一份中报，有时只是一份阶段性的成绩单。但有时，它揭示的是一个结构性拐点。 中国生物制药2025年的中报，属于后者。 上半年中生总收入达到175.7亿元人民币，同比增长10.7%。但真正的故事藏在利润表下：剔除一次性因素后，经调整归母净利润达到30.9亿元人 民币，同比增速高达101.1%。利润增速数倍于收入增速，这并非简单的经营杠杆效应。 答案指向一个关键指标：创新产品收入占比。这个数字，在2025年上半年来到了44.4%，离全年50%的目标更近一步。 创新业务，如今已成为驱动公司增长和盈利的核心引擎。未来公司的价值曲线、市场预期乃至行业地位，都将由这个不断攀升的比例重新定义。 一场被市场验证的转型 增长的质量，远比增长的速度重要。 中国生物制药在整体收入10.7%的增长背后，是创新产品收入高达27.2%的更快速增长。高价值、高毛利的创新产品组合，正无可争议地成为拉动 公司价值增长的火车头。 这种增长质量的提升，源于公司内部一场深刻的资源重构。 一方面，是对未来的坚定投入。2025年上半年，公司的研发费用占收入比率提升至18.1%，创下历史新高，其中78%的研发费用被配置于创新产品 的开发。 另一方面，是对当 ...

Core Viewpoint - The article highlights the significant potential for China National Pharmaceutical Group (China Biopharmaceutical) to expand its international revenue through out-licensing deals, with a major transaction expected to be announced soon [1] Group 1: Company Developments - China Biopharmaceutical has identified multiple assets with out-licensing potential and has received cooperation intentions from both leading multinational pharmaceutical companies and innovative drug firms [1] - The company aims to achieve at least one major out-licensing deal this year, which is expected to become a recurring source of revenue and profit starting in 2025 [1] - The company has a robust pipeline that includes various products such as PDE3/4, HER2 bispecific antibodies, and ADCs, which are positioned for potential out-licensing [1][3] Group 2: Market Context - The global pharmaceutical market has seen high commercial value for similar products, with recent transactions reaching unprecedented amounts, indicating strong demand for innovative drug technologies [2] - The ADC platform has become a focal point for multinational companies, with significant deals being reported, such as a $50 billion potential transaction involving EGFR-ADC products [2] - The domestic innovative drug sector has experienced a surge in out-licensing transactions, with 41 deals totaling $36.93 billion reported in the first quarter of 2025 alone, nearing the total for the entire year of 2023 [4] Group 3: Industry Trends - The number of active innovative drug pipelines in China has increased dramatically, positioning the country as a leader in global pharmaceutical innovation [4] - China Biopharmaceutical ranks second among Chinese pharmaceutical companies with 125 projects in development, surpassing several multinational corporations [4] - The ongoing trend of out-licensing reflects the growing recognition of China's drug innovation capabilities by multinational corporations, suggesting a sustained realization of value for domestic innovative drugs [4]