[Table_Title] 研究报告 Research Report 9 Feb 2026 信达生物 Innovent Biologics (1801 HK) 信达生物与礼来达成第七次全球战略合作，合作规模超预期 Innovent and Eli Lilly Forge Their Seventh Global Strategic Collaboration; Deal Size Beats 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie kh.meng@htisec.com john.zy.nie@htisec.com 从引进来，到走出去：这是信达与礼来的第七次合作。这种"中国 PoC+全球开发"的分工，充分发挥了信达在中国 高效的临床能力，降低了信达的海外开发风险，同时凭借礼来的全球网络提升效率。本次合作为信达主导早期研 发并保留大中华区权益，标志着其研发能力获国际认可，是中国创新药企全球化能力提升的关键一步。 战略意义超越单次交易：首付款与里程碑款将强化信达的财务安全垫，销售分成使其长期受益于全球市场增长。 合作聚焦的肿瘤与免疫领域，可与信达现有核心管线，如 IBI363（PD1/IL2）、 ...

智通财经记者 | 陈杨 智通财经编辑 | 谢欣 2月8日晚间，信达生物公告称与礼来达成第七次合作，共同推进肿瘤和免疫领域创新药的全球研发。 具体而言，信达生物将主导项目从药物发现至中国临床概念验证（二期临床试验完成）的研发工作，并保留项目在大中华区的全部权利。礼来将获得 相关项目在大中华区以外的全球独家开发与商业化许可。由此，信达生物将获得3.5亿美元首付款，以及最高约85亿美元的里程碑付款。 2月9日开盘，信达生物股价大涨，截至收盘报85.400港元/股，涨7.42%，当下市值1482亿港元。 智通财经从同日上午的业务更新会上获悉，信达生物管理层介绍，本次在尚无分子的情况下达成合作，且为授权交易。即合作项目是信达生物现有临 床管线之外的全新靶点和分子，对信达生物来说是纯粹的增量合作。 另外，信达生物称其与礼来合作的分子数量少于近期国内公司同类的平台合作交易，包括恒瑞医药与GSK。信达生物未披露具体细节，但表示本次合 作的整体财务条款相当好。 对于礼来选择其合作的原因，信达生物首席商务官张苏华提到，一方面在于中国研发能力获得世界认可，另一方面在于两家公司长期合作，礼来非常 了解信达生物的能力。在共同做出更好的 ...

（来源：药研网） 2025年2月9日，据CDE官网公示，信达生物已递交其1类新药IBI115的临床试验（IND）申请。 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | | CXSL2600186 | IBI115 | 治疗用 生物制 | 新药 | 信达生物制药（苏州）有限公司; | 2026-02- 09 | 据公开资料，IBI115 是一款DLL3/CD3双特异性抗体药物，通过同时连接 T 细胞（通过 CD3）和肿瘤细胞（通过 DLL3），激活 T 细胞识 别并杀伤肿瘤细胞。 | ) 新药情报库 | 产品 > 数据 √ | 资源 √ | 版本对比 | Q 搜索药物、靶点、适应症、机构 ... | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | IBI115 | | | | | | | | | 概要 研发状态 | 临床结果 转化医学 | 药物交易 | 核心专利 | 临床分析 | 批准 | 生物类似药 | 特殊审评 | | 概要 | | | | | | | | | 基本信息 | | | ...

Core Insights - The collaboration between Innovent Biologics and Eli Lilly is valued at over $8.8 billion, marking a significant milestone in the pharmaceutical industry [1][2] - Innovent will receive an upfront payment of $350 million and has the potential to earn up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1][2] - This partnership represents a shift from traditional licensing agreements to a more integrated model involving deep collaboration on technology platforms and research systems [1][2] Group 1 - Innovent will lead the research and development from drug discovery to clinical concept validation in China, while Eli Lilly will have exclusive global development and commercialization rights outside Greater China [3][4] - The collaboration aims to combine Innovent's efficient drug discovery capabilities with Eli Lilly's extensive global reach, creating a synergistic innovation ecosystem [3][4] - The specific number of projects involved in this collaboration has not been disclosed, but it is indicated to be fewer than similar recent partnerships [3][4] Group 2 - Previous collaborations between Chinese pharmaceutical companies and multinational firms have involved a larger number of projects, such as the partnership between CSPC and AstraZeneca, which included eight projects [4] - Innovent's CEO noted that the success of such technology platform collaborations depends on the uniqueness and validation of the platform technology, as well as the contributions to intellectual property from both parties [4] - This marks the seventh collaboration between Innovent and Eli Lilly, indicating a strong existing relationship and mutual understanding [4][5] Group 3 - The trend of multinational companies shifting early-stage research work to China reflects their recognition of the research efficiency and capabilities of Chinese pharmaceutical firms [5] - Innovent achieved product revenues of 11.9 billion yuan in 2025, marking its first time surpassing 10 billion yuan, with a target of reaching 20 billion yuan by 2027 [5]

