药明合联再遭到股东药明康德减持！ 10月10日，药明康德发布公告称，于10月8日通过大宗交易方式，出售了其间接控股子公司所持有的药 明合联（2268.HK）3030万股股票，约占药明合联当前总股本的2.47%，套现逾23亿港元。 受此影响，药明康德港股、A股分别下跌5.86%、7.2%；报收于112.400港元/股、104.72元/股，总市值分 别为3333亿港元、3106亿；同时，药明合联也下跌7.29%，报收于71.850港元/股，总市值882.83亿港 元。 药明康德表示，出售的药明合联股票在账面上列为"长期股权投资"。经公司财务部门初步测算，本次出 售药明合联的投资净收益对公司2025年度税后净利润的影响约为16.79亿元，占公司2024年归属净利润 的比例超过10%。 值得注意的是，2024年药明康德曾出现营收、净利双双下滑。去年该公司实现营业收入约为392.41亿 元，同比下降2.73%；归属净利润约为94.5亿元，同比下降1.63%，主要是因为CXO企业海外业务遭遇 更严苛的合规审视。 到了2025年，药明康德业绩开始回暖。财报数据显示，2025年上半年，药明康德营收为208亿元，较去 年同期增 ...

高盛闭门会-CDMO 市场格局展望，药明康德凯莱英中国 印韩欧盟 摘要 CDMO 行业整体利润率保持较高水平，受益于新兴疗法需求增长和客户 对质量的更高要求。多家公司积极扩大产能，投资新设施以满足未来需 求，预计 2026 年订单流、收入增长和利润率将有所改善，尤其受益于 中国资金复苏和早期项目需求增强。 中国 CDMO 公司在产能扩张和新模式投资方面更为激进，资本支出占销 售额约 22%，而印度公司则采取更谨慎的策略，投资决策与可见市场需 求挂钩，避免盲目扩张，中国投资者对资本支出持更乐观态度。 CDMO 行业的新趋势包括海外扩张、自动化和数字化投资，以及肽类药 物和抗体偶联药物（ADC）的发展。中国企业加速海外设施建设以应对 地缘政治不确定性，三星生物制药已正式运营其 ADC 产能并获得大量订 单。 尽管地缘政治因素的影响有所减弱，但一些客户仍需考虑潜在干扰。技 术实力和执行能力仍然是关键。部分公司优先考虑海外业务，以提供更 大的灵活性。微信科技加快了新加坡设施建设的进度。 印度 CDMO 公司的发展重点包括地缘政治多元化和保持良好的 RFP/ RFQ 势头。订单转化为实际财务数字的速度较慢，但总体势头良 ...

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 430.00 for Innovent Biologics-B (09606) [1] - The company is an international platform innovator in antibody-drug conjugates (ADC), which are among the most promising and rapidly developing drug forms globally [1] - According to Frost & Sullivan, the global ADC market is estimated to be approximately USD 10.4 billion in 2023 and is projected to reach USD 115.1 billion by 2032 [1] Product Pipeline - The company plans to submit a listing application for DB-1303 (HER2 ADC) for endometrial cancer in the US and for breast cancer in China by 2025 [2] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow suit [2] - The company is leading in the exploration of TROP2 ADC and dual antibodies, pushing the frontiers of next-generation ADCs [2] Competitive Advantage - The company differentiates itself by emphasizing its validated platform as an innovator in the ADC field, rather than focusing solely on individual clinical pipelines [2] - The company has established four unique ADC technology platforms and has secured over USD 6 billion in total transaction value through collaborations with multinational pharmaceutical companies [1] Financial Projections - The company anticipates a net loss attributable to shareholders of HKD 25.1 billion in 2025 and HKD 4.3 billion in 2026 [2] - Based on DCF valuation, the reasonable market value is estimated at HKD 37.9 billion, corresponding to a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [2]

在肿瘤治疗的百年探索史中，很少有一个概念能像"Magic bullets（魔法子弹）"一样承载如此多的想 象。1913年，德国科学家保罗·埃尔利希提出，要找到一种能够精准打击病灶、不伤害正常细胞的理想 药物。一个世纪之后，这一设想在抗体偶联药物（ADC）上逐渐变为现实。 在这股浪潮中，一家中国Biotech的身影格外醒目——百奥赛图。 破解研发痛点：从稳定性到效率 2024年底，百奥赛图与德国Tubulis达成合作，将基于其RenMice®平台授权的抗体序列，与Tubulis专有 连接子与有效载荷技术相结合，共同开发新一代ADC疗法。公司有权获得首付款、里程碑付款及未来 销售分成。这只是其全球布局的一个缩影。 更具代表性的案例来自与IDEAYA Biosciences的合作。IDEAYA在2024年底引进了百奥赛图的B7- H3/PTK7双抗ADC项目IDE034，交易金额接近30亿元人民币。该分子通过百奥赛图独有的RenLite平台 筛选得到，能同时识别B7-H3与PTK7两个靶点，在肺癌、结直肠癌、头颈癌等多种实体瘤中高度共表 达。在临床前研究中，IDE034展现出显著的抑瘤效果，并与IDEAYA的PAR ...

