（文章来源：第一财经） 智飞生物公告，由全资子公司智飞龙科马研发的带状疱疹mRNA疫苗获得国家药品监督管理局药物临床 试验批准通知书，同意开展用于预防带状疱疹的临床试验。该疫苗是公司自主知识产权mRNA技术产 品，具有良好的免疫原性和安全性，能够有效预防带状疱疹发生。此次获批将进一步丰富公司成人疫苗 品种，完善产品布局，强化市场地位。 ...

交银国际发布研报称，维持荣昌生物(09995)136港元目标价，维持买入评级。剔除BD和公允价值收益 对利润的贡献，预计4Q25公司主营业务已实现或接近盈亏平衡，早于该行此前的预期。随着泰它西普 和RC148出海后、更多研发费用由海外合作伙伴承担，该行看好2026年主业利润率进一步改善的空间。 随着关键产品相继BD出海，2026年该行看好 1)泰它西普和维迪西妥在海外注册研究上的进展，包括泰它西普MGIII期入组(预计1H26完成入组、 1H27读出)和SSIII期启动(1H26)、维迪西妥实现首个海外BLA申报(1H26，2LUC)和1LUCIII期数据的读 出；2)中国内地泰它西普MG适应症纳入医保后的销售放量，以及SS、IgAN等更多大适应症的获批；3) 早期品种(包括RC148、RC118、新型ADCRC278等)在更多适应症上的推进，相关数据读出有望持续催 化股价。 2026年1月30日，公司发布2025年年度业绩预告，预计全年实现营业收入约32.5亿元(人民币，下同)，同 比增长约89%；预计实现净利润约7.16亿元，扣非净利润约7,850万元，均实现同比扭亏为盈。本次业绩 表现显著超出该行及市场 ...

智通财经APP获悉，交银国际发布研报称，维持荣昌生物(09995)136港元目标价，维持买入评级。剔除 BD和公允价值收益对利润的贡献，预计4Q25公司主营业务已实现或接近盈亏平衡，早于该行此前的预 期。随着泰它西普和RC148出海后、更多研发费用由海外合作伙伴承担，该行看好2026年主业利润率进 一步改善的空间。 交银国际主要观点如下： 核心产品放量叠加BD兑现，驱动2025年扭亏为盈 2026年1月30日，公司发布2025年年度业绩预告，预计全年实现营业收入约32.5亿元（人民币，下 同），同比增长约89%；预计实现净利润约7.16亿元，扣非净利润约7,850万元，均实现同比扭亏为盈。 本次业绩表现显著超出该行及市场此前预期，且盈利拐点出现时点亦较此前判断明显前移。 根据公告，公司业绩高增长的主要由三方面驱动 1）核心产品商业化持续放量：泰它西普和维迪西妥单抗在中国内地市场的销售快速放量，持续贡献业 绩核心增量；2）BD收入确认显著增厚利润端：2025年公司分别与Vor Biopharma就泰它西普海外权益 达成授权、与参天制药就眼科创新药RC-28E注射液达成大中华及亚洲地区授权，获得的首付款及潜在 股 ...

Group 1 - The company announced a share repurchase plan approved on November 11, 2025, aiming to buy back shares worth 100 to 200 million yuan for employee stock ownership plans or equity incentives, with a maximum price of 244 yuan per share, valid until November 11, 2026 [1] - As of January 31, 2026, the company has repurchased a total of 904,054 shares, accounting for 0.98% of the total share capital, with total funds paid amounting to 149,955,134.73 yuan, and the repurchase price range was between 145.59 and 176.79 yuan per share [1]

国泰海通发布研报称，在英国首相访华期间，阿斯利康宣布计划在中国投资150亿美元，为中国及全球 患者提供尖端治疗方案。该行认为，本次投资再次证明在中国工程师红利及生物医药能力的持续验证 下，MNC对于中国本土研发能力及中国市场的兴趣和认可。 国泰海通主要观点如下： 在英国首相访华期间，阿斯利康宣布计划在中国投资150亿美元 近日，英国首相斯塔默开启为期4天的访华行程，随同斯塔默访问的有超50家企业高管和机构代表。其 中，阿斯利康全球首席执行官苏博科、葛兰素史克董事会主席司明麒作为英国医药产业的代表随团访 华。这项投资用于扩大药品制造和研发。这项投资将充分利用中国卓越的科学实力、先进的制造能力以 及中英医疗健康生态系统合作优势，为中国及全球患者提供尖端治疗方案。 150亿美元投资主要用于细胞疗法+RDC药物 鉴于中国在新型治疗模式(new modalities)领域的先进科学水平，此项投资将大幅提升公司在细胞疗法和 放射性偶联药物方面的能力，以推动其广泛而多样化的研发管线，帮助癌症、血液疾病和自身免疫性疾 病等患者。这些投资涵盖整个价值链，从药物发现、临床开发到生产制造，并通过与领先生物技术公司 (包括AbelZ ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has established a unique business model that transitions from traditional self-research to a sustainable business development (BD) model, significantly increasing cash flow and revenue [5][7] - The company possesses a globally rare, clinically validated fully human antibody transgenic mouse platform, Harbour Mice®, which breaks traditional antibody development bottlenecks [4][6] - The company has successfully attracted collaborations with top multinational pharmaceutical companies, marking its evolution from a traditional biotech to a globally influential biotechnology innovator [4][5] Summary by Sections Company Overview - The company, Harbour BioMed (2142.HK), was founded in 2016 and has a dual-engine strategy of "technology platform + innovative products" [15] - It has a strong R&D advantage and global business capabilities, with a focus on developing innovative drugs for oncology and immune diseases [18] Business Model and Financial Performance - The company has transformed its business model to a continuous BD authorization model, achieving a revenue increase of 327% year-on-year to $101 million in the first half of 2025 [5][31] - The net profit for the same period reached $71.72 million, with a net profit margin of 72% [5][31] - The company holds $320 million in cash as of mid-2025, providing a strong safety margin for long-term R&D and business expansion [35] Pipeline and Innovation - The company focuses on differentiated clinical value with a pipeline that includes First-in-Class (FIC) and Best-in-Class (BIC) assets, such as HBM4003, a fully human heavy-chain CTLA-4 inhibitor [6][19] - The Nona Biosciences subsidiary has developed the Hu-mAtrIx™ AI platform, leveraging extensive experimental data to enhance drug development efficiency [58] Investment Forecast - Revenue projections for 2025 to 2027 are $178 million, $293 million, and $210 million, respectively, with corresponding net profits of $91 million, $174 million, and $134 million [10][7] - The company is expected to maintain a high gross margin of around 95% due to the low marginal cost of its technology licensing revenue [10][35]

