Group 1 - Hansoh Pharmaceutical experienced a decline of 14.98% [1] - Fuhong Hanlin saw a drop of 11.84% [1] - Other companies such as CSPC Pharmaceutical, WuXi Biologics, and BeiGene also opened lower [1]

Core Viewpoint - Morgan Stanley's latest research report evaluates the innovative drug pipeline value of Fosun Pharma (02196) and its subsidiary, Hualan Biological (02696), indicating a total valuation contribution of approximately 72 billion RMB, suggesting nearly 80% upside potential from the current valuation of over 40 billion RMB, with a target price of around 145 HKD for Hualan Biological [1] Group 1: Innovative Drug Pipeline - Hualan Biological has established a diversified product portfolio consisting of antibodies and antibody-drug conjugates (ADCs), while also expanding into bispecific/trispecific antibody fields [1] - The company's sales have primarily been driven by biosimilars and PD-1 products, but its stock price has surged over 200% this year due to the promising potential of its innovative pipeline in clinical trials [1] Group 2: Key Products and Market Potential - HLX43 is positioned well for second-line/third-line treatment of EGFR wild-type non-small cell lung cancer (NSCLC), with a peak sales potential of 3.9 billion USD in the U.S. market, supported by encouraging objective response rates [2] - HLX22 has shown significant early signs of progression-free survival (PFS) and overall survival (OS) benefits in a Phase II trial for first-line HER2-positive gastric cancer, with a peak sales potential of 2.7 billion USD in the U.S., Japan, and Europe [3] Group 3: Competitive Landscape and Future Prospects - Serplulimab (PD-1) is expected to enter the Biologics License Application (BLA) stage in the U.S. in the first half of 2026, with a unique positioning in extensive-stage small cell lung cancer (ES-SCLC) and ongoing Phase III trials for colorectal cancer and gastric cancer [4] - Morgan Stanley anticipates that 73% of Hualan Biological's valuation growth will stem from the global potential of its core candidates—HLX43, HLX22, and Serplulimab—while its extensive biosimilar global layout will mitigate negative impacts from China's volume-based procurement [4]

Core Viewpoint - Morgan Stanley's latest research report evaluates the innovative drug pipeline value of Fosun Pharma (600196) and its subsidiary, Hualan Biological Engineering (02696), indicating a total valuation contribution of approximately 72 billion RMB, suggesting nearly 80% upside potential from the current valuation of over 40 billion RMB, with a target price of around 145 HKD for Hualan Biological Engineering [1] Group 1 - Hualan Biological Engineering has established a diversified product portfolio consisting of antibodies and antibody-drug conjugates (ADCs), while also expanding into bispecific/trispecific antibody fields [1] - The company's stock price has surged over 200% this year, primarily driven by the potential of its innovative pipeline in clinical trials, particularly HLX43 (PD-L1 ADC) and HLX22 (HER2 monoclonal antibody) [1] - The report highlights the promising prospects for out-licensing and increased diversity in product pipelines and international collaborations [1] Group 2 - HLX43 is positioned well for second-line/third-line treatment of EGFR wild-type non-small cell lung cancer (NSCLC), with a peak sales estimate of 3.9 billion USD in the U.S. market, showing encouraging objective response rates (ORR) of 46.7% and 30% in specific patient groups [2] - Hualan Biological Engineering is seeking FDA approval for HLX43 based on single-arm data for third-line treatment indications and is currently conducting a Phase II international multicenter clinical trial [2] - The company plans to initiate Phase III clinical trials within a year and is exploring additional indications for HLX43 in first-line NSCLC treatment [2] Group 3 - HLX22 has shown early signs of significant progression-free survival (PFS) and overall survival (OS) benefits in a Phase II trial for first-line HER2-positive gastric cancer, with adjusted peak sales estimates of 2.7 billion USD in the U.S., Japan, and Europe [3] - Hualan Biological Engineering is exploring the combination of HLX22 with Enhertu for HR-positive/HER2-negative breast cancer, with proof of concept data expected in the second half of 2026 [3] Group 4 - Serplulimab (PD-1) is expected to enter the Biologics License Application (BLA) stage in the U.S. in the first half of 2026, being the first PD-1 monoclonal antibody to show efficacy in first-line extensive-stage small cell lung cancer (ES-SCLC) [4] - The drug is also undergoing Phase III trials for new adjuvant treatment in pMMR/MSS colorectal cancer and gastric cancer, with unique positioning expected to capture significant market share despite competition [4] - Morgan Stanley anticipates that 73% of the valuation growth for Hualan Biological Engineering will stem from the global potential of its core candidates: HLX43, HLX22, and Serplulimab [4]

