Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly, a U.S. pharmaceutical firm, to advance the global research and development of innovative drugs in oncology and immunology [1] Group 1: Financial Terms - The agreement includes an upfront payment of $350 million (approximately HKD 2.73 billion) to the company [1] - The company is eligible for additional milestone payments totaling up to $8.5 billion (approximately HKD 66.3 billion) upon achieving specific subsequent milestones [1] - The company will also have the right to receive a tiered sales share based on the net sales of each product outside Greater China [1]

美银证券发表报告指，信达生物2025年营收达119亿元，按年增长45%，基本符合该行预期。报告指， 在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1 dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib (EGFR TKI)，预期将在未来数年占据 显著市场份额。美银证券维持信达生物"买入"评级，目标价113.5港元。 ...

美银证券指，信达生物2025年第四季表现强劲，2025年营收达119亿元人民币，同比增长45%，基本符 合该行预期。2025年第四季营收达33亿元人民币，同比增逾60%。两项重点值得关注，包括六款产品获 列入2026年国家医保目录，预期将面临降价压力；及先前按原价销售的产品进行库存价格调整，暂时拖 累第四季增长。 智通财经APP获悉，美银证券发布研报称，维持信达生物(01801)"买入"评级，目标价113.5港元。 报告指，在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1 dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib (EGFR TKI)，预期将在未来数年占据 显著市场份额。 ...

美银证券发布研报称，维持信达生物(01801)"买入"评级，目标价113.5港元。 美银证券指，信达生物2025年第四季表现强劲，2025年营收达119亿元人民币，同比增长45%，基本符 合该行预期。2025年第四季营收达33亿元人民币，同比增逾60%。两项重点值得关注，包括六款产品获 列入2026年国家医保目录，预期将面临降价压力；及先前按原价销售的产品进行库存价格调整，暂时拖 累第四季增长。 报告指，在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib(EGFR TKI)，预期将在未来数年占据 显著市场份额。 ...

这一独特的合作架构也为信达生物打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。 根据合 【信达生物】更新：与礼来达成全球战略合作，驱动创新加速与价值兑现 事件：2026年2月8日，信达生物宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 本次协议为双方第七次合作，进一步深化了双方长期且富有成效的合作伙伴关系，携手为全球患者带来创新药 物。 【信达生物】更新：与礼来达成全球战略合作，驱动创新加速与价值兑现 事件：2026年2月8日，信达生物宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 本次协议为双方第七次合作，进一步深化了双方长期且富有成效的合作伙伴关系，携手为全球患者带来创新药 物。 合作看点2：信达生物的核心竞争力在于成熟的抗体技术平台和高效的临床研发能力，在本次合作中被反复强调， 作为主导早期研发的基础。 1）抗体技术平台：成熟的全人抗体发现平台，支持单抗、双抗、三抗、ADC、融合蛋白等。 这一独特的合作架构也为信达生物打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。 根据合作协议，双方将发挥互补优势，加快推进创新药物的全球研发工作。 ...

Group 1 - The core viewpoint of the article is that Innovent Biologics (1801.HK) has entered a strategic collaboration with Eli Lilly to advance the global development of innovative drugs in oncology and immunology [1] - Innovent Biologics experienced a nearly 9% increase in stock price, reaching HKD 86.3 at the beginning of trading [1] - According to the agreement, Innovent will receive an upfront payment of USD 350 million (approximately HKD 2.73 billion) [1] Group 2 - The collaboration includes potential milestone payments totaling up to USD 8.5 billion (approximately HKD 66.3 billion) based on the achievement of specific development, regulatory, and commercialization milestones [1] - Innovent will also have the right to receive a tiered sales share from the net sales of each product outside of Greater China [1]

