近期，有跨国药企开始出售其部分在华业务，与以往多将资产出售给同行业药企的模式不同，此次的接盘方变成了投资机构。 此前，有报道称，百时美施贵宝公司（BMS）将其持有的中美上海施贵宝制药有限公司（是中国改革开放后首家中美合资制药企业）的60%股权，连同为 中国大陆市场制造的关联产品，一并出售给高瓴资本集团，交易预计于2026年初完成。 另据《科创板日报》记者从知情人士处获悉，日前，拜耳将其旗下抗生素药物Avelox（莫西沙星）的知识产权、品牌所有权及全球商业权益出售给了红杉 中国，该交易预计将于2026年第一季度完成。 而在更早之前，优时比将其华成熟的产品业务打包出售给了康桥资本等两家投资机构。 这一系列"资本接盘药企资产"的背后，是跨国药企在华投资逻辑悄然转向，还是投资机构的产业布局边界正在持续拓宽，而这一趋势，又是否会引发医药 行业更深层次的连锁变局？ 利润被压缩谋求"轻装上阵" "随着国家集采、医保控费等政策的常态化推进，跨国药企在华布局的部分成熟业务面临显著的盈利压力，利润空间被持续挤压。这也成为其推动该类资 产剥离的关键动因之一。与此同时，本土药企凭借仿制药领域的成本控制优势与深度渠道下沉能力，正在快速 ...

Core Viewpoint - The new centralized procurement rules for pharmaceuticals aim to address historical issues and promote sustainable development in the pharmaceutical industry, balancing price control, quality assurance, and supply stability [1][10]. Group 1: Historical Issues and Data - The new procurement rules are designed to resolve past issues such as low-price competition, quality instability, and supply shortages, which have been prevalent since the initiation of the centralized procurement system [2][4]. - The latest round of procurement includes 55 drug varieties across various therapeutic areas, with an average of 15 companies competing for each variety, indicating strong market interest and competition [2][3]. Group 2: Reporting and Supply Assurance - The reporting phase for the latest procurement batch requires medical institutions to submit annual demand volumes that are generally not less than 80% of the average usage from 2023 to 2024, allowing for brand recognition in the reporting process [3][6]. - The new rules designate selected companies as the primary responsible parties for supply assurance, imposing penalties for non-compliance, which aims to reduce the occurrence of supply shortages [3][6]. Group 3: Impact on Pricing and Quality - The optimization of procurement rules is expected to alleviate the pressure on companies that previously relied on extremely low bids, promoting a healthier competitive environment [6][10]. - The new regulations encourage a balance between price and quality, ensuring that patients benefit from affordable medications without compromising on safety and efficacy [7][10]. Group 4: Industry Dynamics and Future Outlook - The changes are likely to accelerate the elimination of weaker players in the pharmaceutical sector, favoring larger, more capable companies that can maintain quality and supply stability [8][10]. - The shift from a price-first approach to one that equally values quality and supply stability is anticipated to enhance public confidence in generic drug quality and support the sustainable development of the healthcare system [10].

Core Viewpoint - The sale of a 60% stake in the Sino-American Shanghai Bristol-Myers Squibb Pharmaceutical Co., Ltd. (SASS factory) by Bristol-Myers Squibb is significant as it marks a strategic shift in the company's operations in China, focusing on resource allocation and external collaboration to enhance its regional strategy and ensure long-term drug supply for patients globally [1][3]. Group 1: Company Actions - Bristol-Myers Squibb has signed an agreement to sell its 60% stake in the SASS factory, which was the first Sino-American joint venture pharmaceutical company established after China's reform and opening up in 1982 [1]. - The company aims to continue investing in the Chinese market under its "China 2030 Strategy," which includes plans to introduce nearly 30 innovative products or indications by 2025 and accelerate the introduction of more global innovations from 2026 to 2030 [4]. - The SASS factory primarily produces mature products, including various medications that have seen profit margins compressed due to China's centralized procurement policies since 2018 [3][4]. Group 2: Industry Trends - Other multinational pharmaceutical companies, such as Eli Lilly and GlaxoSmithKline, have also engaged in asset divestitures in China, focusing on mature products, indicating a broader trend in the industry [3]. - The Chinese government has implemented policies favoring innovative drugs, encouraging pharmaceutical companies to shift their focus towards innovation rather than relying on mature products [3][4]. - Bristol-Myers Squibb is adapting its strategy for its PD-1 monoclonal antibody, O drug, aiming to push for its inclusion in the national medical insurance directory to enhance market access and affordability for patients [5].

