2026上半年国内外创新药融资飙升

China Healthcare Domestic and Overseas Innovative Drug Financing Soars in 1H26 CITI’S TAKEAccording to PharmaCube, China’s innovative drugs primary market financing maintained high growth of 208% yoy in Jun 2026 and 1H26financing size also soared 188% yoy. Overseas innovative drugs primarymarket financing rose 166% yoy in Jun 2026, with 1H26 amount growing32% yoy. Separately, the total financing size for innovative drugs (inprimary and secondary markets) in China increased 15% yoy to Rmb10bnin Jun 2026, concluding 1H26 financing size growth of 35%. We thinkthese are positive signals for CDMO and CRO players, supporting neworders and price lift potential; our top picks are Wuxi Apptec and WuxiBiologics. We think Wuxi XDC, Pharmaron and Tigermed will also benefit. John Yung, CFAAC+852-2501-2790john.yung@citi.com Zoe Bian+852-2501-2752zoe.bian@citi.com Eva Zhao, CFA+852-2501-2701eva.zhao@citi.com © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, PharmaCube Companies Mentioned:Pharmaron (300759.SZ; Rmb30.8; 1; 06 Jul 26; 15:00) | Pharmaron (3759.HK; HK$20.58; 1; 06 Jul 26; 16:10) | Tigermed (300347.SZ; Rmb48.9; 1; 06 Jul 26; 15:00) | Tigermed (3347.HK; HK$37.42; 1; 06 Jul 26; 16:10) | WuXi AppTec (603259.SS;Rmb122.97; 1; 06 Jul 26; 15:00) | WuXi AppTec (2359.HK; HK$155.5; 1; 06 Jul 26; 16:10) | Wuxi Biologics (2269.HK; HK$37.8; 1;06 Jul 26; 16:10) | WuXi XDC Cayman Inc. (2268.HK; HK$63.45; 1; 06 Jul 26; 16:10) If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES The Firm has made a market in the publicly traded equity securities of WuXi AppTec Co Ltd on at least one occasion since 1 Jan2025.Citi is advisor to WuXi XDC Cayman Inc. (2268.HK) in a pending M&A transaction involving BioDlink International CompanyLimited (1875.HK) and Wuxi Biologics (2269.HK).The Firm has made a market in the publicly traded equity securities of WuXi Biologics (Cayman) Inc on at least one occasionsince 1 Jan 2025. Citi is advisor to WuXi XDC Cayman Inc. (2268.HK) in a pending M&A transaction involving BioDlinkInternational Company Limited (1875.HK) and Wuxi Biologics (2269.HK)Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering ofsecurities of WuXi AppTec.Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within thepast 12 months from WuXi AppTec,WuXi XDC Cayman Inc.,Wuxi Biologics.Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Pharmaron,Tigermed,WuXi AppTec,WuXi XDC Cayman Inc.,Wuxi Biologics in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investmentbanking client(s): WuXi AppTec,WuXi XDC Cayman Inc.,Wuxi Biologics.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, securities-related: Pharmaron,Tigermed,WuXi AppTec,WuXi XDC CaymanInc.,Wuxi Biologics.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, non-securities-related: Pharmaron,Tigermed,WuXi AppTec,WuXi XDCCayman Inc.,Wuxi Biologics.Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactiviti