Core Insights - The JPM conference highlighted breakthroughs in ADC, IO dual antibodies, and GLP-1 technologies by Chinese pharmaceutical companies, enabling them to expand globally through licensing and collaborative development [1] - Leading companies have successfully organized their international operations, with some biotech firms achieving breakthroughs in niche areas [1] - The CXO sector is experiencing significant growth, with companies leveraging the CRDMO model and global production capacity, resulting in a continuous increase in orders [1] - By 2026, overseas bases are expected to be densely operational, marking the beginning of a commercialization phase for the industry [1] - Overall, the Chinese pharmaceutical industry is at the starting point of a global value reassessment, with 2026 identified as a critical year for validating transformation outcomes [1]