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) | ...

Core Viewpoint - Hansoh Pharmaceutical (03692.HK) demonstrated strong performance in its 2025 interim results, showcasing growth driven by innovation and global strategies, with revenue reaching approximately 7.434 billion RMB, a year-on-year increase of about 14.3% [1] Financial Performance - The company reported a profit of approximately 3.135 billion RMB, reflecting a year-on-year growth of about 15.0% [1] - Basic earnings per share were approximately 0.53 RMB, up by about 14.8% year-on-year, with an interim dividend of 0.2316 HKD per share [1] - Operating cash flow for the first half of 2025 was 3.605 billion RMB, with cash and bank deposits totaling 27.104 billion RMB as of June 30, 2025, indicating a solid financial position [1] Revenue Breakdown - Sales revenue from innovative drugs and collaborative products reached approximately 6.145 billion RMB, a year-on-year increase of about 22.1%, accounting for 82.7% of total revenue [1] - Revenue from specific therapeutic areas included approximately 4.531 billion RMB from oncology, 735 million RMB from anti-infection, 768 million RMB from central nervous system, and 1.4 billion RMB from metabolic and other diseases, representing 60.9%, 9.9%, 10.4%, and 18.8% of total revenue respectively [1] R&D Investment - R&D expenditure for the first half of 2025 was approximately 1.441 billion RMB, a year-on-year increase of 20.4%, constituting 19.4% of total revenue [2] - The company is advancing over 70 clinical trials across more than 40 innovative drug projects, with 8 new candidates entering clinical research in the first half of 2025 [2] Key Product Developments - In the first half of 2025, the company initiated 3 new Phase III pivotal registration clinical trials for innovative drugs targeting B7-H3 ADC for bone and soft tissue sarcoma, B7-H4 ADC for ovarian cancer, and an IL23p19 monoclonal antibody for moderate to severe plaque psoriasis [3] - The GLP-1/GIP dual receptor agonist HS-20094 is in Phase III clinical research for obesity or overweight, with over 1,000 subjects dosed [3] Strategic Partnerships - In June 2025, the company granted Regeneron global exclusive rights to the GLP-1/GIP dual receptor agonist HS-20094 (excluding mainland China, Hong Kong, and Macau), receiving an upfront payment of 80 million USD and potential milestone payments up to 1.93 billion USD, along with double-digit royalties on future product sales [4] - The company is actively pursuing global licensing opportunities to accelerate the commercialization of its innovative pipeline, enhancing the commercial value of its products [4]

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]