导读： 2025年中国创新药产业在政策支持与全球化布局下快速发展，头部药企如百济神州、恒瑞医药等通过高研发投入和管线密集推进。科学仪器厂商如沃特 世、安捷伦、赛默飞等通过提供全流程技术支撑，推动行业持续升级。 值得注意的是，创新药的崛起并非药企"单兵作战"，随着研发进入快车道，科学仪器正从"支撑者"转向"关键赋能者"。 沃特世 、 赛默飞 、 安 捷伦 等厂商正加码布局创新药赛道，从分子发现到质量控制，再到工艺放大，为药企提供全流程技术支撑。药企依赖先进仪器保障研发效率与 合规性，而仪器企业则通过持续迭代，推动分析、检测与生产环节的不断升级。 本文将聚焦 第七届中国制药工业博览会上发布的《2025中国创新药企业TOP101》榜单 前十药企（ 注：因石药集团、康方生物、三生制药截 至发稿时未发布半年报，暂不纳入分析 ），通过梳理其 半年报数据与管线动态 ，呈现 中国创新药产业的最新格局 ，以及 在这一进程中 科学 仪器厂商的 最新动态 。 | ST - ET LAND (CORRECO | 8, REAL PRODUCTION | | | --- | --- | --- | | ● 三生物的(01530) | ...

Group 1: Macro Strategy and Market Overview - The report highlights that the financing balance has surpassed 2 trillion, indicating a significant increase in market activity and investor risk appetite, with net inflows in both northbound and southbound capital [3][22][23] - The overall liquidity situation shows a net outflow of 247.5 billion, with total funding supply at 77.8 billion and demand at 325.3 billion, suggesting a tightening liquidity environment [22][23] - The report emphasizes the importance of monitoring developments in US-China negotiations and potential meetings between leaders, which could impact market sentiment [3][22] Group 2: Banking Sector Analysis - As of August 18, 2025, the valuation of the banking sector has increased by 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92% [4] - The report identifies three main reasons for the persistent undervaluation of banks: asset quality risks, declining revenue capabilities, and high growth in net assets per share, which collectively contribute to a lower market valuation [4] - The theoretical PB corresponding to the current ROE is estimated at 0.63, indicating that a return to a PB of 1 would require an ROE of approximately 14.15% [4] Group 3: Power Generation Sector Insights - The report discusses the profitability disparities among thermal power assets in Guangdong, highlighting that different regions experience varying electricity prices, impacting overall profitability [6] - It notes that high-efficiency coal-fired power units are expected to perform better in terms of profitability, particularly the 1 million kilowatt units, which have a net profit per kilowatt-hour above 0.01 yuan [6] - The outlook for electricity prices is relatively stable, with expectations of limited downside, and a focus on capacity price changes in the future [6] Group 4: Company-Specific Performance - Spring Wind Power reported a revenue of 9.855 billion yuan for H1 2025, a year-on-year increase of 30.9%, with a net profit of 1.002 billion yuan, up 41.35% [10][26] - The company achieved a gross margin of 28.38% and a net profit margin of 10.17%, indicating strong operational efficiency despite a slight decline in gross margin [10][26] - The report projects an upward revision in profit forecasts for Spring Wind Power, estimating profits of 1.858 billion, 2.483 billion, and 2.936 billion yuan for 2025-2027 [10][30] Group 5: Pharmaceutical Sector Developments - BeiGene reported a total revenue of 2.433 billion USD for H1 2025, reflecting a 45% year-on-year growth, with a significant turnaround in profitability [11][35] - The company’s core product, Zanubrutinib, saw global sales of 950 million USD in Q2 2025, marking a 49% increase year-on-year [11][35] - Future milestones include several drugs entering Phase III clinical trials, with expected approvals and significant revenue contributions anticipated in the coming years [11][35] Group 6: Retail and Consumer Goods Performance - Pop Mart achieved a revenue of 13.88 billion yuan in H1 2025, a 204.4% increase, with overseas revenue growing by 440% [12][36] - The company’s gross margin improved to 70.3%, driven by an increase in overseas sales and product design optimization [12][36] - The report highlights the successful expansion of Pop Mart's IP portfolio, with significant contributions from various product categories, indicating a diversified revenue stream [12][37]

