[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 测序仪龙头押注技术跃迁 [Table_ReportDate] 2026 年 03 月 02 日 [Table_ReportType] 医药生物行业周报（2 月第 4 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] | 一、 市场周度回顾 3 | | | | --- | --- | --- | | 二、 行业要闻及重点公司公告 4 | | | | 2.1 | 行业重要事件 | 4 | | 2.2 | 行业要闻 | 4 | | 2.3 | 公司公告 | 5 | 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44 ...

Core Insights - The annual transaction value of China's innovative drug licensing has surpassed $100 billion, marking a nearly tenfold increase over four years, with a total of $137.7 billion in licensing deals signed in 2025 [2] - Major global pharmaceutical companies, including Novartis, AstraZeneca, and GSK, have signed significant agreements with Chinese firms, indicating a strong interest in China's next-generation innovative drug development pipelines [3] - The average transaction size for licensing deals involving Chinese biopharmaceutical companies has significantly increased this year, with an average deal size of $1.3 billion, a 76% increase from 2025 and six times the average size in 2021 [4] Group 1 - In 2025, there were 186 licensing transactions involving Chinese companies, reflecting a growing trend in the biopharmaceutical sector [2] - The average upfront payment for licensing deals this year is $77.7 million, double that of 2025 and three times the average in 2021 [4] - Notable recent agreements include a strategic partnership between Innovent Biologics and Eli Lilly worth $8.85 billion, and a potential $18.5 billion collaboration between AstraZeneca and CSPC Pharmaceutical Group [4] Group 2 - Macquarie Capital predicts that oncology drugs will continue to attract global pharmaceutical companies, highlighting China's strong capabilities in chemical drug development [5] - Multinational companies are increasingly viewing China as a critical part of their global R&D infrastructure, especially as they face patent cliffs and seek to reduce costs [5] - Vision Lifesciences reports that China leads the world in specific molecular types, with Chinese companies accounting for nearly 90% of global licensing transactions for antibody-drug conjugates (ADCs) [5]

Core Insights - In 2025, Chinese biopharmaceutical companies achieved a record high in out-licensing deals, surpassing $137.7 billion, nearly a tenfold increase from 2021, with 186 transactions [3] Group 1: Market Trends - Major global pharmaceutical companies, including Novartis, AstraZeneca, and GSK, signed significant agreements with Chinese firms last year [4] - The total value of these licensing deals is expected to double in the next 18 to 24 months, as global companies focus on finding next-generation innovative drug pipelines in China [4] - Nearly 40 out-licensing transactions have occurred this year, with average deal sizes significantly higher than last year [4] Group 2: Notable Transactions - On February 8, Innovent Biologics entered a strategic partnership with Eli Lilly, securing a total payment of $8.85 billion, including an upfront payment of $350 million and milestone payments of $8.5 billion [5] - Madrigal Pharmaceuticals announced a licensing agreement with Suzhou Ribo Biopharma for an experimental liver disease project, with a potential deal size of $4.4 billion [5] - AstraZeneca reached a collaboration agreement with China’s CSPC Pharmaceutical Group, potentially valued at $18.5 billion, to develop a next-generation GLP-1 weight loss therapy [5] Group 3: Industry Analysis - Macquarie Capital predicts that oncology drugs will continue to attract global pharmaceutical interest, highlighting China's strong capabilities in chemical drug development despite a gap in biological fields compared to the U.S. [6] - Multinational companies view China as a crucial part of their global R&D infrastructure, especially as they face patent cliffs and seek to reduce costs [6] - Vision Lifesciences' report indicates that China leads globally in specific molecular types, with Chinese companies accounting for nearly 90% of global out-licensing transactions for antibody-drug conjugates (ADCs) [6]

Group 1 - In 2025, Chinese biopharmaceutical companies achieved a record high in outbound licensing deals, surpassing $137.7 billion, nearly a tenfold increase from 2021, with 186 transactions [1] - Major global pharmaceutical companies, including Novartis, AstraZeneca, and GSK, signed significant agreements with Chinese firms last year [1] - Tom Barsha from Bank of America Securities predicts that the total value of these licensing deals could double again in the next 18 to 24 months, as global companies focus on finding next-generation innovative drug pipelines in China [1] Group 2 - AstraZeneca announced a collaboration with China’s CSPC Pharmaceutical Group, potentially worth up to $18.5 billion, to develop a next-generation GLP-1 class weight loss therapy [2] - The average deal size for outbound licensing by Chinese pharmaceutical companies has reached $1.3 billion this year, a 76% increase from 2025 and six times the average level of 2021 [2] - Macquarie Capital analysts noted that many multinational companies view China as a crucial part of their global R&D infrastructure, especially as they face patent cliffs and seek to reduce costs [2]

