登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经6月3日讯（记者 卢阿峰）百时美施贵宝（BMS）以90亿美元的天价拿下德国BioNTech （BNT）的PD-L1/VEGF双抗BNT327的消息，引起资本市场极大关注。智通财经记者注意到，从2023 年普米斯以5500万美元首付款将这款创新药授权给BNT至今，短短一年时间，BNT转手狂赚超过80亿美 元。在这笔交易背后，中国药企普米斯的"低价出海"引起广泛讨论。 与此同时，2025年以来，包括三生制药（01530.HK）以交易总金额60.5亿美元将SSGJ-707的全球权利 （除中国内地）授权给辉瑞在内的多笔BD交易，凸显了MNC对中国双抗管线的疯狂扫货正在改写全球 创新药版图。智通财经记者还了解到，荣昌生物（688331.SH）、君实生物（688180.SH）为代表的中 国创新药企，或许正在酝酿下一个双抗药物BD。 中国药企如何在资本热浪中避免被"低价收割"，并在全球竞争中找到价值坐标？这场关于创新药定价权 的博弈，已成为决定中国医药产业未来的必答题。 BNT9.5亿买普米斯"火种"转手狂赚80亿 据悉，BioNTech的BNT327是一款靶向PD ...

丨证券研究报告丨 行业研究丨专题报告丨医疗保健 [Table_Title] 长江医药：药品产业链周度系列（二） 再论细胞因子 IL-2/12/15 报告要点 [Table_Summary] 近年来，一种新策略逐渐引起临床关注，即选择性将细胞因子递送至肿瘤部位，以延长其半衰 期并减少系统性毒性。这类抗体-细胞因子融合蛋白被称为"免疫细胞因子"，在药物研发中展 现出巨大潜力。目前，从研发格局来看，市场关注度较高的免疫细胞因子主要为 IL-2、IL-12 和 IL-15。国内多家药企前瞻性布局，其中包括信达生物、奥赛康、君实生物等。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490524030005 SAC：S0490522120001 SAC：S0490524070006 SAC：S0490525050001 SFC：BUZ392 彭英骐 徐晓欣 张楠 万梦蝶 刘长洪 [Table_Title 长江医药：药品产业链周度系列（二） 2] 再论细胞因子 IL-2/12/15 [Table_Summary2] ...

[Table_Summary] 近年来，一种新策略逐渐引起临床关注，即选择性将细胞因子递送至肿瘤部位，以延长其半衰 期并减少系统性毒性。这类抗体-细胞因子融合蛋白被称为"免疫细胞因子"，在药物研发中展 现出巨大潜力。目前，从研发格局来看，市场关注度较高的免疫细胞因子主要为 IL-2、IL-12 和 IL-15。国内多家药企前瞻性布局，其中包括信达生物、奥赛康、君实生物等。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨专题报告丨医疗保健 [Table_Title] 长江医药：药品产业链周度系列（二） 再论细胞因子 IL-2/12/15 报告要点 彭英骐 徐晓欣 张楠 万梦蝶 刘长洪 SAC：S0490524030005 SAC：S0490522120001 SAC：S0490524070006 SAC：S0490525050001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% 创新出海与内需复苏并行，2025 年医药大有可为 当前国内外宏观环境已经发生深刻变化，展望 2025 年，从自上而下的选股思路来看，我们认 为最主要的投资逻辑集中在两个方向，创新 ...

2015-2025年，ASCO见证了中国创新药的崛起。 ASCO是全球肿瘤学领域规模最大、学术影响力最高的会议，每年都有诸多最前沿的数据与成果发布。2025年ASCO已于5月30日在芝加哥启幕。 10年前，ASCO上仅有一项来自中国的口头报告，即中山六院汪建平教授主导的FOWARC研究。而备受国际市场关注的Late-Breaking Abstract（最新突破 性摘要）项目更是为0。 据了解，ASCO的口头报告具有严苛的评审标准，入选研究需具有显著的创新性，能够在肿瘤学领域带来新的突破或重要的进展，且研究结果要对临床实 践起到指导意义。 例如，汪建平教授主导的FOWARC研究是全球首个探索单纯新辅助化疗模式在局部进展期直肠癌中疗效Ⅲ期随机对照研究。基于该研究及后续追踪数 据，美国国立综合癌症网络目前已将新辅助化疗后选择性放疗写入指南，使其成为标准治疗选择之一，以此优化疗局部进展期直肠癌术前治疗的模式。 Late-Breaking Abstract（最新突破性摘要）则是ASCO会议期间最受关注的研究数据发布形式之一，主要针对一些具有重大突破性、前沿性且可能对临床 实践产生深远影响的研究成果进行特别报告，入选难度 ...

