<p><em>一波丰厚的许可交易、药物批准和积极的政策举措推动了 2025 年的制药行业反弹，但更大的生物科技公司正在获得更多的利益</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/08025503/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-1-2026_105416_thebambooworks.com_-1024x692.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="692" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/08025503/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-1-2026_105416_thebambooworks.com_-1024x692.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>2025 年，中国制药公司对外许可和药物开发交易的价值激增 161%，达到近 1360 亿美元</li>
<li>中国当局希望通过监管和保险渠道加速创新药物的上市</li>
</ul>
<p>经过漫长的沉寂，香港的生物制药行业在去年复苏，新药开始实现其医疗和市场潜力。</p>
<p>恒生医疗保健指数（HSHCI）在 2025 年上涨了 76%，表现优于更广泛的恒生基准，并远远超过了中国大陆上市制药股近 26% 的涨幅。</p>
<p>推动这一爆炸性增长的是中国资本对香港股票的创纪录流入，以及一些制药公司的盈利状况改善。</p>
<p>根据《证券时报》汇编的数据，所谓的南向资金流入香港的中国投资者，主要通过股票互联互通计划实现，2025 年净流入达到 1.4 万亿港元（1800 亿美元）。流入医疗保健行业的资金从前一年激增近 126%，达到 5400 亿港元，提升了流动性。</p>
<p>与此同时，行业公司享受到了大量的许可和合作交易，以开发其实验药物。潜在价值超过 1300 亿美元的商业发展（BD）交易帮助提升了制药公司的盈利，推动了股票交易量和股价的上涨。</p>
<p>然而，收益并未在生物制药行业中均匀分配。主要赢家是那些拥有突出药物前景、成熟商业管道和稳定许可收入的公司，而投资者对依赖单一产品或距离将其发现推向市场较远的公司则更加谨慎。</p>
<p>在赢家中，外包药物服务提供商表现良好，持续的投资为上游公司带来了强劲和可靠的收益。</p>
<p>医疗设备和供应品的生产商也表现良好，得益于相对稳定的现金流。<strong>威高集团</strong>（1066.HK）在 2025 年上涨了 38%，而 <strong>迈克罗波特科技</strong>（0853.HK）的股票年涨幅达 76%。</p>
<p>在输家中，一些牙科和医疗美容股票受到激烈竞争和不确定经济中消费者对非必要医疗服务支出减少的影响。口腔健康公司 <strong>阿瑞尔集团</strong>（6639.HK）和美容产品公司 <strong>巨人基因</strong>（2367.HK）的股票在 2025 年下跌近 40%。</p>
<p>中国对香港上市的支持政策态度进一步增强了市场动能，几家在大陆股市已有存在的大型企业在 2025 年增加了 H 股，提升了资金流入和整体投资者信心。</p>
<p>生物制药公司特别渴望上市，超过 90 家此类公司在年内申请加入香港交易所，超过 20 家实现了目标——是 2024 年的两倍。制药行业的领导者继续获得强劲的投资者支持。<strong>恒瑞医药</strong>（1276.HK；600276.SH）筹集了 113 亿港元，排名 2025 年香港前五大 IPO 之一，其股票自此上涨超过 30%。</p>
<p>国际合作创新药物是 2025 年反弹的另一个推动因素。根据行业数据 PharmCube，到 2025 年底，中国创新药物的对外许可和 BD 交易总值同比增长 161%，达到 1356.6 亿美元。</p>
<p>总的预付款达到 70 亿美元，而交易数量创下 157 宗的历史新高。值得注意的是，恒瑞与制药巨头 GSK 之间的一项协议涵盖了 12 个创新药物项目，给予中国合作伙伴 5 亿美元的预付款和高达 120 亿美元的潜在里程碑付款和选择费用。这是迄今为止中国制药公司最大的单一许可交易。</p>
<h4><strong>投资回报的实质性回报</strong></h4>
<p>所有这些因素为行业注入了资金，提升了市场信心。</p>
<p>展望 2026 年，美国信贷条件的放宽以及将更多新药纳入中国医疗体系的举措，可能会帮助 <strong>百济神州</strong>（688235.SH；6160.HK）等行业领导者实现盈利。因此，香港上市的制药公司可能进入一个投资潜力转化为可衡量价值的新阶段。</p>
<p>与此同时，中国监管机构正在为越来越多的新药进入商业化铺平道路。中国国家药品监督管理局去年批准了创纪录的 76 种创新药物上市，而前一年为 48 种，并承诺在 2026 年采取进一步措施，加速制药创新的流动。</p>
<p>与此同时，中国当局在 12 月发布了国家首个创新药物商业保险目录，正式转向结合基本医疗保险和商业提供的双重覆盖模式。</p>
<p>包括高价值的癌症免疫疗法，如 CAR-T 和 PD-1 药物，可能提升临床治疗标准，提高研发投资的整体回报。拥有广泛管道的领先创新药物制造商，如百济神州、信达生物和凯盛，可能会受益于商业保险收入，从而提供额外资金以扩大其产能。</p>
<p>尽管如此，仍然面临重大挑战。在 2025 年 IPO 市场异常活跃之后，今年大量解禁后上市锁定期可能会引发一波抛售，打击市场情绪。</p>
<p>股票市场监管机构可能会加强审查。上个月，香港证券监管机构向 IPO 赞助商发出了警告信，表达了对申请质量下降的担忧，并提到了合规问题，这可能预示着未来 IPO 审核将更加严格。对于那些在生物科技领域较为宽松的规则下上市的公司而言，盈利依然遥不可及。只有医疗设备制造商 Zylox-Tonbridge 和药物开发公司 Everest Medicines 成功摆脱了无收入的身份，而大多数公司仍在努力将其研发投资转化为商业产出。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

恒瑞医药

<p>中国的生物制药行业在 2025 年经历了显著增长，主要受到外部许可和药物开发交易激增 161% 的推动，总额接近 1360 亿美元。恒生医疗指数上涨了 76%，得益于投资增加和积极的监管变化。恒瑞医药等主要企业通过首次公开募股筹集了大量资金，而创新药物的批准数量达到了创纪录的 76 个。然而，并非所有公司都同样受益，一些公司因竞争和市场条件面临挑战。展望未来，支持政策和改善的信贷条件预计将提升该行业的盈利能力</p>

<p><em>A wave of lucrative licensing deals, drug approvals and positive policy moves spurred a pharmaceutical rally in 2025, but bigger biotechs are seeing more of the benefits</em></p>
