Group 1 - The core viewpoint of the articles highlights the transformation of Chinese innovative pharmaceutical companies from "technology followers" to key players in the global life sciences landscape, supported by venture capital and favorable policies [1] - Two significant events in the first half of the year include the licensing agreement between 3SBio and Pfizer for the PD-1/VEGF dual antibody SSGJ-707, and the breakthrough of Chinese innovative drugs at the 2025 ASCO conference, showcasing their global competitiveness [1] - The Chinese biotech sector is experiencing a remarkable growth, with a reported 78% increase in the first half of 2025, significantly outperforming global peers, despite the overall market capitalization being only 14%-15% of that of U.S. counterparts [1] Group 2 - Concerns about the "selling seedlings" phenomenon, where early-stage innovative drug developments are transferred to large foreign pharmaceutical companies, are emerging within the industry [2] - The investment community views the integration of Chinese companies into the global pharmaceutical ecosystem positively, as multinational corporations (MNCs) are increasingly acquiring Chinese biotech firms rather than solely relying on European or American companies [2] - The business model of selling early-stage projects to MNCs allows biotech companies to quickly recoup funds and continue developing new projects, which is seen as a mature commercial strategy [3]