我们预计公司25/26/27 年EPS 分别为1.30/1.85/2.57 元。我们采用PE 估值方法，考虑到公司业绩增速强 劲、收入长期增速有望超过行业平均增速，我们给予公司2025 年PE 倍数50 倍，目标价每股64.92元人 民币，按照港币兑人民币汇率0.92 计算，折合目标价每股70.56港元，维持"增持"评级。 公司分子漏斗项目数不断扩大，新签订单保持快速增长。2025 年上半年，公司新签37 个综合项目，新 增了3 个PPQ 项目，综合项目总数增长至225 个（+58 个），其中IND 后项目总数增长至2025年6 月30 日的103 个（+27 个）。公司未完成订单总额达13.29 亿美元，同比增长57.9%，北美地区占总未完成订 单的一半以上，新签合同金额同比增长48.4%，其中北美地区增速超过其他地区。 机构：国泰海通证券 研究员：余文心/周航/陈铭/吴晗 本报告导读： 药明合联业绩持续保持高速增长，预计到2029 年药明合联资本开支将超过70 亿元人民币，除现有及已 规划的产能外，预计将在现有的偶联制剂和载荷连接子产能基础上实现翻倍，彰显公司长期发展信心。 投资要点： 长期CAPEX 持 ...

研究报告 Research Report 24 Aug 2025 金斯瑞生物科技 Genscript Biotech (1548 HK) 2025 年半年报点评：各板块稳健增长，看好下半年趋势加速 2025H1Review: steady growth for all sectors, optimistic about the accelerated trend of 2H25 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$18.52 目标价 HK$24.62 HTI ESG 5.0-3.8-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$40.39bn / US$5.17bn 日交易额 (3 个月均值) US$59.91mn 发行股票数目 2,181mn 自由流通股 (%) 51% 1 年股价最高最低值 HK$18.56-HK$8.97 注：现价 HK$18.5 ...

8月22日，领航医药生物科技(00399)盘中上涨5.43%，截至09:32，报0.485元/股，成交103.43万元。 领航医药及生物科技有限公司专注于口服胰岛素产品的研发以及美容仪器和美容产品的贸易，并致力于 收购具商业潜力的医药产品。公司前身为联合基因科技集团，现已在香港联交所主板上市（股份号 399）。 截至2024年年报，领航医药生物科技营业总收入192.96万元、净利润-3.19亿元。 本文源自：金融界 作者：行情君 ...

天眼查信息显示，苏州蔚程医药有限公司的股东为：蔚程医药有限公司。 来源：金融界 8月20日消息，天眼查融资历程显示，苏州蔚程医药有限公司近日获得"种子轮"融资，涉及融资金额千 万级美元，投资机构为杏泽资本，启明创投。 资料显示，苏州蔚程医药有限公司法定代表人为周科明，成立于2025年，位于苏州市，是一家以从事研 究和试验发展为主的企业。企业注册资本750万美元，并已于2025年完成了种子轮，交易金额千万级美 元。 ...

Group 1 - Guangzhou Aisima Biotechnology Co., Ltd. has applied for a Type II meeting with the CDE, currently in processing status [1] - Type II meetings are held within 60 days after application and focus on critical issues in drug development, including pre-clinical trial meetings and risk assessment [1] - The company was established in 2016, located in Guangzhou, with a registered capital of 233.808 million RMB and paid-in capital of 159.165 million RMB [1] Group 2 - The company has made one external investment, participated in one bidding project, and holds 12 trademarks and 10 patents [1] - Major shareholders include Zhang Wenjun with 31.7722% ownership, and several investment partnerships holding varying percentages [2]

8月15日，据睿智医药消息，公司体外药理药效部成功搭建体外STAT6抑制剂/降解剂评价方案，助力靶 向STAT6的自免疾病药物研发。STAT6（信号转导与转录激活因子6）是JAK-STAT信号通路的关键成 员。STAT6作为IL-4/IL-13信号通路的转录调控枢纽，通过形成磷酸化同源二聚体激活，入核启动基因 转录，主导Th2细胞分化和IgE类别转换等关键免疫进程，在免疫稳态调控和自身免疫病理进程中发挥 重要作用。 ...

Core Viewpoint - China Antibody-B (03681) has seen a significant stock price increase, rising over 11% during trading, with a current price of 3.52 HKD and a trading volume of 106 million HKD, following the announcement of a strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute [1] Group 1: Strategic Cooperation - The company announced a three-year strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute, aimed at joint research and development in the biomedical field [1] - The board believes that the cooperation agreement provides valuable opportunities for both parties to leverage their resources and expertise, achieving mutual benefits and synergies [1] - The collaboration is designed to accelerate the development of innovative drugs and promote the translation of research results into clinical applications globally [1] Group 2: Project-Driven Model - The cooperation will adopt a project-driven model, focusing on resource sharing and efficient communication as its core framework [1] - This model allows the company to directly utilize the advanced laboratory facilities, experimental animal supply resources (especially non-primate animals), and valuable data assets of Sun Yat-sen University Hong Kong Advanced Institute, which are critical for driving innovation in drug research and sustainable development [1] - The board views this strategic partnership as a framework for mutual benefit, contributing to growth and ensuring long-term sustainability [1]

