中金认为，2025年公司已实现口服小分子GLP-1(1.2亿美元首付款)、阿斯利康战略合作(1.1亿美元预付 款)、伊利替康脂质体(1500万美元首付款)、ROR1ADC(1500万美元首付款)的对外授权。公司研发管线 中还有EGFR ADC/SiRNA系列等进度领先的创新资产，该行期待有望持续实现对外授权落地和更多里 程碑收入确认。 石药集团(01093)早盘涨超5%，截至发稿，涨2.19%，报9.81港元，成交4.46亿港元。 消息面上，近日，石药集团及附属公司授权阿斯利康在全球范围内(除中国内地/港澳台)独家开发、生产 和商业化8个创新长效多肽药物项目(包括SYH2082及3个临床前阶段分子，并就另4个新增项目进行合 作)，阿斯利康将支付合计12亿美元预付款以及后续累计最高35亿/138亿美元的开发/销售里程碑款项。 其中巨石生物(新诺威（300765）控股子公司)有权收取首付款的35%以及根据实际情况后续收取相应开 发/销售里程碑款项以及特许权使用费。 ...

Core Viewpoint - The recent partnership between Stone Pharmaceutical Group and AstraZeneca for the development and commercialization of eight innovative long-acting peptide drug projects is expected to significantly enhance the company's revenue potential through substantial upfront and milestone payments [1] Group 1: Financial Impact - Stone Pharmaceutical Group's stock rose over 5% in early trading, reflecting positive market sentiment regarding the AstraZeneca collaboration [1] - AstraZeneca will pay a total of $1.2 billion in upfront payments and up to $3.5 billion in cumulative milestone payments for the projects [1] - The company is projected to receive 35% of the initial payment from the collaboration, along with potential future milestone payments and royalties [1] Group 2: Development Pipeline - The company has successfully licensed out several projects, including oral small molecule GLP-1 and others, which are expected to generate significant revenue [1] - The research pipeline includes advanced innovative assets such as EGFR ADC and SiRNA series, indicating ongoing potential for further licensing agreements and milestone revenue recognition [1]

MNC押注超长效多肽药物，角逐减重与代谢大市场 2025年11月，辉瑞经过与诺和诺德激烈竞价最终以100亿美元对价实现对减肥药研发企业Metsera的收 购，Metsera基于其专有NuSH平台实现了MET-097(GLP-1，临床II期)的超长半衰期，使其具备每月注射 一次的药代动力学基础。而公司SYH2082是一款正推进至临床I期的每月一次注射长效GLP1R/GIP激动 剂，该行期待有更多优异疗效和安全性数据读出。 对外授权持续兑现，有望形成常态化收入 2025年公司已实现口服小分子GLP-1(1.2亿美元首付款)、阿斯利康战略合作(1.1亿美元预付款)、伊利替 康脂质体(1500万美元首付款)、ROR1ADC(1500万美元首付款)的对外授权。公司研发管线中还有EGFR ADC/SiRNA系列等进度领先的创新资产，该行期待有望持续实现对外授权落地和更多里程碑收入确 认。 中金发布研报称，维持石药集团(01093)"跑赢行业"评级，考虑对外授权持续兑现上调目标价9.1%到12 港元。该行维持公司25/26年盈利预测47.60亿元/53.53亿元，引入2027年56.95亿元预期。石药集团公告 与阿斯利康签 ...

智通财经APP获悉，中金发布研报称，维持石药集团(01093)"跑赢行业"评级，考虑对外授权持续兑现上 调目标价9.1%到12港元。该行维持公司25/26年盈利预测47.60亿元/53.53亿元，引入2027年56.95亿元预 期。石药集团公告与阿斯利康签订研发合作与授权协议。 中金主要观点如下： 2025年11月，辉瑞经过与诺和诺德激烈竞价最终以100亿美元对价实现对减肥药研发企业Metsera的收 购，Metsera基于其专有NuSH平台实现了MET-097(GLP-1，临床II期)的超长半衰期，使其具备每月注射 一次的药代动力学基础。而公司SYH2082是一款正推进至临床I期的每月一次注射长效GLP1R/GIP激动 剂，该行期待有更多优异疗效和安全性数据读出。 中国创新药授权出海再获里程碑式突破 对外授权持续兑现，有望形成常态化收入 根据公告，石药集团及附属公司授权阿斯利康在全球范围内(除中国内地/港澳台)独家开发、生产和商业 化8个创新长效多肽药物项目(包括SYH2082及3个临床前阶段分子，并就另4个新增项目进行合作)，阿 斯利康将支付合计12亿美元预付款以及后续累计最高35亿/138亿美元的开发/ ...

