Roundtable Dialogue: Technological Innovation and Industrial Trends in Medical and Pharmaceutical Fields | 36Kr Future Industry Conference 2025
On September 10, the 2025 36Kr Industrial Future Conference, hosted by 36Kr, grandly opened in Xiamen, China. This conference has joined hands with the "China International Fair for Investment and Trade" hosted by the Ministry of Commerce. With the core theme of "In the Era of Deliberate Cultivation, the Tides Surge in the Land of Abundance", it strives to create a high - standard, high - value, and high - impact industrial event that combines national strategic height, industrial depth, and market popularity.
The conference closely aligns with national strategic directions and the forefront of industrial development. It focuses on five core sectors: artificial intelligence, low - altitude economy, advanced manufacturing, new energy, and large - scale consumption. It brings together top industry forces to discuss development paths and outline the future of the industry. During the two - day agenda, with the "industrial collaboration chain" as the main logical line, the conference focuses on the collaborative mechanism among the government, capital, and industry. It delves into how to break down barriers, integrate resources, and precisely solve the pain points, bottlenecks, and constraints in industrial development.
36Kr organized a round - table discussion on "Technological Innovation and Industrial Trends in the Medical and Pharmaceutical Fields" at the Industrial Future Conference. Hai Ruojing, the lead writer of 36Kr, Li Ye, the general manager of Xiamen Haicang Biotechnology, Yu Jianlin, the deputy general manager of GTJA Investment Group, Zhang Wenze, the CFO and managing director of Fujian Rehabilitation Capital, and Le Beilin, the managing director of Banyan Capital, participated in the discussion.
The following is the content of the round - table discussion, edited by 36Kr:
Hai Ruojing: Hello, everyone. I'm Hai Ruojing from 36Kr. I'm very glad to have the opportunity to discuss "Medical Industry Trends and Technological Innovation" with you today. I also really appreciate that you've made it to the final round - table discussion. From today's agenda arrangement, it may seem that the medical industry is not the hottest sector at present, but it is undoubtedly essential. Because "ensuring that there are no incurable diseases and no unaffordable drugs in the world" is a topic that everyone cares about, and I believe it is the foundation for the medical industry to withstand market cycles.
Today, we're very honored to have invited four industry experts to discuss this topic with us. The four guests have a very profound understanding of the medical industry, so I'm really looking forward to some in - depth insights and valuable discussions today.
Due to time constraints, let's directly move on to the first round of questions. Everyone can feel that in the past three years, the medical industry has experienced a capital winter, and many companies still feel the chill. However, this year, in the stock market, there are obvious signs of a strong rebound and recovery in fields such as innovative drugs and AI - powered medical services. The first question is for each of you to briefly introduce yourselves and share whether you've felt in your daily work that the warm wind from the secondary market has reached the fundraising, investment, management, and exit stages of the primary market. Let's start with Mr. Li.
Li Ye: Hello, host. Hello, everyone. I'm from Xiamen Haicang Biotechnology Development Company. Our company is a state - owned industrial platform company engaged in park construction, operation, investment promotion, and full - chain, full - lifecycle industrial services in various aspects.
The host just mentioned that the pharmaceutical industry has experienced a three - year winter. I think three years is not just a season; it's more like a climate cycle, a small ice age. This year, we really feel the warm wind. The heat transmitted from the secondary market is quite strong. But from the perspective of those engaged in the real - world industrial sector, I'd like to quote a lyric that I've heard quite often recently: "The fire warms the front of the chest, but the wind chills the back." I think this industry is still in a state of extreme disparity.
Why do I say so? On one hand, I think the "heat" is a good thing because it is driven by BD (business development) going global, which shows that China's biopharmaceutical industry has taken a leading position in global R & D innovation. This should be a continuous positive factor. On the other hand, I think the source of this heat is relatively single. For the entire industry, after the "ice age", there are still many problems to be solved, and we need to continue to work hard in difficult circumstances. For example, we still haven't established a multi - level and diversified payment system, and products in the real - world industrial sector still don't have a good way out in the domestic market. In addition, there are issues such as similarities in R & D and intense competition in park construction. These are all problems that we need to solve continuously in the process of moving forward. So I still feel a chill behind the heat.
Nevertheless, the warmth in the secondary market is very positive, like the "winter sun" mentioned in ancient books, which brings warmth to everyone and provides energy for the industry's development. But we don't want it to turn into the "summer sun" too soon. Because the intensity of the "summer sun" may exceed the industry's development capacity, which may lead to overheating in the secondary market and a disconnection with the under - activated real economy and real - world industrial sector. This is not a favorable situation for the industry's development. We hope that the two - level markets can cooperate closely, enhance interaction, and enable the industry to develop sustainably. We hope that the funds in the market can keep the secondary market at a reasonable level of heat and make positive contributions to the industry's development. We hope there are more "Zhao Shuai" and less "Zhao Dun".
