本文来自微信公众号：经济观察报 （ID：eeo-com-cn），作者：刘晓诺，原文标题：《"创新药一级市 场不能再冷下去了"——我们和37位投资人、创业者聊了聊》，题图来自：AI生成 神曦生物的创始人陈功注意到，2025年以来，有更多合伙人级别的投资人来看创新药项目、参加行业会 议了。而去年，参加圆桌论坛的很多是投资经理。 不过，投资人虽然开始走动，但当前融资依然艰难。陈功为A轮融资已经跑了20多个月，资金尚未落 地。 另一位创业者花了大半年时间，与二三十家机构交流后仍未完成天使轮，投资人告诉他，"你聊得还算 少的，至少要聊100家机构，才会有人投资。" 2025年开年以来，创新药行业的上市公司股价集体走出低谷，接连不断的BD（主要指药物对外授权） 交易催动股市热，超60家创新药企股价翻倍上涨。多家在港交所上市的创新药企掀起了新股申购热潮， 最高的申购倍数已超5000倍。 陈功属于典型的教授创业。2013年，陈功在顶级学术刊物《Cell Stem Cell》发表论文，在阿尔茨海默症 小鼠上证明了大脑的原位神经元是可再生的，开创了用原位神经再生技术治疗神经退行性疾病的新领 域。2016年，陈功在美国创办神曦生物 ...

Group 1: Core Views - The venture capital industry is currently in a phase of fundraising recovery and exploring diverse exit channels, with patient capital accelerating its entry into the market [1][3] - Full-chain collaboration is identified as a key strategy for breaking through challenges in the industry [1][7] Group 2: Fundraising Market Trends - The overall fundraising market is in a recovery phase, with a projected decline of 20.8% in 2024, narrowing to 2.9% in Q1 2025, indicating a gradual restoration of market confidence [4] - The role of state-owned guiding funds has shifted from a "招商思维" (investment attraction mindset) to an "产业构建思维" (industry construction mindset), focusing on matching industrial resources [4] - Patient capital is becoming a significant trend, with long-term funds from banks and insurance companies increasingly entering the venture capital space, exemplified by Guangzhou Industrial Investment's establishment of 9 financial asset investment companies totaling 150 billion [4] Group 3: Exit Strategies - Innovation and balance in exit strategies are crucial for venture capital institutions, with a focus on achieving a Distribution to Paid-In (DPI) ratio of at least 1 for Limited Partners (LPs) [5][6] - The diversification of exit channels is showing positive results, with the introduction of S funds as a new exit route gaining traction among institutions [6] - The current hot IPO market in Hong Kong is viewed as a short-term liquidity solution rather than a long-term stable option, while reforms in the A-share market present new opportunities for unprofitable hard tech companies [6] Group 4: Industry Development and Collaboration - Long-termism and value investing are emphasized as core principles for overcoming industry challenges, with a focus on high Internal Rate of Return (IRR) to support overall fund DPI [7] - Full-chain collaboration is being adopted by many state-owned enterprises, leveraging mother funds to attract social capital and focusing on key nodes in the industrial chain [7] - Suggestions for future industry development include structural problem-solving, embracing change while maintaining core principles, and deepening engagement in hard tech sectors [7]