牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关 消息扰动市场，整体波动加大，对此基金经理如何看待？行至当下，创新药板块的真实投资 价值几何？基本面又有哪些变化？医药板块还有哪些细分领域的机会值得关注？记者邀请了 三位聚焦创新药领域投资的基金经理——嘉实基金大健康研究总监郝淼，平安基金权益投资 部医药基金经理周思聪，长城基金权益投资部副总经理、基金经理谭小兵，对上述议题展开 探讨。 调整充分利好共振 估值层面，创新药板块经历3年深度调整后迎来修复，资金大幅回流进而推动板块估值修复。 记者：近年来，企业积极出海，叠加政策支持，将如何影响创新药行业竞争格局？ 周思聪：BD和医保政策，如同硬币的两面，正从外部和内部双向驱动，深刻地改变中国创新 药行业的竞争格局。 海外授权主要带来三方面影响：第一，加速国产创新药企业的新陈代谢；第二，"输血"效应 加剧分化；第三，倒逼研发全球化，提高国产创新药企业自身的研发标准和国际化视野。 医保政策带来的影响也主要体现在三方面：第一，确立了 ...

今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关消息扰动市场，整体波动加 大，对此基金经理如何看待？行至当下，创新药板块的真实投资价值几何？基本面又有哪些变化？医药板块还有哪些细分 领域的机会值得关注？上海证券报记者邀请了三位聚焦创新药领域投资的基金经理——嘉实基金大健康研究总监郝淼，平 安基金权益投资部医药基金经理周思聪，长城基金权益投资部副总经理、基金经理谭小兵，对上述议题展开探讨。 张大伟 制图 郝淼 周思聪 谭小兵 今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关消息扰动市场，整体波动加 大，对此基金经理如何看待？行至当下，创新药板块的真实投资价值几何？基本面又有哪些变化？医药板块还有哪些细分 领域的机会值得关注？上海证券报记者邀请了三位聚焦创新药领域投资的基金经理——嘉实基金大健康研究总监郝淼，平 安基金权益投资部医药基金经理周思聪，长城基金权益投资部副总经理、基金经理谭小兵，对上述议题展开探讨。 调整充分 利好共振 记者：创新药板块今年以来的亮眼表现背后有哪些动因？ 郝淼：创新药表现突出背后的驱动因素在于板块基本面向好。一方面，政策支 ...

张大伟 制图 he B 郝淼 t (8) - 1099 and and 1 H 周思聪 (') e # T //// 1 s fr p 0 the first aff M 谭小兵 ◎记者 陈玥 何漪 今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关消息扰动市 场，整体波动加大，对此基金经理如何看待？行至当下，创新药板块的真实投资价值几何？基本面又有 哪些变化？医药板块还有哪些细分领域的机会值得关注？上海证券报记者邀请了三位聚焦创新药领域投 资的基金经理——嘉实基金大健康研究总监郝淼，平安基金权益投资部医药基金经理周思聪，长城基金 权益投资部副总经理、基金经理谭小兵，对上述议题展开探讨。 调整充分 利好共振 记者：创新药板块今年以来的亮眼表现背后有哪些动因？ 郝淼：创新药表现突出背后的驱动因素在于板块基本面向好。一方面，政策支持有力，包括医保支付、 医院准入等，带来中国创新药产业收入端的快速增长；另一方面，创新药产业加速国际化发展，与海外 跨国公司达成许多产品合作开发协议，且交易金额屡创新高，极大地提振了投资者对于中国创新药公司 的信心。 谭小兵：创新药板块的显著上涨是基本面突破 ...

