Group 1 - Tianfeng Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, projecting revenue of RMB 3.22 billion, RMB 4.41 billion, and RMB 5.93 billion for 2025-2027 respectively, and sets a target price of RMB 36.85, equivalent to HKD 40.25 for 2025 [1] - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with biologics' market share projected to increase to 65.6% by 2030. The psoriasis market is anticipated to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to reach approximately RMB 46.3 billion by 2030 [1] - Current first-line treatments for autoimmune diseases like psoriasis and ankylosing spondylitis primarily involve corticosteroids, immunosuppressants, and non-steroidal anti-inflammatory drugs, which have limitations such as short treatment duration and systemic side effects [1] Group 2 - The company has a robust pipeline in monoclonal antibodies for autoimmune diseases, with QX001S being the first approved biosimilar of ustekinumab in China, significantly improving accessibility for psoriasis treatment [2] - QX008N has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3 - The company is advancing differentiated long-acting bispecific antibodies and actively pursuing overseas business development and licensing collaborations [3] - The rabbit antibody development platform enables high-activity antibody screening and early commercial feasibility assessments, focusing on key signaling pathways in autoimmune diseases [3] - The company has multiple bispecific antibody pipelines, including QX030N, which has completed its first overseas New Co transaction, and QX027N and QX035N, which are set for IND submissions in China and the U.S. [3] Group 4 - The company is diversifying its commercialization efforts through strategic partnerships, including collaborations with Huadong Medicine for QX001S and QX005N, and exclusive licensing agreements with Hansoh Pharmaceutical and Health元 for various products [4] - An exclusive licensing agreement has been signed with Caldera Therapeutics for the global development and commercialization of long-acting bispecific antibody QX030N [4]

公司兔抗体开发平台兼具高活性抗体筛选和早期商业可行性评估功能，并始终聚焦自免疾病信号通路上 下游核心靶点：(1)银屑病上游细胞因子IL12/IL-23p40与IL-23p19;(2)哮喘上游警报分子TSLP;(3)2型炎症 反应的上游受体IL-4Rα;(4)关键促炎效应分子IL-17A;(5)肥大细胞主要调节因子c-kit。 自身免疫性疾病生物药市场代开发潜力广阔 2024年中国自身免疫性疾病药物市场规模达363亿元，生物制剂占比逐年提升，预计2030年提升至 65.6%，其中：中国银屑病市场规模2030年预计达306.5亿元;2022年中国强直性脊柱炎患者人数为390万 人，预计到2030年市场规模达约463亿元。目前，银屑病与强直性脊柱炎等自身免疫性疾病的一线治疗 以糖皮质激素、免疫抑制剂和非甾体抗炎药为主，存在疗程持续性较短与全身性副作用等问题。 深度聚焦自免领域生物制剂研发，夯实公司研发与商业化基础 公司在自免单抗管线上有丰富的产品布局，其中，QX001S(IL-23p40)是国内首个获批的乌司奴单抗生物 类似药，可显著提高银屑病治疗的临床可及性;QX008N(TSLP)完成慢性阻塞性肺疾病II期入组 ...