不过，谈及市场周期，沙利文大中华区合伙人兼董事总经理毛化在接受21世纪经济报道专访时，以"分 化与修复并存"概括当下态势。 "中国创新药行业已逐步走出底部，进入修复与分化并存的新阶段。"毛化指出，尽管当下医药市场有所 回暖，但周期是否"彻底结束"仍需理性看待。 近一年来，中国药企在国际舞台上频频亮相，国际社会对中国制药业的发展关注度持续攀升。 过去一年，中国生物科技企业的股价涨幅远超美国同类企业，这一切无不表明，全球生物医药创新长达 一个世纪的"西方主导"格局正悄然改变。 这一判断的背景是：2025年以来，创新药出海交易数据屡创新高，但资本寒冬的印记仍深，市场"冷热 不均"的特征十分显著。 一方面，融资层面寒意未消。数据显示，2025年上半年中国创新药公司完成134起融资，数量为近10年 同期最低；一级市场公开交易笔数与总金额呈逐月下降趋势。另一方面，海外授权交易热潮涌动，商业 拓展（BD）交易空前活跃，成为替代融资的"造血"生命线。 2026年的医药市场究竟会呈现怎样的态势？ 拐点、重塑 2025年以来，创新药出海加快、一级市场融资回暖、海外基石投资者重返港股IPO，行业投融资活跃度 显著提升。当被问及市场 ...

Core Viewpoint - Sanli Pharmaceutical has signed a technology transfer contract with Hainan University for the HXW2324 compound and related patent application rights, aiming to enhance its innovative drug product portfolio through collaboration with academic research [1] Group 1: Contract Details - The total transfer price for the HXW2324 compound is 200 million RMB, which includes a milestone payment of 20 million RMB and a sales commission of 180 million RMB [1] - The contract is designed to integrate the company's industrialization capabilities with university research resources to promote the transformation of innovative drug research results [1] Group 2: Product Information - The HXW2324 compound is a preclinical candidate for developing new treatments for Alzheimer's disease (AD) [1]

证券日报网讯12月23日，复星医药（600196）在互动平台回答投资者提问时表示，公司坚持"创新驱动 +全球化"战略，创新药方面，聚焦实体瘤、血液瘤、免疫炎症等核心治疗领域，重点强化抗体/ADC、 细胞治疗、小分子等核心技术平台，并积极向心脑血管、肾脏与代谢等慢病领域及中枢神经系统领域拓 展布局，打造协同开放式、全球化的创新研发体系，持续提升管线价值，推动重磅产品的研发及商业 化；在制造与供应链方面，公司持续推进生产体系的整合，强化规模化、有成本竞争力的制造体系，公 司制药板块国内控股子公司所有商业化生产线均已通过国内GMP认证，还有多条生产线通过了美国、 欧洲等主流法规市场的GMP认证，为国际化供应奠定基础。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The approval of four innovative drugs by the National Medical Products Administration (NMPA) on December 15, 2025, marks a significant milestone for the Chinese pharmaceutical industry, indicating a concentrated effort to enhance the efficiency of drug approval processes and support for urgently needed clinical medications [5][7] - The approved drugs demonstrate significant clinical differentiation and market potential, with clear commercial value, such as the innovative anti-influenza drug from Health元, which offers a single-dose administration, addressing existing treatment challenges [7] - The approval process highlights a "stronger gets stronger" trend, where leading companies are recognized not only for individual products but also for their underlying research and commercialization capabilities, reinforcing their market positions [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year, while absolute returns were 0.49% for the last month, -7.88% for the last three months, and 9.5% for the last year [3] Investment Highlights - The approval of four innovative drugs signifies a new phase of high-quality development in the pharmaceutical industry, with a more streamlined process from research and evaluation to market entry [7] - The drugs approved have demonstrated strong clinical efficacy, with the TRK inhibitor showing an objective response rate of 89.1%, fulfilling urgent needs in precision oncology [7] - The report suggests focusing on companies that will directly benefit from these approvals, such as Health元, 诺诚健华, and 恒瑞医药, as they represent key players in the market [7]

Group 1: Innovative Drug Development - The company focuses on independent research and development, integrating internal and external resources to address unmet clinical needs, particularly in metabolic and respiratory diseases [1] - As of now, two innovative drug projects have been approved for market, with several others in clinical trial stages [1] - ZSP1601, an innovative drug for treating metabolic dysfunction-related fatty liver disease (MASH), has shown significant efficacy in reducing liver inflammation markers in clinical trials [2] Group 2: Clinical Trials and Results - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, with positive results reported in Phase II trials [2][12] - The company is advancing RAY1225's clinical trials for treating MASH, with the drug showing potential in improving liver conditions in animal models [13][15] - The company is also conducting Phase III trials for the innovative drug Anlavi (昂拉地韦) for treating influenza, with successful results in previous phases [3][5] Group 3: Market Access and Insurance Inclusion - Anlavi has been included in the 2025 National Medical Insurance Directory, enhancing patient access to this innovative treatment [7][9] - The company’s core products, including Lai Rui Te Wei (来瑞特韦) and other formulations, continue to be part of the updated medical insurance directory, ensuring broader patient coverage [9] Group 4: Future Directions and Research Focus - The company is exploring new drug development avenues in metabolic diseases, focusing on multi-target therapies and long-acting formulations [6] - There is a strategic emphasis on addressing unmet clinical needs in respiratory diseases, particularly with new antiviral agents targeting RSV [5][6]

