Core Viewpoint - The article discusses the strategic collaboration between Innovent Biologics and Eli Lilly to advance global research and development of innovative drugs in oncology and immunology, highlighting the financial terms and potential implications for both companies [1][3]. Summary by Sections Strategic Collaboration - Innovent Biologics announced a strategic partnership with Eli Lilly to develop innovative drugs in oncology and immunology, with Innovent leading the projects from drug discovery to clinical validation in China [1]. - The agreement includes an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion, along with a sales revenue sharing model for net sales outside Greater China [1]. Market Reaction - Following the announcement, Innovent's stock surged nearly 7%, reaching HKD 85 per share, with a market capitalization of HKD 147.6 billion [1]. Industry Context - Analysts note that multinational pharmaceutical companies are increasingly recognizing the value of Chinese innovative drug assets, shifting from high-risk acquisitions to collaborative models that leverage China's cost-effective and efficient R&D capabilities [3]. - However, some industry voices express concern that Innovent's role in drug development and commercialization in China may limit its long-term growth potential, as Eli Lilly retains global market rights [3]. Historical Collaboration - Innovent has a long-standing relationship with Eli Lilly, dating back to early investments and collaborations in drug development, including significant agreements in 2015 that set records for collaboration amounts between multinational and local companies [4][5]. - The partnership has led to successful product launches, including the PD-1 inhibitor, which became the first to be included in China's national medical insurance directory [4]. Financial Performance - Innovent's revenue has seen significant growth, with total revenue reaching CNY 3.844 billion in 2020, a 266.9% increase year-on-year, driven by product sales, particularly from its core product [5]. - The company aims to achieve CNY 11.9 billion in total product revenue by 2025, marking a 45% year-on-year increase, and has set a target of CNY 20 billion by 2027 [9]. Future Outlook - Innovent is focusing on expanding its product pipeline and has several products in critical phases of development, with plans to enhance its global presence through strategic collaborations [12]. - The company is also addressing potential challenges related to its pipeline and market positioning, aiming to balance revenue generation with R&D investments [14]. Industry Transformation - The article highlights a broader trend in the Chinese pharmaceutical industry, emphasizing the need for innovation to be recognized and valued globally, transitioning from efficiency-driven to quality and originality-driven innovation [15].

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing significant growth, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rising nearly 2% and achieving a trading volume exceeding 750 million yuan, indicating renewed investor interest [1][3]. Group 1: Company Developments - Innovent Biologics announced a strategic partnership with Eli Lilly to advance global R&D in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [3]. - The stock performance of key companies within the ETF is positive, with Innovent Biologics up over 4%, BeiGene and China National Pharmaceutical Group up over 3%, and CSPC Pharmaceutical Group and Hansoh Pharmaceutical up over 1% [3][4]. Group 2: Industry Trends - The Chinese innovative drug sector is transitioning from "scale accumulation" to "value release," with a projected increase in License-out transactions from $2.562 billion in 2017 to $140.274 billion by 2025, indicating a significant leap in global recognition [5]. - By 2025, over 70% of companies in the innovative drug sector are expected to achieve revenue growth, with companies like BeiGene reporting revenues exceeding 36 billion yuan, showcasing strong commercialization capabilities [6]. - The innovative drug sector is entering a phase of profitability, with companies like Innovent Biologics and Rongchang Biologics achieving breakeven, while others like Elysium and Rongchang Biologics maintain robust growth [9][11]. Group 3: Investment Opportunities - The innovative drug sector is expected to see a surge in clinical data releases in 2026, with major academic conferences likely to provide further validation for domestic innovative drugs [8]. - Investment strategies should focus on core areas such as small nucleic acids, bispecific antibodies, and ADCs, while also capitalizing on performance forecast windows to identify high-potential stocks [8][12].

