每经记者｜许立波 每经编辑｜张海妮 其中，舒沃替尼主要针对EGFR二十号外显子插入突变的非小细胞肺癌患者。根据弗若斯特沙利文测算，预计 到2024年和2030年，全球的EGFR Exon20 ins的非小细胞肺癌新发患者人数将分别达到7.4万人和8.6万人，中国 新发患者人数将达到3.5万人和4.2万人。 8月22日晚间，迪哲医药（688192.SH，股价83.3元，市值382.69亿元）发布2025年半年度业绩报告。报告期 内，公司实现营业收入3.55亿元，同比增长74.40%。在医保赋能的推动下，旗下舒沃哲（舒沃替尼片）和高瑞 哲（戈利昔替尼胶囊）销售持续放量。报告期内归属于上市公司股东的净利润为-3.77亿元，去年同期数据 为-3.45亿元。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 355,001,420.82 | 203,550,120.00 | 74.40 | | 利润总额 | -378,990,328.00 | -432,296,836.34 | 不适用 | | 归属于 ...

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]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing significant growth, with a record-breaking $60.5 billion licensing agreement between 3SBio and Pfizer, marking a milestone in China's innovative drug transactions [1] - In the first half of 2025, over 50 global collaborations were established in the Chinese innovative drug sector, totaling $48.448 billion, alongside 154 new drug clinical approvals and 16 innovative drugs successfully launched [2][3] - The Hong Kong innovative drug ETF has seen a remarkable year-to-date increase of 58.95%, outperforming the Hang Seng Index and technology index [1] Industry Developments - The number of new drug clinical approvals reached 154 in June 2025, a 9% increase from the previous month, with bispecific antibodies and ADC drugs becoming the core areas of technological breakthroughs [2] - The Chinese innovative drug sector is transitioning from a "pharmaceutical giant" to a "pharmaceutical powerhouse," with the number of original innovative drugs in development now ranking first globally [2][3] - The introduction of a "commercial health insurance innovative drug directory" by the National Healthcare Security Administration is expected to create new payment channels for high-priced innovative drugs [3][4] Market Trends - The proportion of oncology pipeline transactions has decreased from 72% in 2023 to 61% in 2024, while the share of metabolic endocrine and autoimmune fields has increased to 25% [3] - The domestic innovative drug self-pay market is projected to grow from 320 billion yuan in 2024 to 1 trillion yuan by 2030, providing ample space for high-priced innovative drugs [3][4] Financial Performance - The proportion of R&D expenditure relative to revenue for innovative drug companies has decreased from 157% in 2023 to 89% currently, with some companies achieving net profit margins of 15% to 20% [5][6] - The top ten weighted stocks in the Hong Kong innovative drug selection index account for 75.85% of the index, indicating a concentration of market power among leading firms [5] Internationalization Strategies - Leading companies are shifting from "product export" to "platform export," while smaller firms are adopting the NewCo model to reduce reliance on single markets [6] - Recommendations include establishing cross-border platforms to provide comprehensive support for international expansion and fostering patient capital to better integrate financial resources with technological innovation [6]

Summary of the Conference Call for Dize Pharmaceutical Company Overview - Dize Pharmaceutical was established in 2017 by Guotou Innovation and a subsidiary of AstraZeneca, and it went public on the STAR Market in 2021. The company focuses on the research and development of small molecule drugs, with a core team that has extensive international experience from AstraZeneca China [9][3]. Key Products and Market Performance Shuwotini - Shuwotini is the world's first small molecule drug targeting EGFR exon 20 insertion mutations in non-small cell lung cancer (NSCLC), already launched in China and included in medical insurance. Expected sales in China are close to 400 million RMB in 2024, projected to reach 700-800 million RMB in 2025. In the US, it is expected to be priced around $200,000 [2][4]. - The drug has rapidly become the top recommended product in treatment guidelines for second-line therapy, with an anticipated penetration rate of over 30% in second-line and around 30% in first-line treatments in China. The US market penetration is expected to reach 40% [16][17]. - The peak sales potential for Shuwotini in China is estimated at 2 billion RMB, while in the overseas market, it could reach $900 million, contributing approximately $500 million from the US market [17][22]. Gresitini - Gresitini is approved for the treatment of relapsed/refractory peripheral T-cell lymphoma (PTCL) and has entered the Chinese medical insurance system. The phase III clinical trial for first-line PTCL is expected to complete enrollment in 2025, with a potential US launch in the first half of 2026 [6][18]. - The peak sales potential for Gresitini in China is estimated at 1 billion RMB, with overseas sales potential reaching $600 million [22]. 8,586 - 8,586 is a dual-target BTK inhibitor with strong blood-brain barrier penetration, currently undergoing registration clinical trials for relapsed/refractory mantle cell lymphoma (MCL) and has potential applications in DLBCL. It aims to address resistance issues associated with BTK inhibitors [7][19]. - The domestic peak sales potential for 8,586 is estimated at 2 billion RMB, while overseas it could reach $1.5 billion [20][22]. 6,008 - 6,008 is a next-generation EGFR TKI effective against C797S mutations and has blood-brain barrier penetration capabilities. It is expected to be presented at the 2025 ASCO conference, with preliminary data anticipated by the end of the year [7][21]. - The domestic peak sales potential for 6,008 is estimated at 2 billion RMB, with overseas potential reaching $1.5 billion [21][22]. Financial Projections - The total peak sales potential for the four main products in the domestic market is projected to reach 6 billion RMB, corresponding to a market valuation of 180 billion to 200 billion RMB. In the overseas market, the combined sales potential is estimated at $3.5 billion, leading to a total target market valuation of approximately 40 billion RMB [8][22]. Competitive Landscape - Shuwotini's competitive advantages include its high safety profile and significant efficacy compared to traditional therapies, which have lower objective response rates (ORR) and progression-free survival (PFS) [13][15]. - Current competitors include companies like Ailis and Ravent, with their respective drugs showing varying efficacy and safety profiles [14]. Additional Insights - The core team of Dize Pharmaceutical has established a robust small molecule drug development platform, particularly excelling in central nervous system research, which accelerates drug development processes [9][4]. - The company aims to achieve profitability by 2027 following a recent financing round of 1.85 billion RMB, which has alleviated some negative impacts from previous share reductions [3].