Core Insights - The company reported a revenue of 3.358 billion and a net profit of 354 million for the first half of 2025, with a 31% year-on-year increase in operating cash flow [1] - The company maintains a "Traditional Chinese Medicine Health" core strategy and continues to optimize its "one body, two wings" business layout [1] - The company emphasizes shareholder returns, completing a cash dividend for 2024 with a payout ratio of 60.76% and repurchasing 63.579 million shares [2] Financial Performance - Total revenue reached 3.358 billion, with a net profit of 354 million [1] - Operating cash flow increased by 31%, reaching 400 million [1] - Sales expense ratio and debt-to-asset ratio both decreased year-on-year, indicating improved operational quality [1] Business Segments - The traditional Chinese medicine segment generated 583 million in revenue, a 4.6% increase year-on-year [1] - The specialty health consumer products segment saw revenue of 321 million, growing over 10% [1] - Major brand products achieved sales of 2.006 billion, with the "Kang En Bei" intestinal health series exceeding 500 million in sales, a growth of over 15% [1] R&D and Innovation - The company received one approval for a modified traditional Chinese medicine and five approvals for generic drugs, including FDA approval for Entecavir tablets and Acetylcysteine solution [2] - A total of 74 new R&D projects were initiated, focusing on product lifecycle enhancement through formulation improvements and evidence-based research [2] ESG and Governance - The company received an "A" rating and a "AA-" rating from Zhong Chengxin Green Finance, indicating steady improvement in governance [3] - The company plans to continue focusing on its pharmaceutical core business while enhancing innovation and transformation [3]

Core Viewpoint - Renhe Pharmaceutical (000650) has received the registration certificate for Entecavir tablets in 2021, which is an oral antiviral drug used for the treatment of hepatitis B infection [1] Company Summary - The company specializes in Entecavir, which selectively inhibits the hepatitis B virus [1] - Entecavir is primarily used for treating adults with active viral replication and persistently elevated serum transaminases, or with histologically active lesions in chronic hepatitis B [1]

Core Viewpoint - The company has received a drug registration certificate for Entecavir tablets in 2021, which is used for the treatment of hepatitis B infection [2]. Company Products - Entecavir is an oral antiviral medication that selectively inhibits the hepatitis B virus, primarily used for treating adults with active viral replication and elevated serum transaminases, or active disease in liver histology [2].

Core Viewpoint - Recent BD (business development) activities in the biopharmaceutical sector have garnered significant market attention, with companies like Rongchang Biopharmaceutical and China National Pharmaceutical Group announcing strategic partnerships and licensing agreements [1][2]. Group 1: Company Developments - Rongchang Biopharmaceutical's product, Tai'axip, has attracted interest from multinational pharmaceutical companies during the ERA conference, indicating potential for international collaboration and technology licensing [1]. - China National Pharmaceutical Group has identified out-licensing as a key strategic goal, engaging in discussions with multiple multinational pharmaceutical companies regarding innovative assets with global commercialization potential [1][2]. - Rongchang Biopharmaceutical reported a 94.87% year-on-year increase in sales volume for Tai'axip, reaching 1.5244 million units, showcasing strong commercial potential [3]. Group 2: Market Performance - Following positive announcements, Rongchang Biopharmaceutical's stock rose by 20.1% to HKD 57.65 per share, while China National Pharmaceutical Group's stock increased by 19.29% to HKD 5.69 per share [1]. - However, both companies experienced a stock price correction shortly after, with Rongchang Biopharmaceutical's share price dropping by 9.08% and China National Pharmaceutical Group's by 4.92% [1]. Group 3: Industry Trends - The biopharmaceutical sector is witnessing a surge in BD transactions, with the scale of these transactions surpassing traditional financing methods, becoming essential for biotech companies amid tightening capital markets [2][3]. - The Chinese innovative drug market is increasingly gaining international recognition, with a significant rise in the number and value of BD transactions, indicating a shift in global market dynamics [9][10]. - The trend of BD transactions is expected to continue, with a focus on innovative assets and diverse therapeutic targets, driven by both internal corporate strategies and external market conditions [10][11].

Core Viewpoint - Sunshine Nuohua (688621.SH) plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds, marking a significant asset restructuring and related party transaction [2][3] Group 1: Transaction Details - The transaction involves a major asset restructuring and is classified as a related party transaction due to shared controlling shareholders and actual controllers [2] - Sunshine Nuohua's stock fell by 3.63% upon resumption of trading, with a market capitalization of 4.962 billion yuan [2] - The acquisition aims to enhance the company's profitability and risk resistance by extending its business into the CDMO (Contract Development and Manufacturing Organization) field, creating an integrated "CRO+CDMO" service platform [3] Group 2: Strategic Shift - The acquisition reflects a strategic shift for Sunshine Nuohua from being a service provider in drug research and development to becoming a research-driven pharmaceutical company [3][4] - The company has begun developing its own drug pipeline and is exploring new areas such as traditional Chinese medicine and pet pharmaceuticals [4] Group 3: Financial Performance - Sunshine Nuohua's revenue growth is projected at only 15.70% for 2024, the lowest in its history, with a decline in net profit for the first time [4] - In Q1 2025, the company reported an 8.49% decline in revenue to 231 million yuan and a 59.34% drop in net profit to 30 million yuan [4] - R&D expenses have increased significantly, with a 39.02% rise in 2024 and a 7.32% increase in Q1 2025 [4] Group 4: Acquisition Challenges - The previous acquisition attempt was withdrawn due to significant changes in market conditions, and Langyan Life's performance has deteriorated, with a projected revenue drop of approximately 24.65% in 2023 [6][8] - Langyan Life's revenue for 2023 is expected to be 465 million yuan, down from 617 million yuan in 2022, with net profit also declining [6][7] - The high valuation of Langyan Life during the previous acquisition attempt may not be sustainable given its current financial struggles [8][10]