<div class="lb-trans"><p><em>一波丰厚的许可交易、药物批准和积极的政策举措推动了 2025 年的制药行业反弹，但更大的生物科技公司正在获得更多的利益</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/08025503/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-1-2026_105416_thebambooworks.com_-1024x692.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/08025503/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-1-2026_105416_thebambooworks.com_-1024x692.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>The value of outbound licensing and drug development deals by Chinese pharmaceutical firms surged 161% in 2025 to nearly $136 billion</li>
<li>The Chinese authorities are keen to accelerate the flow of innovative drugs onto the market through regulatory and insurance channels</li>
</ul>
<div class="lb-trans"><ul>
<li>2025 年，中国制药公司对外许可和药物开发交易的价值激增 161%，达到近 1360 亿美元</li>
<li>中国当局希望通过监管和保险渠道加速创新药物的上市</li>
</ul>
</div><p>After a long hibernation, Hong Kong's biopharma sector sprang to life last year, as new drugs began to realize their medical and market potential.</p>
<div class="lb-trans"><p>经过漫长的沉寂，香港的生物制药行业在去年复苏，新药开始实现其医疗和市场潜力。</p>
</div><p>The Hang Seng Healthcare Index (HSHCI) surged 76% in 2025, outperforming the broader Hang Seng benchmark and far outpacing a gain of nearly 26% by pharmaceutical stocks listed in mainland China.</p>
<div class="lb-trans"><p>恒生医疗保健指数（HSHCI）在 2025 年上涨了 76%，表现优于更广泛的恒生基准，并远远超过了中国大陆上市制药股近 26% 的涨幅。</p>
</div><p>Propelling the explosive growth was a record influx of Chinese capital into Hong Kong equities, as well as healthier earnings for some drugmakers.</p>
<div class="lb-trans"><p>推动这一爆炸性增长的是中国资本对香港股票的创纪录流入，以及一些制药公司的盈利状况改善。</p>
</div><p>According to data compiled by the Securities Times, the so-called southbound capital flows into Hong Kong from Chinese investors, largely enabled by Stock Connect programs, reached a net HK$1.4 trillion ($180 billion) in 2025. The amount ploughed into the healthcare sector surged nearly 126% to HK$540 billion from the previous year, boosting liquidity.</p>
<div class="lb-trans"><p>根据《证券时报》汇编的数据，所谓的南向资金流入香港的中国投资者，主要通过股票互联互通计划实现，2025 年净流入达到 1.4 万亿港元（1800 亿美元）。流入医疗保健行业的资金从前一年激增近 126%，达到 5400 亿港元，提升了流动性。</p>
</div><p>At the same time, sector companies enjoyed a bonanza of licensing and partnership deals to develop their experimental drugs. Business development (BD) transactions potentially worth more than $130 billion helped to boost drugmakers' earnings, lifting equity trading volumes and share prices.</p>
<div class="lb-trans"><p>与此同时，行业公司享受到了大量的许可和合作交易，以开发其实验药物。潜在价值超过 1300 亿美元的商业发展（BD）交易帮助提升了制药公司的盈利，推动了股票交易量和股价的上涨。</p>
</div><p>However, the gains were not evenly dispersed across the biopharmaceutical industry. The main winners were companies with standout drug prospects, established commercial pipelines and a steady stream of money from licensing deals, while investors were more wary of firms that rely on a single product or are far from bringing any of their discoveries to the market.</p>
<div class="lb-trans"><p>然而，收益并未在生物制药行业中均匀分配。主要赢家是那些拥有突出药物前景、成熟商业管道和稳定许可收入的公司，而投资者对依赖单一产品或距离将其发现推向市场较远的公司则更加谨慎。</p>
</div><p>Among the gainers were providers of outsourced drug services, as sustained investment delivered robust and reliable earnings for upstream companies.</p>
<div class="lb-trans"><p>在赢家中，外包药物服务提供商表现良好，持续的投资为上游公司带来了强劲和可靠的收益。</p>
