Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [9]. Core Insights - The company has a diverse pipeline with four proprietary ADC platforms, covering third-generation ADCs, bispecific ADCs, and immune-modulating ADCs, which have been validated through pipeline assets and recognized by multinational pharmaceutical companies like BioNTech [9][3]. - The projected revenues for 2025, 2026, and 2027 are estimated at 15.03 billion, 16.57 billion, and 17.60 billion CNY respectively, with EPS expected to improve from -15.45 CNY in 2025 to -3.40 CNY in 2027 [9][21]. - The company has made significant progress in clinical trials, with promising data from various studies, including DB-1311 showing a 42.3% objective response rate in prostate cancer and gynecological tumors, and DB-1303 achieving primary endpoints in breast cancer trials [12][15][17]. Financial Summary - The company's revenue for 2023 is reported at 1,786.54 million CNY, with an expected increase to 1,941.26 million CNY in 2024, followed by a decline to 1,503.20 million CNY in 2025 [21]. - The net profit attributable to the parent company is projected to be -1,050.43 million CNY in 2024, worsening to -1,381.48 million CNY in 2025, before improving to -468.21 million CNY in 2026 and -304.33 million CNY in 2027 [21]. - The company’s total assets are expected to reach 3,867 million CNY in 2024, with total liabilities of 1,283 million CNY, indicating a significant leverage position [21]. Pipeline Development - The company is advancing multiple clinical projects, with DB-1311 and DB-1303 showing strong efficacy in late-stage trials for various cancers, including prostate and breast cancer [12][15][17]. - DB-1305 is positioned well in the competitive landscape, with promising data in non-small cell lung cancer and triple-negative breast cancer, indicating potential for new treatment options [17]. - The company has established collaborations with six global pharmaceutical companies, with a total transaction value exceeding 6 billion USD, enhancing its commercialization pathway [3].

消息面上，国泰海通证券指出，根据汇总，映恩生物在2026年的催化剂丰富，该行期待以下数据的读 出：1)HER2ADC针对EC和BC适应症全球注册性临床的最终结果；2)B7H3ADC、HER2ADC和 TROP2ADC联合PDL1*VEGF双抗BNT327的临床结果；3)已BD管线B7H4ADC、EGFR*HER3ADC的早 期临床数据更新，以及CDH17ADC的临床进展更新；4)早期管线PDL1*B7H3ADC的FIH数据披露。 该行表示，基于映恩生物旗下管线在2025年极其顺利的进展情况，提高了HER2ADCDB1303、 B7H3ADCDB1311，和HER3ADCDB1310的潜在全球销售峰值预期。利用DCF估值法，该行上调映恩生 物目标价至455.56港币，维持增持评级。 映恩生物-B(09606)涨超12%，截至发稿，涨12.08%，报332.2港元，成交额3.21亿港元。 ...

Investment Rating - The report assigns a rating of "Buy" for the company [4]. Core Insights - The report highlights a rich pipeline for the company in 2026, with expectations for significant clinical data readouts, including results for HER2 ADC, B7H3 ADC, and TROP2 ADC [12][19]. - The target price for the company has been raised to HKD 455.56 based on DCF valuation methods, reflecting increased confidence in the potential global sales peak for several ADC products [8][12]. Financial Summary - Total revenue is projected to grow from RMB 1,462 million in 2023 to RMB 2,516 million by 2027, with a notable increase of 23% in 2026 [3]. - Gross profit margin is expected to improve from 34% in 2025 to 51% in 2027, indicating a positive trend in profitability [3]. - Net profit is forecasted to decrease from RMB -757 million in 2025 to RMB -321 million in 2027, showing a gradual reduction in losses [3]. Pipeline Developments - HER2 ADC DB1303 is undergoing global registration clinical trials for multiple indications, with expected results in 2026 [12][11]. - B7H3 ADC DB1311 is anticipated to initiate a global Phase III clinical trial for 2L CRPC in 2026, following promising data from earlier studies [13][12]. - TROP2 ADC DB1305 is expected to demonstrate comparable efficacy to competitors in the market, with a focus on combination therapies [19][21]. Market Position - The company is positioned to compete effectively in the ADC market, with a strong emphasis on innovative therapies and strategic partnerships [12][19]. - The report notes the potential for the company's ADCs to become next-generation standard treatments in oncology, particularly in combination with other therapies [12][19].

