消息面上，荃信生物日前公告称，董事会已考虑赛乐信(QX001S)商业化后的业务需要，并建议根据 QX001S框架协议的条款为2026年至2028年三个财政年度的持续关连交易重续新年度上限。根据赛孚士 及中美华东的业务规模、预期增长及产能，以及其业务需求及经营状况及行业的整体经济前景，董事会 建议根据QX001S框架协议的条款就持续关连交易设定2026年至2028年三个财政年度的新年度上限，其 中利润分成上限预计将从2026年的5500万元人民币大幅跃升至2028年的2.9亿元。 值得一提的是，荃信生物此前宣布与罗氏就其自主研发的长效自免双抗QX031N达成全球独家合作与许 可协议。根据协议，罗氏将被授予研究、开发、注册、生产及商业化QX031N的全球独家权益。荃信生 物将获得7500万美元的首付款，以及至多9.95亿美元里程碑付款、潜在未来产品销售的梯度特许权使用 费。中邮证券认为，公司是国内自免创新药的佼佼者，在自免创新药领域具备良好的积淀。公司的成熟 管线逐步迈入兑现期提升造血能力，创新性管线出海授权陆续达成，为公司稳健经营提供进一步的保 证。 荃信生物-B(02509)涨超10%，截至发稿，涨10.11 ...

Core Insights - The Chinese innovative drug sector has seen a remarkable increase in licensing deals and collaborations, with significant financial transactions occurring in 2025's first three quarters [1][2] Group 1: Licensing and Collaboration Trends - In 2025's first three quarters, the total amount for Chinese innovative drug licensing agreements has surpassed $1 trillion, driven by notable deals such as the $750 million upfront payment from Roche to Qianxin Biotech for the global rights to QX031N [1][2] - The collaboration between Innovent Biologics and Takeda has set a new record for Chinese innovative drug licensing, with an upfront payment of up to $1.2 billion and a total deal value potentially reaching $11.4 billion [1][2] - The report from Yao Medicine Cube indicates that global pharmaceutical transactions have increased in both quantity and value, with 682 deals totaling $191 billion, surpassing the total for 2024 [1][2] Group 2: Market Dynamics and Investment Trends - Major multinational pharmaceutical companies are actively seeking acquisitions due to the "patent cliff" and their substantial cash reserves, which exceed $1.2 trillion [2] - The oncology sector is particularly targeted, with drugs valued at approximately $67 billion set to lose patent protection, prompting large pharmaceutical firms to look for external assets to enhance their pipelines [2] - The interest of multinational companies in Chinese assets is evident, with top 10 global pharmaceutical firms conducting regular research and negotiations in China [2] Group 3: Strategic Approaches and Future Outlook - The strategies for international expansion among innovative drug companies are diversifying from simple licensing to co-development and joint ventures [4] - Successful international projects require a clear understanding of potential partners' strategic needs and ensuring products have distinct advantages [4] - The investment logic in the innovative drug sector has shifted significantly since 2015, focusing more on innovation value rather than just net profits, with the market expected to reach a valuation of over 1 trillion RMB by the end of the year [5]