文｜动脉网

sihushizaiyiyezhijian，yuanbenyixinyaokaifaweijirendebiotechmen，kaishifenfenzuoqilexiaofeijiankangdexiangmu。

yixuejishengwuweili，qizhuanzhuyuganxibaoyanjiu，danzaijinqiyexiangjituichulemianmohejinghuayeliangkuanchanpin；youjiashengwutongyangruci，qizhiliyuxiaohesuansirnachuangxinyaowukaifa，danmuqianyiyoubaokuoshengfaye、toupixiufuyedengduokuanfangtuofachanpin；lingwaihaiyoukaituoyaoye，qijujiaoyuzhongliuyaochuangxinliaofa，danzaijinnian7yue，qizizhuyanfadezhenduixiongjisutuofa（aga）dewaiyongfangtuoyeyizhengshihuopishangshi。

erchulezheixiexinxingpinlei，biotechzaixiaofeijiankanglingyudangqianhaiyoubushaochengshuchanpin。birujinsanshengwudemaijiaoliuyinjiaonang，jinnianshangbannianxiaoshouetongbizengzhang6000%，zaijingdong“maijiaoliuyin”pinleirexiaobangpaimingdiyi；lingwaizaijinnian8yue，jinsanhaituichuleyikuanquanqiushouchuangdemaijiaoliuyinxiyanye，shangxian6xiaoshibianchuangzaolechengjiaoepo200w+dexiaoshoujilu，chengweidangyuexinjinbaokuandanpinzhiyi。

shishishang，zheizhishibingshanyijiao，zhurucileidechangxiaopinhaiyouhenduo，eryueshihuore，yueshijuedegelie。yinweiwulunshiyimianmoweizhudehufupin，haishishengfashui、xiyanyedengriyongshangpin，zheidouhennanyuzhangqizhuanzhuzaiqianyanyanjiudebiotechlianxiangdaoyiqi，shenzhiduiyuyixiebiotechdechuangshirenlaishuo，qizishenyeduijiankangxiaofeichanpinyouyidingdedichu，renweiqijishuhanliangbugao，shichangzhuanhuanengliyejiweiyouxian。

neime，daodishishenmemolirangyuelaiyueduodebiotechkaishifangxia“pianjian”，fenfenjiangmuguangzhuanxiangxiaofeijiankangchanpinleni？yaohuidazheigewentiqishibingbunan，nandeshizaizhuanxingzhihou，biotechyougairuheweichizhangqidezengzhangluoji？

生存是本能

shengcunyali，zhengwuchabiedibaizaimeijiabiotechdemianqian。

图1.2020-2024年H1医疗健康产业投融资变化趋势（数据来源：动脉橙）

erzheigequshidexingchengyouzhefuzadexianshibeijing，chulebiotechzishenquefabianxiannengliyijichengbenxiaohaojiaodazhiwai，zuizhongyaodebianliangqishishidangqianbianxianqudaodedafushouzhai。yiyijishichangweili，2024nianh1woguoyiliaojiankanglingyugongwancheng415birongzi，leijirongzieyuehe48yimeiyuan，fenbietongbixiajiang32.3%he12.2%。erjishichangzegengweicandan，jiezhi2024nian11yue，jinnianzhongzhishangshidebiotechshuliangyichaoguobaijia。

yushi，zaiyizhongzhangqishouzhibupinghengdejingyingzhuangtaixia，biotechdexianjinliudangqianyiyufajinzhang。genjuganggu18agongsi2023niancaibao，jiashejinnianyanfatourububian，dayueyou13jiashangshibiotechdeniandizhangshangxianjinjiangbuzuyizhichengguojinnian。shangshigongsishangqieruci，dalianghaiweishangshibiotechdeqingkuangzegengweiyanjun，juxingyerenshitoulu，dangqianyouyueyibanbiotechdeshijifazhanyitingdunhuojiesan，youdegongsicaiyuandaoshenzhizhishengxiachuangshirenyiren。

yinci，weilehuoxiaqu，bd、newco、shoubinggoudengbianxianxingshikaishiyufahuore。yibdweili，juyiyaomofangtongji，2023nianzhongguochuangxinyaoqiyetongguobdhuodedeshoufukuanzonge267.64yiyuan，shoucichaoguoipoqudaomuzizonge，bingqieshihouzhedejinliangbei。jinru2024nian，zheiyiredurengzaiyanxu，jushaliwenbuwanquantongji，2024nianh1zhongguochuangxinyaolingyugongfasheng34qilicense-outshijian，top10shijiandeshoufukuanzongegaoda7.2yimeiyuan，yijiejinqianliangnianquannianshuiping。

