大众交通公告称，其全资子公司大众香港近日签署认购协议，认缴200万美元投资RealtimePlusLtd.，完 成后将持有其60.61%出资份额。该基金7月31日成立，规模330万美元，投资生物医药领域初创企业。 本次交易不构成关联交易和重大资产重组，无需提交董事会及股东会审议。不过，本次投资周期长，可 能面临流动性风险，且宏观政策等变化或影响所投企业经营及基金标的价值。 ...

振东制药（300158）(300158.SZ)发布公告，为满足战略发展需求，充分借助专业投资机构的力量及资 源优势，整合多方资源以获取长期投资回报、提升综合竞争力，在不影响公司日常经营和发展、有效控 制投资风险的前提下，公司近日与海南隆门私募基金管理合伙企业(有限合伙)、温诺谣、北京新医咨询 有限公司、上海维诺润诚医药科技有限公司共同签署了《温州隆门汇鑫三号创业投资合伙企业(有限合 伙)合伙协议》。根据合伙协议约定，公司作为有限合伙人以自有资金认缴出资3000万元人民币，出资 比例为28.5687%，以认缴出资额为限承担有限责任，主要投资于生物医药领域。 ...

格隆汇12月26日丨振东制药(300158.SZ)公布，为满足战略发展需求，充分借助专业投资机构的力量及 资源优势，整合多方资源以获取长期投资回报、提升综合竞争力，在不影响公司日常经营和发展、有效 控制投资风险的前提下，山西振东制药股份有限公司近日与海南隆门私募基金管理合伙企业（有限合 伙）、温诺谣、北京新医咨询有限公司、上海维诺润诚医药科技有限公司共同签署了《温州隆门汇鑫三 号创业投资合伙企业（有限合伙）合伙协议》。根据合伙协议约定，公司作为有限合伙人以自有资金认 缴出资3000万元人民币，出资比例为28.5687%，以认缴出资额为限承担有限责任，主要投资于生物医 药领域。 ...

智通财经APP讯，振东制药(300158.SZ)发布公告，为满足战略发展需求，充分借助专业投资机构的力量 及资源优势，整合多方资源以获取长期投资回报、提升综合竞争力，在不影响公司日常经营和发展、有 效控制投资风险的前提下，公司近日与海南隆门私募基金管理合伙企业(有限合伙)、温诺谣、北京新医 咨询有限公司、上海维诺润诚医药科技有限公司共同签署了《温州隆门汇鑫三号创业投资合伙企业(有 限合伙)合伙协议》。根据合伙协议约定，公司作为有限合伙人以自有资金认缴出资3000万元人民币， 出资比例为28.5687%，以认缴出资额为限承担有限责任，主要投资于生物医药领域。 ...

格隆汇12月22日丨白云山(600332.SH)公布，为扩大投资规模、分散投资风险及加快投资步伐、提高投 资效率，2025年12月22日，本公司第九届董事会第三十二次会议审议通过了《关于广州广药二期基金股 权投资合伙企业（有限合伙）认购广州荔湾广药创业投资基金合伙企业（有限合伙）有限合伙份额暨关 联交易的议案》，同意广药二期基金与广药资本、广州天使投资母基金创业投资合伙企业（有限合伙） （"天使母基金"）、广州市荔湾区产业投资基金合伙企业（有限合伙）（"荔湾产投基金"）合作设立广 药荔湾基金并签署《合伙协议》。 广药荔湾基金拟注册于广州市荔湾区，募集资金规模为3.00亿元，广药二期基金拟出资0.995亿元，占比 33.17%；广药资本拟出资0.035亿元，占比1.17%；天使母基金拟出资0.985亿元，占比32.83%；荔湾产 投基金拟出资0.985亿元，占比32.83%。 本次投资符合广药二期基金的投资方向，有利于扩大广药二期基金投资规模、分散投资风险及加快投资 步伐、提高投资效率，将加强本公司在创新药、现代中药、高端医疗器械等生物医药前沿领域的布局， 通过"投早、投小、投未来"，前瞻介入优质企业源头，培育 ...

重要内容提示： ● 投资标的：Jeito II S.L.P.（以下简称"投资基金"） ● 投资主体：无锡药明康德新药开发股份有限公司（以下简称"本公司"）全资子公司WuXi AppTec Healthcare Holding S.C.S.p（以下简称"WuXi Lux Holding"） ● 投资金额：1,000万欧元（按2025年12月18日中国外汇交易中心公布的欧元兑人民币汇率中间价进行 折算后约为人民币8,275.9万元） 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603259 证券简称：药明康德 公告编号：临 2025- 074 无锡药明康德新药开发股份有限公司 关于认购私募基金份额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 本次投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ● 本次投资无需提请本公司董事会及股东会批准。 ● 投资风险分析：投资基金所投资的项目可能受到政策法规、宏观经济、投资标的不确定性等多种因素 的影响，可能存在不能实现预期收益、不 ...

投资基金依据法国法律组建，目标投向具备成为全球治疗领域领导者潜力的创新企业。重点布局于生物 制药领域，具有明确临床需求及商业化潜力的成长早期企业。投资基金规模不超过 12 亿欧元。WuXi Lux Holding 本次新增认缴1,000万欧元后，投资基金已募集约 9.31 亿欧元。 Jeito Capital 投资管理团队拥有优秀的投资与组合管理能力，公司认为管理团队具备的丰富的生物医药 公司管理运营经验与积淀多年的产业资源，以及创新的基金运营模式能够为欧洲生物医药初创企业提供 关键的成长资金和运营提升指导。Jeito Capital 所聚焦的生物医药领域创新企业是公司重要的潜在客户 群体，本次投资可以增进公司对欧洲生物医药领域发展的最新动态深入了解，为公司在欧洲拓展市场提 供前瞻性指引。公司在保证日常经营发展所需资金的前提下，以自有资金参与认缴投资基金份额，本次 投资不会对公司财务状况和经营成果产生重大影响。 药明康德（603259）(02359)公布，2025 年 12 月 18 日，公司全资子公司 WuXi Lux Holding 与Jeito Capital S.A.S.(以下简称"管理公司"或"Je ...

