裴安德表示，每次来到中国上海，都惊叹于中国、上海的发展活力和创新速度。中国发展规划的连续性 战略性和上海务实高效的营商环境，坚定了企业投资深耕的信心决心。将以蔡司大中华区总部综合园区 在沪启动建设为契机，携手合作伙伴推动技术创新、产业创新，提供更专业更高品质的产品服务和解决 方案，更好推动可持续发展。 市领导李政、华源参加相关会见。 本报讯 市委书记陈吉宁近日分别会见了勃林格殷格翰股东委员会主席冯保和、蔡司集团总裁兼首席执 行官裴安德。 陈吉宁介绍了上海"十五五"规划相关情况。他说，今年是中国"十五五"开局之年，上海正按照习近平主 席重要指示要求，更加积极主动扩大高水平对外开放，把科技创新摆在更加突出位置，深化"五个中 心"建设，推动高质量发展。我们制定实施"十五五"规划，确定上海未来五年发展目标任务，以发展环 境的长期、稳定、透明和可预期，为全球企业在沪深耕发展提供新的机遇，拓展更为广阔的合作空间。 生物医药是上海重点发展的三大先导产业之一，勃林格殷格翰是全球领先的生物制药企业，欢迎持续加 大在沪创新研发和业务布局力度，围绕基础研究、临床试验、生产制造等加强新药开发合作，参与构建 开放创新生态。用好东方枢纽 ...

研究报告 Research Report 9 Feb 2026 香港医疗 Hong Kong Health Care 医药行业周报（2026.02.02-2026.02.06）：市场情绪回暖；看好基本面表现强劲的创新药产业链龙头 Healthcare Weekly (2026.02.02-2026.02.06): Market Sentiment Warms; Bullish on Leaders in Innovative Drug Chain with Strong Fundamentals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 百济神州 | Outperform 华润医药 | | Outperform | | 京东健康 | Outperform 国药控股 | | Neutral | | 药明生物 | Outperform 映恩生物 | | Outperform | | 信达生物 | Outperform 金斯瑞生物科 ...

Group 1: IPO Market Overview - Last week, 7 IPOs and 6 SPACs were priced, with 5 IPOs and 5 SPACs filing for listings [1] - Veradermics raised $256 million with a market cap of $612 million, focusing on a non-hormonal treatment for hair loss [1] - Forgent Power Solutions priced its IPO at $1.5 billion, achieving a market cap of $8.2 billion, with a valuation of 24 times its 2026 EBITDA [1] Group 2: Company-Specific Highlights - Bob's Discount Furniture raised $331 million with a market cap of $2.3 billion, pricing at about 8 times its 2027 EBITDA [2] - Once Upon a Farm raised $198 million with a market cap of $811 million, despite being in a loss position [2] - SpyGlass Pharma raised $150 million with a market cap of $549 million, focusing on chronic eye disease treatments [2] Group 3: Additional IPOs and SPACs - AgomAb Therapeutics raised $200 million with a market cap of $875 million, targeting fibrotic diseases [3] - Eikon Therapeutics raised $381 million with a market cap of $1 billion, led by former Merck executives [3] - Six SPACs completed pricing, including Hennessy Capital VIII raising $210 million [4] Group 4: Upcoming IPO Filings - Five companies filed for IPOs, including Generate Biomedicines seeking $100 million for asthma treatments [8] - Salspera aims to raise $50 million for cancer therapies [8] - Several SPACs also filed for IPOs, including MOZAYYX Acquisition seeking $250 million [8]