Group 1: Industry Overview - Antibody-drug conjugates (ADCs) are emerging as a prominent sector in the global innovative drug landscape, with a significant increase in clinical trials, reaching 284 in 2024, a year-on-year increase of over 50% [1] - The capital market's enthusiasm for ADCs is reflected in nearly $17.3 billion in licensing deals within just six months [1] - The limitations of single-target ADCs are becoming apparent, with challenges in balancing efficacy and safety, as well as issues related to drug resistance [1] Group 2: Next-Generation Developments - Bispecific antibody-drug conjugates (BsADCs) are viewed as an upgraded version of ADCs, capable of targeting two tumor-related antigens simultaneously, thus enhancing tumor coverage and reducing resistance risks [2] - Over 170 BsADCs are currently in development globally, with 70% originating from Chinese companies, highlighting the growing interest and investment in this area [2] - The collaboration between Baiyoutianheng and BMS, valued at $8.4 billion, underscores the international spotlight on this emerging sector [2] Group 3: Company Insights - Baiyoutianheng - Baiyoutianheng has addressed key challenges in BsADC development, such as molecular stability and complex CMC processes, through its RenLite platform [3] - The company has established a vast library of over one million fully human antibody sequences, allowing for rapid validation of new dual-target combinations [3] - Baiyoutianheng's innovative "antibody shelf" model positions it as a molecular accelerator for global pharmaceutical companies [3] Group 4: Business Model and Financial Performance - Unlike many biotech firms, Baiyoutianheng focuses on an out-licensing strategy, sharing the global innovative drug benefits while maintaining controlled risks [4] - In the first half of 2025, Baiyoutianheng reported revenues of 621 million yuan, a year-on-year increase of 51.5%, and achieved a net profit of 48 million yuan, marking a successful turnaround [4] - The company has signed over 280 antibody molecule transfer or collaboration agreements, with 80 new agreements in the first half of 2025, a 60% increase year-on-year, indicating a shift from a project-based to a platform-based company [4] Group 5: Future Outlook - Baiyoutianheng's evolution from mouse models to antibody molecules and from monoclonal to bispecific ADCs demonstrates a clear and determined growth path [5] - The company's value lies not only in its rich pipeline but also in its sustainable platform capabilities, positioning it well for long-term growth in the ADC sector [5] - As bispecific ADCs are poised to reshape cancer treatment paradigms, Baiyoutianheng's pivotal moment may just be beginning [5]