Investment Rating - The report maintains a rating of "Outperform" for the pharmaceutical sector, indicating a positive outlook compared to the broader market [7]. Core Insights - The PAM pathway represents a significant market opportunity, with a potential market size of approximately $10 billion, particularly relevant for breast and prostate cancers [4][13]. - Celcuity's Gedatolisib is highlighted as a promising PAM inhibitor, showing comparable efficacy to existing therapies and is expected to establish a new standard of care in HR+/HER2- breast cancer treatment [21][31]. - The report emphasizes the importance of innovation in the pharmaceutical sector, with a focus on drug development and the integration of advanced technologies [5]. Summary by Sections PAM Pathway Market Potential - The PAM pathway is underdeveloped in solid tumors, with mutations occurring in 38% of cancer patients, covering major types like breast and prostate cancer [4][14]. - Potential revenues from PAM inhibitors are comparable to CDK4/6 and AR therapies, estimated between $8 billion to $10 billion [4][18]. Celcuity and Gedatolisib - Gedatolisib has shown superior efficacy in preclinical studies, with a median progression-free survival (mPFS) of 9.3 months in combination therapy, significantly outperforming standard treatments [22][31]. - The FDA has accepted a new drug application for Gedatolisib, with a priority review status and a target decision date set for July 17, 2026 [31][32]. Hong Kong and Celcuity's Developments - Hong Kong's Hong Kong Medical Index has shown a decline, with specific stocks like Celcuity and Honghua Medicine being highlighted for their innovative approaches in targeting HER2 and PAM pathways [5][70]. - Honghua Medicine is developing a HER2-targeted PAM inhibitor, HMPL-A251, which has demonstrated strong anti-tumor activity in various models and is currently in clinical trials [33][41].

Investment Rating - The report maintains a strong rating for the pharmaceutical sector, indicating it is expected to outperform the market [6]. Core Insights - The targeted PAM pathway represents a potential market of approximately $10 billion, with significant implications for breast and prostate cancer treatments [4][16]. - Celcuity's Gedatolisib is highlighted as a promising PAM inhibitor, showing comparable efficacy to existing therapies and is under FDA priority review with a PDUFA date set for July 17, 2026 [4][37]. - The report emphasizes the importance of innovation and international expansion in the pharmaceutical industry, suggesting that companies focusing on these areas will likely thrive [4]. Summary by Sections Targeted PAM Pathway - The PAM pathway is identified as one of the most underdeveloped targets in solid tumors, with mutations occurring in 38% of cancer patients [4][16]. - Gedatolisib is noted for its effectiveness across various PI3K subtypes and its potential to establish new treatment standards in HR+/HER2- advanced breast cancer [25][37]. - HMPL-A251, developed by Hutchison China MediTech, is a HER2-targeted PAM inhibitor that has shown strong anti-tumor activity in both HER2-positive and low-expressing tumors [41][50]. Market Review and Trends - The report reviews the performance of the pharmaceutical sector from January 26 to January 30, 2026, noting a decline of 3.3% in the CITIC Pharmaceutical Index, which underperformed the CSI 300 Index by 3.4 percentage points [3][60]. - The report highlights the best-performing stocks during this period, including Cap Bio (+26.5%) and Hualan Biological (+12.8%) [3][74]. - The overall valuation of the pharmaceutical sector as of January 30, 2026, is reported at 29.09, reflecting a slight decrease of 0.87% [69].