</div><p>Producers of medical devices and supplies also fared well, supported by relatively stable cash flows. <strong>Weigao Group</strong> (1066.HK) rose 38% in 2025 while shares in <strong>MicroPort Scientific</strong> (0853.HK) achieved an annual gain of 76%.</p>
<div class="lb-trans"><p>医疗设备和供应品的生产商也表现良好，得益于相对稳定的现金流。<strong>威高集团</strong>（1066.HK）在 2025 年上涨了 38%，而 <strong>迈克罗波特科技</strong>（0853.HK）的股票年涨幅达 76%。</p>
</div><p>Among the losers were some dental and medical aesthetics stocks, hit by stiff competition and lower consumer spending on non-essential medical services in an uncertain economy. Shares in oral healthcare firm <strong>Arrail Group</strong> (6639.HK) and beauty products company <strong>Giant Biogene</strong> (2367.HK) fell nearly 40% in 2025.</p>
<div class="lb-trans"><p>在输家中，一些牙科和医疗美容股票受到激烈竞争和不确定经济中消费者对非必要医疗服务支出减少的影响。口腔健康公司 <strong>阿瑞尔集团</strong>（6639.HK）和美容产品公司 <strong>巨人基因</strong>（2367.HK）的股票在 2025 年下跌近 40%。</p>
</div><p>China's supportive policy attitude towards Hong Kong listings added to the market momentum, as several big names with an existing presence on mainland share markets added H-shares in 2025, boosting inflows and overall investor confidence.</p>
<div class="lb-trans"><p>中国对香港上市的支持政策态度进一步增强了市场动能，几家在大陆股市已有存在的大型企业在 2025 年增加了 H 股，提升了资金流入和整体投资者信心。</p>
</div><p>Biopharmaceutical companies were particularly eager to list, with more than 90 such firms applying to join the Hong Kong exchange during the year and more than 20 achieving their goal – double the number in 2024. Pharmaceutical sector leaders continued to win strong investor backing. <strong>Hengrui Pharma</strong> (1276.HK; 600276.SH) raised HK$11.3 billion, ranking among the top five Hong Kong IPOs in 2025, and its shares have since risen more than 30%.</p>
<div class="lb-trans"><p>生物制药公司特别渴望上市，超过 90 家此类公司在年内申请加入香港交易所，超过 20 家实现了目标——是 2024 年的两倍。制药行业的领导者继续获得强劲的投资者支持。<strong>恒瑞医药</strong>（1276.HK；600276.SH）筹集了 113 亿港元，排名 2025 年香港前五大 IPO 之一，其股票自此上涨超过 30%。</p>
</div><p>International partnerships for innovative drugs were another driver of the 2025 rally.  According to industry data on PharmCube, the total value of outbound licensing and BD deals for Chinese innovative drugs rose 161% to US$135.66 billion by the end of 2025 compared with the previous year.</p>
<div class="lb-trans"><p>国际合作创新药物是 2025 年反弹的另一个推动因素。根据行业数据 PharmCube，到 2025 年底，中国创新药物的对外许可和 BD 交易总值同比增长 161%，达到 1356.6 亿美元。</p>
</div><p>Aggregate upfront payments totaled $7 billion, while the number of transactions hit a record high of 157. Notably, a single agreement between Hengrui and pharma giant GSK covered 12 innovative drug programs, giving the Chinese partner $500 million upfront and up to $12 billion in potential milestone payments and option fees. It was the largest single licensing deal to date for a Chinese drug company.</p>
<div class="lb-trans"><p>总的预付款达到 70 亿美元，而交易数量创下 157 宗的历史新高。值得注意的是，恒瑞与制药巨头 GSK 之间的一项协议涵盖了 12 个创新药物项目，给予中国合作伙伴 5 亿美元的预付款和高达 120 亿美元的潜在里程碑付款和选择费用。这是迄今为止中国制药公司最大的单一许可交易。</p>
</div><h4><strong>Tangible return on investment</strong></h4>
<div class="lb-trans"><h4><strong>投资回报的实质性回报</strong></h4>
</div><p>All these factors have injected cash into the industry and boosted market confidence.</p>