Core Viewpoint - The article discusses the transformation and strategic adjustments of Ruizhi Pharmaceutical, a veteran in China's CRO industry, under the leadership of Chairman Hu Ruilian, highlighting the company's recovery from significant losses and its focus on innovation and customer needs in a changing market landscape [1][4]. Company Overview - Ruizhi Pharmaceutical, once a leading player in the CRO industry, faced a cumulative loss of 2.2 billion yuan over four years due to management instability and strategic misalignment [3][4]. - In 2025, the company reported a revenue of 534 million yuan, a year-on-year increase of 14.75%, and a net profit of 25.38 million yuan, with a significant improvement in gross margin [1][4]. Strategic Adjustments - The company has established three core strategies: focusing on new modalities such as ADCs, small nucleic acids, and peptides; promoting integrated service models; and expanding globally with new research centers in Boston and a biopharmaceutical park in Malaysia [4][6]. - The shift towards a customer-centric approach emphasizes the importance of meeting client demands for differentiated innovation and high-quality data [5][6]. Market Trends - The Chinese innovative drug market is projected to exceed 400 billion yuan in 2024, indicating a shift from rapid expansion to high-quality development, which impacts the demand for CRO services [4][6]. - The CRO industry is experiencing a transformation driven by client demands for integrated services and advanced technology platforms, particularly for new drug modalities [5][6]. Future Outlook - The integration of AI in drug development is becoming essential, with expectations for CROs to enhance their capabilities in this area [7][8]. - The global pharmaceutical supply chain is being reshaped by geopolitical factors, creating opportunities for Chinese CROs to become reliable partners in global supply chains [9]. - The future success of Chinese CROs hinges on their ability to transition from "Made in China" to "Intelligent Manufacturing in China," leveraging technology and global partnerships [9].

Summary of Jiuzhou Pharmaceutical Conference Call Company Overview - **Company**: Jiuzhou Pharmaceutical - **Industry**: Pharmaceutical Contract Development and Manufacturing Organization (CDMO) Key Points CDMO Business Growth - Jiuzhou Pharmaceutical's CDMO business is experiencing steady growth with a rich project pipeline, including 38 projects that have been launched and 90 in Phase III clinical trials, along with over 1,000 projects in Phase I and II [2][4][5] - The company serves over 80 global clients, covering more than 100 active projects, including innovative drugs, generics, and high-barrier formulations [2][4] Emerging Business Segments - Rapid growth in emerging businesses such as peptides and pentavalent vaccines, with over 20 new clients acquired, and orders nearing $10 million [2][6] - Successful delivery of over ten projects in these segments, indicating significant future growth potential [2][6] Generic Drug Business - Steady progress in the generic drug sector, with two specialty raw materials and two generic formulations approved in the first half of the year [2][7] - A total of 22 projects in the generic pipeline, with 8 approved and 9 under review [2][7] Financial Performance - For the first half of 2025, Jiuzhou Pharmaceutical reported revenue of 2.87 billion yuan, a year-on-year increase of 3.86%, and a net profit of 526 million yuan, up 10.7% [3] - The company has strengthened relationships with major clients, particularly in the Japanese and Korean markets, leading to significant project growth [3] Capacity Utilization and Profit Margins - CDMO capacity utilization is steadily increasing, with optimistic gross margin expectations for the next two to three years due to process optimization and a higher proportion of high-value products [2][10] - The gross margin for the first half of 2025 was approximately 41%, with expectations for stability throughout the year [12] New Factory Developments - The new factory in Taizhou has completed validation for five CDM raw material projects and is attracting numerous follow-up projects due to high management standards and successful FDA inspections [2][13] - The factory's capacity utilization is expected to continue increasing in the coming years [13] Market Trends and Client Structure - The client structure remains predominantly large pharmaceutical companies, accounting for 70-75% of business, with significant growth in the U.S. market [14][15] - The company anticipates an increase in collaboration with large pharmaceutical firms, driven by successful partnerships and potential acquisitions of biotech clients [15] Future Plans and Capital Expenditure - Jiuzhou Pharmaceutical plans to enhance global R&D capabilities and expand advanced production capacity, with a multi-functional GMP production line expected to be operational by late 2025 [9][21] - The company has approximately 3 billion yuan in cash reserves for strategic investments and acquisitions [21] International Expansion - The company has made significant inroads into the Japanese market, becoming a supplier for over half of the top ten pharmaceutical companies in Japan, with a growth rate of 30-40% annually [22] - Plans for further expansion into Europe and the U.S. are underway, focusing on small molecule production lines [17] New Product Development - Jiuzhou Pharmaceutical is focusing on new business areas such as small nucleic acids and ADCs, with expectations for significant contributions in the next two to three years [23][24][26] - The company is also expanding its peptide production capacity to meet growing demand, with a new facility set to produce 800 kg annually [25] Overall Confidence - The company expresses strong confidence in continued growth across all business segments, particularly in overseas client expansion and recovery in industry cycles [31]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **CXO (Contract Research Organization)** and **innovative drug** sectors, highlighting the current market sentiment and trends in the pharmaceutical industry [1][3][5]. Core Insights and Arguments - **Improvement in Domestic CXO Demand**: There has been a notable improvement in the demand for CXO services in China, with a significant increase in funding through various channels such as BD upfront payments, IPOs, and additional offerings, leading to a 62% overall funding growth in the first half of the year [1][3][6]. - **Market Sentiment Recovery**: The pharmaceutical sector has shown signs of recovery, ranking third among all industries in the Shenwan classification, indicating that the worst period for the industry has passed [1][5]. - **Diverse Financing Trends**: Domestic innovative drug companies are diversifying their financing sources, moving beyond reliance on the primary market to include BD upfront payments and secondary market opportunities, which has led to increased funding for clinical trials and early-stage research [1][6][7]. - **Clinical Order Growth Expected**: The CXO market is expected to see growth in clinical orders in the third and fourth quarters, driven by the resumption of clinical trials and the smooth IPO process [4][7]. - **Global CXO Market Dynamics**: The global CXO industry is witnessing new product cycles and innovation, particularly in areas like ADC (Antibody-Drug Conjugates) and PD-1/VEGF alternatives, which could significantly boost the performance of CXO companies [1][9]. Additional Important Content - **Impact of External Factors**: The U.S. market's expectations of interest rate cuts have improved risk appetite, enhancing the financing environment for innovative drugs, as reflected in the strong performance of the XBI index [3][10]. - **Risks in Innovative Drug Investments**: The innovative drug sector faces substantial risks, including the potential for clinical trial failures and large-scale product returns, which could significantly impact market sentiment [19][23]. - **Valuation Discrepancies**: There are notable valuation differences between Chinese and U.S. innovative drug companies, with the former gradually closing the gap as they gain recognition for their value [20]. - **Emerging Technologies**: New technologies such as small nucleic acids and dual antibodies are gaining attention, especially following challenges faced by cell and gene therapies regarding cost and safety [2][9][15]. Conclusion - The current landscape of the CXO and innovative drug sectors indicates a recovery phase with increasing funding and demand, although caution is warranted due to inherent risks and market volatility. The focus on new technologies and diverse financing strategies presents potential growth opportunities for the industry moving forward [1][3][19].