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, with Innovent leading the projects in China while Eli Lilly retains exclusive rights outside Greater China [1]. Group 1: Partnership Details - Innovent Biologics will receive an upfront payment of $350 million and is eligible for up to $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1]. - The collaboration marks the seventh partnership between Innovent and Eli Lilly, highlighting a long-standing relationship that has evolved from capital investment to product commercialization [2]. - Innovent has previously collaborated with Eli Lilly on multiple projects, including agreements that set records for cooperation amounts between multinational and local pharmaceutical companies [2][3]. Group 2: Financial Performance - In 2020, Innovent achieved total revenue of 3.844 billion yuan, a year-on-year increase of 266.9%, with product revenue reaching 2.368 billion yuan, a 133.0% increase [3]. - The company anticipates total product revenue of approximately 11.9 billion yuan in 2025, marking a 45% year-on-year growth and the first time surpassing 10 billion yuan in product revenue [7]. - Innovent aims to achieve a product revenue scale of 20 billion yuan by 2027 and plans to advance five core pipelines into global Phase III clinical trials by 2030 [7]. Group 3: Globalization Strategy - Innovent's collaboration model has become a crucial component of its product pipeline, with 18 approved products, many developed through partnerships [6]. - The company is focusing on reducing reliance on external collaborations while enhancing its core R&D capabilities [10]. - Innovent's internationalization journey reflects the broader trend of Chinese innovative pharmaceutical companies transitioning to global markets, emphasizing the need for quality and originality in innovation [10].

2026年开年以来，国产创新药BD出海延续火热态势，此前石药-阿斯利康（185亿美元）、荣昌-艾伯维 （56亿美元）等重磅合作充分印证国产创新药国际竞争力提升，信达生物本次88.5亿美元大动作为创新 药出海再添一把火！ | 转让方 | 受让方 | 2026年以来中国创新药出海授权交易一览(部分 最高里程碑付款 | 首付款 | | --- | --- | --- | --- | | 石药集团 | 阿斯利康 | 173亿美元 | 12亿美元 | | 荣昌生物 | 艾伯维 | 49.5亿美元 | 6.5亿美元 | | 泽璟制药 | 艾伯维 | 11.35亿美元 | 1亿美元 | | 灰龍ણ | AirNexis | 9.55亿美元 | 1.08亿美元 | | 先声药业 | 勃林格殷格翰 | 10.16亿欧元 | 4200万欧元 | | 宜联生物 | 器联 | 5.7亿美元 | 未单独披露 | | 数据截至2026年1月30日。 | | | | 值得一提的是，港股通创新药板块当前处于阶段低位，港股通创新药ETF（520880）场内价格于上周创 下上市以来新低。低位吸纳创新药便宜筹码，认准港股通创新药ETF（52088 ...

2月6日，复宏汉霖召开了投资者交流会。会上，朱俊表示，复宏汉霖从三年前就开始对日本市场进行战 略性布局并组建了当地团队，原拟自行进行汉斯状在日本的上市及商业化工作，之所以放弃原计划，转 而与卫材进行"出海"合作，主要是因为卫材给出的报价"非常有诚意"。 另据复宏汉霖官方微信号消息，目前，汉斯状正在日本开发的适应症有：广泛期小细胞肺癌、非微卫星 高度不稳定型转移性结直肠癌，并计划开展一项针对胃癌围手术期治疗的临床研究。 关于这些适应症的开发进度，复宏汉霖首席商务发展官、高级副总裁曹平在投资者交流会上对记者表 示，针对广泛期小细胞肺癌，复宏汉霖正在日本开展二期桥接临床试验，预计可在卫材的2026财年期间 在日本递交上市申请；针对非微卫星高度不稳定型转移性结直肠癌，汉斯状正在进行国际多中心三期临 床试验。"根据现有的开发进度时间表，预计到2028年，汉斯状应用于广泛期小细胞肺癌、非微卫星高 度不稳定型转移性结直肠癌治疗的适应症有望在日本获批，胃癌围手术期治疗的适应症则有望于2029年 获批。"曹平透露。 这也就是说，最早于2028年，汉斯状可在日本产生销售，复宏汉霖可获得销售提成。 日前，上海复宏汉霖生物技术股份有 ...

