"难道只有人工智能、机器人、新材料才算'硬科技'吗？我们从事的是关乎人类健康的生命科学领域， 这同样是硬核科技。"近日，澳斯康生物创始人、董事长兼总裁罗顺透露，公司正在积极筹备港股上 市，成为又一家冲刺港交所"特专科技"上市的生物制造企业。 从2011年回国创立中国首家无血清细胞培养基企业，到如今建成覆盖培养基、CRDMO（合同研发生产 组织）的全产业链平台，罗顺带领澳斯康生物在过去十余年间，见证并推动了中国生物制药关键原材料 从严重依赖进口到自主可控的进程。 "我刚回国时，国内几乎所有生物制药企业用的都是进口培养基。"罗顺直言，"价格高昂是其一，更重 要的是供应链存在风险。" 罗顺的工作经历为他打破这一垄断提供了可能。他曾在美国三大培养基公司之一的默克密理博（Merck Millipore）担任工业化细胞培养基业务的研发负责人，深谙培养基研发与产业化的核心技术。 而此次瞄准港股上市，也意味着这家已实现盈利的"隐形冠军"，正希望借助资本市场，进一步强化其在 生物制药产业化环节的硬核实力与平台价值。 破局：攻克生物制药的"底座"市场 "生物医药是国家战略支柱产业，但过去很多关键环节，比如细胞培养基，在2021年 ...

随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新 数据显示，年内中国批准上市的创新药已达69个，超过去年全年的48个，再次创下历史新高。当前，中 国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码。高特佳投资 集团副总经理于建林在接受21世纪经济报道记者专访时也指出，中国创新药行业已迈入高质量发展新阶 段。 "预计2026年中国创新药行业将继续保持高速增长，企业研发投入占比持续增长，全球新靶点创新药占 比将进一步获得提升。最为重要的是盈利拐点全面显现，更多企业将实现盈利平衡。核心赛道如ADC （抗体药物偶联物）、双抗、CGT（细胞与基因治疗）等领域将出现更多全球领先的中国企业。"于建 林进一步表示。 BD热潮下的价值深化 2025年，我国创新药领域掀起了前所未有的BD热潮，不仅印证了中国医药资产在全球范围内性价比与 核心竞争力的提升，更推动行业迈入"创新兑现+全球布局"的关键发展期。 《21世纪》：2025年中国创新药BD交易金额突破千亿美元，你如何看待这一"爆发式增长"的 ...

随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新数据显示，年内中国批准上市的创新药 已达69个，超过去年全年的48个，再次创下历史新高。当前，中国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 2025年，我国创新药领域掀起了前所未有的BD热潮，不仅印证了中国医药资产在全球范围内性价比与核心竞争力的提升，更推动行业迈入"创 新兑现+全球布局"的关键发展期。 《21世纪》：2025年中国创新药BD交易金额突破千亿美元，你如何看待这一"爆发式增长"的可持续性？这种增长是否已从单纯的"规模扩 张"转向"价值深化"？ 于建林：2025年中国首次超越美国成为全球最大授权来源国，全球TOP20跨国药企中90%已与中国创新药管线开展合作，中国占全球授权交易 近一半。 但也应注意，中国FIC占比仍偏低，源头创新不足。当下BD大部分仍集中在早期授权，临床后期项目交易占比不到一半，从而损失后期巨额收 益。仅少数头部企业（如百济神州、恒瑞医药）具备全链条出海能力，多数企业还是依赖"借船出海"。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码 ...

随着我国生物医药产业竞争力与创新活力持续攀升，2025创新药高质量发展大会上国家医保局披露最新 数据显示，年内中国批准上市的创新药已达69个，超过去年全年的48个，再次创下历史新高。当前，中 国医药产业规模已位居全球第二，创新药在研数目约占全球的30%。 这一高质量发展态势的背后，离不开政策的持续赋能，也得益于我国创新药企的深耕加码。《2025年医 药研发年度回顾》报告显示，全球管线规模前25位的药企里，已有多家中国企业进入榜单。 但新药研发向来是"十年磨一剑、十亿美元打底"的高投入赛道，实际耗费的时间与成本往往远超于此， 持续的资金投入成为企业深耕创新的关键支撑。 2025年，BD（商务拓展）持续为中国Biotech（生物科技公司）带来新的募资契机；同时，证监会发布 《关于在科创板设置科创成长层增强制度包容性适应性的意见》，重启未盈利企业适用科创板第五套标 准上市，叠加港股18A与之形成战略互补，为Biotech构建起多元化融资体系。 多重利好下，我国创新药行业加速向"First-in-class"（全球首创，FIC）升级迈进。高特佳投资副总经理 于建林在接受21世纪经济报道记者专访时也指出，中国创新药行业 ...