图2.2024H1实现盈利的17家biotech（数据来源：公开资料）

ersuizhebdquanmiankaiqi，bushaobiotechyejiecishixianleniukuiweiying。juxi，jinnianshangbannianyinglide17jiabiotechzhong，you7jiashiyikaobdhezuoshouru，zheiqizhongjiubaokuohehuangyiyao、kelunbotai、yashengyaoye、heboyiyaodengdaibiaoxingqiye。

buguo，bdyehao，shoubinggouyehao，mianxiangdeyongyuandoushiguanxianguoyingdebiotech，erduiyujuedaduoshubiotecheryan，yaobianxianhaidelingmoushenglu，congdangqianshichanglaikan，zhuanshentouxiangxiaofeijiankanglingyuwuyishiyigebucuodexuanze。

图3.上市创新药企2024年H1TOP10研发投入及增速（数据来源：公开资料）

zheiyifangmianshiyinweixiaofeijiankangxingchanpinyibanshenpixiangduirongyibingqiezhouqijiaoduan，yincibianxiansudukuai，nenggoujishidiweibiotechbuchongxianjinliu。yihufupinweili，qicongyanfadaoshangshidazhizhixuyao1-3nian，zheiyudongzheshinianyishangdechuangxinyaoxiangbichajumingxian。ciwaizaiyanfatourushang，xiaofeijiankangchanpinyegengjuyoushi，qiyibanzhizhanqiyenianshourude1%-5%，erchuangxinyaozaizheiyishujudebilijiejin30%。suoyi，duiyukewangkuaisubianxiandebiotechlaishuo，tourushaozhuanhuakuaidexiaofeijiankangchanpinzaidangxiaxianrangengju“xingjiabi”。

lingyifangmianzeshicongxuqiucengmianlaikan，zhurukangshuailao、shengfadenglingyudeshichangxuqiudangqianzhengbuduankuoda，bingqieduixiangguanyanshengchanpindeanquanxinghegongxiaoyetichulegenggaodeyaoqiu。erzheidouxuyaobiotechlaitigongjishuzhichi，biruwaimiti、ganxibaofenhuadengxibaoshengwuxuejishukeyizaiyimeihegongxiaohufu、baojianpindenglingyuyouguangfanyingyong；ertai、tanghedanbaizhigongchengjixiaohesuandengjishuzezaikangshuailaolingyuyouhenqiangdeshipeixing；lingwaihaiyoujinnianlaiposhouguanzhudehechengshengwuxue，zaikangshuai、shengfadengfangmiantongyangyoujiaodadeyingyongjiazhi。

duici，yizhijujiaoyuxiaofeiyiliaotouzidemingfengzibenhehuorenfeisiminshenyouganchu，tabiaoshi，“zheiyangdexianxiangqishiyoulaiyijiu，jinnianlaibaofadesimeigelutaijiushiglp-1zheigebiotechdicengjishuwangxiaofeiyiliaoshangdeyanzhan。erzaiwomenzuijintouziyijizaikandejijiaqiyezhong，yehuishejidaojiangdicengjishuyunyongzaixiaofeiyiliaolingyudexianxiang，biruyongmrnajishushengchengjiaoyuandanbai、shiyongduotaifenzicijichengguxibaoshengchengzhiliaoguzhishusong、ganxibaodejichujishuzaikangshuaishangdeyanzhandeng。”

suoyizonghelaikan，biotechdangqianjitizhuanxiangxiaofeijiankangxingchanpin，qishishizaishichanghandongxiayizhongbennengdeqiushengxuqiu。erzailingyigeweidu，jiangbiotechdechuangxinjishuyingyongdaobaokuokangshuai、shengfa、kouqianghulidengxiaofeijiankanglingyu，qishiyeshizaituidongxiangguanchanpindezhuanxingshengji。

同向，但不同路

shishishang，yaoqizuoxiaofeijiankangchanpinbingbushishenmexinxianshi。biruguangweirenzhidepantingxifashui，qijiuyuanziyuluoshizhiyao，zhishizaihouqi，luoshizhujianjiangzhongxinjujiaozaizhiyaohezhenliaoliangdalingyu，yincijiubolilegaiyewu，jiangqichushoujilebaojiejituan。lingwaihaiyouyigedianxinganlishishushidayagao，qiyougelansushikeyanfaheshengchan，bingqiedangqianrengzaiyunying。

fangyanguonei，tongyangyoudaibiaoxinganli，zuijuzhimingdudedangshuyunnanbaiyao，qixianyoubaokuoyagao、chuangkoutie、qiwujidengzhongduobaokuanchanpin。ershouciyingxiang，zaiguoqushinianjian，bushaochuantongyaoqiyezaixiangxiaofeijiankangchanpinjiasuzhuanxing，biruhuadongyiyao、fuxingyiyao、jiangsuwuzhong、kangzheyaoyedeng，dangqianyijingzaikangshuai、meibai、xiufudenglingyuduixianlezhuduochengguo，bingqieyehuodelebucuodexianjinliu。

