创新药 BD 专题论坛 - 买全球最好的中国创新药 20260626 摘要 2024 年中国药企全年交易总额超 600 亿美元，预计 2025-2026 年中 国创新药公司将迎来板块性盈利，受益于体量增加和经营杠杆提升。 中国医药产业与欧美差距逐渐缩小，部分领域已实现同步甚至超越，如 DKS 和 KRAS G10C 等靶点新药上市时间差已缩短至三至五年。 资本市场对中国生物医药发展影响显著，港股 18A 和科创板上市为企业 提供资金支持，加速研发投入和扩大生产能力。 与 Big Pharma 合作通常带来更高商业化回报，交易金额与项目阶段密 切相关，阶段越靠后，研发风险越小，成药可能性越大。 中国创新药出海趋势加强，目前以 license 权益为主，未来将有更多公 司在欧美建立商业化团队，如百济神州的泽布替尼在美国市场占有率领 先。 国内创新药市场收入加速，以 A 股为例，剔除百济神州后，板块收入增 速基本在 30%-40%，经营杠杆效应明显，2025 年同比减亏 78%，2026 年有望板块性盈利。 泽璟制药在肿瘤治疗领域布局广泛，包括双特异性抗体 CG005（PD-1 TIGIT）和 CGGS18（VEG ...

Summary of Zai Jian Pharmaceutical Conference Call Company Overview - **Company**: Zai Jian Pharmaceutical - **Year**: 2024 - **Revenue**: 533 million CNY, a year-on-year increase of 37.91% primarily driven by Donafenib [2][6] - **Net Profit**: -138 million CNY, a decrease of over 50% year-on-year, attributed to revenue growth and R&D expenditure planning [2][6] Key Products and Developments - **Donafenib**: - Approved for liver cancer and thyroid cancer, now included in medical insurance [2][6] - Expected sales of over 500 million CNY in 2024, with steady growth anticipated in 2025 [3][15] - **Recombinant Human Thrombin**: - Launched and included in medical insurance as of December 2023 [15] - **Jikaxitinib**: - Recently approved for myelofibrosis, expected to enter medical insurance negotiations by the end of the year [3][15] - **006 (DLL4 Triantibody)**: - Targeting small cell lung cancer, showing superior data compared to Pembrolizumab in ASCO presentations [2][8] - **005 (PD-1/TIGIT Bispecific Antibody)**: - First-line treatment for cervical cancer, with promising ASCO data showing an unconfirmed OR of 82% [2][8] R&D and Innovation - **R&D Platforms**: - Focus on small molecule drugs, complex protein biologics, and antibody new drugs, covering oncology, bleeding disorders, and inflammatory diseases [2][5] - **U.S. R&D Center**: - Achieved significant progress in anti-tumor fields, complementing domestic R&D efforts [5] - **Future Pipeline**: - Multiple late-stage products nearing commercialization, contributing to sustained revenue and profit growth [3][5] Financial Performance - **Revenue Growth**: - Driven by the commercialization of Donafenib and other products, with a focus on optimizing cost structure and improving operational efficiency [2][6] - **R&D Investment**: - High-intensity R&D spending with a stable sales expense ratio, leading to improved overall operational efficiency [5][6] Market Position and Strategy - **Overseas Market Expansion**: - Active in small cell lung cancer, aiming to compete with Amgen in first-line treatments [3][10] - **Potential Collaborations**: - Focus on partnerships with multinational companies for PDL1 and ADC products in small cell lung cancer [11][10] Challenges and Future Directions - **005 Product Challenges**: - Facing hurdles in the TIGIT pathway, with several overseas trials failing to meet primary endpoints [12] - **Future Product Expansion**: - Plans to explore combinations of PD-1/TIGIT with other products to address non-small cell lung cancer resistance [14] Conclusion - **Growth Potential**: - The company is well-positioned for future growth with a robust pipeline and established products, indicating a strong market presence and potential for significant revenue generation [9][17]