2025 年 06 月 05 日 医药 国投证券医药产业链数据库之：创新药 投融资，2025 年 5 月全球市场创新药 VC&PE 投融资维持同比正增长 为了更前瞻和领先地观测 CXO 行业的景气度变化，我们借助创新药 VC&PE 投融资情况作为先行指标，从年度、季度、月度等不同时间维 度进行观察。2025 年 5 月全球市场创新药 VC&PE 投融资同比正增长。 年度维度观察：2024 年全球和美国创新药 VC&PE 投融资情况已 恢复正增长 2024 年全球和美国创新药 VC&PE 投融资情况已恢复正增长。根据 Crunchbase 的数据，2024 年 1-12 月全球和美国创新药 VC&PE 投融 资金额分别同比增长 1.93%和 5.29%，较 2023 年分别同比改善 30.51 个百分点和 35.12 个百分点。 季度维度观测：2025Q1 全球市场创新药 VC&PE 投融资增速同比 改善明显 2025Q1 全球市场创新药 VC&PE 投融资增速同比改善明显。根据 Crunchbase 的数据，2025Q1 全球、美国、国内创新药 VC&PE 投融资 金额分别同比增长 20.57%、同比下降 4 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The report indicates a significant improvement in the VC&PE investment in the domestic innovative drug sector as of March 2025, serving as a leading indicator for the CXO industry's economic conditions [14][4] - In 2024, both global and US innovative drug VC&PE investments have returned to positive growth, with amounts increasing by 1.93% and 5.29% respectively compared to 2023, marking an improvement of 30.51 percentage points and 35.12 percentage points [15][2] - The first quarter of 2025 shows a notable year-on-year improvement in global innovative drug VC&PE investment growth, with global investments increasing by 20.57%, while US and domestic investments saw declines of 4.99% and 4.05% respectively [20][3] - In March 2025, the domestic market for innovative drug VC&PE investments experienced a year-on-year growth of 51.78%, contrasting with a decline of 27.40% in the US market, and a global growth of 6.82% [29][4] Summary by Sections 1. VC&PE Investment in March 2025 - The report highlights a clear improvement in the VC&PE investment growth rate in the domestic innovative drug market for March 2025 [14] 1.1. Annual Observation - The global and US innovative drug VC&PE investment figures for 2024 show a recovery to positive growth, with respective increases of 1.93% and 5.29% [15] 1.2. Quarterly Observation - The first quarter of 2025 indicates a significant year-on-year improvement in global innovative drug VC&PE investment growth [20] 1.3. Monthly Observation - March 2025 data reveals a substantial year-on-year increase in domestic innovative drug VC&PE investment, with a growth rate of 51.78% [29]