科伦博泰作为中国创新药出海的代表企业，具有显著的产业时代特征和强大的 确定性。自 2025 年初以来，科伦博泰展现了强劲的股价表现，其后续发展也 被认为具有高度确定性。科伦博泰拥有 ADC 和非 ADC 两大平台，重点开发肿 瘤和非肿瘤领域的 ADC 产品，其中包括 264、TROP ADC、A166 HER2 ADC 等。此外，公司还在自免领域广泛布局，如 PDL1 A167、西妥昔单抗生 科伦博泰 20250611 摘要 科伦博泰核心品种 264 是首款获批国产 ADC，也是全球首款获批肺癌 适应症的 top two ADC，分子设计及临床数据具优势，默沙东预计其肿 瘤分子将在 2035 年贡献 250 亿美元峰值销售，264 将是主要贡献者， 今年销售目标 8-10 亿，下半年有望获批 EGFR 突变肺癌二线治疗。 科伦博泰未来产品线加速价值兑现，167CD7 单抗、166 等进入商业化 阶段，形成 IO 加 ADC 综合产品矩阵，布局呼吸系统和血液病等大患者 群体赛道。2025 年是商业化兑现元年，后续将有更多催化事件，如海 外三期数据读出及 FDA 递交 NDA。 截至 2024 年底，科伦博泰净利 ...

（2025 年）计划将 SKB264 推向一线市场。 公司的股权结构显示科伦药业为 第一大股东，占比接近 60%，默沙东为第二大股东。默沙东在跨国药企中转化 医学能力较强，对科伦博泰的发展非常重要。科伦博泰拥有三个平台：大分子、 默沙东在全球范围内积极开发 TROP2 ADC，已启动 14 项多中心临床 试验，覆盖多种适应症，表明其对 TROP2 ADC 的高度重视，这为科伦 博泰带来了巨大的市场优势。 科伦博泰国内 SKB264 销售峰值预测为 71 亿元人民币，海外销售峰值 预测为 76 亿美元。公司估值基于药品销售峰值倍数计算，总体估值 878 亿元人民币，仍有增长空间。 科伦博泰 20250709 摘要 科伦博泰核心产品 SKB264 已获批用于后期三阴性乳腺癌和 EGFR 突变 型肺小细胞肺癌，预计今年将有二线肺癌等三个适应症上市，并积极推 进一线三阴性乳腺癌等注册临床阶段适应症。 科伦博泰采用核心城市三甲医院销售模式，科伦药业助力下沉市场，默 沙东负责海外市场，此模式被认为是现阶段最优选择。商业化团队计划 扩充至 400-500 人。 默沙东对科伦博泰的发展至关重要，不仅购买了多个 ADC 项目， ...

当前中国创新药行业的估值水平如何？未来可能有多大空间？ 从年初至今，港股创新药指数上涨了 69%。本轮收益的主要驱动因素是中国创 新药全球竞争力的突破、对外授权的爆发以及多个重磅产品即将在美国上市销 售。国内政策环境也较为支持，百济神州、信达生物等头部公司将走向盈利。 目前港股创新药指数的 PS 和 PB 均回到了历史中位数水平左右，而恒生医疗保 健指数虽然 PS 有所回升，但仍处于历史底部区间。 对比海外情况，礼来公司 的 PS 从 2021 年的 5 倍提升到现在的 15 倍，日本中外制药从 2013 年的 4 倍 提升到现在的 11 倍。因此，我们认为中国创新药目前处于全球竞争力突破时 点，PS 显著提升是必然趋势。目前 ARJEX 市值约为 330 亿美元，而百济神州 市值约为 290 亿美元，相对较低。其他如信达、康方、科伦博泰、百利天恒、 新诺威等公司，其产品具有百亿美金销售潜力，但当前市值仍显著低于 ARJEX。 考虑到中国创新药企收入快速增长及海外市场拓展空间，未来 5-10 全球 ADC 市场快速增长，国内 ADC 资产展现出出色潜力，多家公司针 对不同靶点推出新药并陆续出海，如科伦博泰的 ...

