证券代码：600196 股票简称：复星医药 编号：临2026-025 上海复星医药（集团）股份有限公司 关于控股子公司许可协议的进展公告 二、本次进展 2026年2月24日，复宏汉霖与KGbio签订《修订及部分终止协议》，（其中包括）双方同意终止《2023 年独家许可协议》，并终止印度尼西亚以外的KGBio获许可区域（即"KGbio终止区域"）独家商业化许 可产品及相关权利的许可。 同日，复宏汉霖与Abbott签订《2024年许可协议之修正案》，就《2024年许可协议》项下（其中主要包 括）约定的许可区域作进一步扩展，并增加相应监管里程碑及销售里程碑付款。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、前期合作情况 2019年9月30日、2023年8月25日，本公司控股子公司复宏汉霖与KGbio先后签订《2019年独家许可协 议》《2023年独家许可协议》及《2019年独家许可协议之修正案》，复宏汉霖就许可产品（即斯鲁利单 抗注射液）授予KGbio于约定区域（即约定的东南亚、中东及北非国家）及约定领域内的独家商业化及 相 ...

Core Viewpoint - The recent incident involving the articles published by "Meisi Oncology New Frontier" highlights the intensifying competition in the PD-1 monoclonal antibody market, indicating a shift towards a saturated market where established players dominate future growth opportunities [4][5][8]. Market Dynamics - The PD-1 monoclonal antibody market has transitioned from a "golden track" to a "red ocean" due to increased product launches leading to homogenization of competition [5][8]. - Major players like Merck's "K drug" (pembrolizumab) and Bristol-Myers Squibb's "O drug" (nivolumab) continue to show strong sales, with projected global revenues of approximately $29.5 billion and $10.1 billion respectively for 2024 [5][6]. - In China, BeiGene's tislelizumab leads with sales of 4.467 billion yuan, a 17.4% increase year-on-year, while Innovent's sintilimab and Junshi Biosciences' toripalimab also report significant growth [6][7]. Competitive Landscape - The market is characterized by a clear division between leading companies with established products and newer entrants struggling to gain market share [8][9]. - Companies that fail to differentiate their products or adapt to the competitive landscape are increasingly exiting the PD-1 market, with at least six companies having withdrawn in the past four years [9][12]. Future Trends - The emergence of PD-1 bispecific antibodies is seen as a potential game-changer, with products like Ivosidenib showing superior efficacy in clinical trials compared to traditional PD-1 monoclonal antibodies [14][15]. - The potential for PD-1 bispecifics to address "hard-to-treat" patient populations and improve outcomes in various cancer types is being recognized as a significant opportunity for innovation [16]. Broader Applications - Beyond oncology, PD-1 inhibitors are being explored for autoimmune diseases, with ongoing clinical trials for conditions like rheumatoid arthritis [19][20]. - The distinction between PD-1 inhibitors and PD-1 agonists is crucial, as the latter has not yet seen any products approved for market, indicating a potential area for future development [20].