每经记者｜金喆 每经编辑｜魏官红 创新药的"牛市"从今年4月延续至今，多个行业指数创新高。 "很魔幻。"回想近一年来的感受，周立运说出了这三个字，他是国内头部医药大数据和智库公司医药魔方的董事长。去年8月，行业还深陷"寒冬论"的阴 霾之中，他喊话"中国创新药十年巨变、春天将至"，今年初，他又呼吁"反内卷"。他说，内卷的后果是海量资金和资源浪费、各类玩家都累而不赚钱。 最近，周立运在社交平台转发了医药魔方制作的一条视频，内容是"中国创新药正创造新的历史"，率先揭示中国相关创新药交易总金额已经占据全球交易 的52.5%，历史性成为全球新药交易第一大国。 每当创新药行业过热时，周立运就会"泼冷水"。他觉得，长期主义是医药魔方企业价值的第一条，数据赋能行业创新是医药魔方的使命，国内头部创新药 企业都是他们的客户。周立运提到，坚持长期主义、保持战略定力、勇于差异化创新，才能规避内卷的低级消耗。 近日，《每日经济新闻》记者（以下简称NBD）就中国创新药发展趋势对周立运进行了深度采访，以下内容为采访实录。 NBD：去年8月，从融资、股价到企业个体感受来看，创新药行业的情绪还是非常悲观的。您为什么会在那个时候提出"中国创新药 ...

Group 1: Financial Performance - The company achieved a revenue of 920 million yuan in the first half of 2025, representing a year-on-year growth of 23.48% [2] - The net cash flow from operating activities was 467 million yuan, an increase of 240.62% compared to the same period last year [3] - The gross profit margin has shown a slight improvement of 1.4 percentage points from Q1 to Q2, indicating a stabilization trend [3] Group 2: Strategic Focus and Business Development - The company is focusing on three key strategies: concentrating on strategic clients, enhancing technological innovation, and expanding new business growth areas [2] - There has been a 19.88% year-on-year increase in new orders for CDMO business [3] - Revenue from multinational pharmaceutical companies (MNCs) increased by 69.73% year-on-year, reflecting deepening collaborations [3] Group 3: Operational Efficiency and Cost Management - The company is maintaining a capacity utilization rate of 60%-70% in mature workshops, which is considered a reasonable industry level [4] - Cost control measures are being strengthened to balance between cost management and strategic development [3] - The company has implemented various cost-reduction and efficiency-enhancing measures since the second half of last year [5] Group 4: Future Outlook and Market Trends - The company anticipates continued revenue growth in the second half of the year, supported by a favorable order backlog and market demand recovery [4] - There is a plan to expand fixed asset investments to meet the growing demand for new molecular drugs [6] - The company is confident in stabilizing and gradually returning the gross profit margin to an ideal level [5] Group 5: AI and Technological Integration - The company has systematically integrated AI applications across multiple business areas, generating over 80 million novel molecular blocks [10] - AI tools are being utilized to enhance operational efficiency, particularly in project reporting and document processing [10] - Future plans include expanding AI investments and deploying automated laboratory and robotic equipment [10]

Core Viewpoint - The article emphasizes that mergers and acquisitions (M&A) have become a viable exit strategy for biotech companies, highlighting a recent acquisition of Lixin Pharmaceutical by China Biologic Products for up to $951 million, which allows over 20 venture capital firms to successfully exit their investments [2][6][12]. Group 1: Acquisition Details - China Biologic Products announced the acquisition of Lixin Pharmaceutical for a total consideration of up to $951 million (approximately 6.8 billion RMB), with a net payment of about $500 million (approximately 3.6 billion RMB) after accounting for Lixin's estimated cash and bank deposits of $450 million [2][6]. - The acquisition is strategically significant for China Biologic Products, as Lixin Pharmaceutical has strong research capabilities in dual antibodies and ADC (antibody-drug conjugates), and has received international recognition from major pharmaceutical companies like Merck and AstraZeneca [5][6]. Group 2: Market Impact and Company Performance - Following the announcement of the acquisition, China Biologic Products' stock price rose, reflecting a market capitalization close to 130 billion HKD, which supports the credibility of the transaction [2][4]. - Lixin Pharmaceutical reported a revenue of 4.218 billion RMB and a net profit of 1.685 billion RMB for the first half of 2025, indicating a strong financial position that adds value to the acquisition [6]. Group 3: Venture Capital Exit - The acquisition allowed over 20 venture capital firms, including Qiming Venture Partners and others, to exit their investments successfully, with Qiming being the largest external shareholder [2][8]. - Notably, Tiger Med, which invested 10 million RMB in Lixin Pharmaceutical in 2020, sold its entire stake for approximately $34.11 million, achieving a return multiple of over 20 times [9]. Group 4: Industry Trends - The article notes that this acquisition is part of a broader trend in the biotech sector, where M&A has become a common exit strategy for venture capitalists, especially in light of increased competition and challenges in achieving independent IPOs [12][13]. - Successful M&A cases in the industry, such as Mindray Medical's acquisition of Huatai Medical, illustrate the importance of having leading positions in niche markets to attract buyers [12][13].

