2025年，国产创新药迎来"DeepSeek时刻"。在政策东风下，中国药企研发突破频传，创新药出海BD （商业拓展）交易涌现并刷新首付款纪录，A股、港股板块持续升温，连电子领域基金经理也"跨界"加 仓。中国创新药企正不断用创新成果，撕掉国际市场对中国创新药的"me too"标签。 二级市场价值重估 创新药板块在二级市场强势崛起。 东方财富数据显示，自4月7日阶段性探底后，A股、港股创新药板块持续上扬。4月8日至6月16日，A股 创新药板块累计上涨34.27%，港股创新药指数更以逾70%的涨幅领跑市场。今年以来，逾八成港股18A 上市药企股价呈现上涨趋势。 在此轮行情开始前，创新药板块已经历了近四年的调整期。其中，2023年7月，恒生创新药指数创下历 史新低，相较2021年7月已下跌超七成，更有多只创新药概念股出现破发。 此轮行情的核心驱动力在于BD交易活跃与创新药商业化兑现。景顺长城医疗产业基金经理乔海英向北 京商报记者表示，从资金层面看，医药行业连跌四年，过度反应了市场对国内医疗需求的悲观预期。而 在风险偏好逐步修复的过程中，创新药作为科技创新在医药领域的投射，因其非线性的高回报潜力，成 为风险偏好提升的资 ...

Core Insights - The fifth TOPS Dealer Empowerment Summit was held in Shanghai, gathering over 200 frontline pet dealers to explore ways to enhance operational efficiency [3] - A presentation titled "Annual Research and Analysis of the Current Situation of Pet Dealers in China" was delivered by the founder of Pet Industry Home and the Expo [5] Financial Performance - The average annual revenue for pet dealers in 2024 is projected to be 17 million, with a median revenue of 14 million [6] - The average revenue per employee for dealers is 1.54 million [8] - Dealers can be categorized into three profit margin tiers: - Tier 1 (over 25% margin): 8.5% of dealers - Tier 2 (15%-24% margin): 83% of dealers - Tier 3 (below 15% margin): 8.5% of dealers [8] - Tier 2 dealers contribute 82% of total revenue, while Tier 3 contributes 16.6%, and Tier 1 contributes only 3% [8] Business Strategies - High-margin dealers focus on premium products and exceptional service but are smaller in scale and need to expand their product categories and channels [10] - Mid-margin dealers aim to expand their scale and product categories based on user profiles [10] - Low-margin dealers face challenges from declining old brands and rising cost pressures [10] Market Trends - The profitability of pet dealers has shifted from relying on information asymmetry to efficiency-based models [11] - The fastest-growing dealers now depend on operational efficiency and quick turnover, with warehouse turnover times reduced from 60 days to 30 days [11] - Future competition among dealers will center on operational efficiency rather than brand relationships or customer maintenance [13] - The industry is moving towards extreme efficiency competition, similar to fast-moving consumer goods (FMCG) sectors, necessitating early optimization of operations [13]

以下文章来源于商业弧光 ，作者李佳琪 出品｜虎嗅商业消费组 作者｜李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 据中国餐饮行业协会数据，目前TOP10新茶饮品牌的甜品SKU数量较两年前增长170%，甜品销售额占比从 5%跃升至18%。 面对茶饮咄咄逼人的攻势，甜品店们该如何应对？近日，针对甜品赛道是否还有机会，如何解决品类创新 乏力、平衡传统和消费者对创新迭代的期待等问题，虎嗅与满记甜品CMO邓肯进行了对话，他从投资和企 业的双重视角向虎嗅分享了自己的观点。 虎嗅独家获悉，未来3~5年，满记甜品计划将加盟门店突破2000家（ 加盟业务10亿净营收 ），并在下沉市 场持续加密。 编辑｜苗正卿 题图｜视觉中国 面对茶饮们的攻势，甜品守得住江山吗？ 市场似乎已经给出了答案：如今，甜品头部品牌扩张迟缓，区域玩家内卷求生。与此同时，隔壁新茶饮巨 头们不仅以"月月上新"的速度收割市场，还用跨界"甜品化"菜单不断模糊品类边界。 过去，甜品在新茶饮门店中只是点缀菜单的"配角"，但这一角色近年来正在发生根本性转变。如喜茶曾在夏 季推出的芒椰糯米饭首月销量突破300万份，奈雪的茶霸气榴莲千层在华南地区单店日销超200份 ...