According to the Zhitong Finance APP, Huaxin Securities released a research report stating that both the number and amount of transactions in the first half of 2025 are showing significant upward trends. Among them, transactions involving China contributed nearly 50% of the total amount and over 30% of the transaction volume, further recognizing the value of Chinese enterprises in the global innovative drug market. The authorization of new drugs for overseas markets not only expands market space but also allows Chinese innovative drug companies to obtain returns on R&amp;D in advance, continuing to increase R&amp;D investment. It is recommended to pay attention to: HENGRUI PHARMA (600276.SH), WuXi AppTec (603259.SH), ZHONGSHENGYAOYE (002317.SZ), etc.
<h2>The main points of Huaxin Securities are as follows:</h2>
The revenue from new drug overseas authorization is gradually being confirmed, and the industrial ecosystem is continuously improving
According to data from Yiyao Mofang, in the first half of 2025, the global number of pharmaceutical transactions reached 456, a year-on-year increase of 32%; the total amount of upfront payments reached USD 11.8 billion, a year-on-year surge of 136%; the total transaction amount reached USD 130.4 billion, a year-on-year increase of 58%. Both the number and amount of global transactions are showing significant upward trends. Among them, transactions involving China contributed nearly 50% of the total amount and over 30% of the transaction volume. Whether in terms of transaction amount or total number, the value of Chinese enterprises in the global innovative drug market is further recognized. The authorization of new drugs for overseas markets not only expands market space but also allows Chinese innovative drug companies to obtain returns on R&amp;D in advance, continuing to increase R&amp;D investment. Analysis of the interim reports of listed pharmaceutical companies shows that some upfront payments for new drug authorizations have been received, significantly enhancing the profit growth of enterprises.
The global GLP-1 market is steadily expanding, and Chinese enterprises are entering a strategic opportunity period
In the first half of the year, global sales of GLP-1 exceeded USD 33.6 billion, and annual sales are expected to exceed USD 60 billion, with the global GLP-1 market steadily expanding. Among domestic companies, GeLi Pharmaceutical's oral small molecule GLP-1 (ASC30) has initiated a 13-week Phase IIa clinical study in the United States. In the previous Phase I clinical study, ASC30 achieved an average weight loss of 6.5% over four weeks, demonstrating BIC potential. Meanwhile, regarding the safety and weight loss efficiency of small molecule GLP-1, MNC is also re-evaluating its weight loss layout strategy, and dual-target/triple-target GLP-1 also has cooperative value points. In terms of domestic R&amp;D progress, HENGRUI PHARMA's HRS9531 has achieved positive topline results in Phase III clinical trials, and ZHONGSHENGYAOYE's RAY1225 has completed all enrollments for the Phase III weight loss treatment, with more clinical data and commercialization collaborations expected to be announced successively.
Multiple Chinese studies selected for international major conferences, maintaining a leading position in R&amp;D
In the coming 9-10 months, the World Lung Cancer Conference (WCLC) and the European Society for Medical Oncology (ESMO) will be held successively. According to the abstracts that have been released, multiple Chinese studies have been selected. Chinese innovative drug companies maintain a leading position in R&amp;D with their technical advantages accumulated in ADC and dual antibodies, and the latest clinical research data is worth paying attention to.
CXO is expected to gradually recover, focus on the order trend in the third quarter
After COVID-19, the CXO industry has undergone a round of supply-side reshuffling. Even listed companies like Zhaoyan New Drug have experienced significant performance fluctuations in single quarters. As small enterprises exit, CXO is gradually welcoming repair opportunities
WuXi AppTec released its mid-term performance for 2025, with revenue from continuing operations in the first half of the year increasing by 24.2% year-on-year, and the backlog of continuing operations orders growing by 37.2% year-on-year. The recovery in the CXO industry is significantly evident from the order trends of leading enterprises. As the industry recovery expands, the increase in orders is expected to gradually widen starting from Q3, and second-tier and third-tier CRO companies are also expected to benefit.
Initiation of Medical Insurance Negotiation and Commercial Insurance Innovative Drug Catalog Work, Focus on Orphan Drugs and Breakthrough Therapy Varieties
On August 12, 2025, the National Healthcare Security Administration released the 2025 medical insurance drug catalog and the commercial health insurance innovative drug catalog that passed the preliminary formal review. After the formal review, the catalogs will be officially published and confirmed following expert reviews, negotiation bidding/price consultations, and other processes. According to the interpretation by the National Healthcare Security Administration, a total of 141 applications for the commercial insurance innovative drug catalog were received, involving 141 drug generic names. After preliminary review, 121 drug generic names passed the formal review. The year 2025 is the first year for the formulation of the commercial insurance catalog, and the final range of catalog varieties and the implementation of reimbursement levels will significantly impact the participating negotiating companies. From the 121 approved drugs, orphan drugs and imported PD-1/L-1 are the main varieties that have entered the process after passing the review, and some varieties have also passed the review of the medical insurance catalog as well as the commercial insurance innovative drug catalog.
Risk Warning: Risks of research and development failure or inability to industrialize, risks of sales falling short of expectations, risks of intensified competition, policy risks, and risks of recommended companies' performance falling short of expectations, etc

603259

02359

002317

01276

Huaxin Securities released a research report indicating that in the first half of 2025, the number and value of global pharmaceutical transactions will significantly increase, and Chinese companies will gain recognition for their value in global innovative drugs. The authorization of new drugs for overseas markets not only expands market space but also brings R&D returns to Chinese innovative drug companies, driving R&D investment. It is recommended to pay attention to Hengrui Pharma, WuXi AppTec, and ZHONGSHENGYAOYE. The global GLP-1 market is steadily expanding, with sales expected to exceed USD 60 billion, presenting strategic opportunities for Chinese companies

Zhitong

WuXi AppTec

WUXI APPTEC

ZHONGSHENGYAOYE

HENGRUI PHARMA

Huaxin Securities: New drug overseas licensing revenue is gradually confirmed, and the pharmaceutical industry ecosystem continues to improve