Core Viewpoint - Antibody-drug conjugates (ADCs) are considered "biological missiles" in the global innovative drug landscape, attracting significant investment from major pharmaceutical companies due to their precise targeting and potent killing capabilities. The rising R&D costs and complexities have increased the demand for outsourcing services, presenting both challenges and opportunities for Chinese companies [1][3]. Industry Overview - The ADC sector is entering a "golden decade," with 19 ADC drugs approved globally by June 2025 and hundreds more in development. The market demand is expanding, prompting upstream and downstream companies to increase investments. The development of ADCs requires expertise across multiple fields, leading to high R&D costs, averaging between 50 million to 70 million RMB, and potentially reaching nearly 100 million RMB with advanced technologies. The outsourcing rate for ADC development exceeds 70%, significantly higher than the 30%-40% for overall biopharmaceuticals. The global ADC outsourcing market is projected to reach $11 billion by 2030, with a compound annual growth rate of 28.4% [3][9]. Company Profile: BaiO Saite - BaiO Saite, established in 2009, initially entered the market through gene-edited model animals. The company has developed the world's largest humanized mouse library, which has expanded into preclinical services and subsequent antibody development [4][5]. Competitive Advantages - BaiO Saite's core competencies lie in two main business lines: - Gene-edited humanized mice: The company has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, making it the largest library globally. This library is widely used for evaluating new drug efficacy and safety, enhancing its reputation as an "accelerator" for innovative drug development [5][6]. - RenMice platform's "Thousand Mice, Ten Thousand Antibodies" initiative: This platform supports the discovery of diverse human antibodies, providing foundational molecules for complex drug development. The initiative systematically collects and organizes a vast array of antibody molecules, allowing partners to select directly for further development, significantly reducing the traditional development timeline [6][7]. International Expansion - BaiO Saite has accelerated its international collaborations, signing multiple agreements: - Collaboration with Tubulis: On September 16, BaiO Saite licensed antibodies to the German ADC company Tubulis, which will utilize its proprietary linker and toxin technology for ADC development. This agreement includes upfront payments, milestone payments, and revenue sharing, providing both short-term cash flow and long-term revenue potential [7]. - Third collaboration with Merck: Announced on September 4, this partnership focuses on antibody-conjugated LNP delivery, marking the third collaboration between the two companies, indicating an evolving relationship that extends beyond traditional antibodies [8]. - Joint development with IDEAYA: BaiO Saite is collaborating with IDEAYA Biosciences on bsADC (bispecific antibody-drug conjugates) IDE034, which targets B7-H3 and PTK7, showing significant efficacy in various tumor models. IDEAYA plans to submit an IND application in Q4 2025 [8]. Financial Performance - BaiO Saite's collaborative model has positively impacted its financial results. In the first half of 2025, the company signed 80 new licensing agreements, a 60% increase year-on-year, bringing the total to 280. Revenue grew by 51% to 621 million RMB, with a net profit of 48 million RMB, marking a turnaround from a loss of 50.67 million RMB in the same period last year [9][10]. Strategic Positioning - BaiO Saite is transitioning from an "antibody discovery platform" to a "global R&D infrastructure." The demand for new technologies like ADCs and bispecific antibodies is expanding, and the company aims to provide differentiated source antibody molecules to meet both individual project needs and serve as a foundational platform for industry innovation [10][11]. Conclusion - Over 15 years, BaiO Saite has evolved from a model animal provider to a key player in ADC and global collaborations. In an environment of high R&D costs and lengthy timelines, the company enhances efficiency and fosters international partnerships. As ADCs and "antibody+" technologies accelerate, BaiO Saite's ability to solidify its position as a "Taiwan Semiconductor Manufacturing Company of antibodies" may determine its success in the next industry reshuffle [11].

Summary of Key Points from Conference Call Industry and Company Involved - The conference call primarily discusses the Chinese economy, government stimulus plans, and the impact of the Federal Reserve's interest rate cuts on global asset prices and investment strategies. Core Insights and Arguments 1. **Potential Government Stimulus**: The Chinese government is expected to introduce a supplementary stimulus plan ranging from 500 billion to 1 trillion RMB to address economic downturns, with implementation anticipated by late September or October [3][5][24]. 2. **Focus of the 14th Five-Year Plan**: The plan will emphasize stabilizing the real estate market, promoting high-quality development, enhancing the national unified market, and advancing new productive forces to combat deflation and achieve a virtuous economic cycle [5][24]. 3. **Real Estate Market Intervention**: The central government may intervene by purchasing unsold residential properties to convert them into affordable housing, which would help clear inventory and improve living conditions for urban workers [7][11]. 4. **Impact of Federal Reserve Rate Cuts**: The Fed's shift to a rate-cutting cycle is expected to increase global liquidity, raise asset prices, and potentially alter capital flows, necessitating adjustments in asset allocation strategies by investors [8][14]. 5. **Chinese Innovative Pharmaceuticals**: The market for Chinese innovative drugs abroad, particularly in Hong Kong, shows significant potential, although current valuations and growth prospects require careful assessment [9][40]. 6. **Social Security Reform**: Enhancing social security and increasing state-owned enterprise dividend payouts are seen as crucial for improving consumer sentiment and stimulating domestic demand [5][13][24]. 7. **Stock Market Recovery**: The Chinese stock market is showing signs of stabilization and improvement, with a positive impact on earnings expectations, which is crucial for sustainable market performance [26][36]. 8. **Consumer Spending Dynamics**: High household savings rates in China, driven by inadequate social security, could be reduced through comprehensive reforms, potentially releasing significant consumer spending power [16][25]. Other Important but Possibly Overlooked Content 1. **Inflation Expectations**: There has been limited progress in restoring inflation expectations, with concerns about overcapacity in certain sectors and insufficient demand-side stimulus [22][24]. 2. **Global Chemical Industry Dynamics**: The chemical sector is experiencing changes due to anti-involution policies, which may affect global supply-demand relationships and pricing [42][44]. 3. **Investment Opportunities in Chemicals**: The chemical industry has seen a 10% average increase in stock prices since the introduction of anti-involution policies, indicating potential investment opportunities [49]. 4. **Long-term Economic Reforms**: The success of the 15th Five-Year Plan in implementing social security and fiscal reforms could lead to a gradual exit from deflation starting in 2027 [24][25]. This summary encapsulates the key points discussed in the conference call, highlighting the anticipated government actions, market dynamics, and broader economic implications.

