（文章来源：北京商报） 特宝生物表示，报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。尽管受新产品上市初期市场拓展、核心产品加大覆盖提升等因素影 响，相关费用有所增加，但公司全力推动创新成果快速进入临床应用，整体经营仍保持稳健增长。 北京商报讯2月10日晚间，特宝生物（688278）发布2025年度业绩快报显示，公司2025年营业收入36.96 亿元，同比增长31.18％；归属净利润10.38亿元，同比增长25.39％。 ...

公司研发的本疫苗为采用水痘-带状疱疹病毒（Varicella-zoster virus,VZV）减毒株接种人二倍体细胞， 经冻干工艺制成的减毒活疫苗。接种本疫苗后，可刺激机体产生抗水痘-带状疱疹病毒的免疫力，用于 预防水痘。 格隆汇2月10日丨沃森生物(300142.SZ)公布，由云南沃森生物技术股份有限公司及子公司云南疫苗实验 室有限公司、北京沃森创新生物技术有限公司和玉溪沃森生物技术有限公司联合研发并共同申请临床试 验的水痘减毒活疫苗，于近日获得国家药品监督管理局签发的《药物临床试验批准通知书》。通知书编 号为：2026LP00378。注册分类：预防用生物制品。审批结论：根据《中华人民共和国药品管理法》 《中华人民共和国疫苗管理法》及有关规定，经审查，2025年11月20日受理的水痘减毒活疫苗符合药品 注册的有关要求，同意开展预防水痘的临床试验。药物临床试验应当自批准之日起3年内实施，3年内未 有受试者签署知情同意书的，本件自行失效。 ...

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

Group 1 - The core project "Rapid Confirmation and Precise Prevention and Control of Emerging Viral Infectious Diseases" won the second prize of Jiangsu Province Science and Technology Progress Award, highlighting the company's achievements in technological innovation [1] - The project was led by Jiangsu Provincial Center for Disease Control and Prevention, with the company contributing core technological innovations in the field of inactivated enterovirus vaccines [1] - The project addresses key challenges in the prevention and control of emerging viral infectious diseases, establishing an efficient response system [1] Group 2 - The company has developed bivalent and quadrivalent inactivated enterovirus vaccines (Vero cells), which received clinical trial approval from the National Medical Products Administration in February 2025 [2] - Currently, there are no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2] - Successful development of these vaccines will enhance the company's multi-valent vaccine portfolio, strengthening its core competitiveness and market position [2]

特宝生物发布业绩快报，2025年度实现营业总收入36.96亿元，同比增长31.18%；净利润10.38亿元，同 比增长25.39%。报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。 ...

公告显示，该疫苗为采用水痘-带状疱疹病毒减毒株接种人二倍体细胞，经冻干工艺制成的减毒活疫 苗。接种该疫苗后，可刺激机体产生抗水痘-带状疱疹病毒的免疫力，用于预防水痘。目前国内有六家 企业的水痘减毒活疫苗已获批上市许可。 北京商报讯（记者 王寅浩 宋雨盈）2月10日，沃森生物发布公告称，由公司及子公司云南疫苗实验室有 限公司、北京沃森创新生物技术有限公司和玉溪沃森生物技术有限公司联合研发并共同申请临床试验的 水痘减毒活疫苗，于近日获得国家药品监督管理局签发的《药物临床试验批准通知书》，同意开展预防 水痘的临床试验。 ...

