多发性骨髓瘤作为血液系统第二大常见恶性肿瘤，曾因起病隐匿、临床表现复杂、治疗手段有限，患者预后普遍不佳。如今，随着创新疗法持续迭代与规范 诊疗广泛落地，越来越多患者不仅成功跨越五年生存期，更稳步迈向十年乃至更长期的高质量生存。 作为全国首个专注于血液肿瘤患者的八段锦主题赛事，本届大赛积极响应"健康中国"行动号召，探索传统养生与现代医学融合的创新康复路径，打造集赛 事、科普、康复于一体的特色项目，帮助患者在实现"更深缓解、更长生存"治疗目标的基础上，进一步提升免疫功能、改善身心状态、回归正常生活，为推 动"功能性治愈"目标的达成开拓更多现实可能。北京赛区作为此次全国系列活动的关键站点，也将继续发挥示范带头作用，引领全国以形式多样的康复活 动，构建跨区域、多层次的疾病管理支持生态。 强生创新制药中国区副总裁、肿瘤业务部负责人柯赛帆表示："今年适逢强生在华40周年，我们始终以患者健康为使命、致力于将科学创新的边界推向新的 高度。本次八段锦大赛不仅是一次康复实践，更是强生构建以患者为中心的肿瘤慢病管理模式的全新探索。未来，我们将继续携手医疗领域与社会各界，深 化具有中国特色的患者服务模式，让更多患者实现从治疗到治愈的 ...

Core Insights - The third Pujiang Biomedicine Source Innovation Conference was successfully held in Shanghai, focusing on cutting-edge technological innovation in China's pharmaceutical industry and global cooperation [1][2] - The conference emphasized the importance of source innovation and collaboration in accelerating the development of the biopharmaceutical sector, with a call for building an open and cooperative innovation ecosystem [1][3] Group 1: Industry Trends - China's innovative drug industry is transitioning from "catching up" to "keeping pace" and even "leading" in the global market, with a significant increase in the proportion of globally launched new drugs [2] - The development of innovative drugs in China has shown strong momentum, particularly in areas like antibody-drug conjugates (ADCs) and bispecific antibodies, with active overseas licensing transactions [2] Group 2: Strategic Directions - The need for a dual-integration development path was highlighted, focusing on establishing a multi-tiered payment system centered around commercial insurance and enhancing the pricing mechanism for innovative drugs [2] - Chinese pharmaceutical companies are encouraged to build independent global commercialization systems and actively seize international market opportunities, moving beyond mere licensing transactions [3] Group 3: Technological Integration - The integration of AI technology is seen as crucial for enhancing innovation capabilities, with a call for the industry to embrace the AI revolution and create a collaborative AI innovation ecosystem [3] - Companies like Fosun Pharma are actively pursuing innovation, internationalization, and AI integration, aiming to contribute to Shanghai's development as a world-class biopharmaceutical hub [3]

Core Insights - China's pharmaceutical innovation is experiencing a significant increase in transaction volume, with overseas transactions exceeding $100 billion, indicating a robust growth in the sector [1][5] - The National Medical Products Administration (NMPA) has approved 43 new drugs in the first half of 2025, with a notable acceleration in the pace of innovation drug approvals [1][4] - Despite the growth in quantity, the quality of innovation remains a concern, with a predominance of "follow-up" innovation and issues of target homogeneity [2][6] Industry Trends - The global pharmaceutical transaction volume reached $191 billion in the first three quarters of 2025, with China contributing $937 billion, showcasing its competitive position in the global market [1][5] - Shanghai has emerged as a key hub for biopharmaceuticals, with 9 innovative drugs approved for overseas markets in 2023, leading the nation in this regard [4][5] - The shift from "single product authorization" to a focus on systemic capabilities and deep collaboration reflects a changing strategy among Chinese pharmaceutical companies [13] Challenges and Opportunities - The industry faces challenges such as weak foundational research, a trust crisis in collaborations, and funding difficulties, which hinder the development of truly innovative products [8][9] - There is a pressing need for differentiation in innovation, with a focus on "source innovation" to avoid the pitfalls of homogeneous competition [2][6][12] - Companies are encouraged to adopt a cost-effective approach to innovation, particularly in the context of China's large population and healthcare affordability [7][10] Strategic Directions - Companies must recognize unmet clinical needs and maintain a rational approach to innovation, avoiding overcrowding in competitive areas [9][10] - The ability to sell innovative drugs globally is becoming a critical measure of a company's success, surpassing mere research capabilities [12][14] - Building strong global commercialization capabilities through partnerships and localized teams is essential for navigating international markets [13][14]

