东方阿尔法健康产业混合型发起式证券投资基金 基金管理人:东方阿尔法基金管理有限公司 基金简称 东方阿尔法健康产业混合发起 基金主代码 024357 基金运作方式 契约型开放式 基金托管人:中信银行股份有限公司 报告送出日期:2025 年 07 月 12 日 东方阿尔法健康产业混合型发起式证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，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。 基金托管人中信银行股份有限公司根据本基金合同规定，于 2025 年 07 月 11 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者 重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在做出投资决策前应仔细阅读本基 金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 06 月 12 日（基金合同生效日）起至 2025 年 06 月 30 日止。 基金合同生效日 2 ...

近期，创新药行情持续走强，如何捕捉创新药新一轮的成长红利？ 在产业层面有哪些值得关注的点？第一是全球的BD授权、创新药的海外授权，后面的创新药公司预计 还会不断有BD落地出来，也是创新药相对重要的核心逻辑，有可能会驱动第二波行情和收入的增量。 第二是先进的技术平台和重磅的学术会议催化，ADC、双抗和CAR-T技术引领后PD-1时代的创新，这 也是中国创新药企的优势领域，国内相关的管线在全球市场中都处于领先的地位。首先是ADC。从 ASCO现场来看，国内的ADC处于全球的第一梯队，报告的数量占比相当高。第二个角度是双抗领域， 中国创新药在双抗领域也走在世界前列，所以后面这个领域的进展也非常值得关注，像国内双抗管线占 全球双抗管线的接近50%，很多临床数据表现也非常出色。根据不完全的统计，2024年国内双抗出海数 量大概是14项，交易的总额突破百亿美元，交易的首付款突破20亿美元，也刷新了历史纪录。除了 ADC双抗以外，中国创新药在细胞治疗等新兴领域也处在全球的第一梯队，所以在先进的技术平台方 向上还是有非常多值得关注的地方。 展望下半年，还有一些重磅的行业会议以及国际临床大会召开，包括WCLC（世界肺癌大会）或 ...

Core Viewpoint - In the first five months of this year, China's innovative drug licensing agreements have exceeded $45.5 billion, nearly matching the total for the entire previous year, but the recent licensing deal by Rongchang Biopharma has surprised investors negatively [1][2]. Group 1: Licensing Deal Details - Rongchang Biopharma announced a licensing agreement with Vor Bio, granting exclusive rights for the development and commercialization of its product, Taitasip, outside Greater China [1]. - As part of the deal, Rongchang will receive $125 million in cash and warrants, including a $45 million upfront payment and $80 million in warrants, which represents approximately 23% of the company [2]. - Vor Bio is also obligated to pay up to $4.105 billion in milestone payments based on clinical development and commercialization, along with sales royalties [2]. Group 2: Market Reaction - Following the announcement, Rongchang's stock plummeted, with A-shares hitting a 20% limit down and H-shares dropping over 25% [2]. - The A-share price fell from a high of 72 yuan per share to 61.61 yuan, while H-shares closed at 55.55 HKD, reflecting a 6.17% decline [2]. - Prior to the announcement, Rongchang's market capitalization had surged significantly, with A-shares increasing by 18 billion yuan and H-shares quadrupling in value [2][3]. Group 3: Concerns and Criticism - The upfront payment of $45 million was significantly lower than market expectations, contributing to the stock's decline [4]. - Vor Bio, the partner company, has a market capitalization of only $69.28 million and has faced financial difficulties, raising concerns about its ability to fulfill payment obligations [4]. - The "shell company" nature of the deal has led to skepticism, as it appears Rongchang is trading a product for a company with limited resources [4][5]. Group 4: Future Outlook - Despite the negative market reaction, some investors see potential in the new leadership at Vor Bio, with Jean-Paul Kress, an experienced executive in immunology, appointed as CEO [6]. - However, Rongchang's other product, Vidisitamab, faces competition from new entrants like Hengrui Medicine, which could threaten its market share [6].

Core Viewpoint - The collaboration between 3SBio and Pfizer for SSGJ-707 marks a significant milestone in the Chinese biopharmaceutical industry, with a total upfront payment of $1.25 billion and potential milestone payments reaching up to $4.8 billion, indicating strong market confidence in the drug's potential [1][2]. Group 1: Licensing Agreement and Financial Implications - 3SBio has granted Pfizer global development, production, and commercialization rights for SSGJ-707 outside of mainland China while retaining rights for mainland China and granting Pfizer commercialization options [1]. - The agreement includes a non-refundable upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion based on development, regulatory approvals, and sales [1]. - Additionally, 3SBio will receive a tiered sales royalty based on product sales in the licensed regions [1]. Group 2: Clinical Development and Pipeline - SSGJ-707 has shown significant anti-tumor activity and good safety in Phase II clinical trials, positioning it as a potential best-in-class therapy [2]. - The drug is currently undergoing four Phase II clinical studies in China, targeting various cancers including PD-L1 positive non-small cell lung cancer (NSCLC) and advanced gynecological tumors [2]. - Future catalysts for SSGJ-707 include Pfizer's overseas clinical progress, advancements in domestic Phase III trials, and data releases from major conferences like ASCO [2]. Group 3: Existing Product Portfolio and Growth Potential - 3SBio's existing core products are mature and leading in their respective segments, with expected stable growth [2]. - Key products include Terbinafine, which is the company's top-selling product, and Erythropoietin, which has new indications covered by insurance, opening up significant market potential [2]. - The company is also focusing on oral paclitaxel and other promising candidates in its pipeline, indicating a robust growth strategy [3]. Group 4: Financial Forecast and Market Valuation - The projected peak sales for SSGJ-707 are estimated at $8.5 billion, with a 10% sales royalty contributing to a market value of approximately 35 billion [4]. - The domestic peak sales are estimated at $5 billion, contributing an additional 15 billion in market value [4]. - The total target market capitalization is around 80 billion, with significant adjustments to net profit forecasts for 2025-2027, reflecting strong growth expectations [4].

当前，我国医药行业正在逐渐从"高成长"阶段进入"高质量成长"阶段，创新药也进入成果兑现阶段。 Wind数据显示，今年一季度医药生物行业有60家公司营收超10亿元，其中，2家公司营收超百亿元，7 家公司营收在50亿元至百亿元之间。一季度，医药生物行业有281家公司归母净利润为正，其中84家超 亿元。 方正证券分析认为，从创新药企发布的一季报来看，医药行业已经结束2024Q1以来的持续下行趋势， 宽基指数对医药行业的配置比例显著提升，市场热情再度高涨。虽然医药行业整体营收相对平缓，但行 业变化带来的估值提升及盈利回归亮点显著。 "创新药板块系统性估值提升是我们认为本轮行业配置回归最大的催化剂，核心是中国创新药企的商业 模式获得市场广泛认可。一是龙头公司纷纷进入盈利阶段，二是研发管线通过BD开始转化成常态化收 入，因此创新管线进入系统性估值阶段，市场开始给予药品公司创新管线更多估值溢价。"方正证券分 析道。 核心产品放量 开年以来，创新药公司持续推进商业化、国际化，并通过降本增效使得收入大幅增长、亏损收窄，龙头 公司表现突出。 在核心产品收益方面，特别是PD-1/PD-L1成为国内外最热门的创新赛道，在PD-1的有 ...