Hengrui Pharmaceutical has inked a landmark agreement with GlaxoSmithKline (GSK), granting GSK exclusive global rights to the HRS-9821 project. The initial payment stands at US$500 million, with a potential total transaction value soaring to up to US$12 billion. This year has witnessed a surge in overseas licensing deals for domestic innovative drugs, with several transactions surpassing the billion-dollar mark and even reaching tens of billions. Other notable players, such as Hansoh Pharmaceutical, Mawell Biopharmaceuticals, CSPC Pharmaceutical Group, and 3SBio, have also forged numerous large-scale collaborations. According to data, by 2024, China will have 120 first-in-class drugs in development, accounting for 24% of the global total, underscoring the immense potential of domestic innovative drug research and development. Policy support and robust industrial chain advantages have fueled the growth of domestically produced innovative drugs, with 2025 anticipated to be a pivotal year for licensing these drugs to overseas markets. The National Healthcare Security Administration and the National Medical Products Administration have introduced various policies aimed at streamlining the approval process and boosting the commercialization capabilities of innovative drugs. Dongwu Securities and Everbright Securities predict that outbound licensing deals by domestic innovative drug companies will continue to rise in the future, with the value of high-quality pipelines being realized at an accelerated pace.