Hai Ruojing: Thank you, Mr. Li. Your words make me think of the phrase "a sudden warm spell after a cold spell". Now let's hear from Mr. Yu.
Yu Jianlin: Good afternoon, everyone. I'm Yu Jianlin from GTJA. Today's forum is titled "Foreseeing the Future". The recovery of the capital market at present should be foreseeable, which makes us feel the power of market cycles again. And those of us engaged in medical and health industry investment feel this most acutely. To invest, one must understand the cycles and dance with them. The biopharmaceutical industry is also in the cycle, which is affected by the superposition of multiple cycles, including the industrial cycle, policy cycle, capital cycle, and technology cycle.
In the past few months, I've gone to Hong Kong to ring the bell for listing almost every month. The biopharmaceutical companies we've invested in have been successively listed on the Hong Kong stock market this year. The market value of some companies has increased by more than ten times, and five companies have submitted their listing applications. I believe there will be more opportunities to go to Hong Kong in the next few months. All these signs indicate that the recovery of the capital market has greatly boosted confidence. After several years of winter, we finally feel the warmth, and we also look forward to this warmth being transmitted from the secondary market to the primary market, which is very important for an industry like biopharmaceuticals that requires a large amount of capital.
This transmission brings us back to the cycles I mentioned earlier, including the capital cycle, technology cycle, and industrial cycle. Later, if I have the opportunity, I'll share in detail my understanding of these cycles to better understand the development context and trends of the biopharmaceutical industry. Thank you.
Zhang Wenze: Thank you, host. I'm very glad to be in Xiamen again, with its beautiful blue sea and clear sky. I'm Zhang Wenze from Fujian Rehabilitation Capital. Our company is a professional pharmaceutical and health investment management institution under Fosun. Everyone can feel the heat in the secondary market, just like the warm sunshine in Xiamen today. But as investment managers, we're more concerned about three questions: First, what is the core driving force behind this upward trend? Second, where is the current market in the cycle? Third, where is the value anchor for investment targets in such a cycle? Many of our peers think this is a BD - driven market, and this judgment has some basis. In the first half of this year, the total transaction volume of Chinese innovative drugs going global through BD reached 30 billion US dollars, while the overseas export volume of Chinese new - energy vehicles in the same period was 28 billion US dollars. For the first time, the overseas expansion of innovative drugs has exceeded that of this traditional advantageous industry. This data has overturned two traditional perceptions: one is that innovative drugs only flow in and not out, and the other is that overseas BD is out of reach for most domestic innovative drugs. However, if we say it's only driven by BD, it may not be comprehensive. Looking at the statistics, among the companies that have risen in this round, about 40% haven't had significant BD transactions, but their stock prices have increased by more than 100%. The deep - seated reasons behind this include the improvement of the industry's fundamentals, such as the penetration rate of innovative drugs after the medical insurance negotiation and the rapid realization of commercialization capabilities, as well as the improvement of market liquidity and investor confidence. Regarding the second question, where is the current market in the cycle? From a time perspective, since the Hang Seng Healthcare Index (18A) hit the bottom and rebounded in November last year, it's been exactly 10 months, and the index has nearly doubled. Comparing it with the periods from 2018 to 2019 and 2020 to 2021, optimistically, this cycle is in the middle stage. However, it must be noted that among the more than 70 listed companies in Hong Kong, only a few have achieved profitability, and the industry is still in the capital - burning cycle. Therefore, not all overseas transactions are worth pursuing. I think the real investment opportunities lie in those companies that can meet unmet clinical needs and have sustainable commercialization capabilities. Today, I also want to take this opportunity to hear the observations and thoughts of my colleagues and look forward to in - depth exchanges later. Thank you!
Le Beilin: Hello, everyone. I'm Le Beilin from Banyan Capital. Our institution has been established for 11 years in the industry. We position ourselves as a venture capital firm, and we invest more in early - stage and growth - stage companies. Since its establishment 11 years ago, we've invested in more than 300 companies in total. More than 30 of these companies have been listed on the capital markets in the US, Hong Kong, or the Chinese mainland, or have been acquired. In the medical field, I started investing in the biopharmaceutical sector at Banyan Capital about eight years ago. We've successively invested in innovative drugs, innovative medical devices, and some innovative AI - integrated medical service fields. Many of these companies were invested in at an early stage.
Everyone has just mentioned the cyclical nature of the capital market, and indeed, we've all felt it. From January to May last year, the overall market was quite sluggish. Fortunately, a company I invested in at the angel round five years ago, Pufang Biotech, was wholly acquired by a listed company, Genmab, for 1.8 billion US dollars in June last year. Since then, we've seen an increasing number of BD transactions in the innovative drug field, and this trend still continues this year.
We also mentioned the Hong Kong capital market just now. In May this year, a company we invested in at an early stage, Mirxes, was listed on the Hong Kong stock market. In June, another company that Banyan Capital participated in the first - round financing, Saint Bella, was also successfully listed on the Hong Kong stock market. So we've really felt the recovery of the capital market this year. We hope this "bull market" can last longer. Appropriate "inflation" is beneficial for catalyzing innovation in this industry.
