冬日爱心棉衣暖童心 广西金嗓子集团 12月18日，广西金嗓子集团"冬日送棉衣"公益活动温暖启航，工作人员带着董事长江佩珍及集团全体员 工的关爱来到广西壮族自治区柳州市三江侗族自治县洋溪乡高路小学，为孩子们送上了185件爱心棉衣 和一批"金嗓子"大健康产品，工作人员亲手为每位学生穿上崭新的棉衣，并细心询问他们的学习和生活 情况，在校师生倍感温暖。此公益活动已持续举办十八年，广西金嗓子集团始终关注公益与教育事业， 以大爱之心点亮希望之星，守护"幼苗"健康成长。 三生蔓迪 让"科学防脱"扎根生活场景 《"健康中国2030"规划纲要》提出，实现国民健康长寿，是国家富强、民族振兴的重要标志。随着国民 健康意识的提升，对就医用药、慢病管理、健康生活等方面的需求亦在不断升级，呈现出多元化、个性 化趋势。为更好地满足公众健康所需，不少药企与全国连锁药房携手"共建"，聚焦不同疾病细分领域推 出公益活动，进一步提升大众健康素养。回顾2025年，医药健康行业中涌现出哪些表现突出的企业？ 聚焦睡眠健康需求 以岭药业聚焦公众睡眠健康需求，在全国连锁药店开展上百场睡眠科普公益行活动，面向失眠患者群 体，通过专业科普宣讲，普及科学睡眠知识 ...

值得注意的是，今年11月，三生制药宣布拆分旗下脱发治疗公司蔓迪国际上市。据交银国际研报，分拆 蔓迪有望给三生制药带来短期投资收益，长期看，分拆消费医药业务可助公司聚焦处方药和创新药主 业，回笼资金将支持自主开发的创新产品出海及新品集中上市后的商业化推广。 智通财经APP获悉，三生制药(01530)现跌近5%，截至发稿，跌4.93%，报27.76港元，成交额7.04亿港 元。 消息面上，三生制药本月初发布公告称，计划以29.62港元/股的价格配售1.05亿股股份，筹资净额约 30.87亿港元。此次配售的股份约占配售后已发行股本的4.14%，配售价格较上一日收盘价折让6.50%。 此次配售所得资金中的80%将用于研发相关开支，其余20%将用作营运资金。 ...

三生制药(01530)现跌近5%，截至发稿，跌4.93%，报27.76港元，成交额7.04亿港元。 值得注意的是，今年11月，三生制药宣布拆分旗下脱发治疗公司蔓迪国际上市。据交银国际研报，分拆 蔓迪有望给三生制药带来短期投资收益，长期看，分拆消费医药业务可助公司聚焦处方药和创新药主 业，回笼资金将支持自主开发的创新产品出海及新品集中上市后的商业化推广。 消息面上，三生制药本月初发布公告称，计划以29.62港元/股的价格配售1.05亿股股份，筹资净额约 30.87亿港元。此次配售的股份约占配售后已发行股本的4.14%，配售价格较上一日收盘价折让6.50%。 此次配售所得资金中的80%将用于研发相关开支，其余20%将用作营运资金。 ...

机构：交银国际 研究员：丁政宁/诸葛乐懿 合作伙伴大幅加速707 海外临床开发：辉瑞近期披露SSGJ-707（PF-4404）的开发计划，表示将围绕"速 度、广度、深度"三大维度展开，旨在将其打造成一款跨越多瘤种的基石型免疫疗法：1）速度方面，辉 瑞计划在近期快速启动至少7 项临床试验，包括两项全球多中心III 期临床（据ClinicalTrials.gov，均将 于12 月启动入组），分别针对1L sq-/nsq-NSCLC（头对头K 药）和转移性结直肠癌，及一项II/III 期研 究（1L ESSCLC）和四项I/II 期研究。2）广度和深度方面，辉瑞计划在2026 年底前拓展超10 个新适应 症和10 种以上新联合疗法，包括系统评估SSGJ-707与辉瑞庞大ADC 产品组合的联用方案，同时探索该 药物在围手术期的应用。针对PF-4404 的后续开发，目前辉瑞已在超过25 个国家筛选出500余家临床中 心，并完成美国本土的生产布局，以确保开发的高效且数据符合全球注册要求。近期公司在SITC 大会 上公布了707 治疗1L NSCLC 的II期数据，与替雷利珠单抗相比，707 在10mg/kg Q3W 的剂 ...

