（文章来源：证券日报） 证券日报网讯 1月19日，仟源医药在互动平台回答投资者提问时表示，仟源亿药设立初期已启动抗衰老 及减肥2条管线的创新药项目研究，后期公司将加大投入以增加管线数量并加速推进创新药研发进程。 ...

Investment Rating - The report indicates a positive investment outlook for the TCE therapy in multiple myeloma, particularly highlighting the success of teclistamab in clinical trials [13][14][17]. Core Insights - The report emphasizes the significant advancements in TCE therapies for multiple myeloma, particularly the promising results from the MajesTEC-9 trial, which demonstrated a 71% reduction in disease progression or death risk and a 40% reduction in mortality risk for teclistamab compared to standard treatments [14][15]. - The report also notes the ongoing exploration of teclistamab in earlier treatment lines and in difficult-to-treat populations, indicating a potential shift in treatment paradigms for multiple myeloma [14][15]. Summary by Sections Section 1: Focus on Innovative Drugs - The report reviews the current landscape of innovative drugs in the market, particularly focusing on TCE therapies for hematological malignancies and their expansion into solid tumors [5][6]. Section 2: TCE Therapy Development in Multiple Myeloma - Multiple TCE therapies targeting BCMA and GPRC5D have received FDA approval for treating relapsed or refractory multiple myeloma, with overall response rates (ORR) ranging from 60% to 74% and median progression-free survival (PFS) of approximately one year [9][10]. - The report highlights the unmet medical needs in multiple myeloma, with a significant proportion of patients experiencing relapse and resistance to current therapies [9][10]. Section 3: Clinical Trial Results - The MajesTEC-9 trial results indicate that teclistamab significantly improves PFS and overall survival (OS) in patients who are resistant to prior therapies [14][15]. - The report details various clinical trials, including MajesTEC-3 and MajesTEC-5, which support the efficacy of teclistamab in combination with other therapies, showing high ORR and MRD-negative rates [21][25]. Section 4: Future Prospects - The report discusses the potential for TCE therapies to become standard treatment options in multiple myeloma, with ongoing trials exploring their use in earlier lines of therapy and in combination with other agents [14][25][28]. - The report also mentions the strategic partnerships and collaborations in the industry aimed at advancing TCE therapies, indicating a robust pipeline for future developments [35][36].

作为中国领先的创新驱动型制药企业，翰森制药近年来积极推进"创新+国际化"核心战略，实现了研 发、业绩与国际化的多维突破。2025年上半年，公司实现营收74.34亿元，同比增长14.3%，其中创新药 与合作产品销售收入占比高达82.7%，成为业绩增长的绝对核心引擎。这一成绩的背后，是公司持续加 码的研发投入与全链条研发体系的坚实支撑——目前翰森制药已在上海、连云港、常州及美国马里兰州 建成四大研发中心，汇聚专业研发人员超1900名，构建起从化合物筛选到临床研究的完整创新体系，同 时坐拥国家企业技术中心等多个国家级研发平台，为创新成果转化提供强劲动力。 近日，备受资本市场瞩目的2025香港财富管理高峰论坛暨第十二届港股100强颁奖典礼在香港会展中心 圆满落幕。凭借在创新药研发、商业化落地与全球化布局的卓越表现，翰森制药(03692.HK)成功入 选"年度医药医疗创新先锋"榜单，并上榜"综合实力100强"，成为港股医药板块创新价值的核心标杆之 一。 "年度医药医疗创新先锋"榜单，基于市值、营业额增长、税后净利润、ROE、回报率五大核心量化指标 评选，旨在发掘具备高成长潜力与行业引领力的创新企业，翰森制药的此次入选， ...

二、请说明(1)结合公司实控人及一致行动人情况补充说明公司无控股股东的认定依据;(2)根据《监管规 则适用指引——境外发行上市类第2号》要求对股东进行穿透;(3)补充说明存在关联关系或一致行动关系 的股东最终控制人及合计持股比例;(4)公司股东人数计算方式及依据。 八、请补充说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 三、请补充说明提交境外发行上市备案申请前12个月内新增股东入股价格的定价依据、与同期增资定价 差异原因及其合理性，以及上述股权转让环节相关转让方所得税缴纳情况并就是否存在利益输送出具明 确结论性意见。 四、请补充说明公司及下属公司经营范围是否涉及人体干细胞技术开发和应用、医学研究和试验发展、 药物临床试验服务，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，经营范围及 实际业务是否涉及限制或禁止外商投资领域，本次发行上市及"全流通"后是否持续符合外商投资准入要 求。 智通财经APP获悉，中国证监会发布《境外发行上市备案补充材料要求(2026年1月12日—2026年1月16 日)》。中国证监会国际司共对6家企业出具补充材料要求，其中，要求凌科药业补 ...

