Summary of Conference Call Records Industry Overview - The innovative drug sector is experiencing a short-term correction, but it is not affected by Trump's tariffs, providing a buying opportunity [1] - The GLP-1 market is thriving, with Novo Nordisk and Eli Lilly's weight loss drug sales exceeding $30 billion in the first half of the year, expected to reach $60-65 billion for the full year [1][4] - The global innovative drug market is projected to reach $1.5 trillion by 2030, with China expected to account for 30%, corresponding to a market value of approximately $6 trillion, indicating significant growth potential from the current $2.6 trillion [1][5] Key Companies and Performance - Novo Nordisk's semaglutide sales reached $5.458 billion in the first half of the year, a 78% year-on-year increase, but the company lowered its full-year guidance due to market competition and the impact of Eli Lilly's tirzepatide [1][9] - Eli Lilly's tirzepatide sales reached $5.69 billion in the first half, a 223% year-on-year increase, and the company raised its full-year revenue guidance [1][9] - The oral GLP-1 drug development trend is shifting towards multi-target iterations, but development remains challenging [3][10] Market Dynamics - The A-share pharmaceutical index fell by 0.8% this week but has risen by 21.2% since the beginning of the year, outperforming the CSI 300 by 26.9% [2] - The performance of various sectors within the pharmaceutical industry shows mixed results, with medical devices up by 3% and traditional Chinese medicine down by 1.9% [2] Investment Opportunities - The innovative drug export logic is shifting from domestic to overseas markets, with leading companies like BeiGene expected to see significant revenue growth, projected to reach $5 billion by 2025 [5] - The market share of Chinese innovative drugs in the global market is expected to increase from 5% to 30% through business development (BD) strategies [5] - Recommended companies with high growth potential include Innovent, 3SBio, and BeiGene, with a focus on companies like Boryung Pharmaceutical, which could reach a market value of $200 billion if successful in overseas expansion [8][11] Additional Insights - The current market share of A-shares and H-shares in the innovative sector is low at 1.7% and 1.8%, respectively, compared to 3.5% in the US market, indicating substantial growth potential [6] - The oral GLP-1 drug delivery methods are evolving, with Boryung's technology achieving over 8% bioavailability, positioning it as a leader in the industry [10]