Core Insights - Heng Rui Medicine's SHR-A1904 has been included in the list of breakthrough therapies by the National Medical Products Administration, marking a significant advancement in the ADC field [1] - The global ADC market is experiencing explosive growth, with the market size surpassing $10 billion in 2023 and projected to reach $66.2 billion by 2030 [4] Group 1: Company Developments - Heng Rui Medicine's SHR-A1904 is a targeted Claudin18.2 antibody-drug conjugate (ADC) with a payload of topoisomerase inhibitor, currently undergoing multiple clinical studies for various solid tumors [1] - The company has invested approximately 174 million yuan in the development of SHR-A1904 [1] - Heng Rui Medicine's SHR-A2102, another ADC targeting Nectin-4, has received clinical trial approval, with a total investment of about 248 million yuan in its development [2] - The company has established a proprietary technology platform for ADCs, with over 10 differentiated ADC molecules successfully approved for clinical trials [2] Group 2: Industry Trends - Other innovative pharmaceutical companies, such as CanSino Biologics, BaiLi TianHeng, and Kelun-Biotech, are also making significant progress in ADC development [3] - The ADC drug market is characterized by rapid innovation and increasing recognition of the value of Chinese ADC assets in international markets [4] - Strategic partnerships, such as the one between Kelun-Biotech and Crescent Biopharma, highlight the growing trend of Chinese ADC companies expanding their reach globally [4]

Core Viewpoint - Heng Rui Medicine's SHR-A1904 has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, marking a significant advancement in the ADC (antibody-drug conjugate) sector, which is expected to grow substantially in the oncology treatment market [1][2]. Group 1: Company Developments - SHR-A1904 is a targeted Claudin18.2 antibody-drug conjugate developed by Heng Rui Medicine, with a cumulative R&D investment of approximately 174 million yuan [2]. - The company has also received approval for clinical trials of SHR-A2102, another ADC targeting Nectin-4, with a cumulative R&D investment of about 248 million yuan [2]. - Heng Rui Medicine has established a proprietary technology platform for ADCs, with over 5,000 patients across 15 tumor types validated globally, and more than 10 differentiated ADC molecules successfully approved for clinical use [3]. Group 2: Industry Trends - The ADC drug market is experiencing explosive growth, with the global market size surpassing $10 billion in 2023 and projected to reach $66.2 billion by 2030, according to Frost & Sullivan [6]. - Other innovative pharmaceutical companies, such as Cangzhou Jianan, Bai Li Tianheng, and Ke Lun Bo Tai, are also making significant advancements in ADC development, indicating a competitive landscape in the sector [4]. - Chinese companies are becoming key players in global ADC innovation, with increasing recognition of the value of Chinese ADC assets in international collaborations [6].

共享六款药物收益，两款药物已达成出海BD，多款药物治疗价值获认可根据和解安排，宜联生物医药 将就其YL201（B7H3，临床III 期）、YL202（HER3，临床II 期）、YL211（cMet，临床I 期）、YL212 （DLL3，临床III 期）、YL221（EGFR，临床I 期）及YL222（PD-L1，临床II 期）这六款ADC 管线， 在和解生效日前通过对外授权产生的收入、及和解生效日后通过对外授权及未来销售产生的收入及净利 润（如适用），按约定比例与公司进行分成。和解协议创新性地设定了利润分成模式，跳出了传统的赔 偿-撤诉模式，构建了一种长期利益共享机制。 目前，宜联生物已于2024 年1 月就YL211 已和罗氏达成交易，授予罗氏该产品的全球权益，首付款为 5000 万美元，里程碑款项10 亿美元；此外，公司将YL202 的海外权益授予BioNtech，交易首付款为 7000 万美元，里程碑款项10 亿美元。此外，公司还就YL212 和再鼎医药在2023 年达成合作开发计划； 公司在2022 年就YL221 和YL222 两款产品和复宏汉霖达成合作。 机构：天风证券 研究员：杨松/曹文清 事件 ...

摘要 HLX43（43P 六 1 ADC）在 PD-L1 阳性宫颈癌患者中显示出初步疗效， 尤其是在 3.0 毫克剂量组中，客观缓解率（ORR）达到 70%，但样本量 小（n=10），随访时间短（3.5 个月），需扩大样本验证。 HLX43 在不同剂量下安全性总体可控，主要毒性为血液学毒性，如贫血、 恶心呕吐，免疫相关不良事件（IAE）发生率为 23.3%，程度轻微，未 见严重级别不良反应，血液学毒性与剂量相关。 公司已停止 2.0 毫克剂量组的入组，后续研究将重点放在 2.5 毫克和 3.0 毫克两个高剂量组上，并密切监测长期毒性的累积效应，优化给药 方案。 8,201 药物（HLX43）在不同瘤种中的疗效存在差异，宫颈癌初步数据 显示 3 毫克剂量组的 ORR 达到 70%，但数据尚不完全可靠，需扩大样 本量并优化剂量方案。 公司计划继续扩大患者入组数量，优化给药方案，研究加载剂量，并进 行斯鲁利单抗与 8,201 联合用药的安全性研究，未来将根据适应症优先 级推进不同组合治疗策略。 Q&A 请介绍一下此次在 ESMO Asia 大会上披露的 HLX43 在宫颈癌二期临床试验 中的具体数据和结果。 在此次 ...

Core Viewpoint - Merck has entered into a collaboration with Blackstone Life Sciences to fund the global development of sac-TMT, with Blackstone providing $700 million for research and development through 2026, indicating strong future sales potential for sac-TMT [1][2] Group 1: Collaboration Details - Blackstone will pay Merck $700 million, which is non-refundable but subject to termination clauses, to support part of the R&D costs for sac-TMT in 2026 [1] - In return, Blackstone is entitled to receive a low to mid-single-digit percentage royalty on the net sales of sac-TMT for all approved indications, contingent upon regulatory approval for triple-negative breast cancer [1] Group 2: Clinical Development - Merck is actively advancing sac-TMT's clinical development, with 15 global Phase III trials ongoing for six types of tumors, including lung cancer and breast cancer [2] - In China, a total of 8 Phase III trials related to sac-TMT are being conducted by Kelun-Botai, focusing on various combinations and indications [2] Group 3: Clinical Efficacy - Sac-TMT has shown strong efficacy in EGFR-mutant non-small cell lung cancer (NSCLC) after TKI resistance, with an overall response rate (ORR) of 60.6% compared to 43.1% for chemotherapy, and a median progression-free survival (mPFS) of 8.3 months versus 4.3 months [3] - The overall survival (OS) analysis indicated a 40% reduction in the risk of death for sac-TMT compared to chemotherapy, with a hazard ratio (HR) of 0.6 [3][4] Group 4: Market Potential and Financial Projections - Sac-TMT is the first antibody-drug conjugate (ADC) to show significant OS benefits compared to platinum-based chemotherapy in patients who have progressed after TKI treatment, marking a significant advancement in treatment options [4] - The company projects revenues of 2.084 billion, 2.876 billion, and 4.663 billion yuan for 2025-2027, with net profits expected to improve from -622 million to 561 million yuan [4]

Core Viewpoint - The company is planning a global offering of 8.6343 million H-shares, with a price range of HKD 347.50 to HKD 389.00 per share, and aims to raise approximately HKD 3.0175 billion from the offering [1][3]. Group 1: Company Overview - The company is a comprehensive medical enterprise group with capabilities in early research and development, clinical development, production, and commercialization [2]. - It operates two main businesses: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [2]. Group 2: Product Development - The company established SystImmune in Seattle in 2014, developing the world's first and only EGFR×HER3 bispecific antibody ADC, iza-bren (BL-B01D1), which is currently in Phase III clinical trials [2]. - Over the past decade, the company has developed a platform for innovative ADC drug research, successfully advancing 10 ADC candidates into clinical stages and conducting approximately 70 clinical studies [2]. Group 3: Strategic Partnerships - The company has entered into a global strategic licensing and collaboration agreement with BMS, valued at USD 8.4 billion, with an upfront payment of USD 800 million, marking the largest single asset transaction in the ADC field to date [2]. Group 4: Use of Proceeds - The net proceeds from the global offering are intended for various purposes: approximately 60% for R&D of biopharmaceutical candidates outside mainland China, 30% for establishing a global supply chain, and 10% for working capital and general corporate purposes [3].

Summary of the Conference Call for Yingensheng Bio Company Overview - Yingensheng Bio focuses on the research and development of ADC (Antibody-Drug Conjugates) drugs, with a total transaction scale exceeding $6 billion, particularly excelling in the L2.0 ADC combination therapy field, which is expected to see valuation growth by 2026 [2][3] Key Points Industry and Market Position - The ADC market is characterized by the combination of targeted drugs with small molecule cytotoxic drugs, enabling targeted chemotherapy, often referred to as "biological missiles" [7] - Chinese companies leverage engineering advantages to occupy a significant position in global ADC transactions, leading the upgrade of treatment boundaries [7] Product Pipeline and Innovations - Yingensheng Bio has multiple ADC pipelines and has conducted MRCT studies in over 20 countries, enrolling more than 2,600 patients, demonstrating global development capabilities [2][4] - The company possesses innovative technologies, including a topoisomerase inhibitor immunotoxin antibody conjugate platform and a dual antibody EDC platform, expected to yield results by 2026 [4] Financial Performance - Currently in a strategic loss period, the company anticipates milestone revenues exceeding 1 billion RMB (approximately $200 million) from business development collaborations in 2025-2026 [6] - Following its Hong Kong stock issuance, the company has sufficient cash flow and plans to further finance on the Sci-Tech Innovation Board to support global clinical trials [6] Clinical Trials and Regulatory Progress - The HER2 ADC for endometrial cancer shows superior efficacy and controllable safety, with plans to submit for U.S. approval by the end of 2025 and commercialization in 2026 [2][8] - The HER2 low-expression breast cancer product is undergoing Phase III clinical trials under FDA approval, with data expected in 2026 [9] Competitive Landscape - The overseas market, particularly in the monkey-rabbit ADC field, is relatively favorable, with major competitors being limited to 8,201 and Yingensheng [10] - Yingensheng's clinical efficacy and safety, such as low incidence of interstitial pneumonia, provide a differentiation advantage compared to competitors [10] Future Catalysts and Market Potential - Key catalysts include expected submissions for endometrial cancer and HER2-positive breast cancer in 2025, along with anticipated data updates for various ADC products in 2026 [14][15] - The B7-H3 ADC product shows strong potential in treating small cell lung cancer and prostate cancer, with ongoing global Phase II trials [11] Valuation and Market Elasticity - Current market valuation primarily reflects the HER2 ADC and B7-H3 ADC, with future elasticity expected from the new generation L2.0 upgrade path represented by Chorus-2 ADC [13] - If the POC data in 2026 is favorable, it could significantly enhance the company's valuation [13] Upcoming Data and Developments - Notable upcoming products and data updates in 2026 include promising lung cancer data, updates on breast cancer trials, and early clinical data for dual antibody ADCs [16][17] - The company is also exploring unique mechanisms in lupus treatment with BDC A2 ADC, which could lead to potential collaborations if successful [16] Conclusion Yingensheng Bio is positioned as a significant player in the ADC market with a robust pipeline, innovative technologies, and a strategic focus on global clinical trials, making it a company to watch for future developments and potential investment opportunities.