Group 1 - The innovative drug sector has emerged as a significant "dark horse" in the growth track since 2025, with the Hong Kong innovative drug ETF achieving a return of 103% over the past year [1] - The increase in business development (BD) transactions among Chinese biotech companies is driven by global pharmaceutical giants accelerating their acquisition activities in China [2][10] - Legal and compliance issues are critical in the complex negotiations between Chinese biotech firms and multinational pharmaceutical companies, especially for those still in clinical stages [2][12] Group 2 - The IPO process for biotech companies is challenging due to the lack of standardized regulations, which can lead to difficulties in meeting listing requirements [4][7] - Timing is crucial for IPO success; launching during a market downturn can result in lower investor interest and unfavorable valuations [8][11] - The market has shifted focus towards innovative products with "first-in-class" or "best-in-class" potential, leading to increased interest in BD transactions [11][12] Group 3 - High-quality BD transactions, particularly with multinational companies, can significantly enhance a biotech firm's valuation and credibility in the market [12][14] - The concept of "selling seedlings" refers to early-stage biotech companies licensing out their products, which can be a strategic move to secure funding for further development [14][15] - Concerns about the commitment of licensees to advance drug development highlight the importance of structuring agreements to protect the interests of the original developers [15][16]

三生制药（1530.HK）授权事件点评 [盈利预测与财务指标 Table_Forcast] 授权辉瑞重磅交易落地，看好 707 具有 BIC 潜力 2025 年 05 月 22 日 ➢ SSGJ-707 授权辉瑞，首付款高达 12.5 亿美元。5 月 20 日，三生制药 （01530.HK）宣布，公司及附属子公司沈阳三生、三生国健与辉瑞签署协议，将 向辉瑞独家授予公司自主研发的突破性 PD-1/VEGF 双特异性抗体 SSGJ-707 在 全球（不包括中国内地）的开发、生产、商业化权利。公司及沈阳三生将保留 SSGJ- 707 在中国内地的开发、生产、商业化权利，并基于届时商定的财务条款授予辉 瑞对 SSGJ-707 在中国内地开展商业化的选择权。根据协议，三生制药将获得 12.5 亿美元不可退还且不可抵扣的首付款，以及最高可达 48 亿美元的开发、监 管批准和销售里程碑付款。公司还将根据授权地区的产品销售额收取两位数百分 比的梯度销售分成。此外，辉瑞将于协议生效日认购三生制药价值 1 亿美元的普 通股股份。 ➢ 看好 SSGJ-707 具有 BIC 潜力，创新管线迎来收获期。SSGJ-707 是三生制 药基 ...

➢ 投资建议：公司核心管线 BD 落地带来业绩弹性，我们上调公司盈利预测， 预计公司 2025-2027 年营业总收入分别为 182.44/127.52/147.31 亿元；归母 净利润分别为 85.75/34.13/41.02 亿元，对应 EPS 分别为 3.57/1.42/1.71 元， 维持"推荐"评级。 ➢ 风险提示：集采风险，市场竞争加剧风险，政策变化风险，产品研发不及预 期风险，仿制药风险。 [盈利预测与财务指标 Table_Forcast] 三生制药（1530.HK）授权事件点评 授权辉瑞重磅交易落地，看好 707 具有 BIC 潜力 2025 年 05 月 22 日 ➢ SSGJ-707 授权辉瑞，首付款高达 12.5 亿美元。5 月 20 日，三生制药 （01530.HK）宣布，公司及附属子公司沈阳三生、三生国健与辉瑞签署协议，将 向辉瑞独家授予公司自主研发的突破性 PD-1/VEGF 双特异性抗体 SSGJ-707 在 全球（不包括中国内地）的开发、生产、商业化权利。公司及沈阳三生将保留 SSGJ- 707 在中国内地的开发、生产、商业化权利，并基于届时商定的财务条款授予辉 瑞对 SSGJ ...