Group 1 - The core point of the article is that Innovent Biologics has entered into a strategic partnership with Eli Lilly to advance global research and development of innovative drugs in oncology and immunology, with potential financial benefits amounting to $88.5 billion [1][4]. - Innovent will receive an upfront payment of $350 million and could earn up to $8.5 billion in milestone payments, along with a share of net sales outside Greater China [1][4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) is fully invested in innovative drug R&D companies and has shown strong performance, leading its peers since 2025 [1][4]. Group 2 - The ETF's index is characterized by high purity, elasticity, and sharpness, demonstrating strong offensive capabilities in the innovative drug rebound market [1][4]. - The top ten constituent stocks of the ETF account for over 73% of its weight, indicating a concentrated representation of the core strength in innovative drug development [1][4]. - The ETF has recorded varying returns over the past five years, with a notable increase of 66.32% in one of the periods analyzed [1][4].

Core Viewpoint - The collaboration between Innovent Biologics and Eli Lilly marks the seventh partnership since 2015, focusing on the global development of innovative drugs in oncology and immunology, showcasing Innovent's strong R&D capabilities recognized by multinational corporations [1] Event - On February 8, Innovent Biologics announced a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, with Innovent leading the projects from drug discovery to clinical concept validation in China [1] Financial Details - The collaboration includes an upfront payment of $350 million and a total package worth $8.85 billion, with Innovent retaining all rights in Greater China while Eli Lilly obtains exclusive global development and commercialization rights outside this region [1] - Innovent is eligible for up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization, along with a tiered sales share from net sales outside Greater China [1] R&D Capacity - The partnership indicates high recognition of Innovent's early-stage R&D and concept validation capabilities in oncology and immunology by Eli Lilly, which has a strong portfolio in these areas [2] - Innovent has 17 commercialized drugs, with one product under NMPA review, four new drug molecules in Phase III or critical clinical studies, and 15 additional new drug candidates in clinical research [2] Profit Forecast and Investment Recommendation - Innovent's extensive layout in oncology is expected to enhance revenue and reduce marginal costs, while the company also has competitive products in metabolic, autoimmune, and ophthalmology fields [2] - A global strategic partnership with Takeda, valued at $11.4 billion, is anticipated to accelerate the introduction of next-generation IO and ADC therapies to the global market, marking a significant step in Innovent's internationalization [2] - Revenue projections for Innovent from 2025 to 2027 are estimated at 11.968 billion yuan, 22.804 billion yuan, and 26.572 billion yuan, with net profits of 0.886 billion yuan, 6.679 billion yuan, and 8.004 billion yuan respectively [2] - The company’s reasonable market value is estimated at 232.7 billion HKD, with a target price set at 136.12 HKD, maintaining a "buy" rating [2]

Investment Rating - The report assigns a "Buy" rating to the company, believing its current stock price is undervalued due to a high implied weighted average cost of capital of 12% [1] Core Insights - The report highlights that the company, Innovent Biologics, is expected to maintain its leading position in the Chinese biotechnology sector, driven by a strong pipeline of novel molecules targeting next-generation immuno-oncology [1] - Encouraging preliminary data has been obtained for IBI363, a PD-1/IL-2α bispecific antibody, which exhibits differentiated drug characteristics in immunotherapy and cold tumors [1] - The company's robust commercialization capabilities and deep collaboration with global partners, particularly Eli Lilly, are also emphasized as key strengths [1] Summary by Relevant Sections - **Investment Rating**: "Buy" rating with a target price of HKD 102.85 based on risk-adjusted discounted cash flow [1] - **Market Position**: Innovent Biologics is positioned as a leader in the Chinese biotech field, supported by a strong pipeline and strategic partnerships [1] - **Product Development**: IBI363 shows promising initial results, indicating potential for differentiation in the competitive landscape of immunotherapy [1] - **Commercialization Strength**: The company’s strong commercial capabilities and partnerships enhance its market prospects [1]

在电话会议上，信达生物管理层重申其长期愿景，主要受惠于通用生物药和肿瘤药领域双引擎增长策略 的支持。该行对信达生物在其商业及研发产品线上的执行力，以及其强大的业务拓展能力持续印象深 刻。 该行认为此次合作属正面惊喜，标志着信达生物迈向全球性生物制药公司历程中的又一个重要里程碑， 并突显其研发平台的实力。 智通财经APP获悉，摩根大通发布研报称，信达生物(01801)与礼来(LLY.US)达成战略合作，共同在全球 范围开发聚焦于肿瘤和免疫学领域的新型生物制剂。小摩重申信达生物是其所覆盖的中国生物科技公司 中的首选标的之一，予其"增持"评级，目标价为111港元。 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月10日，信达生物(1801.HK)再度拉升涨超7%，现报92.5港元，总市值1568亿港元。消息上，信达生物日前与礼来制药达 成战略合作，推进肿瘤及免疫领域创新药全球研发。信达生物主导相关项目从药物发现至中国临床概念验证的研发工作， 礼来获大中华区外全球独家开发与商业化许可。信达生物将获88.5亿美元总付款，含3.5亿美元首付款及最高85亿美元里程 碑付款，还有权获大中华区外净销售额梯度销售分成。 摩根大通发表研究报告指出，信达生物与礼来达成战略合作，共同在全球范围开发聚焦于肿瘤和免疫学领域的新型生物制 剂。该行认为此次合作属正面惊喜，标志著信达生物迈向全球性生物制药公司历程中的又一个重要里程碑，并突显其研发 平台的实力。该行重申信达生物是其所覆盖的中国生物科技公司中的首选标的之一，予其"增持"评级，目标价为111港元。 ...

