Group 1 - The core point of the news is that the company Sanofi Guojian has signed a licensing agreement with Pfizer for the exclusive development, production, and commercialization of the 707 project, which targets both PD-1 and VEGF [1] - Pfizer will pay an upfront fee of $1.25 billion, which sets a new record for upfront payments for domestic innovative drugs going abroad, and the total potential payments could reach up to $4.8 billion [1] - The agreement signifies recognition of the R&D capabilities of domestic innovative drug companies by top international pharmaceutical firms, marking a milestone for domestic pharmaceutical companies in entering the global market [1] Group 2 - The 707 project is a bispecific antibody product that requires internal decision-making processes and regulatory approvals before implementation, indicating some uncertainty in the execution [1] - The domestic pharmaceutical industry has seen significant growth in recent years, supported by domestic pharmaceutical policies and capital market financing policies for innovative drug R&D [1] - Over 25 domestic Class 1 innovative drugs have been approved for listing on the Sci-Tech Innovation Board, and more than 10 innovative drug companies have granted overseas rights to foreign companies through licensing agreements [2]

5月21日，三生国健（688336）再度冲上涨停，这已是公司连续第三个交易日涨停。连续多日涨停背后，是一则引爆创新药行业的重磅消息。 三生国健最新公告显示，三生国健及公司的关联方三生制药和沈阳三生制药有限责任公司（以下简称"沈阳三生"）共同授予被许可方辉瑞公司（Pfizer Inc.）（以下简称"辉瑞"）在许可区域（即除中国大陆以外的其他国家和地区）及领域（即人类和兽医用途的所有治疗、诊断及预防适应症）的独家开发、 生产和商业化许可产品707项目（即同时靶向PD-1和VEGF的双特异性抗体产品）的权利。 | 分时 | 5日 ~ | 5分钟 | 15分钟 | 30分钟 | 60分钟 日线 | 更多周期 · | | | 竟价 ▼ | 叠加· | 田 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ◀ 股东大会：于2025-06-05召开2025年第二次临时股东大会 | | | | | | | | | | | | | | 三生国健 所属行业: 生物制品 最新:928.86 涨跌:+1.63% | ...

长江证券指出，2024年以来，中国创新药BD出海交易量质齐升，诸如ADC、双抗、GLP-1类资产 不断涌现大额出海BD交易。出海BD的首付款和总包金额均明显提升，表明中国创新药不断收获国际 MNC认可。2025年AACR大会上有126家企业亮相，带来近300项研究成果，参会中国企业数量和展示 成果数量均达到历史新高，表明国际学术盛会对国产创新药潜力的认可。5月23号2025年ASCO摘要数 据即将给出，更多重磅数据有望披露。 今年4月中美关税摩擦以来，仍有多项药品出海BD交易达成，显示创新药出海势头仍然强劲。对药 品出海而言，目前国内创新药出海主要是IP转让，通过BD合作对外授权，这种主流方式不直接生产商 品并进行销售，所以关税影响或有限。 后续来看，受益于创新药出海交易、人工智能赋能医药全产业链、创新药丙类医保目录落地等，创 新药板块盈利和估值有望迎来双升。覆盖三地优质上市创新药企的创新药沪深港ETF（517110）值得关 注。同时，在国内集采政策优化、医疗设备招标复苏、内需复苏等积极因素推动下，医药板块的情绪和 估值抬升的空间或进一步打开。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。 ...

消息面上，2025年美国临床肿瘤学会（ASCO）年会即将于5月30日至6月3日在美国芝加哥正式召开。 作为全球肿瘤学领域规模最大、最具影响力的学术盛会之一。近期创新药行业利好可谓密集，多家创新 药企此前已经宣布将在本月底的ASCO大会上披露多项旗下创新管线的重磅临床和研发数据，有望成为 整个创新药产业的短期最强催化。随着此前美宣布降低药价等外部负面因素被持续消化，部分创新药企 业的大额BD交易频出以及龙头企业登陆港股在即等一系列利好刺激下，创新药趋势性价值重估仍然可 期。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，5月21日最新市盈率仅为 25倍，不足两个月前的一半，当前布局性价比突出。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针 ...

