以下文章来源于21世纪商业评论 ，作者何己派 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、老公司 的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 研发药物，大笔融资。 来源：21世纪商业评论 记者：何己派 编辑：鄢子为 三位麻省理工的博士，延迟现金到账的时间。 5月26日，晶泰科技发布公告，联合创始人温书豪、马健及赖力鹏博士，自愿延长所持股票禁售期一 年。 原本，三人在6月中旬就可套现，尝到财务自由的甜头；现在其承诺，到2026年6月12日止，不会出 售手头股票。 | THE OF THE FOR THE | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | 任职日期 | 性别 | 出生年份 | 年龄 | 最新薪酬(万元) | 最新持股数(万股) | | > 温书豪 | 董事长,执行董事 | 2023-11-27 | | 1982 | 43 | 4,910.40 | 80,993.85 | | ■> 蒋一律 | 执 ...

Core Viewpoint - The innovative drug industry is experiencing a "triple resonance" of policy support, industrial upgrades, and performance recovery, leading to a rapid restructuring of capital market valuation logic [1] Group 1: ASCO Conference Highlights - The 2025 ASCO annual meeting in Chicago showcased a record number of presentations from Chinese experts, with 71 original research results selected for oral presentations, including 11 major studies [2] - Chinese pharmaceutical companies such as Hengrui Medicine, Innovent Biologics, and Rongchang Biopharmaceutical had significant research entries, with Hengrui reporting 69 studies, including 67 on innovative drugs [2][3] - The number of clinical studies from Chinese companies at ASCO has been increasing, with notable advancements in ADCs (antibody-drug conjugates), bispecific antibodies, and new small molecules [2][5] Group 2: Development of Chinese Innovative Drugs - Over the past decade, Chinese pharmaceutical companies have transitioned from being "followers" to "leaders" in the global pharmaceutical ecosystem, particularly in oncology [3] - The ASCO meeting highlighted significant clinical research from companies like Shijiazhuang Pharmaceutical and China Biologic Products, with China Biologic achieving a record of 12 oral presentations [3] Group 3: Market Trends and Projections - Antibody drugs, particularly PD-(L)1 inhibitors, remain a focal point at ASCO, with global sales projected to exceed $50 billion in 2024 and continue to grow [4] - The market for PD-(L)1/VEGF bispecific antibodies is expected to reach nearly $70 billion by 2028, driven by ongoing innovations and clinical trials [4] Group 4: Investment and R&D Growth - China's pharmaceutical R&D investment has been growing at an average annual rate of over 20%, with total spending reaching $32.6 billion in 2022, accounting for 13.5% of global pharmaceutical R&D expenditures [6] - By 2030, China's pharmaceutical R&D spending is projected to reach $67.5 billion, with a compound annual growth rate of 9.5% from 2022 to 2030 [6] Group 5: Globalization and Business Development - Chinese innovative drug companies are increasingly exploring global markets through various business development models, including licensing agreements [7][8] - A recent licensing deal between 3SBio and Pfizer for a PD-1/VEGF bispecific antibody reached a total value of over $6 billion, setting a record for upfront payments for Chinese innovative drugs [7][8]

Core Insights - The AI pharmaceutical sector is experiencing significant growth, with global AI+pharmaceutical financing events reaching 128 in 2024, totaling $5.795 billion, marking increases of 23.08% and 60.93% compared to 2023, respectively [1] - In China, the AI pharmaceutical financing events are concentrated in economically developed regions such as the Pearl River Delta, Beijing-Tianjin-Hebei, and the Yangtze River Delta [1] - The Shanghai Zhangjiang "Pharmaceutical Valley" is a key player in the domestic pharmaceutical landscape, housing nearly 50 AI new drug companies and facilitating the entry of five AI drugs into clinical phase II [1][3] - The biopharmaceutical industry in China is in a golden development period, driven by AI and supportive policies, focusing on clinical value and commercializing more innovative drugs [1][3] Investment Trends - In Q1 2025, at least 19 financing events occurred in China's innovative drug sector, with total financing exceeding 2 billion yuan, highlighting the capital's interest in AI pharmaceuticals and cutting-edge technologies [1] - The global AI pharmaceutical market is projected to grow from $792 million in 2021 to $1.758 billion in 2024, with a CAGR of approximately 30.45%, and expected to reach $2.994 billion by 2026 [4] - The domestic AI pharmaceutical market is anticipated to grow from 6.7 million yuan in 2019 to 562 million yuan in 2024, with a remarkable CAGR of 53.01% [4] Technological Advancements - AI technologies are significantly improving drug development efficiency, with AI-generated drug molecules showing an 80%-90% success rate in phase I clinical trials, compared to a historical average of 50% [2] - AI can save the pharmaceutical industry up to $26 billion annually in R&D costs, with specific examples showing reductions in drug discovery time and costs [2] - AI is creating strategic opportunities for startups, allowing them to establish early advantages in niche areas by leveraging AI platforms for innovation [3] Challenges and Regulatory Landscape - Despite the growth, the AI pharmaceutical sector faces challenges related to high-risk and long-cycle drug development, with no approved AI drugs yet [1][5] - Data governance and compliance issues are significant hurdles, as the healthcare data landscape is fragmented and subject to strict regulations [5] - The Chinese government is working on initiatives to improve health information connectivity and establish a unified health information platform to facilitate data flow while ensuring privacy and security [5] Business Models and Collaborations - The AI pharmaceutical sector is moving beyond conceptual discussions to practical applications, with various business models emerging, including AI+SaaS, AI+CXO, and AI+Biotech [6] - Companies are increasingly engaging in substantial business development (BD) deals, with examples of partnerships exceeding $500 million for drug development and commercialization rights [6][7] - The collaboration between CROs and innovative pharmaceutical companies is expected to deepen, focusing on shared interests and enhancing the overall value chain [7] International Expansion - Chinese pharmaceutical companies are increasingly looking to expand internationally, with successful examples like BeiGene and Legend Biotech establishing local production capabilities [8] - Challenges in international markets include regulatory barriers and differences in clinical data recognition, necessitating enhanced cooperation between countries to facilitate product approvals [8]

