Group 1 - The core point of the article is that Derui Zhiyao has initiated Phase III clinical trials for its AI-designed oral weight loss drug MDR-001, marking it as the first AI-designed drug to reach this stage in China, offering new hope in the global weight loss treatment field [1][2] - MDR-001 was developed in just 4.5 years, significantly faster than the traditional 7 to 9 years required for similar innovative drugs, thanks to AI-assisted design [1][2] - The AI platform, Molecule Pro™, enables large-scale "intelligent screening" and "risk warning," allowing for the rapid creation of millions of new molecular structures and early safety assessments of candidate molecules [1][2] Group 2 - The Phase IIb trial results for MDR-001 showed a weight reduction of 10.3% in patients after 24 weeks, indicating its strong therapeutic potential and safety advantages [2] - Derui Zhiyao plans to recruit approximately 750 overweight or obese participants for a 52-week systematic evaluation, with the drug expected to be launched by the end of 2028 or in 2029 if all goes well [2] - The Hangzhou Medical Port, where Derui Zhiyao is located, has over 1,800 biopharmaceutical companies and has achieved an industry revenue exceeding 50 billion yuan, with 132 innovative drugs entering clinical trials, the highest in the city [3]

Core Insights - Tsinghua University has developed an AI-driven ultra-high-throughput drug virtual screening platform called DrugCLIP, which significantly enhances the speed of new drug screening by a factor of one million and achieves full coverage of human genome-level targets [1][2] Group 1: Breakthrough in Drug Screening - The traditional drug development process faces challenges in matching small molecules to disease targets, with only 10% of potential targets currently being utilized [2] - DrugCLIP transforms the screening process by converting proteins and small molecules into computer-readable signals, allowing for automatic and precise matching without the need for gradual simulation [2][3] - DrugCLIP can perform 31 trillion matching calculations in a single day on a standard high-performance computer, completing the screening of 1 million candidate molecules in just 0.02 seconds [3] Group 2: Practical Applications and Validation - In practical applications, DrugCLIP demonstrated its accuracy by screening 1.6 million candidate molecules for depression-related targets, identifying 100 potential molecules, with 15% showing effective action on the target [4] - The platform successfully identified potential small molecules for a target related to tumors and Parkinson's disease, where no suitable small molecules had been found before, validating its broad applicability [4] Group 3: Future Prospects and Collaboration - DrugCLIP aims to collaborate with research and industry partners to accelerate the discovery of new targets and first-in-class drugs, focusing on areas such as cancer, infectious diseases, and rare diseases [5] - The platform will continue to optimize its engine performance and expand its support modalities to build a more intelligent, efficient, and inclusive global drug innovation ecosystem [5]

Core Viewpoint - InnoCare Pharma (03696) has seen its stock price rise over 5%, reaching a new high of HKD 40.5, following the announcement of a multi-year R&D collaboration with Servier worth USD 888 million [1] Group 1: Company Developments - InnoCare Pharma announced a partnership with Servier to utilize its AI platform Pharma.AI, focusing on challenging targets in the oncology field to identify and develop new therapeutic drugs [1] - The agreement allows InnoCare to receive up to USD 32 million in upfront payments and milestone payments for recent R&D achievements [1] - InnoCare will lead the discovery and development of potential drug candidates using its AI technology, while Servier will co-fund the R&D and lead subsequent clinical validation and commercialization [1] Group 2: Industry Insights - According to recent research from Xiangcai Securities, AI technology has found suitable applications in various stages of the pharmaceutical process, demonstrating significant potential [1] - The report highlights that in the increasingly competitive landscape of innovative drug development, the underlying innovations brought by AI technology in drug R&D showcase immense value [1]

行 业 及 产 业 医药生物 本期投资提示： 2026 年 01 月 04 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市——医药行业周报 （2025/12/22-2025/12/26）》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 （2025/12/15-2025/12/19）》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 2.1%，关注脑机接口产业 看好 —— 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 1．市场表现：本周医药板块下跌 2.1% 本周申万医药生物指数下跌 2. ...

