Core Insights - The CXO industry appears to have emerged from a downturn in 2025, with notable profit growth among key players such as WuXi AppTec (89.06%), Hangzhou Tigermed Consulting (32.54%), and Kelun Pharmaceutical (15.83%) [2] - However, Tigermed stands out as the only major player in the CXO sector experiencing a decline, with a 29.61% year-on-year drop in Q1 2025 following a 79.99% decline in 2024 [2][3] Financial Performance - In Q1 2025, Tigermed reported revenue of 1.564 billion yuan, a decrease of 5.79% year-on-year, and a net profit of 165 million yuan, down 29.61% [3] - The gross margin fell from 37.83% in Q1 2024 to 30.03% in Q1 2025, indicating significant challenges in profitability [3] - For the full year 2024, Tigermed's revenue was 6.603 billion yuan, a decline of 10.58%, with net profit plummeting to 405 million yuan, a drop of 79.99% [4][7] Profitability Metrics - Tigermed's profitability has sharply declined, with gross margin decreasing from 47.43% in 2020 to 33.95% in 2024, and further to 30.03% in Q1 2025 [5] - The net profit margin also fell from 63.56% in 2020 to 6.78% in 2024, highlighting a severe reduction in profitability [5] Market Dynamics - The decline in Tigermed's performance is attributed to increased competition and a reduction in financing for innovative drug companies, which impacts order volumes [8][9] - In 2024, the domestic innovative drug financing dropped to approximately 4.2 billion USD, a nearly 20% decrease, affecting cash flow for many companies [9] Strategic Positioning - Tigermed operates as both a CRO service provider and an investment entity, which has created challenges during industry downturns [10] - As of the end of 2024, Tigermed held non-current financial assets worth 10.1 billion yuan, including equity investments in several medical companies [10] - The company reported a significant loss of 502 million yuan in fair value changes in 2024, which heavily impacted its net profit [10] Contractual Developments - Despite the challenges, Tigermed secured new contracts worth 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan after cancellations, indicating some resilience [10] - In Q1 2025, the net new contract amount exceeded 2 billion yuan, reflecting a 20% year-on-year growth, primarily driven by demand from multinational pharmaceutical companies [11] Expansion Efforts - Tigermed has also completed the acquisition of Japanese CRO Medical Edge to accelerate its overseas expansion [12] - The effectiveness of these measures in mitigating the impact of investment volatility remains uncertain [12]

Core Viewpoint - The significant rise in the stock price of Baili Tianheng (688506.SH) and the wealth of its chairman, Zhu Yi, is primarily attributed to a groundbreaking licensing agreement with Bristol-Myers Squibb (BMS) for the drug BL-B01D1, with a potential total transaction value of $8.4 billion [2][3][11]. Company Overview - Baili Tianheng's stock price surged by 5.31% on May 30, 2023, marking a market capitalization exceeding 120 billion yuan for the first time [1]. - The stock has seen increases of 37% and 56% in 2024 and 2025, respectively [1]. - Zhu Yi holds a 74.35% stake in Baili Tianheng, with his personal wealth rising to nearly 90 billion yuan, making him the richest person in Sichuan [1]. Strategic Developments - The licensing agreement with BMS, completed on December 12, 2023, is a landmark deal that revitalized the pharmaceutical market in China, marking the first successful international venture for a locally developed bispecific antibody drug [2][3]. - This deal not only set records for upfront and total transaction amounts in China's innovative drug business but also signifies China's growing influence in the global pharmaceutical sector [3]. Financial Implications - The agreement is expected to lead to explosive growth in Baili Tianheng's revenue and net profit in 2024, fundamentally altering the company's financial trajectory [3]. - Despite the influx of BD income, Baili Tianheng faces a significant funding gap for R&D and operations over the next three years, estimated at 4.819 billion yuan [13]. Capital Raising Initiatives - In response to funding needs, Baili Tianheng has initiated dual capital-raising strategies: applying for an IPO on the Hong Kong Stock Exchange and preparing for a targeted issuance in the A-share market [4][14]. - The IPO aims to leverage the mature valuation system of the Hong Kong market, while the A-share issuance is seen as a quicker way to raise capital [4]. R&D Focus - Baili Tianheng has significantly increased its R&D investment, from 181 million yuan in 2019 to 746 million yuan in 2023, with R&D expenses constituting 132.82% of its revenue in 2023 [10][11]. - The company has 15 candidate drugs in clinical stages and over 80 clinical trials globally, including multiple Phase III trials [13]. Industry Context - The Chinese innovative drug sector has seen a surge in original research, with the number of new drugs entering clinical trials surpassing that of the U.S. from 2015 to 2024 [15]. - The recent ASCO conference highlighted the achievements of Chinese companies in innovative drug research, showcasing a growing presence on the global stage [15][16].

