0:00 21世纪经济报道记者 韩利明 朱艺艺 近年来，创新药领域的BD（商务拓展）合作热潮迭起，中国Biotech（创新药企）与国际大药企的合作 案例频现。但这股合作热潮能否持续？其背后的核心逻辑又是什么？ 博远资本创始合伙人陶峰向21世纪经济报道记者指出，创新药产业链的特性为BD合作提供了天然土 壤，"欧美大药企主导后期临床与商业化环节，这些阶段需要巨额资本和资源投入，中小型Biotech很难 独立承担；但大药企受限于内部创新的天然弱势，必须依靠持续引入重磅产品才能维系平台运转，因 此'自研 + 管线采购'成为行业普遍模式。" 陶峰进一步明确，中国Biotech的BD合作潜力取决于核心能力，"只要能持续产出高质量管线——研发进 度领先、产品质量过硬，BD热潮就具备持续的基础。对国际大药企而言，选择最优管线是市场理性选 择，当中国创新药能提供'最快又最好'的选项时，合作自然水到渠成。" 出品：21世纪新健康研究院 栏目统筹：曹金良 栏目策划：季媛媛 编辑：季媛媛、张伟贤 本期文案：韩利明、朱艺艺 设计：刘妍妍 视频制作：胡凯文 视频指导：曾婷芳 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector for a reversal trend in 2025, emphasizing innovation drugs as the main investment theme [4]. Core Views - The report highlights significant BD collaborations by leading domestic pharmaceutical companies, indicating a rich pipeline of innovative drugs entering the monetization phase [1][39]. - It suggests focusing on innovative drugs addressing unmet clinical needs, particularly in chronic diseases and cancer [2][4]. - The report notes the ongoing normalization of centralized procurement in medical devices, which is expected to enhance market share for quality domestic companies [41][42]. Summary by Sections Pharmaceutical Sector - Recent collaborations include Heng Rui Medicine's partnership with GSK for 12 innovative projects, with an upfront payment of $500 million and potential milestone payments of $12 billion [1][39]. - The report indicates that the innovative drug sector is experiencing upward momentum, with the China Innovation Drug Index rising by approximately 0.52% [21]. - The report emphasizes the importance of leading pharmaceutical companies' internationalization and resource integration capabilities [2][39]. Medical Devices - The centralized procurement process is advancing, with a focus on drug-coated balloon and urological intervention medical consumables [41][42]. - The report anticipates that quality domestic enterprises will gain higher market shares due to successful bids in procurement [42]. Biopharmaceuticals - Sanofi reported a 10.1% increase in global sales for Q2 2025, driven by the sales of Dupixent, which grew by 21.1% year-on-year [47][48]. - Dupixent has been approved for COPD treatment in 13 countries, with further approvals expected [50]. Medical Services and Consumer Healthcare - The implementation of a childcare subsidy policy is expected to release pent-up demand for IVF services and enhance industry penetration [56][57]. Key Investment Targets - The report identifies key investment targets including Kelun-Botai, Renfu Pharmaceutical, Huadong Medicine, and others [5].

Market Overview - The Hong Kong stock market experienced mixed performance with the Hang Seng Index rising by 0.68% to close at 25,562.13 points, while the Hang Seng Technology Index fell by 0.24% [1] - The total trading volume for the day was 250.3 billion HKD [1] Blue-Chip Stocks Performance - China National Pharmaceutical (01177) led blue-chip stocks with a 7.09% increase, closing at 7.25 HKD, contributing 7.74 points to the Hang Seng Index [2] - Other notable performers included Hansoh Pharmaceutical (03692) up 5.83% and CSPC Pharmaceutical (01093) up 5.45% [2] Sector Highlights - The innovative drug sector saw significant gains, with Hengrui Medicine (01276) surging by 24.54% after announcing a collaboration with GSK worth up to 12.5 billion USD [3][4] - Insurance stocks also performed well, with AIA Group (01299) rising by 4.96% following a reduction in the preset interest rates for life insurance products [4][5] Regulatory Developments - The Hong Kong Stablecoin Regulation will take effect on August 1, 2025, with initial licenses to be granted to a limited number of applicants [6] - The regulation aims to enhance compliance and support the development of the stablecoin industry [6] Commodity Market Impact - The commodity futures market saw significant declines, with major products like coking coal and glass dropping by 11% and 9% respectively, attributed to regulatory limits on trading [7] Notable Stock Movements - China Tobacco Hong Kong (06055) rose by 13.32% after the release of a draft regulation on the domestic duty-free tobacco market [8] - CATL (300750) reached a new high, increasing by 6.24%, with expectations of strong revenue growth in the upcoming earnings report [9] - China Duty Free Group (601888) fell by 5.55% after reporting a 9.96% decline in total revenue for the first half of 2025 [10]