Core Insights - The 44th J.P. Morgan Healthcare Conference highlighted the global pharmaceutical industry's focus on innovation and the search for next-generation pipelines, with HengRui Pharma presenting its global strategy and capabilities [1][2]. Group 1: Company Strategy and Development - HengRui Pharma has established a "dual-engine" model, investing over 25% of its annual revenue in R&D, which supports its position as the second-largest in global original drug pipelines [2]. - The company is advancing its internationalization through flexible BD collaborations and a solid overseas team, aiming to accelerate the realization of innovative value [2][3]. - HengRui's R&D framework includes over 100 new molecular entities (NMEs) and more than 400 clinical trials across key therapeutic areas such as oncology, cardiovascular, metabolism, immunology, and neuroscience [3][7]. Group 2: Innovation and Pipeline - HengRui's pipeline is structured to provide comprehensive solutions in critical disease areas, focusing on synergy, iterative innovation, and addressing unmet medical needs [7]. - The company has demonstrated breakthrough capabilities in challenging targets, such as the KRAS G12D inhibitor HRS-4642, which has shown a 63.3% objective response rate in clinical trials [8]. - In the metabolic disease sector, HengRui is targeting the $100 billion obesity market with its GLP-1 asset portfolio, including the dual agonist HRS9531, which has shown significant weight loss results in clinical trials [8]. Group 3: Business Development and Internationalization - Since 2023, HengRui has completed 12 licensing deals worth over $27 billion, securing $1.3 billion in cash and equity investments, showcasing its R&D strength and innovation quality [12]. - The company aims to push approximately 20 new molecular entities into clinical trials annually, indicating a robust and efficient R&D pipeline [9][12]. - HengRui's internationalization strategy includes establishing a global capability system, with 15 R&D centers and a team of over 5,600, enhancing its global presence and operational capacity [13]. Group 4: Future Outlook - In 2026, HengRui is expected to achieve significant milestones, including over 10 new drug approvals and more than 20 NDA/BLA submissions, with key data from its pipeline assets anticipated [14]. - The company projects a revenue growth of over 25% year-on-year from its innovative drugs, supported by new products entering the national medical insurance directory [15]. - HengRui is committed to becoming a global leader in pharmaceuticals, focusing on delivering innovative drugs to patients worldwide, reflecting the broader trend of Chinese innovation in the pharmaceutical industry [16].

Core Viewpoint - The article discusses the independent listing journey of Xiansheng Zaiming Pharmaceutical, a subsidiary of Xiansheng Pharmaceutical, focusing on its challenges in profitability despite having commercialized products and the strategic importance of this move for the parent company [2][10]. Group 1: Financial Performance and Challenges - Xiansheng Zaiming has five commercialized products, four of which are included in the national medical insurance directory, generating significant revenue but facing a "revenue without profit" dilemma due to high R&D and sales expenses [4][5]. - The company's revenue from these products for 2023, 2024, and the first three quarters of 2025 was 14.26 billion, 11.85 billion, and 10.36 billion respectively, accounting for 93.7%, 91.5%, and 83.7% of total revenue [4]. - Despite commercialized products, Xiansheng Zaiming reported net losses of 3.36 billion in 2023, increasing to 5.06 billion in 2024, and 3.03 billion in the first three quarters of 2025, primarily due to high R&D and sales costs [5][6]. - R&D costs for 2023, 2024, and the first three quarters of 2025 were 8.31 billion, 7.08 billion, and 5.12 billion, with R&D expenses exceeding 50% of revenue in 2023 and 2024 [5][6]. Group 2: Dependency on Parent Company and Financing - Xiansheng Zaiming has historically relied heavily on financial support from its parent company, Xiansheng Pharmaceutical, with significant capital increases funded entirely by the parent [7]. - The company completed a 10.7 billion A-round financing in June 2025, involving five investment institutions, with a post-investment valuation of approximately 85.7 billion [7][9]. - The independent listing is seen as a crucial step to reduce dependency on the parent company and establish its own financing capabilities, which is essential for accelerating pipeline development and market expansion [9][10]. Group 3: Strategic Importance of Listing - The split listing is part of Xiansheng Pharmaceutical's broader strategy to optimize its business structure and focus on core areas, alleviating performance growth pressures [12]. - The move is expected to enhance financial flexibility and resource allocation efficiency for both Xiansheng Zaiming and its parent company, allowing them to independently access equity and debt capital markets [10][11]. - The independent listing is also driven by investor pressure, with specific clauses in financing agreements requiring Xiansheng Zaiming to submit an IPO application by June 30, 2027, or face buyback obligations [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002317 公告编号：2026-001 广东众生药业股份有限公司 第九届董事会第二次会议决议公告 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 广东众生药业股份有限公司董事会 二〇二六年一月十六日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 广东众生药业股份有限公司（以下简称"公司"）第九届董事会第二次会议的会议通知于2026年1月12日 以专人和电子邮件通知方式送达全体董事，会议于2026年1月16日在公司会议室以现场和通讯表决方式 召开。本次会议应出席董事9人，实际出席董事9人。会议由公司董事长陈永红先生主持，董事会秘书列 席会议。本次会议的召集和召开符合法律、法规和《公司章程》的有关规定。经与会董事认真审议，以 记名投票方式表决，做出如下决议： 一、审议通过了《关于控股子公司签署RAY1225注射液项目许可协议的议案》。 为推动公司创新药上市商业化进程，聚焦创新药研发核心业务，公司同意控股子公司广东众生睿创生物 科技有限公司（以下简称"众生睿创"）与齐鲁制药有限公司（以下简称" ...

