Core Viewpoint - Tianfeng Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, projecting revenue of RMB 3.22 billion, RMB 4.41 billion, and RMB 5.93 billion for 2025-2027, respectively, and setting a target price of RMB 36.85, equivalent to HKD 40.25 [1] Group 1: Market Potential - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with the share of biological agents increasing to 65.6% by 2030 [1] - The psoriasis market is projected to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to grow to approximately RMB 46.3 billion by 2030, with 3.9 million patients reported in 2022 [1] Group 2: R&D and Product Pipeline - The company has a robust pipeline in autoimmune monoclonal antibodies, including QX001S (IL-23p40), the first approved biosimilar in China for ustekinumab, enhancing accessibility for psoriasis treatment [2] - QX008N (TSLP) has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N (IL-4Rα) has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N (IL-17A) has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N (IL-23p19) has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3: Strategic Collaborations - The company is advancing commercial partnerships both domestically and internationally, collaborating with East China Pharmaceutical on QX001S and QX005N for strategic market development [4] - An exclusive licensing agreement has been established with Hansoh Pharmaceutical for QX004N in Greater China, while a partnership with Health元药业 for QX008N focuses on respiratory indications in mainland China and Hong Kong [4] - An international licensing agreement with Caldera Therapeutics for the long-acting dual antibody QX030N has been signed, granting global exclusive rights for development and commercialization [4]