Core Viewpoint - Incyte Corporation (英矽智能) successfully listed on the Hong Kong Stock Exchange, closing at HKD 29.98, representing a 24.66% increase from its offering price of HKD 24.05 [1][5]. Group 1: Offering Details - The total number of shares offered globally was 94,690,500, with 9,469,500 shares available for public offering in Hong Kong and 85,221,000 shares for international offering [2]. - The total proceeds from the offering amounted to HKD 2,277.3 million, with net proceeds after estimated listing expenses of HKD 251.5 million being HKD 2,025.8 million [5][6]. Group 2: Use of Proceeds - Approximately 48.0% of the net proceeds will be allocated to further clinical research and development of key pipeline candidates [7]. - About 15.0% will be used for the development of new generative AI models and related validation research [7]. - Approximately 12.0% will be directed towards the further development and expansion of automated laboratories [7]. - Around 20.0% will fund early drug discovery and development, including preclinical and clinical stages of other pipeline candidates [7]. - The remaining 5.0% will be utilized for working capital and other general corporate purposes [7]. Group 3: Financial Performance - Incyte's revenues for the years 2022, 2023, 2024, and the first half of 2025 were USD 30.1 million, USD 51.2 million, USD 85.8 million, and USD 27.5 million, respectively [9]. - The company reported losses of USD 221.8 million in 2022, USD 211.6 million in 2023, USD 17.1 million in 2024, and USD 19.2 million in the first half of 2025, totaling USD 469.8 million in losses over the specified periods [9][10].

Core Insights - The article highlights the significant achievements of Heng Rui Medicine, including over 50 billion yuan in cumulative R&D investment, 24 first-class innovative drugs successfully launched, and potential total licensing transaction amounts exceeding 27 billion USD, showcasing the company's growth trajectory and its influence as a national brand on the global stage [1][2]. Group 1: R&D Investment and Innovation - Heng Rui Medicine has maintained a high R&D investment intensity, with R&D expenditure accounting for 29.4% of sales revenue in 2024, consistently above 20% for several years, leading to a cumulative investment exceeding 50 billion yuan [2]. - The company has achieved substantial results, with 24 first-class innovative drugs and 5 second-class new drugs approved for market launch in the past year, alongside over 100 self-innovative products in clinical development and more than 400 clinical trials globally [2][3]. - Heng Rui has established a comprehensive technology platform covering mainstream and new molecular models, including PROTAC, ADC, and multi-specific antibodies, and is exploring AI drug development [2]. Group 2: Internationalization and Market Expansion - Since 2020, Heng Rui has completed 15 licensing transactions with a potential total transaction value exceeding 27 billion USD, including 5 transactions in 2025, indicating global recognition of its R&D capabilities and product pipeline [3]. - The company has conducted over 20 international clinical trials in regions such as the US, Europe, and Australia, with 4 ADC innovative drugs receiving FDA fast track designation and 5 innovative drugs recognized as orphan drugs [3]. - Heng Rui's products are now registered in over 40 countries, with more than 20 registration approvals in major regulatory markets like Europe, the US, and Japan, illustrating the expansion of its influence [3]. Group 3: Contribution to Industry Transformation - Heng Rui's impact extends beyond data and transactions; it has contributed to the transformation of the Chinese pharmaceutical industry from "generic" to "innovation," establishing a systematic and sustainable development path [4]. - The company has created a complete innovation system from target discovery to clinical development and commercialization, serving as an industry benchmark and fostering a self-reinforcing innovation ecosystem [4]. - The recognition of Heng Rui as the "Annual Pharmaceutical Industry Influence Brand" reflects its commitment to creating commercial value while growing alongside society, users, and the industry [4]. Group 4: Future Outlook - As the Chinese pharmaceutical industry transitions from "catching up" to "leading" in certain areas, Heng Rui Medicine's dual strategy of innovation and internationalization has begun to show results, although the journey is just beginning [5].

Core Insights - The integration of AI in the pharmaceutical industry is revolutionizing drug development, significantly reducing time and costs associated with bringing new drugs to market [2][3] - The global AI drug development market is projected to exceed $6.3 billion by 2029, indicating rapid growth and new opportunities for biopharmaceutical companies [2] Group 1: AI Drug Development Impact - AI can drastically shorten drug development timelines and costs, with traditional drug development taking an average of 10 years and over $1 billion, while AI can reduce this significantly [2] - AI analysis can reduce protein structure prediction time from months to minutes and candidate drug identification from 5 years to 18 months [3] - Companies that leverage AI in drug development may achieve significant market advantages, leading to potential monopolies on innovative products [3] Group 2: Current State in Sichuan - Sichuan has fewer AI drug development companies compared to leading regions, with only three companies in Chengdu focusing on AI drug discovery [4] - 63% of surveyed companies in Sichuan have established their own AI drug development teams, but many are still in the early stages of implementation [5] - The lack of a mature, systematic AI-driven drug development platform is a challenge for companies in Sichuan [5] Group 3: Challenges Faced - Funding is a significant challenge, as the biopharmaceutical industry is characterized by long R&D cycles and high costs, with a decline in investment trends noted in recent years [6] - Data quality and availability are critical issues, with many companies facing difficulties in accessing high-quality datasets necessary for AI applications [7] - The need for a trustworthy data-sharing platform is emphasized, with suggestions for government-led initiatives to facilitate data exchange [8] Group 4: Talent Acquisition - There is a shortage of talent proficient in both AI and drug development, making it difficult for companies to find suitable candidates [10] - Companies are encouraged to collaborate with local universities to develop interdisciplinary programs that combine AI and pharmaceutical sciences [11] - Continuous education and investment in talent development are essential for the growth of the biopharmaceutical sector in Sichuan [11]