Group 1 - The Hong Kong stock market showed a strong opening on February 9, with the Hang Seng Index rising by 1.59%, the State-owned Enterprises Index increasing by 1.54%, and the Technology Index up by 1.9% [1] - The Hang Seng Biotechnology Index, focusing on innovative drugs, performed robustly, with the largest ETF tracking this index (159892) rising nearly 2% [1] - The innovative drug sector is expected to enter a profit realization acceleration phase by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceuticals turning losses into profits, while companies like 3SBio are significantly increasing their performance [1] Group 2 - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth [1] - External collaborations, such as business development (BD) partnerships, are becoming important drivers for enhancing performance in the innovative drug sector [1] - The Hang Seng Medical ETF (159892) focuses on innovative drugs, CXO, and related industries, benefiting from the advantages of the Hong Kong Stock Exchange's 18A system, covering numerous innovative targets like BeiGene and Innovent Biologics, and is expected to continue its valuation recovery trend under catalysts like overseas expansion of innovative drugs and commercial insurance directories [1]

智通财经APP获悉，中金发布研报称，考虑到信达生物(01801)商业化成效，上调2025年收入预测5.0% 至126亿元；考虑到2026武田合作款影响，上调2026年归母净利润预测274%至66.8亿元，并引入2027年 归母净利润预测41.4亿元。该行维持跑赢行业评级，由于近期创新药估值中枢下行，基于DCF模型，该 行维持目标价118.3港币不变，较当前股价有48.06%的上行空间。 中金主要观点如下： 公司预告2025年产品收入119亿元 公司预告2025年全年产品收入约119亿元，同比增长约45%，其中第四季度产品收入约33亿元，同比增 长超过60%，符合该行预期。由于四季度公司计提了六款首次纳入2026年医保目录新产品的库存补差， 该行预计剔除该影响，公司四季度实际收入将体现更明显增长，略超该行预期，主要得益于新品放量。 公司产品收入首次突破百亿元，创新产品驱动收入强劲增长 根据公司公告，公司信迪利单抗新适应、替妥尤单抗、利厄替尼、氟泽雷塞、己二酸他雷替尼、塞普替 尼、匹妥布替尼进入2025年国家医保目录，2026年起实施。叠加玛仕度肽有望进一步放量，该行认为 2026年公司产品协同效应有望进一步体现 ...

Market Overview - The Hang Seng Index closed down 325 points, a weekly decline of 827 points, marking a 3.02% drop [3][4] - The index opened lower by 530 points, reaching a low of 26,295 points before stabilizing [3] - The total market turnover for the day was 247.865 billion HKD, with a net inflow of 14.859 billion HKD from northbound trading [3] Company News - **Xinda Biopharmaceuticals** entered a strategic partnership with Eli Lilly to advance global research and development of innovative drugs in oncology and immunology, receiving an upfront payment of 350 million USD (approximately 2.73 billion HKD) [12] - **Meitu Inc.** expects adjusted net profit growth of 60% to 66% for the fiscal year ending December 2025, driven by rapid growth in its imaging and design products segment [13] - **Jiaxin International** anticipates a turnaround with a net profit of approximately 300 to 340 million HKD for the year ending last December, compared to a loss of 173 million HKD in the previous year [14] - **Color Star Technology** expects a net loss of 15 million HKD for the year ending last December, a reversal from a net profit of 132 million HKD in 2024, primarily due to a 45% decrease in revenue [15] Economic Indicators - Hong Kong's official foreign exchange reserves increased by 7.7 billion USD to 435.6 billion USD at the end of January, equivalent to over five times the currency in circulation [8] - China's foreign exchange reserves rose for the sixth consecutive month, reaching 3.399 trillion USD, with gold reserves increasing for 15 months [10]

Core Insights - Innovent Biologics has entered into a partnership with Eli Lilly to develop drugs in the fields of immunology and oncology, with an initial payment of $350 million and potential additional payments of up to $8.5 billion [1] Company Summary - The deal signifies a strategic collaboration between Innovent Biologics and Eli Lilly, focusing on the development of innovative therapies in immunology and oncology [1] - The upfront payment of $350 million indicates a strong commitment from Eli Lilly towards the partnership [1] - The total potential value of the deal, reaching up to $8.5 billion, highlights the anticipated significance and potential success of the drug development efforts [1] Industry Summary - The collaboration reflects ongoing trends in the pharmaceutical industry, where partnerships are increasingly common for drug development, particularly in high-demand areas like immunology and oncology [1] - The financial structure of the deal, with substantial upfront and milestone payments, underscores the competitive landscape and the high stakes involved in developing new therapies [1]