医药生物 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-02 2025-06 2025-10 医药生物 沪深300 相关研究报告 《加速出海叠加商业化兑现，创新药 行业持续向上—行业周报》-2026.2.8 《供需双改善，国内临床 CRO 行业进 入发展新阶段—行业周报》-2026.2.1 《原料药行业价格更新—行业周报》 -2026.1.25 GSK 联手中国新锐，siRNA 赛道布局再下一城 ——行业周报 | 余汝意（分析师） | 巢舒然（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | chaoshuran@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525110001 | 证书编号：S0790124070022 | GSK 携手前沿生物加速布局 siRNA，中国企业研发实力正获国际认可 GSK 重点合作布局小核酸，已具有多款重磅管线。据 Insight 统计，自 ...

医药生物 《加速出海叠加商业化兑现，创新药 行业持续向上—行业周报》-2026.2.8 《供需双改善，国内临床 CRO 行业进 入发展新阶段—行业周报》-2026.2.1 《原料药行业价格更新—行业周报》 -2026.1.25 GSK 联手中国新锐，siRNA 赛道布局再下一城 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-02 2025-06 2025-10 医药生物 沪深300 相关研究报告 ——行业周报 | 余汝意（分析师） | 巢舒然（分析师） | 刘艺（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | chaoshuran@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525110001 | 证书编号：S0790124070022 | GSK 携手前沿生物加速布局 siRNA，中国企业研发实力正获国际认可 GSK 重点合作布局小核酸，已具有多款重磅管线。据 Insight 统计，自 ...

Core Insights - The company is advancing multiple clinical research programs, including Nectin-4 ADC (9MW2821) and B7-H3 ADC (7MW3711), targeting various cancers with promising clinical data and development strategies [1][2][5]. Group 1: Nectin-4 ADC (9MW2821) - Nectin-4 ADC (9MW2821) utilizes a next-generation conjugation technology, MMAE toxin, and DAR4 design, currently in clinical research for urothelial carcinoma, cervical cancer, triple-negative breast cancer, and esophageal cancer [1][4]. - Over 1,900 patients have been enrolled in clinical trials, with several indications progressing ahead of global competitors [1][4]. - Three pivotal Phase III trials are ongoing, with interim analyses planned for 2026, potentially leading to a new drug application meeting with CDE [1][4]. Group 2: B7-H3 ADC (7MW3711) - B7-H3 ADC (7MW3711) has completed Phase II trials, with data presented at the 2025 ESMO conference showing an objective response rate (ORR) of 42.9% for esophageal cancer and 50.0% for small cell lung cancer at a dose of 4.0 mg/kg [2][5]. - The drug demonstrates good tolerability and anti-tumor activity, with a disease control rate (DCR) of 100% for esophageal cancer and 90.0% for small cell lung cancer [2][5]. - The company is pursuing differentiated development strategies, including trials combining 7MW3711 with PD-1/VEGF dual antibodies and platinum-based chemotherapy [6]. Group 3: Small RNA and TCE Platforms - The company has established a small RNA platform focusing on chronic diseases, with the lead candidate 2MW7141 targeting lipid disorders and cardiovascular events, expected to submit IND applications in the US and China this year [3][7]. - The TCE platform features modified CD3 antibodies and secondary signal-activating antibodies, enhancing tumor targeting and reducing off-target effects [8][9]. - 6MW5311, a TCE targeting CD3 and LILRB4, is aimed at treating relapsed/refractory acute myeloid leukemia and is expected to submit IND applications in mid-2026 [9]. Group 4: IL-11 Monoclonal Antibody (9MW3811) - IL-11 monoclonal antibody (9MW3811) is in Phase II trials for pathological scars, with the first patient dosed in December 2025, marking it as the first IL-11 targeted drug for this indication [10]. Group 5: Hong Kong Stock Issuance - The company has submitted an application for H-share issuance on the Hong Kong Stock Exchange and has received a notice for overseas issuance, with the approval process progressing smoothly [11].

证券代码：688221 证券简称：前沿生物 公告编号：2026-005 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、准确性和完整性承担个别及连带责任。 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，具体数据以前沿生物药业 （南京）股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风 险。 一、2025年度主要财务数据和指标 单位：人民币元 ■ 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。 二、经营业绩和财务状况情况说明 前沿生物药业（南京）股份有限公司 2025年度业绩快报公告 报告期末，总资产额为15.86亿元，较年初减少12.49%；归属于母公司的所有者权益为8.84亿元，较年 初减少22.52%。 （二）报告期的主要经营情况 本报告期，公司核心产品艾可宁?在HIV感染住院及重症领域稳居首选用药，门诊市场收入持续增长， 其纳入医保常规目录后基层药物可及性进一步提升，基层市场收入稳步增长；代理产品 ...

长江商报消息 ●长江商报记者 潘瑞冬 小核酸药物赛道再添重磅国际合作。 2月23日晚间，前沿生物（688221.SH）发布公告，公司已于2月16日与全球生物制药巨头葛兰素史克 （GSK）签署独家授权协议，将旗下两款小核酸（siRNA）在研产品的全球权益授予GSK。根据公告， 此次授权协议的交易总金额或超10亿美元。 资料显示，前沿生物聚焦小核酸新药研发及其他新药的早期研发，此次授权的两款产品中，一款候选药 物已进入新药临床试验申请（IND）阶段，另一款处于临床前阶段。 值得一提的是，随着营业收入的增长和期间费用降低，前沿生物的扣非净利润连续三年减亏，根据公司 2025年业绩预告，公司预计扣非净利润亏损约2.88亿—3.23亿元，减少亏损约431.12万—3931.12万元。 达成超10亿美元授权合作 前沿生物与GSK达成超10亿美元合作，两款siRNA药物授权全球开发。 在研发分工上，双方实现优势互补。前沿生物将负责两款产品的早期开发工作，具体包括推进其中一款 产品在中国的I期临床试验，以及完成另一款产品的IND支持性研究；GSK则凭借其全球成熟的临床开 发、监管申报及商业化能力，承接两款产品后续所有的全球研 ...

