Overseas licensing transactions for innovative drugs, which continue to heat up, are entering the value redemption window, and down payments and milestone payments from early BD transactions will be closely collected in the listed companies' regular reports. As the 2026 semi-annual report disclosure window approaches, the market is paying close attention to whether these BD transactions can actually be transformed into increased performance and improved cash flow for listed companies. The semi-annual report will also become a key observation window for testing the “gold content” of each company's BD. The logic of “BD must rise every time BD” was broken after September 2025. The market gradually realized that the “total amount” in pharmaceutical companies' BD announcements is not equal to actual payment revenue, and there is even a risk that most of the amount other than the down payment will not be redeemed due to strict trigger conditions and slow clinical progress on the part of the partner. More importantly, when BD changed from an “occasional surprise” to a “normal narrative,” investors began to ask: is this BD “selling young shoots” or “showing muscle”? The answers are different; pharmaceutical companies' valuations vary widely.

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