Summary of the Pharmaceutical Industry Conference Call Industry Overview - The pharmaceutical industry has entered the 2.0 phase, characterized by significant growth in the innovative drug market and a gradual move towards international markets [1][3] - High-value consumables and minimally invasive stents have begun sales in the U.S., while low-value consumables have achieved internationalization [1][3] - Surgical robots have exceeded global sales expectations, with some products like PET-CT reaching global leadership [1][4] Key Insights and Arguments - **Investment Opportunities in Innovative Drugs**: The innovative drug sector presents significant investment opportunities, with a market potential of 1.2 trillion RMB domestically and 1.8 trillion USD globally. Chinese companies are capable of entering this larger international market, particularly in ADC and bispecific antibody products [1][5] - **Advantages of Domestic Innovative Drug R&D**: Domestic R&D benefits from rich patient resources, low-cost clinical trials, and a strong pipeline reserve, with over 30% pipeline reserve in emerging fields like cell therapy and ADC [1][6] - **CRO Sector Investment Opportunities**: The CRO sector shows promising investment opportunities, with a significant increase in financing expected in 2025, particularly for clinical trials and early-stage R&D [1][7] - **CRO Performance and Future Demand**: In the first half of 2025, CRO companies performed well in overseas markets, with double-digit growth in orders. Domestic demand is expected to recover in 2026, despite weaker performance in 2025 due to project execution cycles [1][8] Additional Important Points - **Market Financing Trends**: Domestic primary market financing reached 660 million USD in August 2025, the highest monthly value in three years, with optimistic projections for the remainder of the year [1][9] - **High-Value Consumables Market Trends**: By 2026, the high-value and low-value consumables markets are expected to complete centralized procurement, with the most significant price pressure having passed. Focus areas include fast-growing surgical fields and products with high foreign investment ratios [1][12] - **Challenges and Opportunities in Medical Equipment**: The medical equipment sector faces challenges due to procurement stagnation from anti-corruption measures, but there is potential for recovery in late 2024. Companies like Mindray and new industry players are expanding into overseas markets, indicating growth potential [1][13]

Core Insights - The Chinese innovative pharmaceutical industry is accelerating its "going global" process, with significant business development (BD) transactions occurring in October, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][2][3] Group 1: Major Transactions - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical, integrating their strengths in tumor immunology and antibody-drug conjugates (ADC), with a total deal value of up to $11.4 billion [1] - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with potential milestone payments and future sales revenue sharing [1] - Other companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating a strong market interest in Chinese innovative drugs [2] Group 2: Market Trends - The Chinese innovative drug sector is becoming a major player in global pharmaceutical BD activities, with a notable increase in overseas licensing transactions in 2023 [2][3] - The current trend shows that the majority of Chinese innovative drugs are entering international markets through BD licensing rather than independent market entry due to the high costs and risks associated with the latter [3] - The surge in BD transactions is attributed to the rapid advancements of Chinese companies in emerging fields like ADCs and cell therapies, as well as the need for multinational pharmaceutical companies to fill revenue gaps from expiring patents [3]

