We stand today at a pivotal moment in the era of biopharmaceuticals. Accelerating global health demands, deepening convergence of cutting-edge technologies, and dramatic restructuring of the industrial landscape are shaping our collective future—and China is integrating into this wave of innovation with unprecedented momentum. In 2025, following a period of rational consolidation, China's innovative drug and supply chain industry has entered a phase of value reorientation and structural reinvention. This year has thus become a defining chapter in which Chinese innovation repositions itself within the global healthcare ecosystem.

In 2025, the digital health industry demonstrated vigorous growth driven by technological innovation and robust capital support. Breakthroughs in two core fields—artificial intelligence and brain-computer interfaces—have been particularly significant, injecting strong momentum into the sector's development.

From deep learning to large language models, the widespread adoption of AI has already transformed the revenue structures of many leading companies, becoming a key driver of innovation and productivity. Yet, the medical field appears largely disconnected from this wave. Despite multiple waves of underlying technological change and thousands of enterprises striving tirelessly, none have managed to achieve large-scale profitability. Does the healthcare sector truly have a demand for AI? Is the bottleneck in data, computing power, or algorithms? What can we expect in the short and long term? And where does the key to commercial breakthrough lie?

Small-molecule GLP-1RAs offer numerous advantages, including low cost, unrestricted usage scenarios, and no need for cold-chain transportation, giving them broad development prospects. In the small-molecule GLP-1RA race, Eli Lilly and Company’s Orforglipron has completed global Phase III trials for both diabetes and obesity, maintaining a leading position worldwide. AstraZeneca’s AZD5004, Roche’s CT-996, Lilly’s Naperiglipron, and Terns’ TERN-601 have all entered Phase II, with overall progress advancing rapidly. Among domestic companies, Hengrui Pharma, Huadong Medicine, and Ascletis Pharma, among others, are actively building small-molecule GLP-1RA pipelines. In recent years, this track has witnessed multiple high-profile BD transactions, and its growth momentum continues to strengthen.