科研服务 CXO 板块延续高景气度，2026 年进一步兑现业 绩 20260108 摘要 降。这些由下游客户需求传导带动收入和利润不断提升的公司值得关注，如皓 元医药、百普赛斯、百奥赛图、药康生物等。此外，一部分伴随大客户及大订 单落地而持续超预期增长的公司，如奥普迈、纳微科技、赛分等，也表现亮眼。 生命科学服务企业受益于上行周期，国产企业产品品质提升，逐步实现 国产替代，并在海外市场占据份额，营收和市值虽小，但成长性高。 2025 年申科板块表现强劲，创新药 BD 出海带动产业链受益，上游表现 优于医药整体。 科研服务业绩在 2026 年预计持续强劲，受益于美国降息、投融资改善 及 2025 年 BD 带来的研发投入。2025 年前三季度，16 家科研服务公 司收入和利润增速分别为高个位数和双位数，单三季度收入和利润增速 分别为双位数和 50%，毛利率明显提升。 试剂、模式动物业务及填料耗材等细分板块在 2025 年利润水平恢复较 快，毛利率提升，销售费用率下降。皓元医药、百普赛斯、百奥赛图、 药康生物等公司值得关注，奥普迈、纳微科技、赛分等伴随大客户及大 订单落地而超预期增长。 海外市场受益于投融资恢复、 ...

记者丨季媛媛 编辑丨张星 中国创新药交易额现已超越美国，本土创新成果正逐步获得全球主流市场认可。 医药魔方NextPharma数据库显示，截至2025年12月31日，中国创新药商务拓展（BD）出海授权全年交易总金额达到1356.55亿美元（约9483亿元人民 币），首付款70亿美元，交易总数量达到157笔，远超2024年全年519亿美元和94笔，各个维度的数据统计均达到了历史新高。 国家药监局药品注册管理司副司长蓝恭涛也指出，2025年我国创新药对外授权交易总额较上一年翻了大约一倍，创新药审批数量也创新高，这是我国持续 深化药品审评审批制度改革，一系列鼓励创新政策落地实施的重大成果。"在创新药数量增长的同时，我们坚持标准不降低、标准国际化，对外授权的大 幅增长也反映出国际社会对我国创新药价值的认可。" 盘点2025年的授权交易情况，有不少业内人士预计，跨国药企面临"专利悬崖"和降成本压力，对中国创新资产的需求将持续。同时，出海模式正从单一 的"License-out"（授权出海）向联合开发、自主出海等更深度合作模式演进。 这意味着中国药企有望在全球价值链中分享更多收益。 中国创新药BD交易的火热背后，是多层次 ...

国家药监局药品注册管理司副司长蓝恭涛也指出，2025年我国创新药对外授权交易总额较上一 年翻了大约一倍，创新药审批数量也创新高，这是我国持续深化药品审评审批制度改革，一系 列鼓励创新政策落地实施的重大成果。"在创新药数量增长的同时，我们坚持标准不降低、标 准国际化，对外授权的大幅增长也反映出国际社会对我国创新药价值的认可。" 盘点2025年的授权交易情况，有不少业内人士预计，跨国药企面临"专利悬崖"和降成本压力， 对中国创新资产的需求将持续。同时，出海模式正从单一的"License-out"（授权出海）向联合 开发、自主出海等更深度合作模式演进。 这意味着中国药企有望在全球价值链中分享更多收益。 记者丨 季媛媛 编辑丨张星 中国创新药交易额现已超越美国，本土创新成果正逐步获得全球主流市场认可。 医药魔方NextPharma数据库显示， 截至2025年12月31日，中国创新药商务拓展（BD）出海 授权全年交易总金额达到1356.55亿美元（约9483亿元人民币），首付款70亿美元，交易总数 量达到157笔，远超2024年全年519亿美元和94笔，各个维度的数据统计均达到了历史新高。 热潮 从已披露的数据可见，2 ...

本报（chinatimes.net.cn）记者赵文娟 于娜 北京报道 2025年，港股依然是生物医药创新公司的"融资主场"。全年近300亿港元募资、26家企业上市，其中超 过一半是尚未盈利的Biotech。 市场的包容性，为前沿研发提供了宝贵的机会窗口。 | 开始: | 2025-01-01 网 | 截止: 2025-12-23 | 行业标准: | Wind二级行业(2024) | 仅看新经济行业 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | ■次招服募资(百万港元) | | | 首次招股家数 | | | | | 主板了 | 创业板了 | 合计了 | 主板 V | 创业板 了 | | | [HK]Wind医疗设备与服务 | | 3,784.90 | . | 3,784.90 | 8 | | | 2 | [HK]Wind医药生物 | | 25,480.19 | : | 25,480.19 | 18 | | | 总和 | | | 29,265.09 | ब | 29,265.09 | se | | | 最大 | | | 2 ...

