Eight Chinese Pharma Innovators Named to Forbes China's 2025 Most Innovative Enterprises List

Source: Ouryao Dandelion Compiled by: Qingyulan

Recently, Forbes officially released the "Top 50 Most Innovative Companies in China 2025" list, with particularly outstanding performance in the pharmaceuticals sector.

A total of eight pharmaceutical companies made the list, including Biokin, Shanghai Henlius Biotech, Inc., Hengrui Pharma, Hansoh Pharma, Akeso Biopharma, Kelun-Biotech, 3SBio, and Innovent Biologics.

They are not only the leaders in their respective niche markets, but also, with forward-looking R&D pipelines, groundbreaking innovative achievements, and steadfast international layouts, they collectively outline a clear trajectory of China's pharmaceutical industry transitioning from "imitation and innovation integration" to "original innovation," serving as a vivid epitome of the upgrading of China's pharmaceutical industry.

Notably, the number of innovative pharmaceutical enterprises this year has reached 8, doubling the count from last year.

This breakthrough is largely due to the License-out strategy that Chinese pharmaceutical companies have been continuously promoting in recent years.

From a strategic perspective, this model drives Chinese pharmaceutical companies to shift from the past "full-chain competition" that attempted to cover R&D, production, and commercialization, towards a new paradigm of "deeply focusing on advantageous segments."

As pharmaceutical innovation enters uncharted waters, these companies have shattered the once-prevalent stereotype of "lack of innovation in Chinese pharmaceutical enterprises" through substantial R&D investments and clinical breakthroughs. From the independent development of first-in-class drugs to the performance enhancement of biobetter therapies; from tackling major diseases like cancer and autoimmune disorders to addressing unmet needs in rare disease areas, the innovative practices of the listed pharmaceutical companies are continuously expanding the boundaries of China's pharmaceutical innovation. This progress also strengthens the voice of "Chinese innovative drugs" on the global stage.

Core Updates of 8 Innovative Pharmaceutical Companies:

Biokin:Centered on the "bispecific antibody + ADC" dual-technology platform as its core competitiveness, focusing on differentiated innovation in the field of oncology. The bispecific antibody drug independently developed has demonstrated a unique mechanism of action in clinical trials, with smooth progress in clinical trials for various solid tumors, offering the potential to provide patients with a new treatment option while advancing China's bispecific antibody drug development into the international first tier.

Shanghai Henlius Biotech, Inc.:Deepening the dual layout of biosimilars and innovative biologics, with a mature R&D and production system for biologics, multiple products have been successfully approved for marketing and included in medical insurance, benefiting countless patients. At the same time, the company continues to make efforts in the field of innovative drugs such as PD-1 inhibitors, exploring combination therapy regimens, continuously expanding the boundaries of indications, and building a diversified product portfolio covering cancer and autoimmune diseases.

Hengrui Pharma:As a "benchmark company" in China's innovative drug industry, it has always adhered to the R&D philosophy of "patient-centeredness." In recent years, it has continuously produced groundbreaking innovations in the fields of oncology, cardiovascular diseases, and metabolic disorders. Multiple self-developed new drugs have been approved for marketing, while actively promoting its internationalization strategy. Overseas clinical trials for several products have achieved key progress, accelerating the realization of "Innovation from China, accessible globally."

Hansoh Pharma:Focusing on core therapeutic areas such as the central nervous system, anti-infectives, and oncology, the company has established a full industrial chain layout from drug discovery, clinical development to production and sales. Significant achievements have been made in the R&D of innovative drugs for psychiatric disorders and viral hepatitis, with multiple products gaining market recognition due to excellent clinical data. Meanwhile, through technological upgrades and capacity expansion, the company provides a solid foundation for the rapid transformation of innovative outcomes.

Akeso Bio:Aiming to "develop innovative antibody drugs that are either world-first or best-in-class," a distinctive antibody drug R&D platform has been established. Core products independently developed, such as the PD-1/CTLA-4 bispecific antibody, have demonstrated remarkable therapeutic advantages in cancer treatment. These products have received approval for multiple indications both in and outside of China, while several pipeline candidates have entered late-stage clinical trials, continuously strengthening the global competitive edge in the bispecific antibody field.

Kelon Botai Bio:Focusing on the R&D of novel anti-tumor drugs such as ADCs (Antibody-Drug Conjugates), and leveraging a leading ADC technology platform, the company has successfully built a rich R&D pipeline covering multiple targets and various types of tumors. The company’s collaboration with well-known pharmaceutical enterprises both in China and internationally has yielded remarkable results, with several ADC drugs entering critical clinical stages. Based on the concept of precision treatment, these efforts bring more effective and safer treatment options to cancer patients.

3SBio:With over two decades of deep cultivation in the biopharmaceutical field, the company has accumulated profound technical expertise in the treatment of kidney diseases, autoimmune diseases, and cancer. Adhering to the dual strategies of "innovation-driven" and "international layout," multiple self-developed biologics have been approved for marketing. Meanwhile, through overseas clinical trials and cooperative promotions, the innovative achievements of China's biopharmaceuticals are benefiting patients worldwide.

Innovent Biologics:As one of the leading enterprises in China's biopharmaceutical industry, it focuses on major disease areas such as oncology, autoimmune diseases, and metabolic disorders. Its core product, a PD-1 inhibitor, has been approved for multiple indications in China and has been successfully licensed to a globally renowned pharmaceutical company, marking an international breakthrough for innovative Chinese drugs. Meanwhile, the company continues to expand its R&D pipeline, actively laying out plans in cutting-edge fields like bispecific antibodies, ADCs, and cell therapy, constantly exploring new possibilities for innovative treatments.

List Description:

The evaluation dimensions for Forbes China's Top 50 Innovative Companies in 2025 include innovation capability (R&D investment and core independent intellectual property rights), corporate governance (the level of digitalization and management standards), business growth (core financial performance over the past three years), market advantages driven by innovation (market share of core products and product substitutability), and corporate social image, among others.

At the same time, with a focus on innovation as the core, evaluate enterprise development and organizational expansion. This year, Forbes China paid more attention to contributors who bring technologies that have the potential to change the world but are still far from reach into reality. The evaluation was conducted based on the progress of technology implementation and landmark events.

Overview of Innovation Premium Index:

The difference between the company's market capitalization and the net present value of cash flows from existing businesses. This difference represents a premium that investors assign to the stock based on well-founded expectations that the company will achieve profitable new growth. (This metric is not applicable to non-public companies.)

The following is the list of 2025 Forbes China Top 50 Innovative Companies – 8 Pharmaceutical Enterprises:

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