Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing significant growth, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rising nearly 2% and achieving a trading volume exceeding 750 million yuan, indicating renewed investor interest [1][3]. Group 1: Company Developments - Innovent Biologics announced a strategic partnership with Eli Lilly to advance global R&D in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [3]. - The stock performance of key companies within the ETF is positive, with Innovent Biologics up over 4%, BeiGene and China National Pharmaceutical Group up over 3%, and CSPC Pharmaceutical Group and Hansoh Pharmaceutical up over 1% [3][4]. Group 2: Industry Trends - The Chinese innovative drug sector is transitioning from "scale accumulation" to "value release," with a projected increase in License-out transactions from $2.562 billion in 2017 to $140.274 billion by 2025, indicating a significant leap in global recognition [5]. - By 2025, over 70% of companies in the innovative drug sector are expected to achieve revenue growth, with companies like BeiGene reporting revenues exceeding 36 billion yuan, showcasing strong commercialization capabilities [6]. - The innovative drug sector is entering a phase of profitability, with companies like Innovent Biologics and Rongchang Biologics achieving breakeven, while others like Elysium and Rongchang Biologics maintain robust growth [9][11]. Group 3: Investment Opportunities - The innovative drug sector is expected to see a surge in clinical data releases in 2026, with major academic conferences likely to provide further validation for domestic innovative drugs [8]. - Investment strategies should focus on core areas such as small nucleic acids, bispecific antibodies, and ADCs, while also capitalizing on performance forecast windows to identify high-potential stocks [8][12].

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, with Innovent leading the projects in China while Eli Lilly retains exclusive rights outside Greater China [1]. Group 1: Partnership Details - Innovent Biologics will receive an upfront payment of $350 million and is eligible for up to $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1]. - The collaboration marks the seventh partnership between Innovent and Eli Lilly, highlighting a long-standing relationship that has evolved from capital investment to product commercialization [2]. - Innovent has previously collaborated with Eli Lilly on multiple projects, including agreements that set records for cooperation amounts between multinational and local pharmaceutical companies [2][3]. Group 2: Financial Performance - In 2020, Innovent achieved total revenue of 3.844 billion yuan, a year-on-year increase of 266.9%, with product revenue reaching 2.368 billion yuan, a 133.0% increase [3]. - The company anticipates total product revenue of approximately 11.9 billion yuan in 2025, marking a 45% year-on-year growth and the first time surpassing 10 billion yuan in product revenue [7]. - Innovent aims to achieve a product revenue scale of 20 billion yuan by 2027 and plans to advance five core pipelines into global Phase III clinical trials by 2030 [7]. Group 3: Globalization Strategy - Innovent's collaboration model has become a crucial component of its product pipeline, with 18 approved products, many developed through partnerships [6]. - The company is focusing on reducing reliance on external collaborations while enhancing its core R&D capabilities [10]. - Innovent's internationalization journey reflects the broader trend of Chinese innovative pharmaceutical companies transitioning to global markets, emphasizing the need for quality and originality in innovation [10].

每经AI快讯，信达生物(01801.HK)高开逾4%，截至发稿，涨4.65%，报83.2港元，成交额1364.48万港 元。 ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance the global research and development of innovative drugs in oncology and immunology, marking a significant milestone in their long-term partnership [1] Group 1: Financial Aspects - Innovent Biologics received an upfront payment of $350 million as part of the agreement [1] - The company is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1] - Innovent Biologics retains the rights to all products in Greater China while Eli Lilly secures exclusive global development and commercialization rights outside this region [1] Group 2: Strategic Collaboration - This agreement represents the seventh collaboration between Innovent Biologics and Eli Lilly, further deepening their productive partnership [1] - The collaboration leverages Innovent's established antibody technology platform and efficient clinical capabilities to lead projects from drug discovery to clinical concept verification in China [1] - Eli Lilly will benefit from the global exclusive development and commercialization rights for the relevant projects outside Greater China [1]