Core Insights - Many multinational companies are increasingly viewing China as a crucial part of their global R&D infrastructure, especially as they face patent cliffs and seek to cut costs [1][4] - The value of licensing agreements for new drugs from Chinese biopharmaceutical companies is expected to reach a historic high of over $100 billion by 2025, with a total of $137.7 billion in licensing deals signed in 2025, nearly a tenfold increase from 2021 [1][4] Group 1 - Global pharmaceutical giants, including Novartis, AstraZeneca, and GSK, signed multiple significant agreements with Chinese companies last year [3] - Tom Barsha, head of Asia-Pacific M&A at Bank of America Securities, predicts that the total value of these licensing deals could double again in the next 18 to 24 months, as global companies focus on finding next-generation innovative drug pipelines in China [3] - There have been nearly 40 licensing transactions involving Chinese biopharmaceutical companies this year, with average deal sizes significantly higher than last year [3] Group 2 - The average deal size for licensing agreements from Chinese pharmaceutical companies this year has reached $1.3 billion, a 76% increase from 2025 levels and approximately six times the average from 2021 [4] - The average upfront payment this year is $77.7 million, doubling from $38.8 million in 2025 and tripling from the average in 2021 [4] - Macquarie Capital's Asia healthcare research department predicts that a class of drugs considered foundational for cancer treatment will continue to attract global pharmaceutical interest [4] Group 3 - Many multinational companies are recognizing China's strength in chemical fields, allowing them to obtain promising molecular licenses at lower costs compared to internal R&D [4] - Vision Lifesciences' report highlights that China is a world leader in specific molecular types, with Chinese companies accounting for nearly 90% of global licensing deals for antibody-drug conjugates (ADCs) [4]

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, marking a significant milestone in their long-term partnership [2][3]. Group 1: Strategic Collaboration Details - Innovent Biologics will receive an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future achievements [2]. - The agreement allows Innovent to retain all rights to the products in Greater China while granting Eli Lilly exclusive global development and commercialization rights outside this region [2]. - This partnership represents the seventh collaboration between the two companies, enhancing their productive relationship and establishing a new cooperative model for global drug development [2]. Group 2: Company Performance and Future Outlook - Innovent Biologics is expected to achieve total product revenue exceeding 11.9 billion RMB in 2025, reflecting a year-on-year growth rate of approximately 45% [3]. - In the fourth quarter of 2025, the company anticipates total product revenue of around 3.3 billion RMB, with a year-on-year increase of over 60% [3]. - The company is focusing on accelerating global clinical development of its innovative pipeline, particularly in next-generation tumor immunotherapy (IO) and antibody-drug conjugates (ADC) [3]. Group 3: Market Position - As of February 6, 2023, Innovent Biologics' stock closed at 79.5 HKD per share, with a market capitalization of 137.9 billion HKD [4].

Summary of Key Points from the Conference Call Industry Overview - The overall positioning of the pharmaceutical industry in 2026 is "innovation first, with drugs and devices flying together," indicating a more diversified market compared to 2025 [2] - The investment in innovative drugs requires careful selection, with the current market conditions presenting a good opportunity for entry after adjustments at the beginning of the year [3] Company Insights - Biofarma companies are highlighted as better investment choices due to their combination of R&D innovation, certainty, and long-term growth potential. The record-breaking BD amount in 2025 indicates a positive cycle of capital inflow into R&D [6] - Companies like 康方 (Kangfang), 百济神州 (BeiGene), and 英恩生物 (InnoCare) are expected to achieve commercial breakthroughs or expand internationally in the coming years [20] Market Trends - The global innovative drug development cycle is just beginning, with Chinese companies expected to account for 40% of transaction amounts by 2025, indicating a strong role in the global market [5] - The second-generation immune checkpoint inhibitors (IO) market is projected to reach $120 billion within the next decade, with significant participation from Chinese innovative drugs [12] Technological Advancements - Emerging technologies such as small nucleic acid therapies, molecular glue, gene editing, and long-acting drugs are expected to see significant development in 2026 [11][18] - Dual-specific antibodies and antibody-drug conjugates (ADC) are highlighted as promising treatment options for various cancers, including triple-negative breast cancer and small cell lung cancer [16][14] Policy and Regulatory Environment - The Chinese healthcare negotiation supports emerging therapies, including ADCs and siRNA, which are included in the healthcare directory, promoting self-sustaining funding and attracting more investors [7] Investment Opportunities - The report emphasizes the importance of focusing on companies with clear growth potential and stable revenue expectations, particularly those with significant upcoming data releases [26] - Notable companies to watch include 康诺亚 (Conway), 康弘 (Kanghong), and 毕比特 (BIBIT), which are considered to have strong upside potential [24] Conclusion - The future growth of companies in the pharmaceutical sector will rely on their global ecosystem platforms and the continuous iteration of their pipeline priorities, with a focus on high-potential projects [22]