Hai Ruojing: Okay, thank you all. When I was researching, I found that each of you has been in the medical industry for many years and has experienced the ups and downs of the industry. Next, let's focus on discussing the trends in the medical industry and your key investment areas.
The first question is for Mr. Li. As the host today and an important platform for the biopharmaceutical industry in Haicang District, Xiamen, could you introduce the current key points in attracting investment and incubating projects in Xiamen? Combining with the actual needs of different companies you just shared, what adjustments and changes have there been in the investment - promotion strategies and focuses of Haicang District, Xiamen, in the past two years?
Li Ye: Thank you, host. One of the important tasks Xiamen has been working on this year regarding industrial development is to study the "integration of four chains". The so - called "four chains" refer to the industrial chain, innovation chain, capital chain, and talent chain. The study aims to explore how these four chains can jointly promote the development of new - quality productive forces. Through this study, combined with some perhaps not - fully - mature experiences we've accumulated in cultivating the biopharmaceutical industry over the past 20 years, we've found that the biopharmaceutical industry is quite different from ordinary manufacturing industries. We can't draw a clear industrial map like in typical manufacturing industries by looking at the production chain and supply chain and then find and fill the gaps accordingly.
The biopharmaceutical industry has a high degree of agglomeration. However, in this agglomerated "circle of friends", each industrial chain and production chain is relatively short. These chains are concentrated together because of common regulatory requirements, common application scenarios, and common element needs. There are many connections and interactions among these chains, but they are not in a traditional upstream - downstream relationship in the industrial production process. Therefore, we believe that in the "four chains" of the biopharmaceutical industry, we should not start from the industrial chain but from the innovation chain. Innovation is the key driving force for the development of this industry. Talent and capital are the most core elements, and policy support and service systems are also needed. On this basis, the industrial chain is the result of all these efforts. So in the process of industrial cultivation, we mainly focus on innovation transformation, creating an industrial ecosystem and business environment suitable for the development of innovative companies, including a good regulatory environment that combines supervision and service, as well as all - around support in financing, talent introduction, and the matching of various elements.
Let me give an analogy. The biopharmaceutical industry is like a train. Innovation is its locomotive; capital is like fuel. As people often say, R & D in the biopharmaceutical industry is very "capital - intensive", and capital is like coal or oil to be "burned". Talent is like the water in the boiler. When the water is cold, it's still. But with the addition of fuel, it boils and generates power, which drives the whole train forward. The regulatory department is like the track. The biopharmaceutical industry is a highly and comprehensively regulated industry. Some industries are like tanks that can cross - country, but the biopharmaceutical industry must run on the regulatory track. As a local government's industrial tool, the park is like a railway station and its operation staff, integrating all these elements to provide various conditions for innovation and empower companies to promote their development.
In terms of specific development in sub - fields, we don't exclude filling the gaps, but we focus on leveraging our strengths. After about 20 years of development, we've formed some local advantages in the Haicang Biopharmaceutical Park, including genetic - engineering bioproducts, nucleic - acid and peptide - based drugs, central - nervous - system drugs, implantable and interventional materials, medical devices and surgical tools in the medical device field, IVD (in - vitro diagnostics), and hearing aids. These are our advantageous sectors. We will further strengthen these advantages and continuously introduce new innovation points to enrich our industrial map and make our development more sustainable. Thank you.
Hai Ruojing: Okay, thank you, Mr. Li. The key directions you mentioned just now, such as nucleic - acid drugs and CGT, may be discussed later. Next, I'd like to ask Mr. Yu. We've seen that some companies you invested in earlier, like Zhonghui Biotech and Bokang Shiyun, were listed on the Hong Kong stock market this year. You accurately predicted these IPO unicorns several years ago. Could you share your insights? What are the current sub - sectors and technological trends that GTJA is focusing on, and have there been any adjustments?
Yu Jianlin: As I mentioned earlier, investment is a process of understanding the cycle, predicting the cycle, and making early - stage layouts. The biopharmaceutical industry is affected by multiple cycles. Looking back from 2025 to ten years ago, we'll find that 2015 was a very important turning point. First, the State Council advocated mass entrepreneurship and innovation. Since then, countless entrepreneurs, especially those in the biopharmaceutical industry, have returned to China to start their businesses. Second, the State Council issued the "Opinions on Reforming the Review and Approval System for Drugs and Medical Devices", which initiated the reform of the medical review and approval system. We can say that 2015 was a milestone. From then on, with the continuous guidance of innovation policies and the accelerated return of overseas - educated scientists, China's pharmaceutical industry has entered the innovation track and has continued to develop until now.
We know that the biopharmaceutical industry cycle in developed countries in Europe and the United States is about 7 - 10 years, during which it experiences peaks and valleys, a period of rapid growth, a bubble period, a correction period, and then starts over again. In contrast, in China, because Chinese people are