Core Insights - The article emphasizes the importance of industry research as a driving force for investment, particularly focusing on the investment landscape in the biopharmaceutical sectors of China and the United States [1]. Investment Overview - The article discusses the investment landscape in the biopharmaceutical sector, highlighting successful venture capital (VC) cases in the U.S., such as Moderna, Alnylam Pharmaceuticals, and Intuitive Surgical, showcasing their growth trajectories and market impacts [2][4][6][9][11]. Investment Data Comparison - U.S. biopharmaceutical investments peaked at approximately $60.2 billion in 2021 but have since declined, with projections indicating a drop to $14.2 billion by 2025, reflecting challenges such as IPO market freezes and high interest rates [14]. - In China, the investment structure has shifted, with a notable decrease in early-stage financing from 42.15% in 2023 to 31.12% in 2024, while mid-to-late stage financing has slightly increased [16]. Medical System Differences - The U.S. healthcare system is characterized by high medical costs, with commercial insurance playing a crucial role in covering expenses, while the Chinese system is more influenced by government-led initiatives [27][28][29]. - The U.S. healthcare expenditure reached $4.6 trillion in 2023, accounting for 16.7% of GDP, with private health insurance being the largest payer [29]. Investment Strategies and Trends - U.S. venture capital firms are increasingly taking on active roles in company creation and development, moving beyond traditional financial investment to become integral in strategic and operational aspects [23]. - The article notes a trend towards "base + fund" ecosystems, where real estate investment trusts (REITs) focus on life sciences, creating environments conducive to innovation and collaboration [24]. Recent Financing Cases - Recent financing cases in the U.S. biopharmaceutical sector include significant investments in companies like Pathos AI and Eikon Therapeutics, indicating a focus on advanced technologies and clinical applications [25]. Comparative Analysis of LP Structures - The article contrasts the limited partner (LP) structures in the U.S. and China, noting that U.S. LPs are primarily composed of private capital seeking financial returns, while Chinese LPs are often government-led, focusing on strategic industry development [49][50].

Core Insights - The current state of the biopharmaceutical market shows a stark contrast between the primary and secondary markets, a situation not seen in the past five years [1] - Since 2022, the investment enthusiasm in the biopharmaceutical sector has declined, leading to challenges such as reduced R&D efficiency and insufficient commercialization [1][3] - Key areas for new development in the biopharmaceutical industry include overseas licensing, AI healthcare, and improved payment systems [1][7] Market Dynamics - The primary market is primarily funded by state-owned capital, while market-driven funds have not yet returned [2][3] - The Hong Kong stock market is becoming a significant option for biopharmaceutical companies to go public, although there is a notable disparity in market performance [2][3] - The secondary market, particularly in Hong Kong, has seen continuous growth, driven by innovative drug companies reaching the delivery stage [3] Investment Trends - The investment landscape has shifted, with a focus on companies that can demonstrate strong overseas licensing capabilities as a measure of competitiveness [7][8] - The amount of overseas licensing for domestic innovative drugs reached $25.7 billion in 2023, surpassing the amount for technology introduced from abroad [7] - By 2025, the overseas licensing amount is expected to exceed $100 billion, indicating a significant trend towards global market engagement [7] Entrepreneurial Guidance - Entrepreneurs are advised to fully commit to their ventures and develop comprehensive strategic plans to navigate the current market environment [5][6] - Effective communication between entrepreneurs and investors is crucial for capitalizing on growth opportunities [5][6] - Companies should avoid the pressure of rapid expansion and instead focus on aligning their development pace with market demands and financial conditions [6] Future Outlook - The biopharmaceutical industry is expected to benefit from policy improvements and technological advancements, creating new growth opportunities [7][8] - The ability to adapt to external policy risks, particularly in overseas markets, will be essential for companies looking to expand internationally [8] - The long-term investment horizon in the biopharmaceutical sector remains promising, despite the current challenges [8]

Group 1 - The VC/PE fundraising market shows a strong recovery, with the number of institutions increasing by 11.7% year-on-year, reaching 1107 [8][9][18] - In Q3 2025, a total of 1475 new funds were established, marking a 16% increase from the previous period and an 18% increase year-on-year [9][13] - The investment market is heating up, with transaction volumes reaching a near two-year peak, and early-stage investments (A-round and below) accounting for 59.94% of the market share [8][39] Group 2 - Investment activity has surged, with 3008 investment cases recorded in Q3 2025, a 11.7% increase from the previous quarter, and a total investment scale of 3466.01 billion, up 30.6% [31][34] - Jiangsu province leads in investment transaction numbers with 541 cases, while Shanghai tops in transaction scale at 515.42 billion [34] - The electronic information sector continues to dominate the primary market, with significant investments in semiconductors, artificial intelligence, and biomedicine [36][37] Group 3 - A-round investments remain active, with 1117 cases representing 37.13% of the market share, while early-stage investments account for 22.81% [38][39] - The biomedicine sector has seen a rapid increase in investment transactions, rising from 148 cases in Q1 2024 to 194 cases in Q3 2025, with total investment growing from 186.25 billion to 238.88 billion [45][46] - Key investment areas include tumor drug development and AI-driven platforms, with government funds also participating in these investments [46][51]