摩根大通发表研报指，信达生物与礼来达成战略合作，共同在全球范围开发聚焦于肿瘤和免疫学领域的 新型生物制剂。该行认为此次合作属正面惊喜，标志着信达生物迈向全球性生物制药公司历程中的又一 个重要里程碑，并突显其研发平台的实力。在电话会议上，信达生物管理层重申其长期愿景，主要受惠 于通用生物药和肿瘤药领域双引擎增长策略的支持。该行对信达生物在其商业及研发产品在线的执行 力，以及其强大的业务拓展能力持续印象深刻。该行重申信达生物是其所覆盖的中国生物科技公司中的 首选标的之一，予其"增持"评级，目标价为111港元。 ...

截至2026年2月10日 10:49，恒生港股通创新药指数(HSSCID)强势上涨4.32%，港股通创新药ETF易方达 (159316)上涨3.50%， 冲击3连涨。盘中换手9.42%，成交4.03亿元。 港股通创新药ETF易方达(159316)紧密跟踪恒生港股通创新药指数，恒生港股通创新药指数旨在反映可 经港股通买卖，业务与创新药研究、开发及生产相关的香港上市公司之表现。 相关产品 根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从药物发现 至中国临床概念验证（二期临床试验完成）的研发工作。根据协议，礼来获得相关项目在大中华区以外 的全球独家开发与商业化许可，信达生物保留相关项目在大中华区的全部权利。根据协议条款，信达生 物将获得 3.5 亿美元首付款；在达成后续特定里程碑事件后，信达生物还有资格获得总额最高约85亿美 元的研发、监管及商业化里程碑付款。此外，信达生物有权就各产品在大中华区以外的净销售额获得梯 度的销售分成。 中邮证券认为，创新药板块虽短期受资金面扰动有所回调，但产业层面全球参与度提升趋势已在2025年 充分体现；国产新药正从早研追赶迈向效率制胜阶段，中期维度 ...

信达生物(1801.HK)再度拉升涨超7%，现报92.5港元，总市值1568亿港元。 ...

瑞银发表研报指，信达生物与礼来就多项早期肿瘤及免疫学资产达成合作。协议包括3.5亿美元的首付 款，潜在里程碑付款最高达85亿美元，以及基于净销售额的分层权利金。该行对两间公司进行第7次合 作持积极看法，并认为相较于以往的对外授权，是次成立新公司及共同开发模式，是一种新的合作模 式。信达生物指出，是次合作的潜在资产数量较同业其他类近的合作少，且财务条款优厚。更重要是， 该行注意到潜在资产包括信达生物研发管线中未出现过的新资产，为公司原先指引每年推进8至10个候 选药物进入临床阶段的目标带来上行空间。该行现予公司目标价137.4港元及"买入"评级。 ...

Summary of Innovent Biologics Conference Call Company Overview - **Company**: Innovent Biologics (1801.HK) - **Industry**: Biopharmaceuticals, focusing on oncology and immunology Key Points from the Conference Call Strategic Collaboration with Eli Lilly - Innovent announced a strategic collaboration with Eli Lilly on February 8, 2026, to advance early-stage oncology and immunology programs - The deal includes: - **Upfront Payment**: US$350 million - **Milestone Payments**: Up to US$8.5 billion - **Sales Royalties**: Tiered royalties from net sales outside of China - This collaboration marks the seventh agreement between Innovent and Eli Lilly, which began in 2015 with a three-mAb oncology deal [1][6] Roles and Responsibilities - Innovent will retain rights in China and lead the programs from concept to clinical proof of concept (POC) - Eli Lilly will manage late-stage global development and hold rights outside of China [1][2] Industry Trends - There is a growing trend of out-licensing deals from Chinese biopharma companies, indicating recognition from global partners of the potential in differentiated pipelines and fast POC delivery [1] Financial Outlook - Innovent is considered undervalued at current levels, with a market-implied weighted average cost of capital (WACC) of 12% reflecting only de-risked indications [1] - The company has a deep pipeline of over 30 assets, including commercialized products like sintilimab, a leading PD-1 inhibitor [1][6] Risks - Key risks identified include: - Intensifying competition in the PD-1/L1 market in China - Uncertain approval timelines for key candidates - Potential restrictions on off-label use due to safety issues - Failure of R&D projects [1][7] Financial Projections - **Market Capitalization**: HK$128.9 billion / US$16.5 billion - **Revenue Projections**: - 2024: Rmb 9,421.9 million - 2025: Rmb 12,783.0 million - 2026: Rmb 17,291.0 million - 2027: Rmb 20,681.3 million - **EBITDA Projections**: - 2024: (462.5) million - 2025: 1,274.8 million - 2026: 3,531.6 million - 2027: 5,106.1 million - **Price Target**: HK$102.85, representing a 29.4% upside from the current price of HK$79.50 [8] Conclusion - Innovent Biologics is positioned to maintain its leading role in the Chinese biotech sector, supported by a robust pipeline and strategic collaborations, particularly with Eli Lilly. The company faces significant risks but also presents a compelling investment opportunity given its growth potential and current valuation [1][8]