X ► the works of the state of the control of the country of 图/IC 曾经被戏称为"扶不起的阿斗"的医药板块，在历经多年调整后正逐渐走出低谷。 今年一季度，创新药领域和AI医疗领域表现活跃，相关基金产品收益亮眼。年初至今，涨幅靠前的ETF基金当中，港股创新药、生物科技等ETF强势占据前 八位，涨幅均超过32%。与此同时，医药类主题基金也不甘落后，九成年内业绩呈现正增长。 值得注意的是，相比创新药的火热，部分医药类主题基金仍为亏损。有投资者告诉贝壳财经记者，其在2021年4月买入一只生物科技主题指数，今年业绩有 所好转，但目前仍亏损50%；同时，于2022年2月买入的一只医疗主题基金亏了近30%。 今年涨幅已超30%，创新药ETF霸榜 自2021年中以来，医药板块经历了长达四年的调整。此前，一些投资者甚至戏称，"医药就是个坑！谁进谁后悔"。 / R 进入2025年，医药板块整体呈现结构性行情，其中，创新药更是在近日成为市场里"最靓的仔"。 贝壳财经记者据Wind数据梳理，截至目前，14只ETF基金今年以来涨幅超过30%，其中，和创新药有关的ETF几乎霸 ...

Core Insights - The article discusses the development of a unified generative framework called UniMoMo, which aims to design various types of molecules for drug development by utilizing molecular fragments for unified representation [1][3][8]. Group 1: Framework Overview - UniMoMo is a collaborative effort between Tsinghua University, Renmin University, and ByteDance's AI drug development team, focusing on generating different types of binding molecules for the same target [1][2]. - The framework employs a variational autoencoder to compress the full atomic conformations of molecular fragments and utilizes geometric diffusion modeling in the compressed latent space [1][8]. Group 2: Need for Unified Modeling - Different molecular types have distinct advantages and are suitable for various disease scenarios, necessitating the selection of the most appropriate type for specific therapeutic needs [3][4]. - Existing generative methods typically model only one type of molecule, limiting their ability to meet diverse treatment requirements and leverage commonalities across different molecular types [3][4]. Group 3: Challenges in Generative Modeling - The framework faces significant challenges in molecular representation and the design of generative algorithms due to the structural differences among molecular types [6][7]. - A key challenge is maintaining both atomic-level geometric details and abstracting structural hierarchies in the unified molecular representation [6][7]. Group 4: Design and Performance of UniMoMo - UniMoMo employs a unified representation of all molecular types as graphs composed of molecular fragments, allowing for the retention of atomic-level details and hierarchical structures [8][9]. - The iterative variational autoencoder (IterVAE) compresses all atoms in each block into a point in the latent space, facilitating efficient generative modeling while maintaining structural accuracy [9][11]. Group 5: Evaluation and Results - UniMoMo has been evaluated across multiple structural design tasks, demonstrating superior performance compared to existing single-type generative models in terms of geometric modeling capabilities and cross-modal generalization [11][12]. - In peptide design tasks, UniMoMo achieved significant improvements in key metrics such as structural accuracy and interaction quality, outperforming models like RFDiffusion and PepFlow [12][13]. Group 6: Future Directions - The authors suggest that future work could expand the modeling to include non-natural amino acids and more complex drug forms, enhancing the candidate molecular space [21]. - The unified modeling approach also presents opportunities for improving the controllability and interpretability of generative models, potentially advancing the development of reliable and practical molecular design platforms [21].

