Core Viewpoint - Guosen Securities maintains an "outperform" rating for 3SBio (01530), highlighting the rapid global clinical development of its core products and robust performance growth, particularly following the successful licensing of 707 [1] Group 1: Clinical Development - 3SBio presented Phase 2 clinical data for 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, showing good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting further Phase 3 studies [1] - Pfizer discussed the global clinical strategy for 707, focusing on two key Phase 3 trials for NSCLC 1L and mCRC 1L, with plans to initiate five additional studies soon [1] Group 2: Financial Projections - Guosen Securities raised its profit forecast for 3SBio, expecting net profit attributable to shareholders to reach 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1] Group 3: Future Development Plans - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination therapies by the end of 2026, targeting to replace existing standard treatments with 707 [1] - The strategy includes exploring combinations with ADCs and developing non-chemotherapy options, expanding applications to early treatment scenarios [1]

智通财经获悉，国信证券发布研报称，维持三生制药(01530)"优于大市"评级，其核心产品快速推进全 球临床开发，完成重磅对外授权交易，业绩保持稳健增长。考虑到707对外授权已经落地，该行上调盈 利预测，预计2025-2027年公司的归母净利润为99.55/28.75/32.12亿元(前值23.8/27.1/30.7亿元)。 国信证券主要观点如下： 辉瑞电话会讨论707全球临床策略 辉瑞公布707全球临床策略，第一波近期临床试验的核心为两项3期关键临床(NSCLC1L;mCRC1L)，并 将于近期启动5项研究，包括：ES-SCLC1L的ph2/3研究，NSCLC中联合ADCs的ph1/2研究，mHCC的 ph1/2研究，mUC的ph1/2研究和mRCC的ph1/2研究。辉瑞的第二波开发计划预计在2026年底前将新增10 个适应症的临床试验和10种以上新型组合方案，目标用707替代现有标准治疗的PD-(L)1抑制剂和VEGF 抑制剂，成为新的基石疗法;同时探索与ADC的联用，开发无化疗方案，并将其应用拓展至新辅助治疗 和辅助治疗等早期治疗场景。 风险提示 三生制药在2025年STIC会议上公布707联合化疗治疗1 ...

Core Viewpoint - Guosen Securities reports that 3SBio (01530) is rapidly advancing its innovative drug clinical trials and has completed a significant external licensing deal, maintaining steady growth in performance [1] Group 1: Financial Performance - Guosen Securities has raised its profit forecast for 3SBio, expecting the company's net profit attributable to shareholders to reach 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1][1][1] Group 2: Clinical Development - 3SBio presented data on the Phase 2 clinical trial of 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, showing good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting the continuation of Phase 3 trials [1][1][1] - Pfizer announced a global clinical strategy for 707, focusing on two key Phase 3 trials (NSCLC 1L; mCRC 1L) and planning to initiate five additional studies soon, including Phase 2/3 for ES-SCLC 1L and Phase 1/2 for mHCC, mUC, and mRCC [1][1][1] - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination therapies by the end of 2026, targeting the replacement of existing standard treatments with 707 as a new cornerstone therapy [1][1][1]

此外，辉瑞公布707全球临床策略，第一波近期临床试验的核心为两项3期关键临床(NSCLC 1L;mCRC 1L)，并将于近期启动5项研究，包括：ES-SCLC 1L的ph2/3研究，NSCLC中联合ADCs的ph1/2研究， mHCC的ph1/2研究，mUC的ph1/2研究和mRCC的ph1/2研究。辉瑞的第二波开发计划预计在2026年底前 将新增10个适应症的临床试验和10种以上新型组合方案，目标用707替代现有标准治疗的PD-(L)1抑制剂 和VEGF抑制剂，成为新的基石疗法;同时探索与ADC的联用，开发无化疗方案，并将其应用拓展至新辅 助治疗和辅助治疗等早期治疗场景。 智通财经APP获悉，国信证券发布研报称，三生制药(01530)创新药临床快速推进，完成重磅对外授权交 易，业绩保持稳健增长。考虑到707对外授权已经落地，该行上调盈利预测，预计2025-2027年公司的归 母净利润为99.55/28.75/32.12亿元(前值23.8/27.1/30.7亿元)。三生制药的核心产品快速推进全球临床开 发，维持"优于大市"评级。 报告中称，近日，三生制药在STIC会议上公布707联合化疗治疗1LNSCLC的临 ...

国信证券发布研报称，公司创新药临床快速推进，完成重磅对外授权交易，业绩保持稳健增长。考虑到 707对外授权已经落地，我们上调盈利预测，预计2025-2027年公司的归母净利润为99.55/28.75/32.12亿 元。三生制药的核心产品快速推进全球临床开发，维持"优于大市"评级。 消息面上，三生制药在2025年STIC会议上公布707联合化疗治疗1LNSCLC的临床2期研究数据。此外， 辉瑞公布707全球临床策略，辉瑞与三生制药达成协议后，积极推进707的临床开发，并将707管线列为 其核心管线，目前已经提交5个新的临床申请，辉瑞的第二波开发计划预计在2026年底前将新增10个适 应症的临床试验和10种以上新型组合方案。 三生制药(01530)现涨超6%，截至发稿，涨6.26%，报32.58港元，成交额4.13亿港元。 ...

