药正式登 上全球舞台。 从技术层面分析，中国在ADC、双抗等前沿领域的技术突破形成了强大的竞争优势。谭冬寒指出，中 国的工程师红利使研发成本控制 ...

Core Viewpoint - The Chinese innovative drug industry is transitioning from a "fast-follow" model to a more proactive and innovative approach, exemplified by Heptares Therapeutics' strategic acquisitions and partnerships, leading to significant growth and international collaboration [5][9][11]. Group 1: Company Strategy and Growth - Heptares Therapeutics acquired a Dutch biotechnology company to establish a fully human antibody platform, positioning itself for global research and development [5][6]. - The company reported a profit of approximately 523 million RMB in the first half of the year, marking a 51-fold year-on-year increase [6][10]. - Heptares has completed 17 business development (BD) transactions, becoming recognized as the "BD King" in the industry [6][10]. Group 2: International Collaboration and Licensing - In the first half of the year, the total amount of license-out agreements from Chinese innovative drugs exceeded $60 billion, surpassing the total for the entire year of 2024 [7]. - Heptares entered into a global strategic cooperation with AstraZeneca, involving a $175 million upfront payment and plans to establish a joint innovation center in Beijing [7][8]. - The company also signed a global strategic cooperation agreement with Otsuka Pharmaceutical, receiving an upfront payment of $47 million, with potential milestone payments reaching $623 million [7][8]. Group 3: Industry Transformation and Future Outlook - The shift in the Chinese innovative drug industry reflects a fundamental change in the ecosystem, with increased international collaboration and improved intellectual property protection [8][11]. - Heptares is transitioning from a focus on single product licensing to a platform-driven long-term strategic cooperation model, enhancing its capabilities in various therapeutic areas [11][12]. - The company aims to balance international collaboration with the independent advancement of clinically valuable products, ensuring sustainable growth and innovation [12].

Core Insights - The article highlights the rapid growth and strategic evolution of Heptares Therapeutics, showcasing its transition from a "fast-follow" approach to a leading innovator in the Chinese biopharmaceutical industry [4][5][6] Company Overview - Heptares Therapeutics has made significant strides in the biopharmaceutical sector, with a focus on building a fully human antibody platform and expanding its global research footprint [4][8] - The company has achieved a remarkable profit of approximately 523 million RMB in the first half of the year, marking a 51-fold year-on-year increase [5][9] Strategic Partnerships - The company has engaged in 17 business development (BD) transactions, establishing itself as a leader in the Chinese innovation drug sector, with notable collaborations with AstraZeneca [5][6] - A significant global strategic partnership with AstraZeneca was formed, involving a $175 million upfront payment and plans for a joint innovation center in Beijing [6][10] Market Dynamics - The Chinese innovation drug sector has experienced explosive growth, with over $60 billion in license-out agreements in the first half of the year, surpassing the total for 2024 [6][7] - Heptares Therapeutics has successfully transitioned from technology licensing to product collaboration and platform empowerment, achieving financial profitability for the first time in 2023 [9][10] Future Directions - The company is shifting towards a platform-driven model, focusing on long-term strategic collaborations rather than solely on product licensing [10][11] - Heptares plans to continue leveraging international partnerships while also advancing its own clinical and commercialization efforts for high-potential products [11]

Group 1 - The core viewpoint of the news is that the stock prices of major Chinese pharmaceutical companies, including BeiGene and HengRui Medicine, have significantly dropped due to reports of potential U.S. government restrictions on experimental drugs and clinical data from China [2][4]. - As of September 11, 2023, over 80% of innovative drug concept stocks in A-shares and around 50 stocks in the Hong Kong healthcare sector experienced declines exceeding 4% [2]. - The U.S. government's proposed measures include mandatory reviews of U.S. acquisitions of Chinese new drugs by the Committee on Foreign Investment in the United States (CFIUS) and raising the FDA review thresholds for Chinese clinical trial data [2][4]. Group 2 - According to data from Yao Medicine, the global pharmaceutical transaction volume is expected to reach 456 deals in the first half of 2025, a year-on-year increase of 32%, with total upfront payments soaring by 136% to $11.8 billion and total transaction value hitting $130.4 billion, up 58% year-on-year [3]. - Chinese companies contributed nearly 50% of the total transaction value and over 30% of the transaction volume in global innovative drugs, indicating a growing recognition of the value of Chinese enterprises in the global market [3]. - The potential U.S. restrictions could negatively impact both Chinese and U.S. pharmaceutical sectors, as Chinese companies seek to expand their market presence while U.S. firms may face increased costs and delays in bringing new therapies to market [4][5]. Group 3 - The current trend of multinational pharmaceutical companies, including those from Europe, acquiring innovative drug pipelines from China is driven by the need to replenish their pipelines amid patent cliffs [5]. - The proposed U.S. measures are seen as part of a broader pattern of restrictions on the Chinese pharmaceutical industry, which includes previous actions by the U.S. government to increase tariffs and promote domestic drug production [5][6]. - Despite the potential negative impact of the proposed U.S. policy, experts believe that the immediate effect on the market is limited, as the policy is still in early discussion stages and involves complex negotiations among various stakeholders [6][7]. Group 4 - The news serves as a warning for Chinese innovative drug companies, indicating that capturing the U.S. market will become increasingly challenging [6]. - It emphasizes the importance for Chinese pharmaceutical companies to continue developing the domestic market, as there remains a significant gap between China's pharmaceutical market and that of the U.S. [6][7]. - The long-term trend suggests that as domestic healthcare reforms progress and demand is released, Chinese companies may reduce their reliance on the U.S. market for growth [7].

今年1月的JPM大会（第43届摩根大通医疗健康大会）上，陈智胜见了120个客户。创新药BD（商务拓展）热潮下，他更忙碌了。前段时间他 在欧洲休假，期间有两家欧洲公司向他发出邀请，希望能与药明生物合作。"连欧洲人都开始卷了。"接受采访时，陈智胜笑称。 药明生物CEO陈智胜图片来源：受访企业供图 2011年，陈智胜博士从美国回到中国。与很多海归科学家选择创业不一样，陈智胜加入了药明康德，那时候，无锡马山到处都是隆隆作响的打 桩声。2014年，药明生物从药明康德分拆，陈智胜担任药明生物CEO（首席执行官）。 "我还记得有天晚上和几个同行在苏州BioBAY聊天，大家还在畅想，五年后中国可以有第一个自己的创新药、二十年后有5到10个创新药就不 错了，那就非常好了。"在9月4日的药明生物首届CRDMO+开放日活动上，陈智胜笑言，台下很多嘉宾是中国创新药最早的参与者，更是行业 发展的推动者。如今看来，十年前大家还是太保守了，这些年中国生物创新药"做得比说得多"，真正实现了弯道超车。 十年时间，中国创新药已经跃升为全球第一梯队。2025年的前5个月，中国生物创新药授权交易金额达到216亿美元，全球大型制药交易中来自 中国创新 ...