当地时间9月6日-9月9日，在西班牙巴塞罗那举办的2025年世界肺癌大会上，超百款创新药亮相，多家 本土创新药龙头企业在会议期间发布重磅新品研究成果，与跨国企业的创新药同台亮相，中国创新药在 国际上的认可度不断提升。作为全球肺癌研究领域最具影响力的学术盛会之一，国际肺癌研究协会举办 的世界肺癌大会汇聚了来自世界各地的顶尖肿瘤专家、科研人员，共同探讨肺癌领域的最新研究进展和 治疗突破。 全球重磅肺癌新药研究进展受关注 肺癌是癌症死亡的主要原因之一，约占所有癌症死亡患者数的五分之一 ，其中非小细胞肺癌约占所有 肺癌患者的80%-85% 。美国和欧洲的非小细胞肺癌患者中约有10%-25%存在EGFR突变，而亚洲患者中 该比例则高达30%-40%。针对这一"头号杀手"，多年来，全球科学家一直在努力开展针对肺癌的各种创 新药物研究。近年来，靶向药和免疫药物的研发和上市进程加快，让肺癌治疗步入黄金时代。 据迪哲医药9月10日公告，本次大会上，迪哲医药报告了其自主研发的新型肺癌靶向药舒沃替尼片（商 品名：舒沃哲）和高选择性JAK1抑制剂戈利昔替尼胶囊（商品名：高瑞哲）在非小细胞肺癌领域的11 项最新研究。其中，舒沃哲国际多 ...

Core Viewpoint - The biotech companies listed on the STAR Market with "U" are entering a phase of differentiation, with varying performance in revenue and profitability, reflecting the changing valuation logic in the biotech sector [1][6]. Group 1: Revenue Performance - Among the 14 biotech companies with "U," 12 reported revenue growth in the first half of the year, accounting for approximately 85.71% [3]. - Baijia Shenzhou led with a revenue of approximately 17.518 billion yuan, a year-on-year increase of 46.03%, and was the only company to achieve profitability [3][4]. - Other companies like Junshi Biosciences and Nuo Cheng Jianhua also saw significant revenue increases, with Junshi reporting 1.168 billion yuan (up 48.64%) and Nuo Cheng reporting 731 million yuan (up 74.26%) [4]. Group 2: R&D Investment - The majority of the 14 companies continued to invest heavily in R&D, with 8 companies increasing their R&D expenses in the first half of the year [5]. - Baijia Shenzhou's R&D expenses reached 7.278 billion yuan, up from 6.628 billion yuan in the previous year [5]. - Other companies like Junshi, Nuo Cheng, and Dizhe Pharmaceuticals also reported increased R&D expenses, with figures of 706 million yuan, 450 million yuan, and 408 million yuan respectively [5]. Group 3: Financial Health and Funding - Many biotech companies are facing financial pressure, with several having asset-liability ratios exceeding 50%, including Maiwei Biotech at 77.54% [7]. - Baijia Shenzhou and Nuo Cheng Jianhua have relatively ample cash reserves, with 13.662 billion yuan and 6.981 billion yuan respectively [7]. - Companies are exploring various financing options, with Maiwei Biotech planning to list H-shares in Hong Kong to raise funds [7][8]. Group 4: Market Dynamics and Valuation - The market's valuation logic for biotech companies is shifting from focusing on pipeline quantity to emphasizing clinical data and commercialization potential [8]. - Analysts suggest that the ability to generate revenue is becoming a critical metric for evaluating biotech companies, moving away from merely assessing their cash burn rates [8].