Group 1 - The core point of the article is that Sinopharm has announced a strategic collaboration with Eli Lilly to develop new drugs in oncology and immunology on a global scale [1] Group 2 - The partnership aims to leverage both companies' strengths in research and development to accelerate the discovery and commercialization of innovative therapies [1] - This collaboration signifies a growing trend in the pharmaceutical industry where companies are increasingly forming alliances to enhance their drug development capabilities [1] - The focus on oncology and immunology reflects the rising demand for advanced treatments in these therapeutic areas, which are critical for addressing significant health challenges [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1801） 內幕消息公告 與禮來製藥達成全球戰略合作 推進腫瘤及免疫領域的新藥開發 信達生物製藥 INNOVENT BIOLOGICS, INC. 本公告由信達生物製藥（「本公司」及「信達」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部作 出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司連同其附屬公司信達生物 製藥（蘇州）有限公司、Fortvita Biologics (Singapore) Pte. Ltd, Fortvita Biologics Inc.及Fortvita Biologics (USA), Inc.與禮來公司（「禮來」）達成戰略合作，攜手推 進腫瘤及免疫領域創新藥物的全球研發。本次協議為雙方第七次合作，進一步深 化了雙方長期且富有成效的合作夥伴關係，攜手為 ...

Core Insights - Innovent Biologics has announced a strategic collaboration with Eli Lilly to advance novel medicines in oncology and immunology, marking their seventh partnership and enhancing their long-term relationship [1][2] Collaboration Details - The collaboration will leverage the complementary strengths of both companies to accelerate the global development of new medicines, with Innovent leading the development in China and Lilly obtaining exclusive rights outside Greater China [2] - Innovent will receive a $350 million upfront payment and could earn up to approximately $8.5 billion in milestone payments based on future achievements, along with tiered royalties on net sales outside Greater China [3] Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, having launched 16 products and currently having multiple assets in different stages of clinical trials [4] - The company partners with over 30 global healthcare firms, including Eli Lilly, to enhance its research and development capabilities [4]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Group 1 - The Forbes China Year-End Gala held on February 4, 2026, in Shanghai gathered outstanding entrepreneurs and industry leaders from technology, healthcare, semiconductors, and investment sectors to discuss future trends in artificial intelligence, hard technology, biomedicine, and business civilization [2] - Forbes China has been releasing various rankings since entering the Chinese market in 2003, including the Best CEO in China and the Top 50 Innovative Companies in China, which serve as important references for observing changes in China's business society [2] - The event featured a forum with keynote speeches and roundtable discussions covering topics such as healthcare, technology, talent, and sustainable development, aimed at exploring industry development trajectories and prospects [4] Group 2 - The keynote speech by Han Xu, CEO of WeRide, emphasized the strategic significance of autonomous driving as the first large-scale application of physical AI, predicting that within five years, everyone could stop driving, leading to the era of household service robots [6] - Chen Zhisheng, CEO of WuXi Biologics, forecasted that tumors could become controllable chronic diseases within five years, similar to diabetes, and discussed the transformative application of digital technology in drug production [12] - Xu Siqing, founder of Alpha Community, highlighted the dual nature of technological advancement, particularly in AI, which presents both opportunities and challenges to existing human life orders [16] Group 3 - Zhang Hua, founder and chairman of Shibang Group, warned that the era where labor is no longer a necessity is approaching, urging companies to design new job structures for collaboration between humans and intelligent agents [18] - Zhu Jia, partner at Guanghe Venture Capital, pointed out that the core bottleneck limiting AI development is not semiconductor chips but power supply, which is driving nuclear fusion technology towards commercialization [20] - The roundtable discussions included insights on the semiconductor industry's supply-demand mismatch, with Wu Shengwu, chairman of Rongxin Semiconductor, noting a structural contradiction where high-end demand faces capacity shortages while non-specialty processes are oversupplied [27] Group 4 - Liu Yuqing, assistant president of Huafeng Technology Group, emphasized the critical role of advanced packaging in enhancing computing power in the post-Moore's Law era, advocating for a focus on deepening capabilities in the domestic equipment sector [29] - Fang Ling, co-founder of CGL, observed a shift in talent competition within the semiconductor industry from purely technical talent to composite talent with commercial awareness, predicting that AI will exacerbate workplace differentiation [31] - The event also recognized companies like Huafeng Technology and Microchip Technology for their innovative contributions to the industry, awarding them the "2025 Forbes China Innovation Power 50" [58]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1.233667 million shares at a price of 78.6975 HKD per share, totaling approximately 97.0865 million HKD [1][3] - After the increase, Morgan Stanley's total shareholding in Innovent Biologics is approximately 87.9149 million shares, representing a stake of 5.06% [1][3]

