Core Viewpoint - Fuhong Hanlin (2696.HK) has seen a significant stock price increase of over 8% on February 10, with a total rise of 30% over six days, indicating a reversal trend and a current market value of HKD 39.6 billion [1] Group 1: Company Developments - Fuhong Hanlin has completed the full circulation of H-shares, which is expected to enhance its global strategy and attract more international investors, benefiting long-term development and shareholder interests [1] - At the JPM 2026 conference, the company showcased its "Globalization 2.0" strategy, outlining future innovation pipeline and development plans, with over 40 new clinical research applications expected to be approved in the next five years [1] - By 2030, the company anticipates having over 20 products launched globally, with 15 expected to enter the European and American markets [1] Group 2: Product Pipeline and Collaborations - The company plans to commercialize more Antibody-Drug Conjugates (ADCs), bispecific antibodies, and T-cell engagers (TCEs), targeting four major therapeutic areas: oncology, autoimmune diseases, metabolism, and central nervous system disorders [1] - Fuhong Hanlin has entered into an exclusive commercialization agreement with Eisai Co., Ltd. for the anti-PD-1 antibody, Surulitinib, in the Japanese market, which includes an upfront payment of USD 75 million and potential milestone payments totaling up to USD 800.1 million, along with royalties based on product sales [1]

来源：市场资讯 （来源：求实药社） 2月9日，华润医药发布公告，拟以14.2亿元底价挂牌出售其所持天麦生物约17.87%股权，对应天麦生物 整体估值约80亿元。 近年来，公司业务进一步扩张,提供包括基因重组蛋白的研发和交付、无菌生物制剂的开发和商业化生 产交付等的CDMO业务。 公司与以色列企业合作，已在以色列雅夫尼建立了联合实验室，成功开发人胰岛素及胰岛素类似物原料 药和制剂产品。其核心平台曾获国家专项支持，生产基地符合国际GMP标准。在服务方面，公司打破 了药品销售模式，创立适合中国基层的糖尿病管理模式。 文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担, 关于对文中陈述、观点判断保持中 立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自 行承担全部。 于本公告日期，华润医药投资及其附属公司持有天麦生物科技少于30%股权。若未达成交易，挂牌将自 动终止。 天麦生物创建于2010年，是一家致力于糖尿病系列产品和技术的引进与开发、为糖尿病患者提供全病程 管理服务的创新型企业。 ...

Core Viewpoint - Fuhong Hanlin (2696.HK) has seen a significant stock price increase of over 8%, with a total rise of 30% over six days, currently trading at HKD 72.7, with a market capitalization of HKD 39.6 billion [1] Group 1: Company Developments - Fuhong Hanlin has completed the full circulation of H-shares, which is expected to enhance liquidity and support its globalization strategy, thereby unlocking long-term investment value [1] - The company showcased its "Globalization 2.0" strategy at the JPM 2026 conference, outlining its future innovation pipeline and development plans [1] - Over the next five years, Fuhong Hanlin anticipates more than 40 new clinical research applications to be approved, with over 20 products expected to be launched globally by 2030, 15 of which are projected to enter the European and American markets [1] Group 2: Product Pipeline and Collaborations - The company plans to commercialize more Antibody-Drug Conjugates (ADC), bispecific antibodies, and T-cell engagers (TCE) across four therapeutic areas: oncology, autoimmune diseases, metabolism, and central nervous system disorders [1] - Fuhong Hanlin has entered into an exclusive commercialization agreement with Eisai Co., Ltd. for the anti-PD-1 antibody, Surulitinib, in the Japanese market, along with a joint exclusive development and production licensing agreement [1] - Eisai will pay Fuhong Hanlin an upfront payment of USD 75 million, with potential regulatory milestone payments up to USD 80.01 million, and sales milestone payments up to USD 233.3 million; Fuhong Hanlin will also receive a double-digit percentage royalty based on product sales [1]

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月10日，信达生物(1801.HK)再度拉升涨超7%，现报92.5港元，总市值1568亿港元。消息上，信达生物日前与礼来制药达 成战略合作，推进肿瘤及免疫领域创新药全球研发。信达生物主导相关项目从药物发现至中国临床概念验证的研发工作， 礼来获大中华区外全球独家开发与商业化许可。信达生物将获88.5亿美元总付款，含3.5亿美元首付款及最高85亿美元里程 碑付款，还有权获大中华区外净销售额梯度销售分成。 摩根大通发表研究报告指出，信达生物与礼来达成战略合作，共同在全球范围开发聚焦于肿瘤和免疫学领域的新型生物制 剂。该行认为此次合作属正面惊喜，标志著信达生物迈向全球性生物制药公司历程中的又一个重要里程碑，并突显其研发 平台的实力。该行重申信达生物是其所覆盖的中国生物科技公司中的首选标的之一，予其"增持"评级，目标价为111港元。 ...

