在广州黄埔区的国际生物岛上，一家企业的空间坐标，映射出了广州生物医药产业的未来想象空间。百 奥泰，一边紧邻市值超千亿港元的明星企业康方生物，另一边与行业巨头、市值超四千亿元的百济神州 为伍。而置身其中的百奥泰，目前市值为百亿元级别。 在巨头环伺之中，它如何定义自己的赛道?未来的想象空间又源自何处?作为一家扎根黄埔20余年的生物 医药企业，百奥泰面临着怎样的现实桎梏?广州和黄埔又提供了怎样的解决思路?其发展路径，正是观察 和把脉广州生物医药产业高质量发展的一个绝佳样本。 为支持创新药械发展，广州市工信局于2024年牵头发布了广州首批创新药械产品目录，共包含7款创新 药物，其中百奥泰占据4席。目录发布后至今，阿达木单抗(格乐立)、托珠单抗(施瑞立)已与广州市内十 余家三甲医院建立了合作。 发展 从首仿到前沿创新 自2020年上市前后，百奥泰连续保持每年上市1-2个单品的节奏。目前，公司已有5款上市产品，其中阿 达木单抗(格乐立)、贝伐珠单抗(普贝希)、托珠单抗(施瑞立)3款生物类似药已进入医保。以阿达木单抗 为例，该药于2019年上市后，将药品价格从原研药的每针7800元左右降至1000元左右，患者年用药费用 也 ...

Core Viewpoint - Bio-Thera Solutions, Ltd. reported a revenue increase of 9.84% in the first half of 2025, driven by the sales of its products, including Adalimumab injection and Tocilizumab injection, while also noting a significant reduction in net losses compared to the previous year [3][4][5]. Company Overview and Financial Indicators - Bio-Thera Solutions is a biopharmaceutical company focused on the research and development of innovative drugs and biosimilars, classified under the pharmaceutical manufacturing industry [5]. - The company reported a total revenue of approximately CNY 441.89 million in the first half of 2025, compared to CNY 402.29 million in the same period of the previous year [3][4]. - The total profit for the period was a loss of CNY 124.77 million, an improvement from a loss of CNY 236.85 million in the previous year [3][4]. - The net assets attributable to shareholders decreased by 17.65% to CNY 583.12 million compared to the end of the previous year [3][4]. - The company’s R&D expenditure accounted for 78.94% of its revenue, a decrease of 21.12 percentage points from the previous year [4]. Industry Overview - The global pharmaceutical market has grown from USD 1,324.5 billion in 2019 to USD 1,472.3 billion in 2023, with a projected CAGR of 5.0% reaching USD 2,069.4 billion by 2030 [5]. - The Chinese innovative drug market is also on the rise, with a market size expected to grow from USD 132.5 billion in 2019 to USD 159.2 billion by 2024, reflecting a CAGR of 3.7% [5]. - The oncology treatment sector is the largest in the pharmaceutical industry, with significant growth in antibody-drug conjugates (ADC) and bispecific antibodies, showing annual growth rates of approximately 70% and 125%, respectively [6]. - The autoimmune disease drug market is projected to grow from USD 116.9 billion in 2019 to USD 158.5 billion by 2032, with a CAGR of 6.1% from 2019 to 2023 [7][8]. - Cardiovascular diseases are a major health concern in China, with a significant increase in the incidence of acute coronary syndrome (ACS), leading to a projected growth in percutaneous coronary intervention (PCI) procedures [9]. - The aging population is contributing to an increase in eye diseases, particularly age-related macular degeneration (AMD), with the number of patients expected to rise significantly by 2050 [10].