Core Viewpoint - Junshi Biosciences, once a leader in the PD-1 sector, is now positioning itself as a "follower" in the competitive landscape of innovative drug development, particularly in the PD-1/VEGF dual antibody space [1][9]. Investment and Project Adjustments - On May 29, Junshi Biosciences announced adjustments to its 2022 fundraising projects, increasing funding for 6 sub-projects and decreasing it for 14 others, with the most significant change being a proposed investment of 767 million yuan in the "JS207 domestic and international R&D" project [1][2]. - The company aims to enhance its participation in the ongoing PD-(L)1/VEGF transaction wave initiated by Kangfang Biopharma [1]. Market Position and Competitors - Junshi's stock price experienced a slight decline, closing at 32.51 yuan per share, with a market capitalization of 32.04 billion yuan [2]. - The competitive landscape is intensifying, with companies like Kangfang Biopharma achieving significant milestones, such as AK112 outperforming Merck's PD-1 drug in clinical trials, indicating a shift towards PD-(L)1/VEGF dual antibodies as foundational cancer immunotherapy drugs [4]. Financial Transactions and Trends - Recent transactions in the sector show increasing financial commitments from major pharmaceutical companies, with Summit's initial payment of 500 million USD and total potential deal value of up to 5 billion USD for AK112, reflecting a growing confidence in dual antibodies [5]. - The trend indicates that as clinical data becomes more favorable, larger pharmaceutical companies are willing to pay higher prices for innovative assets, while the number of capable buyers is decreasing [5]. Clinical Development and Pipeline - Junshi's JS207 is currently in Phase II clinical trials, alongside other companies like Zhenzhu Cell and Rongchang Biopharma, indicating a competitive environment for innovative therapies [6]. - The company is also investing in other projects, including JS107 and JS203, with respective funding of 378 million yuan and 110 million yuan, both of which are in clinical I/II phases [6]. Strategic Adjustments and Challenges - The adjustments in funding are partly due to intense market competition and uncertainties surrounding certain pipelines, such as JS001 and JS110, which have faced challenges in their respective therapeutic areas [8]. - Junshi's recent performance has been underwhelming, with a notable decline in sales for its flagship product, Toripalimab, and a limited number of commercialized products compared to peers [9].

中国经济网北京5月30日讯 君实生物(688180.SH)昨晚披露关于部分募投项目子项目变更及金额调整的公 告称，公司于2025年5月29日召开第四届董事会第九次会议、第四届监事会第七次会议，审议通过了 《关于部分募投项目子项目变更及金额调整的议案》，同意对公司2022年度向特定对象发行A股股票募 集资金投资项目之"创新药研发项目"中的部分临床试验子项目及其募集资金投资金额进行调整，募集资 金投资总金额保持不变。本次事项不构成关联交易。保荐机构国泰海通证券股份有限公司对本次事项出 具了明确的核查意见，尚需提交公司股东大会审议。 公告显示，此次新增"JS207境内外研发"、"JS107境内外研发"、"JS125境内外研发"、"JT002境内外研 发"、"JS203境内外研发"和"JS015境内外研发"子项目的募集资金投入，所需资金来源于募集资金投入 金额调减的子项目募集资金。调减"JS001后续境内外研发"、"JS004境内外研发"、"JS007境内研 发"、"JS014境内研发"、"JS110境内外研发"、"JS111境内外研发"、"JS112境内外研发"、"JS113境内外 研发"、"JS013境内外研发" ...

5月29日，上海君实生物医药科技股份有限公司（简称"君实生物"）发布关于部分募投项目子项目变更 及金额调整的公告。 | 序号 | 项目 | 拟投入募集资金 | 己投入募集资金 | | --- | --- | --- | --- | | | | 金额 | 会额 | | | 创新药研发项目 | 367,120.00 | 73,113.18 | | 2 | 上海君实生物科技总部及研发基地项目 | 29,780.00 | 22,340.70 | | | 合计 | 396,900.00 | 95.453.88 | 据公告，君实生物募集资金投资项目总计为39.69亿元，创新药研发项目拟投入募集资金金额为36.71亿 元，上海君实生物科技总部及研发基地项目拟投入募集资金金额为2.98亿元。 君实生物指出，根据公司在研产品研发进度和后续市场竞争情况，为提高募集资金使用效率及效益，优 化资源配置，聚集更有国际化潜力、更具差异化竞争优势的研发管线，提高商业化造血能力，公司拟 将"创新药研发项目"中的部分临床研发子项目进行变更，变更前后公司募投项目拟使用募集资金总金额 保持不变。 本次调整计划中，新增"JS207境内外研发"、"J ...