Core Viewpoint - The recent significant adjustment in the innovative drug sector does not diminish its long-term investment value, according to several private equity firms [1] Group 1: Market Analysis - The innovative drug sector is experiencing a substantial adjustment, but this is viewed as a short-term phenomenon [1] - Domestic companies with technological platforms in specific sub-sectors such as small nucleic acids, ADCs (antibody-drug conjugates), TCEs (targeted chemical therapy drugs), and bispecific antibodies possess competitive advantages [1] Group 2: Future Catalysts - The fourth quarter is anticipated to be a period of intensive catalysts for innovative drugs [1] - Key events include a series of business development (BD) transactions expected to occur in the fourth quarter [1] - Positive catalysts for the innovative drug industry are anticipated, including the European Society for Medical Oncology (ESMO) annual meeting in mid-October 2025, the American Society of Hematology (ASH) meeting in December, and potential negotiations for the 2025 National Medical Insurance in November [1]

Summary of the Conference Call on Innovative Drug Valuation Framework Industry Overview - The innovative drug industry is experiencing significant policy support from the government, marking the beginning of a new knowledge cycle since early 2024 [2][4] - The health of the medical insurance fund provides a broad development outlook for the domestic innovative drug market, with room for growth in the sales proportion of newly negotiated innovative drugs [2][4] Key Points and Arguments - **Policy Changes**: A series of favorable policies for innovative drug development have been introduced since early 2024, which are expected to reshape valuations in the industry [2][4] - **Insurance Fund Health**: The medical insurance fund's surplus and surplus rate remain healthy, indicating low future payment pressure and a promising market for innovative drugs [4] - **International Recognition**: Chinese innovative drugs have gained significant international recognition, with record numbers of presentations at major conferences like ACR and ASCO, enhancing global influence and fostering collaborations with overseas companies [2][4] - **Business Development (BD) Transactions**: The quantity and quality of BD transactions in China have significantly improved, with transaction amounts and upfront payments showing a clear upward trend. Heavyweight deals (over $1 billion) account for nearly 20% of global transactions [5][6] - **Profitability Outlook**: Companies like Innovent Biologics and Baillie Gifford are expected to achieve profitability by 2025, indicating a shift towards a profitable cycle for the entire innovative drug sector [2][8] Valuation Insights - **Valuation Multiples**: Current valuation adjustments for domestic innovative drug companies can be based on a 5x Price-to-Sales (PS) multiple, an increase from the previous 3x benchmark, reflecting higher profit margins and certainty for certain products [3][17] - **Factors Influencing PS Multiples**: Key factors affecting PS multiples include profit margins, product launch speed, and discount rates. Higher profit margins and faster product launches lead to higher valuations [11][12][15][16] Future Development Prospects - The future of the Chinese innovative drug market appears optimistic, supported by ongoing favorable policies and the ability of Chinese companies to produce high-quality products for global markets [6][10] - The trend of dual outbound strategies for Chinese innovative drug companies is becoming a certainty, with many companies achieving multiple transactions annually, enhancing their profitability and valuation [10] Additional Important Insights - **NCC Recognition**: The increasing recognition and importance of innovative drug products by the National Comprehensive Cancer Network (NCC) is expected to drive more significant transactions in the sector [7] - **New Transaction Models**: The emergence of new transaction models, such as the "6扣" model, allows Chinese companies to collaborate with overseas funds and investors, addressing cash flow issues and facilitating product development [7] - **Investment Attraction**: Companies in early clinical stages can attract substantial funding due to the large market potential and high success probabilities associated with their products [19]

Group 1 - The innovative drug sector has shown remarkable performance this year, driven by fundamental breakthroughs, policy support, and valuation recovery [1][2] - The total value of BD transactions in the innovative drug sector exceeded $60 billion in the first half of 2025, surpassing the total for 2024 [1] - The Chinese innovative drug market has significant growth potential, with current innovative drug market share below 20%, compared to over 50% in developed countries [5] Group 2 - The innovative drug sector is currently in the early stages of its investment cycle, with substantial room for growth and valuation improvement [4][5] - The market is witnessing a shift from homogeneous imitation to differentiated innovation, with leading companies expanding their market share [6][7] - Key areas of opportunity include ADC and dual-antibody therapies, which are expected to take over the current market positions of PD-1 and chemotherapy [6]