来源：滚动播报 香港基准股指恒生指数周一收盘上涨1.8%，报27,027.16点，受药物制造商信达生物制药和Labubu制造 商泡泡玛特上涨带动。信达生物制药领涨，收盘上涨7.4%，此前该公司称其与美国制药巨头礼来公司 签署了一项协议，可能带来最高达85亿美元的潜在里程碑付款。花旗分析师在一份报告中称，该合作关 系可能会帮助推动这家中国制药公司的全球扩张。与此同时，泡泡玛特收盘上涨5.8%，此前其首席执 行官最近表示，其旗舰产品Labubu娃娃在2025年的销量超过1亿件。其他上涨的个股包括收高5.6%的紫 金矿业和收高4.9%的中国平安。 ...

Market Overview - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 27,027.16 points, up 1.76% or 467.21 points, and a total trading volume of 255.14 billion HKD [1] - The Hang Seng Tech Index rose 1.34% to 5,417.6 points, while the Hang Seng China Enterprises Index increased by 1.52% to 9,168.33 points [1] - Analysts from Galaxy Securities noted a significant "Spring Festival effect" in the market, driven by optimistic sentiment and early capital allocation [1] Blue-Chip Stocks Performance - Innovent Biologics (01801) led the blue-chip stocks, surging 7.42% to 85.4 HKD, contributing 15.57 points to the Hang Seng Index [2] - The company announced a strategic partnership with Eli Lilly to advance global R&D in oncology and immunology, receiving an upfront payment of 350 million USD and potential milestone payments up to 8.5 billion USD [2] - Other notable blue-chip movements included Pop Mart (09992) up 5.76%, Zijin Mining (02899) up 5.58%, while China Telecom (00728) and China Mobile (00941) saw declines of 2.96% and 2.12%, respectively [2] Sector Highlights - Major technology stocks showed positive performance, with Baidu rising over 3%, Tencent up over 2%, and Alibaba increasing by 1.87% [3] - AI application stocks were particularly strong, with Zhipu AI soaring over 36% to a new high [3] - The gold sector rebounded significantly, with spot gold returning to 5,000 USD per ounce, leading to gains in gold stocks [3][6] AI and Technology Developments - Recent financial reports from Meta, Amazon, Google, and Microsoft indicated a potential capital expenditure of 660 billion USD in AI infrastructure this year [4] - Zhipu AI's stock rose 36.22% to 276.8 HKD, reflecting strong market interest in AI applications [4] - The Chinese government is focusing on building a national computing power interconnection node system, which may further stimulate the AI sector [4] New Market Entrants - Lanqi Technology (06809) debuted with a remarkable 63.72% increase, closing at 175 HKD, following its IPO pricing at 106.89 HKD per share [9] - The company specializes in integrated circuit design for cloud computing and AI infrastructure [9] - Additionally,兆易创新 (03986) saw an 11.43% rise to 314 HKD, supported by its inclusion in the Hong Kong Stock Connect program and positive earnings forecasts [10]

2026 年 02 月 09 日 王睿哲 C0062@capital.com.tw 目标价(港币) 98 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/02/06) | | 79.50 | | 恒生指数(2026/02/06) | | 26560.00 | | 股价 12 个月高/低 | | 107.00 / 33.05 | | 总发行股数(百万) | | 1735.19 | | H 股数(百万) | | 1735.19 | | H 市值(亿港币) | | 1379.47 | | 主要股东 | | 俞德超(5.36%) | | 每股净值(港币) | | 9.8324 | | 股价/帐面净值 | | 8.0855 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.97 -6.69 139.82 | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/10/22 | 88.00 | 买进 | | 产品组合 | | | --- | --- | | 药品销售 | 87% ...

