百诚医药（301096）(301096.SZ)公告，公司与浙江众神创新医药科技有限公司(简称"众神创新")就1类 创新药BIOS-0629项目达成大中华地区独家授权合作并签署了《技术开发合作协议》及补充协议。 关于BIOS-0629项目研发进度，目前处于PCC阶段，其适应症为：实体瘤。根据协议，公司将负责合作 产品的研究开发工作、临床试验、注册申报等工作。众神创新负责大中华区域的研发转化、上市后生产 销售和市场拓展工作。合同签署后，众神创新根据研发节点支付里程碑款3亿元。合作产品在大中华区 上市后，公司另享有销售额10%的提成收益。 公告称，此次合作，双方将依托各自在创新药研发领域的资源与技术优势，深化协同创新，加速BIOS- 0629项目从实验室成果向临床应用的转化进程，共同推动创新成果。 ...

Core Viewpoint - The meeting between the Uzbek Consul General and Guangzhou Pharmaceutical Group highlights potential collaboration in various sectors, including trade, drug development, and traditional medicine exchange [1] Group 1: Company Activities - Guangzhou Pharmaceutical Group hosted a visit from the Uzbek Consul General, Sultanbek Imamov, along with representatives from its subsidiaries, including Tianxin Pharmaceutical and Wanglaoji Health [1] - Tianxin Pharmaceutical and Wanglaoji Health presented their overseas expansion efforts during the meeting [1] Group 2: Areas of Cooperation - The discussions focused on multiple areas of cooperation, such as bilateral trade of products, innovative drug research and development, investment in manufacturing facilities in Central Asia, and exchanges in traditional medicine [1]

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].