6月5日，港股市场高开震荡，港股创新药板块冲高回落。港股创新药指数成份股涨跌互现，再鼎医药、 晶泰控股涨超4%，金斯瑞生物科技、康方生物、康诺亚-B涨超1%。港股创新药ETF（159567）连续5个 交易日成交额超10亿元，市场热度较高。 相关产品：港股创新药ETF（159567）、创新药ETF（159992） 消息面上，一方面美国联邦法院将公布最新的对等关税决议，资金有一定避险情绪；另一方面港股创新 药板块4月8日以来涨幅超30%，资金短期有获利了结的冲动。但中长期来看，2025年将成为中国创新药 行业爆发式增长的元年，三大核心因素驱动行业进入至少3年的上行周期：一是创新药重磅BD交易持续 落地，首付款屡创新高;二是头部企业将于2025年实现扭亏，行业盈利拐点显现;三是国内创新药政策环 境持续优化。机构测算2030年中国创新药市场规模将突破2万亿元，年复合增长率达24.1%。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，6月5日最新市盈率仅为 29倍，不足3个月前的一半，当前布局性价比突出。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权 ...

医药再传重磅！ 据外媒报道，信达生物制药公布在2025年美国临床肿瘤学会（ASCO）上第三次口头报告IBI363（全球首创 PD-1 / IL-2 α-bias双特异性抗体融合蛋白）治疗晚期非小细胞肺癌的临床数据。在免疫疗法耐药的鳞状非小细 胞肺癌（NSCLC）和野生型肺腺癌中，均观察到可控的安全性、令人鼓舞的疗效以及长期生存获益的趋势。 信达生物在本次ASCO会议上共有8篇口头报告，约占大会口头报告总数的2%。 近期，医药板块利好不断。三生制药、石药集团等重磅BD交易密集落地。据医药魔方，2025年初至今，国内 创新药BD出海交易总金额达455亿美元，首付款达22亿美元。CAR-T技术在实体瘤与通用型方向实现关键突 破，痛风治疗赛道迎来Best-in-Class选手，减重药赛道热度不减，小分子口服药研发进入快车道，全球首款 PB2抑制剂获批。 今天早上，港股创新药集体飙升，信达生物一度大涨超18%，君实生物、开拓药业等大涨。A股创新药亦迎来 大爆发，乐普医疗、九芝堂、圣诺生物等涨势非常强劲。 信达生物传重磅 信达生物传来大利好。今天早上，信达生物港股一度暴涨超18%。 据美通社消息，信达生物宣布了在2025 ...

