近期，中国创新药出海热潮持续升温，BD交易迎来密集爆发期。 中证鹏元发布的报告显示，在跨国药企面临专利悬崖、国内政策红利、行业持续研发投入等内外因 共同推动下，2025年上半年海外授权交易金额再创新高，创新药出海热潮方兴未艾。 翰森制药、普瑞金、维立志博等多家企业相继披露重磅海外授权协议，聚焦ADC（抗体药物偶联 物）等核心赛道，彰显中国创新药研发实力获全球市场高度认可，产业出海从"单点突破"迈向"集体发 力"新阶段。 多家企业相继达成海外授权交易 10月17日早间，翰森制药公告称，公司已与罗氏（Roche）就HS-20110签署许可协议。HS-20110是 一款采用经临床验证的拓扑异构酶抑制剂(TOPOi)载荷的靶向CDH17抗体药物偶联物（ADC）。根据协 议，翰森制药将获得8000万美元首付款，并有资格根据该产品开发、注册审批和商业化进展收取里程碑 付款，以及未来潜在产品销售的分级特许权使用费。 同日早间，奥赛康公告，控股子公司AskGene Pharma与Visara达成授权许可协议，将AskGene Pharma具有自主知识产权的1类创新药ASKG712项目在许可区域内的权益有偿许可给Visara。 ...

近期，中国创新药出海热潮持续升温，BD交易迎来密集爆发期。 翰森制药、普瑞金、维立志博等多家企业相继披露重磅海外授权协议，聚焦ADC（抗体药物偶联物） 等核心赛道，彰显中国创新药研发实力获全球市场高度认可，产业出海从"单点突破"迈向"集体发力"新 阶段。 出海热潮方兴未艾 中证鹏元发布的报告显示，在跨国药企面临专利悬崖、国内政策红利、行业持续研发投入等内外因共同 推动下，2025年上半年海外授权交易金额再创新高，创新药出海热潮方兴未艾。 多家企业相继达成海外授权交易 10月17日早间，翰森制药公告称，公司已与罗氏（Roche）就HS-20110签署许可协议。HS-20110是一款 采用经临床验证的拓扑异构酶抑制剂(TOPOi)载荷的靶向CDH17抗体药物偶联物（ADC）。根据协议， 翰森制药将获得8000万美元首付款，并有资格根据该产品开发、注册审批和商业化进展收取里程碑付 款，以及未来潜在产品销售的分级特许权使用费。 同日早间，奥赛康公告，控股子公司AskGene Pharma与Visara达成授权许可协议，将AskGene Pharma具 有自主知识产权的1类创新药ASKG712项目在许可区域内的权益有偿 ...

奥赛康10月17日早间公告，公司的控股子公司AskGene Pharma与Visara达成授权许可协议，将AskGene Pharma具有自主知识产权的1类创新药ASKG712项目在许可区域内的权益有偿许可给Visara。ASKG712 临床用于治疗眼底黄斑疾病，目前处于中国IIa期临床研究阶段。根据许可协议，许可区域为大中华地 区、新加坡、泰国、马来西亚、印度尼西亚、越南、韩国及印度，Visara将获得ASKG712项目在许可区 域内开发、生产和商业化的独家权利。Visara将向AskGene Pharma支付700万美元首付款，AskGene Pharma有权收取与研发、注册及商业化相关的里程碑付款，最高不超过8900万美元。AskGene Pharma 有权根据产品在许可区域内的年度净销售额收取一定比例的特许权使用费。 ...

ASKG712是AskGene Pharma 自主研发的、拥有自主知识产权的1类创新药，可同时靶向VEGF 与 ANG- 2。在阻断 VEGF/VEGFR 信号通路，控制新生血管形成的同时，可有效抑制 ANG-2 信号以改善血管稳 定性和减轻视网膜炎症。临床用于治疗眼底黄斑疾病，目前处于中国 IIa 期临床研究阶段。I 期剂量爬 坡和剂量扩组结果显示，ASKG712具有良好的安全性和有效性。同时临床前数据显示，相较于现有治 疗，ASKG712 对 VEGF 和 ANG-2 具有更强的结合活性，有望提升疗效的同时拉长给药间隔，减少频 繁眼底注射，改善患者依从性。 本次授权许可有利于ASKG712项目在许可区域内的研发及商业化进程，有利于公司创新药研发方向进 一步聚焦于消化、肿瘤、抗感染、慢性病等治疗领域，符合公司整体战略方向，协议的履行预计将对公 司未来业绩产生积极影响。 智通财经APP讯，奥赛康(002755.SZ)发布公告，公司的控股子公司AskGene Pharma, Inc.(简称"AskGene Pharma")与Visara, Inc.(简称"Visara")达成授权许可协议，将AskGene Ph ...

