创新药企半年扭亏背后：产品销售与一次性收入分化

中国创新药行业上半年实现集体业绩扭亏。1A股22家创新药上市公司营收448.1亿元，同比增长55.3%，归母净利润扭亏大增406.5%；H股60家创新药上市公司营收939.1亿元，同比增长22%。1然而这一亮眼成绩单背后，不同企业的盈利质量存在显著差异，靠产品销售实现真实造血与依赖一次性授权收入的企业可持续性差别巨大。1

以百济神州和信达生物为代表的企业展现了稳健的盈利能力。1百济神州产品收入占比达98%，上半年营收222.2亿元，同比增长26.8%，归母净利润32.71亿元，同比增长627.15%；信达生物产品收入占比95%，营收86.18亿元，同比增长44.8%，期内净利润12.53亿元，同比增长50.2%。1与之相对，部分企业利润高度依赖授权收入。1荣昌生物产品销售收入仅13.4亿元（占比23%），主要利润来源为与艾伯维的6.5亿美元BD首付款；泽璟制药剔除授权收入后第二季度扣非净利润为亏损约1570万元。1

授权交易成为行业融资的重要渠道。1上半年中国创新药对外授权交易共81笔，总额约1100亿美元，已达2025年全年总额的八成。19月18日，工业和信息化部等十部门发布《医药工业发展"十五五"规划》，提出2030年首创新药占全球比例达到25%以上。1

China's innovative pharmaceutical industry has achieved a significant collective profitability turnaround in the first half of 2026. Among A-share listed companies, 22 innovative drug firms reported combined revenue of 448.1 billion yuan, representing a year-over-year increase of 55.3%, while consolidated net profit surged 406.5% as the sector swung from losses to profitability 1. Meanwhile, 60 H-share listed innovative drug companies generated revenue of 939.1 billion yuan, up 22% compared to the same period last year 1.

However, the quality of earnings varies significantly across enterprises, reflecting divergent business models and revenue sources. Companies such as Beigene demonstrated strong product-driven growth, with product sales accounting for 98% of revenue and first-half revenue reaching 222.2 billion yuan—a 26.8% year-over-year increase—coupled with consolidated net profit of 3.271 billion yuan, surging 627.15% 1. Similarly, Luokang Biotech maintained robust sales momentum, with product revenue comprising 95% of total revenue of 86.18 billion yuan, up 44.8%, and net profit of 12.53 billion yuan, rising 50.2% 1.

By contrast, other firms have relied heavily on one-time revenue streams to inflate profitability. Ronchang Biotech derived only 13.4 billion yuan from product sales, accounting for just 23% of total revenue, with the profit lion's share stemming from a 650-million-dollar upfront payment from a business development agreement with AbbVie 1. Zejing Pharmaceutical's adjusted net loss excluding licensing income was approximately 15.7 million yuan in the second quarter 1. Across the industry, 81 outbound licensing transactions were completed in the first half of 2026, totaling approximately 1,100 billion dollars—already reaching 80% of the full-year 2025 total 1.

On September 18, the Ministry of Industry and Information Technology and nine other departments released the "Medical Industry Development '15th Five-Year' Plan," setting a target for first-to-market new drugs to account for more than 25% of the global share by 2030 1.