Core Viewpoint - The collaboration between Innovent Biologics and Eli Lilly marks the seventh partnership since 2015, focusing on the global development of innovative drugs in oncology and immunology, showcasing Innovent's strong R&D capabilities recognized by multinational corporations [1] Event - On February 8, Innovent Biologics announced a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, with Innovent leading the projects from drug discovery to clinical concept validation in China [1] Financial Details - The collaboration includes an upfront payment of $350 million and a total package worth $8.85 billion, with Innovent retaining all rights in Greater China while Eli Lilly obtains exclusive global development and commercialization rights outside this region [1] - Innovent is eligible for up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization, along with a tiered sales share from net sales outside Greater China [1] R&D Capacity - The partnership indicates high recognition of Innovent's early-stage R&D and concept validation capabilities in oncology and immunology by Eli Lilly, which has a strong portfolio in these areas [2] - Innovent has 17 commercialized drugs, with one product under NMPA review, four new drug molecules in Phase III or critical clinical studies, and 15 additional new drug candidates in clinical research [2] Profit Forecast and Investment Recommendation - Innovent's extensive layout in oncology is expected to enhance revenue and reduce marginal costs, while the company also has competitive products in metabolic, autoimmune, and ophthalmology fields [2] - A global strategic partnership with Takeda, valued at $11.4 billion, is anticipated to accelerate the introduction of next-generation IO and ADC therapies to the global market, marking a significant step in Innovent's internationalization [2] - Revenue projections for Innovent from 2025 to 2027 are estimated at 11.968 billion yuan, 22.804 billion yuan, and 26.572 billion yuan, with net profits of 0.886 billion yuan, 6.679 billion yuan, and 8.004 billion yuan respectively [2] - The company’s reasonable market value is estimated at 232.7 billion HKD, with a target price set at 136.12 HKD, maintaining a "buy" rating [2]

格隆汇2月10日｜沃森生物公告，公司及子公司云南疫苗实验室有限公司、北京沃森创新生物技术有限 公司和玉溪沃森生物技术有限公司联合研发并共同申请临床试验的水痘减毒活疫苗，于近日获得国家药 品监督管理局签发的《药物临床试验批准通知书》，同意开展预防水痘的临床试验。 ...

Core Viewpoint - Chengdu XianDao (688222.SH) announced that its subsidiary, XianYuan, has established an innovative technology system focusing on chronic disease treatment, particularly targeting hypertension, hyperlipidemia, and high body fat [1] Group 1: Company Developments - XianYuan has developed novel technologies including small nucleic acid modification technology, extrahepatic delivery technology, and single-molecule dual-target regulation technology [1] - The ultra-long-acting antihypertensive drug LDR2402 targeting the AGT site has entered Phase II clinical trials, with the first subject already dosed [1] - The clinical trial application (IND) for the small nucleic acid new drug LDR2515 injection (targeting INHBE) for obesity treatment has recently received implied approval from the China National Medical Products Administration (CDE) [1] Group 2: Financing and Shareholding - XianYuan is a subsidiary and affiliated party of Chengdu XianDao, with a registered capital of 17.24 million yuan [1] - Chengdu XianDao plans to subscribe to an additional registered capital of 24 million yuan at a pre-investment valuation of 450 million yuan, increasing its shareholding in XianYuan from 23.20% [1] - The lead investor in this financing round is Chengdu Angel DaoYuan GuoSheng Medical Health Venture Capital Partnership (Limited Partnership), with other investors including affiliated parties Cao Jiaming and Huabo Medical [1]

Investment Rating - The report assigns a "Buy" rating to the company, believing its current stock price is undervalued due to a high implied weighted average cost of capital of 12% [1] Core Insights - The report highlights that the company, Innovent Biologics, is expected to maintain its leading position in the Chinese biotechnology sector, driven by a strong pipeline of novel molecules targeting next-generation immuno-oncology [1] - Encouraging preliminary data has been obtained for IBI363, a PD-1/IL-2α bispecific antibody, which exhibits differentiated drug characteristics in immunotherapy and cold tumors [1] - The company's robust commercialization capabilities and deep collaboration with global partners, particularly Eli Lilly, are also emphasized as key strengths [1] Summary by Relevant Sections - **Investment Rating**: "Buy" rating with a target price of HKD 102.85 based on risk-adjusted discounted cash flow [1] - **Market Position**: Innovent Biologics is positioned as a leader in the Chinese biotech field, supported by a strong pipeline and strategic partnerships [1] - **Product Development**: IBI363 shows promising initial results, indicating potential for differentiation in the competitive landscape of immunotherapy [1] - **Commercialization Strength**: The company’s strong commercial capabilities and partnerships enhance its market prospects [1]