科伦博泰生物-B（HK06990，以下简称"科伦博泰"）与其前核心高管团队的漫长纠纷，在2025年12月16 日随着一纸公告的发布，终于尘埃落定。 这起始于2020年高管离职创业，并在2024年至2025年升级为刑事控告与民事诉讼的"商业秘密侵权"案， 最终以一种影响深远的模式达成和解。 具体来看，苏州宜联生物医药有限公司（以下简称"宜联生物"）由TMALIN平台开发、已授权海外的六 条核心ADC（抗体药物偶联物）管线，包括已获BioNTech、罗氏重金引进的明星产品，其过去与未来 的所有授权收入与销售净利润，都将按比例与原东家科伦博泰分享。 科伦博泰与前员工和解 12月16日晚，科伦博泰公告，公司与宜联生物、薛彤彤、肖亮、蔡家强订立和解协议，以解决此前科伦 博泰向宜联生物方面提起的若干争议。 在起纠纷之前，科伦博泰和薛彤彤等人曾是"一家人"。 公开资料显示，宜联生物CEO（首席执行官）兼董事长薛彤彤，曾任科伦博泰总经理，负责生物药和小 分子产品的研发、商业化以及国内外商务合作；并担任科伦药业的药物研究院副院长，负责ADC、重 组蛋白等创新药研发。 肖亮加入宜联生物前曾担任科伦博泰副总裁，负责生物大分子和对外 ...

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry is significantly influenced by medical insurance payment policies, which have evolved through four stages: moderate growth, rapid expansion, initial cost control, and comprehensive management [1][4][5] - The medical device sector is expected to have a positive outlook in the coming years, with a focus on overseas patent protection, market access, and commercialization capabilities [1][6] - The innovation drug sector is seeing a normalization of overseas expansion, with strong demand for cross-border collaboration and manageable pharmaceutical tariff risks [1][10] Core Insights and Arguments - The investment outlook for the pharmaceutical industry in 2026 is divided into four parts: overall industry investment views, consumer healthcare and bioproducts, pharmaceutical and biotechnology, and medical devices and services [2] - The first three quarters of 2025 showed a mixed performance among pharmaceutical companies, with the innovative drug sector performing relatively well, while medical devices and retail showed improved growth rates [1][8] - The consensus on high-quality development indicates a slowdown across different terminals, with online channels performing better [1][9] Investment Opportunities and Risks - The integration and mergers within the industry are expected to create new cyclical opportunities, particularly for CXO companies with high overseas business ratios [1][12] - The traditional Chinese medicine sector is undergoing positive changes, with companies focusing on inventory reduction and improving terminal sales speed [1][15][16] - The blood products industry is facing challenges due to changes in supply-demand dynamics, but there are opportunities in expanding application scenarios due to aging populations and clinical awareness [1][17] Additional Important Insights - The vaccine industry is under pressure but presents investment opportunities in overseas expansion, new product development, and mergers [3][18] - The retail pharmaceutical sector is currently focused on inventory adjustments and diversification, with a potential for valuation improvement through multi-channel strategies [20] - The medical circulation industry is lagging due to regulatory pressures but shows resilience among leading companies [21] Future Trends and Developments - The internationalization of Chinese innovative drugs is characterized by a significant increase in licensing deals and global competitiveness [26][28] - The medical device sector is rebounding after a period of decline, with growth driven by innovation, overseas expansion, and mergers [35] - High-value consumables and IVD sectors are expected to see improvements as procurement policies optimize and domestic manufacturers grow [38][47] Conclusion - Overall, the medical device and service sectors are projected to have substantial growth potential, despite current challenges, with optimism for future investment opportunities [50]