2月3日，三生国健跌0.52%，截至发稿，报59.19元/股，成交2.85亿元，换手率0.78%，总市值365.85亿 元。三生国健股价已经连续5天下跌，区间累计跌幅6.83%。 资料显示，三生国健药业(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路399号，成立日期 2002年1月25日，上市日期2020年7月22日，公司主营业务涉及抗体药物的研发、生产及销售业务。主营 业务收入构成为：销售商品75.24%，提供委托加工服务15.37%，授权许可7.94%，租赁服务1.44%。 从基金十大重仓股角度 数据显示，中银基金旗下1只基金重仓三生国健。中银医疗保健混合A（005689）四季度增持1.39万股， 持有股数66.07万股，占基金净值比例为6.21%，位居第四大重仓股。根据测算，今日浮亏损失约20.48 万元。连续5天下跌期间浮亏损失286.73万元。 中银医疗保健混合A（005689）成立日期2018年6月13日，最新规模4.71亿。今年以来亏损1.25%，同类 排名8275/8874；近一年收益58.53%，同类排名1083/8124；成立以来收益224.03%。 中银医疗保健混合A（0056 ...

Core Insights - Zelluna has promoted Emilie Gauthy to Chief Technology Officer (CTO), effective immediately, recognizing her contributions to the company's manufacturing and CMC capabilities since joining in 2022 [1][4] Company Developments - As CTO, Gauthy will lead Zelluna's manufacturing and CMC strategy, focusing on advancing the clinical development program, scaling up manufacturing capacity, and expanding the TCR-NK pipeline [2] - Under Gauthy's leadership, Zelluna has established a scalable manufacturing process and analytical capabilities, which facilitated the submission of its Clinical Trial Application (CTA) for ZI-MA4-1 to the UK MHRA in December 2025 [3] - Key achievements include locking the manufacturing process, producing and quality-testing a GMP clinical batch, and establishing the CMC foundation for the first-in-human clinical trial, with initial data expected from mid-2026 [3] Leadership Statements - CEO Namir Hassan highlighted Gauthy's central role in building the manufacturing and CMC capabilities that enabled the submission of the first CTA, emphasizing her leadership in establishing the foundation for clinical development [4] - Emilie Gauthy expressed pride in the team's achievements since 2022, noting the submission of the first CTA as a major milestone and the strong manufacturing foundations built for the scalable TCR-NK platform [4] Company Overview - Zelluna ASA is pioneering allogeneic "off-the-shelf" T Cell Receptor-based Natural Killer (TCR-NK) cell therapies for solid cancers, with its lead candidate ZI-MA4-1 being the world's first MAGE-A4 targeting TCR-NK therapy [5] - The company submitted its Clinical Trial Application to the UK MHRA in December 2025, with initial clinical data expected to emerge from mid-2026 [5]

责任编辑：王馨茹 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！药明巨诺 获评"年度卓越药险生态融合创新奖"。 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！药明巨诺 获评"年度卓越药险生态融合创新奖"。 责任编辑：王馨茹 ...

Group 1 - The core viewpoint of the article highlights that the AI-driven drug discovery and development company, Insilico Medicine (3696.HK), experienced a significant stock increase of 14%, reaching a price of 68.7 HKD, with its market capitalization approaching 40 billion HKD [1] Group 2 - The article emphasizes the growing interest and investment in AI technologies within the pharmaceutical industry, particularly in drug discovery and development processes [1] - Insilico Medicine's performance reflects broader trends in the market, showcasing the potential for AI to transform traditional pharmaceutical practices [1] - The increase in stock price indicates positive investor sentiment and confidence in the company's future prospects and innovations in AI applications [1]