21世纪经济报道记者季媛媛 从2024年末至2025年上半年，医药行业，尤其是生物医药Biotech公司，经历了一轮显著的行情上涨。 这一趋势得到了全球医药市场规模增长和中国医药市场强劲表现的支持。无论是BD业务的迅猛增长、 科创板的再度开放，还是港股二级市场的股价表现，都清晰地显示出该行业正逐步进入估值恢复阶段， 其临床价值也逐渐获得大型跨国药企的认可。 这是否意味着医药产业周期调整已过，行业已迎"暖春"？对此，高特佳投资执行合伙人王海姣在由弗若 斯特沙利文主办的2025年第十九届沙利文全球增长、科创与领导力峰会暨第四届新投资大会上表示，尽 管今年部分生物医药企业股价涨幅较大，但遗憾的是，由于投资收益与投资时点密切相关，即便优质企 业，投资价格也会对回报产生影响，这一现状导致众多投资人仍未能收回成本。 在评估项目优劣时，王海姣提到，首先，从临床需求出发，真正解决临床问题的企业才是优质企业。无 论市场处于泡沫期还是寒冬期，企业的估值会有显著差异，但真正的好企业能够凭借解决临床需求的能 力穿越市场寒冬。在过去两三年间，众多biotech公司纷纷倒闭，遗憾地未能顺利穿越市场周期的挑战： 其次，当前二级市场呈现繁荣 ...

Group 1: Market Performance - The Hong Kong pharmaceutical sector has seen a dramatic increase, with over 10 innovative drug companies achieving a maximum rise of over 200% in 2023, including a notable 30% single-day surge for Sanofi due to a $1.25 billion upfront deal with Pfizer [1][2] - More than 30 healthcare companies have submitted applications for listing on the Hong Kong Stock Exchange, with two-thirds focusing on innovative drug development [1] Group 2: Investment Trends - In 2024, the Chinese health technology industry is expected to see a significant increase in License-out transactions, with total upfront payments exceeding $3 billion, surpassing the total financing amount for innovative drugs that year [3] - The first quarter of 2025 saw License-out transaction totals reach $36.9 billion, marking a 222% year-on-year increase, with major buyers including Pfizer and Roche [3] Group 3: Strategic Shifts - Health technology companies are advised to enhance their overseas strategies by establishing R&D institutions abroad and adopting various models such as License-out and NewCo to mitigate risks and improve funding [4][5] - The License-out model allows companies to transfer commercialization risks to partners while quickly recouping funds, making it a popular choice among innovative drug companies [5] Group 4: R&D Investment - A-share pharmaceutical companies have a low R&D investment ratio, with only 5.1% in 2023, indicating a need for increased investment in innovation [6] - Recent regulatory changes, including the reintroduction of listing standards for unprofitable biotech firms, aim to support high-quality technology enterprises and enhance the capital market's appeal [7][10] Group 5: Future Opportunities - The health technology sector is predicted to experience significant growth in AI pharmaceuticals, precision medicine, and surgical robotics over the next 3-5 years, with AI healthcare leading in financing events [12][15] - The AI healthcare market is projected to grow at an annual rate of 43% from 2024 to 2032, potentially reaching a market size of $491 billion by 2032 [15]