来源：滚动播报 百济神州创新的"飞轮"还在不断加速，为未来布局更多业绩新增长点。目前，该公司已建成横跨多个国 家的全球研发网络，并拥有40多款处于临床开发和商业化阶段的产品，仅2024年一年，就将13款具有差 异化优势的新分子实体推进临床开发阶段。 两家创新药企业绩向好的背后，是北京发展生物医药产业"十年磨一剑"的积淀，也显现出这一产业未来 的强大活力与潜力。 "自首款自主创新药物泽布替尼上市以来，我们自主研发的产品已惠及全球超过75个市场的180多万名患 者。"百济神州总裁兼首席运营官吴晓滨表示。此次上半年实现盈利，正是得益于公司两款核心创新抗 癌药产品的销售增长。 具体来看，伴随更多适应症获批，创新药泽布替尼市场价值持续释放，上半年全球销售额总计125.27亿 元，同比增长56.2%，其中中国销售额总计11.92亿元，同比增长36.5%；美国销售额总计89.58亿元，同 比增长51.7%；欧洲销售额总计19.18亿元，同比增长81.4%。另一款抗癌药替雷利珠单抗上半年销售额 总计26.43亿元，同比增长20.6%。 （来源：千龙网） 近期，创新药企百济神州、诺诚健华相继发布半年财报，百济神州上半年净利润达 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported significant financial performance in H1 2025, with total revenue of $2.433 billion, a year-on-year increase of 45%, and a GAAP net profit of $95.59 million, marking a turnaround from losses [1][13] - The company is expected to achieve continuous revenue growth, with projected revenues for 2025-2027 at $38.00 billion, $45.91 billion, and $54.04 billion respectively [6][10] Financial Performance - In Q2 2025, total revenue reached $1.315 billion, a 42% year-on-year increase, with GAAP net profit of $94.32 million, also reflecting a significant recovery [1][13] - The company has successfully reduced its R&D expenses, with a R&D expense rate of 40% in Q2 2025, down 9 percentage points year-on-year [2][32] - Sales and management expenses were $538 million in Q2 2025, with a corresponding expense rate of 41%, a decrease of 7 percentage points year-on-year [2][28] Product Performance - The core product, Zebutinib, achieved global sales of $950 million in Q2 2025, a 49% year-on-year increase, with strong growth in the US and Europe [3][17] - The second key product, Tislelizumab, also showed robust growth, with total revenue of $194 million in Q2 2025, a 22% year-on-year increase [3][22] Future Milestones - The company anticipates several key milestones in the next 18 months, including multiple drugs entering Phase III clinical trials or filing for market approval [4][5] - Notable upcoming events include the expected approval of Tislelizumab for early-stage non-small cell lung cancer in the EU and the initiation of Phase III trials for other products [4][5] Revenue Guidance - The company has updated its revenue guidance for 2025, raising the total revenue forecast from $4.9-5.3 billion to $5.0-5.3 billion, reflecting confidence in product performance [11][12]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The upcoming World Conference on Lung Cancer (WCLC) is expected to showcase significant advancements in innovative drugs, generating new business development expectations [1] - The A-share pharmaceutical index has increased by 3% this week and 25% year-to-date, outperforming the CSI 300 by 0.7% and 18.2% respectively [4][9] - The report highlights the strong performance of the pharmaceutical sector, particularly in innovative drugs, research services, and CXO [10][11] Industry Trends - The WCLC will take place from September 6 to September 9, 2025, in Barcelona, featuring over 1,500 presentations, with a significant number from Chinese researchers [17][18] - Chinese innovation is prominently represented, with over 400 submissions, indicating a shift towards the commercialization of innovative drugs [18][19] Stock Performance - Notable stock performances include a 69% increase for Sainuo Medical and a 94% increase for Paig Biological in the H-share market [4][9] - The report provides a detailed overview of stock performance, highlighting both top gainers and losers in the pharmaceutical sector [9][13] Recommendations - The report suggests a focus on specific sub-sectors, ranking them as follows: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10] - Specific stock recommendations include companies like Bory Pharmaceutical, Singlera Genomics, and Innovent Biologics based on various therapeutic angles [11][12]

Investment Rating - The report maintains an "Accumulate" rating for the Hong Kong innovative drug sector [1]. Core Insights - The current bull market for innovative drugs is driven by the potential for overseas business development (BD), marking a shift from domestic commercialization to international expansion, which is crucial for the industry's growth [6][15]. - The valuation of the Hong Kong innovative drug sector is at a historically low level, with the China Securities Hong Kong Innovative Drug Index's price-to-earnings (PE) ratio at 36.93, significantly lower than the industry average [16][21]. - The innovative drug industry in China has reached a turning point, with substantial improvements in both policy support and research capabilities, leading to increased global recognition of Chinese innovative drugs [6][54]. Summary by Sections 1. Hong Kong Innovative Drug Investment Value Analysis - The current bull market is characterized by a focus on overseas BD, with small-cap stocks showing significant gains [11]. - The Hong Kong innovative drug sector's PE ratio is at a historical low, enhancing its investment appeal [16]. - The sector's cost structure is aligning with that of A-share innovative drugs, and liquidity is improving, suggesting potential for higher valuations [25][28]. 