国内企业加速布局 在全球mRNA产业快速发展的背景下，国内多家企业亦在该赛道积极布局，并逐步形成差异化技术路 径。 记者从云顶新耀获悉，由它自主研发的mRNA个性化肿瘤治疗性疫苗EVM16目前已在中国启动首次人 体临床试验并完成患者给药，其研究者发起的临床试验(IIT)已完成低、中剂量组爬坡，初步数据积极。 云顶新耀将在未来6个月到12个月内读出完整的早期临床数据。据云顶新耀相关负责人介绍，该mRNA 疫苗系基于云顶新耀自主研发的EVER-NEO-1"妙算"肿瘤新抗原人工智能算法系统开发，2025年3月 份，EVM16在北京大学肿瘤医院完成了首例患者给药。"我们的算法系统不仅能够识别大多数已报道的 肿瘤新抗原，还发现了多个此前未被报道的新抗原，在多项独立验证研究中，'妙算'算法展现出不逊于 国际领先算法的预测能力。"云顶新耀方面表示。 预防肿瘤的复发和转移是现代医学进一步发展难以绕开的难题之一。北京时间1月21日，来自默沙东与 莫德纳的最新临床数据，为该问题带来新解题思路：其mRNA(信使核糖核酸)-4157(intismeranautogene) 与PD-1抑制剂帕博利珠单抗(Keytruda)联合治疗黑色 ...

Group 1 - The core viewpoint of the report is that the company maintains its 2026 net profit forecast for the parent company, considering the upfront payment income from the licensing agreement with Keren Biotechnology [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] Group 2 - The company announced that its TROP2ADC SKB264 combined with Pembrolizumab (Keytruda) achieved the primary endpoint in the domestic Phase III clinical trial for PD-L1 positive non-small cell lung cancer (NSCLC) [2] - The company has entered into a collaboration with Crescent Biopharma, granting overseas rights for ITGB6ADC SKB105 with an upfront payment of USD 80 million and up to USD 1.25 billion in milestone payments, while also acquiring rights for Crescent's PD-1x VEGF dual antibody CR-001 in China with an upfront payment of USD 20 million and up to USD 30 million in milestone payments [2] Group 3 - SKB264 combined with Keytruda is the first ADC+IO combination to reach the primary endpoint in Phase III clinical trials for 1L NSCLC, showing significant improvement in progression-free survival (PFS) and a trend towards benefit in overall survival (OS) [2] - The company plans to submit a new indication application based on these results, highlighting the importance of the 2026 potential registration progress and detailed data readout [2] Group 4 - The collaboration with Crescent introduces another emerging target ADC and enriches the pipeline with the introduction of a dual antibody [3] - The company expects the two drugs from this collaboration to enter Phase I/II clinical trials in Q1 2026, with both parties having the rights to develop combination therapies [3] - The licensing of SKB105, a new emerging target ADC asset, is expected to provide good cash inflow and accelerate the clinical development path [3]

Group 1 - The company maintains its net profit forecast for 2026, considering the upfront payment income from the licensing of Keren Biotechnology-B (06990) [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] - The company has achieved a significant milestone with its TROP2 ADC SKB264 combined with Keytruda in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [2][3] Group 2 - The collaboration with Crescent Biopharma involves an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion for ITGB6 ADC SKB105, along with an upfront payment of USD 20 million and up to USD 30 million in milestones for the introduction of PD-1 x VEGF dual antibody CR-001 in China [2] - The SKB264 and Keytruda combination is the first ADC+IO regimen to reach the primary endpoint in the 1L NSCLC setting, showing significant improvement in progression-free survival (PFS) and a trend towards overall survival (OS) benefits [3] - The partnership with Crescent is expected to enhance the company's pipeline and cash flow while exploring the potential of next-generation IO+ADC combinations [4]