Core Viewpoint - The announcement of HRS-9821 project licensing to GlaxoSmithKline (GSK) by Heng Rui Medicine signifies a growing trend of multinational pharmaceutical companies acquiring innovative drugs from Chinese firms, reflecting a competitive landscape in the Chinese pharmaceutical market [1][5][19]. Group 1: Licensing and Financial Details - Heng Rui Medicine will receive a $500 million upfront payment from GSK, with potential milestone payments reaching up to $12 billion based on successful development, registration, and sales [2]. - The licensing agreement excludes regions such as mainland China, Hong Kong, Macau, and Taiwan, indicating a strategic focus on international markets [1]. - The deal has positively impacted Heng Rui Medicine's stock prices in both A-shares and Hong Kong stocks [4]. Group 2: Market Trends and Acquisitions - In the first half of the year, multinational pharmaceutical companies invested approximately 464.3 billion yuan ($64.5 billion) in acquiring Chinese innovative drugs, indicating a surge in interest [6][19]. - The "buy-buy-buy" strategy adopted by these companies highlights a shift towards acquiring rather than developing new drugs internally [7][20]. - Notable transactions include Pfizer's acquisition of a PD-1/VEGF bispecific antibody from 3SBio for $12.5 billion, marking a record for domestic innovative drug deals [8][10]. Group 3: Characteristics of Transactions - The average transaction amounts are substantial, with many exceeding $1 billion, and the largest deals surpassing $6 billion [15]. - Major pharmaceutical companies involved in these transactions include Pfizer, Roche, and AstraZeneca, all ranked among the top ten global pharmaceutical firms [16]. - The focus of these acquisitions is on high-tech areas such as oncology, autoimmune diseases, and metabolic disorders, showcasing the advanced nature of the Chinese pharmaceutical pipeline [17]. Group 4: Rationale Behind Acquisitions - The high risk and long development timelines associated with innovative drug development make acquisitions a more attractive option for multinational companies [20][22]. - Acquiring innovative drugs allows these companies to quickly fill gaps in their pipelines and respond to competitive pressures in the market [25][27]. - The trend of increasing external procurement from Chinese companies has risen from 10% in 2020 to 29% in 2023, indicating a growing recognition of the value of Chinese innovation [17][19]. Group 5: Advantages of Chinese Innovative Drugs - Chinese innovative drugs are perceived as high-quality and cost-effective compared to similar products in developed markets, making them appealing to multinational companies [36][40]. - The lower costs associated with drug development in China, estimated to be 20-30% of those in the U.S., further enhance the attractiveness of these assets [40]. - The increasing number of new drug approvals and ongoing research pipelines in China positions the country as a significant player in the global pharmaceutical landscape [36][38].

Group 1 - UBS reports that the stock price of 3SBio has increased by over 3.7 times year-to-date, primarily driven by the strong performance of the PD-1/VEGF bispecific antibody SSGJ-707 [1] - UBS has raised the risk-adjusted peak sales forecasts for SSGJ-707 in the Chinese and overseas markets by 24% and 117%, respectively, to 41 billion and 414 billion [1] - UBS predicts that the compound annual growth rates for 3SBio's revenue and net profit will reach 13.5% and 16% from 2024 to 2034, with management indicating that organic product revenue growth will reach double digits by 2025 [1] Group 2 - 3SBio did not participate in the 11th round of national drug procurement, indicating the lowest risk in the industry [1] - Based on the higher sales expectations for SSGJ-707, UBS has raised its target price from HKD 30 to HKD 41, maintaining a "Buy" rating [1]

本文源自：金融界 作者：行情君 7月30日，三生制药(01530)盘中下跌4.47%，截至13:47，报32.05元/股，成交10.41亿元。 三生制药是中国领先的生物制药企业，专注于创新药物的研发、生产与销售，拥有约30种上市产品和31 个在研产品，核心产品在各自治疗领域市场占有率领先。公司具备覆盖生物药全生命周期的研发及 CDMO能力，在全球设有6大生产基地，2023年CDMO产能达7.6万升，并拥有2600余名医学代表构建广 泛学术推广网络。 截至2024年年报，三生制药营业总收入91.08亿元、净利润20.9亿元。 7月29日，招银国际维持买入评级,目标价上调至37.67港元。 ...

Group 1 - The core viewpoint of the report is that based on higher collaboration revenue forecasts, the revenue predictions for 2025-2027 for Sangfor Pharmaceuticals (01530) have been raised by 2-6% [1] - The profit margin forecast has also been adjusted upwards due to the increasing contribution of high-priced innovative drugs and high-margin collaboration revenue to total revenue, leading to a net profit forecast increase of 6-9% [1] - The target price has been raised to HKD 33, corresponding to 25.8 times and 23.9 times the price-to-earnings ratio for 2025 and 2026, respectively, while maintaining a "Buy" rating [1] Group 2 - Pfizer has a strong innovative drug pipeline and global commercialization capability, with the potential for SSGJ-707 to be combined with multiple ADCs and small molecule targeted drugs [2] - Following Pfizer's acquisition of the product's rights in mainland China, the report anticipates that the product's competitive position in the pan-PD-(L)1 market will be further strengthened due to Pfizer's extensive experience in promoting innovative oncology drugs [2] - The global peak sales estimate has been raised to RMB 6.6 billion, reflecting the company's transition from traditional blockbuster-driven performance to long-term growth driven by new product iterations and international expansion [2]

