Group 1 - The core viewpoint of the report is that due to the upfront payment from the collaboration with BMS, the company has raised its 2026 profit forecast by 228% to USD 0.62 billion and introduced a new profit forecast for 2027 at USD 0.60 billion [1] - The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1] Group 2 - The company announced a long-term strategic partnership with Blue Nanotech on December 29, 2025, to advance the development of next-generation radionuclide drug conjugates (RDCs) [2] - The proprietary Harbour Mice platform allows the company to produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, superior tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3] - The company has established multiple overseas licensing collaborations, including a long-term global strategic cooperation agreement with BMS on December 17, 2025, which includes an upfront payment of USD 90 million and potential milestone payments of up to USD 1.035 billion [3] - A non-exclusive licensing agreement was signed with Pfizer on November 19, 2025, for advancing preclinical antibody discovery for various potential diseases, with upfront payments and milestone payments based on regulatory, clinical, and commercialization achievements [3] - The collaboration with AstraZeneca was further deepened on November 24, 2025, expanding the scope to include ADC and TCE drugs [3]
中金：维持和铂医药-B 跑赢行业评级 上调目标价至18港元