Group 1 - The biopharmaceutical B-class stocks have been strong performers in the Hong Kong stock market this year, with 26 stocks in the sector doubling in value, including Kintor Pharmaceutical (06990.HK), Lepu Biopharma (02157.HK), and Hengrui Medicine (02142.HK) [2] - BlissBio Inc. (百力司康) has recently submitted its IPO application, with Goldman Sachs, Huatai International, and Jianyin International serving as joint sponsors [2][3] - The founders of BlissBio, Dr. Wei Ziping and Dr. Zhou Yuhong, have extensive academic backgrounds and over 25 years of experience in drug development, having previously worked at major pharmaceutical companies [3] Group 2 - BlissBio is focused on developing next-generation antibody-drug conjugates (ADCs), which combine the targeting ability of antibodies with the cytotoxicity of potent drugs, aiming to improve treatment efficacy while reducing off-target toxicity [3][4] - The ADC therapy is recognized as one of the fastest-growing cancer treatment modalities, often referred to as a "golden track" [4] - BlissBio has completed five rounds of financing, with participation from several institutional investors, including Hillhouse Capital and Eisai [4] Group 3 - The company has signed a licensing agreement with Eisai, granting exclusive global rights (excluding Greater China) to use a specific linker in ADCs targeting HER2, EGFR, and B7-H3 [7] - BlissBio has four ADC products in clinical stages targeting HER2, EGFR, B7-H3, and CD73, with three utilizing the linker from Eisai [7][8] - In April 2023, BlissBio entered into a collaboration agreement with Eisai for the development and commercialization of BB-1701, which includes potential milestone payments of up to $2 billion [9] Group 4 - BlissBio currently has no commercialized products, and its revenue for 2023 and 2024 is projected to be RMB 180.2 million and RMB 22.6 million, respectively, primarily from collaboration agreements with Eisai [10][11] - The company is expected to incur significant losses, with projected annual losses of RMB 206.4 million in 2023 and RMB 556.6 million in 2024, largely due to high R&D costs and the impact of redemption liabilities from investor agreements [10][11] Group 5 - The IPO is crucial for BlissBio to secure funding for ongoing R&D and commercialization efforts, with plans to use the raised funds for advancing core product development, supporting existing pipeline assets, and enhancing technology platforms [12]

Core Viewpoint - The U.S. is facing increasing competition in the biopharmaceutical sector, particularly in innovative drugs, leading to proposed high tariffs on imported drugs and copper, with drug tariffs potentially reaching 200% [1] Group 1: U.S. Policy and Competition - The U.S. National Security Council has reported that China is systematically challenging U.S. biotechnology dominance, particularly in antibody-drug conjugates (ADCs), where Chinese companies dominate nearly half of the global research [1][2] - The U.S. decision to impose tariffs is driven by a sense of crisis and insecurity regarding the competitive landscape in biopharmaceuticals [1][3] Group 2: China's Rise in Biopharmaceuticals - Prior to 2010, Chinese pharmaceutical companies were largely invisible in the global innovative drug market, relying heavily on generics, but significant reforms since 2015 have led to a rapid development of an independent innovation system [2][3] - The number of innovative drugs launched in China has surged from 9 in 2018 to an expected 48 by 2024, aided by expedited approval processes [2] Group 3: Collaborative Dynamics and Market Trends - Despite U.S. efforts to limit collaboration with Chinese firms, American pharmaceutical giants are increasingly entering into licensing agreements with Chinese companies, with significant transaction values reported [4][5] - The cost of developing innovative drugs in China is only 20-30% of that in the U.S., with a faster development cycle, highlighting China's competitive edge in the biopharmaceutical sector [4][5] Group 4: Future Outlook and Strategic Implications - The ongoing political tensions are unlikely to disrupt the deepening collaboration between U.S. and Chinese pharmaceutical industries, as mutual dependencies in research and clinical trials persist [5] - The future of innovative drug development may hinge on the ability to create an open and collaborative ecosystem rather than maintaining technological hegemony, suggesting that the U.S. may miss out on future advancements if it continues to pursue isolationist policies [5]