Core Viewpoint - During the "14th Five-Year Plan" period, China's medical insurance system has made significant progress in addressing urgent issues faced by the public, enhancing accessibility and affordability of medical services and medications [1][17]. Group 1: Medical Insurance Achievements - The implementation of centralized bulk purchasing and dynamic adjustments to the medical insurance drug list has enabled patients to access affordable medications and new treatments [1][5]. - The number of people benefiting from cross-provincial direct settlement of medical expenses has surged from 5.37 million in 2020 to 238 million in 2024, marking a 44-fold increase [13]. - The total expenditure of the medical insurance fund reached 12.13 trillion yuan during the "14th Five-Year Plan," with an average annual growth rate of 9.1% [15]. Group 2: Impact on Patients - The introduction of centralized procurement for high-value medical consumables, such as cochlear implants, has significantly reduced costs, with prices dropping from over 200,000 yuan to around 50,000 yuan [3][5]. - Innovative drugs, such as the newly approved treatment for rare lung cancer, have been included in the medical insurance directory, reducing patient costs from full out-of-pocket expenses to minimal payments after insurance coverage [9][11]. - The medical insurance coverage has expanded to include outpatient treatments for chronic diseases, providing greater financial relief for patients [11][13]. Group 3: Future Directions - The 11th batch of centralized procurement is underway, focusing on optimizing measures to ensure quality and affordability while promoting fair competition among pharmaceutical companies [7][9]. - The continuous improvement of the medical insurance system aims to enhance the accessibility and quality of healthcare services, ultimately contributing to the development of a healthier society [17].

Core Insights - The article highlights the rapid growth and commercialization of biopharmaceutical companies listed under the fifth set of standards on the STAR Market, with 90% of their drugs approved for market release [1][2]. Group 1: Market Overview - As of mid-July 2025, 20 biopharmaceutical companies have raised a total of 42.871 billion yuan through IPOs, contributing to a total A-share market capitalization exceeding 320 billion yuan [1]. - The STAR Market's fifth set of listing standards has facilitated the entry of high-growth, unprofitable tech companies, particularly in the biopharmaceutical sector, which has become a cornerstone of China's pharmaceutical innovation [1][2]. Group 2: Company Performance - Among the 20 companies, 19 have successfully launched 45 self-developed drugs/vaccines, with one company's product application currently under review [2]. - In 2024, these companies collectively achieved a revenue of 14.339 billion yuan, marking a 45% year-on-year increase and a compound annual growth rate of 61.33% since 2019 [4]. - Notably, 16 of these companies reported revenues exceeding 100 million yuan, with four surpassing 1 billion yuan, indicating a significant shift from pre-IPO zero revenue to substantial sales figures [4]. Group 3: Innovation and Product Development - The companies have introduced 20 first-class innovative drugs that have not been marketed domestically or internationally, with nine new additions since 2024 [2]. - An example of innovation is the drug Shuwotini by Dizhe Pharmaceutical, which is the first Chinese innovative drug to receive breakthrough therapy designation in both China and the U.S. for lung cancer treatment [3].