2025 年 6 月 4 日 行业研究 PD-1（PD-L1）/VEGF 双抗概念火爆，中国创新药企引领研发热潮 ——医药生物行业跨市场周报（20250602） 要点 行情回顾：上周，医药生物指数上涨 2.21%，跑赢沪深 300 指数 3.30pp，跑赢 创业板综指 2.00pp，在 31 个子行业中排名第 2，涨幅居前。 上市公司研发进度跟踪：上周，百济神州的 BG-60366 片、人福药业的 RFUS-949 片的 IND 申请新进承办；百济神州的注射用 BGB-C354、三生制药的 SSS55 注 射液的临床申请新进承办。恒瑞医药的 HRS-5965、石药集团的 SYHX1901（斑 块状银屑病）正在进行三期临床；劲方医药的 GFH375 正在进行二期临床；翰 森制药的 HS-10510 正在进行一期临床。 | 证券代码 | 公司名称 | 股价（元） | | EPS（元） | | | PE（X） | | 投资评 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 24A | 25E | 26E | 24A | ...

2025 年 6 月 4 日 临床进度较快，但尚未达成 BD 合作的有神州细胞、荣昌生物、君实生物、华海 药业的相关产品。其中华海药业的 HB0025 针对子宫内膜癌已有临床 II 期数据 读出，并预计在 25 年下半年启动 III 期临床；神州细胞的 SCTB14 则在 25 年 3 月启动了 II/III 临床，联合化疗治疗 EGFR-TKI 耐药的非小细胞肺癌。荣昌生物 的 RC148 联合维迪西妥单抗一线治疗三阴性乳腺癌的 II 期临床数据也将在 2025 年 ASCO 公布。鉴于该赛道已展现出的全球竞争力及未满足的临床需求，后续有 望催生更多潜在重磅 BD 交易，为投资者带来差异化的价值发现机会。建议持 续关注该领域内具备临床数据壁垒及国际化布局的企业。 2025 年年度投资策略：重塑底层逻辑，掘金支付视角。综合人口结构、政策框 架、经济环境等一系列复杂变化的趋势，我们认为，在需求侧无法无限扩张的情 况下，需要结构性甄选投资机会，而其中的核心矛盾就在于支付意愿与支付能力。 因此，我们从支付视角，基于医药产业内的三种付费渠道：院内支付、自费支付、 海外支付，分别进行梳理，看好院内政策支持（创新药械、设 ...

Group 1 - The Chinese innovative drug industry is experiencing robust growth driven by policy support, talent return, and engineer dividends [1] - The number of original innovative drug research pipelines has increased from 124 in 2015 to 704 in 2024, ranking first globally [1] - Chinese companies are accelerating their shift towards original innovation, with the number of self-researched FIC innovative drugs entering clinical trials rising from 9 in 2015 (less than 10% globally) to 120 in 2024 (over 30%) [1] Group 2 - Chinese pharmaceutical companies are active in global business development transactions, with total licensing agreements reaching $51.9 billion in 2024, including an upfront payment of $4.1 billion [1] - The diversity of transaction types is increasing, with ADC drugs accounting for 20% and small nucleic acid drugs achieving over $6 billion in significant transactions [1] - Over 60% of preclinical License-out projects indicate enhanced international attractiveness of early-stage research assets [1] Group 3 - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine research, production, and sales [1] - The Vaccine Biotechnology Index reflects the overall performance of listed companies in China's vaccine industry, characterized by high growth and innovation [1]

