Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [5]. Core Insights - DZD8586 has demonstrated an impressive Overall Response Rate (ORR) of 84.2% in patients with Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) at a 50mg dosage, with a 9-month Duration of Response (DOR) rate of 83.3% [2]. - The report highlights a trend of increasing ORR over time for DZD8586, with previous data showing ORR of 57.1% and 64.3% at earlier dates [3]. - DZD6008 has shown durable anti-tumor activity, with 83.3% of patients exhibiting tumor shrinkage in a study involving previously treated patients with EGFR-mutant Non-Small Cell Lung Cancer (NSCLC) [4]. Financial Projections - Revenue forecasts for the company are projected at 810 million, 1.47 billion, and 2.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 123.7%, 82.4%, and 49.9% [5][7]. - The net profit attributable to the parent company is expected to be -750 million, -417 million, and -23 million yuan for the same years, indicating ongoing losses as the company is in the early stages of product commercialization [5][7]. - The report utilizes a Free Cash Flow to Firm (FCFF) valuation model, considering the promising commercialization prospects of its products [5]. Market Position - The company is positioned in the innovative pharmaceutical sector, focusing on addressing clinical challenges related to drug resistance with its pipeline products DZD8586 and DZD6008 [5].

Group 1: Innovation Drug Sector Performance - The Innovation Drug ETF (560900) increased by 3.86%, with a turnover of 9.64% and a transaction volume of 3.1137 million yuan [1] - The CSI Innovation Drug Industry Index (931152) rose by 3.77%, with notable increases in constituent stocks such as Baili Tianheng (688506) up by 10.71%, Zhongsheng Pharmaceutical (002317) up by 9.99%, and BeiGene (688235) up by 8.14% [1] - The ADA conference is highlighted as a significant platform for Chinese innovative drug companies to showcase their GLP-1 research capabilities, potentially boosting the GLP-1 industry chain [1] Group 2: Investment Opportunities in Technology - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in identifying quality technology companies globally amid a new wave of AI-driven technological advancements [2] - The actively managed Morgan Emerging Power Fund aims to capture emerging industry trends, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality technology companies in the Pacific region, indicating a strategic focus on high-growth sectors [2] Group 3: Passive Investment Products - The Morgan Hang Seng Technology ETF (QDII) allows for easy exposure to Hong Kong tech assets, while the Morgan CSI Innovation Drug Industry ETF (560900) provides access to Chinese innovative drug companies [3] - The Morgan NASDAQ 100 Index Fund (QDII) offers a straightforward way to invest in global technology leaders [3]

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Eight Measures") released by the China Securities Regulatory Commission marks the beginning of a new round of reforms aimed at supporting technological innovation and new productivity development in the past year [1] Group 1: Reform Implementation and Impact - The implementation of the "light asset, high R&D investment" recognition standard has led to a surge in refinancing activities among companies on the Sci-Tech Innovation Board, with nine companies applying for refinancing totaling nearly 25 billion yuan since the standard was introduced [1][2] - The standard allows companies to use funds more flexibly, as they are no longer restricted by the previous 30% limit on supplementary working capital and debt repayment ratios [2][4] - Companies such as Cambrian and Dize Pharmaceutical have initiated significant projects in semiconductor and biopharmaceutical sectors, showcasing the vibrant innovation activity spurred by the new standard [1][2] Group 2: Company-Specific Financing Activities - Cambrian's recent fundraising of 4.98 billion yuan is the largest in its five-year history, aimed at developing chip platforms and software projects [2] - Dize Pharmaceutical's fundraising of 1.796 billion yuan is directed towards core product development and international standard innovative drug industrialization projects, with a significant portion allocated to high-uncertainty R&D expenditures [3][4] - Chip Origin's refinancing is focused on IP development, with a high percentage of funds allocated to uncertain R&D expenses, aligning with the company's strategy of maintaining high R&D investment in semiconductor technology [3][4] Group 3: Market Trends and Future Outlook - The overall market for refinancing applications has seen a notable increase since 2025, indicating a positive cycle of policy benefits leading to more active market participation [6] - The recognition standard is expected to effectively alleviate financing bottlenecks for light asset companies, enabling them to focus more on technological innovation and core competencies [6] - Over a hundred companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only nine have actively pursued refinancing under the new regulations, suggesting a gradual adaptation to the new policy [6]

