当前，中国医药行业正走在从"仿制跟跑"到"创新领跑"的转型之路上。据医药魔方数据，2024年中国企业原研创新药数量达704款，位居全球首位。 在这一背景下，东阳光药坚定布局源头创新，研发管线覆盖小分子、抗体、小核酸、ADC、细胞治疗等多种技术路径。张英俊表示，公司的研发策略已从早期 的"Me-too（跟随）""Fast-follow（快速跟进）"转向追求"BIC（同类最优）"与"FIC（同类第一）"。 目前，东阳光药拥有近50个在研管线，其中10余个已进入注册或关键临床阶段，多个潜力产品如乙肝功能性治愈药物莫非赛定、IPF新药伊非尼酮以及多靶点GLP-1 类药物等，都展现出了差异化优势与国际竞争力。 在技术创新上，东阳光药紧抓AI浪潮带来的技术革命。张英俊表示，东阳光药已自主构建了六大AI模型，形成了"分子设计—活性跃迁—代谢模拟—毒性规避—处 方设计"的全链路药物发现能力。目前，公司首个由AI驱动发现的小分子创新药HEC169584已进入临床，初步数据表现出优于对照药物的潜力。 此外，公司搭建了TCE双抗、双payload ADC、小核酸等多个核心技术平台，致力于解决如实体瘤治疗、乙肝治愈等临床重大未满足需 ...

东阳光药董事长张英俊 证券时报记者 安宇飞 当前，中国医药行业正走在从"仿制跟跑"到"创新领跑"的转型之路上。据医药魔方数据，2024年中国企业原研创 新药数量达704款，位居全球首位。 张英俊认为，中国医药行业自"7·22"临床数据核查新政以来，步入了"黄金十年"。政策持续赋能，从加入ICH（人 用药品技术要求国际协调理事会）到创新药连续多年写入政府工作报告，医药行业的全链条支持体系正在形成。 在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，东阳光药董事长张英俊表示，中 国药企正迎来以"创新"与"国际化"为核心驱动力的战略机遇期。 在这一背景下，东阳光药坚定布局源头创新，研发管线覆盖小分子、抗体、小核酸、ADC、细胞治疗等多种技术 路径。张英俊表示，公司的研发策略已从早期的"Me-too（跟随）""Fast-follow（快速跟进）"转向追求"BIC（同类 最优）"与"FIC（同类第一）"。 创新，是为了增强药企在全球的竞争力。张英俊认为："国际化不是选择题，而是中国创新药企发展的必由之 路。" 从出海路径来看，东阳光药的国际化战略呈现多元化态势：一方面通过"License-out ...

Core Insights - The Chinese pharmaceutical industry is transitioning from "generic following" to "innovation leading," with 704 original innovative drugs expected from Chinese companies in 2024, ranking first globally [2] - The chairman of Dongyang Sunshine Pharmaceutical, Zhang Yingjun, emphasizes that the industry is entering a "golden decade" driven by innovation and internationalization, supported by favorable policies [2][3] - Dongyang Sunshine is focusing on source innovation, with a diverse R&D pipeline that includes small molecules, antibodies, small nucleic acids, ADCs, and cell therapies [2][3] Industry Trends - The Chinese pharmaceutical sector is experiencing a strategic opportunity period centered on innovation and internationalization, as highlighted by Zhang Yingjun at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference [2] - The industry is benefiting from a supportive policy environment, including integration into ICH and continuous inclusion of innovative drugs in government work reports [2] Company Strategy - Dongyang Sunshine has shifted its R&D strategy from "Me-too" and "Fast-follow" to pursuing "BIC" (Best-in-Class) and "FIC" (First-in-Class) drugs [2] - The company currently has nearly 50 projects in the pipeline, with over 10 in registration or key clinical stages, showcasing differentiated advantages and international competitiveness [2] Technological Innovation - The company is leveraging AI technology, having developed six AI models for drug discovery, with its first AI-driven small molecule drug, HEC169584, entering clinical trials [3] - Dongyang Sunshine has established multiple core technology platforms to address significant unmet clinical needs, such as solid tumor treatment and hepatitis B cure [3] Internationalization Efforts - The internationalization strategy of Dongyang Sunshine is multifaceted, involving "License-out" agreements and plans for self-marketing products in Europe and the U.S. [3] - The company aims to have its insulin product approved in the U.S. by Q1 2026, potentially becoming the first domestically produced insulin to enter the U.S. market [3] Future Goals - Dongyang Sunshine aims to become a leading comprehensive pharmaceutical company focused on "innovation + internationalization + sustainability," targeting over 20 billion yuan in revenue and 5 billion yuan in profit within five years [4] - The company plans to launch over 10 new products and achieve more than five global collaborations in the same timeframe [4] Industry Perspective - Zhang Yingjun states that the advancement of Chinese pharmaceutical companies is fundamentally about the global recognition and validation of innovative value [5] - The company is actively participating in and leading this historic process through its dual focus on innovation and internationalization [5]

