Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for HAPO Pharmaceutical-B (02142), highlighting its position as a key provider of innovative antibody technology globally, supported by collaborations with major pharmaceutical companies like AstraZeneca, Otsuka, Pfizer, and BMS by 2025 [1] Group 1: Collaborations with Major Pharmaceutical Companies - The collaboration with AstraZeneca involves a global strategic partnership to develop next-generation multi-specific antibody therapies for various diseases, marking a deepening of their cooperation with the establishment of an innovation lab in Beijing [2] - The partnership with Otsuka Pharmaceutical focuses on advancing the development of BCMAXCD3TCE for autoimmune diseases, showcasing the advantages of HAPO's proprietary Harbour Mice platform [3] - A non-exclusive licensing agreement with Pfizer aims to accelerate preclinical antibody discovery for various potential disease indications, expanding the scope of collaboration beyond previous ADC licensing [4] - The long-term global strategic cooperation with BMS includes a total payment of $90 million, with potential milestone payments of up to $1.035 billion, indicating a significant deepening of ties with multinational corporations [5] Group 2: Business Model and Financial Outlook - The company's unique business model is expected to yield short-term revenue visibility through upfront payments and achievable R&D milestones, enhancing short-term income [6] - Long-term revenue flexibility is anticipated through sales sharing, providing sustainable cash flow as partner products succeed in the market [6] - The profitability inflection point is deemed certain, with licensing revenues expected to improve net profit margins without substantial capital expenditures, indicating a healthy long-term financial structure [6]

智通财经APP获悉，中泰证券发布研报称，维持和铂医药-B(02142)"买入"评级，和铂医药凭借其全人源 抗体技术平台，在2025年与阿斯利康、大塚、辉瑞、BMS等全球多家顶尖药企达成深度合作，已确立 其作为全球创新抗体关键源头技术提供商的地位。这种商业模式不仅带来短期收入能见度与长期现金流 弹性，也为公司实现可持续的轻资产、高盈利增长奠定了坚实基础。 中泰证券主要观点如下： 海外大型药企合作持续深化，公司正成为全球生物制药产业链中不可或缺的创新抗体源头技术提供商 公司凭借Harbour Mice全人源抗体技术及基于此的仅重链抗体(HCAb)、双抗HBICE平台，近期密集达成 的数项同海外大型药企的合作，巩固了公司远期现金流与技术平台商业价值确立性，逐步建与企球制药 巨头深度绑定的开放创新生态系统，实现收入来源多元化、资本效率最大化、价值发现前置化。 与阿斯利康的合作 公司3月宣布与阿斯利康达成全球战略合作，共同研发针对免疫性疾病、肿瘤及其他多种疾病的新一代 多特异性抗体疗法，基于和铂医药专有的Harbour Mice全人源抗体技术平台在多治疗领域的多项目授权 许可协议。10月和铂医药-阿斯利康创新实验室在北 ...

Group 1 - Pharmaceutical stocks experienced a significant rise in early trading, with notable increases in share prices [1][3] - 加科思-B (01167) saw an increase of 8.71%, reaching HKD 7.24 [1][3] - 和铂医药-B (02142) rose by 7.39%, trading at HKD 14.25 [1][3] - 复宏汉霖 (02696) increased by 4.46%, with a price of HKD 66.70 [1][3] - 映恩生物-B (09606) experienced a rise of 2.98%, priced at HKD 359 [1][3]

Core Viewpoint - Pharmaceutical stocks have risen significantly, driven by regulatory changes aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Companies such as 加科思-B (01167) increased by 8.71% to HKD 7.24, 和铂医药-B (02142) rose by 7.61% to HKD 14.28, 复宏汉霖 (02696) gained 5.25% to HKD 67.2, and 映恩生物-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - The National Medical Products Administration (NMPA) has optimized the review and approval process for urgently needed foreign drugs that are already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasizes a clinical value-oriented approach, encouraging applicants to conduct global synchronous research and simultaneous submissions in China [1] - Original and generic drugs that are urgently needed and meet the criteria can be included in the priority review and approval category [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the liquidity discount to the decline in innovative drugs during November and December [1] - The firm anticipates that the ongoing liquidity recovery, along with continued business development (BD) activities and the upcoming JPM conference and annual report season, will boost the innovative drug sector [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves at the beginning of the year [1]

Core Viewpoint - The pharmaceutical stocks have risen significantly, driven by regulatory changes from the National Medical Products Administration (NMPA) aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Stocks such as Akeso-B (01167) increased by 8.71% to HKD 7.24, HAPO (02142) rose by 7.61% to HKD 14.28, Innovent Biologics (02696) gained 5.25% to HKD 67.2, and InnoCare Pharma-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - On January 7, the NMPA announced measures to optimize the review and approval process for urgently needed foreign drugs already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasized a clinical value-oriented approach, encouraging applicants to conduct global synchronized research and simultaneous submissions for market approval in China [1] - The NMPA will prioritize the review of urgently needed foreign original and generic drugs that meet specific criteria [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the recent decline in innovative drug stocks to liquidity discounts [1] - The firm anticipates that the ongoing liquidity recovery, along with external business development (BD) activities, the JPMorgan Healthcare Conference, and the annual report cycle, will boost the innovative drug sector's performance [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves [1]