Summary of Whitehawk Therapeutics FY Conference Call Company Overview - **Company**: Whitehawk Therapeutics (NasdaqCM:AADI) - **Focus**: Development of antibody-drug conjugates (ADCs) for solid tumors - **Recent Developments**: Formed through the in-licensing of a three-asset ADC portfolio from Ushi Biologics, initiated in December of the previous year and completed earlier this year [4][4] Key Programs and Platforms ADC Platform - **Evolution**: Transition from tubulin inhibitor-based payloads to topoisomerase class ADCs, focusing on stability and payload release [6][6] - **Unique Features**: High-stability ADCs that limit free payload release, aiming for better potency with fewer side effects [7][7] Lead Assets 1. **HAWK-007 (PTK7-targeted ADC)** - **Target Validation**: Previously targeted by Pfizer and AbbVie, showing early efficacy but suffering from side effects [13][13] - **Clinical Development**: IND submission planned for this year, with preclinical data expected in the first half of 2026 [14][14] - **Tumor Relevance**: Broadly expressed in 70% of tumors, initially targeting lung, ovarian, and endometrial cancers [16][16] - **Efficacy Benchmarks**: Aiming for 35%-40% overall response rate (ORR) in non-small cell lung cancer and 50% in gynecological cancers [19][19] 2. **HAWK-016 (MUC16-targeted ADC)** - **Target Characteristics**: Highly expressed in gynecological cancers, with a unique approach to bypass circulating CA125 [23][23] - **Clinical Timeline**: IND submission in Q4, with trials starting in Q1 2026 [25][25] - **Potential Expansion**: Possible relevance in pancreatic cancer and non-small cell lung cancer [26][26] 3. **HAWK-206 (SEZ6-targeted ADC)** - **Target Validation**: Overexpressed in small cell lung cancer and neuroendocrine neoplasia, with a focus on improving safety and efficacy [34][34] - **Clinical Development**: IND submission planned for mid-2026, with trials starting in the second half of the year [38][38] - **Efficacy Benchmarks**: Aiming for 50%-60% ORR in small cell lung cancer and above 30% in neuroendocrine neoplasia [39][39] Competitive Landscape - **Emerging Competitors**: Increased interest in PTK7, with companies like Day One and Lilly entering the space [20][20] - **MUC16 Competition**: Previous attempts by Genentech faced challenges due to targeting issues; Regeneron is also pursuing a similar approach [27][27][29][29] - **SEZ6 Market Dynamics**: Limited competition in neuroendocrine cancers, with potential advantages over DLL3 and B7-H3 programs [40][40][41][41] Financial Position and Future Outlook - **Cash Runway**: Sufficient funds through early 2028, starting with $163 million from recent financing [45][45] - **Data Expectations**: Initial clinical data for all three programs expected around Q1 2027, with preclinical data anticipated in the first half of 2026 [31][31][50][50] - **Strategic Focus**: Emphasis on executing current programs and potential for future partnerships, particularly for high-potential assets like PTK7 [46][46] Conclusion - **Transition Year**: 2026 is positioned as a pivotal year for Whitehawk, moving from preclinical to clinical stages with a focus on demonstrating differentiation and efficacy across its ADC portfolio [48][48][49][49]

Group 1: Core Insights - The 8th China International Import Expo (CIIE) held from November 5 to 10 in Shanghai showcased 290 Fortune 500 and industry-leading companies, marking record highs in exhibition area and total number of exhibitors, reflecting the vitality of China's vast market [1] - The medical device and pharmaceutical health exhibition area highlighted innovative "black technology" products from multinational pharmaceutical companies, indicating a rapid transformation in the global health industry [1] - Compared to previous expos, this year's event revealed two intertwined industry trends: multinational pharmaceutical companies are withdrawing from older, less profitable drugs to focus on innovative drug development and technology collaboration, while geopolitical and supply chain risks are driving a consensus for localized operations in China [1] Group 2: R&D and Innovation - The National Medical Products Administration announced the cancellation of 80 drug registration certificates, primarily from foreign or joint-venture companies, indicating a trend of "active contraction" among foreign pharmaceutical firms in response to normalized centralized procurement and competitive restructuring [2] - Multinational pharmaceutical companies are increasing R&D investments in innovative drugs for the Chinese market, with companies like Boehringer Ingelheim committing over 5 billion yuan in the next five years [2] - Collaboration between foreign pharmaceutical companies and local biotech firms is deepening, exemplified by AstraZeneca's strategic partnership with Heptares Therapeutics, which includes a diverse cooperation model of R&D collaboration, equity investment, and establishing an innovation center in Beijing [2] Group 3: Local Production and Global Supply Chain - "Localization" emerged as a key theme for multinational pharmaceutical companies at the CIIE, driven by the need to mitigate geopolitical risks and recognize China's manufacturing and innovation capabilities [5] - A report indicated that over 60% of companies are enhancing supply security through increased regional/local procurement or advancing local production, particularly in markets emphasizing self-sufficiency [6] - Medical device company Varian announced plans for full localization of its product line by 2025, with 60% of its products exported to over 120 countries, highlighting China's role as a crucial production hub in its global supply chain [6][7] Group 4: Future Trends in Biotech - Domestic biotech companies are transitioning from "technology introduction" to "technology output," with a growing focus on innovative therapies and business development opportunities [3] - The Chinese biopharmaceutical sector is experiencing a leap from following to leading in innovation, with expectations for future business development to expand into new therapeutic areas [3] - Regulatory support from Chinese authorities is facilitating the development of innovative therapies, particularly in high-demand areas such as gastrointestinal tumors and cell gene therapy [4]

