As of 18:00 on October 26, 129 A-share pharmaceutical and biological companies have disclosed their third-quarter reports, and 15 companies have released their Q1-Q3 performance forecasts, with over 40% of enterprises achieving year-on-year performance growth. A review of the third-quarter results shows that innovative drug "going global" is moving from the initial signing phase into the performance realization period. Payments from previously established overseas licensing agreements have been concentrated, becoming a significant driver of profit growth for many pharmaceutical companies. Strong demand for innovative R&D both domestically and internationally continues to transmit upstream along the industrial chain, leading to full order books and accelerated performance for CDMO leaders. While performance is being realized, domestic pharmaceutical companies' overseas cooperation models are also continuously iterating and upgrading, with the global value release of innovative assets entering a new stage. (China Securities Journal)