Core Viewpoint - The innovative pharmaceutical sector experienced a significant surge, with multiple companies achieving substantial stock price increases, indicating a positive market sentiment towards domestic innovative drugs and their international expansion opportunities [1][2]. Group 1: Market Performance - On May 21, the innovative drug sector saw a broad increase, with companies like Sanofi Guojian and Shuyou Shen reaching their daily price limits, while others like Saiseng Pharmaceutical and Ruizhi Pharmaceutical rose over 10% [1]. - Specific stock performances included Sanofi Guojian (688336.SS) achieving a price of 47.24 with a 19.99% increase, and Shuyou Shen (300204.SZ) reaching 14.15 with a 20.02% increase [2]. Group 2: International Expansion of Domestic Innovative Drugs - On May 19, Sanofi Guojian and its affiliates granted Pfizer exclusive rights for the development, production, and commercialization of a product, with an upfront payment of $12.5 billion and potential milestone payments up to $4.8 billion [3]. - On May 15, Shiyao Group announced an exclusive licensing agreement with Cipla for the commercialization of a drug in the U.S., with an upfront payment of $15 million and potential total payments nearing $1.1 billion [3]. - Data from Yao Medicine Cube indicated that in 2024, China completed 94 transactions for innovative drug licensing abroad, totaling $51.9 billion, a 26% year-on-year increase [3]. Group 3: Institutional Insights - Following a recent executive order by former U.S. President Trump aimed at lowering drug prices, the impact on China's innovative drug exports is expected to be minimal [4]. - The domestic innovative drug policy is anticipated to undergo significant changes, with 2025 expected to be a pivotal year for policy implementation, including the introduction of a new insurance directory and support for innovative drug pricing mechanisms [5]. - Projections indicate that the net profit for A/H innovative drug companies in 2024 will reach 11.67 billion, a substantial increase from 670 million in 2023, reflecting improved industry profitability [5].

Group 1 - On May 20, 2023, 3SBio announced a licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody "SSGJ-707," granting Pfizer exclusive global rights outside mainland China, with a potential total deal value of $60.5 billion, exceeding 430 billion RMB at current exchange rates [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments for development, regulatory approval, and sales, along with a tiered sales royalty based on product sales in licensed regions [1] - Following the announcement, 3SBio's stock surged over 32%, reaching a market capitalization of 46 billion HKD [1] Group 2 - 3SBio's CEO stated that Pfizer's extensive development experience and international perspective will significantly accelerate the global development and commercialization of SSGJ-707, aiming to provide breakthrough treatment options for patients worldwide [2] - The trend of Chinese innovative drugs entering international markets is expanding, with recent agreements such as CSPC's exclusive licensing deal with Cipla for irinotecan liposome injection in the U.S., which includes a $15 million upfront payment and potential total payments nearing $1.1 billion [2] - Data from Yaozhi shows that in 2024, there were 94 completed outbound licensing transactions for Chinese innovative drugs, totaling $51.9 billion, a 26% year-on-year increase, with 41 transactions in the first quarter of 2025 alone, amounting to $36.9 billion, setting new historical highs [2] Group 3 - On May 12, 2023, former President Trump signed an executive order aimed at reducing prescription drug prices in the U.S., suggesting that prices should decrease by at least 59%, with potential reductions of 80% or 90% in certain cases [3] - Guoyuan Securities believes that the push for drug price reductions in the U.S. will not significantly impact the outbound licensing of innovative drugs from China, citing factors such as low prices for generics and intense competition in the U.S. market [3] - The firm anticipates that the pharmaceutical industry will enter a performance vacuum period starting in May, shifting market focus from earnings to fundamental changes in the industry and companies, maintaining a positive outlook on innovative drugs and international expansion [3] Group 4 - Related concept stocks include Cornerstone Pharmaceuticals, which showcased five innovative products at the AACR annual meeting, including a tri-specific antibody and several ADC molecules [4] - Hanyu Pharmaceuticals announced that its selective small molecule CSF-1R inhibitor has been prioritized for review by the Chinese National Medical Products Administration for treating TGCT patients [4] Group 5 - Hengrui Medicine entered a significant strategic collaboration with AstraZeneca, which includes licensing options for two preclinical immunotherapy projects, with Hengrui receiving $175 million in upfront and milestone payments, plus potential royalties based on net sales [5]

Group 1 - Sanofi's innovative drug company, Sangfor, has granted Pfizer exclusive global rights (excluding mainland China) for the development, production, and commercialization of the PD-1/VEGF bispecific antibody SSGJ-707, marking a significant milestone for domestic pharmaceutical companies in entering the global market [1] - Pfizer will pay a non-refundable and non-offsettable upfront payment of $1.25 billion, with potential milestone payments reaching up to $4.8 billion based on development, regulatory approval, and sales, along with a double-digit percentage sales revenue share based on product sales in authorized regions [1] Group 2 - Yipinhong announced the acquisition of a 15.25% stake in its subsidiary Guangzhou Rui'an Bo from minority shareholder Arthrosi for $6.8 million (approximately 49 million RMB) to enhance its market rights for the innovative drug AR882 in China and to promote efficient research and rapid market entry [2] - The transaction's pricing and the ongoing technical support from Arthrosi will be closely monitored for future clinical progress and market access efficiency [2] Group 3 - Huasheng Technology received an administrative regulatory measure from the Sichuan Securities Regulatory Bureau, which ordered the company to rectify issues related to accounting irregularities, non-operating fund occupation, and inadequate internal controls [3] - The regulatory action highlights weaknesses in the company's governance structure and compliance awareness, potentially affecting the rights of minority investors [3] Group 4 - Fosun Pharma announced the resignation of Rong Yang, CEO of its U.S. subsidiary, due to personal reasons, raising concerns about the continuity of leadership and strategic direction in the critical U.S. market for innovative drug commercialization [4] - The company is currently expanding its capabilities in the U.S. for both generic and innovative drug registration and commercialization [4]

