Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [3][9] Core Views - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, with a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year [3] - The pharmaceutical industrial segment is the core growth engine, achieving a net profit of 1.580 billion yuan, a year-on-year increase of 14.09% [3] - The innovative product business has entered a high-growth phase, with sales and agency service revenue reaching 1.084 billion yuan, a 59% increase year-on-year [3][4] - The company has over 80 innovative drug pipelines under development, with significant investments in R&D [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 21.675 billion yuan, with Q1 and Q2 revenues of 10.736 billion yuan and 10.939 billion yuan respectively, showing growth rates of 3.12% and 3.65% [3] - The pharmaceutical commercial, industrial, and industrial microbiology segments reported revenues of 13.947 billion yuan, 7.317 billion yuan, and 368 million yuan respectively, with growth rates of 2.91%, 9.24%, and 29% [3] Innovative Products - The innovative product revenue surpassed 1 billion yuan, driven by new product approvals and sales, with key products including Nixinna®, Liraglutide®, and CAR-T product Saikeze® [3][4] - The company’s R&D investment reached 1.484 billion yuan in the first half of 2025, a 33.75% increase year-on-year, with direct R&D spending accounting for 15.97% of pharmaceutical industrial revenue [3][4] Market Position and Future Outlook - The company is focusing on expanding its international market presence and integrating into the global pharmaceutical supply chain, with the industrial microbiology segment achieving a revenue of 368 million yuan, a 29% increase year-on-year [7] - The aesthetic medicine segment experienced a revenue of 1.112 billion yuan, showing a decline but with signs of recovery in the second quarter [5][7] - The company expects to maintain a growth trend in its pharmaceutical industrial segment, with projected net profits of 4.028 billion yuan, 4.559 billion yuan, and 5.120 billion yuan for 2025, 2026, and 2027 respectively [9][11]

Industry Overview - The self-immune field is becoming one of the hottest sectors for innovative drug investment, with both primary and secondary market transactions heating up [1] - In the first half of 2025, the total transaction amount for License-out of innovative drugs in China approached $66 billion, surpassing the total BD transaction scale for the entire year of 2024, setting a historical record [1] - The proportion of BD transactions for tumor pipeline licensing has decreased from 72% in 2023 to 61% in 2024, while the proportion for metabolism and self-immune has increased from 12% to 25%, nearly doubling [1] Company Performance - Qianxin Biotech, established in 2015, focuses on biotherapies for self-immune and allergic diseases, covering four major areas: skin, respiratory, digestive, and rheumatology [1] - In the first half of 2025, Qianxin Biotech reported revenue of 206 million RMB, a year-on-year increase of 359.69%, primarily driven by upfront payments, milestone payments, clinical research service fees, and CDMO revenue [1] - The adjusted loss for the period was 5.22 million RMB, significantly reduced by 96% compared to the same period last year [2] Product Development - Qianxin Biotech's flagship product QX005N (IL-4Rα monoclonal antibody) has obtained IND approval for seven indications, making it one of the products with the most indications targeting IL-4Rα in China [3] - The company has completed patient enrollment for the Phase III clinical trial of QX005N for nodular prurigo and is nearing completion for atopic dermatitis, with results expected by the end of this year and early next year [3] - QX002N (IL-17A monoclonal antibody) achieved its primary endpoint in Phase III clinical research for ankylosing spondylitis in February 2025, with plans to submit a BLA within the year [3] Strategic Partnerships and Market Expansion - Qianxin Biotech's second-largest shareholder is Huadong Medicine, which has a nationwide sales network, allowing the company to accelerate its commercialization efforts [5] - The company has commercialized its first product, the biosimilar drug Seluxin®, which has been prescribed in over 1,200 hospitals, with sales accelerating [6] - In April 2025, Qianxin Biotech granted global rights for its long-acting self-immune dual antibody QX030N to Caldera, receiving a $10 million upfront payment and potential milestone payments totaling up to $545 million [6] Financial Backing - Qianxin Biotech recently received significant investment from TruMed Health Innovation Fund LP, providing strong institutional backing and enhancing market confidence in the company's long-term value [7]