Group 1 - Hansoh Pharmaceutical granted Regeneron Pharmaceuticals exclusive overseas licensing for its GLP-1/GIP dual receptor agonist HS-20094, which has completed multiple Phase II clinical trials and is currently in Phase III trials in China [1][2] - The licensing agreement includes an upfront payment of $80 million, potential milestone payments of up to $1.93 billion, and double-digit royalties on future sales [2][3] - Recent licensing deals by Chinese pharmaceutical companies indicate a growing trend, with 33 license-out transactions completed in Q1 2025, totaling $36.633 billion, a year-on-year increase of approximately 258% [1][6] Group 2 - The licensing deal with Pfizer for the PD-1/VEGF dual antibody SSGJ-707 includes a record upfront payment of $1.25 billion, with potential milestone payments reaching $4.8 billion [3] - Other companies, such as Sinovant and Ansai, have also announced licensing agreements, indicating a robust market for Chinese pharmaceutical innovations [3][4] - The 2025 ASCO annual meeting showcased over 70 original research results from China, highlighting the international competitiveness of Chinese innovative drugs [4][5] Group 3 - The overall trend shows that Chinese innovative drugs are gaining global value, with a significant increase in licensing transactions and amounts [6][7] - The pharmaceutical industry is expected to see steady recovery, driven by the growing demand for innovative therapies and the improvement in the quality and quantity of domestic innovative drugs [7]

Investment Rating - The investment rating for the company is "Buy" [3][11]. Core Insights - The company achieved a revenue of 360 million yuan in 2024, representing a year-on-year growth of 294.24%, while the net loss attributable to shareholders was 846 million yuan, a reduction in loss of 23.63% compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 160 million yuan, a year-on-year increase of 96.32%, with a net loss of 193 million yuan, reflecting a 14.15% reduction in loss year-on-year [1]. - The core commercial product, Shuwozhe, received approval for the treatment of EGFR Exon20ins NSCLC in China and is undergoing FDA review for its NDA [1][2]. - The company’s other product, Gaoruizhe, is the first and only high-selectivity JAK1 inhibitor approved for the treatment of PTCL in the world [2]. Financial Performance - The company’s total market capitalization is approximately 25.53 billion yuan, with a closing price of 55.58 yuan per share [4]. - The company has a total share capital of 459.41 million shares and a circulating market value of 10.38 billion yuan [4]. - The asset-liability ratio stands at 98.70%, indicating a high level of debt [4]. Research and Development Progress - The company invested 724 million yuan in R&D in 2024, with significant progress in clinical trials for its products [8]. - The global registration clinical trial "WUKONG1B" for Shuwozhe was recognized at major international conferences, and the product has been included in multiple authoritative guidelines [2][8]. - The company is advancing its pipeline with several innovative drugs, including DZD8586, which has shown promising results in clinical trials for B-cell non-Hodgkin lymphoma [8][9]. Market Position and Future Outlook - The company is positioned as a leader in small molecule drugs for malignant tumors in China, with its commercialized products expected to drive rapid revenue growth [10][11]. - The successful inclusion of Shuwozhe and Gaoruizhe in the national medical insurance drug list is anticipated to accelerate their market penetration [7]. - The company forecasts EPS of -1.57 yuan, -0.98 yuan, and 0.50 yuan for the years 2025 to 2027, maintaining a "Buy" rating based on expected performance [11].