Group 1 - Suzhou has added 5 new companies listed on the Hong Kong Stock Exchange (HKEX) this year, expanding the "Suzhou sector" to 38 companies, with a market capitalization increase from 248.67 billion RMB to 594.50 billion RMB, a growth of 139% [1] - Among the 11 new listed companies in Suzhou this year, nearly half are on the HKEX, including notable firms like Weisheng Pharmaceutical and Zhengli New Energy, which focus on innovative sectors [2] - The market capitalization of Suzhou's A-share listed companies has also seen significant growth, increasing from 1,724.35 billion RMB to 2,476.78 billion RMB, a rise of 43.6% [2] Group 2 - Notable companies in the HKEX sector include Innovent Biologics, which saw its market cap rise from 55.52 billion RMB to 151.65 billion RMB, a 173% increase, driven by a 50.6% year-on-year revenue growth [3] - InnoCare Pharma's market cap increased from 25.44 billion RMB to 82.86 billion RMB, a 226% rise, with significant growth in its AI and data center segments [3] Group 3 - The recent Suzhou (Hong Kong) Financial Cooperation Exchange Conference showcased several companies planning to list in Hong Kong, including Lightyear Intelligent Navigation and Dongwu Pharmaceutical, which are leaders in their respective fields [4][5] - These companies represent key sectors such as autonomous driving, biomedicine, and high-end manufacturing, highlighting Suzhou's transition from "Suzhou manufacturing" to "Suzhou creation" [4] Group 4 - As of the end of August, Suzhou has 11 companies in the process of applying for HKEX listing, with a focus on biomedicine and software services [6] - The HKEX market is seen as beneficial for companies aiming for international development, enhancing brand internationalization and market share [6] Group 5 - Suzhou has established a collaborative mechanism involving financial institutions and local enterprises to support companies through the IPO process, enhancing the integration of local industries with international financial resources [7][8] - Initiatives include training programs and workshops to prepare companies for listing on the HKEX, demonstrating Suzhou's commitment to facilitating access to capital markets [8]

今年1月的JPM大会（第43届摩根大通医疗健康大会）上，陈智胜见了120个客户。创新药BD（商务拓展）热潮下，他更忙碌了。前段时间他 在欧洲休假，期间有两家欧洲公司向他发出邀请，希望能与药明生物合作。"连欧洲人都开始卷了。"接受采访时，陈智胜笑称。 药明生物CEO陈智胜图片来源：受访企业供图 2011年，陈智胜博士从美国回到中国。与很多海归科学家选择创业不一样，陈智胜加入了药明康德，那时候，无锡马山到处都是隆隆作响的打 桩声。2014年，药明生物从药明康德分拆，陈智胜担任药明生物CEO（首席执行官）。 "我还记得有天晚上和几个同行在苏州BioBAY聊天，大家还在畅想，五年后中国可以有第一个自己的创新药、二十年后有5到10个创新药就不 错了，那就非常好了。"在9月4日的药明生物首届CRDMO+开放日活动上，陈智胜笑言，台下很多嘉宾是中国创新药最早的参与者，更是行业 发展的推动者。如今看来，十年前大家还是太保守了，这些年中国生物创新药"做得比说得多"，真正实现了弯道超车。 十年时间，中国创新药已经跃升为全球第一梯队。2025年的前5个月，中国生物创新药授权交易金额达到216亿美元，全球大型制药交易中来自 中国创新 ...

Core Insights - The company is focusing on enhancing operational efficiency through specific cost management measures to achieve profitability breakthroughs [1] Group 1: Product Strategy and Development - The company's product portfolio strategy emphasizes rapid generation of early clinical proof-of-concept data, leveraging a global development operation model that offers speed and cost advantages [2] - The company possesses one of the largest oncology research teams in the industry, excelling in small molecule and antibody drug discovery, supported by three proprietary platform technologies: Antibody-Drug Conjugates (ADC), bispecific antibodies, and Chimeric Degraders [2] - Over the next 18 months, the company anticipates more than 20 milestone advancements in its hematological and solid tumor pipelines [2] Group 2: Financial Performance and Projections - In the second quarter, the company updated its 2025 revenue forecast, projecting revenues between 35.8 billion to 38.1 billion RMB, with a gross margin guidance of 80% to 90% [2] Group 3: Market Expansion and Product Promotion - The product Bai Ze An® has been approved in 47 global markets, with 20 new markets added to the reimbursement list this quarter, including Japan, Europe, and Australia [2] - Bai Ze An® revenue grew by 22% year-over-year in the second quarter, maintaining market leadership in China while also contributing revenue from newly launched markets [2] Group 4: Future Development Directions - The company’s Chimeric Degrader Activating Compound (CDAC) technology platform is designed to induce protein ubiquitination and degradation, targeting traditionally undruggable targets through structurally designed bifunctional small molecules [2]