Core Insights - The market for multi-target drugs is evolving from a focus on entry to a focus on survival amidst complex demands, emphasizing the need for effective and safe drug design [1] - The competition is not just about advanced technology but about identifying and occupying niche markets with lower prices, higher compliance, or more stable efficacy [4][9] - AI plays a crucial role in the early stages of drug development, particularly in multi-target drug design, but its effectiveness diminishes in later stages due to real-world complexities [6][7] Group 1: Multi-Target Drug Development - Multi-target drugs represent a shift towards systematic intervention in metabolic diseases, requiring precise predictions of dynamics and conformational changes [1] - The collaboration between major pharmaceutical companies and AI firms aims to balance safety and efficacy in multi-target drug architectures [1][6] - The design of three-target drugs is seen as a benchmark competition, where the first to market can set pricing and patent advantages [5] Group 2: Market Segmentation and Strategy - Different drug delivery methods cater to distinct patient demographics, with oral medications focusing on adherence and convenience, while long-acting injections target chronic disease management [2] - The launch of new dual-target products like Masitide reflects a strategy to penetrate the market by offering better cost-effectiveness and convenience [2][3] - Companies like Heng Rui and Han Sen are exploring innovative paths to reduce immunogenicity and costs while maintaining long-acting properties [3] Group 3: Future Directions and Challenges - The potential for four-target drugs exists but is currently limited by technological and demand constraints, making it unsuitable as a primary competitive strategy [6] - AI's role is shifting from being the main driver of drug design to supporting structural design, emphasizing the need for a complete data loop and clinical collaboration [6][7] - The success of three-target drugs hinges on a comprehensive understanding of disease networks and the ability to meet clinical needs, rather than merely showcasing technological prowess [7]

Market Overview - On May 23, the A-share market showed strong performance before noon but retreated in the afternoon, with the Shanghai Composite Index down 0.94% to 3348.37 points, the Shenzhen Component Index down 0.85% to 10132.41 points, and the ChiNext Index down 1.18% to 2021.50 points [2] - The total market turnover was 118.26 billion yuan, an increase of 42.9 billion yuan compared to the previous trading day [2] - Leading sectors included pharmaceuticals, automotive supply chains, and controllable nuclear fusion, while previously popular micro-cap stocks continued to adjust [2] Pharmaceutical Sector - The pharmaceutical sector experienced a strong surge, with leading innovative drug company Heng Rui Pharmaceutical listing on the Hong Kong Stock Exchange and seeing its stock price rise over 25%, boosting the entire innovative drug industry chain [3] - A-share pharmaceutical stocks rose against the trend, with companies like Hai Chen Pharmaceutical and Zhong Sheng Pharmaceutical hitting the daily limit, while Hua Sen Pharmaceutical and Cheng Da Pharmaceutical also saw gains [3] - Multiple innovative drug companies announced they would showcase their research results at the 2025 American Society of Clinical Oncology (ASCO) annual meeting from May 30 to June 3 [3] - The market's expectations for domestic innovative drugs going global were heightened following the news of a dual-antibody new drug licensing collaboration between Sanofi and Pfizer [3] - According to NextPharma, Chinese pharmaceutical companies completed 41 overseas licensing transactions in Q1 2025, totaling 36.9 billion USD, nearing the total for the entire year of 2023 [3] - From 2015 to 2024, China ranked first globally in the cumulative number of original innovative drugs developed [4] - Zhonghang Securities noted that the innovative drug industry is undergoing profound changes, with companies enhancing their core advantages and transitioning from followers to significant players in international competition [3] Micro-Cap Stocks - Micro-cap stocks initially performed well but began to adjust from mid-week, with high-profile stocks like Nanjing Port and Langsha experiencing significant fluctuations [5] - Wangzi New Materials gained attention from active market funds, achieving a limit-up on May 23 and recording five consecutive trading days of gains, effectively doubling in value [5] - According to Founder Securities, the dominance of micro-cap stocks has been a notable feature of the A-share market this year, with strong mean reversion properties observed in small-cap styles [5] - The outlook for the market suggests that the trend favoring micro-cap stocks may continue, supported by factors such as a stable capital market, ongoing economic transformation, and sustained liquidity [5]

