跨国药企正从单纯的成本考量转向对资产质量的深度认可，这为中国优质创新药企业带来估值重塑机会。 全球认可度飙升：中国创新药对外授权占比突破20% 中国创新药对外授权交易的黄金时代远未结束。质量驱动而非价格竞争正在驱动整个行业的价值重估。 据追风交易台消息，摩根大通在8月5日的报告中表示，恒生医疗指数年内飙升超82%的背后，是全球跨国药企对中国生物医药资产质量的高度认可。短短 十年间，中国创新药对外授权交易在全球占比突破20%，反映了全球对中国生物技术研发能力的信心转变。 最令人震撼的是，海外公司为中国资产支付的价格往往高于全球平均水平，这彻底颠覆了"低价竞争"的刻板印象：海外公司为中国肿瘤资产支付的平均 首付款高达2.13亿美元，超过全球平均水平的1.95亿美元。 海外公司，特别是跨国药企，正被中国资产的三大核心优势所吸引——扎实的研发能力以发现和开发创新药物、更快的药物开发速度（特别是在临床前和 早期临床阶段）、改善的知识产权保护以及FDA和EMA等海外监管机构的更多认可。 摩根大通表示，中国创新药对外授权交易正在经历史无前例的爆发式增长。 从2015年的微不足道，到2024年的103项交易、总交易价值520 ...

Core Viewpoint - Multinational pharmaceutical companies are increasingly seeking to convert tens of millions of dollars in upfront payments into treatment solutions worth billions, with Chinese innovative drugs becoming a focal point for competition [1][2]. Group 1: Market Trends - As of this year, U.S. pharmaceutical companies have signed 14 licensing agreements related to Chinese drugs, with a potential value of $18.3 billion, compared to only two agreements in the same period last year [1]. - By 2030, up to $200 billion worth of drugs will lose patent protection due to the expiration of numerous blockbuster drug patents, prompting multinational companies to seek new product lines to avoid the "patent cliff" [1]. - The pace of licensing agreements for Chinese innovative drugs is expected to accelerate, as multinational companies recognize the availability of high-quality assets at lower prices compared to similar products in the U.S. [1]. Group 2: Financial Implications - Licensing agreements allow companies to develop, produce, and commercialize drugs or technologies from other companies in exchange for future milestone payments, reducing development risks for sellers and providing protection for buyers [1]. - Although upfront payments may not be high, they can quickly supplement the R&D funding of selling companies, alleviating pressures from performance declines due to centralized procurement [2]. Group 3: Competitive Landscape - After receiving upfront payments, companies may face intensified competition, as buyers can cancel licensing agreements if clinical data shows abnormalities or if better alternatives emerge [3]. - In 2024, it is anticipated that one-third of the assets licensed by large pharmaceutical companies will come from China, with projections for this figure to rise to 40%-50% [3]. Group 4: Innovation and Investment - The value chain of Chinese biotech companies is increasingly improving, with China's share in global drug R&D nearing 30%, while the U.S. share has decreased to about 48% [3]. - Recent approvals from the U.S. FDA for drugs developed from Chinese companies indicate a shift towards more innovative therapies, including targeted cancer therapies and novel drugs [4]. - The recent surge in interest from U.S. investors in Chinese biopharmaceutical companies is reflected in the strong stock performance of several companies, with notable increases in share prices [4].