撰文丨王聪 编辑丨王多鱼 排版丨水成文 根据国际癌症研究机构 （IARC） 更新的全球癌症统计数据，2022 年全世界有近 2000 万例新发癌症病例和 970 万例癌症相关死亡病例。癌症已成为全球疾病 相关死亡的主要原因之一。 长期以来，化疗和放疗一直是癌症治疗的标准手段；然而，由于缺乏肿瘤特异性，这些方法不可避免地会对正常组织造成损害，从而导致严重的不良反应。为了 应对传统治疗方法特异性差的问题，人们开发了 靶向药物递送 策略，将细胞毒性药物选择性递送至肿瘤细胞，实现精准杀伤，在显著降低全身毒性的同时提高了 整体治疗效果。 核酸适配体 （aptamer） 作为独特的靶向配体，使得 核酸适配体-药物偶联物 （Aptamer-Drug Conjugates，ApDC） 成为靶向癌症治疗领域一种颇具吸引力 的新策略。 2025 年 9 月 24 日， 谭蔚泓 院士、 中国科学院杭州医学研究所 刘湘圣 研究员 、 何嘉轩 高级工程师等 在 Signal Transduction and Targeted Therapy 期刊 发表了题为： An aptamer-drug conjugate for promisi ...

Core Viewpoint - Cancer remains a leading cause of death globally, prompting the search for new targeted therapies, particularly antibody-drug conjugates (ADCs) which show promise in delivering chemotherapy directly to cancer cells while minimizing side effects [2][3]. Group 1: Current ADC Limitations - Current ADCs have a drug-to-antibody ratio (DAR) of only 2-8, limiting the range of chemotherapy drugs that can be used, as only highly potent drugs can be selected [2][6]. - The limited DAR means that ADCs cannot utilize a broader spectrum of less potent chemotherapy drugs, which constrains treatment options [6]. Group 2: Introduction of ABC Technology - The newly developed antibody-bottlebrush prodrug conjugates (ABC) offer modular synthesis and a significantly higher DAR, allowing for a wider range of effective payloads, including less potent chemotherapy drugs [3][9]. - ABC technology enables the delivery of hundreds of prodrug molecules via a single antibody, enhancing the customization and diversity of drug combinations [8][9]. Group 3: Experimental Results - In preclinical models, ABCs demonstrated superior efficacy in eliminating tumors compared to traditional ADCs and non-targeted prodrugs, even at very low doses [13][14]. - The study showed that ABCs outperformed FDA-approved ADCs like T-DXd and TDM-1, indicating a potential for enhanced treatment outcomes [14]. Group 4: Future Directions - The research team plans to explore combinations of different chemotherapy drugs with varying mechanisms to improve overall efficacy [14]. - There is potential for using various monoclonal antibodies, as over 100 have been approved, to create new targeted cancer therapies through the ABC platform [14].

Core Viewpoint - The pharmaceutical industry, particularly biotech companies, is expected to experience a significant market upturn from late 2024 to mid-2025, supported by global market growth and strong performance in the Chinese pharmaceutical market [1][3]. Market Trends - The rapid growth of BD (business development) activities, the reopening of the Sci-Tech Innovation Board, and the performance of Hong Kong's secondary market indicate that the industry is entering a valuation recovery phase [1]. - Despite some biotech companies experiencing substantial stock price increases, many investors have not yet recouped their costs due to the timing of investments [1][2]. Investment Landscape - High-quality companies that address clinical needs are more likely to survive market downturns, while many biotech firms have failed to navigate the recent market challenges [2]. - The current secondary market appears prosperous, but from the perspective of primary market entrepreneurs, it is still in a winter phase [2]. Challenges and Opportunities - The difficulty of listing biotech companies in both China and the U.S. has led to diversified financing channels, with investors focusing on asset quality and clinical research data [3]. - The demand for high-quality, cost-effective products is increasing due to global aging populations and limited healthcare funding [4]. Global Positioning - Chinese innovators have significantly narrowed the development gap with the U.S., with a reported 38% year-on-year increase in overseas licensing deals, totaling $60.8 billion in the first half of 2025 [5][6]. - The shift from generic to original drug development in China is expected to have a profound impact on the global pharmaceutical market [6]. R&D Efficiency - China leads globally in R&D efficiency from "1 to 10," while the U.S. remains dominant in "0 to 1" development [6]. - The ability to produce unique products, particularly in ADC (antibody-drug conjugates), is attributed to China's strong engineering capabilities [9]. Future Growth Areas - The most promising research areas for capital investment are in immunology and metabolic/cardiovascular fields [7]. - The market is witnessing a divide, with leading companies leveraging innovation and digital empowerment, while smaller firms face greater pressure due to homogenized competition [6][10]. Strategic Directions - Companies are encouraged to explore new financing models, such as RWA (Real World Asset) tokenization, to better access markets [11]. - The focus on license-out opportunities and the promotion of inclusive healthcare are critical strategies for pharmaceutical companies [12].

