Ge Long Hui A P P·2026-01-12 08:35Core Viewpoint - Northeast Securities research report indicates that Haisco's core pipeline selection for NEWCO's overseas expansion highlights product confidence [1] Group 1: Partnership and Financials - The company signed an exclusive licensing agreement with AirNexis, granting AirNexis exclusive rights to develop, produce, and commercialize HSK39004 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - AirNexis will pay Haisco an upfront payment of $108 million, which includes $40 million in cash and approximately $68 million worth of 19.9% equity in AirNexis, along with potential milestone payments of up to $955 million and royalties [1] Group 2: Product and Market Potential - HSK39004 is a dual inhibitor of PDE3/4 and represents a new therapeutic option in the COPD field, addressing unmet clinical needs [1] - The company is focusing on multiple fields including analgesia/anesthesia, autoimmune diseases, metabolism, and oncology, continuously enriching its product matrix [1] - The innovative drug pipeline and simultaneous domestic and international expansion are expected to sustain long-term steady growth [1]