Core Viewpoint - Reborn Bio-B (06938) has seen a stock increase of over 5%, currently trading at 72.45 HKD, following the announcement of its RBD5044 injection receiving implied approval for Phase II clinical trials from the National Medical Products Administration of China [1] Company Summary - RBD5044 is a siRNA drug targeting APOC3, a protein synthesized primarily in the liver that plays a crucial role in lipid metabolism [1] - The drug aims to address complications associated with hypertriglyceridemia, providing a treatment option for managing dyslipidemia [1] Industry Summary - The small nucleic acid drug sector is experiencing significant global growth, transitioning from technology validation to accelerated clinical realization and commercialization [1] - A total of 23 small nucleic acid drugs have been approved globally, covering various technical directions such as siRNA, ASO, and aptamers [1] - Although no products have been launched domestically, the number of research pipelines ranks second only to the United States, addressing multiple therapeutic areas including hyperlipidemia, hypertension, hepatitis B, kidney diseases, muscular diseases, and obesity [1] - Notable collaborations include over 9 billion USD in cumulative partnerships between WuXi AppTec and Novartis, and a 2 billion USD platform licensing deal between Reborn Bio and Boehringer Ingelheim [1] - Traditional pharmaceutical companies like China National Pharmaceutical Group are rapidly positioning themselves through acquisitions, indicating a positive development trend in the industry [1]

摩根大通发表研报指，信达生物与礼来达成战略合作，共同在全球范围开发聚焦于肿瘤和免疫学领域的 新型生物制剂。该行认为此次合作属正面惊喜，标志着信达生物迈向全球性生物制药公司历程中的又一 个重要里程碑，并突显其研发平台的实力。在电话会议上，信达生物管理层重申其长期愿景，主要受惠 于通用生物药和肿瘤药领域双引擎增长策略的支持。该行对信达生物在其商业及研发产品在线的执行 力，以及其强大的业务拓展能力持续印象深刻。该行重申信达生物是其所覆盖的中国生物科技公司中的 首选标的之一，予其"增持"评级，目标价为111港元。 ...

恒生生物科技指数日内涨超4%，石药集团涨超7%，信达生物涨近7%，药明生物、中国生物制药涨超 5%。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Fuhong Hanlin (02696), which has increased over 24% in the month, with a current price of 70.85 HKD and a trading volume of 338 million HKD [1] Group 2 - On February 5, 2023, Eisai Co., Ltd. and Fuhong Hanlin announced an exclusive commercialization agreement for the anti-PD-1 antibody, Surufatinib, in the Japanese market, along with a joint exclusive development and production licensing agreement [1] - Eisai will pay Fuhong Hanlin an upfront payment of 75 million USD, with potential regulatory milestone payments up to 80.01 million USD, and sales milestone payments that could reach up to 233.3 million USD [1] - Fuhong Hanlin will also receive a double-digit percentage royalty based on product sales [1] Group 3 - On February 6, 2023, Dr. Zhu Jun, the Executive Director and CEO of Fuhong Hanlin, stated that the company had been strategically preparing for the Japanese market for three years and had formed a local team [1] - The decision to collaborate with Eisai instead of pursuing independent commercialization was influenced by the "very sincere" offer made by Eisai [1]

瑞银发表研报指，信达生物与礼来就多项早期肿瘤及免疫学资产达成合作。协议包括3.5亿美元的首付 款，潜在里程碑付款最高达85亿美元，以及基于净销售额的分层权利金。该行对两间公司进行第7次合 作持积极看法，并认为相较于以往的对外授权，是次成立新公司及共同开发模式，是一种新的合作模 式。信达生物指出，是次合作的潜在资产数量较同业其他类近的合作少，且财务条款优厚。更重要是， 该行注意到潜在资产包括信达生物研发管线中未出现过的新资产，为公司原先指引每年推进8至10个候 选药物进入临床阶段的目标带来上行空间。该行现予公司目标价137.4港元及"买入"评级。 ...

信达生物(1801.HK)再度拉升涨超7%，现报92.5港元，总市值1568亿港元。消息上，信达生物日前与礼来制药达成战略合作，推进肿瘤及免疫领域创新药全 球研发。信达生物主导相关项目从药物发现至中国临床概念验证的研发工作，礼来获大中华区外全球独家开发与商业化许可。信达生物将获88.5亿美元总付 款，含3.5亿美元首付款及最高85亿美元里程碑付款，还有权获大中华区外净销售额梯度销售分成。 摩根大通发表研究报告指出，信达生物与礼来达成战略合作，共同在全球范围开发聚焦于肿瘤和免疫学领域的新型生物制剂。该行认为此次合作属正面惊 喜，标志著信达生物迈向全球性生物制药公司历程中的又一个重要里程碑，并突显其研发平台的实力。该行重申信达生物是其所覆盖的中国生物科技公司中 的首选标的之一，予其"增持"评级，目标价为111港元。 ...