每经AI快讯，映恩生物-B(09606.HK)涨超6%，截至发稿，涨6.04%，报340.6港元，成交额1.54亿港元。 （文章来源：每日经济新闻） ...

映恩生物-B(09606)涨超6%，截至发稿，涨6.04%，报340.6港元，成交额1.54亿港元。 国联民生（601456）证券指出，2026年ADC+IO与核心单药临床数据集中读出。映恩生物与BioNtech合 作开发的三个ADC管线将于2026年读出多项联合IO双抗的临床数据。该行认为，映恩生物引领ADC迭 代浪潮，2026年有望迎来商业化。映恩生物持续开发下一代新型ADC，包括双抗ADC，全新机制载荷 ADC和自免ADC。其中两个双抗ADC已经进入临床阶段，具有独特的新型MOA有效载荷的ADC DB- 1316有望解决现有ADC耐药的问题，即将进入临床阶段。 消息面上，据医药魔方，1月26日，美国临床试验收录网站显示，BioNTech启动了BNT324(DB-1311)的 首个III期临床试验。该药物是第5款进入III期阶段的B7-H3ADC。BNT324是映恩生物开发的一款B7- H3ADC，于2023年4月被授权至BioNTech，该公司拥有该药物在中国以外的开发、生产和商业化权益。 ...

消息面上，据医药魔方，1月26日，美国临床试验收录网站显示，BioNTech启动了BNT324（DB-1311） 的首个III期临床试验。该药物是第5款进入III期阶段的B7-H3 ADC。BNT324是映恩生物开发的一款B7- H3 ADC，于2023年4月被授权至BioNTech，该公司拥有该药物在中国以外的开发、生产和商业化权 益。 智通财经APP获悉，映恩生物-B(09606)涨超6%，截至发稿，涨6.04%，报340.6港元，成交额1.54亿港 元。 国联民生证券指出，2026年ADC+IO与核心单药临床数据集中读出。映恩生物与BioNtech合作开发的三 个ADC管线将于2026年读出多项联合IO双抗的临床数据。该行认为，映恩生物引领ADC迭代浪潮， 2026年有望迎来商业化。映恩生物持续开发下一代新型ADC，包括双抗ADC，全新机制载荷ADC和自 免ADC。其中两个双抗ADC已经进入临床阶段，具有独特的新型MOA有效载荷的ADC DB-1316有望解 决现有ADC耐药的问题，即将进入临床阶段。 ...

映恩生物引领ADC 迭代浪潮，2026 年有望迎来商业化。映恩生物持续开发下一代新型ADC，包括双抗 ADC，全新机制载荷ADC 和自免ADC。其中两个双抗ADC 已经进入临床阶段，具有独特的新型MOA 有效载荷的ADC DB-1316有望解决现有ADC 耐药的问题，即将进入临床阶段。 在国内，HER2 ADC DB-1303 用于治疗HER2 阳性不可切除或转移性乳腺癌患者的III 期临床试验已经 达到主要研究终点，映恩生物将加速推进DB-1303 的药品上市进程。在海外，BioNtech 将会在2026 年 递交HER2 ADC 治疗HER2-EC 的BLA。这两个适应症有望在年内获批，2026 年有望成为映恩生物的商 业化元年。 投资建议：映恩生物引领ADC 迭代浪潮并且有多起出海，2026 年临床数据密集读出，我们看好公司的 发展潜力。我们预计，2025-2027 年公司营业收入分别为19.50/19.72/21.00 亿元，同比增速为 0.5%/1.1%/6.5%；归母净利润分别为-2.47/-3.86/-3.41 亿元，同比增速为76.5%/-56.1%/11.5%；EPS 分别 为-2.76/- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) iteration wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its path to market [3]. - The company is expected to report significant clinical data in 2026, which could enhance its market position and revenue potential [9]. Financial Forecasts - Projected revenues for the company are as follows: 1,941 million RMB in 2024, 1,950 million RMB in 2025, 1,972 million RMB in 2026, and 2,100 million RMB in 2027, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% respectively [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million RMB in 2024, -247 million RMB in 2025, -386 million RMB in 2026, and -341 million RMB in 2027, showing a significant improvement in 2025 with a growth rate of 76.5% [4]. - Earnings per share (EPS) are expected to be -11.75 RMB in 2024, -2.76 RMB in 2025, -4.31 RMB in 2026, and -3.82 RMB in 2027 [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) innovation wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3]. - The company is expected to report multiple clinical data readouts in 2026, which could significantly impact its growth trajectory [9]. Financial Forecasts - Projected revenues for 2024, 2025, 2026, and 2027 are 1,941 million, 1,950 million, 1,972 million, and 2,100 million RMB respectively, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million, -247 million, -386 million, and -341 million RMB for the same years, reflecting growth rates of -193.8%, 76.5%, -56.1%, and 11.5% [4]. - Earnings per share (EPS) are expected to be -11.75, -2.76, -4.31, and -3.82 RMB for 2024, 2025, 2026, and 2027 respectively [4]. Clinical Development and Pipeline - The company is advancing its ADC pipeline, including DB-1316, which aims to address existing ADC resistance issues and is set to enter clinical stages soon [9]. - Collaborations with BioNtech are expected to yield significant clinical data in 2026, enhancing the company's competitive position in the ADC market [9].