Core Insights - The core breakthrough in China's biotechnology sector is the significant narrowing of the innovation gap with the U.S., reduced from 10 years to 3.7 years over the past decade [1][4][5] - Analysts warn that the biotechnology industry's valuation has become significantly overestimated, with valuation multiples now higher than those of U.S. biotech companies, suggesting that the market may have prematurely reassessed the industry's fundamental improvement prospects [1][25] Industry Transition - China's biotechnology industry is at a historic turning point, transitioning from being a "follower" to a key contributor in global "1-to-N" innovation [3] - By 2030, innovative drug sales are projected to account for 53% of China's pharmaceutical market, up from 29% in 2023, with a compound annual growth rate (CAGR) of 21% [3][14] Innovation Gap Reduction - The narrowing of the innovation gap is attributed to systematic capability improvements within China's biotechnology sector [6] - From 2020 to 2024, 112 new molecular entities were launched in China, representing about 25% of the global total, with nearly a quarter of U.S. FDA-approved drug categories also receiving domestic approval in China [6] Licensing Boom - The surge in external licensing activities reflects the growing global recognition of Chinese biotechnology [7] - In 2024, the total value of China's external licensing transactions is expected to exceed $50 billion, a significant increase from 2022, driven by unique competitive advantages in specific therapeutic areas [10] Cost and Speed Advantages - China's biotechnology sector has become a major contributor to global ADC (antibody-drug conjugates) innovation, with over 60% of global ADC clinical trials initiated in China in 2023 [12] - The cost advantage in clinical trials is notable, with Phase III trial costs per participant being about one-third of those in the U.S. ($25,000 vs. $69,000), and faster patient recruitment rates [12] Domestic Market Potential - The growth of China's biotechnology sector is significantly driven by domestic demand, with rural healthcare spending projected to reach approximately 2.4 trillion RMB by 2030 [13] - The urban-rural healthcare spending gap has narrowed from 63% to 53% over the past decade, with expectations that it will further reduce to 45% by 2030 [13] Pharmaceutical Companies' Evolution - Chinese pharmaceutical companies are increasingly participating in global markets, with traditional firms showing different characteristics and advantages compared to biotech companies [15] - The top 20 external licensing transactions in 2024-2025 will include 9 pharmaceutical companies, indicating their acceleration in globalization [15] Globalization Strategies - The globalization path for pharmaceutical companies is evolving from simple external licensing to more complex collaboration models, such as the "NewCo" model, which involves establishing overseas entities with shared equity [19] CDMO Industry Role - China's CDMO (Contract Development and Manufacturing Organization) industry is becoming increasingly important in the global pharmaceutical supply chain, with major players holding over 10% market share in both large and small molecule CDMO markets [21] - Key competitive advantages for Chinese CDMOs include cost efficiency (30-40% lower unit costs compared to Western facilities), speed, and large-scale production capabilities [23] Valuation Concerns - The biotechnology sector's valuation has seen a significant revaluation, with average price-to-earnings ratios for H-shares rising from 2.2x to 4.5x since the beginning of the year, surpassing U.S. biotech's approximately 2.5x [25]

Group 1: Industry Transformation - The Chinese biotechnology industry is transitioning from a "follower" to a key contributor in global "1 to N" innovation, with market valuation being re-recognized [1] - By 2030, innovative drug sales are expected to account for 53% of China's pharmaceutical market, up from 29% in 2023, with a compound annual growth rate (CAGR) of 21% [1][16] Group 2: Innovation Gap Closure - The gap in innovation capability between China and the U.S. has significantly narrowed, with the development gap now at 3.7 years compared to approximately 10 years in 2005-2009 [2][5] - From 2020 to 2024, 112 new molecular entities were launched in China, representing about 25% of the global total, with nearly a quarter of U.S. FDA-approved drug categories also receiving domestic approval in China [5] Group 3: Licensing and Strategic Value - There is a surge in outbound licensing activities, with the total value of transactions expected to exceed $50 billion in 2024, a significant increase from 2022 [7] - China's advantages in specific therapeutic areas are driving this growth, particularly in antibody-drug conjugates (ADCs), where over 60% of global clinical trials initiated in 2023 are from China [10] Group 4: Domestic Market Potential - The domestic demand is a major growth driver, with rural healthcare spending projected to reach approximately 2.4 trillion RMB by 2030, as the urban-rural spending gap continues to narrow [13] - The urban-rural healthcare spending gap has decreased from 63% to 53% over the past decade, with expectations to further narrow to 45% by 2030 [13] Group 5: Pharmaceutical Companies' Globalization - Traditional pharmaceutical companies are accelerating their globalization efforts, with 9 out of the top 20 outbound licensing deals in 2024-2025 involving these companies [17] - Companies like Heng Rui are leading with nearly 100 innovative drugs in clinical development across various therapeutic areas [17] Group 6: CDMO Industry Role - The Chinese CDMO industry is becoming increasingly important in the global pharmaceutical supply chain, with major players holding over 10% market share in both large and small molecule CDMO markets [21] - Key competitive advantages include a 30-40% cost advantage in biopharmaceutical manufacturing, faster drug development cycles, and large-scale production capabilities [21] Group 7: Valuation Concerns - The valuation of Chinese biotechnology companies has significantly increased, with the average price-to-earnings ratio rising from 2.2x to 4.5x since the beginning of the year [23] - This valuation is notably higher than the approximately 2.5x for U.S. biotechnology firms, suggesting that the market may have prematurely re-evaluated the improvement prospects of the Chinese biotechnology sector [24]