erjujiaodangxia，biotechyekaishishezuxiaofeijiankanglingyu，bingqieyihuopihezhengzaishenpidechanpinxianzhuzengduo。neime，yu“duojin”dedayaoqixiangbi，biotechdezhuanxingyouyouhebutongni？

zheizhuyaotixianzaisangefangmian，diyigefangmianshirujufangshidebutong，dayaoqizhuyaoshiyishoubinggouweizhu，erbiotechgengduodeshiqinzixiachang。zheiqishibunanlijie，duiyudayaoqieryan，qizhuanxiangxiaofeijiankangdemudegengduodeshikaituoxindezengzhangquxian，zaijiashangqiyeyouzugoudezijinchubei，yincishoubinggouyixiechengshuchanpin，bujinkeyijiangdifengxian，tongshiyekeyijiasubianxian。biotechdemudesuiranyeshizhuanhuaxianjinliu，danyinweizijindezhiyue，henduoshihoubudebuxuejianchengben，jianggengduojinglitourudaoxiaofeijiankangchanpindebujuzhizhong。

yikaituoyaoyeweili，2023nian11yue，youyuhexinguanxianxiaofenzixiongjisushoutijiekangjiyanfashouzu，zaijiashangyijingmeiyouzugoudezijinlaikaizhaniiiqilinchuang，yushiqixuanzezantingyuanyouguanxian，tongshihaihuishoubufenzhiqiandezichan，bingkandiaofeihexinxiangmu，jizhongxianjinliulaizhongdiantuijinqizaihuazhuangpinhetuofachanpincengmiandebuju。jinnian7yue，yikoshineweidaibiaodehuazhuangpinyewuyizhubushangxian。

diergefangmiandebutongzeshijujiaolingyudebutong，dayaoqigengduodishibujudangqianremenchanpin，erbiotechzhuyaoshijiyuzishenhexinjishuzaixiaofeijiankanglingyujinxing“ercikaifa”。jianeryanzhi，jiushibiotechjiangyuanyoudehexinjishuhuozheshiyanchengguo，congjidingdeyansuyiliaochangjingxiangxiaofeiyiliaochangjingyanshen。

图4.干细胞技术抗衰原理（图片来源：公开文献）

yixiaohesuanweili，qiyuanbenzhuanzhuyuzhongliu、xinxueguandengjibingdeyaowukaifa，danqizaikangshuailaolingyuyeyouyingyongjiazhi，qikeyizuoyongyujifuneixiangguanshuailaojiyin，tongguodiaojiejiaoyuandanbaideshengchenghedaixie，yicilaizengjiapifudanxing，jianshaozhouwenchansheng。leisidehaiyouganxibao，yinweiqijuyoumianyidiaojiegongneng，suoyizhuyaoyunyongyushenjingxinghezishenmianyixingjibing，danganxibaotongshihaijuyoufenhuaqianneng，keyifenhuaweigezhongleixingdepifuxibao，zheinenggoucujinpifuxibaodezaisheng，congertigaopifudeziwoxiufunengli。chucizhiwai，baokuoduotai、waimitidengtongyangkeyizaixiaofeijiankanglingyuzhaodaoyingyongchangjing。

disangefangmianshituiguangmoshidebutong，dayaoqikeyijiezhuzishenpinpaideyingxiangli，yijixianyouqudaoheziyuan，zaishichangcengmiankuaisubujubingqiangdexianji，erbiotechdaduoshicong0kaishi，zaituiguangshanggengjiediqi，yegengweizhudong。

yijinsanshengwuweili，qinenggouzai3nianneijishenmaijiaoliuyinpinleidiyi，chuleqiliyonghechengshengwujishujiangjiagedafujiangdizhiwai，haiyouhenzhongyaodeyidianshiqizaishichangtuiguangshangdedutexing。juxi，weidakaicduanshichang，jinsantongguochudaxingyezishenrenshi，yikepuwenzhang、duanshipin、zhongcaodengduozhongxingshi，zaidouyin、xiaohongshu、zhihudengpingtaijinxingquanfugaishituiguang，zaikuaisuxingchengpinpaixiaoyingdetongshi，yecujinlexiangguanjiaoyidedacheng。

bunankanchu，suirandayaoqihebiotechzhuanxingxiaofeijiankanglingyudezuizhongmubiaoyizhi，danyinweigezidexianxingtiaojianbutong，qianjindelujinghexuanzedangranyejiujieranbutong。