Summary of DZD8,586 and DZD6,008 Conference Call Company and Industry - **Company**: DZD8,586 and DZD6,008 are projects by DIZHE Pharmaceuticals, focusing on innovative treatments for chronic lymphocytic leukemia (CLL) and EGFR mutations in cancer therapy. Key Points and Arguments DZD8,586 Project - **Clinical Efficacy**: DZD8,586 demonstrated an 84% objective response rate (ORR) in clinical trials for CLL patients, indicating significant efficacy and safety compared to existing BDI class products [2][3] - **Mechanism of Action**: Designed to address C481S mutations that arise after treatment with first and second-generation BTK inhibitors, DZD8,586 blocks both BTK-dependent and independent B-cell receptor signaling pathways [2][4] - **Clinical Data**: As of April 4, 2025, out of 34 subjects, 32 showed tumor reduction, with a 79% continuation rate in treatment and a 9-month progression-free survival rate of 83% [2][12] - **Safety Profile**: The main adverse event was neutropenia, manageable with CSF, and the incidence of grade 3 or higher pneumonia was significantly lower than other BTK inhibitors, with no major cardiovascular risks [2][13][14] DZD6,008 Project - **Initial Findings**: DZD6,008, a potential fourth-generation EGFR inhibitor, showed tumor reduction effects even in multi-drug combinations during its first clinical trial presentation [2][6] - **Clinical Development**: The project is set to continue data collection and analysis, with plans for registration trials by late 2025 or early 2026 [4][31] - **Safety and Efficacy**: DZD6,008 exhibited good safety and tolerability, with no dose-limiting toxicities observed in the dose escalation studies [24] Future Development and Strategic Goals - **Expansion Plans**: DIZHE Pharmaceuticals aims to expand the DZD8,586 and DZD6,008 projects, ensuring that each project with sufficient clinical data is presented at major international conferences to enhance visibility and attract partnerships [7][8] - **Research Focus**: The company is committed to exploring new therapeutic mechanisms and maintaining a focus on patient-centric drug development [8][35] Comparative Analysis - **Competitive Edge**: DZD8,586 and DZD6,008 are positioned favorably against competitors like Loxo-305 and other third-generation BTK inhibitors, with a focus on safety and efficacy [27][20] - **Market Strategy**: The company is open to strategic partnerships that can nurture product development, emphasizing the importance of maximizing product value rather than merely seeking early-stage business development [34] Patient Demographics and Treatment Background - **Patient Characteristics**: The trial participants predominantly had a history of multiple lines of treatment, with 75% having previously used BTK inhibitors. The patient population included high-risk features typical of relapsed/refractory CLL [10][11] Long-term Efficacy and Safety - **Sustained Response**: DZD8,586 and DZD6,008 have shown promising long-term efficacy, with many patients remaining on treatment for over 10 months, indicating sustained anti-tumor effects [23][12] - **Safety Monitoring**: Continuous monitoring of adverse events has shown a favorable safety profile, with no significant complications reported [24][14] Additional Important Insights - **Drug Design Considerations**: The half-life of the drugs allows for once-daily dosing, enhancing patient compliance and reducing unnecessary dosing frequency [9] - **Future Research Directions**: Ongoing studies will further explore the efficacy of DZD6,008 in various mutation types and its potential in first-line treatment settings [31][29] This summary encapsulates the critical findings and strategic directions discussed in the conference call regarding DZD8,586 and DZD6,008, highlighting their potential impact on cancer treatment and the company's future growth trajectory.

作者丨鲁智高 来源丨 投中网 不久前，宁德时代成功在港上市，成为继快手之后香港市场规模最大的上市项目，同时还有望成为 2025年全球最大IPO。 将投中网设为"星标⭐"，第一时间收获最新推送 以基金投资加快产业培育。 基金的模式探索及制度设计。 也正是从那时起，他们逐步探索形成了以管理国家级基金为主，具有一定规模和影响力的国投特色基 金业务。从发展脉络来看，国投集团管理的几乎所有基金都紧密围绕着一项或数项国家重大战略。 早在2016年，国投系基金领投宁德时代早期轮融资，长期陪伴其发展，见证了这家公司成长为新能 源电池领域龙头的全过程。 除了宁德时代，包括比亚迪、拓荆科技、联影医疗、迪哲医药、中微半导体、寒武纪、华大九天、中 伟新材、粤芯半导体等明星企业在内，国投系基金都以投资者的身份在对方成长过程中扮演着重要角 色。 经过三十年的发展，国投系基金目前旗下在管基金超50只，管理规模超2700亿元，其中国家级政府 投资基金有十余只，规模超过2300亿元，是名副其实的基金"国家队"。 以基金投资加快产业培育，这支基金"国家队"聚焦集成电路、智能网联汽车、生物医药、生物制造等 战新产业重点领域，已经取得丰硕成果。 当 ...