Group 1: Hong Kong Real Estate Industry - The recovery of the Hong Kong real estate market is expected to be gradual and will encompass different asset sub-sectors, with residential properties being prioritized by investors, followed by quality retail assets and core office spaces [1] - The industry rating has been upgraded from "in-line" to "outperform," with Sun Hung Kai Properties (16 HK) and Link REIT (823 HK) identified as preferred picks for residential and commercial properties, respectively [1] - Key drivers for market recovery include improved macroeconomic uncertainty (especially interest rate cuts), significant policy easing, and the return of fundamental demand drivers [1] Group 2: Residential Market Outlook - Residential rental levels are projected to increase by approximately 3-5% in 2025, with annual increases of about 3% expected in 2026 and 2027 [1] - Residential property prices are anticipated to rise by 3-5% in 2025, 5% in 2026, and 5% in 2027 [1] Group 3: Retail and Office Market Outlook - Core retail rental growth is expected to be moderate over the next 12 months, with community mall rents projected to grow by about 3-5% [2] - The office sector has seen vacancy rates peak over the past 18 months, with core CBD areas recording positive net absorption for eight consecutive quarters; rental rates are expected to stabilize in the second half of 2025, laying the groundwork for a rebound in 2026 [2] Group 4: Sanofi's SSGJ-707 Development - Sanofi's partner, Pfizer, is accelerating the overseas clinical development of SSGJ-707, with plans to initiate at least seven clinical trials soon, including two global Phase III trials targeting 1L sq-/nsq-NSCLC and metastatic colorectal cancer [3] - Pfizer aims to expand the drug's indications and combination therapies significantly by the end of 2026, with over 10 new indications and more than 10 new combination therapies planned [3] Group 5: Three-Spring Pharmaceutical's Strategic Moves - Three-Spring Pharmaceutical plans to spin off its consumer pharmaceutical business, Mandi International, for a separate listing on the Hong Kong Stock Exchange, allowing the company to focus on its core prescription and innovative drug business [4][6] - The target price for Three-Spring Pharmaceutical has been raised to HKD 39.50, maintaining a "buy" rating and industry focus [7] Group 6: Li Auto's Performance and Future Outlook - Li Auto reported a net loss of HKD 620 million in Q3 due to recall costs, with gross margins declining to 15.5%; however, strong orders for new electric models are noted [8] - The company is expected to face short-term supply chain bottlenecks but anticipates a recovery with the introduction of a dual-supplier model in November [8]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing significant growth, with leading stocks such as 3SBio and CSPC Pharmaceutical rising over 6% and 8% respectively, driven by positive news and developments in the industry [1][2][3]. Group 1: Market Performance - The Hong Kong innovative drug ETF (520880) has over 70% of its portfolio invested in leading innovative drug stocks, showing a strong upward trend with a rise of over 3% in early trading [2][3]. - Major stocks in the innovative drug sector, including 3SBio and CSPC Pharmaceutical, have shown substantial gains, indicating a bullish sentiment in the market [1][2]. Group 2: Industry Developments - 3SBio plans to spin off its Minoxidil brand, Mandi International, for a listing on the Hong Kong Stock Exchange, which is expected to enhance its market position [1]. - CSPC Pharmaceutical has received approval for clinical trials of its ActRIIA/B antibody JMT206 injection for obesity treatment, marking a significant advancement in its product pipeline [1]. Group 3: ETF Insights - The Hong Kong innovative drug ETF (520880) is the largest in its category, with a total scale of 2.12 billion HKD and an average daily trading volume of 464 million HKD since its inception [4]. - The ETF's index, the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, has a high concentration of leading stocks, with the top ten holdings accounting for over 71% of the total weight, indicating a strong focus on major players in the innovative drug sector [4][3]. Group 4: Future Outlook - The innovative drug sector is expected to see continued positive catalysts, with significant data releases and active business development transactions anticipated in November and December [3]. - Upcoming industry conferences and the expected release of the first version of the commercial insurance innovative drug directory are likely to further boost market sentiment [3].

