MNC押注超长效多肽药物，角逐减重与代谢大市场 2025年11月，辉瑞经过与诺和诺德激烈竞价最终以100亿美元对价实现对减肥药研发企业Metsera的收 购，Metsera基于其专有NuSH平台实现了MET-097(GLP-1，临床II期)的超长半衰期，使其具备每月注射 一次的药代动力学基础。而公司SYH2082是一款正推进至临床I期的每月一次注射长效GLP1R/GIP激动 剂，该行期待有更多优异疗效和安全性数据读出。 对外授权持续兑现，有望形成常态化收入 2025年公司已实现口服小分子GLP-1(1.2亿美元首付款)、阿斯利康战略合作(1.1亿美元预付款)、伊利替 康脂质体(1500万美元首付款)、ROR1ADC(1500万美元首付款)的对外授权。公司研发管线中还有EGFR ADC/SiRNA系列等进度领先的创新资产，该行期待有望持续实现对外授权落地和更多里程碑收入确 认。 中金发布研报称，维持石药集团(01093)"跑赢行业"评级，考虑对外授权持续兑现上调目标价9.1%到12 港元。该行维持公司25/26年盈利预测47.60亿元/53.53亿元，引入2027年56.95亿元预期。石药集团公告 与阿斯利康签 ...

智通财经APP获悉，中金发布研报称，维持石药集团(01093)"跑赢行业"评级，考虑对外授权持续兑现上 调目标价9.1%到12港元。该行维持公司25/26年盈利预测47.60亿元/53.53亿元，引入2027年56.95亿元预 期。石药集团公告与阿斯利康签订研发合作与授权协议。 中金主要观点如下： 2025年11月，辉瑞经过与诺和诺德激烈竞价最终以100亿美元对价实现对减肥药研发企业Metsera的收 购，Metsera基于其专有NuSH平台实现了MET-097(GLP-1，临床II期)的超长半衰期，使其具备每月注射 一次的药代动力学基础。而公司SYH2082是一款正推进至临床I期的每月一次注射长效GLP1R/GIP激动 剂，该行期待有更多优异疗效和安全性数据读出。 中国创新药授权出海再获里程碑式突破 对外授权持续兑现，有望形成常态化收入 根据公告，石药集团及附属公司授权阿斯利康在全球范围内(除中国内地/港澳台)独家开发、生产和商业 化8个创新长效多肽药物项目(包括SYH2082及3个临床前阶段分子，并就另4个新增项目进行合作)，阿 斯利康将支付合计12亿美元预付款以及后续累计最高35亿/138亿美元的开发/ ...

（GLP-1，临床II期）的超长半衰期，使其具备每月注射一次的药代动力学基础。而公司SYH2082 是一 款正推进至临床I期的每月一次注射长效GLP1R/GIP激动剂，我们期待有更多优异疗效和安全性数据读 出。 对外授权持续兑现，有望形成常态化收入。2025 年公司已实现口服小分子GLP-1（1.2 亿美元首付 款）、阿斯利康战略合作（1.1亿美元预付款）、伊利替康脂质体（1500 万美元首付款）、ROR1ADC （1500 万美元首付款）的对外授权。公司研发管线中还有EGFR ADC/SiRNA系列等进度领先的创新资 机构：中金公司 研究员：俞波/陈诗雨/张琎 公司近况 石药集团公告与阿斯利康签订研发合作与授权协议。 评论 中国创新药授权出海再获里程碑式突破。根据公告，石药集团及附属公司授权阿斯利康在全球范围内 （除中国内地/港澳台）独家开发、生产和商业化8 个创新长效多肽药物项目（包括SYH2082及3 个临床 前阶段分子，并就另4 个新增项目进行合作），阿斯利康将支付合计12 亿美元预付款以及后续累计最高 35 亿/138 亿美元的开发/销售里程碑款项。其中巨石生物（新诺威控股子公司）有权收取首付款的3 ...

Group 1 - The U.S. plans to impose a 100% tariff on patented and branded drugs starting October 1, which has led to a significant drop in A-share pharmaceutical stocks, particularly in the CRO and chemical pharmaceutical sectors, with declines exceeding 2% [2] - The proposed tariffs do not apply to raw materials, and it is believed that the tariffs will mainly affect patented drugs, while generic drugs will be exempt [2][3] - Companies such as Huahai Pharmaceutical and Haizheng Pharmaceutical have stated that they will not be affected as they primarily sell generic drugs in the U.S. market [2][3] Group 2 - Kelun Pharmaceutical also confirmed that it would not be impacted by the tariff changes [3] - Currently, among A-share pharmaceutical companies, only BeiGene is independently selling innovative drugs in the U.S. market [4] - BeiGene's stock price fell over 4% on September 26, but company insiders indicated that the tariff policy lacks specific details and should have a limited impact, as their New Jersey facility is in the process of testing and certification [5]

Core Insights - China's innovative drug sector is experiencing explosive growth, with overseas licensing transaction amounts significantly increasing [1] - In the first half of this year, the transaction amount for innovative drug licensing has already exceeded $66 billion, surpassing the total for the entire previous year [1] - The emergence of AI model DeepSeek has drawn global attention, paralleling the advancements in China's biotechnology sector, marking a transition from generic drugs to innovative drugs [1] Industry Developments - Chinese pharmaceutical companies are attracting numerous international collaborations, indicating a shift in the global perception of China's drug innovation capabilities [1] - Notable partnerships include Pfizer's payment of $1.25 billion for the overseas licensing of an innovative drug from 3SBio in May [1] - Major US pharmaceutical companies such as AbbVie, Merck, and Regeneron have signed licensing agreements worth billions with Chinese firms in the first half of this year [1]

Core Insights - In 2024, the company achieved a sales revenue of 138.92 billion yuan from innovative drugs, marking a year-on-year increase of 30.60%, with innovative drug sales accounting for over half of the total sales revenue [1][2] - The company's total operating revenue reached 279.85 billion yuan, a 22.63% increase year-on-year, while net profit attributable to shareholders rose by 47.28% to 63.37 billion yuan [1][2] - The growth in performance is primarily driven by the revenue from innovative drugs, with 19 new molecular entities and 4 other innovative drugs approved for sale in China [1][2] Innovative Drug Development - The company has entered into 13 overseas licensing collaborations for innovative drugs, with 8 of these agreements made in the last three years, contributing to new revenue growth [1][2] - In 2024, the company received significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million USD from Kailera Therapeutics, which positively impacted profits [2] - The company anticipates 47 innovative products to be approved for market, covering various therapeutic areas, with 11 projects expected to launch this year [3] Research and Development Investment - The company reported a record R&D investment of 82.28 billion yuan in 2024, with 65.83 billion yuan classified as expensed R&D, representing 29.40% of total sales revenue [2] - Currently, there are 18 applications for new drug approvals under review by the National Medical Products Administration, with over 90 innovative products in clinical development and approximately 400 clinical trials ongoing [2] Financial Position - As of December 31, 2024, the company had cash and cash equivalents amounting to 248.16 billion yuan, reflecting a year-on-year increase of 19.62% [3]