Group 1 - The core viewpoint of the report is that based on higher collaboration revenue forecasts, the revenue projections for 2025-2027 for 3SBio (01530) have been raised by 2-6% [1] - The profit margin forecast has been adjusted upwards due to the increasing contribution of high-priced innovative drugs and high-margin collaboration revenue to total revenue, leading to a net profit forecast increase of 6-9% [1] - The target price has been raised to HKD 33, corresponding to 25.8x and 23.9x the 2025/2026 price-to-earnings ratios, while maintaining a "Buy" rating [1] Group 2 - Pfizer has a strong innovative drug pipeline and global commercialization capabilities, with the potential for SSGJ-707 to be combined with multiple ADCs and small molecule targeted drugs [2] - With Pfizer acquiring the product rights in mainland China, its extensive experience in promoting innovative oncology drugs is expected to enhance the product's competitive position in the pan-PD-(L)1 market [2] - The global peak sales estimate has been raised to RMB 6.6 billion, reflecting the company's transition from traditional blockbuster-driven performance to long-term growth driven by new product iterations and international expansion [2]

报告指，辉瑞将快速推进707在NSCLC及其他实体瘤的全球III期临床。辉瑞正在制定详细的全球临床开 发计划，将评估707单药及联用化疗、ADCs等联合疗法的潜力。辉瑞的管线中具有与707联用潜力的 ADC包括PADCEV(Nectin-4ADC)、sigvotatug vedotin(IB6ADC)和PDL1V(PD-L1ADC)。辉瑞目标快速启 动707在NSCLC及其他实体瘤的全球III期临床，并计划在今年晚些时候公布部分临床方案细节。同时， 辉瑞将探索707在胸部、泌尿生殖系统及胃肠道肿瘤中的潜力。该行认为，辉瑞在45个国家拥有超4,000 个肿瘤临床研究点，其强大的全球临床资源有望加速707的开发进程，实现赶超。 招银国际发布研报称，三生制药(01530)与辉瑞就707(PD-1/VEGF双抗)达成的全球(除中国)授权协议正式 生效。维持"买入"评级，目标价由28.32港元上调至37.67港元。 该行指，三生制药将于10月ESMO会议上以海报形式公布707联合化疗一线治疗mCRC的II期临床数据。 鉴于辉瑞快速推进707在多个肿瘤适应症的计划，该行上调了该品种风险调整后的销售额预期。 ...

Core Viewpoint - The global licensing agreement between 3SBio and Pfizer for 707 (PD-1/VEGF dual antibody) has officially come into effect, with an upgraded target price from HKD 28.32 to HKD 37.67, maintaining a "Buy" rating [1] Group 1 - Pfizer is set to rapidly advance the global Phase III clinical trials for 707 in NSCLC and other solid tumors, with a detailed global clinical development plan in progress [1] - The potential combination therapies for 707 include ADCs such as PADCEV (Nectin-4 ADC), sigvotatug vedotin (IB6 ADC), and PDL1V (PD-L1 ADC) [1] - Pfizer aims to initiate the global Phase III clinical trials for 707 in NSCLC and other solid tumors soon, with plans to disclose some clinical protocol details later this year [1] Group 2 - 3SBio is expected to present Phase II clinical data for 707 in combination with chemotherapy for mCRC at the upcoming ESMO conference [2] - Due to Pfizer's rapid advancement of 707 across multiple tumor indications, the risk-adjusted sales forecast for this product has been revised upward [2]

盘面上，煤炭、油气股活跃，影视院线、军工电子、稀土永磁板块小幅走高；医药股集体回调；婴童概 念跌幅居前。 09:29 煤炭板块多数高开，陕西黑猫、郑州煤电涨超2%，潞安环能涨超1%，中国神华、山煤国际等跟 涨。 09:25 A股开盘丨三大股指集体低开 上证指数跌0.04%，深证成指跌0.23%，创业板指跌0.45%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 | 3608.35c | -1.36 | -0.04% | | 399001 | 深证成指 | W | 11262.98 c | -26.43 | -0.23% | | 399006 | 创业板指 | N | 2395.86c | -10.74 | -0.45% | 09:15 人民币对美元中间价报7.1441，调升70个基点。前一交易日中间价报7.1511。 09:21 港股开盘丨恒生科技指数跌1.83% 恒指低开0.74%，恒生科技指数跌1.83%。新能源车企全线走弱，理想汽车发布i8新款后低开9%，比亚 迪股 ...

Group 1 - The company, Sanofi Pharmaceutical (01530), announced the issuance of 1.537 million shares due to the exercise of stock options granted under the stock option plan approved on May 23, 2015 [1] - The issuance period for these shares is set from July 2 to July 29, 2025 [1] - This action is part of the company's ongoing strategy to manage its equity and incentivize employees through stock options [1]

智通财经APP讯，三生制药(01530)发布公告，于2025年7月2日至7月29日，因行使根据2015年5月23日通 过的公司购股权计划授予的购股权而发行的153.7万股股票。 ...