Market Overview - A total of 41 stocks hit the daily limit up, with 10 stocks on consecutive limit up days, and 25 stocks failed to close at the limit, resulting in a limit up rate of 62% (excluding ST and delisted stocks) [1] - Focus stocks include significant gains in controllable nuclear fusion concept stocks, with Zhongchao Holdings achieving 9 limit ups in 15 days and Wangzi New Materials achieving 6 limit ups in 10 days [1][17] Chemical and Fiber Sector - The chemical and fiber sector showed strong performance, with Suzhou Longjie achieving 7 limit ups in 11 days and Yong'an Pharmaceutical achieving 6 limit ups in 8 days [2][17] - Recent price fluctuations in certain chemical products have drawn market attention [2] Nuclear Power Sector - The international ITER organization announced the completion of the world's largest and strongest pulsed superconducting magnet system, marking a significant milestone in nuclear fusion research [4] - Stocks related to nuclear power, such as Wangzi New Materials and Shangwei Co., have seen notable increases due to their association with nuclear fusion [5][17] Solid-State Battery Sector - The China Automotive Engineering Society released a group standard for solid-state batteries, defining the technology for the first time [8] - Binhai Energy achieved 5 consecutive limit ups, driven by solid-state battery and merger and acquisition concepts [1][8] Robotics Sector - The CMG World Robot Competition series will take place on May 25 in Hangzhou, with Yushu Technology participating as a partner [9] - Zhongchao Holdings has seen significant stock performance, achieving 9 limit ups in 15 days, attributed to its involvement in robotics and nuclear power [10][17] Pharmaceutical Sector - Heng Rui Pharmaceutical plans to issue 225 million shares in Hong Kong, with its stock rising over 30% upon listing [7] - Stocks like Haishen Pharmaceutical and Haixiang Pharmaceutical have also shown strong performance, driven by their focus on raw materials and CRO services [7][17] Other Notable Stocks - Stocks in the beauty and healthcare sectors, such as Liren Lizhuang and Yixin Hall, have also performed well, with multiple limit ups attributed to their respective market strategies [14][17]

Core Viewpoint - The stock of Berry Genomics has reached its daily limit, with other companies in the sector such as Celgen, Chuangyi Huikang, Tigermed, Anbiping, Meinian Health, and BGI also experiencing gains. This surge is linked to the announcement from Insilico Medicine's CEO, Alex Zhavoronkov, regarding the potential market entry of the first drugs entirely conceived by artificial intelligence by 2030 [1] Group 1 - Berry Genomics has hit the daily trading limit, indicating strong market interest and investor confidence [1] - Other companies in the healthcare and biotechnology sector, including Celgen, Chuangyi Huikang, Tigermed, Anbiping, Meinian Health, and BGI, have also seen their stock prices rise in response to the news [1] - Insilico Medicine's CEO has projected that the first AI-conceived drugs could be available by 2030, highlighting the growing role of artificial intelligence in drug development [1]

Financial Market Dynamics - A-shares experienced fluctuations with the Shanghai Composite Index down by 0.4%, Shenzhen Component down by 0.07%, and ChiNext down by 0.19%, with trading volume shrinking to 1.09 trillion yuan. The logistics, beauty care, insurance, and liquor sectors performed poorly, but over 3,000 stocks rose, including a limit-up for Yuzhisanxia A [1] - COMEX gold futures fell below $3,200 per ounce, marking a four-month low, with technical support seen at $3,140-$3,150, indicating a continued bearish trend [1] Policy and Economic - The first home down payment ratio in China has been reduced to 15%, and 25% for second homes, leading to a rebound in transaction volumes. In Nanjing, new home subscriptions in June increased by 29.8% month-on-month, and second-hand home transactions reached a year-to-date high, showing signs of price stabilization [5] - The Federal Reserve, led by Powell, is set to reassess its monetary policy framework, potentially moving away from the average inflation targeting approach to a more flexible strategy [6] - The U.S. and China have paused some tariff increases, with 24% tariffs suspended for 90 days and remaining tariffs reduced to 10%. China has refused to lift rare earth export controls, and the U.S. attempts to exchange tariff reductions for rare earth concessions have not succeeded [8] Industry and Company Dynamics - Starbucks is considering selling its business in China due to competition from local brands like Luckin Coffee, and is evaluating the sale of part of its stake to address the pressure [9] - AI pharmaceutical company Insilico Medicine has submitted its third IPO application to the Hong Kong Stock Exchange, with its AI-generated drug Rentosertib completing phase II clinical trials but accumulating losses exceeding $450 million [11] - The CEO of Novo Nordisk has resigned due to declining competitiveness in the obesity drug market, with Eli Lilly's Zepbound prescriptions surpassing its Wegovy [12] - Hungary's battery industry has faced a significant downturn, with production plummeting by 41% year-on-year, as government-led green transitions have failed to boost the economy [13] - Canadian oil exports to China have surged, with daily imports reaching 207,000 barrels, significantly exceeding historical levels, driven by tensions in U.S.-Canada relations [13] Company Announcements and Events - Tai Ling Microelectronics has reduced its stake by 2% to 6.95% as part of a divestment by the National Integrated Circuit Industry Investment Fund [14] - A fatal accident occurred at the Mengjin coal mine, a wholly-owned subsidiary of Dayou Energy, leading to a production halt for investigation [15] - Haixing Electric Power has established an industrial fund with an investment of 400 million yuan to focus on new energy and IoT sectors [16]