Core Viewpoint - CICC has initiated coverage on Zai Lab (02509) with an outperform rating, projecting EPS of 1.61, 0.88, and 0.55 CNY for 2025-2027, respectively, and a target price of HKD 33.0, indicating a 41.6% upside from the current stock price [1] Group 1: Company Overview - Zai Lab, established in 2015, is one of the few domestic biotech companies focused on the research and development of autoimmune and allergic diseases, having built an end-to-end innovative drug development system from early research to commercialization [2] - The company has developed a comprehensive R&D pipeline covering four major therapeutic areas: dermatology, rheumatology, respiratory, and gastroenterology, with one approved product, ten products in development, and over twenty IND approvals [2] Group 2: Product Development and Partnerships - Zai Lab has efficiently developed a series of long-acting bispecific antibodies (bsAbs) in the autoimmune field, with significant overseas licensing agreements for products QX030N, QX031N, and QX027N, indicating recognition from multinational corporations and investment institutions [3] - Potential catalysts for growth include the Phase III data readout and BLA submission for QX005N, BLA submission for QX002N, and the gradual initiation of domestic and overseas clinical trials for bispecific products [3]

智通财经APP讯，荃信生物-B(02509)发布公告，于2026年1月20日斥资183.5万港元回购8.4万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇荃信生物醫藥股份有限公司 呈交日期： 2026年1月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02509 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

Investment Highlights - Company is initiating coverage on Qianxin Biologics-B (02509) with an "outperform" rating and a target price of HKD 33.00, citing its end-to-end innovative drug development capabilities and deep focus in the autoimmune sector [1] - Established in 2015, Qianxin Biologics is one of the few domestic biotech firms specializing in the research and development of autoimmune and allergic diseases, having built a comprehensive drug development system from early research to commercialization [1] - The company has developed a pipeline covering four major therapeutic areas: dermatology, rheumatology, respiratory, and gastroenterology, with one approved product, ten products in development, and over twenty IND approvals [1] Product Pipeline and Collaborations - QX001S is the first approved biosimilar of ustekinumab in China, while QX005N (IL-4Rα monoclonal antibody), QX002N (IL-17A monoclonal antibody), and QX004N (IL-23p19 monoclonal antibody) are in Phase III clinical trials and expected to contribute to revenue in the next 1-2 years [1] - The company has efficiently developed a series of long-acting bispecific antibodies (bsAbs) in the autoimmune field, with overseas licensing agreements for QX030N, QX031N (TSLP/IL-33), and QX027N (TSLP/IL-13) signed with Caldera, Roche, and Windward, respectively, indicating recognition from multinational corporations and investment institutions [2] - The existing mature pipeline has strong domestic partners, ensuring sales certainty, and the value of bispecific antibodies is gradually being recognized by overseas pharmaceutical companies [2] Financial Projections - Earnings per share (EPS) forecasts for the company are projected at CNY 1.61, CNY 0.88, and CNY 0.55 for the years 2025 to 2027 [2] - The target price of HKD 33.00 represents a 41.6% upside potential from the current stock price, based on discounted cash flow (DCF) valuation [2]

智通财经APP讯，荃信生物-B(02509)发布公告，于2026年1月19日该公司斥资118.18万港元回购5.3万 股，回购价格为每股21.98-23.08港元。 ...

格隆汇1月19日丨荃信生物-B(02509.HK)公告，1月19日耗资118.2万港元回购5.3万股。 相关事件 荃信生物-B(02509.HK)1月19日耗资118.2万港元回购5.3万股 荃信生物-B(02509.HK)1月16日耗资104万港 元回购4.5万股 ...

荃信生物-B(02509)发布公告，于2026年1月19日该公司斥资118.18万港元回购5.3万股，回购价格为每股 21.98-23.08港元。 ...

公司名稱： 江蘇荃信生物醫藥股份有限公司 呈交日期： 2026年1月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02509 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) ...

智通财经APP讯，荃信生物-B(02509)发布公告，于2026年1月16日斥资104.1万港元回购4.5万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇荃信生物醫藥股份有限公司 呈交日期： 2026年1月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02509 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...