5月20日，港股市场的医药概念股迎来普涨行情，荣昌生物（09995.HK）、石药集团（01093.HK）等多 只个股出现异动上涨。 值得注意的是，三生制药（01530.HK）则是医药概念股中表现最为强劲的，其股价在5月20日一度跳空 飙升逾50%，此后出现回落，最终放量收涨32.28%。而如果从年初算起至今，三生制药更是已经累涨 215.46%。 三生制药大幅异动，也有着消息面的刺激。 和辉瑞签订授权协议，首付款达12.5亿美元 5月20日盘前，三生制药发布公告称，公司、沈阳三生制药有限责任公司（沈阳三生）与辉瑞 （PFE.US）订立许可协议。三生国健（688336.SH）亦将透过加入协议作为签署方加入。 根据协议，三生制药和沈阳三生将向辉瑞授予独家许可，以在全球（不包括中国内地）开发、生产、商 业化及以其他方式开发三生制药自主研发的PD-1/VEGF双特异性抗体SSGJ-707。三生制药及沈阳三生 将保留SSGJ-707在中国内地的开发、制造、商业化及其他开发权。辉瑞将拥有在中国商业化许可产品 的选择权。 根据许可协议，三生制药将获得12.5亿美元的首付款，以及最高可达48亿美元的潜在付款，包括开发、 监管 ...

Core Viewpoint - The record-breaking licensing agreement between 3SBio and Pfizer, valued at up to $60.5 billion, marks a significant milestone for Chinese pharmaceutical companies in the global market [1][2]. Group 1: Company Developments - 3SBio announced an exclusive licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody SSGJ-707, granting Pfizer global rights (excluding mainland China) for development, production, and commercialization [1]. - The agreement includes an upfront payment of $12.5 billion, which sets a new record for upfront payments for Chinese dual antibodies going abroad, along with potential milestone payments of up to $48 billion based on development, registration, and sales [1]. - The drug SSGJ-707 has received breakthrough therapy designation from the National Medical Products Administration for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1 expression [1]. Group 2: Market Impact - Following the announcement, 3SBio's stock surged by 32.28%, while its A-share counterpart, 3SBio Guojian, rose by 19.99%, reflecting heightened investor interest in the innovative drug sector [2]. - Other innovative drug stocks in the Hong Kong market also saw significant gains, with Rongchang Bio up 16.19% and Hansoh Pharmaceutical up 5.74% [2]. - The innovative drug sector's momentum led to increased trading activity in related ETFs, with one ETF recording a transaction volume of 28.28 billion yuan and closing up 5.16% [2]. Group 3: Industry Trends - According to Wanlian Securities, the domestic innovative drug sector is expected to benefit from favorable policies and industry trends, leading to a valuation recovery [3]. - The importance of Chinese pharmaceutical companies is growing in international academic conferences, with many multinational corporations incorporating Chinese products into their core pipelines [3]. - Despite recent market fluctuations due to U.S. drug pricing policies, several domestic brokerages maintain a positive outlook on the growth potential of innovative drug companies in both the Hong Kong and A-share markets [3].

Group 1 - The core point of the news is the significant rise in the innovative drug sector, driven by the announcement of a collaboration between 3SBio and Pfizer, resulting in a $6.05 billion deal, which has positively impacted the entire sector [2] - Following the announcement, 3SBio's stock surged over 35%, creating a ripple effect that boosted the stock prices of other pharmaceutical companies like CSPC Pharmaceutical Group and Innovent Biologics [2] - The innovative drug sector has seen increased trading volume, indicating heightened market activity and investor interest, which could lead to further price increases [4] Group 2 - Market confidence in the innovative drug sector has strengthened due to 3SBio's success, leading investors to believe in the potential for future growth and investment opportunities [5] - The aging population and the growing demand for medication present significant opportunities for the pharmaceutical sector, particularly in innovative drugs combined with AI [6] - The investment strategy suggested includes long-term commitment and regular investments in funds related to the innovative drug sector, as the potential for returns is promising [6][7]