Core Viewpoint - Meituan's stock price is currently experiencing volatility, with mixed technical indicators suggesting uncertainty in its short-term direction [1][4][6]. Technical Analysis - As of the latest data, Meituan's stock closed at 126 HKD, with a daily increase of 0.56%. However, it has since dropped to 123.7 HKD, reflecting a decline of 1.83% [1]. - Technical indicators predominantly signal a "sell," with a strength rating of 15, indicating downward pressure on the medium to long-term trend. Multiple moving averages also suggest a strong sell signal [1]. - The Relative Strength Index (RSI) is at 37, indicating an oversold condition, while other oscillators show mixed signals, creating a divergence in market sentiment regarding Meituan's short-term performance [1]. Support and Resistance Levels - The first support level for Meituan is at 122 HKD, with a lower support at 113.1 HKD. The first resistance level is at 133.8 HKD, and a higher resistance at 142.5 HKD [4]. - The current stock price is positioned between these support and resistance levels, indicating a need for a directional decision in the short term. The system assesses the probability of an upward movement at 57%, with a recent five-day volatility of 7.1% [4]. Derivative Products Performance - On June 27, 2025, Meituan's stock fell by 2.63%, during which various derivative products showed significant gains, highlighting the leveraged nature of these instruments. For instance, HSBC's put option (16234) rose by 11%, while Morgan Stanley's bear certificate (66223) increased by 16% [4]. - The current market offers several noteworthy derivative products for investors. For those anticipating an upward breakout, options like the Bank of China call option (26428) with a leverage of 7.5 times and an exercise price of 140 HKD are available [6]. - Conversely, for those expecting a downward adjustment, UBS's put option (16119) offers a leverage of 5.3 times with an exercise price of 122.9 HKD [7]. Summary of Derivative Products - The following products are highlighted for their leverage and pricing: - Bank of China Call Option (26428): Leverage 7.5, Exercise Price 140 HKD [8]. - HSBC Call Option (27146): Leverage 7.8, Exercise Price 140.1 HKD [8]. - UBS Put Option (16119): Leverage 5.3, Exercise Price 122.9 HKD [9]. - UBS Bull Certificate (64717): Leverage 6.5, Redemption Price 111 HKD [9]. - Morgan Stanley Bull Certificate (50094): Leverage 7, Redemption Price 111.5 HKD [9]. - Societe Generale Bear Certificate (54322): Leverage 9, Redemption Price 139 HKD [9].

Core Viewpoint - The company, Kelun-Botai, is a leading player in the ADC (Antibody-Drug Conjugate) sector, with a robust technology platform and significant backing from multinational corporations (MNCs) [1] Group 1: Company Overview - Kelun-Botai was established in 2016 as an innovative R&D subsidiary of Kelun Pharmaceutical, focusing on three major technology platforms: ADC, macromolecules, and small molecules [1] - As of the 2024 annual report, Kelun-Botai has over 30 innovative assets and more than 10 drugs in clinical stages, indicating a well-structured pipeline [1] - The company is expected to enter a rapid growth phase in 2025, with promising commercial progress anticipated [1] Group 2: ADC Platform Development - The ADC platform focuses on both oncology and non-oncology development strategies, with research capabilities endorsed by MNCs [1] - SKB264, an optimized drug based on trastuzumab, has a comprehensive layout for breast cancer and non-small cell lung cancer (NSCLC), with multiple approvals and submissions expected between 2024 and 2025 [2] - A166 has reached critical endpoints in phase II trials for advanced HER2+ breast cancer and is expected to receive approval in 2025 [2] - The early ADC pipeline includes various targets such as CLDN18.2 and Nectin-4, with new products like SKB571 and SKB107 anticipated to follow [2] Group 3: Non-ADC Platform Development - The non-ADC platform is entering a harvest phase, covering oncology and autoimmune fields [2] - A167 (PD-L1) has received approvals for multiple indications, while A140 (a biosimilar of cetuximab) is also set for approval in early 2025 [2] - A400, a selective RET inhibitor for RET+ NSCLC, is expected to submit for market approval within the year [2] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.006 billion, 2.884 billion, and 4.696 billion yuan, reflecting year-on-year growth rates of 3.8%, 43.8%, and 62.8% respectively [3] - The current stock price corresponds to price-to-sales (PS) ratios of 34.7x, 24.2x, and 14.8x for the respective years [3] - The company is expected to reach a commercialization inflection point in 2025, with numerous catalysts from clinical data and business development expectations [3]