长三角区域内的技术、人才、政策工具等关键要素，将如何推动生物医药产业的跨域融合？ 从长三角国际科创协同角度看，生物医药产业将如何发展、持续发力？ 日前举行的中央经济工作会议明确"建设北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创 新中心""将上海国际科创中心扩围至长三角"等，为跨域产业协同锚定了战略支点。作为沪苏浙皖重点 布局的世界级研发、制造集群，生物医药产业规模现已突破1.2万亿元，约占全国该产业规模总量的三 分之一。下一步，相关技术、人才、政策工具等关键要素，将如何持续推动该产业的跨域融合？ 区域内如何进行要素配置与优化 业内人士称，科技创新是未来我国很长一段时期内发展产业新动能的着力点，而将国际创新中心的辐射 范围从上海这一超大型城市"扩围"到长三角各城市群，则代表着未来将有更多的科创资源在进一步整合 下，以科学、精准、规范的方式溢出到城市群内的其他城市或地区。 产业策源的核心是技术要素。上海技术交易所总裁颜明峰为第一财经解读称，面向长三角区域，应围绕 技术资源的配置与畅通流动来部署工作，"从技术资源权属来看，谁的成果、怎样的成果、成果如何在 应用过程中实现更好价值等，这些就需要完整的科技成果 ...

Summary of Conference Call on ADC Industry Industry Overview - The A-share and H-share pharmaceutical sectors experienced a pullback after September 10, 2025, currently in a state of fluctuation, but confidence in domestic innovative drugs remains strong, with low-expectation BD projects gaining renewed attention, significantly boosting company stock prices [1][4][5] - Global BD and M&A activities increased significantly in 2025, reflecting the demand for new pipelines from large pharmaceutical companies, with Chinese enterprises playing a crucial role in global BD activities, indicating a trend towards consolidation in the pharmaceutical industry [1][5] Core Insights on ADC Technology - ADC technology has evolved through several generations, with domestic companies showing clear advantages in optimizing ADCs through engineering methods to improve antibodies, linkers, and toxins, potentially replacing traditional chemotherapy and enhancing treatment efficacy [1][7] - In 2026, a large number of key clinical trial data for ADCs combined with bispecific antibodies are expected to be released, with new targets, toxins, and drug forms driving industry development and providing positive catalysts for the market [1][8] Clinical Data and Market Performance - In 2025, significant clinical data was released in the ADC industry, enhancing market confidence, particularly with the XBI index showing strong performance post-September, reflecting high market interest in innovative drugs [3] - ADCs demonstrated significant survival benefits in first-line treatments, with long-term OS data showing promising results, indicating that more first-line treatments may be led by ADCs in the future [2][13] Safety and Efficacy Challenges - While ADCs show superior efficacy compared to traditional chemotherapy, they still face safety challenges, such as the risk of infections or ocular toxicity from MNAE products, making the management of side effects by physicians crucial [9][10] - The importance of managing side effects is emphasized, as adverse reactions typically do not threaten patient life, and better management strategies are expected to evolve with increased clinical application [10][11] Key Considerations for ADC Platforms - When selecting ADC platforms, it is essential to focus on early clinical data and the controllability of safety issues, as historical data indicates strong continuity in clinical outcomes from phase I to phase II trials [12] Future Trends and Catalysts - Looking ahead to 2026 and beyond, two main trends are anticipated: the rapid support of more positive data for large indication first-line treatments and the emergence of more data on ADCs used in combination with other drugs [14] - New ADCs targeting novel mechanisms and indications are expected to emerge, with companies exploring combinations of therapies for autoimmune diseases and addressing resistance in hard-to-treat targets [15][17] Promising Companies in ADC Development - Notable ADC development companies include Kelun-Biotech, BaiLi Tianheng, and YingEn, with promising products like Kelun-Biotech's CHOP2 ADC and BaiLi Tianheng's bispecific ADC showing strong performance [18] - Pfizer's ADC products, particularly those utilizing MMAE technology, are still considered valuable despite recent trends favoring other approaches, indicating ongoing potential in their efficacy against certain epithelial tumors [18]

Core Viewpoint - Zhejiang Medicine is actively expanding its financing channels and improving its industrial chain layout through the planned spin-off of its subsidiary, New Code Biology, for a listing in Hong Kong, alongside significant investments in its main business [1][2]. Group 1: Spin-off and Investment Plans - Zhejiang Medicine announced plans to spin off its subsidiary, New Code Biology, for a Hong Kong listing to optimize resource allocation and broaden financing channels, aiming to enhance its biopharmaceutical business and overall profitability [2][3]. - New Code Biology, a leader in the vitamin sector, focuses on the research and production of biopharmaceuticals and has recently acquired strategic assets to strengthen its R&D pipeline [2]. - The spin-off will not affect Zhejiang Medicine's control over New Code Biology or its other business segments, maintaining operational stability [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, Zhejiang Medicine reported a revenue decline of 5.87% to 66.95 billion, but achieved a net profit of 9.33 billion, reflecting a year-on-year growth of 9.83% [4][5]. - The company’s operating cash flow reached 14.89 billion, marking a significant increase of 115.11% year-on-year, indicating strong profitability and risk resilience [4][5]. Group 3: Strategic Projects - Zhejiang Medicine is investing 16.85 billion in the Changbei Biological Project, which aims to enhance its vitamin intermediate production and develop high-value-added products, with expected annual sales of 9 billion and a gross profit of 2.86 billion [4]. - The project is planned in two phases, with the first phase focusing on vitamin intermediates and expected to complete by November 2027 [4]. Group 4: Shareholder Engagement - To enhance team engagement and operational vitality, Zhejiang Medicine is implementing a share buyback and stock incentive plan, having completed a buyback of 2 billion and initiated a new stock incentive plan for 875 employees [5].