Investment Rating - The investment rating for the biotechnology industry is "Positive" (maintained) [1] Core Insights - The PD-1/VEGF dual-target therapy is expected to become a cornerstone treatment in the market, with a projected global market size nearing $70 billion by 2028 [5][38] - The global PD-(L)1 monoclonal antibody market is entering a mature phase, with an estimated market size of $52.5 billion in 2024, reflecting a year-on-year growth of 12.3% from 2023 [21][24] - The PD-1/VEGF dual-target therapy is gaining traction as a breakthrough in overcoming the limitations of single-agent therapies, driven by the success of the dual antibody, Ivosidenib [32][34] Summary by Sections 1. PD-1/VEGF Dual Antibody as a Key Market Player - PD-(L)1 inhibitors have become foundational in cancer immunotherapy, with PD-1 widely expressed on immune cells [16] - The PD-1/VEGF dual-target therapy is positioned to address the limitations of single-agent therapies, with significant potential for market growth [32][38] - The dual-target approach is expected to enhance immune cell infiltration and improve treatment efficacy in various cancers [34] 2. Domestic Innovation in PD-1/VEGF Dual Antibody Development - As of May 2025, 14 PD-(L)1/VEGF dual antibodies are in clinical stages, primarily from domestic innovators, with several already entering significant out-licensing deals [51] - Ivosidenib, developed by Kangfang Biotech, is the first approved PD-1/VEGF dual antibody in China, marking a significant milestone [51] - Other companies, such as BioNTech and 3SBio, are also advancing their dual-target therapies, indicating a competitive landscape [51] 3. Market Growth and Future Projections - The ADC (Antibody-Drug Conjugate) market is rapidly expanding, with a projected size of $55 billion by 2028, driven by innovative combinations with PD-1/VEGF therapies [42][39] - The PD-(L)1 market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2025 to 2028, reflecting a shift towards more complex treatment regimens [38] - The increasing number of approved PD-(L)1 monoclonal antibodies, with 26 globally as of May 2025, underscores the competitive dynamics in the market [19][20]

Core Viewpoint - The company plans to adjust certain sub-projects and funding amounts within its fundraising projects to enhance the efficiency of fund utilization while keeping the total investment amount unchanged for the "Innovative Drug R&D Project" [2][3][4]. Fundraising Basic Information - The company was approved to issue 70 million A-shares at a price of RMB 53.95 per share, raising a total of RMB 3,776.5 million. After deducting issuance costs of RMB 31.7 million, the net amount raised was RMB 3,744.8 million, with actual funds received amounting to RMB 3,759.4 million [4]. Fundraising Project Overview - As of December 31, 2024, the company has outlined the usage of funds raised from the 2022 A-share issuance, focusing on various clinical research projects [5]. Specific Changes and Adjustments - New sub-projects added include JS207, JS107, JS125, JT002, JS203, and JS015, with funding sourced from reductions in other sub-projects [6][8][9][10][11][12]. - The company plans to allocate RMB 76.67 million to JS207 for clinical trials in lung cancer, breast cancer, liver cancer, and colorectal cancer [7]. - JS107 will receive RMB 37.8 million for clinical trials targeting gastric and pancreatic cancers [9]. - JS125 will be allocated RMB 16 million for clinical trials in colorectal cancer [12]. - JT002 will receive RMB 15.95 million for clinical trials in allergic rhinitis [10]. - JS203 will be allocated RMB 11 million for clinical trials in lymphoma [11]. - JS015 will receive RMB 3 million for clinical trials in gastrointestinal tumors [12]. Reasons for Changes - The adjustments are based on the progress of ongoing research and market competition, aiming to optimize resource allocation and focus on projects with higher international potential and competitive advantages [5][6]. Company Capabilities - The company possesses strong drug discovery and development capabilities, with a comprehensive R&D system covering various therapeutic areas, including oncology and autoimmune diseases [28][29]. - The company has established a complete technical system for drug development, including multiple key technology platforms [29][30]. - The management team is experienced, with expertise across the entire drug development lifecycle [30][31]. Impact of Changes - The adjustments are expected to improve the efficiency of fund utilization and accelerate the progress of R&D projects, aligning with the company's long-term development strategy [33][37].

其中，JS207为君实生物自主研发的重组人源化抗PD-1和VEGF双特异性抗体，主要用于晚期恶性肿瘤 的治疗。君实生物公告称，当前，有多家生物医药企业围绕该靶点进行产品开发，已公布的临床研究数 据积极，在治疗肺癌、肝癌、乳腺癌、胃肠道肿瘤等多个实体瘤中的临床获益逐步得到验证，有望成为 下一代肿瘤免疫疗法中的潜在重磅产品。目前，JS207处于II期临床研究阶段。不久前，三生制药全资 附属公司沈阳三生制药有限责任公司、三生国健药业(上海)股份有限公司曾就PD-1/VEGF双特异性抗体 与辉瑞达成重磅许可协议。 本报讯(记者孙文青)5月29日晚间，上海君实生物医药科技股份有限公司(以下简称"公司")公告称，公司 拟对公司2022年度向特定对象发行A股股票募集资金投资项目之"创新药研发项目"中的部分临床试验子 项目及其募集资金投资金额进行调整，"创新药研发项目"的募集资金投资总金额保持不变。 公告显示，君实生物新增"JS207境内外研发""JS107境内外研发""JS125境内外研发"等多项子项目的募集 资金投入，同时调减了多款药物境内外研发资金投入。 君实生物在公告中表示，公司此次部分募投项目子项目变更及金额调整， ...