Core Viewpoint - Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd. has voluntarily disclosed its 2025 annual performance forecast, indicating a positive growth trajectory in revenue and profit for the upcoming year [2][10]. Performance Forecast - The expected operating revenue for 2025 is projected to be between 1,192.45 million yuan and 1,371.32 million yuan, representing a year-on-year increase of 10.57% to 27.15% [2]. - The anticipated total profit for 2025 is estimated to be between 195.79 million yuan and 234.94 million yuan, reflecting a year-on-year growth of 11.25% to 33.50% [2]. - The net profit attributable to the parent company is forecasted to be between 191.05 million yuan and 229.26 million yuan, indicating a year-on-year increase of 7.69% to 29.23% [2]. - The net profit after deducting non-recurring gains and losses is expected to be between 179.70 million yuan and 215.64 million yuan, with a year-on-year growth of 8.84% to 30.61% [2]. Previous Year Performance - In the previous year, the operating revenue was 1,078.47 million yuan [4]. - The total profit was 175.99 million yuan, and the net profit attributable to the parent company was 177.41 million yuan [4]. - The net profit after deducting non-recurring gains and losses was 165.11 million yuan [4]. Reasons for Performance Changes - The company's revenue and profit are expected to grow steadily due to the deepening layout of its innovative drug pipeline, realization of value from authorized collaborations, and synergistic support from its integrated service model [6]. - The focus on innovative drug research and development, particularly in areas with global intellectual property rights, has led to a pipeline matrix that includes over 20 first-class new drugs targeting major diseases [6]. - The integration of AI technology with unique technical platforms has further enhanced the company's core competitiveness, facilitating rapid advancement of its research pipeline [6][7]. - Authorized collaborations and revenue sharing have become key drivers of profit growth, with significant income generated from the licensing of pipelines like STC007 and STC008 [7].

Core Viewpoint - The company, 阳光诺和, expects a net profit attributable to shareholders for the year 2025 to be between 191.05 million and 229.26 million yuan, representing a year-on-year growth of 7.69% to 29.23% [1] - The company anticipates a net profit excluding non-recurring gains and losses to be between 179.70 million and 215.64 million yuan, with a year-on-year growth of 8.84% to 30.61% [1] Group 1: Revenue and Profit Growth - The company has achieved steady growth in revenue and profit, driven by the deep layout of its innovative drug pipeline, realization of value from licensing collaborations, and synergistic support from its integrated service model [1] - The implementation of the "R&D services + pipeline cultivation + new quality industrial chain" strategy has provided solid support for business growth, leading to a steady improvement in the company's profitability [2] Group 2: Innovative Drug Pipeline - The company focuses on the research and development of innovative drugs with global independent intellectual property rights, constructing a pipeline matrix that includes over 20 first-class new drugs targeting major diseases such as cancer and pain [1] - Core pipelines like STC007 and STC008 have successfully entered critical clinical stages, generating stable income through R&D services and laying the foundation for long-term value release [1] Group 3: Licensing Collaborations - Licensing collaborations and revenue sharing have become key drivers of profit growth, with significant income generated from the licensing of pipelines such as STC007 and STC008, contributing to a high-margin revenue source [2] - The continuous optimization of the business structure is facilitated by these licensing agreements, enhancing the overall profitability of the company [2]

格隆汇1月16日丨阳光诺和(688621.SH)公布，预计2025年年度实现归属于母公司所有者的净利润为 19,105.21万元至22,926.25万元，同比增长7.69%到29.23%。预计2025年年度实现归属于母公司所有者扣 除非经常性损益后的净利润为17,969.94万元至21,563.93万元，同比增长8.84%到30.61%。 授权合作与权益分成成为推动利润增长的关键动力。公司通过知识产权授权交易直接获取收益， STC007、STC008等管线的授权合作已贡献了相当可观的收入，形成了高毛利的收益来源，促使业务结 构持续优化。此外，"研发服务+管线培育+新质产业链"战略的实施，为业务增长提供了坚实的保障， 推动公司盈利水平稳步提升。 在创新药管线布局方面，公司聚焦于具备全球自主知识产权的创新药研发工作，构建了涵盖多肽、小核 酸、细胞和基因治疗等前沿领域的管线矩阵，其中包含20余种1类新药，涉及肿瘤、疼痛等重大疾病范 畴。依托"临床前+临床"一体化服务模式，结合完善的质量管理体系以及与300余家医院的临床合作网 络，公司高效推动研发项目的开展。其中，STC007、STC008等核心管线顺利步入关键临床 ...