Core Viewpoint - Zhejiang Pharmaceutical plans to spin off its subsidiary, Zhejiang Xima Biopharmaceutical Co., Ltd., for a listing on the Hong Kong Stock Exchange to enhance its biopharmaceutical segment and overall profitability [1][2] Group 1: Spin-off Details - The spin-off is currently in the preliminary planning stage, with no specific plan finalized yet, indicating uncertainty [1] - The purpose of the spin-off is to promote the development of the biopharmaceutical segment, broaden financing channels, and enhance the overall profitability and core competitiveness of Zhejiang Pharmaceutical [1][2] - The spin-off will not result in Zhejiang Pharmaceutical losing control over Xima Biopharmaceutical, nor will it adversely affect the operations or profitability of other business segments [1] Group 2: Xima Biopharmaceutical Overview - Xima Biopharmaceutical is a key subsidiary focused on the research and production of biopharmaceuticals, with capabilities in gene engineering, cell culture, toxin synthesis, and clinical research [2] - In November, Xima Biopharmaceutical completed a strategic acquisition of all preclinical pipelines and related platform technology patents from Shanghai New Concept Biopharmaceutical Technology Co., Ltd., enhancing its management team and research pipeline [2] - The acquisition brought in Dr. Han Nian, a scientist with nearly 30 years of experience in the biopharmaceutical R&D field, who will serve as the Chief Scientific Officer, adding valuable expertise in antibody-drug conjugates (ADC) [2]

Core Insights - Lung cancer is the most prevalent and deadly malignancy in China, with 1.0606 million new cases and 733,000 deaths reported in 2022 [1] - The five-year survival rate for lung cancer patients in China is gradually increasing, supported by national cancer prevention strategies [2] - Early diagnosis and treatment are crucial for improving survival rates, with multidisciplinary teams (MDT) playing a significant role in personalized treatment plans [3][4] Group 1: Lung Cancer Statistics and Trends - In 2022, China reported 1.0606 million new lung cancer cases and 733,000 deaths, highlighting the severity of the disease [1] - The "Healthy China 2030" initiative aims to increase the overall five-year cancer survival rate to 46.6% by 2030, with lung cancer survival rates also on the rise [2] Group 2: Early Detection and Management - The detection rate of lung nodules in China is approximately 20%, emphasizing the importance of public awareness regarding lung nodules as early signs of lung cancer [2] - Comprehensive management of lung nodules should include screening, follow-up, and intervention to enhance early detection and treatment [2] Group 3: Treatment Advances - Surgical intervention remains key for early-stage lung cancer, with minimally invasive techniques improving recovery times and treatment outcomes [3] - For late-stage lung cancer patients, treatment goals shift from cure to prolonging survival and enhancing quality of life, with new therapies like targeted and immunotherapy showing promise [3] Group 4: Multidisciplinary Approach - MDTs facilitate collaborative treatment planning by integrating expertise from various medical fields, leading to personalized and effective treatment strategies [4] - The MDT approach allows for a comprehensive evaluation of treatment options, optimizing decision-making and improving patient outcomes [4]

Core Insights - Lung cancer is the most prevalent and deadly malignancy in China, with 1.0606 million new cases and 733,000 deaths reported in 2022 [1] - The five-year survival rate for lung cancer patients in China is gradually improving, with a target of 46.6% set for 2030 as part of national health strategies [2] - Early detection and management of lung nodules are crucial, as they can be early indicators of lung cancer, but not all detected nodules indicate malignancy [2] - Multidisciplinary teams (MDT) are essential for personalized treatment plans, improving patient outcomes through collaborative approaches [4][5] Group 1: Lung Cancer Statistics and Trends - In 2022, China reported 1.0606 million new lung cancer cases and 733,000 deaths, highlighting the disease's significant burden [1] - The five-year survival rate for lung cancer patients is on the rise, with comprehensive cancer prevention measures being implemented across the country [2] Group 2: Early Detection and Management - The detection rate of lung nodules in China is approximately 20%, necessitating public education to alleviate fears associated with these findings [2] - Proper management of lung nodules should encompass screening, follow-up, and intervention to enhance early detection and treatment possibilities [2] Group 3: Treatment Advances - Surgical intervention remains a key treatment for early-stage lung cancer, with minimally invasive techniques improving recovery times and outcomes [3] - For advanced lung cancer patients, treatment goals have shifted from cure to prolonging survival and enhancing quality of life, with new therapies like targeted and immunotherapy showing promise [3] Group 4: Multidisciplinary Approach - MDTs facilitate comprehensive treatment planning by integrating expertise from various medical fields, ensuring personalized and effective care for lung cancer patients [4][5] - The collaboration among specialists allows for optimized decision-making and improved management of the complex clinical presentations of lung cancer [5]