Increased revenue from innovative drugs heralds a new era for the pharmaceutical industry.

In the first half of 2025, the pharmaceutical industry swept away the haze of the past few years and emerged as one of the most eye-catching sectors in the capital market, with the core logic being the rise of Chinese innovative drugs. In the first half of this year, the BD transaction amount of Chinese innovative drugs going global exceeded the full year of the previous year, and recent disclosed semi-annual report data shows that domestic innovative drugs are experiencing rapid revenue growth. Tianfeng Securities stated that looking back at the development of the Chinese innovative drug industry over the past decade, China's innovative drugs have made significant breakthroughs in quantity, quality, and technology. Guotai Junan Securities believes that Chinese enterprises in the field of innovative drugs have already achieved a qualitative change from quantitative change, gradually shifting from "followers" to "leaders."