Group 1 - The core viewpoint of the article highlights the increasing competition and insecurity in the U.S. biopharmaceutical sector, prompting President Trump to threaten high tariffs on imported drugs and copper, with drug tariffs potentially reaching 200% [1] - The U.S. National Security Council's report indicates that China is systematically challenging U.S. biotechnological dominance, particularly in the innovative drug sector, exemplified by China's significant presence in antibody-drug conjugate (ADC) research [1][3] - The shift in the global innovative drug landscape is marked by China's dominance in ADC studies, with Chinese companies accounting for 89 out of 184 global studies, reflecting a significant change in competitive dynamics [1][2] Group 2 - Prior to 2010, Chinese pharmaceutical companies were largely invisible in the global innovative drug market, relying heavily on generic drugs, but reforms initiated in 2015 have led to a rapid development of an independent innovation system in China's pharmaceutical industry [2] - The number of innovative drugs approved in China has surged from 9 in 2018 to an expected 48 by 2024, aided by expedited approval processes and a dynamic adjustment mechanism for new drug reimbursement [2][3] - In 2024, Chinese pharmaceutical companies are projected to complete over 90 overseas licensing deals, with total amounts exceeding $50 billion, indicating a robust international expansion [3][4] Group 3 - Despite U.S. efforts to limit collaboration with Chinese pharmaceutical firms, American companies like Pfizer and Merck continue to engage in significant licensing agreements with Chinese firms, reflecting a dependency on Chinese capabilities [4] - The competitive landscape is characterized by a "scissors gap," with China increasing its share of high-impact papers in synthetic biology while U.S. shares decline, showcasing China's growing research capabilities [4] - The cost-effectiveness of Chinese drug development, with costs being 20-30% of U.S. counterparts and shorter development cycles, positions China favorably in the global market [4] Group 4 - The article emphasizes that the future of innovative drug development will hinge on creating an open and collaborative ecosystem rather than maintaining technological hegemony, suggesting that U.S. protectionism may hinder its progress [5][6] - The ongoing competition between the U.S. and China in the biopharmaceutical sector is framed as a critical race for global health standards, with the potential for China to redefine these standards [6]

Core Insights - The biopharmaceutical industry is undergoing a significant transformation, with traditional therapies like monoclonal antibodies and vaccines growing at a steady rate of 8% to 16%, while emerging therapies such as cell and gene therapy (CGT), bispecific antibodies, and antibody-drug conjugates (ADC) are experiencing explosive growth rates of 30% to 71% [1][3][4] - The success of biopharmaceutical companies hinges on their ability to identify and invest in the few high-potential drug candidates among thousands of targets, emphasizing the importance of speed and precision in drug development [2][4] - The global biopharmaceutical market is projected to grow from $297.9 billion in 2020 to $530.1 billion by 2025, with a compound annual growth rate (CAGR) of 12.2%, surpassing the growth of traditional chemical drugs [3][4] Industry Trends - The CGT market is expected to surge from $2.08 billion in 2020 to $30.54 billion by 2025, reflecting a staggering CAGR of 71%, with China's market projected to grow from 2.38 million RMB to 17.885 billion RMB, a 276% increase [3][4] - The demand for innovative therapies is driven by a growing patient base and clear medical needs, particularly in the weight management sector, which is projected to become a nearly trillion-yuan industry in China [5][6] - The competition in the GLP-1 market is intensifying, with domestic companies entering the field, but challenges remain due to the strong market presence of established players like Novo Nordisk and Eli Lilly [5][6] Innovation and Globalization - Chinese pharmaceutical companies are increasingly focusing on "license-out" strategies to expand their global presence, with significant growth in overseas licensing deals, totaling over $50 billion in 2024 [7][8] - Recent policy measures from the National Healthcare Security Administration aim to enhance the accessibility of innovative drugs and support the development of the pharmaceutical industry, providing a more favorable environment for growth [8][9] - The industry is witnessing a shift from imitation to original innovation, with Chinese companies making strides in developing cutting-edge therapies such as dual-target agonists and ADCs, positioning themselves as competitive players in the global market [9][10] Future Outlook - The biopharmaceutical sector is entering a new era characterized by rapid innovation and increased competition, with the potential for significant breakthroughs in drug development [10][11] - The next decade is expected to see a continued evolution of the industry, with Chinese companies transitioning from followers to leaders in the global biopharmaceutical landscape, driven by technological advancements and policy support [11]