摩根士丹利发布研报，将复星医药A股和H股评级双双上调至"增持"，A股目标价上调至42元，H股目标 价上调至33港元。其中，大摩给予复星医药旗下复宏汉霖720亿元的估值(当前市值约为440亿元)，折算 相当于每股143-145港元，其中73%的估值来自核心候选药物——HLX43(PD-L1 ADC)、HLX22(HER2 mAb)和serplulimab(PD-1)的全球潜力。 复星医药持有复宏汉霖63.4%的股份，后者已经建立起由抗体和抗体偶联受体激动剂(ADC)组成的多元 化产品组合，并正在向双特异性/三特异性抗体领域拓展。复宏汉霖的销售额主要来自生物类似药和PD- 1，但今年的反弹主要得益于其创新产品线，这些产品线在临床试验中显示出良好的数据，看好其对外 授权的前景，以及在国际市场的价值。 ...

（来源：衡水日报） 转自：衡水日报 复宏汉霖乳腺癌领域的核心产品汉曲优®（曲妥珠单抗，美国商品名：HERCESSI™，欧洲商品名： Zercepac®），作为中国、欧盟、美国获批的"中国籍"单抗生物类似药，2025年上半年共计实现产品全 球销售收入14.442亿元。业绩期内，汉曲优®在墨西哥等国家获批，累计在全球50多个国家和地区获批 上市。针对HER2阳性乳腺癌治疗，复宏汉霖强化辅助治疗药物汉奈佳®（奈拉替尼）与汉曲优®形成 序贯治疗方案，以降低早期患者复发风险。此外，公司自研的帕妥珠单抗生物类似药HLX11已获中美 欧监管机构受理上市申请，有望于下半年在美国获得批准。 在其他疾病领域，复宏汉霖也有重要进展。公司与亿胜生物合作开发的重组抗VEGF单抗HLX04-O治疗 湿性年龄相关性黄斑变性（wAMD）已于2025年8月在中国获上市注册申请（NDA）受理，这是公司首 款申报上市的眼科产品。地舒单抗生物类似药HLX14用于治疗骨质疏松症等的上市注册申请已在美国 获得批准（美国商品名：BILDYOS® 60 mg/mL和BILPREVDA®120mg/1.7mL）美国，并于、欧盟和加 拿大获受理，有望于2025 ...