Core Insights - In 2025, China's innovative drug sector is experiencing a significant surge, with 43 innovative drugs approved in the first half of the year, nearing the total approvals for 2024 [1] - China now accounts for approximately one-quarter of the global innovative drug development pipeline, conducting around 3,000 clinical trials annually, placing it at the forefront globally [1] - The total amount for licensing agreements of Chinese innovative drugs has surpassed $100 billion in the first three quarters of 2025, indicating a strong market enthusiasm for domestic innovations [1] - Leading company Heng Rui has established itself as a key player in the innovative drug landscape, focusing on unmet clinical needs and leveraging new technologies for better patient service [1][2] Industry Overview - The Chinese innovative drug industry is reshaping the global biopharmaceutical landscape, transitioning from a "Fast-follower" role to a "First-in-class" and "Best-in-class" approach, led by companies like Heng Rui [2] - The approval speed and quality of innovation in China have significantly improved, with a nearly 60% year-on-year increase in new drug approvals in the first half of 2025 [3] - China has become a major source of global pharmaceutical innovation, with the number of new drug molecules designed in China surpassing those from Europe and the U.S. for the first time in 2024 [3] Heng Rui's Strategy - Heng Rui's innovation strategy focuses on three key areas: patient-centered needs, modular-driven differentiation, and comprehensive chronic disease management [4] - The company is expanding its research platforms to include various advanced technologies such as ADCs, bispecific antibodies, and small nucleic acid drugs, while continuously optimizing these platforms [4] - In oncology, Heng Rui is developing a "four-in-one" collaborative innovation therapy system that encompasses precision therapy, immunotherapy, targeted chemotherapy, and supportive care [5] Global Expansion - By 2025, Chinese innovative drugs accounted for over 20% of global licensing transactions, reflecting a shift in confidence towards China's biopharmaceutical capabilities [6] - Heng Rui has achieved significant milestones in business development (BD), with total licensing agreements exceeding $28 billion over the past three years, partnering with major multinational corporations [6][8] - A notable collaboration with GlaxoSmithKline (GSK) involved a record-breaking licensing deal for 12 innovative projects, highlighting the growing recognition of Chinese companies' research capabilities [7] Future Outlook - Heng Rui anticipates over 10 innovative drugs and approximately 20 new indications to be approved domestically within the next two years, while also exploring new BD transactions and enhancing global clinical capabilities [8] - The Chinese innovative drug sector is expected to see a wave of projects launched in major global markets, accelerating the globalization of domestic companies [10] - Heng Rui's transformation is attributed to sustained high R&D investment, with a research expense ratio reaching 30%, and a robust pipeline of over 100 innovative products in clinical development [11]

Grand Pharmaceutical Group Limited 遠大醫藥集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號：00512) 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願性公告 本集團引進全球首款用於治療嚴重過敏反應的腎上腺素鼻噴霧劑 -2- 此次，本集團引進的全球創新腎上腺素鼻噴霧劑優敏速®是 35 年來 FDA 首次批准的用 於 I 型過敏反應的非注射治療產品，有望提高腎上腺素治療產品對中國嚴重過敏反應患 者的可及性，並填補嚴重過敏反應急救藥物在院外場景使用的空白。待該產品上市後， 本集團將充分依託在急救領域積累的豐富科室資源與成熟的渠道體系，加速推進其學術 推廣和市場教育，助力產品快速放量。憑藉其獨特的便攜性與操作友好性，優敏速®有望 迅速滲透至家庭、學校、旅行等多種院外場景，成為本集團心腦血管急救板塊新的增長 引擎。 心腦血管急救板塊是本集團製藥科技領域重點佈局的方向之一，兼顧了急搶救與慢性疾 病管理兩大方 ...

Core Viewpoint - Suzhou Xinnoway Pharmaceutical Technology Co., Ltd. has successfully submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 2.94 billion yuan for new drug development and working capital [1][4]. Company Overview - Xinnoway focuses on addressing significant unmet clinical needs globally, aiming to translate innovation into clinical value and provide the best treatment drugs in various disease areas [4]. - The company has established an innovative drug pipeline consisting of "1 (NDA) + 3 (Phase III) + N" and has begun to implement a "research-driven" model through global business development (BD) [4]. Drug Pipeline and Approvals - As of the signing date of the prospectus, Xinnoway has developed 10 major innovative drugs targeting significant diseases such as cancer and infections [4]. - Three of the drugs in the pipeline have received breakthrough therapy designation from China's CDE, while three others have received fast track designation from the FDA [4]. - The first drug is expected to be launched in 2026, marking the company's entry into a phase of integrated growth driven by research, BD, and sales [4][6]. Business Development and Collaborations - Xinnoway has normalized BD transactions, reflecting recognition of its R&D capabilities and pipeline value by multinational and domestic listed pharmaceutical companies [5]. - The company has entered into four ongoing licensing or transfer agreements, with total transaction amounts exceeding $2 billion, including $130 million in non-refundable upfront payments received in 2025 [5]. Financial Performance - Xinnoway has not yet achieved profitability, with net losses reported from 2022 to the first half of 2025 amounting to -463 million yuan, -427 million yuan, -386 million yuan, and -374 million yuan respectively [7]. - The funds raised from the IPO will be allocated to new drug development projects and to supplement working capital, enhancing the company's financial structure and ability to withstand financial risks [7].