ASKG712是AskGene Pharma自主研发的、拥有自主知识产权的1类创新药，可同时靶向VEGF与ANG- 2。在阻断VEGF/VEGFR信号通路，控制新生血管形成的同时，可有效抑制ANG-2信号以改善血管稳定 性和减轻视网膜炎症。临床用于治疗眼底黄斑疾病，目前处于中国IIa期临床研究阶段。I期剂量爬坡和 剂量扩组结果显示，ASKG712具有良好的安全性和有效性。同时临床前数据显示，相较于现有治疗， ASKG712对VEGF和ANG-2具有更强的结合活性，有望提升疗效的同时拉长给药间隔，减少频繁眼底注 射，改善患者依从性。 本次授权许可有利于ASKG712项目在许可区域内的研发及商业化进程，有利于公司创新药研发方向进 一步聚焦于消化、肿瘤、抗感染、慢性病等治疗领域，符合公司整体战略方向，协议的履行预计将对公 司未来业绩产生积极影响。 奥赛康（002755）(002755.SZ)发布公告，公司的控股子公司AskGene Pharma,Inc.(简称"AskGene Pharma")与Visara,Inc.(简称"Visara")达成授权许可协议，将AskGene Pharma具有自主知识产权的1类创新 ...

[Table_Info1] 奥赛康(002755) 化学制药/医药生物 [Table_Date] 发布时间：2025-09-01 [Table_Title] 证券研究报告 / 公司点评报告 盈利能力持续改善，创仿结合成果初显 --- 奥赛康 2025 年中期业绩点评 事件： [Table_Summary] 公司发布 2025 年中期业绩报告，实现收入 10.07 亿元（+9.2%），实现归 属于上市公司股东的净利润 1.60 亿元（+111.6%）。 点评： 财务端：盈利能力修复明显，费用结构持续优化，现金流大幅改善。1） 25H1 实现扣非归母净利润 1.41 亿元（+155.7%），自 2024 年扭亏为盈 始，公司盈利能力呈现加速修复态势；2）25H1 公司实现毛利率 81.7% （同比持平），实现净利率 14.6%（+7.6pct）；3）25H1 实现期间费用率 66.9%（-8.3pct），成本费用控制成效显著。25H1 公司销售/管理/研发/财 务费用率分别同比-3.5/-0.7/-4.5/+0.3pct；3）24 年公司经营性现金流净额 为 4.23 亿元（+42.5%），超 24 全年水平，现 ...

Core Insights - The company achieved operating revenue of 1.778 billion yuan in 2024, representing a year-on-year growth of 23.15%, and a net profit attributable to shareholders of 160 million yuan, marking a turnaround from losses [1] - In Q1 2025, the operating revenue reached 509 million yuan, with a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 55 million yuan, up 73.50% year-on-year [1] - The growth in revenue is driven by the expansion of anti-infection and chronic disease products, with the generics business showing positive growth [1] Revenue Breakdown - The anti-infection and chronic disease segments generated revenues of 494 million yuan and 323 million yuan in 2024, with year-on-year growth rates of 74.94% and 57.65% respectively [1] - The oncology and digestive segments faced pressure from centralized procurement, with revenues of 631 million yuan and 270 million yuan in 2024, showing year-on-year changes of 2.31% and -9.74% respectively [1] Profitability and R&D - The company's gross margin improved to 81.34% in 2024, an increase of 0.53 percentage points year-on-year, while the net profit margin turned positive at 7.23% [1] - R&D expenses were significantly reduced, primarily due to the capitalization of expenses related to the ASKB589 project, which entered Phase 3 clinical trials in early 2024 [1] Product Development and Commercialization - The company successfully advanced the commercialization of Liratinib, which received approvals for two indications in 2025, targeting specific types of non-small cell lung cancer (NSCLC) [2] - A collaboration with Innovent Biologics was established to accelerate the reach of Liratinib to more patients [2] Innovation Pipeline - The company is focused on source innovation with multiple early-stage research pipelines, including ASKB589, ASKG712, and ASKG915, which are under various stages of clinical trials [3] - ASKB589 targets CLDN18.2 and is in Phase 3 clinical trials for gastric cancer, showing promising early results [3] - ASKG712 is in Phase 2a clinical trials for neovascular age-related macular degeneration (nAMD), while ASKG915 is in Phase 1 clinical trials [3] Investment Outlook - The company is positioned as a leading player in the digestive field and is actively seeking to expand its drug matrix and strengthen its R&D capabilities [4] - The company is expected to achieve net profits of 184 million yuan, 229 million yuan, and 287 million yuan from 2025 to 2027, with corresponding forecasted P/E ratios of 89, 72, and 57 times [4]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].