Core Insights - The development of innovative drugs in China has been significantly promoted by continuous improvement in national policies and increasingly stringent regulations, leading to a notable increase in both the quantity and quality of drugs [1][2] - The innovative drug research and development (R&D) process is lengthy and costly, typically requiring around ten years and over one billion dollars in investment, with a shift from quantity to quality in China's drug R&D capabilities [2][3] - The CRDMO (Contract Research, Development, and Manufacturing Organization) sector is evolving from a service provider to a value co-creation partner, enhancing revenue through early-stage R&D services and milestone payments [5][9] Industry Trends - The CXO industry in China has formed a multi-layered and differentiated competitive landscape, with WuXi Biologics leading the market with projected revenues of 18.68 billion yuan in 2024 [3] - New technology platforms are emerging, such as the peptide chip and AI screening platform by Carbon Cloud, which is globally leading in its field [4] - The CRDMO sector is experiencing a transformation, with companies like WuXi Biologics redefining their roles to provide comprehensive support throughout the drug development process [4][5] Market Dynamics - The number of clinical trials globally is steadily increasing, with China showing particularly strong growth, driven by unmet patient needs and a favorable market environment [1][2] - The innovative drug licensing transaction process is complex, but there is a growing trend of early-stage projects attracting attention from licensing transactions, indicating increasing market recognition and demand for innovative drugs [7][8] - In the past three to five years, over 60% of the assets that achieved licensing transactions through WuXi Biologics were ultimately acquired by multinational companies, highlighting the synergy between small biotech firms and larger corporations [8]

Core Viewpoint - The Hong Kong Stock Exchange's Chapter 18A listing rules have lowered the entry barriers for biotechnology companies, making intellectual property (IP) a crucial factor in their valuation. Companies planning to list must prioritize IP-related risks and conduct thorough due diligence to ensure successful listing and sustainable development [2][3][4]. Group 1: Overview of Chapter 18A Listing Rules - The Chapter 18A rules allow biotechnology companies that meet specific criteria to list without the need for profitability tests or traditional financial metrics, significantly easing the financing barriers for R&D-focused biotech firms [3]. - Companies must demonstrate eligibility as a biotechnology entity, maintain a market capitalization of at least HKD 1.5 billion, have a management team with at least two years of experience in the current business, and possess sufficient operating funds to cover at least 125% of their expenses for the next twelve months [3][4]. Group 2: Importance of Intellectual Property - Intellectual property is a key indicator of a company's competitiveness, especially for those planning to list under Chapter 18A. Investors will focus on the quality and layout of a company's IP, including core patents and their corresponding R&D pipelines [4]. - The quality of IP not only reflects a company's innovation capabilities but also helps predict its future ability to generate commercial returns through technology transfer, making it a vital basis for the valuation of unprofitable biotech firms [4]. Group 3: Intellectual Property Risks in Listing - Companies must disclose significant risks related to their IP that could materially affect their operations, financial status, and future profitability. IP-related risks are a primary focus for both professional service institutions during pre-listing reviews and investors post-listing [5]. - The main categories of IP risks include ownership risks, invalidation risks, and infringement risks [5][6][7]. Group 4: Strategies for Addressing IP Issues - Conducting thorough due diligence and risk assessments before listing is crucial. This includes analyzing the validity of core patents, conducting freedom-to-operate (FTO) analyses, and assessing potential infringement risks [11]. - Companies should develop a systematic patent strategy around their core technologies, ensuring comprehensive protection across various applications and processes, while also considering geographical coverage [12]. - Establishing a robust defense mechanism against potential patent infringement lawsuits is essential, including analyzing competitors' patents and preparing negotiation strategies [13]. Group 5: Information Disclosure Requirements - Companies must provide clear information about their IP in their prospectus, including the source of core IP and its current ownership status. This transparency is critical for regulatory compliance and investor confidence [14][15]. - Disclosures should also include any ongoing legal disputes related to core technologies and potential risks of IP invalidation, ensuring that investors are well-informed about the company's IP landscape [15]. Group 6: Case Study of a Successful Listing - Since the implementation of Chapter 18A in 2022, 70 biotechnology companies have listed on the Hong Kong Stock Exchange, showcasing the rule's effectiveness in facilitating capital access for innovative firms [16]. - A notable example is Kelun-Biotech, which successfully listed in July 2023, demonstrating comprehensive IP disclosure and a strong global patent strategy, highlighting its commitment to protecting its core assets [16][17].