Core Viewpoint - Dongyangguang Pharmaceutical (600673) is a leading company in the influenza sector with a solid foundation and a rich pipeline of innovations, focusing on three main areas: anti-infection, chronic diseases, and oncology. The company maintains a leading position in the anti-infection field, particularly in influenza, hepatitis C, and hepatitis B, and has been given a "Buy" rating by Huafu Securities [1]. Group 1: Anti-Infection - The company holds a leading position in the influenza market, with Oseltamivir ranking first in domestic market share and possessing the largest production base globally, ensuring sufficient supply capacity [1]. - The hepatitis C pipeline includes the approval of pan-genotypic therapies, with NMPA approvals for Sofosbuvir and Velpatasvir expected in February and March 2025, respectively [1]. - For hepatitis B, the development of Mofezolac is progressing rapidly, being the fastest domestic candidate in clinical trials, with the only product in Phase III clinical trials. The siRNA therapy (HECN30227) targeting hepatitis B is expected to enter clinical stages in October 2025 [1]. Group 2: Chronic Diseases - Ifenprodil is positioned as a potential blockbuster in the idiopathic pulmonary fibrosis market, estimated at $4 billion globally. Phase I trials in China and the U.S. have shown promising results, with a 96% delay in decline for the 200mg group compared to baseline, significantly outperforming the placebo group [2]. - Insulin products are nearing FDA approval, with Glargine expected to receive BLA approval in the first half of 2026, contributing to revenue growth. Additionally, the company plans to submit a BLA application for Aspart insulin by the end of 2025, with approval anticipated by the end of 2026 [2]. Group 3: Oncology - The company expects to launch Clifosfamide for AML by 2027, having established a licensing agreement with 3SBio, indicating a strong collaboration [3]. - The oncology pipeline is diverse, including Lenvatinib in Phase III for esophageal cancer and HEC53856 in Phase II for chemotherapy-induced anemia. The company is also exploring new technologies such as ADC and TCE [3]. Group 4: Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 250 million, 540 million, and 930 million yuan for the years 2025, 2026, and 2027, respectively. The price-to-sales ratios are expected to be 4.5, 3.7, and 3.2, indicating a strong value proposition compared to peers [4].

Core Viewpoint - Xinnowei Pharmaceutical Technology Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, focusing on innovative drugs for unmet clinical needs in oncology and anti-infection [1] Group 1: Company Overview - Xinnowei is a disease-oriented innovative drug company focusing on oncology and anti-infection, ranking fourth among biopharmaceutical companies on the Sci-Tech Innovation Board for breakthrough therapy designation by China's CDE [1] - The company has a strong pipeline with multiple products in critical clinical stages, including XNW5004, XNW27011, and XNW28012, which are in Phase III or key clinical research stages [2][5] Group 2: Market Opportunity - The global oncology drug market is projected to reach $542.8 billion by 2032, indicating a significant demand for innovative treatments, especially for high-burden diseases like pancreatic cancer and gastric cancer [2] - There remains a substantial unmet clinical need in treating pancreatic cancer, which is known for its high mortality rate and late diagnosis [2] Group 3: Product Development - XNW28012, an antibody-drug conjugate targeting Tissue Factor (TF), shows promising efficacy in late-stage pancreatic cancer and is expected to be approved by 2028 [3] - XNW27011 has demonstrated significant clinical value for CLDN18.2 expressing late-stage gastric cancer patients, addressing unmet needs in this patient population [3] Group 4: Research and Development Investment - The company has invested over 2 billion yuan in R&D, with a workforce of 291 R&D personnel, representing 87.65% of the total staff [5][6] - Xinnowei has established three major technology platforms for drug development, enhancing its innovation capabilities [5] Group 5: Regulatory Recognition - The company has received multiple breakthrough therapy designations from China's CDE and fast track designations from the FDA for its drug candidates, placing it among leading innovative pharmaceutical companies [6] Group 6: Commercialization Strategy - Xinnowei has initiated a business development strategy to monetize its R&D outcomes, signing agreements with notable pharmaceutical companies, resulting in over $2 billion in cumulative transaction amounts [7] - The company anticipates achieving profitability in 2025, driven by ongoing product commercialization efforts [7]