2. Hong Kong Innovative Drug Industry Analysis - The innovative drug industry is entering a new phase, transitioning from generic to innovative drug development [46]. - Research capabilities have significantly improved, with a notable increase in the number of first-in-class (FIC) drugs being developed [51]. - The Chinese regulatory environment is increasingly aligning with international standards, enhancing the credibility of domestic clinical trials [54]. 3. Product Introduction: Hong Kong Innovative Drug ETF (513120) - The ETF closely tracks the China Securities Hong Kong Innovative Drug Index, which includes leading innovative drug companies [3]. - The ETF has shown superior performance compared to its peers, with a higher return rate and lower volatility [3][22]. - The ETF's top holdings are concentrated in leading pharmaceutical companies, providing a high degree of purity in its composition [3][24]. 4. Company Profiles - **BeiGene**: In a commercialization acceleration phase, with significant revenue growth and a robust pipeline [38]. - **Innovent Biologics**: Mature in commercialization, with a diverse product portfolio and strong global partnerships [39]. - **CSPC Pharmaceutical Group**: Transitioning from generics to innovative drugs, with several products expected to be approved soon [42]. - **Sihuan Pharmaceutical**: Deepening its innovative transformation, focusing on oncology and autoimmune diseases [45].

Group 1 - Ruikang Pharmaceutical's executive Li Zhe has had his detention changed to a notice of investigation, indicating a shift in the investigation phase [1] - The change from detention to a notice of investigation suggests a reduced level of coercion, highlighting the importance of internal control and compliance systems in listed companies [1] Group 2 - Zhixiang Jintai has initiated a Phase III clinical trial for GR1802 injection for allergic rhinitis, following communication with the National Medical Products Administration [2] - GR1802 is slightly behind in clinical progress compared to two other approved drugs targeting the same indication, but successful commercialization could lead to competition with Dupilumab [2] Group 3 - Rongchang Biopharmaceutical's innovative drug RC18 (Taitaxip) for primary Sjögren's syndrome has met its primary endpoint in Phase III clinical trials, marking a potential first in the global market for this indication [3] - If approved, this drug could provide a breakthrough treatment for millions of patients in China and strengthen Rongchang's position in the autoimmune field [3] Group 4 - Hengrui Medicine's SHR-A2102, a targeted antibody-drug conjugate (ADC) for Nectin-4, has received approval for clinical trials in combination with Atezolizumab for recurrent/metastatic head and neck squamous cell carcinoma [4] - There is currently only one similar product on the market, Padcev, which is projected to generate $1.949 billion in sales in 2024, indicating significant market potential for this target [4] Group 5 - BeiGene has launched the first domestic Phase III clinical trial for subcutaneous Tislelizumab, a PD-1 inhibitor, for use in combination with chemotherapy for locally advanced unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma [5] - The subcutaneous formulation is becoming a competitive area for PD-1/PD-L1 inhibitors, with three other subcutaneous PD-1/L1 products already approved globally [5]

Core Viewpoint - The stock of HBM Holdings (02142) rose over 5% following the announcement of presenting new clinical data at the upcoming ESMO annual meeting in Berlin [1] Group 1: Clinical Developments - HBM Holdings will present Phase II clinical data for its fully human anti-CTLA-4 antibody, HBM4003, in combination with Tislelizumab for microsatellite stable (MSS) metastatic colorectal cancer (mCRC) from October 17 to 21 [1] - The company has initiated a global development plan for HBM4003 targeting various solid tumors, utilizing an adaptive treatment design [1] Group 2: Strategic Partnerships - In June, HBM Holdings announced a collaboration with Otsuka Pharmaceutical to advance HBM7020 in the autoimmune field, with Otsuka acquiring rights outside Greater China [1] - Otsuka will pay a total of $47 million in upfront and milestone payments, with potential additional payments of up to $623 million based on future product net sales [1] - The rights for this drug in China were previously licensed to Huahai Biological (002007) in 2020 [1]