Core Viewpoint - The company Aihui Long (688575.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which may impact its market reputation and operations [1] Group 1: Regulatory Investigation - Aihui Long received a notice from the CSRC on February 6, 2026, regarding the initiation of an investigation due to suspected violations of information disclosure laws [1] - The company stated that its business operations are currently normal and it will cooperate with the CSRC during the investigation [1] Group 2: Shareholder Actions - From September 10 to December 8, 2025, the controlling shareholder and chairman, Hu Kunhui, reduced his stake by 17,112,804 shares, representing 3% of the total shares, with a total transaction value of approximately 84.46 million yuan [2] - Another executive, Xiao Yujin, reduced his holdings by 619,269 shares during the same period, accounting for 0.1086% of the total shares, with a total transaction value of about 9.20 million yuan [2] Group 3: Financial Performance - Aihui Long's 2025 annual profit forecast indicates a net profit attributable to shareholders of 20 million to 30 million yuan, a decrease of 27.15 million to 28.15 million yuan compared to the previous year, representing a decline of 90.05% to 93.37% [3] - The company expects a net profit of 65 million to 85 million yuan after deducting non-recurring gains and losses, down by 20.23 million to 22.23 million yuan year-on-year, reflecting a decrease of 70.42% to 77.38% [3] Group 4: Historical Financial Data - Aihui Long's revenue from 2022 to 2024 was 3.981 billion yuan, 2.053 billion yuan, and 2.012 billion yuan respectively, while net profits were 1.012 billion yuan, 355 million yuan, and 302 million yuan [4] - The company went public on May 17, 2021, with an initial share price of 14.80 yuan, and raised a total of 606.8 million yuan, with a net amount of 541.33 million yuan after expenses [4][5]

高盛发表研报指，信达生物宣布与礼来达成战略合作，推进肿瘤及免疫领域创新药物的全球研发。合作 条款包括3.5亿美元首付款；最高可达85亿美元的里程碑付款；及基于中国以外地区净销售额的分级销 售特许权使用费。高盛相信，信达生物将继续保持其在中国生物技术领域的领先地位，主要得益于拥有 大量针对下一代免疫肿瘤靶点的新型分子，并已获得令人鼓舞的初步数据(如IBI363(PD-1/IL-2α偏向性 双特异性抗体)，在免疫治疗/冷肿瘤中具有差异化的药物特性；强大的商业化能力及与全球合作伙伴， 特别是礼来公司的深度合作等。高盛考虑到当前市场隐含的加权平均资本成本(12%)较高，认为其目前 股价被低估；予该股"买入"评级及目标价102.85港元。 ...

证券日报网讯2月9日，沃森生物（300142）在互动平台回答投资者提问时表示，公司四价流脑结合疫苗 目前处于III期临床研究阶段，公司将严格按照国家药品注册程序和要求的有关规定开展相关工作。 ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, with Innovent leading the development in China and retaining rights in the Greater China region while granting Eli Lilly exclusive rights outside this area [1][3]. Group 1: Collaboration Details - Innovent Biologics will receive an upfront payment of $350 million and is eligible for up to $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1]. - The collaboration structure is designed to accelerate Innovent's global development pipeline, marking a new model for cooperation in the industry [1]. - This partnership is the seventh collaboration between Innovent and Eli Lilly, highlighting a long-standing relationship that has included significant financial and developmental support [5]. Group 2: Financial Impact - Following the announcement of the collaboration, Innovent's stock surged nearly 7%, reaching HKD 85 per share, with a market capitalization of HKD 147.6 billion [1]. - Innovent's revenue for 2025 is projected to reach approximately CNY 11.9 billion, a 45% increase year-on-year, marking the first time product revenue exceeds CNY 10 billion [10]. - The company aims to achieve CNY 20 billion in product revenue by 2027 and plans to advance five core pipelines into global Phase III clinical trials by 2030 [10]. Group 3: Market Position and Future Outlook - The collaboration reflects a broader trend where multinational pharmaceutical companies are increasingly recognizing the value of Chinese innovative drug assets, shifting from high-risk acquisitions to strategic partnerships [3]. - Innovent's growth strategy includes reducing reliance on external collaborations while enhancing its own research and development capabilities [13]. - The company is positioned to leverage its partnerships to enhance its competitive edge in the global market, as evidenced by its recent collaborations and product approvals [12][13].