据复宏汉霖母公司复星医药（600196）(600196.SH/02196.HK)公告，截至2025年7月，复星集团针对 HLX17的累计研发投入约为人民币1.76亿元(未经审计)。 在中国，HLX17的临床试验申请已于2024年9月获国家药监局批准。 生物类似药，也被称为生物仿制药，是与已批准的生物原研药相似的一种药物。 帕博利珠单抗是一种PD-1抑制剂，可用于治疗黑色素瘤、肺癌、胃癌和结直肠癌等多种癌症。它是跨 国药企默沙东的王牌产品，又被称为"K药"，是2023年—2024年的全球"药王"，2024年"K药"的全球销 售额约为320.56亿美元。 "K药"的核心专利将于2028年过期。 经济观察报见习记者刘晓诺 9月8日，复宏汉霖(02696.HK)公告，其自主研发的帕博利珠单抗生物类似药HLX17的1期临床试验申 请，近日获得美国食品药品监督管理局批准。 复宏汉霖也有自主研发的PD-1靶点药物：斯鲁利单抗。复宏汉霖称之为"H药"，它是该公司第一款自主 研发并获批上市的生物创新药，于2022年3月在国内市场商业化上市，目前是复宏汉霖销售额最高的创 新药产品。2025年上半年，斯鲁利单抗在国内的销售收入为5 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of Fuhong Hanlin in the capital market, with its stock price and trading volume reaching historical records [1] - As of September 8, the company's stock price surged by 8.37% to 88.7 HKD, with a year-to-date increase exceeding 270%, and a rise of over 483% from its year-low of 15.2 HKD on January 23 [1] - The company's market capitalization approached 48.2 billion HKD, marking a new high since its listing on the Hong Kong Stock Exchange [1] Group 2 - The recent stock price surge is attributed to multiple positive developments, including the commercial launch of the CDK4/6 inhibitor, Revotuzumab, in over ten major hospitals in China [1] - The U.S. FDA has approved the market applications for its injection products, BILDYOS and BILPREVDA, and the company has signed an overseas commercialization agreement with Organon [1] - The FDA also approved the initiation of Phase I clinical trials for HLX17, a biosimilar of Pembrolizumab, for treating various resected solid tumor patients [1] Group 3 - The capital market's positive response aligns with the actions of significant investment institutions, such as Point72, which increased its holdings in Fuhong Hanlin by acquiring 51,400 H-shares at an average price of 75.8939 HKD per share [1] - According to CICC's latest research report, Fuhong Hanlin has established a differentiated competitive advantage through its core innovative drugs, including HLX43 and HLX22, alongside stable cash flow contributions from biosimilars [2] - Citigroup has raised the company's target price to 95 HKD, while CICC has set a target price of 102.91 HKD, rating the company as "outperforming the industry" [2]

中金公司最新研报指出，复宏汉霖凭借HLX43、HLX22和汉斯状等核心创新药物形成差异化竞争优 势，叠加汉曲优等生物类似药贡献稳健现金流，已加速形成"创新+商业化"双驱动模式。此前花旗曾上 调公司目标价至95港元，中金首次覆盖便给出102.91港元目标价，并给予"跑赢行业"评级。 资本市场的热烈表现也与重要投资机构的动向相呼应。根据香港联交所9月8日披露的文件，美国知名对 冲基金Point72于9月4日以每股均价75.8939港元增持复宏汉霖5.14万股H股，涉资约390万港元。增持 后，其好仓持股比例由4.98%升至5.01%。 智通财经APP获悉，9月8日，复宏汉霖(02696)在资本市场表现强劲，股价与交易量双双刷新历史记录。 截至当日收盘，公司股价飙涨8.37%至88.7港元，年内股价累计涨幅已超270%，较1月23日盘中触及的 年内低点(15.2港元)累计上涨超483%。公司总市值接近482亿港元，继续刷新自港股上市以来的新高。 这一轮股价爆发背后，是复宏汉霖多项利好的集中释放。近日，公司旗下CDK4/6抑制剂复妥宁（枸橼 酸伏维西利胶囊）在全国十多家权威医院开出首张处方，标志着该产品正式进入商业化 ...

Group 1 - The company, Junshi Biosciences, has received FDA approval for its IND application for HLX17, a biosimilar to Pembrolizumab, intended for use in various resected solid tumor patients [1] - HLX17 is designed to target multiple indications, including melanoma, non-small cell lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, hepatocellular carcinoma, cholangiocarcinoma, triple-negative breast cancer, and gastric cancer, among others [1] - The clinical trial application for HLX17 was also approved by the National Medical Products Administration (NMPA) in September 2024 [1] Group 2 - According to IQVIA MIDAS data, the global sales of Pembrolizumab are projected to be approximately $32.056 billion in 2024 [2]

Group 1 - The core point of the article is that the company has received FDA approval for the IND application of its self-developed biosimilar HLX17, which is a monoclonal antibody targeting PD-1, for use in various resected solid tumor patients [1] - HLX17 has potential indications including melanoma, non-small cell lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, hepatocellular carcinoma, cholangiocarcinoma, triple-negative breast cancer, microsatellite instability-high or mismatch repair-deficient tumors, and gastric cancer [1] - The mechanism of action involves blocking the interaction between PD-1 and its ligands PD-L1 and PD-L2, thereby enhancing the immune response against tumor cells [1] Group 2 - According to IQVIA MIDASTM data, the global sales of pembrolizumab (the original drug) are projected to be approximately $32.056 billion in 2024 [2]