Core Viewpoint - The news highlights the recent research and development activities of Shunlian Bio, particularly in the field of innovative biopharmaceuticals, and the strategic investment by QuanGuo Fund in the company, indicating a shift towards human biological products alongside its traditional focus on animal vaccines [1][9]. Group 1: Company Overview - QuanGuo Fund conducted a survey on Shunlian Bio from August 6 to August 8, 2025, focusing on the company's recent operational status and product development [1]. - Shunlian Bio has invested in Yangzhou Shizhi Yuan Biotechnology Co., which specializes in innovative drug development and clinical trials, with a focus on HIV and allergy treatments [2][5]. Group 2: Product Development - The HIV treatment monoclonal antibody drug (UB-421) is designed to block HIV from entering host cells, showing lower resistance mutation rates compared to existing treatments, and has entered clinical trials in China [3][4]. - The anti-allergy monoclonal antibody drug (UB-221) targets IgE to treat allergic diseases, with ongoing clinical trials for chronic spontaneous urticaria in China [5]. - The herpes simplex virus monoclonal antibody drug (UB-621) aims to provide new treatment options for recurrent genital herpes, with plans for clinical trials based on overseas results [6]. Group 3: Strategic Investment and Future Plans - Shunlian Bio holds a 20.48% stake in Yangzhou Shizhi Yuan and has the right of first refusal for future capital increases or acquisitions [6]. - The company plans to leverage its management and R&D capabilities to accelerate clinical trials and commercialization of innovative drugs [7]. - Shunlian Bio is exploring collaborations with domestic universities for functional cure research and aims to enhance treatment options for patients with low viral loads [4]. Group 4: Market Position and Future Strategy - The company is developing multi-valent vaccines in collaboration with the Chinese Academy of Agricultural Sciences to meet market demands and improve production capacity [8]. - Shunlian Bio's strategic vision includes expanding into the human pharmaceutical market while maintaining a strong focus on animal health products, supported by significant R&D investments [9].

通过天眼查大数据分析，上海爱科百发生物医药技术股份有限公司共对外投资了1家企业，知识产权方 面有商标信息62条，专利信息21条，此外企业还拥有行政许可11个。 主要股东信息显示，上海爱科百发生物医药技术股份有限公司由Profits Excel Holdings Limited持股 19.5777%、耀阳生物科技有限公司持股7.5115%、Golden Trend Investment Limited持股6.6427%、Million Joy Overseas Holdings Limited持股4.9894%、珠海伊恒投资合伙企业（有限合伙）持股4.9875%。 来源：金融界 根据《药物研发与技术审评沟通交流管理办法》（2020年第48号通告），沟通交流会议分为Ⅰ类、Ⅱ类 和Ⅲ类会议，就关键阶段重大问题进行沟通交流。Ⅱ类会议一般安排在申请后60日内召开，系指为药物 在研发关键阶段而召开的会议，主要包括下列情形：新药临床试验申请前会议、药物Ⅱ期临床试验结 束/Ⅲ期临床试验启动前会议、新药上市许可申请前会议、风险评估和控制会议。 上海爱科百发生物医药技术股份有限公司，成立于2014年，位于上海市，是一家以从事研究 ...

科研人才决定一座城市的远方。 作者 I 杨文静 报道 I 投资界PEdaily 投 资 界 获 悉 ， 近 日 砺 博 生 物 宣 布 完 成 近 亿 元 Pr e -A 轮 融 资 ， 由 天 士 力 资 本 和 磐 霖 资 本 共 同 领 投 ， 元 生 创 投 、 浙 江 省" 4+1"生物医药与高端器械产业基金、诚信创投跟投。 时间回到2022年9月，砺博生物正式成立，创始团队集结了周耀旗、詹剑、方超三位科学家，成立伊始就获得红杉中 国和创新工场的天使轮融资。但最引人注目的是 ，砺博生物是深圳湾实验室孵化的项目，而深圳湾实验室主任，便 是颜宁。 如此一幕，正是创投圈一抹写照。现在VC流行去科研人才最拥挤的地方找项目——哪里有研究院，哪里就有风险投 资人的身影。 三个人，融资近亿元 "我们始终致力于构建'从实验室到临床'的完整创新链条，砺博生物的案例正是这一理念结出的硕果。"深圳湾实验室 主任、深圳医学科学院院长颜宁对砺博生物的融资表达了祝贺。 她认为， 这也是深圳市全力推动前沿基础研究成果向新质生产力转化的生动典范。 投资界了解到，砺博生物背后站着三位科研大牛—— 科学创始人 周耀旗教授 在结构计算领 ...