Investment Rating - The report rates the innovative drug industry positively, indicating a significant growth potential and favorable market conditions for investment. Core Insights - The year 2025 is projected to be the starting point for at least three years of favorable market conditions for innovative drugs, driven by several key factors including high upfront payments for collaborations and improved domestic clinical environments [4]. - The Chinese innovative drug market is expected to experience rapid growth, with a projected market size of nearly 550 billion RMB in 2024 and an estimated CAGR of 24.1%, potentially exceeding 20 trillion RMB by 2030 [4][10]. - The research and development capabilities of Chinese companies have significantly improved, with a notable increase in the number of original FIC innovative drugs, positioning China as a global leader in certain therapeutic areas [4][27]. - The number and value of license-out transactions for Chinese innovative drugs have reached new highs, with 94 transactions in 2024 totaling 51.9 billion USD, reflecting a 26% year-on-year increase [4][46]. - The overall revenue of innovative drug companies is steadily increasing, with A-share companies projected to grow from 30.07 billion RMB in 2018 to 62.8 billion RMB in 2024, indicating a transition from high investment phases to profitability [4][18]. Summary by Sections 1. Market Outlook - The innovative drug market in China is set for explosive growth, with a total market size projected to reach 20 trillion RMB by 2030, representing a 264% increase from 2024 [10][4]. - The domestic innovative drug market is currently only 3% of the global market, indicating substantial growth potential [10]. 2. R&D Strength - Chinese companies have made significant advancements in R&D, with 41% of global innovative drug targets covered by domestic firms [27]. - The number of original FIC innovative drugs from Chinese companies surpassed that of Europe in 2021, ranking second globally [27]. 3. License-Out Transactions - The license-out transactions for Chinese innovative drugs have seen a remarkable increase, with 94 transactions in 2024 and a total transaction value of 51.9 billion USD [46][41]. - The trend of license-out transactions is expected to continue growing, with a projected total of 2.659 billion USD by 2030 [10]. 4. Revenue Growth - A-share innovative drug companies are expected to see their revenues grow significantly, with a projected increase to 62.8 billion RMB by 2024 [18]. - The overall profitability of innovative drug companies is improving, with several companies expected to turn profitable by 2025 and 2026 [4]. 5. Technological Advancements - The report highlights the emergence of advanced therapies such as ADCs and dual-target antibodies, suggesting a focus on high-tech innovations in the industry [4]. - The ASCO conference showcased a record number of presentations from Chinese companies, indicating the growing influence of Chinese innovations in global markets [4].

Core Viewpoint - The innovative pharmaceutical industry in China is experiencing a "triple resonance" of policy support, industry upgrades, and performance recovery, leading to a restructuring of capital market valuation logic [1] Group 1: Business Development (BD) Collaborations - In May 2025, China’s pharmaceutical industry saw significant BD announcements, including a $60.5 billion collaboration between 3SBio and Pfizer for the SSGJ-707 project [2] - Following this, Sinopharm announced a licensing agreement with Chengdu Guowei Biopharmaceutical for the AGT-siRNA drug GW906, with potential payments totaling up to 5.5 billion yuan [3] - The collaboration between Sinopharm and Guowei aims to enhance the company's pipeline in chronic disease treatment, particularly for primary hypertension [3] Group 2: Market Trends and Innovations - The siRNA technology is highlighted as a frontier in global innovative drug development, with companies like Alnylam leading the market [3][4] - The small nucleic acid market is driven by increasing penetration of existing drugs and unique advantages over traditional small molecules and monoclonal antibodies [5][6] - The success rate of siRNA drugs from project initiation to clinical phase III is approximately 60%, significantly higher than traditional drugs [6] Group 3: Valuation and Market Dynamics - The valuation logic for innovative drugs is evolving, focusing on "technology scarcity × market space × threat of alternative therapies" [7] - The average R&D cost for Chinese innovative drugs is 40%-60% lower than that of Western counterparts, with a reduced timeline from IND to BLA of 1.8 years [8] - In 2024, 228 BD transactions were recorded, with a 36% increase from 2023, indicating a growing trend in domestic and international collaborations [9] Group 4: Strategic Partnerships and Challenges - Large multinational companies are increasingly engaging in early-stage Chinese innovation projects, recognizing the potential for cost-effective assets and market opportunities [10] - The challenges in BD collaborations often stem from valuation discrepancies, with domestic firms focusing on R&D potential while foreign firms prioritize market size and regulatory predictability [10] - Companies are advised to enhance their core value and innovation capabilities while also focusing on intellectual property protection to navigate the complexities of international markets [11][12] Group 5: Future Outlook - The transformation of Chinese innovative pharmaceutical companies from "price takers" to "rule makers" is underway, emphasizing the importance of continuous technological innovation and rational value recognition [13]