根据合作协定，双方将发挥互补优势，加快推进创新药物的全球研发工作。其中，信达生物将依托自身 成熟的抗体技术平台及高效的临床开发能力，主导相关项目从药物发现至中国临床概念验证（即二期临 床试验完成）的全部研发工作；礼来则凭借其覆盖全球143个国家和地区的广泛布局与丰富商业化经 验，获得相关项目在大中华区以外的全球独家开发与商业化许可，而信达生物将保留相关项目在大中华 区的全部权利，实现"本土研发+全球商业化"的精准分工。 2月8日，中国创新药企信达生物制药（01801.HK，下称"信达生物"）发布内幕消息公告，宣布其连同 多家附属公司与全球生物制药领军企业礼来公司（下称"礼来"）达成全球战略合作，双方将携手推进肿 瘤及免疫领域创新药物的全球研发。这是双方自2015年以来的第七次合作，不仅深化了长期合作伙伴关 系，更以创新合作模式突破传统授权局限，为信达生物创新管线全球化注入强劲动力，也成为中国创新 药企与跨国药企深度协同的又一标杆案例。 对于未来发展，群益证券和美银证券维持信达生物"买进"投资建议，截至2月9日收盘，信达生物股价涨 6.92%，报收85港元/股，总市值达1475亿港元。 财务条款方面，此次合作创 ...

Group 1: Bubble Mart (泡泡玛特) - Citic Jiantou maintains an "Accumulate" rating for Bubble Mart, highlighting the company's "one strong, multiple strong" IP structure, with Labubu's influence solidified and new IPs like Xingxingren and Crybaby driving high growth [1] Group 2: MGM China (美高梅中国) - Haitong International maintains a "Buy" rating for MGM China, reporting a 21.4% year-on-year increase in total revenue for Q4 2025, with adjusted EBITDA rising 29.5% to HKD 2.75 billion, driven by strong performance from MGM Cotai and precise targeting of high-end customers [2] - CICC also maintains an "Outperform" rating for MGM China, noting adjusted EBITDA of HKD 2.753 billion for Q4 2025, up 29% year-on-year, significantly exceeding market expectations, despite a brand fee increase expected to impact net profit by about 14% [4] - Citic Securities maintains an "Accumulate" rating for MGM China, indicating that the company's performance exceeded expectations, with net income and adjusted EBITDA recovering to pre-pandemic levels, supported by strong performances from MGM Macau and MGM Cotai [7] Group 3: Yum China (百胜中国) - Haitong International maintains a "Buy" rating for Yum China, reporting a 9% year-on-year revenue increase for Q4 2025 and a 24% increase in adjusted net profit, with same-store sales growing for three consecutive quarters and restaurant profit margins improving by 0.7 percentage points to 13.0% [3] Group 4: Innovent Biologics (信达生物) - CICC maintains an "Outperform" rating for Innovent Biologics, projecting product revenue of RMB 11.9 billion for 2025, a 45% year-on-year increase, with seven new products included in the 2026 medical insurance catalog [5] Group 5: Swire Properties (太古地产) - CICC maintains an "Outperform" rating for Swire Properties, noting significant recovery in luxury retail operations in mainland China, with retail sales in Shanghai and Beijing increasing by 49.6% and 11.2% respectively [6] Group 6: Meituan (美团) - Citic Securities maintains a "Buy" rating for Meituan, announcing a plan to acquire Dingdong Maicai for USD 717 million, which is expected to strengthen its East China front warehouse network and bring in HKD 170 million in adjusted net profit post-integration [8] Group 7: Kuaishou (快手) - Citic Jiantou maintains a "Buy" rating for Kuaishou, highlighting the launch of its AI video model 3.0, which supports 15-second generation and intelligent scene segmentation, with commercial growth expected to reach USD 240 million in ARR by 2025 [10] Group 8: Huiju Technology (汇聚科技) - Citic Jiantou maintains a "Buy" rating for Huiju Technology, emphasizing its deep ties with leading CSPs like Google and the benefits from the upgrade of optical modules, projecting a revenue increase of 82.1% year-on-year for H1 2025 [10]

高盛相信，信达生物将继续保持其在中国生物技术领域的领先地位，主要得益于拥有大量针对下一代免 疫肿瘤靶点的新型分子，并已获得令人鼓舞的初步数据(如IBI363(PD-1/IL-2α偏向性双特异性抗体)，在 免疫治疗/冷肿瘤中具有差异化的药物特性；强大的商业化能力及与全球合作伙伴，特别是礼来公司的 深度合作等。 智通财经APP获悉，高盛发布研报称，信达生物(01801)昨日(8日)宣布与礼来(LLY.US)美元的里程碑付 款；及基于中国以外地区净销售额的分级销售特许权使用费。高盛考虑到当前市场隐含的加权平均资本 成本(12%)较高，认为其目前股价被低估；予该股"买入"评级；基于风险调整后、现金流量折现法，予 目标价102.85港元。 ...