全球首个EGFR ADC背后的"中国速度"，解码东曜药业(1875.HK)的隐形秘钥

Core Viewpoint - The innovative drug sector in the Hong Kong stock market has shown remarkable performance, with biopharmaceutical B shares increasing by 119% year-to-date, and 25 out of 51 component stocks doubling in value [1] Group 1: Industry Insights - The CDMO industry has reached a performance bottom and is expected to continue strong growth through 2026, driven by new orders and robust R&D demand for new molecules [1] - The ADC (Antibody-Drug Conjugate) sector is highlighted as a high-barrier area, with Easton Pharmaceuticals demonstrating comprehensive service capabilities in this field [3][4] Group 2: Company Developments - Easton Pharmaceuticals has successfully assisted its partner Lepu Biopharma in obtaining NMPA approval for the first commercial ADC drug "Meiyouheng®," marking a significant milestone as the first EGFR-targeted ADC approved globally [3][4] - The company has established a one-stop ADC service platform, enabling seamless integration from raw material production to commercial manufacturing, which is crucial for the success of complex projects [4] Group 3: Financial Performance - Easton Pharmaceuticals has crossed the breakeven point since its strategic transformation, with a revenue of 489 million yuan in the first half of 2025 and a 25% year-on-year increase in net cash flow from operating activities [8] - The company has a high customer satisfaction rate, with a 73% repurchase rate and 200 million yuan in signed but uncompleted orders as of mid-2025 [9] Group 4: Competitive Advantages - The company possesses a unique "platform-type" capability that creates a significant competitive moat, particularly in the ADC sector, which is characterized by high growth potential [8] - Easton Pharmaceuticals' comprehensive capabilities in managing complex molecules from clinical development to commercialization have been validated through the successful launch of the global first EGFR ADC [11]