Core Viewpoint - The strategic collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at up to $18.5 billion, was met with unexpected market skepticism, leading to a significant drop in stock prices for both companies involved [2][4][7]. Group 1: Strategic Collaboration Details - CSPC Pharmaceutical Group announced a strategic partnership with AstraZeneca to co-develop innovative long-acting peptide drugs based on CSPC's drug delivery technology and AI discovery platform [3][4]. - The agreement includes a $1.2 billion upfront payment, up to $3.5 billion in research milestone payments, and $13.8 billion in sales milestone payments, along with a double-digit revenue share based on annual net sales [4][5]. - This deal surpasses the previous record of $11.4 billion set by Innovent Biologics and Takeda in 2025, marking a new high for outbound licensing in China's biopharmaceutical sector [4]. Group 2: Market Reaction and Concerns - Following the announcement, CSPC's stock fell by 9.82% to HKD 9.64 per share, while its closely related company, New Horizon Health, saw a drop of 15.72% [2][7]. - Analysts suggest that the market's negative reaction stems from concerns over the details of the deal and the companies' fundamentals, indicating that the perceived benefits may not align with the actual risks involved [7]. - The milestone payments are contingent on successful clinical trials and market performance, raising questions about the viability of CSPC's projects in a competitive landscape [7][8]. Group 3: Product and Competitive Landscape - The core asset in this collaboration is SYH2082, a long-acting weight management drug currently in Phase I clinical trials, targeting GLP-1R and GIPR receptors [8][9]. - The competitive landscape for GLP-1 drugs is intensifying, with major players like Eli Lilly and domestic companies rapidly advancing their own dual-target and multi-target drugs [9][10]. - CSPC's late entry into the clinical phase with SYH2082 presents challenges in efficacy differentiation and safety optimization, which will be critical for its future competitiveness [10]. Group 4: Financial Context and Implications - CSPC's decision to pursue this significant licensing deal comes at a time when its financial performance is under pressure, with a reported revenue decline of 12.32% year-on-year for the first three quarters of 2025 [11]. - New Horizon Health stands to benefit from the upfront payment, which will help alleviate its cash flow issues as it anticipates a significant net loss in 2025 due to high R&D expenditures [12].

孟科含 Kehan Meng 聂照亿 Zhaoyi Nie kh.meng@htisec.com john.zy.nie@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 30 Jan 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 长效多肽产品组合授权阿斯利康，加速全球创新药布局 Long-Acting Peptide Product Portfolio Out-licensed to AZ, Accelerating Global Innovative Drug Deployment [Table_summary] (Please see APPENDIX 1 for English summary) 事件 石药创新（新诺威 300765.SZ，石药集团的控股子公司）的控股子公司巨石生物及石药集团、中奇制药（石药集团 的全资控股子公司）共同与阿斯利康签署《战略合作与授权协议》，将与阿斯利康在创新多肽分子发现和长效递 送产品的开发领域开展全面战略合作。 ...

1月30日，新诺威（300765）及其间接控股股东石药集团相继公告，宣布与全球生物制药巨头阿斯利康 (AstraZeneca)签署战略研发合作与授权协议，将在创新多肽分子发现和长效递送产品的开发领域开展全 面战略合作。 合作总金额 最高可达185亿美元 根据石药集团公告，在中国以外，阿斯利康将获得该集团"每月一次注射用体重管理产品组合"的全球独 家权利——包括一个临床准备就绪的项目SYH2082(长效GLP1R/GIPR激动剂，正推进至I期临床)，以及 三个处于临床前阶段、具备不同作用机制的研发项目。 根据石药集团公告，阿斯利康将向石药集团支付12亿美元预付款。此外，石药集团有权获得最高35亿美 元的潜在研发里程碑付款和最高138亿美元的潜在销售里程碑付款，以及基于相关授权产品年净销售额 的最高达双位数比例的销售提成。若所有里程碑均达成，该合作总金额最高可达185亿美元。 针对此次合作，添翼数字经济智库高级研究员吴婉莹对记者表示，此次石药集团与阿斯利康创纪录的战 略合作，标志着其"创新+国际化"战略取得里程碑式突破，不仅以巨额合作金额强力验证了其AI药物发 现与缓释给药等前沿技术平台的全球竞争力，为正处于传统 ...

[Table_Title] 研究报告 Research Report 30 Jan 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 长效多肽产品组合授权阿斯利康，加速全球创新药布局 Long-Acting Peptide Product Portfolio Out-licensed to AZ, Accelerating Global Innovative Drug Deployment 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie 3）双方还将依托该等平台就另外四个新增项目开展合作。 kh.meng@htisec.com john.zy.nie@htisec.com 交易对价 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 石药创新（新诺威 300765.SZ，石药集团的控股子公司）的控股子公司巨石生物及石药集团、中奇制药（石药集团 的全资控股子公司）共同与阿斯利康签署《战略合作与授权协议》，将与阿斯利康 ...