Group 1: US Pharmaceutical Earnings Season - Eli Lilly reported Q4 revenue of $19.3 billion, a 43% year-over-year increase, with non-GAAP EPS of $7.54, up 42%. The weight loss drug Zepbound has surpassed Novo Nordisk's Wegovy in prescriptions, and the 2026 revenue guidance is set at $80-83 billion, exceeding market expectations with a projected growth of 27% [1][10]. - Novo Nordisk's sales for semaglutide (Ozempic/Wegovy) are expected to reach $34.608 billion in 2025, accounting for 73.9% of total revenue. In China, Ozempic's sales are approximately ¥5.932 billion, while Wegovy's are about ¥874 million. The oral version of Wegovy is set to launch in the US on January 5, 2026, with around 50,000 prescriptions within the first month [2][10]. - Merck's Keytruda achieved annual sales of $31.68 billion, a 7% increase, nearing 50% of total revenue. The new pulmonary hypertension drug Winrevair generated $1.443 billion in sales, more than tripling from 2024 [4][10]. - Johnson & Johnson's Q4 revenue was $24.56 billion, exceeding expectations, with a 10% increase in the innovative pharmaceuticals segment. The 2026 revenue guidance is set at $99.5-100.5 billion, also above expectations [6][10]. - Pfizer's Q4 revenue was $17.6 billion, with a 9% increase excluding COVID products. The 2026 revenue guidance is conservative at $59.5-62.5 billion, reflecting declines in COVID product sales and patent expirations [7][10]. - Sanofi's Q4 earnings exceeded expectations, with record sales of Dupixent reaching €4.246 billion, a 32.2% year-over-year increase [8][10]. Group 2: Industry Trends and Insights - The current earnings season indicates that in the innovative-driven pharmaceutical industry, there are no eternal leaders, only continuous evolution [9][10]. - The competition in the GLP-1 drug market has intensified, with Eli Lilly's tirzepatide overtaking Novo Nordisk's semaglutide, marking a new phase in the industry [10]. - The slowdown in sales growth for Merck's Keytruda, despite record sales, highlights the need for new products and acquisitions to navigate the post-Keytruda era [10]. - The focus of competition is shifting from injectable to oral formulations, as seen with Novo Nordisk's oral Wegovy and Eli Lilly's multi-target drug Retatrutide, to build product moats [10]. - Price competition and pipeline iteration will be key observation points, with the impact of US drug pricing legislation becoming evident and the onset of a "price war" among GLP-1 drugs [10]. Group 3: Hong Kong Pharmaceutical Sector Opportunities - The Hong Kong pharmaceutical sector has seen significant changes, with innovation drugs remaining the strongest growth engine, shifting from "signing" to "realization" of value [11][12]. - The medical device sector is experiencing a "double recovery" opportunity as the impact of centralized procurement policies diminishes, leading to performance and valuation recovery [13][14]. - The Chinese traditional medicine sector is active, driven by favorable policies, but there is a "temperature difference" between policy drivers and fundamental performance, necessitating careful selection of stocks [17][19]. Group 4: ETF Configuration and Strategy - Valuations in the Hong Kong medical sector remain attractive, with the latest PE ratio at 30.77x, still low compared to the past five years [18][19]. - Macro liquidity conditions are favorable, with expectations of RMB appreciation and stable HKD attracting funds to Hong Kong stocks [18][19]. - The upcoming National People's Congress in March will clarify annual growth targets and industry policy priorities, serving as a critical point for risk appetite re-evaluation [18][19].