Core Viewpoint - The newly released "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China" aims to strengthen drug regulation in response to the rapid development of the pharmaceutical industry, ensuring high-quality health needs while enhancing regulatory requirements [1][8]. Group 1: Reform and Optimization of Drug Regulation - The regulations provide a system guarantee for a clear responsibility, innovation-driven, and healthy competition in drug regulation, stimulating industry vitality and promoting high-quality development in the pharmaceutical sector [1][2]. - The regulations support the development of new industry formats, allowing for segmented production of drugs to meet urgent clinical needs and public health emergencies, thereby enhancing production capacity and ensuring drug availability [2]. - The regulations optimize the listing process for innovative drugs, allowing commercial-scale batches to be sold after obtaining approval documents, which accelerates the availability of innovative treatments to patients and reduces operational costs for companies [3]. Group 2: Quality Management and Safety Assurance - The regulations establish a comprehensive regulatory system for prescription drugs, ensuring safe medication practices by holding medical institutions and pharmaceutical companies accountable for prescription management [6]. - The regulations standardize online drug sales, requiring third-party platforms to establish quality management systems and clarify responsibilities, thus balancing convenience and safety in drug distribution [7]. - The regulations enhance the management of drug use in medical institutions, mandating strict protocols for drug procurement, storage, and reporting of adverse reactions to safeguard patient health [7]. Group 3: Development of Traditional Chinese Medicine - The regulations promote the standardized cultivation and breeding of traditional Chinese medicinal materials, addressing quality stability issues and supporting the sustainable development of the industry [4]. - The regulations encourage the implementation of quality management standards for traditional Chinese medicinal materials, providing legal support for their comprehensive development [4]. Group 4: Overall Impact - The revision of the regulations is expected to drive structural optimization and upgrading in the pharmaceutical industry, ensuring high-level safety and significantly impacting the health-first development strategy and the promotion of high-quality growth in the pharmaceutical sector [8].

Core Viewpoint - The company is focusing on accelerating the development of innovative drugs through its strong oncology research team and strategic global clinical development capabilities, aiming to become a leading innovator in cancer treatment [1]. Group 1: Company Strategy and Development - The company has one of the largest oncology clinical research teams in the industry and is leveraging this to enhance its innovative drug offerings [1]. - In the past 18 months, the company has advanced 15 new molecular entities into clinical development, covering various treatment modalities [1]. - From 2026 onwards, the company expects to introduce 8 to 10 new molecular entities into clinical development each year, signaling a new wave of innovation [1]. Group 2: Pipeline and Future Prospects - Several products in the company's pipeline, including CDK4 inhibitors, B7-H4 ADC, PRMT5 inhibitors, GPC3x41BB bispecific antibodies, and CEA ADC, are expected to enter late-stage clinical development by 2026 [1]. - The company is committed to building a sustainable competitive advantage and will continue to invest in a rich and innovative R&D pipeline [1]. - The company aims to actively seek and execute business expansion opportunities that create long-term value [1].

Group 1 - WuXi AppTec announced a voluntary conditional cash offer to acquire all issued shares of Dongyao Pharmaceutical at a price of HKD 4 per share, representing a premium of approximately 99% over the closing price of HKD 2.01 on the last unaffected trading day [1][3] - The maximum consideration for the acquisition is approximately HKD 2.79 billion, with funding sourced from internal resources [1][3] - Citibank is serving as the financial advisor for this transaction [1] Group 2 - The acquisition aims to expand and acquire additional operational manufacturing capacity in China, aligning with the company's ongoing business development plan [3] - The transaction is expected to enrich the project portfolio and expand the customer base, thereby strengthening the company's market position in the contract development and manufacturing organization (CDMO) sector for antibody-drug conjugates (ADC) [3] - Following the completion of the acquisition, WuXi AppTec plans to maintain Dongyao Pharmaceutical's listing status on the Hong Kong Stock Exchange [3] Group 3 - WuXi AppTec issued a positive earnings forecast for the fiscal year 2025, expecting revenue growth of over 45% year-on-year, gross profit growth of over 70%, and adjusted net profit growth (excluding interest income and expenses) of over 45% [3] - When excluding the impact of exchange rate fluctuations, the expected growth rate is anticipated to exceed 65% [3] - Both WuXi AppTec and Dongyao Pharmaceutical are part of the contract research organization (CRO) sector, focusing on the research and production services of ADCs, which have a high barrier to commercialization [3]