转型之后的长期主义

zhuanxingchenggongdehengliangbiaozhunshinenggouzaixinshichangzhanwenjiaogen，leibidaobiotech，jiushiqinengfoujiangxiaofeijiankangzuoweiyimenzhangqideshengyi？youqishizaidangqianxingyezhengtizengzhangpiruan、jingzhengjiajudedabeijingxia，banluchujiadebiotechyougairuheyingdui？

duici，mouzishenrenshijichuledaan，bingkehualeliangdadianxingtezheng：yishiyaojishulingxianbingnenggouzaijiangbenzengxiaoshangfahuizuoyong；ershinenggouzaiyunyingduanlvxianshuliqilingxiankejidepinpaixingxiang。

xianshuodiyidian：jishu。zhongsuozhouzhi，biotechzuidadeyoushijiuzaiyuqijishuyanfanengli，erzheizaixiaofeijiankanglingyutongyangkeyidedaohenhaodiyingyong，tongguoqianruchuangxinjishu，keyijiejuexianyouchanpindejishutongdian，bingyicitigonggenggaoxingnengdexiaofeijiankangchanpin。jianeryanzhi，biotechzaizhuanxingdeguochengzhongrengranyaojianchiyijishuweiqudong。

shishishang，liyongjishuyoushidazaochayihuachanpin，yizhishizhangqibaoyoushichangjingzhenglideguanjian。yiyimeibankuaiweili，mingfengzibenhehuorenfeisimintandao，“jiangmuqianbiotechshengwucailiaodejishuxiafangdaoyimeituozhan，shihenjuyouxiangxiangkongjiandeyijianshi。zheixieshengwujishukeyishixiangengduodangqianyimeicailiaozaigongnengshangdeyanzhan，birushixianyimeicailiaogengduojiegouxingdegongneng，yijitongguobaoguo、disonggenghaoshixianyaoxiejiehedeng。zailiru，bayixiexiangpdrndeyuanbenshuyuyaodeyuanliao，yingyongdaoxiaofeiyiliaoyimeizhongdepixiazhushezhong，congershixianyaoxiezuhedengyeshihenyoujiazhidedian。”

图5.部分消费医疗企业销售费用及占比（数据来源：公开资料）

shuowanjishu，zaitandierdian：tuiguang。butongyuchuangxinyaodezengzhangluoji，zhiyaolinchuangbiaoxianyouyi，napameihuopishangshi，rengrankeyiduixianshangyideshouru。xiaofeijiankangchanpinbingbujubeizheiyangdetezheng，tadebianxianwangwangxuyaochixudeshichangtuiguang，erzheiganghaoshibiotechzuibushanzhangdedifang。dantuiguangyougewaizhongyao，tongguoguanchagedaxiaofeiyiliaoqiyenianbao，qizaiyingxiaoshangdekaixiaoyibanhuizhandaozhenggezhichude30%shenzhishi40%yishang。

yushi，yigeyiwenzaidangqianyiyufaxiangliang：biotechdaodigairuheyingxiaoni？tongguozhengheduogechenggonganlihezhuanjiaguandian，dongmaiwangrenweiqiyidingyaoyouqiangdadeneirongtixi，nenggoujiangbiotechluodizaijiankangxiaofeichangjingdegushijiangtong。jutieryan，jiushiyaoyongyouyuchanye、yuqudaoshangyijiyuxiaofeizhezhangqidegoutongnengliheshuofunengli。

duici，mouzishentouzirentandao，“suiranjiankangxiaofeixingyezhengzaikuaisujinrujishushidai，dancongdangqianlaikan，yingxiaorengranzhiguanzhongyao，jiuyiyikuanhufupinweili，qiqizuoyonggongxiaowuzhidechengbenyibanbudao10%，gengduodezhichuhaishifangzailehuokeshang。yinci，duiyubiotecheryan，zaishichangtuiguangzhong，ruhejianliqiangdadeneirongtixi，yibianzaizhuanye‘waixing’zhijianjinxingyouxiaogoutongjiuxiandegewaizhongyao。”

erzaimingfengzibenhehuorenfeisiminkanlai，chujishuheshichangzhiwai，chanpinjutideshejiyijizaifeibiyaoshiyongdeqiantixiaruhezaiduopincizhongbakonganquanxing，yedoushibiotechzaizhuanxingzhizhongxuyaosikaodeluoji。

buguo，zheidoubingbushiduanshijianneijiunengxingchengde，dangranzheiyebingfeibiotechsuoduyoudewenti，ershizhenggexiaofeijiankanglingyudangqiansuojitimianlindekunjing。danwulunzenyang，yigeyufajiandingdeshishishi：biotechzhengzaihuanmanzhuanshen，kaishiyongchuangxinyaohexiaofeijiankangchanpin“liangtiaotui”xingzou。

erzheizhonggaibian，zaishichanghandongxiaxiandenannengkegui。