Company Background - Founded in 1993, the company is a leading biopharmaceutical firm in China with extensive experience in R&D, production, and sales of biological drugs. It has developed a rich product portfolio and pipeline in various therapeutic areas including nephrology, hematology, oncology, autoimmune diseases, and dermatology [1] - The company has strong domestic commercialization capabilities, with core products such as TPIAO, EPO, Yisaipu, and Mandi holding high market shares, driving continuous revenue growth [1] Oncology Focus - The SSGJ-707 molecule is expected to become a cornerstone therapy in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. A significant licensing agreement with Pfizer was established in May-July 2025, where Pfizer will pay $1.4 billion upfront and up to $4.8 billion in milestone payments, setting a record for domestic PD-(L)1/VEGF dual antibodies [1][2] - The PD-(L)1 inhibitors face challenges in cold tumors and efficacy improvements, but the dual antibody approach has shown potential in head-to-head trials against existing therapies, indicating a market potential exceeding $100 billion [1] Clinical Development Plans - Pfizer's strategy for SSGJ-707 includes launching seven global clinical trials, positioning it as a foundational therapy across various cancers. Upcoming trials include 1L NSCLC Phase III, 1L mCRC Phase III, and others, with plans to explore over 10 additional indications by 2026 [2] - The potential market for SSGJ-707 could cover over 350,000 patients in the U.S., indicating a substantial market opportunity [2] Commercialization Strength - The company has a strong commercial capability with its flagship product TPIAO projected to generate revenue of 5.06 billion yuan in 2024. TPIAO is the only commercialized rhTPO globally and is highly recommended in treatment guidelines [3] - Despite competitive pressures, the company maintains a leading position in the rhEPO market, with expected sales of 1.019 billion yuan from its dual-brand strategy in 2024, capturing a 42% market share [3] Financial Projections - Revenue forecasts for the company are estimated at 18.52 billion yuan in 2025, 11.55 billion yuan in 2026, and 11.78 billion yuan in 2027, with net profits projected at 9.77 billion yuan, 3.72 billion yuan, and 3.28 billion yuan respectively. The company is rated with a strong recommendation based on these projections [4]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Sangfor Pharmaceutical (01530), highlighting the potential of its PD-(L)1/VEGF dual antibody, SSGJ-707, as a cornerstone drug in next-generation immuno-oncology (IO) treatment [1][2] Company Background - Sangfor Pharmaceutical, established in 1993, is a leading biopharmaceutical company in China with extensive experience in R&D, production, and sales of biological drugs [1] - The company has a solid product pipeline in various therapeutic areas, including nephrology, oncology, and autoimmune diseases, and maintains a strong domestic commercialization capability [1] Product Pipeline and Clinical Development - SSGJ-707 is expected to become a significant player in global tumor immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages [2] - A major licensing agreement with Pfizer includes a $1.4 billion upfront payment, up to $4.8 billion in milestone payments, and a $100 million equity investment, marking a record for domestic PD-(L)1/VEGF dual antibodies [2] - Pfizer plans to initiate seven global clinical trials for SSGJ-707, positioning it as a cornerstone therapy across various cancer types [3] Commercialization and Revenue Growth - Sangfor's core product, TPIAO, is projected to generate revenue of 5.06 billion yuan in 2024, with growth potential due to new indications and strong market positioning [4] - The company maintains a leading position in the rhEPO market, expecting combined sales of 1.019 billion yuan from its dual brands in 2024, capturing a 42% market share [4] Financial Forecast and Investment Rating - Revenue projections for Sangfor from 2025 to 2027 are 18.52 billion, 11.55 billion, and 11.78 billion yuan, with net profits of 9.77 billion, 3.72 billion, and 3.28 billion yuan, respectively [5] - The company is assigned a "strong buy" rating based on its growth potential and robust financial outlook [5]

