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) 確認 不適用 表格類別： 股票 狀態： 新提交 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 ...

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a surge in business development (BD) transactions, but the secondary market's reaction has been mixed, with many companies seeing stock price declines despite positive announcements [2][6][10]. Group 1: Recent BD Transactions - Numerous BD transactions have been announced recently, including partnerships between Jiangsu Zaiming and Ipsen, and between Akeso and AstraZeneca, among others [2]. - In 2023, over 100 license-out transactions were completed in China, totaling more than $110 billion [4]. - As of December 21, 2025, there have been 15 transactions with upfront payments exceeding $100 million, and 37 transactions with total amounts over $1 billion, ranking second only to the U.S. [5]. Group 2: Market Reactions - Following the announcement of BD transactions, stock prices have shown varied responses; for instance, Akeso's stock fell by 13.58% on December 22, while Qianxin Bio's stock rose by 1.44% on the same day [3][6]. - A total of 37 BD transactions in A-shares and Hong Kong stocks this year resulted in 21 instances of stock price increases and 15 instances of declines on the first trading day after the announcements [6]. - The overall sentiment in the market has shifted from enthusiasm to a more rational approach, with stock prices reflecting this change [8][10]. Group 3: Industry Insights - Industry experts suggest that the complexity and long-term nature of innovative drug development require a rational approach from both capital and product markets [6][10]. - The current trend indicates that many Chinese pharmaceutical companies are still reliant on the "borrowed boat" strategy for international expansion, with a focus on licensing out rather than direct commercialization [12][13]. - The choice of out-licensing models varies, with smaller companies typically opting for complete licensing, while larger firms are exploring co-development models to retain longer-term benefits [13][14].

Core Insights - Chinese innovative pharmaceutical companies are making significant strides in global expansion, as evidenced by the simultaneous announcements from Qianxin Biopharma and Xiansheng Pharmaceutical regarding their licensing agreements with international partners, totaling up to $1.76 billion [1][3]. Group 1: Licensing Agreements - Qianxin Biopharma has licensed its self-developed drug QX027N, a long-acting dual-specific antibody targeting TSLP and IL-13, to Windward Bio Group AG's subsidiary LE2025 Therapeutics AG, with a total potential consideration of up to $700 million, including upfront payments, equity, development, and commercial milestone payments, plus tiered royalties [1][9]. - Xiansheng Pharmaceutical's subsidiary Jiangsu Xiansheng Zaiming Pharmaceutical Co., Ltd. has reached an agreement with Ipsen Pharma SAS to license the global rights (excluding Greater China) for the antibody-drug conjugate SIM0613 targeting LRRC15, with a total transaction value of up to $1.06 billion, including a $45 million upfront payment and subsequent milestone payments [1][9]. Group 2: Drug Profiles - QX027N is designed to target two immune pathways, TSLP and IL-13, which are critical in allergic and inflammatory diseases, potentially offering superior efficacy in treating asthma and atopic dermatitis. The long-acting design aims to reduce dosing frequency and improve patient compliance, which is a key consideration for Windward Bio [3][11]. - SIM0613 is a novel ADC targeting LRRC15, which is highly expressed in various solid tumors and tumor-associated fibroblasts but minimally expressed in normal cells. The ADC technology combines antibody targeting with the cytotoxicity of chemotherapy agents, representing a significant direction in cancer treatment [2][5][13]. Group 3: Industry Implications - The announcements reflect a maturation of the Chinese pharmaceutical industry, showcasing its ability to participate in global competition with high-quality and diversified innovative drugs. The successful licensing of these drugs marks a pivotal moment for the industry as more Chinese-developed innovative drugs enter the global market, reshaping the global pharmaceutical landscape [7][14].

荃信生物-B(02509)发布公告，于2025年12月19日，公司与Windward Bio Group AG(Windward Bio)的附 属公司LE2025 Therapeutics AG(LE2025)订立许可及合作协议。该协议授予LE2025在全球范围(不包括中 国内地、中国台湾、中国香港特别行政区及中国澳门特别行政区)(许可地区)内开发及商业化QX027N的 独家权利。作为回报，公司或其指定附属公司(统称"集团")将有权收取总额高达7亿美元的付款，包括 首付款、Windward Bio的股权、开发及商业里程碑付款，以及根据QX027N在许可地区的销售净额收取 分级特许权使用费。QX027N是公司自主研发的长效抗TSLPxIL-13双特异性抗体。 ...

本文源自：财华网 【财华社讯】荃信生物-B(02509.HK)公布，于2025年12月19日，公司与Windward Bio的附属公司LE2025 Therapeutics AG订立许可及合作协议。该协议授予LE2025在全球范围(不包括中国內地、中国台湾、香 港特区及澳门特区)內开发及商业化QX027N的独家权利。作为回报，集团将有权收取总额高达7亿美元 的付款，包括首付款、WindwardBio的股权、开发及商业里程碑付款，以及根据QX027N在许可地区的 销售净额收取分级特许权使用费。 QX027N是荃信生物自主研发的长效抗TSLPxIL-13双特异性抗体。于2025年12月12日，公司成功启动 QX027N的I期临床试验，在中国完成首例受试者入组。 ...

