据广药白云山消息，近日，乌兹别克斯坦驻广州总领事苏丹别克・伊马莫夫一行到访广药集团，广药集 团党委书记、董事长李小军予以接待。广药集团相关部室，旗下天心药业、王老吉大健康等企业代表以 及佰德会展集团负责人参加座谈交流。座谈会上，天心药业、王老吉大健康分别介绍了企业的出海情 况。随后，各方围绕产品双向贸易、创新药研发合作、中亚投资设厂、传统医药交流等多领域合作展开 深入探讨，交换了意见与思路。 ...

Core Viewpoint - HengRui Pharma has entered into a collaboration agreement with GlaxoSmithKline (GSK) for the global exclusive rights to the HRS-9821 project and up to 11 additional projects, excluding China, which will significantly enhance HengRui's globalization efforts and provide GSK with substantial growth opportunities post-2031 [2][3] Group 1 - GSK will pay HengRui a $500 million upfront payment as part of the agreement [2] - If all projects are exercised and milestones achieved, HengRui could receive potential milestone payments totaling approximately $12 billion [2] - The collaboration aims to expand GSK's research pipeline in areas such as respiratory, autoimmune, inflammation, and oncology, with all projects assessed to have the potential to become "best-in-class" or "first-in-class" [2] Group 2 - HRS-9821 is currently in clinical development for the treatment of chronic obstructive pulmonary disease (COPD) as an adjunctive maintenance therapy [2] - The agreement includes a groundbreaking large-scale collaboration plan, where HengRui will lead the development of up to 11 projects, with each project having its own financial structure [2] - HengRui's Executive Vice President and Chief Strategy Officer emphasized that this strategic partnership marks a significant milestone in HengRui's internationalization process [3]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector [3][6]. Core Insights - A significant collaboration has been established between Sanofi and Pfizer regarding SSGJ-707 (PD-1/VEGF dual antibody), with an upfront payment exceeding $1.25 billion and potential total payments reaching $4.8 billion, including milestone payments and a double-digit percentage sales share [3][7]. - The Hang Seng Healthcare Index increased by 6.83%, outperforming the Hang Seng Index by 6.44 percentage points [6]. Summary by Sections 1. Overseas Pharmaceuticals - Sanofi and Pfizer's collaboration on SSGJ-707 includes global development rights, with Sanofi receiving an upfront payment of $1.25 billion and potential total payments of up to $4.8 billion [3][7]. - Kelun Biotech's TROP2 ADC has received acceptance for a new indication application, targeting HR+ HER2- breast cancer patients [3][7]. - Innovent Biologics' CD19 monoclonal antibody has been approved for the treatment of relapsed/refractory diffuse large B-cell lymphoma in China [3][7]. - The report highlights the approval of BMS's TYK2 inhibitor for a new indication and a collaboration between Roche and Orionis for small molecule drugs [4][8]. 2. Overseas Social Services - Ctrip's Q1 2025 revenue increased by 16% to 13.9 billion yuan, with a non-GAAP operating profit of 4 billion yuan, maintaining a profit margin of 29% [12]. - The report maintains a target price of 590 HKD for Ctrip, with a "Buy" rating [12]. 3. Overseas Education - The education index rose by 1.4%, outperforming the Hang Seng National Enterprises Index by 0.7 percentage points [16]. - The report suggests focusing on vocational education companies, particularly China Oriental Education, due to a rebound in training demand [18].