其三，港股生物医药板块2026年将有重要亮点。 短期港股波动根源：存款搬家 最近1个多月的港股走势让许多朋友很是困惑，一方面美元指数重新跌破100（自11月下旬跌穿100后持续于100楼下徘 徊），对于采用联系汇率的香港资本市场显然是一大利好，但另一方面恒生指数同期表现却畏缩不前，头部科技企业 集中的恒生科技指数更是出现了较大幅度的回调（恒指及科指今年开局两周以来仅稍稍反攻上月的颓势，微升3.34% 及3.04%）。 与之所对应的乃是生物医药板块的"大爆发"，如进入2026年后映恩生物(09606.HK)涨幅已经一度超过20%，信达生物 (01801.HK)开局以来亦一度升更一成，行业中小规模企业的李氏大药厂(00950.HK)亦曾见半成涨幅。 站在2026年初这个时点，我们不妨重新梳理对港股的分析框架，以展望2026年的香港资本市场。 本文核心观点： 其一，近期港股的波动主要源自存款搬家导致的流动性收缩，不会改变中后期向好的趋势； 其二，上述风险将随着新任美联储主席的撬动而得到缓释； 在此之前我们将"离岸人民币"视为港股流动性的锚，从而产生"离岸人民币升值——市场买入人民币抛港币——港币流 动性充盈——资本 ...

消息面上，1月19日，映恩生物宣布，公司自主研发的ADAM9靶向抗体偶联药物(ADC)DB-1317已获得 国家药监局药品审评中心(CDE)的新药临床试验批准，同意其单药在晚期/转移性恶性实体瘤患者中开展 临床试验。 据悉，DB-1317是映恩生物基于公司自主研发的ADC技术平台DITAC开发的新一代ADC产品，具有全球 权益。其靶点ADAM9在胃癌、结直肠癌、胰腺癌、非小细胞肺癌等多种肿瘤中高表达，而在正常组织 中表达水平较低。临床前研究显示，DB-1317在多种肿瘤模型中表现出显著的抗肿瘤活性。 映恩生物-B(09606)早盘涨超4%，截至发稿，涨2.42%，报363.6港元，成交额5105.75万港元。 ...

据悉，DB-1317是映恩生物基于公司自主研发的ADC技术平台DITAC开发的新一代ADC产品，具有全球 权益。其靶点ADAM9在胃癌、结直肠癌、胰腺癌、非小细胞肺癌等多种肿瘤中高表达，而在正常组织 中表达水平较低。临床前研究显示，DB-1317在多种肿瘤模型中表现出显著的抗肿瘤活性。 消息面上，1月19日，映恩生物宣布，公司自主研发的ADAM9靶向抗体偶联药物（ADC）DB-1317已获 得国家药监局药品审评中心（CDE）的新药临床试验批准，同意其单药在晚期/转移性恶性实体瘤患者 中开展临床试验。 智通财经APP获悉，映恩生物-B(09606)早盘涨超4%，截至发稿，涨2.42%，报363.6港元，成交额 5105.75万港元。 ...

Core Insights - The article highlights the rapid growth and international recognition of the company, Yingen Biotech, which specializes in ADC (Antibody-Drug Conjugate) drug development since its establishment in 2019 [1] Group 1: Company Overview - Yingen Biotech has developed four leading technology platforms in the ADC field: DITAC (Immunotoxin Antibody Conjugate), DIBAC (Innovative Bispecific Antibody Conjugate), DIMAC (Immunomodulatory Antibody Conjugate), and DUPAC (Unique Payload Antibody Conjugate) [1] - The company has established a competitive ADC pipeline targeting various promising cancer markers, including HER2, B7-H3, HER3, TROP2, and B7-H4, as well as self-immune targets like BDCA2 [1] - Despite being a relatively new company, Yingen Biotech has secured licensing and strategic partnerships with well-known pharmaceutical companies, including BioNTech and GlaxoSmithKline, for several of its ADC pipelines [1] Group 2: Product Highlights - DB-1311 (B7-H3 ADC) shows significant potential in treating various cancers, particularly prostate cancer, and is closely following the clinical progress of Ifinatamab deruxtecan, which is currently in Phase III trials [2] - DB-1303 (HER2 ADC) aims to differentiate itself in the market by targeting both endometrial cancer (EC) and breast cancer (BC), with the potential to become the first HER2 ADC used for both high and low expression EC [2] - The global market for DB-1303 is promising, especially as it is one of the few ADCs progressing to Phase III clinical trials for HER2-Low BC, alongside DS-8201 [2] Group 3: Strategic Collaborations - Yingen Biotech has formed a strategic partnership with BioNTech, positioning itself within the emerging "second-generation IO+ADC" cancer treatment landscape, which is attracting interest from major multinational corporations [3] - The collaboration with BioNTech, which has also partnered with Bristol-Myers Squibb, enhances Yingen Biotech's global clinical development and commercialization capabilities, maximizing the potential value of its ADC pipeline [3]