Let's talk about a few innovative pharmaceutical companies I've been following recently, and briefly analyze their respective strengths and weaknesses.

First, Hengrui Medicine. This company is a benchmark in domestic innovative drugs, with over 30 innovative medicines already on the market. R&D investment accounts for more than 20% of revenue, which shows their dedication. They have a substantial pipeline of ADCs and bispecific antibodies, and are collaborating with GSK to advance new products. Multiple new drugs are expected to be included in the national insurance by 2025, and international expansion is accelerating. In the short term, the key factors are the volume growth of Camrelizumab and progress in ADC clinical trials. However, with a market cap of 395.378 billion and a PE ratio of 52.94, the valuation is somewhat high. The main risks include whether the price negotiations with insurance will be too aggressive and whether their innovation and transformation can proceed as scheduled.

BeiGene's Zeclinostat has already achieved global sales, and their Tislelizumab insurance renewal is also in place. Their strengths lie in strong dual-reporting capabilities in China and the US, and good overseas expansion. They have pipelines in oncology, autoimmune diseases, and other fields, with relatively stable cash flow. The focus will be on new indications approval and the continued volume growth of Zeclinostat. Market cap is 413.826 billion, with a dynamic PS of 11.60. Risks include high R&D costs and short-term profit pressures.

Rongchang Biotech is a representative of domestically produced ADCs. Their overseas license for Vidicitabine has generated $2.6 billion, and Taituximab has shown good results in severe myasthenia gravis. In Q1 2025, revenue is expected to increase by nearly 60% year-over-year. The focus moving forward will be on overseas clinical development and new ADC product R&D. Market cap is 43.851 billion, with a dynamic PS of 19.68. Caution is needed regarding commercialization and R&D progress.

Nohla Therapeutics' BTK inhibitor Obinutuzumab is the first domestically developed drug entering the autoimmune field. Three indications are already covered by insurance, and a first-line lymphoma indication will be added in 2025. They have raised over 5 billion yuan, can be profitable in a single quarter, and have licensing revenue exceeding $2 billion. Their growth pace is quite steady.