Core Insights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place in Chicago, showcasing cutting-edge clinical oncology research and treatment outcomes, with significant participation from Chinese companies [1][2]. Group 1: Participation and Research Highlights - Chinese researchers have submitted over 70 original studies for oral presentations, surpassing last year's 55 studies, indicating a growing contribution to global oncology research [2]. - Companies like Dizal Pharmaceutical and China National Pharmaceutical Group will present their latest research on innovative therapies, including PD-1 monoclonal antibodies and antibody-drug conjugates (ADCs) [1][3]. Group 2: Specific Company Developments - Dizal Pharmaceutical will present two innovative products, DZD8586 and DZD6008, focusing on B-cell non-Hodgkin lymphoma and non-small cell lung cancer (NSCLC), with DZD8586 showing an objective response rate (ORR) of 84.2% in heavily pre-treated CLL/SLL patients [3]. - China National Pharmaceutical Group will unveil preliminary data from the first-in-human phase I clinical study of TQB2102, an HER2 bispecific antibody-drug conjugate, reporting an ORR of 51.3% in HER2-positive breast cancer patients [4]. Group 3: Focus on Lung Cancer - Lung cancer remains the leading cause of cancer incidence and mortality, with NSCLC accounting for 80%-85% of cases, prompting multiple companies to target this area for research [5]. - Kelun Pharmaceutical will present six clinical studies, including results for sac-TMT in advanced EGFR-mutant NSCLC, demonstrating significant efficacy compared to docetaxel [5][6]. - Dizal's DZD6008 has shown promising results in a phase I/II study for advanced NSCLC, with an 83.3% tumor reduction rate among previously treated patients [7]. Group 4: Innovation and Market Trends - As of December 31, 2024, China leads globally with 3,575 active innovative drug candidates, and the proportion of domestically approved innovative drugs has increased from under 10% in 2015 to 42% in 2024 [8]. - Large multinational pharmaceutical companies have increasingly sought to acquire Chinese innovative drug candidates, with 31% of new drug candidates sourced from China in 2024, up from 0% in 2019 [8].

Group 1 - The National Vaccine and Biotechnology Index (980015) has seen a strong increase of 2.39% as of May 29, 2025, with notable gains in constituent stocks such as Zhaoyan New Drug (603127) up 9.99%, Yifan Pharmaceutical (002019) up 9.17%, and Dizhe Pharmaceutical (688192) up 8.73% [1] - The Biovaccine ETF (159657) rose by 2.28%, with the latest price reported at 0.63 yuan [2] - The 2025 American Society of Clinical Oncology (ASCO) Annual Meeting will take place from May 30 to June 3, 2025, in Chicago, showcasing the development of oncology research in China, with over 70 studies from Chinese scholars selected for presentation [2] Group 2 - The top ten weighted stocks in the National Vaccine and Biotechnology Index (980015) as of April 30, 2025, include Fosun Pharma (600196), Changchun High-tech (000661), and others, collectively accounting for 63.18% of the index [3] - The Biovaccine ETF closely tracks the National Vaccine and Biotechnology Index, which consists of 50 companies involved in the biotechnology industry, reflecting the overall performance of quality listed companies in the sector [2]

Group 1 - The innovative drug sector is experiencing significant growth, with the biopharmaceutical ETF (159508) rising by 1.90% and attracting over 10 million yuan in net inflows yesterday [1] - Notable stocks in the sector include Junshi Biosciences-U and Dizal Pharmaceuticals-U, both rising over 6%, along with other companies like Kelun Pharmaceutical, Hangzhou Tigermed Consulting, and WuXi AppTec also seeing gains [1] - Year-to-date, ETFs focused on Hong Kong innovative drugs and biotechnology have shown strong performance, with gains exceeding 32%, while 90% of pharmaceutical-themed funds have reported positive growth this year [1] Group 2 - The innovative drug sector is one of the few growth areas within the overall pharmaceutical industry, with a favorable environment for commercialization and increasing self-sustainability among domestic innovative drugs [2] - Future trends in medical insurance spending are expected to support the payment growth for innovative drugs, with collaboration between commercial insurance and medical insurance entering a rapid development phase [2] - The outlook for the pharmaceutical industry is becoming increasingly positive, indicating a potential for significant advancements in the sector [2]