2025年，中国创新药行业迎来高光时刻。 政策大力扶持、License-out（对外授权）交易频频落地……多重利好叠加之下，创新药成为资本市场上最炙手可热的 板块之一。其中，和铂医药-B（2142.HK）表现尤为抢眼——凭借全球稀缺的抗体技术平台和接连落地的跨国合作， 其股价年内涨幅高达691.94%（截至9月2日收盘），强势跻身港股创新药板块涨幅前四。 资本市场表现背后，是扎实的业绩与持续的资本认可。继交出盈利同比增长超50倍的中期成绩单后，和铂医药再获顶 级主权基金青睐：新加坡政府投资公司（GIC）以战略投资者身份参与其配售，斥资约5.11亿港元增持4502.2万股。值 得注意的是，这已是今年第二家重仓入股和铂医药的全球顶级机构——早在3月，国际制药巨头阿斯利康就已率先战 略入股，以每股约10.74港元的价格，斥资1.05 亿美元认购和铂医药 9.15%新发行股份。认购价较协议签署当日港股收 盘价溢价37.2%。 巨头接连押注，究竟看中了什么？在一众Biotech中，和铂医药为何能脱颖而出，成为长线资本眼中的"稀缺资产"？ 图表一：公司今年以来股票走势图 数据来源： WIND ，格隆汇整理 数据截至 20 ...

Summary of Conference Call on Pharmaceutical Sector Industry Overview - The conference call focuses on the pharmaceutical sector, particularly the impact of tariffs on innovative drugs and the performance of traditional Chinese medicine (TCM) [1][2][5]. Key Points and Arguments Impact of Tariffs on Innovative Drugs - Innovative drugs are minimally affected by tariffs due to the "borrowing ship" model, which allows companies to avoid customs duties by licensing patents to U.S. firms [2]. - For example, even with a 100% tariff on certain oncology products from Hehuang Pharmaceutical, the valuation impact is only 1% to 2% [1][2]. Future Development of Innovative Drug Sector - The future growth of the innovative drug sector relies heavily on business development (BD) logic. The second half of 2025 may see a divergence in market performance, with companies that can deliver on BD continuing to rise, while those that cannot may face declines [3][4]. - A significant increase in conflict of interest agreements is expected in 2025, which will transition into service contracts requiring about two quarters to digest, indicating sustained BD activity throughout the year [4]. Export Dynamics - China's exports of pharmaceutical products to the U.S. are relatively low, with medical devices and diagnostic reagents making up over 30% of total exports, while ordinary drugs account for less than 20% [5]. Performance of Traditional Chinese Medicine (TCM) - The TCM market is showing signs of improvement in Q2 2025, with the high base effect from Q1 diminishing. The third quarter is expected to see accelerated performance due to a lower base from the previous year’s anti-corruption measures in healthcare [6]. - Key stocks to watch include Zhaoli Pharmaceutical, which has a high degree of certainty in procurement and performance completion [6]. Biopharmaceutical Sector Stability - The biopharmaceutical sector, particularly vaccines and blood products, is expected to maintain stable growth. Investors are encouraged to focus on the long-term potential of these companies based on their existing business foundations [3][8]. Additional Important Insights - The overall valuation in the innovative drug sector is currently around three times price-to-sales (PS) ratio, with expectations to correct to five times PS, indicating significant upside potential [4]. - Retail performance for TCM products is strong, with notable sales growth for products like Ma Ying Long hemorrhoid ointment and Yunnan Baiyao's Qi Xue Kang [6]. This summary encapsulates the key insights from the conference call regarding the pharmaceutical sector, highlighting the resilience of innovative drugs against tariffs, the promising outlook for TCM, and the stability of the biopharmaceutical industry.