Core Insights - Shanghai Junshi Biosciences Co., Ltd. (referred to as "Junshi") and Eisai Co., Ltd. (referred to as "Eisai") have announced an exclusive commercialization and co-development agreement for the anti-PD-1 monoclonal antibody Hansizhuang (sulunlimab) in Japan [1] - Under the agreement, Eisai will pay Junshi an upfront payment of $75 million, with potential regulatory milestone payments up to $80.1 million and sales milestone payments up to $233.3 million, in addition to a double-digit percentage royalty on product sales [1] - Hansizhuang has already been approved in China for multiple indications, including squamous non-small cell lung cancer (sqNSCLC), extensive small cell lung cancer (ES-SCLC), non-squamous non-small cell lung cancer (nsqNSCLC), and esophageal squamous cell carcinoma (ESCC) [1] Group 1 - The agreement allows Hansizhuang to enter the Japanese market [1] - In Japan, Hansizhuang will be used for the treatment of extensive small cell lung cancer and non-microsatellite instability-high metastatic colorectal cancer, with plans for clinical research in perioperative treatment of gastric cancer [1] - Junshi will also assume the marketing authorization holder (MAH) responsibilities for the product in Japan [1] Group 2 - Junshi is currently conducting a Phase II bridging clinical trial for extensive small cell lung cancer in Japan, with plans to submit a marketing application during Eisai's fiscal year 2026 based on the trial results [2] - Additionally, Junshi is advancing an international multicenter Phase III clinical trial for Hansizhuang targeting non-microsatellite instability-high metastatic colorectal cancer, with further new indications in planning [2]

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market is showing signs of recovery due to factors such as earnings recovery, improved liquidity, low valuations, and policy support [1] - The macroeconomic environment is in the early stages of recovery, leading to a moderate recovery in corporate earnings, with AI commercialization and innovative pharmaceuticals being key growth drivers [1] - There is a significant net inflow of southbound funds, and the expectation of interest rate cuts by the Federal Reserve is contributing to a more accommodative global liquidity environment, making the current valuations in the Hong Kong stock market attractive [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects 50 large enterprises from those available for trading through the Stock Connect, covering various sectors such as finance, consumer discretionary, and telecommunications [1] - The constituent stocks of the index are primarily blue-chip companies, focusing on the financial sector, characterized by high dividend yields and relatively stable market features [1]

证券研究报告 行业研究 / 行业点评 2026 年 02 月 02 日 行业及产业 医药生物 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业跟踪报告：医药板块迎来开门红， 2026 年继续看好创新出海和硬科技》 2026-01-13 《2026 年度医药行业策略：创新出海新征程， 寻找需求新增量》2026-01-05 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com ——医药行业跟踪报告 MNC 重金加码中国创新药，中国 IO2.0 双抗出海迈出关键一步 强于大市 投资要点： 医药板块行情复盘：本周（1/26~2/1）市场以震荡调整为主，SW 医药生物指数下跌 3.31%， 在申万一级行业指数中排名 22/31，跑输沪深 300 指数（+0.08%）；各细分板块中，血液 制品（-0.99%）、疫苗（-1.65%）表现相对较好，主要与尼帕病毒概念相关，部分 CXO 个 股由于业绩催化表现较为突出，线下药店（-4.83%）和医院（-4.47%）表现较弱。港股创新 药回调明显，恒生生物科技指 ...

Core Viewpoint - Dize Pharmaceutical has submitted an application for a Hong Kong stock listing, aiming to leverage the international financing platform and higher valuation standards of the Hong Kong market to enhance its global market presence and attract international investors [1][2]. Group 1: Company Developments - Dize Pharmaceutical has achieved a revenue of 586 million yuan in the first three quarters, representing a 73% year-on-year increase, and is expected to reach approximately 800 million yuan for the full year, with a projected growth of 122.28% [2]. - The company has achieved commercial profitability, with product revenues covering all operating expenses beyond R&D costs, marking a significant milestone [2]. - The launch of its core product, Shuwozhe®, which received FDA accelerated approval, has established Dize's capability to transition from laboratory to international market, opening new overseas growth opportunities [2]. Group 2: Market Strategy - The decision to list in Hong Kong aligns with Dize's strategy to utilize the advantages of dual listings to attract international investors and facilitate collaboration with multinational pharmaceutical companies [1]. - Dize's product pipeline is developed with a global synchronization strategy, aiming to create a differentiated matrix of globally innovative and best-in-class potential products [1]. - The company plans to maintain a high level of R&D investment, with ongoing progress in product development and expansion of indications for already launched products [2].