创新，是为了增强药企在全球的竞争力。张英俊认为："国际化不是选择题，而是中国创新药企发展的 必由之路。" 从出海路径来看，东阳光药的国际化战略呈现多元化态势：一方面通过"License-out（对外授权）"出 海，如将部分新药的海外权益授权给外国公司；另一方面推动自主产品在欧美上市，其中甘精胰岛素预 计将于2026年第一季度在美国获批，有望成为国产首个在美上市的甘精胰岛素产品。 张英俊表示，东阳光药已建立起覆盖全球的销售网络，海外制剂60多个品种获批，阿奇霉素片在德国市 场占有率排名第一。 在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，东阳光（600673）药董 事长张英俊表示，中国药企正迎来以"创新"与"国际化"为核心驱动力的战略机遇期。 张英俊认为，中国医药行业自"7·22"临床数据核查新政以来，步入了"黄金十年"。政策持续赋能，从加 入ICH（人用药品技术要求国际协调理事会）到创新药连续多年写入政府工作报告，医药行业的全链条 支持体系正在形成。 在这一背景下，东阳光药坚定布局源头创新，研发管线覆盖小分子、抗体、小核酸、ADC、细胞治疗 等多种技术路径。张英俊表示，公司的研发策 ...

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights that the demand for hepatitis B cure remains a blue ocean, with CpAMs and small nucleic acid drugs expected to lead the way in achieving functional cures. The large base of hepatitis B infections in China and the limitations of existing therapies create a pressing need for effective treatments [4][15] - The implementation of the "Childcare Subsidy System" is expected to enhance the willingness of families to have children, positively impacting related sectors such as pediatric medicine, medical equipment, and maternal health services [6][21][23] - The pharmaceutical sector saw an overall increase of 2.95% this week, outperforming the CSI 300 index by 4.70 percentage points, with the chemical preparation sector showing the highest growth at 5.48% [25][26] Summary by Sections 1. Hepatitis B Treatment Opportunities - The report emphasizes the significant unmet need for hepatitis B cures in China, with approximately 56 million chronic carriers and a high percentage at risk of severe liver disease [15] - Current approved treatments are limited, with nucleos(t)ide analogs (NAs) and pegylated interferon-α showing inadequate rates of functional cure [15][16] - New drug classes, including CpAMs and small nucleic acids, are in advanced clinical stages, with companies like GSK and AHB-137 leading the way [17][18] 2. Childcare Subsidy System - The newly announced childcare subsidy will provide annual financial support of 3,600 yuan per child under three years old, starting from January 1, 2025 [21][22] - This initiative is expected to boost sectors related to child healthcare and maternal services, enhancing market opportunities for companies in these fields [23][24] 3. Weekly Performance of Pharmaceutical Sector - The pharmaceutical sector's performance this week was marked by a 2.95% increase, with the chemical preparation sector leading at 5.48% [25][26] - The report notes a significant divergence in performance among sub-sectors, with medical devices experiencing a decline of 1.43% [26][32] 4. Beneficiary Stocks - The report identifies several beneficiary stocks across various segments, including innovative drugs (e.g., Innovent Biologics, BeiGene), traditional Chinese medicine (e.g., Jiuzhitang), and medical devices (e.g., Mindray Medical) [8][9][33][40] 5. Market Outlook - The report suggests a positive outlook for innovative drugs driven by overseas expansion and supportive policy developments, with a focus on companies with strong clinical data and market potential [31] - The medical device sector is expected to benefit from upcoming procurement policies and a recovery in demand, particularly for high-end equipment [32][33]