证券代码：688180 证券简称：君实生物 公告编号：临2026-005 上海君实生物医药科技股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3.预计本报告期扣除股份支付影响后实现归属于母公司所有者的净利润-79,798.56万元左右，与上年同 期相比亏损减少48,294.08万元左右，同比亏损减少37.70%左右。预计本报告期扣除股份支付影响后实 现归属于母公司所有者扣除非经常性损益后的净利润-91,246.08万元左右，与上年同期相比亏损减少 37,742.71万元左右，同比亏损减少29.26%左右。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以上海君实生物 医药科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 ...

（文章来源：每日经济新闻） 华福证券指出，TPD赛道研发火热，蛋白降解技术（包括分子胶、PROTAC等）在自身免疫疾病领域进 展迅速，STAT6、IRAK4、IRF5、VAV1、NLRP3、NEK7等热门小分子靶点备受关注。这些靶点在临床 或临床前阶段展现出优异疗效与安全性，为自免疾病治疗开辟新路径。从2026年开始，众多自免TPD靶 点将迎来数据读出，或进入到临床关键性阶段，值得重点关注。在医疗器械领域，设备方面关注补库和 招投标，如手术机器人和内镜等；耗材方面关注集采受益的创新耗材，如神经介入、外周介入和电生理 等方向。 科创创新药ETF国泰（589720）跟踪的是科创新药指数（950161），单日涨跌幅限制达20%，该指数聚 焦于科技创新驱动的新型药物研发领域，成分股涵盖从事创新药物研究、开发与生产的上市公司。指数 侧重于生物医药行业的高成长性和创新性，以反映相关企业在新药研发方面的表现及市场价值。 ...

同一报道显示，康乃德于2026年2月初完成2500万美元A轮融资，由启明创投领投，北极光创投等机构 跟投，预计资金将用于加速创新药物管线的开发，包括CBP-307、CBP-174等临床阶段项目。 机构观点 经济观察网2026年2月12日分析指出，尽管近期股价波动显著（2月5日至11日区间振幅达23.61%），但 机构评级维持强力买入建议，多家机构关注其T细胞调节平台的长期潜力。 经济观察网 康乃德生物近期在研发和融资方面取得进展，其核心药物CBP-307即将进入II期临床试验， 并完成2500万美元A轮融资。 公司项目推进 根据医管攻略2026年2月4日的报道，康乃德的主要候选药物CBP-307（用于治疗多发性硬化症、炎症性 肠病等自身免疫疾病）已完成I期临床试验，并即将进入II期临床试验阶段，这是公司研发管线的关键进 展。 资金动向 以上内容基于公开资料整理，不构成投资建议。 ...

2026 年 02 月 09 日 王睿哲 C0062@capital.com.tw 目标价(港币) 98 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/02/06) | | 79.50 | | 恒生指数(2026/02/06) | | 26560.00 | | 股价 12 个月高/低 | | 107.00 / 33.05 | | 总发行股数(百万) | | 1735.19 | | H 股数(百万) | | 1735.19 | | H 市值(亿港币) | | 1379.47 | | 主要股东 | | 俞德超(5.36%) | | 每股净值(港币) | | 9.8324 | | 股价/帐面净值 | | 8.0855 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.97 -6.69 139.82 | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/10/22 | 88.00 | 买进 | | 产品组合 | | | --- | --- | | 药品销售 | 87% ...

2026 年 02 月 09 日 王睿哲 C0062@capital.com.tw 目标价(港币) 98 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/10/22 | 88.00 | 买进 | | 产品组合 | | | --- | --- | | 药品销售 | 87% | | 企业授权产品 | 12% | | 研发收入 | 1% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 信达生物 (01801.HK) 买进（Buy） 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/02/06) | | 79.50 | | 恒生指数(2026/02/06) | | 26560.00 | | 股价 12 个月高/低 | | 107.00 / 33.05 | | 总发行股数(百万) | | 1735.19 | | H 股数(百万) | | 1735.19 | | H 市值(亿港币) | | 1379.47 ...

这一独特的合作架构也为信达生物打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。 根据合 【信达生物】更新：与礼来达成全球战略合作，驱动创新加速与价值兑现 事件：2026年2月8日，信达生物宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 本次协议为双方第七次合作，进一步深化了双方长期且富有成效的合作伙伴关系，携手为全球患者带来创新药 物。 【信达生物】更新：与礼来达成全球战略合作，驱动创新加速与价值兑现 事件：2026年2月8日，信达生物宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 本次协议为双方第七次合作，进一步深化了双方长期且富有成效的合作伙伴关系，携手为全球患者带来创新药 物。 合作看点2：信达生物的核心竞争力在于成熟的抗体技术平台和高效的临床研发能力，在本次合作中被反复强调， 作为主导早期研发的基础。 1）抗体技术平台：成熟的全人抗体发现平台，支持单抗、双抗、三抗、ADC、融合蛋白等。 这一独特的合作架构也为信达生物打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。 根据合作协议，双方将发挥互补优势，加快推进创新药物的全球研发工作。 ...