Core Viewpoint - Sangfor Pharmaceuticals (01530) shares rose over 6%, currently at HKD 32.58, with a trading volume of HKD 413 million [1] Group 1: Clinical Development - Sangfor Pharmaceuticals announced Phase 2 clinical research data for 707 combination chemotherapy for 1L NSCLC at the 2025 STIC conference [1] - Pfizer has revealed a global clinical strategy for 707, actively advancing its clinical development following an agreement with Sangfor [1] - Pfizer has submitted five new clinical applications for 707, with plans to add ten new indications and over ten novel combination schemes by the end of 2026 [1] Group 2: Financial Performance - Guosen Securities reported that Sangfor's innovative drug clinical progress is rapid, with significant external licensing transactions completed, leading to steady growth in performance [1] - Following the successful licensing of 707, profit forecasts have been raised, with expected net profits for 2025-2027 at CNY 9.955 billion, 2.875 billion, and 3.212 billion respectively [1] - Sangfor's core products are advancing rapidly in global clinical development, maintaining an "outperform the market" rating [1]

Investment Rating - The investment rating for the company is "Underperform" [2][5][20] Core Insights - The company has announced promising clinical data for its drug 707 in combination with chemotherapy for first-line non-small cell lung cancer (NSCLC) at the STIC conference in 2025, indicating good efficacy and safety [4][6][20] - Pfizer has outlined a global clinical strategy for 707, planning to initiate two key Phase 3 clinical trials for NSCLC and mCRC, along with several other studies targeting various cancers [4][11][20] - The company has completed a significant licensing deal for 707, leading to an upward revision of profit forecasts for 2025-2027 [5][18][20] Summary by Sections Clinical Data - The Phase 2 clinical trial data for 707 in first-line NSCLC showed a confirmed overall response rate (cORR) of 58.6% in non-squamous NSCLC patients and 75.0% in squamous NSCLC patients [6][8] - The trial included 119 non-squamous and 125 squamous NSCLC patients, with a significant portion of patients having low PD-L1 expression [6][8] Safety Profile - The safety data indicated that the incidence of grade 3 or higher treatment-related adverse events (TRAEs) was 39.0% for the 707 group compared to 32.8% for the control group [7][8] - Overall safety was deemed manageable, with the incidence of immune-related adverse events (irAEs) being comparable to historical data [7][8] Financial Projections - The revised profit forecasts for the company are projected to be 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant increase from previous estimates [19][20] - The company expects robust revenue growth driven by the commercialization of 707 and ongoing clinical developments [19][20]

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]

Group 1 - The MSCI China Healthcare Index has increased by 58.6% since the beginning of 2025, outperforming the MSCI China Index by 24.2% [1] - The recent slight pullback in the healthcare sector (10% since October) presents a buying opportunity, driven by a recovery in capital market financing and an increase in the scale of innovative drug exports [1] - The CXO industry is expected to see performance recovery in the second half of 2025 due to the anticipated interest rate cuts in the U.S. [1] Group 2 - Significant clinical data was released at the ESMO conference, highlighting key drugs such as SKB264, which shows statistical significance in overall survival for NSCLC patients resistant to EGFR-TKI [2] - The mPFS for lvonescimab in first-line sqNSCLC was reported at 11.1 months, compared to 6.9 months for the control group [2] - The uORR for drug 707 from 三生制药 in first-line colorectal cancer reached 82.6%, indicating strong efficacy [2] Group 3 - The impact of business development (BD) on stock prices is diminishing, prompting a focus on the clinical advancement of authorized pipelines overseas [3] - 信达生物 has entered a global strategic partnership with Takeda for IBI363, sharing 40% of global R&D costs and U.S. commercial rights, reflecting confidence in the drug and commitment to globalization [3] - The company anticipates that clinical progress will serve as a catalyst for stock price increases, with most value realization dependent on successful commercialization rather than upfront payments from licensing deals [3]

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [2][33]. Core Insights - The MSCI China Healthcare Index has increased by 58.6% from early 2025, outperforming the MSCI China Index by 24.2%. However, there has been a recent pullback of 10% in the healthcare sector, presenting a buying opportunity [1]. - The report highlights a recovery in the demand for domestic innovative drug research and development, driven by a resurgence in capital market financing and an increase in overseas clinical trials for authorized innovative drugs [1]. - The CXO industry is expected to see performance recovery in the second half of 2025, aided by the recent interest rate cuts in the U.S. [1]. - The report emphasizes the importance of monitoring the clinical progress of authorized innovative drug pipelines overseas, as this could serve as a catalyst for stock price increases [4]. Summary by Sections Industry Overview - The report discusses the recent clinical data released at the ESMO conference, focusing on several key drugs and their performance in clinical trials, such as SKB264 and ivonescimab, which show promising results in treating specific types of cancer [4]. - It notes that while business development (BD) activities for innovative drugs are ongoing, stock prices have not reflected this positively, primarily due to valuation concerns [4]. Company Ratings and Valuations - The report provides a detailed valuation table for several companies, including: - **Sangamo Therapeutics (1530 HK)**: Market cap of $8.76 billion, target price of $37.58, with a 34% upside potential [2]. - **Gusongtang (2273 HK)**: Market cap of $932.7 million, target price of $48.28, with a 62% upside potential [2]. - **Giant Biologics (2367 HK)**: Market cap of $5.74 billion, target price of $58.35, with a 40% upside potential [2]. - **WuXi AppTec (2268 HK)**: Market cap of $10.87 billion, target price of $74.00, with a 5% upside potential [2]. - **China National Pharmaceutical Group (1177 HK)**: Market cap of $16.80 billion, target price of $9.40, with a 35% upside potential [2]. - **Innovent Biologics (1801 HK)**: Market cap of $18.94 billion, target price of $110.62, with a 29% upside potential [2].