Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights significant clinical advancements in the dual-antibody sector, particularly focusing on the TSLP/IL-13 dual antibody Lunsekimig by Sanofi, which has entered Phase III clinical trials for COPD, with the first patient dosed on September 24 [4][5] - The report emphasizes the potential of dual antibodies in autoimmune diseases, particularly in respiratory conditions like asthma and COPD, indicating a substantial market opportunity [7] Summary by Relevant Sections Industry Basic Situation - The closing index level is 8665.0, with a 52-week high of 9323.49 and a low of 6764.34 [1] Clinical Progress Updates - Sanofi's Lunsekimig is in Phase II/III trials for COPD, aiming to enroll 1884 patients to evaluate its efficacy and safety compared to a placebo [4] - The CM512 dual antibody by Connoa shows promising results in atopic dermatitis, with EASI-75 and EASI-90 response rates of 58.3% and 41.7% respectively, compared to 21.4% and 0% in the placebo group [5] Market Activity and Collaborations - The report notes ongoing collaborations, such as the agreement between Qianxin Biotech and Roche for QX031N, which targets both TSLP and IL-33, with an upfront payment of $75 million and potential milestone payments up to $995 million [6] - The report also mentions the presentation of the CS2015 dual-specific antibody by Basestone Pharmaceuticals at the ACAAI conference, showcasing its therapeutic potential [6] Investment Recommendations - The report suggests focusing on companies like Connoa, Innovent Biologics, Qianxin Biotech, and Basestone Pharmaceuticals, as dual antibodies are expected to reshape treatment paradigms in autoimmune diseases [7][9]

(2)康诺亚CM512(TSLP x IL-13双抗)特应性皮炎(AD)1期数据读出：在12周，300mg剂量组EASI-75及 EASI-90(湿疹面积及严重程度指数评分较基线降低≥90%)应答率分别可达58.3%和41.7%，安慰剂组为 21.4%和0%。CM512的EASI-90数据表现亮眼，预示着深度缓解和持久稳定的优势。CM512本身具有长 半衰期的优势，意味着在临床使用中可以有效降低给药频次，提升患者依从性。 赛道交易与研发热度持续 1)BD交易：10月28日荃信生物与罗氏就QX031N达成全球独家合作与许可协议，首付款7500万美金，至 多9.95亿美金的里程碑付款以及潜在未来产品销售的梯度特许权使用费。QX031N是同时靶向TSLP和 IL-33的长效双抗，有望被开发成为COPD及哮喘等呼吸系统疾病的治疗新选择。2)基石药业于2025年美 国过敏，哮喘和免疫学会(ACAAI)展出了OX40L/TSLP双特异性抗体——CS2015。在临床前试验中展现 了疗效潜力。 风险提示 智通财经APP获悉，中邮证券发布研报称，双抗在自免领域有望重塑现有治疗格局，在呼吸科疾病，如 哮喘和COPD中现有疗法的迭 ...

Core Insights - QX031N, a long-acting dual antibody developed by the company, has entered into a global exclusive collaboration and licensing agreement with F. Hoffmann-La Roche Ltd, reflecting the company's innovative capabilities and the potential of the autoimmune dual antibody market [1][2] Agreement Overview - Roche will receive global exclusive rights for research, development, registration, production, and commercialization of QX031N. In return, the company will receive a non-refundable upfront payment of $75 million, with potential milestone payments up to $995 million related to product development, regulatory approval, and commercialization [1] - QX031N targets TSLP and IL-33, which are involved in respiratory diseases such as COPD and asthma, indicating its potential as a new treatment option in these areas [1] Market Potential and Competitive Position - The agreement's high upfront payment and Roche's involvement signify recognition of the company's early-stage innovation capabilities and the market potential of the autoimmune respiratory segment [2] - Compared to similar recent collaborations, such as the $125 million upfront payment for dual antibodies by Huasheng Zhiyuan to Sanofi, QX031N's agreement suggests its clinical value is competitive within the industry [2] - The autoimmune disease market has significant room for innovation, particularly in respiratory diseases, which may lead to the development of new blockbuster therapies [2] Financial Projections - The company is positioned as a leader in domestic autoimmune innovative drugs, with a strong pipeline expected to enhance revenue generation. Projected revenue growth rates for 2025-2027 are 123%, 98%, and -33%, respectively, with EPS estimates of -0.72, 0.48, and -0.72 yuan per share [3]