Core Viewpoint - CICC has raised the revenue forecast for Innovent Biologics (01801) for 2025 by 5.0% to 12.6 billion yuan, and the net profit forecast for 2026 by 274% to 6.68 billion yuan due to the impact of the Takeda collaboration, while introducing a net profit forecast of 4.14 billion yuan for 2027 [1] Group 1 - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 product revenue expected to be around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with CICC's expectations [2] - The company's product revenue has surpassed 10 billion yuan for the first time, driven by innovative products, with the oncology product portfolio expanding to 13 products by 2025 [3] - The company’s innovative product, Sintilimab, is expected to generate a revenue of 551 million USD in 2025, reflecting a year-on-year growth of about 5% [3] Group 2 - Seven products have been newly included in the national medical insurance catalog, which will be implemented starting in 2026, indicating clear performance drivers for 2026 [4] - The company expects the synergistic effects of its products to further manifest in 2026, with strong commercial momentum anticipated [4] - The company has reached a 10 billion USD collaboration with Takeda regarding IBI363 and is expected to see significant profit increases in 2026 due to upfront payments [5]

Core Viewpoint - The article discusses the strategic collaboration between Innovent Biologics and Eli Lilly to advance global research and development of innovative drugs in oncology and immunology, highlighting the financial terms and potential implications for both companies [1][3]. Summary by Sections Strategic Collaboration - Innovent Biologics announced a strategic partnership with Eli Lilly to develop innovative drugs in oncology and immunology, with Innovent leading the projects from drug discovery to clinical validation in China [1]. - The agreement includes an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion, along with a sales revenue sharing model for net sales outside Greater China [1]. Market Reaction - Following the announcement, Innovent's stock surged nearly 7%, reaching HKD 85 per share, with a market capitalization of HKD 147.6 billion [1]. Industry Context - Analysts note that multinational pharmaceutical companies are increasingly recognizing the value of Chinese innovative drug assets, shifting from high-risk acquisitions to collaborative models that leverage China's cost-effective and efficient R&D capabilities [3]. - However, some industry voices express concern that Innovent's role in drug development and commercialization in China may limit its long-term growth potential, as Eli Lilly retains global market rights [3]. Historical Collaboration - Innovent has a long-standing relationship with Eli Lilly, dating back to early investments and collaborations in drug development, including significant agreements in 2015 that set records for collaboration amounts between multinational and local companies [4][5]. - The partnership has led to successful product launches, including the PD-1 inhibitor, which became the first to be included in China's national medical insurance directory [4]. Financial Performance - Innovent's revenue has seen significant growth, with total revenue reaching CNY 3.844 billion in 2020, a 266.9% increase year-on-year, driven by product sales, particularly from its core product [5]. - The company aims to achieve CNY 11.9 billion in total product revenue by 2025, marking a 45% year-on-year increase, and has set a target of CNY 20 billion by 2027 [9]. Future Outlook - Innovent is focusing on expanding its product pipeline and has several products in critical phases of development, with plans to enhance its global presence through strategic collaborations [12]. - The company is also addressing potential challenges related to its pipeline and market positioning, aiming to balance revenue generation with R&D investments [14]. Industry Transformation - The article highlights a broader trend in the Chinese pharmaceutical industry, emphasizing the need for innovation to be recognized and valued globally, transitioning from efficiency-driven to quality and originality-driven innovation [15].

作为国内工业规模领先、制造业门类最齐全的城市之一，苏州拥有纳米新材料等六大国家级先进制造业集群，集聚16万家工业企业。 开栏的话： 发展新质生产力是推动高质量发展的内在要求和重要着力点。今年是"十五五"开局之年，必须把因地制宜发展新质生产力摆在更加突出的战 略位置。即日起，新华社推出"因地制宜发展新质生产力"系列报道，深入展现各地立足自身定位、资源禀赋、产业基础，因地制宜发展新质生产 力的案例故事和经验启示，呈现中国经济向新向优发展的生动实践。 "老师傅"的手艺被量化为数据，机器人学习后"秒变"熟练工；小家电与人工智能（AI）融合成"新物种"，市场"蓝海"大门就此打开……在江 苏省苏州市，精致苏工与AI的融合正由点及面、由浅入深，不断催生新质生产力，助力这座江南水城攀高"智造之城"。 着眼转型升级 加快以"智"赋能 静卧海底的跨洋线缆，怎样能保证质量趋近"零缺陷"、耐住恶劣环境？这些问题，亨通智缆大模型有答案。 "模型依托亨通集团30余年积累下的工艺知识、专家经验与生产数据，有效解决制造环节的核心难题，不久前获得国家网信办备案。"亨通数 科产品总监董晓健说。 丝线穿梭，传承千年的精益求精，织就苏工美名。线缆绵 ...