Core Insights - The article highlights the increasing recognition among U.S. pharmaceutical insiders of China's innovative drug sector reaching a "DeepSeek moment," where U.S. companies are investing heavily in Chinese new drugs as a strategic bet on their potential [1][5] - The competitive advantage of Chinese innovation still hinges on breakthroughs in core innovation, despite the current advantages in cost and efficiency [1][4] Group 1: Investment Trends - Pfizer acquired overseas rights for a PD-1/VEGF dual antibody from 3SBio for over $6 billion, including an upfront payment of $1.25 billion [1] - Bristol-Myers Squibb secured co-development rights for a similar drug from BioNTech for $11.1 billion, with an upfront payment of $1.5 billion [1] - Chinese companies have sold overseas rights for innovative drugs to U.S. firms, with total commitments nearing $30 billion [3][12] Group 2: Competitive Landscape - There are currently 35 PD-1/VEGF dual antibodies in development globally, with 20 originating from China, indicating a strong clinical advancement from Chinese firms [2] - Chinese companies have evolved from being five years behind in PD-1 monoclonal antibodies to being approximately three years ahead in the dual antibody space [3] Group 3: Research and Development Efficiency - Chinese firms are leveraging engineering optimization as a competitive advantage, combining different monoclonal antibodies and small molecules to create innovative therapies [4] - The cost and speed advantages of Chinese teams in drug development are significant, with estimates suggesting 2-3 times lower costs and about double the speed compared to U.S. teams [6] Group 4: Market Dynamics - In Q1 of this year, 37% of innovative drug transactions with upfront payments over $50 million originated from Chinese companies, nearly doubling from two years ago [7] - Chinese companies now account for 67% of global transactions in oncology, 60% in cardiovascular diseases, and 50% in endocrine and autoimmune diseases [7] Group 5: Future Outlook - The trend of Chinese innovation in pharmaceuticals is expected to continue expanding into other therapeutic areas, with increasing competition anticipated between Chinese and U.S. firms [10] - The "DeepSeek moment" in Chinese biopharmaceuticals is raising awareness among U.S. markets, prompting significant acquisitions and strategic partnerships [10][12]

Core Viewpoint - The Hong Kong stock market is expected to open higher, with a positive pre-market performance in the innovative drug sector, driven by significant approvals for new drugs in China [1] Group 1: Market Performance - The Hong Kong innovative drug index constituents saw notable gains, with Innovent Biologics rising over 6%, and other companies like Zai Lab and WuXi AppTec increasing by over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 165 million yuan in the past 20 trading days, indicating high market enthusiasm [1] - The price-to-earnings ratio of the Hong Kong innovative drug index decreased from 64 times on February 21 to 27 times on June 4, highlighting improved value for investors [1] Group 2: Regulatory Developments - On May 29, the National Medical Products Administration of China approved 11 innovative drugs, including 7 first-class innovative drugs, marking a historic moment for the sector [1] - Over 20 first-class innovative drugs have been approved from January to May, setting a record for the same period in the past five years [1] - The Chinese pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," focusing on clinical value in key areas like targeted cancer therapies and immunotherapy [1] Group 3: Investment Opportunities - The innovative drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, with 90% of its weight in innovative drug companies, positioning it to benefit from trends like AI-enabled drug development and the expansion of domestic innovative drugs [1] - The innovative drug ETF (159992) encompasses leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of new drug reimbursement policies [2] - The domestic innovative drug sector is expected to show strong growth and investment value in the first half of 2025, driven by ongoing international collaborations and the approval of new drugs [2]

长江商报消息 ●长江商报记者 汪静 百利天恒（688506.SH）持续加码创新药。 近日，百利天恒公告称，公司计划向特定对象发行A股股票并募集资金不超过37.64亿元，全部用于创新 药研发项目。本次募资较原计划的39亿元略有缩水。 2024年，百利天恒收到核心产品BL-B01D1的海外合作伙伴BMS基于合作协议支付的8亿美元首付款， 由此实现净利润37.08亿元。截至2024年末，公司现金储备净额为30.27亿元。 收到大额授权收入为何还要进行融资？百利天恒称，根据研发及经营活动的资金需求测算，公司未来三 年来资金缺口为48.19亿元。 长江商报记者注意到，今年一季度，百利天恒研发依旧在"烧钱"，净亏损5.31亿元。目前公司在全球开 展80余项临床试验，已拥有15款处于临床阶段的候选药物。 创新药研发有着高投入、高风险、长周期等特点，存在不确定性。除了计划在A股定增之外，百利天恒 还在推进赴港上市。 2024年7月，百利天恒在港交所首次递交IPO申请。同年12月，公司港股IPO计划获得中国证监会的备案 批准，香港联交所上市委员会举行上市聆讯，审议公司本次发行上市的申请。 不过，今年1月，因文件期满失效，百利天 ...