证券研究报告 公司研究 ➢ 业绩呈现逐季度加速趋势，功能药效业务具备高成长潜力。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药康生物(688046) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现逐季度加速趋势，积极培育全人源抗 体平台 [Table_ReportDate] 2025 年 10 月 28 日 [Table_S 事件：2025 ummar年前三季度公司实现营业收入 y] 5.76 亿元，同比增长 12.92%； 实现归母净利润 1.10 亿元，同比增长 11.90%；实现扣非净利润 0.93 亿元， 同比增长 29.21%。单季度来看，2025Q3 公司实现营业收入 2.01 亿元，同 比增 ...

Core Insights - The article highlights the recognition of HAPO Pharmaceutical and its subsidiary Nona Bio for their innovative human-derived heavy chain antibody (HCAb) technology, which addresses the challenges of long development cycles, high costs, and significant risks in the biopharmaceutical industry [1][2] - HAPO's HCAb technology is seen as a key to unlocking the next generation of biopharmaceuticals, with advantages in molecular size, antigen recognition, and tissue penetration [2][4] - The company has established a flexible and diverse business model that enhances its competitive edge, attracting partnerships with major pharmaceutical companies like AstraZeneca and Pfizer [4][5] Technology and Innovation - HAPO's proprietary Harbour Mice platform is a rare human antibody development platform capable of generating both dual light chain (H2L2) and heavy chain (HCAb) monoclonal antibodies [2] - The HCAb Plus™ platform has been developed to support the creation of complex molecules such as bispecific antibodies and antibody-drug conjugates (ADCs) [2][5] - The company has launched an AI-assisted drug discovery engine, Hu-mAtrIx™, to accelerate antibody discovery across various therapeutic areas [7] Business Model and Partnerships - HAPO has successfully engaged in over ten licensing agreements with major pharmaceutical companies, leveraging a License-out model [4] - The NewCo model allows HAPO to deepen collaborations through joint ventures, exemplified by its partnership with Boston Children's Hospital [4] - A notable partnership with AstraZeneca includes a $4.575 billion deal and a $105 million equity investment, marking a shift from single transactions to strategic partnerships [4] Financial Performance - HAPO has achieved profitability in 2023 and 2024, with a reported net profit of approximately 523 million yuan in the first half of the year, reflecting a 51-fold year-on-year increase [5][8] - The company aims to become a global leader in antibody drug development, targeting a growth trajectory similar to that of Regeneron [7][8] Future Goals - HAPO's strategic focus is on "platform monetization + pipeline breakthroughs," with plans to solidify its position as a "new infrastructure" in global antibody drug development [7] - The company has developed over 20 innovative products with differentiated competitive advantages, including the core product HBM9161, which received breakthrough therapy designation from the National Medical Products Administration [7][8]