Core Viewpoint - The recent adjustment in the Hong Kong innovative drug sector has led to significant declines in the stock prices of some leading companies, despite improvements in mid-term earnings for several firms. The market's cold response is attributed to reliance on one-time factors for profit growth and increasing uncertainties in overseas markets, particularly due to high tariff plans proposed by the U.S. [1] Group 1: Performance Improvement Factors - The substantial increase in net profit reported by Hutchison China MediTech is primarily due to income from the sale of equity stakes in associated companies, while its core oncology immunotherapy business revenue has declined year-on-year [3] - Core product, furmonertinib, has seen growth in overseas markets, but domestic sales have significantly decreased due to competition from similar drugs and generics. The management has lowered the annual revenue forecast for the oncology business, and the review time for some new drug indications has been postponed to after 2025 [3] - Other companies like BeiGene and Innovent Biologics have shown impressive data performance, with increases in revenue and gross margins. BeiGene achieved its first half-year profit mainly due to the strong performance of core products, but it is also actively controlling costs, leading to a decrease in sales expense ratio [3] Group 2: Market Signals and Investment Sentiment - The recent price adjustments in innovative drug stocks are closely related to instability in the external environment, particularly the potential tightening of U.S. drug import policies, which poses uncertainties for export-dependent companies regarding pricing negotiations and market access [4] - The basis for some companies' profit improvements is not from sustained growth in core businesses but rather from structural adjustments, cost control, or non-recurring income, leading to cautious investor sentiment regarding valuations [4] - Domestic market price competition is also affecting expectations, as more similar innovative drugs enter the insurance directory and market, potentially eroding market share and sales prices of existing products. A conservative approach to R&D investment may optimize short-term profit margins but weaken long-term pipeline competitiveness [4]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a decline in stock prices despite several companies reporting strong half-year performance, raising concerns about the sustainability of growth due to external risks and cost-cutting measures [1][5]. Group 1: Company Performance - Several innovative drug companies, including Hutchison China MediTech, reported strong half-year results, with some turning losses into profits [5]. - Hutchison China MediTech's revenue for the first half of the year was $278 million, a year-on-year decrease of 9.16%, while net profit surged by 1663.32% to $455 million, primarily due to the sale of a 50% stake in Shanghai Hutchison Pharmaceuticals [1][2]. - The company's core oncology business saw a revenue decline of approximately 15%, with total revenue from this segment at $144 million [1]. Group 2: Product Performance - The core product, Furmonertinib, generated $163 million in overseas sales, a year-on-year increase of 25%, but domestic sales fell from $61 million to $43 million, a decline of 29% [2][3]. - The company revised its 2025 revenue guidance for its oncology business down from $350 million to $270 million to $350 million due to delays in milestone payments and regulatory review timelines [2][3]. - Sales of other products, such as Savolitinib and Soponib, decreased by 41% and 50%, respectively, with management expressing optimism about Savolitinib's potential in new indications like pancreatic cancer [3][4]. Group 3: Research and Development - Hutchison China MediTech reduced R&D spending by 24.4% to $72 million, with overseas R&D investment nearly halved [4]. - The company has accumulated significant cash reserves, totaling $1.365 billion, and plans to focus on its antibody-drug conjugate platform for future R&D investments [4]. Group 4: Market Environment - The innovative drug sector is facing external pressures, particularly from potential U.S. tariffs on imported drugs, which could impact companies' international operations [1][6]. - The management of Hutchison China MediTech highlighted uncertainties related to overseas pricing environments and U.S. drug pricing policies as significant risks [6].