<div class="lb-trans"><p>所有这些因素为行业注入了资金，提升了市场信心。</p>
</div><p>Looking ahead to 2026, easier U.S. credit conditions and moves to include more novel drugs in China's medical system are likely to help sector leaders such as <strong>BeiGene</strong> (688235.SH; 6160.HK) achieve profitability. The Hong Kong-listed pharmaceutical firms could therefore be entering a new phase in which investment potential turns into measurable value.</p>
<div class="lb-trans"><p>展望 2026 年，美国信贷条件的放宽以及将更多新药纳入中国医疗体系的举措，可能会帮助 <strong>百济神州</strong>（688235.SH；6160.HK）等行业领导者实现盈利。因此，香港上市的制药公司可能进入一个投资潜力转化为可衡量价值的新阶段。</p>
</div><p>Meanwhile, Chinese regulators are clearing the way for a rising number of novel drugs to proceed towards commercial viability. China's National Medical Products Administration approved a record 76 innovative drugs for market launch last year, compared with 48 a year earlier, and has pledged to take further steps in 2026 to accelerate the flow of pharmaceutical innovations.</p>
<div class="lb-trans"><p>与此同时，中国监管机构正在为越来越多的新药进入商业化铺平道路。中国国家药品监督管理局去年批准了创纪录的 76 种创新药物上市，而前一年为 48 种，并承诺在 2026 年采取进一步措施，加速制药创新的流动。</p>
</div><p>Meanwhile, the Chinese authorities released the country's first commercial insurance catalogue for innovative drugs in December, formally shifting to a dual-coverage model that combines basic medical insurance and commercial provision.</p>
<div class="lb-trans"><p>与此同时，中国当局在 12 月发布了国家首个创新药物商业保险目录，正式转向结合基本医疗保险和商业提供的双重覆盖模式。</p>
</div><p>The inclusion of high-value immunotherapies to combat cancer, such as CAR-T and PD-1 drugs, could lift clinical treatment standards and improve overall returns on R&amp;D investment. Leading innovative drugmakers with extensive pipelines, such as BeiGene, Innovent Biologics and Akeso, stand to benefit from commercial insurance income that would provide extra funds to expand their capacity.</p>
<div class="lb-trans"><p>包括高价值的癌症免疫疗法，如 CAR-T 和 PD-1 药物，可能提升临床治疗标准，提高研发投资的整体回报。拥有广泛管道的领先创新药物制造商，如百济神州、信达生物和凯盛，可能会受益于商业保险收入，从而提供额外资金以扩大其产能。</p>
</div><p>That said, big challenges remain. After an exceptionally active IPO market in 2025, the mass expiry of post-listing lockups this year could unleash a wave of selling, dampening the mood.</p>
<div class="lb-trans"><p>尽管如此，仍然面临重大挑战。在 2025 年 IPO 市场异常活跃之后，今年大量解禁后上市锁定期可能会引发一波抛售，打击市场情绪。</p>
</div><p>Tighter scrutiny from stock market regulators could also be in the cards. Last month Hong Kong securities regulators issued warning letters to IPO sponsors, voicing concerns over a decline in application quality and citing worries about compliance issues, which may herald stricter IPO vetting going forward. For companies that listed under easier rules for biotechs, profits remain elusive. Only medical device maker Zylox-Tonbridge and drug developer Everest Medicines have successfully shed their pre-revenue designation, while the majority continue to struggle to convert their R&amp;D investment into commercial output.</p>
<div class="lb-trans"><p>股票市场监管机构可能会加强审查。上个月，香港证券监管机构向 IPO 赞助商发出了警告信，表达了对申请质量下降的担忧，并提到了合规问题，这可能预示着未来 IPO 审核将更加严格。对于那些在生物科技领域较为宽松的规则下上市的公司而言，盈利依然遥不可及。只有医疗设备制造商 Zylox-Tonbridge 和药物开发公司 Everest Medicines 成功摆脱了无收入的身份，而大多数公司仍在努力将其研发投资转化为商业产出。</p>
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中国生物制药行业在新年伊始表现强劲