Core Viewpoint - The Hong Kong IPO market experienced a strong recovery in the first half of 2025, with 42 companies raising a total of HKD 1,067 billion, marking a 688% increase compared to the same period in 2024, and surpassing the total from 2022 to 2024 [1] Group 1: A to H Companies - Over 70 A-share companies have announced plans to list on the Hong Kong Stock Exchange since 2024, with 7 companies completing their IPOs in the first half of 2025, raising over HKD 770 billion, accounting for 72% of the total IPO amount [1] - The IPO issuance discount for A to H projects is positively correlated with company market capitalization, where larger A-share companies attract more investor interest, resulting in lower issuance discounts; for instance, CATL's Hong Kong issuance price was only 6.8% lower than its A-share price [1] - Despite the strong fundraising from A to H projects, the first-day drop rate reached 57%, with four companies experiencing a drop below their issuance price, including Haitian Flavoring and Sanhua Intelligent Control [1] Group 2: Industry Performance - The consumer discretionary sector emerged as the most active segment, with 7 IPOs raising HKD 105.7 billion, led by Mixue Ice City, which raised HKD 39.7 billion with a subscription rate of 5,258.2 times, freezing HKD 1.8 trillion [1] - The innovative drug sector, with 5 IPOs raising HKD 40.6 billion, became the most profitable segment, achieving an average increase of 78.4% since listing, with some companies like InnoCare Pharma and Brainhole achieving over 100% excess returns [1] - The industrial materials sector, along with information technology and finance, showed a downturn, contributing only 19 IPOs, which accounted for 45.2% of the total, but with a significantly lower actual fundraising scale [1]

Investment Rating - The report indicates a strong investment interest in the oncology sector, highlighting its rapid growth and potential for innovation [3][4]. Core Insights - The oncology market has seen its share of global prescription drug sales increase from 13% in 2018 to 18% in 2023, with an average annual growth rate exceeding 10% over the past five years [3][4]. - The business development and licensing (BD&L) activities in the oncology sector account for approximately 50% of global transaction volume, with emerging biotech companies leading the charge [4][5]. - China has emerged as a significant source of innovation in oncology, with a tenfold increase in the total value of oncology drug licensing transactions since 2019 [7][8]. Summary by Sections Background - The oncology sector is the largest treatment area in the global pharmaceutical industry, driven by unmet patient needs and substantial commercialization potential [3][4]. - The share of sales revenue from pharmaceutical companies outside the top ten in the global oncology market has increased from about 30% five years ago to approximately 45% [3]. BD&L Trends - BD&L transactions are increasingly focused on late-stage development products, with a notable shift towards acquiring assets that ensure short-term revenue stability [4][11]. - The average transaction value in oncology mergers and acquisitions reached a five-year high in 2023, indicating robust activity despite a decline in overall BD&L transaction volume [11][12]. Innovation and Market Dynamics - Approximately 40% of drugs in the global development pipeline are in the oncology field, reflecting the high demand for innovative therapies [5][6]. - The rise of antibody-drug conjugates (ADCs) and bispecific antibodies in early-stage BD&L transactions has increased from 10% in 2019 to 35% [16][18]. Strategic Implications - Companies looking to succeed in the oncology market must establish robust screening and evaluation processes to identify promising assets and respond quickly to clinical trial data [17]. - Smaller biotech firms should focus on specific tumor types or regional market needs to ensure competitive transaction terms in a landscape dominated by larger multinational pharmaceutical companies [17].

Group 1 - The balance of global biotechnology power is shifting, with China rapidly emerging as a potential leader in original innovation, particularly in drug development [1][2] - A recent report from Harvard's Belfer Center indicates that China has the best chance of surpassing the US in biotechnology, despite the US's current lead in key technology sectors [2] - China's advantages in biotechnology stem from its dominant position in pharmaceutical manufacturing and a larger talent pool compared to the US [2] Group 2 - China's drug approval process is more efficient and flexible than that of the US, contributing to a higher number of clinical trials and a significant increase in patent filings [2] - Major pharmaceutical companies from the US and Europe have invested billions in acquiring Chinese-developed drugs, indicating growing interest in China's biotech sector [2][3] - BioNTech's recent acquisition of a drug from a Chinese company for over $10 billion highlights the value of Chinese innovations in the global market [3] Group 3 - The US biotechnology sector is experiencing layoffs and project stagnation due to funding cuts, contrasting with the rising interest in Chinese biotech companies [4] - Goldman Sachs has released a report indicating that China's innovative capabilities in biotechnology are gaining global recognition, with expectations for several leading companies to reach breakeven by 2025/2026 [4] - China is becoming a hub for the development of innovative drugs like antibody-drug conjugates (ADCs), which are in high demand from multinational pharmaceutical companies [4] Group 4 - Chinese biopharmaceutical companies listed in the US have seen significant stock price increases, reflecting renewed market interest [5] - The Hong Kong stock market is also witnessing a resurgence in biopharmaceutical demand, with a major new share issuance by Kelun-Biotech [5] - For Chinese biopharmaceutical companies to succeed globally, they must adapt to various regulatory requirements and leverage global clinical resources for cost efficiency [5]