消息面上，近日，荃信生物发布截至2025年6月30日止6个月业绩，该集团取得收入人民币2.06亿元(单 位下同)，同比增加359.69%；研发开支1.51亿元，同比增加4.25%；期内亏损则同比减少83.11%。期内 收入主要包括来自授权协议的收入，包括与QX030N海外授权有关的首付款及Caldera Therapeutics约 24.88%股权的非现金代价，以及QX004N III期首例入组的里程碑费用，合计1.81亿元；及CDMO服务产 生的收入及QX004N和QX008N项目提供研发服务约2200万元。 智通财经APP获悉，荃信生物-B(02509)午后涨幅扩大逾22%，高见27.7港元创去年9月以来新高。截至 发稿，涨22.08%，报27.42港元，成交额5616.09万港元。 截至公告日期，公司已有一款商业化产品，即国内首个乌司奴单抗生物类似药赛乐信®。两款核心产品 研发进展顺利，QX005N（IL-4Rα 单 抗 ）于 2025年3月完成结节性痒疹（PN）中国III期的患者入组， 特应性皮炎（AD）中国III期的患者入组目前也接近尾声，两项临床试验预计分别于今年底及明年初读 出主要终点数据；QX ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 21.24% and a net profit growth of 52.59% compared to 2021, reaching historical highs [2] - The company completed its seventh three-year plan successfully and is now entering the eighth three-year plan with higher goals [14] Group 2: Innovation and R&D - The company has over 80 innovative drug pipelines, with nearly 50 self-developed projects, focusing on oncology, endocrinology, and immunology [3] - In 2024, the company received 4 NDA/BLA approvals and 14 clinical approvals in China and the U.S. [3] - The R&D team consists of over 330 members, with more than 60% holding advanced degrees [3] Group 3: Key Product Developments - The company launched several innovative products, including the first ADC drug for platinum-resistant ovarian cancer and the first biosimilar of ustekinumab in China [2] - The GLP-1 receptor agonist HDM1002 has over 800 participants in clinical trials, showing good safety and efficacy [5][6] - The ADC project HDM2005 for treating advanced malignancies has completed initial dosing stages without dose-limiting toxicity [9] Group 4: AI and Technology Integration - The company established an AI drug design platform, enhancing drug development efficiency through deep integration of AI and traditional methods [10] Group 5: Aesthetic Medicine Sector - The aesthetic medicine division has developed a comprehensive product matrix, covering various treatment methods and achieving significant growth since its inception [12][13] - The company aims to become a leading provider of comprehensive aesthetic solutions globally, with a focus on innovative product launches [12] Group 6: Market Strategy and Future Outlook - The company plans to balance R&D investments with revenue growth, focusing on enhancing project quality and efficiency [15][16] - The domestic aesthetic medicine market is expected to grow, supported by new product launches and increasing consumer demand [19] - The company is optimistic about its industrial microbiology segment, aiming for accelerated development in the next three years [20]

Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, with a foreign sales revenue of CNY 1.095 billion, accounting for 2.61% of total revenue [20] - The pharmaceutical industrial revenue reached CNY 13.811 billion, representing 32.96% of total revenue [13] - The medical beauty business generated CNY 2.326 billion in revenue, with the subsidiary Xinkeli Meixue contributing CNY 1.139 billion [10] Business Development - The company completed its seventh three-year plan, achieving record high revenue and net profit attributable to shareholders [1] - The industrial microbiology business reported a revenue of CNY 711 million, a year-on-year increase of 43.12% [5] - The company is focusing on four strategic directions: xRNA, specialty APIs & intermediates, health & biological materials, and animal health [2] Product Pipeline and Innovation - The company is preparing for the commercial launch of the innovative ADC drug, Ailaha (Somatuzumab), targeting platinum-resistant ovarian cancer [3] - The oral GLP-1 receptor agonist HDM1002 has completed Phase III clinical trials for weight management, with over 800 participants enrolled in earlier phases [4] - The company has 15 new patent authorizations in 2024, including core patents for GLP-1R/GIPR dual-target agonists [6] Market Strategy - The company maintains a global operational layout for its medical beauty business, focusing on high-end markets [2] - The company plans to enhance its market coverage and registration processes to stabilize the performance of its core subsidiary, Sinclair [2] - The company aims to improve the accessibility of its innovative high-priced drugs through diverse payment channels and market penetration strategies [21] Challenges and Responses - The medical beauty sector faces challenges due to macroeconomic slowdowns and declining consumer demand, but is expected to stabilize with new product approvals [30] - The company is actively managing production costs and enhancing operational efficiency to mitigate the impact of drug price negotiations and procurement policies on profit margins [19] - The company is committed to maintaining a cash dividend policy while balancing strategic development and shareholder returns [12]