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。信达生物依托自身成熟的抗 体技术平台及高效的临床能力，将主导相关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；礼来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，信达生物保留相关项目 在大中华区的全部权利。 消息面上，信达生物公告，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进 程。根据协议条款，信达生物将获得3.5亿美元首付款；在达成后续特定里程碑事件后，信达生物还有 资格获得总额最高约85亿美元的研发、监管及商业化里程碑付款。此外，信达生物有权就各产品在大中 华区以外的净销售额获得梯度的销售分成。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。 智通财经APP获悉，信达生物(01801)高开逾4%，截至发稿，涨4.65%，报83.2港元，成交额1364.48万港 元。 ...

Group 1 - The State Council meeting on February 6 emphasized the need to innovate and improve policy measures to promote effective investment, focusing on major projects in infrastructure, urban renewal, public services, and emerging industries [8] - Eight departments, including the People's Bank of China, reiterated the prohibition of virtual currencies, emphasizing that they do not have the same legal status as fiat currencies and outlining clear policy requirements for stablecoins and tokenization of real-world assets [8] - On February 7, China successfully launched a reusable experimental spacecraft using the Long March 2F rocket, aimed at validating reusable spacecraft technology for peaceful space utilization [8] Group 2 - The People's Bank of China reported that as of January 2026, the country's gold reserves stood at 74.19 million ounces, marking a continuous increase for the 15th month [9] - The China Securities Regulatory Commission released a notice on February 6 regarding the selection direction for provincial-level research topics, focusing on enhancing the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period [9] - The Shanghai and Shenzhen Stock Exchanges revised and published regulatory guidelines for underwriting violations, aiming to enhance regulatory practices and ensure effective supervision [10] Group 3 - Longyun Co. will resume trading on February 9, planning to acquire 58% of Yuheng Film Industry [12] - Jihua Group will also resume trading on February 9, with plans for changes in its controlling shareholder and actual controller [12] - Xinwangda reached a settlement in a lawsuit involving over 2.3 billion yuan, while other companies like ST Pava and Aihua Long are facing legal challenges and investigations [12][12]

Core Viewpoint - Cinda Biologics has entered into a strategic collaboration with Eli Lilly to advance the global development of innovative drugs in the oncology and immunology fields [1] Group 1: Collaboration Details - Cinda Biologics will lead the projects from drug discovery to clinical concept validation in China, specifically through the completion of Phase II clinical trials [1] - Eli Lilly will obtain exclusive development and commercialization rights for the related projects outside of Greater China, while Cinda Biologics retains all rights within Greater China [1] Group 2: Financial Terms - Cinda Biologics will receive an upfront payment of $350 million [1] - Upon achieving specific subsequent milestones, Cinda Biologics is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization [1] - Cinda Biologics will also have the right to receive a tiered sales share based on net sales outside of Greater China for each product [1]

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

每经AI快讯，2月8日，信达生物在港交所发布公告，公司连同其附属公司信达生物制药(苏州)有限公 司、Fortvita Biologics (Singapore) Pte. Ltd, Fortvita Biologics Inc.及Fortvita Biologics (USA), Inc.与礼来公 司达成战略合作，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。这一独特的合作架构也为 公司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。 ...

Core Insights - Company has entered into a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, marking the seventh partnership between the two entities [1] - The collaboration aims to leverage complementary strengths to accelerate the global development of innovative drugs, with the company leading projects from drug discovery to clinical concept validation in China [1] - Eli Lilly will obtain exclusive global development and commercialization rights outside Greater China, while the company retains all rights within Greater China [1] Financial Terms - The agreement includes an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future milestones [2] - The company is entitled to a tiered sales share from net sales of each product outside Greater China [2] Collaboration Model - This partnership breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates the company's flexible drug discovery and early development capabilities with Eli Lilly's extensive global presence [2] - The collaboration underscores the company's core R&D capabilities and aims to expedite the translation of scientific discoveries into globally impactful medical solutions [2]