Group 1 - The core viewpoint of the article is that Innovent Biologics (1801.HK) has entered a strategic collaboration with Eli Lilly to advance the global development of innovative drugs in oncology and immunology [1] - Innovent Biologics experienced a nearly 9% increase in stock price, reaching HKD 86.3 at the beginning of trading [1] - According to the agreement, Innovent will receive an upfront payment of USD 350 million (approximately HKD 2.73 billion) [1] Group 2 - The collaboration includes potential milestone payments totaling up to USD 8.5 billion (approximately HKD 66.3 billion) based on the achievement of specific development, regulatory, and commercialization milestones [1] - Innovent will also have the right to receive a tiered sales share from the net sales of each product outside of Greater China [1]

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, marking a significant milestone in their long-term partnership [2][3]. Group 1: Strategic Collaboration Details - Innovent Biologics will receive an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future achievements [2]. - The agreement allows Innovent to retain all rights to the products in Greater China while granting Eli Lilly exclusive global development and commercialization rights outside this region [2]. - This partnership represents the seventh collaboration between the two companies, enhancing their productive relationship and establishing a new cooperative model for global drug development [2]. Group 2: Company Performance and Future Outlook - Innovent Biologics is expected to achieve total product revenue exceeding 11.9 billion RMB in 2025, reflecting a year-on-year growth rate of approximately 45% [3]. - In the fourth quarter of 2025, the company anticipates total product revenue of around 3.3 billion RMB, with a year-on-year increase of over 60% [3]. - The company is focusing on accelerating global clinical development of its innovative pipeline, particularly in next-generation tumor immunotherapy (IO) and antibody-drug conjugates (ADC) [3]. Group 3: Market Position - As of February 6, 2023, Innovent Biologics' stock closed at 79.5 HKD per share, with a market capitalization of 137.9 billion HKD [4].

Group 1 - The company expects a net profit loss of 66 million to 96 million yuan and a non-recurring net profit loss of 79 million to 110 million yuan for the year 2025, primarily due to intensified competition in the generic drug market and the impact of the MAH policy [1] - The company aims to return to a growth trajectory by actively innovating and optimizing its business structure in response to changes in the industry policy environment [1] - The company has established long-term partnerships with key domestic pharmaceutical companies and MAH clients, enhancing its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) [1] Group 2 - The company has a strong pipeline of self-researched value-added products, with 132 R&D projects, of which 37 have been approved, and many others are in the registration process, expected to contribute to stable revenue growth [2] - The company is actively transforming its drug development focus, with 15 innovative drug projects covering various therapeutic areas, and has entered a collaboration for its self-researched oncology drug BIOS-0629, which will provide milestone payments and revenue sharing [2] - Despite short-term performance pressures, the company has significant long-term growth potential, with revised earnings per share forecasts for 2025-2026 being -0.63 and 0.37 yuan, and a target price of 53.84 yuan based on DCF valuation [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.84 CNY [4][7]. Core Insights - The company's short-term performance is under pressure due to intensified competition and policy impacts, leading to a downward revision of revenue and profit forecasts for 2025-2026 [4][10]. - Despite the short-term challenges, the company has significant long-term growth potential driven by self-research and innovation transformation [4][10]. - The company is expected to leverage its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) to enhance its business structure and return to a growth trajectory [10]. - The company has a robust pipeline of self-researched products, with 132 projects under development, including 37 approved projects, which are anticipated to contribute positively to future revenues [10]. - The company is actively transitioning to innovative drug development, with 15 ongoing projects in critical therapeutic areas, which could provide a second growth curve through partnerships and milestone payments [10]. Financial Summary - Revenue is projected to decline from 1,017 million CNY in 2023 to 696 million CNY in 2025, with a recovery expected in subsequent years [6][12]. - The net profit attributable to the parent company is forecasted to be a loss of 53 million CNY in 2024, with a gradual return to profitability by 2026 [6][12]. - The earnings per share (EPS) is expected to drop to -0.63 CNY in 2025, before recovering to 0.37 CNY in 2026 and 0.61 CNY in 2027 [6][12]. - The gross margin is projected to decrease from 65.5% in 2023 to 52.0% in 2024, with a gradual recovery thereafter [6][12].