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully fostered high-quality development in China's capital market over the past six years, emphasizing innovation and the importance of "hard technology" in driving economic transformation [1][13]. Group 1: Market Development and Achievements - The STAR Market has grown from 25 initial companies to 589, generating an average of 2.5 patents per hour, particularly in sectors like semiconductors and biomedicine [1]. - The total IPO fundraising reached 925.7 billion yuan and 186.7 billion yuan in refinancing, exceeding 1.1 trillion yuan, significantly benefiting key strategic areas such as integrated circuits and biomedicine [3]. - The board has attracted 379 national-level "little giant" enterprises and 65 manufacturing "single champion" demonstration enterprises, accounting for 71% of the total companies listed [3]. Group 2: Institutional Innovations - The STAR Market has implemented over 20 key institutional rules to support technology innovation, including flexible listing standards and rapid refinancing mechanisms [7]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [11][12]. Group 3: R&D and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, more than three times the net profit, with a median R&D investment ratio of 12.6% [4]. - Companies on the board have accumulated over 120,000 invention patents, with an average of 216 patents per company, showcasing a strong commitment to innovation [4]. Group 4: Talent and Collaboration - More than 60% of the founding teams of STAR Market companies are led by scientists, engineers, or industry experts, fostering a strong link between academia and industry [5]. - Nearly 30% of companies have core products aimed at achieving import substitution and self-control, indicating a focus on domestic innovation [5]. Group 5: Future Outlook - The STAR Market is positioned to continue its role as a "testbed" for reforms, with plans to attract more global innovation elements and support the development of new productive forces [13].

Core Viewpoint - The article emphasizes the significant role of the Science and Technology Innovation Board (STAR Market) in driving high-quality development in China's capital market, showcasing its achievements in fostering "hard technology" and innovation over the past six years [1][15]. Group 1: Institutional Framework and Market Dynamics - The STAR Market was established to address critical challenges and facilitate a virtuous cycle between technology, industry, and capital, with a focus on "hard technology" [3]. - A total of 54 companies listed without profitability have found success, with 22 of them turning profitable, highlighting the board's inclusive listing standards [4]. - The STAR Market has attracted over 1.1 trillion yuan in capital through IPOs and refinancing, significantly benefiting key strategic sectors like integrated circuits and biomedicine [5]. Group 2: Innovation and R&D Investment - In 2024, companies on the STAR Market invested a total of 168 billion yuan in R&D, which is more than three times their net profit, indicating a strong commitment to innovation [7]. - The cumulative number of invention patents from STAR Market companies exceeds 120,000, with an average of 216 patents per company, showcasing their innovative capabilities [7]. - Approximately 30% of companies have products or projects that are industry-first, and over 80% focus on achieving import substitution and self-sufficiency [8]. Group 3: Reform and Ecosystem Development - The STAR Market has implemented over 20 key institutional rules to create an optimal capital ecosystem for technological innovation, serving as a model for other markets [10]. - The introduction of the "1+6" policy measures aims to enhance the board's inclusivity and adaptability for various types of hard technology enterprises [14]. - The STAR Market has seen significant activity in mergers and acquisitions, with over 110 new industry mergers reported in the past year, reflecting a dynamic market environment [11]. Group 4: Future Outlook - The STAR Market is poised to further enhance its role in supporting technological self-reliance and the development of new productive forces, with ongoing reforms expected to attract more global innovation elements [15][16].

Group 1: Market Performance - Hong Kong innovative drug stocks have surged, with companies like Lepu Biopharma-B, Connaught-B, and Kanyan Biopharma rising over 11% [1] - Other notable gainers include Sangfor Biopharma, Kelun-Botai Biopharma, and BeiGene, which increased by over 8% [1] - Various ETFs related to innovative drugs and healthcare in Hong Kong have also seen gains exceeding 3% [1] Group 2: Policy and Market Trends - The National Healthcare Security Administration has initiated the 11th batch of centralized drug procurement, focusing on mature "old drugs" while excluding innovative drugs from this round [3] - The Chinese biotech sector is entering a structural revaluation phase, with the overall market capitalization of Chinese biotech companies at only 14%-15% of their US counterparts, despite contributing nearly 33% to global innovation [4] - The innovative drug sector is expected to maintain its growth trajectory, driven by policy support and increasing global competitiveness [5] Group 3: Company Developments - China Biopharmaceutical announced the acquisition of the remaining 95.09% stake in LaNova for $501 million, marking a significant milestone in the Chinese pharmaceutical industry [4] - Companies like BeiGene and Hengrui Medicine are positioned for growth, with BeiGene expected to achieve full profitability by 2025 and Hengrui entering a rapid growth phase in domestic sales [5][6] - Innovative drug companies are anticipated to see improved fundamentals, with overseas orders and performance beginning to recover [5]

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].