Core Viewpoint - The innovative pharmaceutical sector has shown remarkable performance this year, driven by favorable policies, improved fundamentals, and valuation recovery, leading to increased investor confidence in Chinese innovative drug companies [3][4][5]. Group 1: Drivers of Performance - The outstanding performance of the innovative drug sector is attributed to a positive fundamental outlook, strong policy support, and accelerated internationalization of the industry [4][5]. - Key factors include robust policy measures such as the introduction of new healthcare payment systems and the establishment of a supportive environment for innovative drug development [5][6]. - The sector has seen a surge in business development (BD) activities, with transaction volumes exceeding $60 billion in the first half of the year, indicating a significant increase in collaboration with international companies [5]. Group 2: Competitive Landscape Changes - The dual impact of BD and healthcare policies is reshaping the competitive landscape of the Chinese innovative drug industry, leading to accelerated differentiation and improved global competitiveness among domestic companies [8][9]. - The establishment of a new payment directory and the introduction of a multi-channel payment system are expected to enhance the market access for over 100 innovative drugs, significantly increasing the healthcare expenditure on innovative drugs by 3.9 times by 2024 compared to 2020 [9]. Group 3: Stock Selection Insights - Investment strategies focus on identifying companies with significant growth potential, high industry attractiveness, and strong management integrity [10][11]. - The emphasis is on tracking key pipelines and entering positions when companies are undervalued, aiming to capitalize on market recognition as catalysts are validated [10][11]. Group 4: Future Market Outlook - The innovative drug sector is currently in the early stages of a rebound, with substantial growth potential as the market for innovative drugs in China is still underdeveloped compared to developed countries [13][14]. - The focus is shifting towards performance-driven market dynamics, where companies that can consistently deliver valuable innovations and effectively convert them into commercial success will gain market attention [14]. Group 5: Areas of Opportunity - Beyond innovative drugs, sectors such as innovative medical devices and upstream life sciences are also seen as promising areas for investment, with significant domestic market potential [16]. - Specific fields like ADC, dual antibodies, and gene therapy are highlighted as having substantial growth prospects, with a notable increase in the number of competitive projects emerging from China [16].

Core Insights - The innovative drug sector has shown remarkable performance this year, becoming one of the main driving forces behind market growth [1][17] - Recent overseas news related to innovative drugs has increased market volatility, prompting discussions on the true investment value and fundamental changes within the sector [1][17] Group 1: Driving Factors Behind Performance - The strong performance of the innovative drug sector is driven by favorable fundamentals, including robust policy support and rapid revenue growth in China's innovative drug industry [18] - The industry has accelerated its international development, with numerous product collaboration agreements with overseas multinational companies, leading to record-high transaction amounts [18][19] - The innovative drug sector's significant rise is attributed to a combination of fundamental breakthroughs, policy support, and valuation recovery [19] Group 2: Impact of Policy and Internationalization - The introduction of supportive policies, such as the measures from the National Healthcare Security Administration, has provided a solid foundation for the development of innovative drugs [19][22] - The competitive landscape of the innovative drug industry is being reshaped by overseas licensing and policy support, leading to a shift from homogeneous imitation to differentiated innovation [21][22] - The establishment of a "Class B drug directory" has resolved payment bottlenecks, ensuring payment channels for over 100 innovative drugs and creating a multi-channel payment system [22] Group 3: Stock Selection Strategies - Investment strategies focus on companies with significant growth potential, high industry prosperity, and strong management integrity [23] - Continuous tracking of key pipelines and entering positions when companies are undervalued is emphasized to capitalize on market recognition [23] - A balanced portfolio approach is recommended, combining long-term growth companies with those that have potential for short-term gains [23] Group 4: Future Market Outlook - The innovative drug sector is currently in the early stages of a rebound, with significant growth potential as the market for innovative drugs in China is still underdeveloped compared to developed countries [25] - The sector is expected to transition from a phase of broad increases to a performance-driven structural market, focusing on data and earnings rather than mere expectations [26] - Emerging fields such as innovative medical devices and life sciences are also seen as promising areas for investment [27]