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.

As of August 8, 2025, Shunwei Consulting collected organizational effectiveness data for 158 publicly listed chemical pharmaceutical companies through databases such as iFind. Among these, 111 are finished-dosage chemical drug companies and 47 are active pharmaceutical ingredient (API) companies.

Considering both company influence and revenue, companies with negative net profit (e.g., BeOne Medicines, Nenter) were excluded. From the remaining A-share listed companies, the top 10 chemical pharmaceutical companies by revenue were selected as benchmark enterprises for organizational effectiveness analysis.

To provide a comprehensive view of the industry, the selected companies cover various segments: innovative drug R&D (e.g., Hengrui Medicine, Humanwell Healthcare), high-end generics and internationalized formulations (e.g., Fosun Pharma, Kelun Pharma), and specialty APIs and complex formulations (e.g., Apeloa Pharmaceuticals, Livzon Group).

In August 2025, a total of 150 financing events occurred globally in the healthcare sector (excluding IPOs, private placements, etc.), with a disclosed total financing amount of approximately USD 3.647 billion (around RMB 26.032 billion), according to incomplete statistics from VCBeat. Among these, the domestic market recorded 81 financing events with a total disclosed amount of approximately USD 942 million, while the overseas market recorded 69 financing events totaling approximately USD 2.705 billion.

Compared with July 2025 in terms of transaction amounts, number of financing events, and focus on emerging fields, the number of global healthcare financing events in August 2025 increased by approximately 11.11% month-on-month, while the total financing amount fell sharply by about 47.27%.

Regarding large financing events, 10 deals exceeded USD 100 million this month, with a cumulative financing amount of USD 1.511 billion. Among these, 9 occurred overseas and 1 domestically. The 10 companies are:

Kriya Therapeutics – gene therapy drug developer

EliseAI – healthcare system developer

Strand Therapeutics – biopharmaceutical company

Minghui Pharma – innovative drug developer

Apreo Health – device developer for emphysema treatment

Wugen – cell therapy developer

SetPoint Medical – developer of novel bioelectronic medical therapies

Restor3d – 3D-printed implant supplier

Eight Sleep – sleep health service provider

Nudge – developer of ultrasonic phased-array equipment