根据协议，艾伯维将获得RC148在大中华区以外地区的独家开发、生产和商业化权利。荣昌生物将收到一笔6.5亿美元的首 付款，并有资格获得最高达49.5亿美元的开发、监管和商业化里程碑付款，以及在大中华区以外地区净销售额的两位数分 级特许权使用费。 这也意味着，若后续研发进展顺利，荣昌生物将获得最高超390亿元人民币的授权交易总额。 中国创新药出海又迎新进展！ 1月12日晚间，荣昌生物（688331）宣布，与跨国药企艾伯维就荣昌生物自主研发的新型靶向PD-1/VEGF双特异性抗体药物 RC148签署独家授权许可协议。 公告显示，RC148是荣昌生物研发的一款新型靶向PD-1/VEGF的双特异性抗体药物，其设计旨在激活抗肿瘤免疫反应的同 时抑制肿瘤驱动的血管生成。通过同时靶向并抑制PD-1与VEGF通路，有望通过多机制增强免疫系统的抗肿瘤活性。目 前，荣昌生物正在中国开展RC148单药及联合疗法治疗多种晚期恶性实体瘤患者的临床研究。 荣昌生物首席执行官房健民表示："RC148是荣昌生物产品管线中具有全球竞争力的PD-1/VEGF双特异性抗体药物，而PD- 1/VEGF双特异性抗体作为下一代肿瘤免疫治疗的关键方向，有 ...

2024年，涨幅TOP10的创新药企中位数为57.9%，最高涨幅132.6%； 而2025年这一赛道彻底"卷"了起来，涨幅前十药企的中位数大幅攀升至495.41%，最高涨幅更是飙至1824%，入围门槛 则是315.29%——换句话说，股价不翻3倍，难以跻身前十大牛股行列。 | 2025年生物医药公司股价年涨幅TOP10 | | | | 2 2 百 1 元 | | --- | --- | --- | --- | --- | | 代理 | 名称 | 起始价/港元 | 收盘价(12/31)/港元 | 年初至今涨幅% | | 01228.HK | 北海康成-B | 0.13 | 2.56 | 1824.81 | | 02197.HK | 三叶草生物-B | 0.24 | 2.34 | 870.95 | | 02617.HK | 药捷安康-B | 13.2 | 114.9 | 773.76 | | 02142.HK | 和铂医药-B | 1.86 | 12.16 | 553.76 | | 02575.HK | 轩竹生物-B | 11.6 | 70.5 | 507.76 | | 06996.HK | 德琪医药-B | 0 ...

创新药板块迎来久违的大牛市，牛股的准入门槛也随之大幅抬高。 2024年，涨幅TOP10的创新药企中位数为57.9%，最高涨幅132.6%； 而2025年这一赛道彻底"卷"了起来，涨幅前十药企的中位数大幅攀升至495.41%，最高涨幅更是飙至1824%，入围门槛 则是315.29%——换句话说，股价不翻3倍，难以跻身前十大牛股行列。 | 代码 | 名称 | 起始价/港元 | 收盘价(12/31)/港元 | 年初至今涨幅% | | --- | --- | --- | --- | --- | | 01228.HK | 北海康成-B | 0.13 | 2.56 | 1824.81 | | 02197.HK | 三叶草生物-B | 0.24 | 2.34 | 870.95 | | 02617.HK | 药捷安康-B | 13.2 | 114.9 | 773.76 | | 02142.HK | 和铂医药-B | 1.86 | 12.16 | 553.76 | | 02575.HK | 轩竹生物-B | 11.6 | 70.5 | 507.76 | | 06996.HK | 德琪医药-B | 0.65 | 3.79 | 4 ...

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].

今年创新药企业频繁宣布BD交易，但从三季度以来，原本利好的消息却不被二级市场买账。 最近一周，BD交易再掀一个小高潮。12月22日，先声药业（02096.HK）宣布其附属公司江苏再明与Ipsen于12月19日签订独家授权许可协议。同日，荃信生 物（02509.HK）发布公告，12月19日，其与Windward Bio Group AG附属公司LE2025 Therapeutics AG就公司自主研发的QX027N达成授权合作。 12月21日，加科思（01167.HK）宣布，已就其自主研发的泛KRAS抑制剂JAB-23E73与阿斯利康达成合作协议。12月15日-12月17日，长春高新 （000661.SZ）、翰森制药（03692.HK）、和铂医药（02142.HK）也相继发布与海外企业BD交易消息。 消息发布后，12月22日，加科思股价下跌13.58%，先声药业股价下滑1.98%，荃信生物股价则上涨1.44%。 12月17日消息发布后，铂医药股价下跌1.15%，翰森制药股价下跌0.51%。12月16日，长春高新股价则随着消息的发布上涨3.77%。 中国创新药行业在2025年迎来BD交易大爆发，密集的BD交易从5 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：医学界） 转自：医学界 重症肌无力（MG）是一种由自身抗体介导、获得性的神经肌肉接头（NMJ）疾病，其核心特征是骨骼 肌无力和易疲劳性[1]。当肌无力症状超出眼外肌范围，累及到球部（如吞咽、构音）、四肢和躯干肌 肉时，即称为全身型重症肌无力（ MG），gMG约占所有MG病例的85%，是MG中最常见的亚型[2]。 此类患者在临床上常常面临哪些治疗困境？随着当前研究进展又有哪些破局之法？针对这些问题，医学 界有幸邀请到首都医科大学宣武医院笪宇威教授就gMG治疗困境、MG指南更新及gMG治疗新策略等方 面进行了深度分享。 起效慢、不良反应明显：传统治疗方案局限凸显靶向治疗需求 针对gMG治疗困境，笪宇威教授指出，尽管大部分患者在常规非特异性免疫治疗（激素和非激素类免 疫抑制剂）下可明显改善症状，但这些药物存在明显的局限性。首当其冲的是长期口服糖皮质激素所带 来的不良反应，激素治疗的并发症会进一步增加疾病治疗的负担，同时有10%~20%的患者对常规免疫 治疗药物反应有限，不能耐受药物不良反应或存在激素禁忌症的患者会陷入治疗困境，从而发展 ...

