Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

创新药专题 中国声音响彻2026年JPM大会 西南证券研究院 2026年2月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汤泰萌 执业证号：S1250522120001 邮箱：ttm@swsc.com.cn 核心观点 何为JPM大会？ • 摩根大通医疗健康大会（J.P. Morgan Healthcare Conference）始于1982年，是全球医疗健康领域最具影响力、规 模最大的医疗投资产业交流合作大会之一，涵盖制药、生物技术、医疗器械、诊断、数字健康、医疗服务等整个医疗 保健领域，是一场 "资本+战略"的顶级商业盛宴。 JPM投资逻辑？ • JPM大会是医疗健康领域规模最大、信息量最丰富的投资与合作盛会，汇聚了全球极具影响力的跨国药企（MNC）、 创新药企（Biotech）及投资机构，不仅为MNC、投资机构与Biotech提供了对接平台，更释放了未来一年行业发展 的清晰信号，对全球生物医药产业的走向提供重要指引。通过梳理JPM大会，不难发现，创新药企业，尤其是有BD交 易预期的企业往往会迎来股价的重要催化，因此 ...

Investment Rating - The report maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136 [1] Core Insights - The report is optimistic about the company's upcoming milestones, including the enrollment of MGIII for Taitasip and the initiation of SSIII, as well as the first overseas BLA submission for Vedisit and the data readout for 1LUCIII [1] - The inclusion of Taitasip's indications in the mainland's medical insurance is expected to drive significant sales growth, alongside the anticipated approvals for major indications like SS and IgAN [1] - Early-stage products (RC148, RC118, new ADCRC278) are progressing towards more indications, with data readouts likely to continue catalyzing the stock price [1] Financial Performance - Rongchang Biologics has issued a positive earnings forecast, expecting approximately RMB 3.25 billion in revenue for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is projected to be around RMB 716 million, with a non-deductible net profit of approximately RMB 78.5 million, both showing a turnaround from losses year-on-year [1] - The performance significantly exceeded previous expectations from both the report and the market, with the timing of the profitability inflection point occurring earlier than previously anticipated [1] - Excluding contributions from external licensing and fair value gains, the report estimates that the company's core business achieved or approached breakeven in the fourth quarter, ahead of prior expectations [1] - With Taitasip and RC148 expanding internationally and more R&D costs being borne by overseas partners, there is optimism for further improvement in the company's profit margins this year [1]

智通财经APP获悉，花旗发布研报称，在暂停评级一段时间后，重新给予荣昌生物(09995)"买入/高风 险"评级，目标价为105港元。因集团与艾伯维就PD-1/VEGF双特异性药物RC148达成合作，进一步拓展 其管线候选药物的全球潜力。 总体而言，花旗认为此次业务拓展合作展示了荣昌生物创新资产的高品质及其业务发展能力，但考虑到 PD-1/VEGF领域及全身型重症肌无力领域的激烈竞争，认为其全球商业化进程仍存在不确定性。花旗将 荣昌生物上述合作的6.5亿美元首付款计入今年收入，并预估RC148经风险调整后的峰值销售额为27亿 美元。 花旗认为，合作完成后，市场焦点应转移至基于临床数据和竞争格局的未来全球三期临床研究及商业化 潜力。关于泰它西普的全球开发，其治疗全身型重症肌无力的三期临床研究顶线数据或于2027年上半年 公布，而针对干燥症的三期临床试验将于今年上半年启动。泰它西普在国内的销售趋势积极，公司管理 层目标于2026年实现收支平衡。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09995 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

花旗认为，合作完成后，市场焦点应转移至基于临床数据和竞争格局的未来全球三期临床研究及商业化 潜力。关于泰它西普的全球开发，其治疗全身型重症肌无力的三期临床研究顶线数据或于2027年上半年 公布，而针对干燥症的三期临床试验将于今年上半年启动。泰它西普在国内的销售趋势积极，公司管理 层目标于2026年实现收支平衡。 花旗发表研报指，经过一段时间暂停评级后，重新给予荣昌生物"买入/高风险"评级，目标价为105港 元。集团与AbbVie就PD-1/VEGF选药物RC148达成合作，进一步拓展其管线候选药物的全球潜力。 ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136, highlighting optimism for the company's upcoming clinical trial phases and product approvals, which are expected to drive sales growth and stock price catalysts [1] Group 1: Company Performance - Rongchang Biologics anticipates a revenue of approximately RMB 3.25 billion for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is expected to be around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both showing a turnaround from losses in the previous year [1] - The performance significantly exceeded both the firm's and market's prior expectations, with the profitability inflection point occurring earlier than previously anticipated [1] Group 2: Future Prospects - The company is expected to achieve or approach breakeven in its core business during the fourth quarter of last year, ahead of earlier forecasts [1] - With the international expansion of Taitasip and RC148, along with more R&D costs being covered by overseas partners, there is optimism for further improvement in core business profit margins this year [1] - The inclusion of Taitasip in the national medical insurance in mainland China is anticipated to boost sales, alongside approvals for larger indications such as SS and IgAN [1]

剔除对外授权和公允价值收益对利润的贡献，该行预计荣昌生物去年第四季主业已实现或接近盈亏平 衡，早于该行此前的预期。随着泰它西普和RC148出海后、更多研发费用由海外合作伙伴承担，该行看 好今年主业利润率进一步改善的空间。 智通财经APP获悉，交银国际发布研报称，维持对荣昌生物(09995)的"买入"评级及目标价136港元，今 年看好公司泰它西普MG III期入组和SS III期启动、维迪西妥首个海外BLA申报和1L UC III期数据读出; 内地泰它西普MG适应症纳入医保后的销售放量，以及SS、IgAN等大适应症的获批; 早期品种(RC148、 RC118、新型ADCRC278等)更多适应症的推进，相关数据读出有望持续催化股价。 荣昌生物发盈喜，预期去年营业收入约32.5亿元人民币(下同)，同比增长约89%，净利润约7.16亿元，扣 非净利润约7,850万元，均同比扭亏为盈。该行认为是次业绩表现显著超出该行及市场此前预期，且盈 利拐点出现时点亦较此前判断明显前移。 ...