Investment Rating - The report maintains a "Buy" rating for the stock, expecting a relative increase of over 20% compared to the benchmark index within six months [14]. Core Insights - The report highlights a global exclusive collaboration and licensing agreement between the company and F. Hoffmann-La Roche Ltd for the self-developed long-acting dual antibody QX031N, which targets TSLP and IL-33, potentially offering new treatment options for respiratory diseases like COPD and asthma [4][5]. - The agreement includes an upfront payment of $75 million and up to $995 million in milestone payments, reflecting the company's innovative capabilities and the market potential of the self-immune field [5][6]. - The company is recognized as a leader in domestic self-immune innovative drugs, with a mature pipeline entering a monetization phase and ongoing collaborations with global giants to expand market reach [8]. Company Overview - Latest closing price: HKD 25.26 - Total shares: 2.27 billion, with a market capitalization of HKD 57 billion - 52-week high/low: HKD 36.50 / HKD 5.95 - Debt-to-asset ratio: 80.94% - Price-to-earnings ratio: -27.3 [3]. Financial Projections - Expected revenue growth rates for 2025-2027 are 123%, 98%, and -33%, respectively, with EPS projected at -0.72, 0.48, and -0.72 CNY per share [8][10]. - The company anticipates a significant increase in operating income, with projections of HKD 354 million in 2025 and HKD 703 million in 2026, before a decline to HKD 473 million in 2027 [10][11].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report focuses on investment opportunities in the dual-antibody treatments in the autoimmune sector, highlighting the unmet needs in existing therapies and the potential for blockbuster drugs [5][15] - The report emphasizes the long-term trends in innovative drugs, the recovery of the CRO industry, and the potential for growth in various sub-sectors of the pharmaceutical industry [8][22][28] Summary by Relevant Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9157.77, with a 52-week high of 9323.49 and a low of 6070.89 [2] Recent Market Performance - During the week of September 8 to September 12, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.47 percentage points [7][19][36] Investment Recommendations 1. **Innovative Drugs**: The report suggests that domestic innovative drugs are poised for global competition, with significant potential for growth in the oncology and respiratory sectors. Beneficiaries include companies like Innovent Biologics and Junshi Biosciences [8][22] 2. **CRO Sector**: The report indicates that the CRO industry is expected to see a recovery in profitability due to stable competition and increasing demand from innovative drug development [22][24] 3. **Biological Products**: Focus on core product volume opportunities and potential valuation re-evaluations based on product data or business development expectations. Key companies include TianTan Bio and Anke Bio [9][28] 4. **Medical Devices**: The report anticipates a turning point in the medical device sector due to improved procurement processes and funding availability [29] 5. **Traditional Chinese Medicine**: The report highlights opportunities in innovative research and policies benefiting traditional Chinese medicine companies [32][34] Market Trends - The report notes that the overall valuation of the pharmaceutical sector (TTM) is 31.72, with a relative valuation premium of 136.86% over the CSI 300 index, indicating a slight decrease from the previous week [42]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Views - The report emphasizes the potential opportunities in the autoimmune dual-antibody sector amidst the ongoing trend of international expansion. It highlights the increasing interest from multinational corporations (MNCs) in Chinese innovative drugs, particularly in the context of patent cliffs faced by leading MNCs [3][8] - The report suggests that the pharmaceutical sector is poised for growth in 2025, driven by several factors including the successful transition from traditional to innovative growth drivers, the increasing capabilities of Chinese companies in international markets, and the rising demand due to an aging population [4][47] Summary by Sections Market Performance - From August 4 to August 8, the pharmaceutical index declined by 0.84%, underperforming the CSI 300 index by 2.07%. Notable gainers included Nanmo Biology (+42.48%), Haichen Pharmaceutical (+41.29%), and Sino Medical (+39.52%). Conversely, Nanxin Pharmaceutical (-18.5%) and Qizheng Tibetan Medicine (-16.11%) were among the largest decliners [5][24] BD Opportunities - The report notes a surge in BD (business development) transactions, particularly in the autoimmune sector, with a total of over 100 license-out transactions in China from January 1 to August 7, 2025, amounting to $840.5 billion. The focus of these transactions has been primarily on oncology and metabolic fields, with a notable lack of activity in the autoimmune sector [9][8] Investment Recommendations - The report recommends focusing on innovative drugs and medical devices, particularly those with low valuations and potential for marginal improvement. Key companies to watch include Heng Rui Pharmaceutical, Keren Pharmaceutical, and Innovent Biologics [4][49] - It also highlights the importance of the aging population and the increasing demand for chronic disease treatments, suggesting that companies like Kunming Pharmaceutical and Yuyue Medical could benefit from this trend [48][47] Valuation Insights - As of August 8, 2025, the overall PE valuation for the pharmaceutical sector stands at 38.77X, indicating that the sector is still at a relatively low historical valuation compared to other sectors [36][47] Future Outlook - The report anticipates a rebound in the pharmaceutical sector in 2025, driven by innovative drugs and the ongoing internationalization of Chinese pharmaceutical companies. It emphasizes the need to focus on sectors with structural growth potential, such as innovative drugs, medical devices, and the aging population market [47][48]