Overview of Autoimmune Diseases - Autoimmune diseases are characterized by the immune system's response to its own antigens, leading to tissue damage, with over 100 known types categorized into systemic and organ-specific diseases [2][7] - These diseases are often incurable and can be life-threatening, requiring long-term medication and incurring high treatment costs [10] Drug Development History - The traditional immunosuppressants have significant side effects, and the introduction of TNF-a inhibitors in 1998 marked the beginning of a targeted therapy era, leading to an explosion of innovative drugs [3][12] - The global autoimmune drug market reached $132.3 billion in 2022, with a projected compound annual growth rate (CAGR) of 27.2% from 2022 to 2030, potentially reaching nearly $20 billion in China by 2030 [3][18] Market Potential and Drug Trends - Approximately 7.6% to 9.4% of the global population suffers from autoimmune diseases, with some conditions affecting over 100 million people [3][16] - The global market for autoimmune drugs is dominated by biologics, which accounted for $96.4 billion (72.9%) of the total market in 2022, expected to grow to $176.7 billion by 2030 [18] Emerging Opportunities in Domestic Market - The domestic market for autoimmune drugs is still in its early stages, with a market size growing from $2 billion in 2018 to $2.9 billion in 2022, and expected to reach nearly $20 billion by 2030 [18] - The introduction of innovative domestic drugs is anticipated to accelerate post-2024, with several products expected to launch [31] Heavyweight Products in Autoimmune Drug Market - Autoimmune drugs are prevalent among the top 100 best-selling drugs globally, second only to oncology drugs, indicating a strong market presence [23][25] - Notable products include AbbVie's adalimumab, which has generated over $200 billion in sales from 2012 to 2022, and other drugs like risankizumab and dupilumab showing significant sales growth [25][27] Targeted Therapies and Innovations - The main domestic targets for autoimmune drugs include TNF-a, JAK inhibitors, and interleukins, with a focus on innovative therapies such as TYK2 inhibitors and bispecific antibodies [4][29] - The development of TYK2 inhibitors is gaining momentum due to their improved safety profile compared to earlier JAK inhibitors, with several products in advanced clinical stages [48][52] Conclusion - The autoimmune disease market presents substantial growth opportunities driven by increasing patient populations, innovative drug development, and a shift towards targeted therapies, particularly in the domestic market [3][18][31]

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞台中央。中国创新药从"快速追随 者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀升；过去一年，中国生物科技企业的股 价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国 际资本视为一个"历史性的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 记者丨季媛媛编辑丨张伟贤 过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性变化。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本仅为美国的30%～40%，且可能获得更优 的效果，他们必然选 ...

过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深 刻的结构性变化。 中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态 站上全球舞台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新 浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中 的占比显著攀升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业； 而中 国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均 水平——这被国际资本视为一个"历史性的投资契机" 。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管 刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国 采购"倾向愈发明显 。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管 线的成本仅为美国的30%～40%，且可能获得更优的效果，他们必然选择中国。" ...

Michael MENG Daily Spotlight 8 December 2025 (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 26,085 | 0.6 | 30.0 | | HSCEI | 9,198 | 1.0 | 26.2 | | HSCCI | 4,260 | 0.2 | 12.7 | | MSCI HK | 13,724 | (0.4) | 29.9 | | MSCI CHINA | 85 | 0.8 | 31.6 | | FTSE CHINA A50 | 15,237 | 0.6 | 12.8 | | CSI 300 | 4,585 | 0.8 | 16.5 | | TWSE | 27,981 | 0.7 | 21.5 | | SENSEX | 85,265 | 0.2 | 9.1 | | NIKKEI 225 | 50,492 | (1.1) | 26.6 | | KOSPI | 4 ...