求购以下料号 芯片超人现有 1600平米 芯片智能仓储基地，现货库存型号 1000+ ，品牌高达 100种 ， 5000万颗 现 货库存芯片，总重量 10吨 ，库存价值高达 1亿+ 。同时，芯片超人在深圳设有独立实验室，每颗物料 均 安排QC质检 。 | 品牌 | 型号 | 数量 | | --- | --- | --- | | EXAR | SPX3819M5-L-3-3/TR | 42K | | Semtech/升特 | LR1121IMLTRT | 30K | | ADI | LTC2642ACDD-16#PBF | 2500PCS | 优势物料，特价出售 | 品牌 | 型号 | 数量 | 年份 | | --- | --- | --- | --- | | INFINEON | SAK-TC377TP-96F300S AA | 10K | 24+ | | INFINEON | SAK-TC375TP-96F300W AA | 10K | 24+ | | ADI | ADSP-21565WCSWZ10 | 2160 | 23+ | | 润石 | RS2299XTQC16 | 100K | 24+ | 打折清库 ...

Core Viewpoint - The innovation speed and cost-effectiveness of Chinese biopharmaceutical companies have surpassed that of American companies, leading to a surge in stock prices for several Chinese biopharma firms [1][2]. Group 1: Market Performance - On June 9, 2023, Chinese biopharmaceutical companies saw a collective stock price increase, with Kelun-Botai (6990.HK) rising nearly 6% to a market cap exceeding HKD 80 billion, BeiGene (688235.SH) up over 8%, and Junshi Biosciences (688180.SH) up over 5% [1]. - The optimism surrounding original drug licensing contributed to the stock price increases, particularly following data presentations from Chinese companies at the recent ASCO annual meeting [1]. Group 2: International Interest - In recent months, American and European pharmaceutical companies have invested billions in acquiring Chinese-developed drugs, yielding returns for these companies [2]. - During the ASCO conference, BioNTech's resale of a tumor dual-antibody drug acquired from China's Pumice Biotech for over USD 10 billion to Bristol-Myers Squibb (BMS) highlighted the market's excitement [2]. - BMS is betting on a dual-antibody drug targeting PD-L1 and VEGF for treating various solid tumors, which shows potential to replace Merck's leading cancer drug, Keytruda [2]. Group 3: Competitive Landscape - The valuation of Chinese innovative drugs is considered reasonable by multinational companies, as they seek products with patent protection for lifecycle management [4]. - China has surpassed the U.S. in the number of clinical trials and has seen a significant increase in patent filings, attracting multinational pharmaceutical companies [4]. - AstraZeneca announced a USD 2.5 billion investment to establish a research center in Beijing, reflecting the growing interest in China's biopharmaceutical sector [4]. Group 4: Innovation and Development - Chinese biopharmaceutical companies have made rapid advancements in innovation over the past decade, although they still have a long way to go in achieving "original innovation" [4]. - The PD-L1/VEGF dual-antibody drug represents a significant innovation compared to traditional combination therapies, offering easier administration and potential cost reductions [4]. - Local companies like Kelun-Botai and InnoCare Pharma are actively investing in the development of antibody-drug conjugates (ADCs) in the competitive oncology market [4]. Group 5: Clinical Achievements - On June 6, 2023, Kelun-Botai's ADC drug, SKB264, received approval from the National Medical Products Administration (NMPA) and became the first TROP2 ADC drug approved for lung cancer indications globally [5]. - InnoCare Pharma presented data at ASCO indicating that its HER3-targeting ADC drug has potential comparable to Kelun-Botai's SKB264 for treating EGFR-resistant non-small cell lung cancer [5].