Core Viewpoint - The stock of Zai Lab Limited (荃信生物-B) rose over 4% following the announcement of a licensing agreement with Windward Bio's subsidiary, LE2025 Therapeutics AG, for the development and commercialization of QX027N outside of Greater China [1] Group 1: Licensing Agreement - Zai Lab has entered into a licensing agreement with LE2025 Therapeutics AG for its proprietary drug QX027N [1] - LE2025 is granted exclusive rights to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - Zai Lab is entitled to receive up to $700 million in payments, which includes an upfront payment, equity from Windward Bio, and milestone payments related to development and commercialization [1] Group 2: Product Information - QX027N is a long-acting bispecific antibody targeting TSLP and IL-13, developed by Zai Lab [1] - The drug has received implied approval for clinical trials from the National Medical Products Administration (NMPA) in November 2025, with acceptance numbers CXSL2500757 and CXSL2500758 [1] - QX027N is intended for the treatment of asthma and atopic dermatitis, and the first subject has been enrolled in the domestic Phase I clinical trial [1]

据悉，QX027N是荃信生物自主研发的长效抗TSLPxIL-13双特异性抗体，2025年11月已获得国家药品监 督管理局药品审评中心的临床试验默示许可（受理号：CXSL2500757，CXSL2500758），拟用于治疗 哮喘及特应性皮炎，现已完成国内I期临床试验首例受试者入组。 消息面上，荃信生物今早宣布，12月19日，荃信生物与Windward Bio附属公司LE2025 Therapeutics AG 就公司自主研发的QX027N达成授权合作。根据协议，LE2025获授予在全球范围（不包括中国内地、台 湾、香港特别行政区及澳门特别行政区）内开发及商业化QX027N的独家权利。作为回报，荃信生物将 有权收取最高7亿美元的付款，包括首付款、Windward Bio的股权、开发及商业里程碑付款，此外，公 司还有权根据QX027N在许可地区的销售净额收取分级特许权使用费。 智通财经APP获悉，荃信生物-B(02509)涨超4%，截至发稿，涨4.36%，报19.61港元，成交额309.57万港 元。 ...

荃信生物-B(02509.HK)发布公告，于2025年12月19日，公司与Windward Bio Group AG(Windward Bio)的 附属公司LE2025 Therapeutics AG(LE2025)订立许可及合作协议。该协议授予LE2025在全球范围(不包括 中国内地、中国台湾、中国香港特别行政区及中国澳门特别行政区)(许可地区)内开发及商业化QX027N 的独家权利。作为回报，公司或其指定附属公司(统称"集团")将有权收取总额高达7亿美元的付款，包 括首付款、Windward Bio的股权、开发及商业里程碑付款，以及根据QX027N在许可地区的销售净额收 取分级特许权使用费。QX027N是公司自主研发的长效抗TSLPxIL-13双特异性抗体。 本文源自：金融界AI电报 ...

智通财经APP讯，荃信生物-B(02509)发布公告，于2025年12月19日，公司与Windward Bio Group AG(Windward Bio)的附属公司LE2025 Therapeutics AG(LE2025)订立许可及合作协议。该协议授予 LE2025在全球范围(不包括中国内地、中国台湾、中国香港特别行政区及中国澳门特别行政区)(许可地 区)内开发及商业化QX027N的独家权利。作为回报，公司或其指定附属公司(统称"集团")将有权收取总 额高达7亿美元的付款，包括首付款、Windward Bio的股权、开发及商业里程碑付款，以及根据 QX027N在许可地区的销售净额收取分级特许权使用费。QX027N是公司自主研发的长效抗TSLPxIL-13 双特异性抗体。 ...

根据披露，Windward Bio是一家处于临床阶段的生物科技公司，拥有深厚的发现、开发及商业化专业知 识，致力于改变晚期免疫疾病患者的治疗方式。其领先项目为WIN378，一种潜在同类最佳的长效抗 TSLP单克隆抗体，目前正针对哮喘进行II期临床试验。研发管线亦包括处于临床阶段的长效抗 TSLPxIL-13双特异性抗体WIN027，其在各种免疫疾病中具有潜在广泛的治疗应用。该公司正在建立长 效双特异性抗体研发管线，针对呼吸道及皮肤疾病中已验证的生物学机制。 格隆汇12月22日丨荃信生物-B(02509.HK)发布公告，2025年12月19日，公司与Windward BioGroup AG("Windward Bio")的附属公司LE2025 Therapeutics AG("LE2025")订立许可及合作协议。该协议授予 LE2025在全球范围(不包括中国内地、中国台湾、中国香港及中国澳门)("许可地区")内开发及商业化 QX027N的独家权利。作为回报，集团将有权收取总额高达7亿美元的付款，包括首付款、Windward Bio的股权、开发及商业里程碑付款，以及根据QX027N在许可地区的销售净额收取分级特许 ...