Company Updates - On December 29, 2025, the company announced a long-term strategic partnership with Lanacheng to advance the development of Radionuclide drug conjugates (RDCs) [1] - The collaboration aims to leverage the proprietary Harbour Mice platform to produce fully human monoclonal antibodies in H2L2 and HCAb formats, which are expected to enhance the efficacy of RDCs while reducing side effects [1] Collaborations and Agreements - The company has established multiple overseas licensing agreements, including a long-term global strategic cooperation with BMS on December 17, 2025, which includes an upfront payment of $90 million and potential milestone payments up to $1.035 billion [1] - On November 19, 2025, the company's subsidiary, Nona Bio, signed a non-exclusive licensing agreement with Pfizer for preclinical antibody discovery, granting Pfizer global rights to the HCAb platform, with upfront and milestone payments based on regulatory and clinical achievements [1] - On November 24, 2025, the company announced an expanded collaboration with AstraZeneca, extending the partnership to include ADC and TCE drugs [2] Financial Forecast and Valuation - Due to increased revenue from business development upfront payments, the company raised its 2026 profit forecast by 228% to $6.2 million and introduced a new profit forecast of $6.0 million for 2027 [2] - The target price has been adjusted upward by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [2]

Core Viewpoint - The stock of HAPO Pharmaceutical-B (02142) has increased by over 3%, currently trading at 12.67 HKD with a transaction volume of 30.48 million HKD, following the announcement of a successful project approval related to pancreatic cancer research [1] Group 1: Company Developments - HAPO Pharmaceutical has been actively involved in the research and development of innovative antibody therapies focused on oncology and immune diseases [1] - The company utilizes its proprietary technology platform, Harbour Mice®, to develop over 20 product pipelines, including bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs) [1] - HAPO has established deep collaborations with several global pharmaceutical companies, including AstraZeneca, Pfizer, Bristol-Myers Squibb, Otsuka Pharmaceutical, AbbVie, and Moderna, which highlights the recognition of its technological capabilities [1] Group 2: Research Initiatives - The project titled "Research on the Pathogenesis and Clinical Precision Diagnosis and Treatment Paradigm of Pancreatic Cancer," led by Shanghai Changzheng Hospital and involving HAPO Pharmaceutical, has been officially approved under the National Science and Technology Innovation 2030 initiative [1] - The company is advancing innovative therapies targeting CLDN18.2 and LIFR, which have entered clinical or application stages, thereby diversifying its treatment options for pancreatic cancer [1]

Core Viewpoint - The stock of HAPO Pharmaceuticals-B (02142) has increased by over 3%, currently trading at 12.67 HKD with a transaction volume of 30.48 million HKD, following the announcement of a successful project approval related to pancreatic cancer research [1]. Group 1: Company Developments - HAPO Pharmaceuticals has been involved in a significant project titled "Research on the Mechanism of Pancreatic Cancer and New Paradigms for Clinical Precision Diagnosis and Treatment," which has been officially approved as part of the National Science and Technology Innovation 2030 initiative [1]. - The company focuses on innovative antibody therapies in the fields of oncology and immune diseases, utilizing its proprietary fully human transgenic mouse platform, Harbour Mice® [1]. - HAPO has developed over 20 product pipelines, including bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs), and has established deep collaborations with major global pharmaceutical companies such as AstraZeneca, Pfizer, Bristol-Myers Squibb, Otsuka Pharmaceutical, AbbVie, and Moderna [1]. Group 2: Clinical Advancements - The company is advancing innovative therapies targeting CLDN18.2 and LIFR, which have entered clinical or application stages, thereby diversifying the treatment options for pancreatic cancer [1].

Core Viewpoint - The stock of HAPO Pharmaceutical (02142) has increased by over 3%, currently trading at HKD 12.67 with a transaction volume of HKD 30.48 million, following the announcement of a successful project approval related to pancreatic cancer research [1] Group 1: Project Approval - The "Research on the Pathogenesis and Clinical Precision Diagnosis and Treatment New Paradigm of Pancreatic Cancer" project, led by Shanghai Changzheng Hospital and involving HAPO Pharmaceutical, has been officially approved under the National Science and Technology Innovation 2030 major special project for 2025 [1] Group 2: Company Focus and Collaborations - HAPO Pharmaceutical is dedicated to the development of innovative antibody therapies in the fields of oncology and immune diseases, utilizing its fully human transgenic mouse platform, Harbour Mice, as a technological foundation [1] - The company has established deep collaborations with several global pharmaceutical giants, including AstraZeneca, Pfizer, Bristol-Myers Squibb, Otsuka Pharmaceutical, AbbVie, and Moderna, which reflects its recognized technical strength [1] Group 3: Pipeline Development - HAPO Pharmaceutical has over 20 product pipelines, including bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs) [1] - Innovative therapies targeting CLDN18.2 and LIFR have entered clinical or application stages, adding diversified momentum to the treatment matrix for pancreatic cancer [1]

Group 1 - The core viewpoint of the report is that due to the upfront payment from the collaboration with BMS, the company has raised its 2026 profit forecast by 228% to USD 0.62 billion and introduced a new profit forecast for 2027 at USD 0.60 billion [1] - The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1] Group 2 - The company announced a long-term strategic partnership with Blue Nanotech on December 29, 2025, to advance the development of next-generation radionuclide drug conjugates (RDCs) [2] - The proprietary Harbour Mice platform allows the company to produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, superior tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3] - The company has established multiple overseas licensing collaborations, including a long-term global strategic cooperation agreement with BMS on December 17, 2025, which includes an upfront payment of USD 90 million and potential milestone payments of up to USD 1.035 billion [3] - A non-exclusive licensing agreement was signed with Pfizer on November 19, 2025, for advancing preclinical antibody discovery for various potential diseases, with upfront payments and milestone payments based on regulatory, clinical, and commercialization achievements [3] - The collaboration with AstraZeneca was further deepened on November 24, 2025, expanding the scope to include ADC and TCE drugs [3]