Core Viewpoint - The company Frontline Bio has entered into a significant exclusive licensing agreement with GlaxoSmithKline (GSK) to co-develop two small nucleic acid drugs, with a total deal value exceeding $1 billion, which will help improve its cash flow and financial structure [2][5]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of $40 million and a milestone payment of $13 million, with potential future payments up to approximately RMB 6.55 billion based on successful development and commercialization [2]. - The collaboration will allow Frontline Bio to focus on early development of the drugs, while GSK will handle global clinical development and commercialization [5]. Group 2: Company Background and Financial Situation - Frontline Bio, founded by CEO Xie Dong in 2013, has faced financial difficulties, accumulating losses of over RMB 1.5 billion in the past five years, with cash reserves declining from RMB 527 million in 2023 to RMB 249 million in 2024 [6][11]. - The company’s flagship product, Aikening, has struggled with sales growth despite being the first long-acting HIV-1 fusion inhibitor approved in China [8][11]. Group 3: Focus on Small Nucleic Acid Drugs - Xie Dong has shifted the company’s strategy to focus on small nucleic acid drugs, which are seen as a promising area in the pharmaceutical industry, expanding from rare diseases to chronic conditions [3]. - The company is developing multiple products targeting various conditions, including IgA nephropathy and hyperuricemia, with most projects still in early stages [3][4]. Group 4: Market Context and Competition - The small nucleic acid drug market is becoming increasingly competitive, with nearly 20 approved products globally and several domestic companies also pursuing this area [14]. - Frontline Bio's pipeline is primarily in preclinical development, and the timeline for clinical trials could extend 7-8 years, creating uncertainty regarding future milestone payments [14].

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]

医药生物/化学制药 前沿生物（688221.SH） 两款 siRNA 管线独家授权 GSK，携手推进全球合作 2026 年 02 月 24 日 chaoshuran@kysec.cn 证书编号：S0790525110001 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(元) | 22.60 | | 一年最高最低(元) | 29.98/7.16 | | 总市值(亿元) | 84.65 | | 流通市值(亿元) | 84.65 | | 总股本(亿股) | 3.75 | | 流通股本(亿股) | 3.75 | | 近 3 个月换手率(%) | 252.45 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 前沿生物 沪深300 相关研究报告 《补体管线研发稳步推进，FB7011 双 靶点头对头优效—公司信息更新报 告》-2025.10.31 《前瞻布局小核酸打开成长空间，HIV 用药稳增长—公司首次覆盖报告》 -2025.9.25 余汝意（分析师） 巢舒然（分析师） yuru ...

医药生物/化学制药 前沿生物（688221.SH） 两款 siRNA 管线独家授权 GSK，携手推进全球合作 2026 年 02 月 24 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(元) | 22.60 | | 一年最高最低(元) | 29.98/7.16 | | 总市值(亿元) | 84.65 | | 流通市值(亿元) | 84.65 | | 总股本(亿股) | 3.75 | | 流通股本(亿股) | 3.75 | | 近 3 个月换手率(%) | 252.45 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-02 2025-06 2025-10 前沿生物 沪深300 相关研究报告 siRNA 管线方面，公司已有用于治疗 IgA 肾病的 FB7013（补体系统单靶点， 2025/12/31 国内 IND 申请获 CDE 受理）、FB7011（补体系统双靶点，IND enabling 阶段）；FB7023（治疗 ASCVD），已确定临床前候选分子（PCC），并启动了在 自发性高血脂猕猴模型上的药效 ...

春节假期归来，科创板创新药企前沿生物(688221)传来好消息。2月23日晚间，公司披露与葛兰素史克 达成一项独家授权许可协议(以下简称"协议")。根据该协议，葛兰素史克将获得公司两款小核酸(siRNA) 管线产品在全球范围内的独家开发、生产及商业化权利，其中一款候选药物已进入新药临床试验申请 (IND)阶段，另一款为临床前候选药物。 本次与全球领先的生物制药企业葛兰素史克达成此项协议，体现了公司在小核酸药物研发领域的技术实 力与平台价值正获得国际市场认可。此次合作将借助GSK在全球临床开发与商业化方面的资源与经验， 加速公司管线的国际化价值转化，并为后续推进产品商业化、拓展全球合作奠定坚实基础。 据介绍，小核酸药物为近年来全球医药领域的重要发展方向。小核酸疗法通过实现对传统药物无法作用 的靶点的精准基因沉默、提供持久且高度特异性的疗效，以及构建适用于多种疾病的通用平台，从而克 服了传统药物研发的三大困境。目前，小核酸药物研发已从罕见病向心脑血管疾病、代谢性疾病等慢性 病领域加速扩展，显示出广阔的市场前景。 (CIS) 对于此次合作，前沿生物董事长、首席执行官谢东博士表示："我们深感振奋能与全球生物制药企业葛 ...