Investment Rating - The report gives a "Strong Buy" rating for the company [2]. Core Views - The PD-(L)1/VEGF dual antibody is positioned as a core drug for next-generation immuno-oncology treatments, with the SSGJ-707 molecule showing unique design and early clinical data indicating its potential as a best-in-class (BIC) candidate. The collaboration with Pfizer, involving an upfront payment of $1.4 billion and potential milestone payments of up to $4.8 billion, reflects the recognition of SSGJ-707's potential and the company's R&D capabilities [1][8][48]. - The company's financial performance is stable, with a well-structured product pipeline and strong long-term growth drivers [1][8]. Summary by Sections Company Overview - Established in 1993, the company is a leading biopharmaceutical firm in China, focusing on R&D, production, and sales of biological drugs. It has developed a rich product and pipeline portfolio across various therapeutic areas, including nephrology, oncology, autoimmune diseases, and dermatology [13][16]. Oncology Pipeline - The SSGJ-707 is expected to become a cornerstone in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. The collaboration with Pfizer is a significant milestone, with substantial financial backing and a strategic focus on expanding clinical trials [1][8][37]. - Clinical data for SSGJ-707 shows promising efficacy and safety profiles, with high overall response rates (ORR) in various cancer types, indicating its potential to address unmet medical needs in oncology [1][8][37][38]. Autoimmune Pipeline - The company has several pipelines nearing commercialization, with notable advancements in clinical trials for various autoimmune treatments. The IL-17A monoclonal antibody SSGJ-608 and IL-1β monoclonal antibody SSGJ-613 have received NDA acceptance, indicating progress towards market entry [8][19]. Commercialization Capability - The company demonstrates strong commercialization capabilities, with core products maintaining high market shares. The flagship product, TPIAO, is expected to generate significant revenue, supported by new indications and stable pricing strategies [8][19][30]. - The company is also expanding its product portfolio in the erythropoiesis-stimulating agent market, maintaining a leading position despite competitive pressures [8][19]. Financial Projections - Revenue projections for 2025-2027 are estimated at 185.2 billion, 115.5 billion, and 117.8 billion CNY, respectively, with corresponding net profits of 97.7 billion, 37.2 billion, and 32.8 billion CNY. The report anticipates a significant increase in revenue in 2025, followed by a decline in subsequent years [7][8].

Core Viewpoint - The article highlights the transformation of 3SBio from a traditional biopharmaceutical company into an innovative player in the global market, particularly through its strategic decision to develop the dual antibody product SSGJ-707, culminating in a significant partnership with Pfizer worth $6.05 billion [2][6][37]. Group 1: Company Origins and Initial Choices - 3SBio was founded in 1993 in Shenyang, China, during a time when the domestic biopharmaceutical industry was underdeveloped, with high prices for imported interferons and a lack of local expertise [4][9]. - The company chose to tackle the challenging task of developing recombinant interferon, breaking the import monopoly and becoming one of the first companies in China to master core recombinant protein technology [10][11]. - 3SBio's early decisions established a foundation of resilience and innovation, focusing on difficult challenges rather than following the easier paths taken by others [13][14]. Group 2: Capital Expansion and Market Challenges - After establishing a foothold in the domestic recombinant protein market, 3SBio aimed for global expansion, listing on NASDAQ in 2007, which was a significant move for a company from Shenyang [17][19]. - The company faced a downturn post-2011 due to the broader issues affecting Chinese companies listed in the U.S., leading to a drastic drop in stock price and market valuation [19][20]. - In response to these challenges, 3SBio made the bold decision to privatize and delist from NASDAQ, later successfully listing on the Hong Kong Stock Exchange in 2015, which allowed for a more suitable capital environment [21][22]. Group 3: Transition to Innovative Drug Development - Following its return to the market, 3SBio confronted the pressing question of the sustainability of its recombinant protein business amid rising competition and market changes [25][27]. - The company strategically decided to leverage cash flow from its established products to invest in innovative drug development, focusing on a diversified pipeline that includes renal, autoimmune, metabolic, and oncology therapies [28][29]. - A pivotal decision was made to develop the dual antibody SSGJ-707 instead of entering the crowded PD-1 market, positioning the company for a unique competitive advantage [34][35]. Group 4: Key Decisions and Future Outlook - The development of SSGJ-707 showcased 3SBio's commitment to innovation, with promising clinical data leading to breakthrough therapy designation and FDA approval for global trials [36][37]. - The partnership with Pfizer, involving an upfront payment of $1.25 billion and milestone payments totaling $4.8 billion, marked a significant recognition of 3SBio's capabilities on the global stage [37][38]. - 3SBio's journey reflects a pattern of making critical decisions during challenging times, demonstrating a balance of stability and willingness to take calculated risks, positioning the company for future growth and international expansion [40][42].