新华财经上海12月12日 数据显示，2025年，中国创新药"出海"金额逾千亿美元，在研新药数量跃居全 球第二。 然则，登高望远，方觉任重道远——创新药"仿创"底色犹浓，且面临靶点集中、源头创新乏力等深层次 挑战。"难关"在前，破局思路日渐清晰：开放医保数据应用，从需求侧为产业导航；强化产学研协同， 构建创新生态圈；探索差异化出海路径，深化与跨国药企合作…… 多措并举之下，中国创新药产业正从"跟跑"向"引领"加速转型。 制度"破冰"：医保数据开闸与支付改革破局 近日，赛麦德咨询在上海浦东正式发布"2025中国医药创新指数"。从新药研发、技术转化、商业化落地 等多个层面，系统评估了中国本土制药企业的综合创新能力。 对此，业内人士表示，该指数的发布，也让中国创新药产业更加"可评估、可对标、可引导"。 "2025年我国创新药出海金额已经突破1000亿美元。从三生制药与辉瑞的创记录合作，到信达生物与武 田的共同开发、共同商业化的合作模式，这些突破性的授权不仅是商业上的成功，更标志着中国创新已 经跃升为兼具价值兑现、能力建设、全球布局的复合型模式。"赛麦德咨询亚太区总裁邓显鹏表示。 当前，政策支撑体系也在加速完善。202 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][3][7] Core Views - The company has shown steady revenue growth with a 32.73% year-on-year increase in revenue for the first half of 2025, reaching 353 million yuan [3] - The net profit attributable to the parent company for the same period was 25 million yuan, reflecting a significant year-on-year growth of 54.99% [3] - The company has successfully established a comprehensive service platform and maintains high R&D investment, which supports its growth potential [6][7] Financial Performance - In the first half of 2025, the company achieved a revenue of 353 million yuan, with quarterly revenues of 169 million yuan in Q1 and 183 million yuan in Q2, marking an 8.19% quarter-on-quarter increase [3] - The company’s net profit margin improved, with sales gross margins of 28.39% and 27.51% in Q1 and Q2 respectively, compared to 20.61% and 26.84% in the same periods of 2024 [3] - The company’s operating cash flow turned positive, reaching 39 million yuan in the first half of 2025 [3] Business Segments - The drug discovery segment generated 186 million yuan, accounting for 52.67% of total revenue, with a year-on-year growth of 17.41% [3] - The commercial production segment saw revenue of 123 million yuan, representing 35.00% of total revenue, with a remarkable growth rate of 55.89% [3] - The process research and development segment contributed 29 million yuan, with a growth rate of 30.13% [3] Market Expansion - The company experienced significant growth in new orders and customer acquisition, with Q2 new orders in the service segment reaching 246 million yuan, a 98.77% increase from Q1 [4] - The number of new customers in the service segment increased by 35.29% in Q2, while the commercial production segment added 20% more customers [4] R&D and Technology Platforms - The company invested 19 million yuan in R&D in the first half of 2025, representing 5.39% of its revenue [5] - The CADD/AIDD technology platform has supported 95 new drug projects, with 7 projects entering clinical trials [5] - The DiOrion platform has expanded its capabilities, enhancing drug discovery efficiency and supporting complex molecular types [5] Profit Forecast - The company’s projected net profits for 2025-2027 are 639 million yuan, 817 million yuan, and 979 million yuan respectively, with corresponding EPS of 0.46, 0.59, and 0.70 yuan [6][10]