经济观察报记者张铃 10月8日晚间，诺诚健华(09969.HK/688428.SH)宣布一笔总金额超20亿美元的对外授权合作，刷新中国 自免领域小分子对外授权记录。 这是诺诚健华2025年第二笔BD(商务拓展)授权，涉及核心产品奥布替尼和另外两款临床前小分子，合 作对象为美国制药公司Zenas。 根据协议，诺诚健华可获得1亿美元的首付款和近期里程碑付款，包括预计在2026年达成的里程碑付 款，此次交易总额合计超20亿美元。 值得注意的是，诺诚健华在2021年就曾将奥布替尼在多发性硬化领域的全球权益授予渤健。不过，两年 后，渤健终止了双方的这次合作。现在，渤健又为奥布替尼在多发性硬化领域找到了新买家。 奥布替尼之外，诺诚健华此次同时向Zenas授出一款临床前IL-17抑制剂在除大中华地区及东南亚地区以 外区域的独家权利和一款临床前口服透脑TYK2抑制剂的全球独家权利。 尽管此次交易金额在自免小分子药物领域创下纪录，但并未获得资本市场积极反应。10月9日，诺诚健 华股价大跌，截至发稿，A股跌幅近7%，总市值约470亿元；港股跌幅超11%，总市值约290亿港元。同 日，A股和港股创新药概念股普跌，诺诚健华跌幅居前。 ...

Investment Rating - Initiate with OUTPERFORM rating [1][2] Core Views - Hansoh Pharma is a leading innovative pharmaceutical company in China, focusing on oncology, anti-infection, central nervous system diseases, metabolic diseases, and autoimmune diseases, with a robust pipeline of over 30 clinical-stage innovative drug projects and 50 ongoing clinical studies [3][9] - The company has seen a significant increase in innovative drug revenue, projected to exceed 10 billion RMB in 2025, accounting for over 80% of total revenue [3][17] - The oncology segment is a key growth driver, with revenue expected to reach 8.12 billion RMB in 2024, representing 66% of total revenue [27] Summary by Sections 1. Company Overview - Established in 1995, Hansoh Pharma has over 30 years of experience in the pharmaceutical industry, with a focus on R&D, production, and commercialization [9][10] - The company has a strong global management team with extensive industry experience [13][14] 2. Oncology Segment - The oncology segment is well-established, with a comprehensive product system covering various disease types and treatment stages [4][27] - The core product, Amivantamab, has gained significant market share and is expected to continue driving growth [27][29] 3. Innovative Drug Pipeline - The company has a diverse pipeline with over 40 innovative drug candidates across various therapeutic areas, including ADCs and dual antibodies [20][24] - Recent collaborations with multinational corporations have strengthened the company's R&D capabilities and expanded its pipeline [5][25] 4. Financial Projections - Revenue projections for FY25-27 are 13.76 billion RMB, 14.86 billion RMB, and 16.5 billion RMB, respectively, with net profits of 4.62 billion RMB, 4.69 billion RMB, and 5.2 billion RMB [6][17] - The company has increased its R&D investment significantly, with a projected R&D expense ratio of 22% in 2024 [15][17] 5. Market Position and Strategy - Hansoh Pharma is positioned as a leading player in the Chinese pharmaceutical market, with a focus on innovative drug development and international expansion [3][9] - The company aims to leverage its strong R&D capabilities and strategic partnerships to enhance its market presence and drive future growth [5][20]