Core Viewpoint - ST诺泰 (688076.SH) has received an administrative penalty decision, but this has not negatively impacted its current business performance, with significant revenue and profit growth reported for the first three quarters of 2025 [2] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.527 billion yuan, representing a year-on-year increase of 21.95% [2] - The net profit attributable to shareholders reached 445 million yuan, up 26.92% year-on-year, while the net profit excluding non-recurring items was 437 million yuan, reflecting a 23.20% increase [2] Group 2: Business Growth and Strategy - The company's peptide raw material drug business continues to grow significantly, driven by the expanding GLP-1 market, and is a core driver of its performance [2] - The company is implementing a development strategy focused on time and technology leadership, with a foundation in peptide drugs and small molecule drugs, while strategically expanding into oligonucleotide business and cutting-edge fields like synthetic biology and AI drug development [2] Group 3: Innovation and R&D - The company has made a significant breakthrough in innovative R&D, with its subsidiary, Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd., receiving acceptance for a clinical trial application for the new drug Semaglutide tablets, marking a milestone in oral peptide delivery technology for weight management [2] - Currently, there are no approved oral Semaglutide formulations for weight management in the domestic and international markets, indicating a substantial market opportunity for the company [2] Group 4: Market Position and Collaborations - As a leading enterprise in the peptide raw material drug sector, the company has overcome technical bottlenecks in large-scale production of long-chain peptide drugs, achieving single-batch production of over 10 kilograms for drugs like Semaglutide and Tirzepatide [3] - The company has established collaborations with several leading generic drug companies for the raw materials and formulations of Semaglutide and Tirzepatide, maintaining high growth in peptide raw material sales [3] - The company has also announced comprehensive coverage of its GLP-1 pipeline products, with ongoing development of new targets like Retatrutide, which is set to begin development in early 2024 with an investment of approximately 5.08 million yuan [3] Group 5: Oligonucleotide and New Technologies - The company is actively involved in the oligonucleotide field, with plans for commercial production capacity expected to be completed by 2025, aiming for an annual output of 1,000 kilograms of oligonucleotides and 200 kilograms of PEG-conjugated cyclic peptides [4] - Collaborations with companies like Novogene and DeepTech in synthetic biology and AI-enabled areas are accelerating the exploration of new business fields, positioning the company for high-quality development across multiple tracks [4]

Core Viewpoint - The AI pharmaceutical company Insilico Medicine has successfully passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone in its two-year-long listing journey, amidst a backdrop of increased activity in the Hong Kong biopharmaceutical sector [1][5]. Group 1: Company Overview - Insilico Medicine, founded in 2014 and headquartered in Hong Kong, operates as an end-to-end AI drug discovery company with over 247 scientists and AI researchers, 85% of whom hold advanced degrees [6]. - The company employs a unique "AI + Biotech" integration approach, utilizing its proprietary generative AI platform, Pharma.AI, to streamline the drug development process from target discovery to clinical prediction [6]. - Insilico has established partnerships with over 30 pharmaceutical companies and has more than 20 projects in development, with three drugs already achieving early value transformation through external licensing [6]. Group 2: Financial Performance - The company's revenue has shown growth from $30.15 million in 2022 to $85.83 million in 2024, but there was a significant decline of 54% in the first half of 2025, with revenue dropping to $27.46 million [8]. - Insilico has been operating at a loss, with net losses of $220 million in 2022, $211 million in 2023, and $17 million in 2024, alongside a loss of $19.22 million in the first half of 2025 [8][10]. - The company's financial structure is heavily reliant on milestone payments from a few key partners, with the largest customer contributing 66.3% of revenue in the first half of 2025, leading to significant revenue volatility [8][10]. Group 3: Market Context - The listing attempt occurs in a vibrant market for biopharmaceutical financing in Hong Kong, with 21 companies successfully listed in 2025 and over 50 more having submitted applications [5]. - Recent successful listings, such as Baijia Pharmaceutical, which saw a 138% surge on its debut, indicate strong market enthusiasm for innovative therapies [5]. - However, the regulatory environment is tightening, emphasizing the need for robust data and clear commercialization pathways, which may pose challenges for companies like Insilico [5].

Core Viewpoint - The AI-driven drug development platform, DeepMind, has successfully completed a nearly $50 million Series D financing round, indicating strong investor confidence in the company's potential and growth prospects [1][1]. Financing Details - The Series D financing round was led by Dinghui Baifu, with participation from existing investors including New Ding Capital and Sequoia China [1][1]. - The financial advisory for this round was provided exclusively by Index Capital [1][1].