Core Insights - The 2025 BIO-Europe conference was held in Vienna, Austria, from November 3 to 5, showcasing the advancements in biopharmaceuticals and precision medicine from Shanxi Province [3][4] - The Shanxi delegation, organized by the China Council for the Promotion of International Trade Shanxi Committee, included key pharmaceutical companies that aimed to enhance international collaboration and showcase their innovations [3][4] Company Highlights - Shanxi Shuangyan Pharmaceutical Co., Ltd. promoted its high-end active pharmaceutical ingredients and formulations, certified by FDA and EDQM, with exports to over 50 countries [4] - Shanxi Zhendong Pharmaceutical Co., Ltd. showcased its achievements in the modernization of traditional Chinese medicine and functional health foods [4] - Shanxi Naan Biotechnology Co., Ltd. introduced its self-developed Bio-Lattix technology platform and innovative drug pipelines, including ADCs and RDCs [4] - Taiyuan Huarui Qiyuan Technology Co., Ltd. presented the world's first commercial standing CT and diagnostic reagent culture device, attracting attention from medical and investment institutions [4] - Shanxi Jinbo Biopharmaceutical Co., Ltd. displayed its proprietary human-derived collagen new materials and broad-spectrum antiviral bioproducts, highlighting its leading green manufacturing technology [4] - Shanxi Yellow River Traditional Chinese Medicine Co., Ltd. showcased its 300-year-old brand "Yishengtang," emphasizing the integration of traditional Chinese medicine culture with modern research [4] Industry Collaboration - The Shanxi delegation engaged in in-depth discussions with various European biopharmaceutical companies, research institutions, and investment funds during the conference [4] - The delegation leader, Wang Xiu, emphasized the importance of this event in promoting Shanxi pharmaceutical companies to expand into international markets and enhance the global influence of the "Shanxi brand" [4]

Core Insights - The 2025 European Society for Medical Oncology (ESMO) annual meeting is scheduled from October 17 to October 21 in Berlin, Germany, and is expected to showcase significant clinical research outcomes in oncology [1] - The focus of this year's ESMO is on innovative therapies and international presentations, with a notable increase in participation from Chinese pharmaceutical companies, featuring advanced pipelines such as PD-1 combination therapies and ADCs targeting prevalent cancers like non-small cell lung cancer and gastric cancer [1] - According to CICC, the business development (BD) collaborations of Chinese pharmaceutical companies around the meeting are worth monitoring, as previous large transactions, such as between 3SBio and Pfizer, have validated the potential for domestic innovative drugs to enter international markets [1] - The Hang Seng Pharmaceutical ETF (159892) has experienced a five-day adjustment following a previous surge, indicating that valuation concerns have been somewhat alleviated, and the upcoming ESMO meeting may lead to the announcement of significant data and BD transactions, potentially catalyzing the innovative drug sector [1] - In the upstream of innovative drugs, domestic CRO/CDMO companies are expected to maintain global competitiveness, as the trend of international division of labor and global pharmaceutical supply chains is unlikely to be reversed by short-term tariff policies [1] - The positive outlook for the innovative drug industry is anticipated to benefit CXO companies, with a focus on the CXO+AI medical sector, particularly the Hong Kong Stock Connect Medical ETF (520510) [1]