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a significant transformation, marked by increased research breakthroughs, active business development (BD) transactions, and a shift in market perception, moving away from the "me too" label associated with Chinese drugs [1][5][10] Market Performance - The innovative pharmaceutical sector has seen a strong resurgence in the secondary market, with A-share and Hong Kong stock indices rising significantly; A-share innovative drug stocks increased by 34.27% and Hong Kong's innovative drug index surged over 70% from April 8 to June 16 [3] - The sector had previously undergone a four-year adjustment period, with the Hang Seng Innovative Drug Index hitting a historical low in July 2023, down over 70% from July 2021 [3] - The recovery is driven by active BD transactions and the commercialization of innovative drugs, with a notable shift in market sentiment towards the sector [3][4] Business Development Trends - Numerous Chinese innovative drug companies have announced significant BD projects in cutting-edge fields, with notable transactions including a $12.5 billion upfront payment from Pfizer to 3SBio for a PD-1/VEGF dual antibody [5] - The License-out model has become a primary funding source for unprofitable innovative drug companies, with Q1 2025 seeing a record 41 transactions totaling $369.29 billion, surpassing the total for the first half of 2024 [6] - The ability of Chinese companies to leverage their research platforms and enhance capital efficiency is reshaping the traditional high-risk, high-investment model of the industry [6] Commercialization and Profitability - The commercialization of innovative drugs is gaining momentum, with 20 new class 1 innovative drugs approved in the first five months of 2023, marking a five-year high [7] - Companies like BeiGene are expected to achieve positive operating profits by 2025, indicating a shift from the traditional "burning cash" phase to profitability [7][8] - The improved financial health of innovative drug companies enhances their negotiating power in BD transactions, allowing them to demand better terms [8] Competitive Landscape - The competition in the innovative drug sector is intensifying, with a focus on efficiency across the entire drug development chain, from target discovery to commercialization [9] - The majority of BD transactions are concentrated in the oncology sector, particularly in ADC and dual antibody technologies, leading to increased competition and market saturation [9] - Companies are encouraged to innovate and differentiate their products to avoid the pitfalls of homogeneity and to enhance their global competitiveness [9] Challenges Ahead - Despite the progress, the high failure rate in new drug development remains a significant challenge, particularly for early-stage research [10] - There is a growing expectation among investors for innovative drug companies to not only achieve profitability but also to provide stable dividends in the future [10]