Core Viewpoint - The company is expected to achieve a product revenue of approximately 11.9 billion yuan in 2025, maintaining a strong year-on-year growth rate of about 45% [1] - In Q4, the company achieved a product revenue of around 3.3 billion yuan, with a year-on-year increase of over 60%, validating its strong product competitiveness and commercialization system [1] - The growth is driven by the sustained performance of existing products and rapid market entry of new products, with significant contributions from non-oncology areas [1] Event Summary - On February 4, the company announced its product revenue for 2025, projecting around 11.9 billion yuan for the year and approximately 3.3 billion yuan for Q4 [1] - The Q4 revenue was influenced by the inclusion of six new drugs in the national medical insurance catalog, which led to a one-time inventory adjustment [1] Business Performance - The company has expanded its oncology pipeline to 13 products, demonstrating increasing synergy effects [2] - The successful expansion into chronic disease areas has resulted in outstanding achievements, showcasing strong growth potential across its product line [2] - Key growth drivers include products like Sintilimab, Orelabrutinib, and Lembozole, along with rapid market entry of new products such as Masitinib and Tolebrutinib [1][2] Future Outlook - The company is expected to continue leveraging its core advantages and strategic foresight to drive development across multiple disease areas, aiming to become a leading global biopharmaceutical company [2] - The company has 17 commercialized drugs, with one product under NMPA review and four new drug candidates in Phase III or critical clinical studies, alongside 15 other candidates in clinical research [2] Financial Projections - The company is projected to achieve revenues of 11.968 billion yuan, 22.804 billion yuan, and 26.572 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 0.886 billion yuan, 6.679 billion yuan, and 8.004 billion yuan [2] - Following a significant global strategic partnership with Takeda, the company retains 40% rights in the U.S. for IBI363, which is expected to enhance its internationalization efforts [2]

Core Viewpoint - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 revenue expected to reach around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with expectations [1] Group 1: Revenue Growth and Product Expansion - The company's product revenue is set to surpass 10 billion yuan for the first time, driven by innovative products [1] - By 2025, the company's oncology product portfolio has expanded to 13 products, with the revenue from the drug Sintilimab expected to be 551 million USD, reflecting a year-on-year growth of approximately 5% [1] - Several potential blockbuster products are anticipated to be approved for market launch in 2025, including Masitinib, Tislelizumab, and Pidilizumab, which are expected to contribute significantly to the company's revenue growth [1] Group 2: New Products and Future Performance - Seven products, including Sintilimab and Tislelizumab, have been added to the national medical insurance directory for 2025, effective from 2026, indicating clear performance drivers for 2026 [2] - The company is expected to focus on the continuous development of innovative molecules like IBI363 and its internationalization process in 2026, with a significant collaboration with Takeda worth 10 billion USD announced in October 2025 [2] - The completion of the collaboration and share transfer with Takeda is anticipated to significantly enhance profits in 2026 [2] Group 3: Profit Forecast and Valuation - The revenue forecast for 2025 has been raised by 5.0% to 12.6 billion yuan, while the net profit forecast for 2026 has been increased by 274% to 6.68 billion yuan, with a new forecast for 2027 net profit set at 4.14 billion yuan [2] - The company maintains an outperform rating, with a target price of 118.3 HKD, indicating a potential upside of 48.06% from the current stock price [2]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1,233,667 shares at a price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 87,914,900, representing a holding percentage of 5.06% [1]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1,233,667 shares at a price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - Following the increase, Morgan Stanley's total shareholding in Innovent Biologics reached approximately 87,914,900 shares, representing a stake of 5.06% [1]