证券研究报告 2025年06月09日 行业报告： 行业专题研究 买全球最好的中国创新药：突破性疗法（BTD）品种梳理 作者： 分析师 杨松 SAC执业证书编号：S1110521020001 分析师 曹文清 SAC执业证书编号：S1110523120003 联系人 刘一伯 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 医药生物 突破性疗法梳理：从热门靶点到全球新靶点、从老牌药企到新兴药企 ◆ 突破性疗法梳理： （1）突破性疗法意味着显著且可靠临床的意义。突破性疗法最初于2020年被CDE引入国内，允许创新药物与改良型新药研发企业在三期 临床开展前申请突破性治疗药物程序，其要旨集中于两点：（1）用于加快治疗严重危及生命或严重影响生存质量的疾病新药落地，从而 尽早满足患者的治疗需求；（2）针对适应症尚无有效治疗手段或药物，新药较现阶段治疗手段具有足够证明其临床优势。 （2）突破性疗法的动态变化，从热门靶点到新靶点、从老牌Pharma&biotech逐步扩散：Insight数据库显示，截至2025年6月4日，仅考 虑国产创新药（自研），目前CDE共批准126 ...

2025ASCO：中国创新，闪耀全球 20250606 摘要 中国创新药在 ASCO 会议上的数据占比创新高，口头报告 73 项，LBA 报告 11 项，表明中国药企创新能力显著提升，尤其在双抗、ADC 和小 分子疗法领域。 信达生物的二代 IO 产品 IBI363 通过增强 IL-2 功能并降低毒性，在黑色 素瘤、结直肠癌和肺癌中显示出潜力，尤其在非小细胞肺癌后线治疗中， 低剂量组总生存期超过 15 个月。 IBI363 在结直肠癌四线治疗中，1 毫克剂量组 OS 达 17.5 个月，接近 一线治疗水平，联合贝伐珠单抗后 ORR 接近 20%，DCR 超过 60%， 显著延长患者总生存期。 康方生物卡度尼利单抗一线治疗宫颈癌亚组分析显示，PD-L1 低表达患 者 PFS 达 12 个月，CPS>10%患者 PFS 达 11.1 个月，验证了其在宫 颈癌治疗中的优势。 博泰公司的 ADC 药物 264 在 HER2 突变耐药及 TNBC 中表现突出， HER2 突变耐药患者 ORR 达 45.1%，PFS 达 6.9 个月；一线 TNBC 患 者 ORR 达 71%，PFS 达 13.4 个月。 Q&A 近年 ...

近日，三生国健研发负责人顾津明接受采访时表示："双抗数据公布后，我们收到了7份合作 邀约。"这场破纪录交易背后，是中国创新药在2025年美国肿瘤学年会（ASCO）上交出的历 史性成绩单： 73项研究入选（11项压轴LBA），数量碾压去年56项纪录，其中32项登上口头 报告讲台 。 东方证券研究员指出：本次ASCO 大会上国外创新药取得了重要突破，同时国产创新药也展 现了强大竞争力， 建议关注具备国际竞争优势的创新药企业 。 一、从"实验室数据"到"临床金标准"： 1. 双抗赛道：打破PD-1耐药魔咒信达生物的PD-1/IL-2双抗IBI363，在结直肠癌后线治疗中实 现28.4%的肿瘤缩小率，逼近现有化疗一线方案效果。其独创的"智能导弹"机制（选择性激活 抗癌T细胞）已吸引3家MNC（跨国药企）竞购海外授权，首付款预计超8亿美元。 2. ADC药物：改写国际治疗方案科伦博泰的TROP2 ADC药物Sac-TMT，在肺癌一线治疗中 将患者无进展生存期（PFS）延长至15个月，碾压阿斯利康同类产品4个月。更惊人的是其耐 药逆转能力：对EGFR靶向药失效患者，肿瘤缩小率是传统化疗的3倍（45.1% vs 15.6% ...