mRNA 平台开发稳步推进，可逆 BTK 膜性肾病数据优异；上调目标价 | 买入 | | | | --- | --- | --- | | 1 | 年股价表现 | | | 250% | 1952 HK | 恒生指数 | | 200% | | | | 150% | | | | 100% | | | | 50% | | | | 0% -50% | | | 股份资料 交银国际研究 公司更新 | 医药 | 收盘价 | 目标价 | 潜在涨幅 | 2025 年 7 月 2 日 | | --- | --- | --- | --- | --- | | 62.20 | 港元 | 港元 72.50↑ | +16.6% | | | 云顶新耀 (1952 HK) | | | | | | 52周高位 (港元) | 65.15 | | --- | --- | | 52周低位 (港元) | 18.28 | | 市值 (百万港元) | 20,198.83 | | 日均成交量 (百万) | 13.36 | | 年初至今变化 (%) | 28.51 | | 200天平均价 (港元) | 47.94 | | 资料来源 : FactSet | | 丁 ...

近年来，凭借自身强劲的新药研发、完善的全球临床开发能力、高标准的质量管理体系、深耕国际市场的商业化能力等优势，百济神州(06160)在全球化 和"源头创新"的道路上越走越远。 在此过程中，百济神州不断强化和巩固自身在血液学领域的领导力，持续推进肿瘤学研发管线，并建立了多种潜在的同类最佳或同类首创资产和组合。百济 神州正处于发展的关键转折点，目前拥有40多款处于临床开发和商业化阶段的产品。未来18个月内，预计将迎来20项里程碑进展。如今，这些成果都集中体 现在近期百济神州召开的投资者研发日活动中。 会上，百济神州相关负责人介绍了其最新研发进展，包括具有显著临床潜力的BCL-2抑制剂索托克拉、BTK CDAC BGB-16673、CDK4抑制剂BGB-43395及 B7-H4 ADC等产品，彰显了百济神州的创新韧性和其以全球创新为核心的强劲内生增长力。 为了进一步巩固血液瘤治疗领导力，百济神州以泽布替尼为基石进行渐进式布局。目前公司潜在同类最佳BCL2抑制剂索托克拉以及靶向BTK的嵌合式降解 激活化合物(CDAC)BGB-16673正是其中的关键锚点。 以BTK CDAC BGB-16673为例，作为公司当前临床 ...

BeiGene (BGNE) Update / Briefing June 26, 2025 08:30 AM ET Speaker0 Hello, everyone. Welcome to b one medicine's twenty twenty five investor research and development day. My name is Liza Heaps. I'm senior director of investor relations at b one. We are very excited to host our investor event today, both in person in New York City and online for our global attendees. Thank you all very much for joining us. This is truly an exciting time at b one, and we are thrilled to walk you through recent progress to dat ...

BeOne's Innovative Pipeline Progress Investor R&D Day JUNE 26, 2025 Forward-looking Statements Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding the projected size of the oncology market and related sectors; BeOne's research, discovery, pre-clinical and early-stage clinica ...

Core Viewpoint - The article highlights the rapid growth of China's innovative pharmaceutical companies, particularly in the context of supportive government policies and the increasing commercialization of their products, exemplified by the strategic shift of CloudTop New Horizon towards self-developed mRNA technology and its potential for global expansion [1][12]. Group 1: Policy Support and Market Dynamics - Recent government policies, including the State Council's approval of the "Full Chain Support for Innovative Drug Development Implementation Plan," have significantly boosted the innovative drug sector in China [1]. - In Q1 2025, the "License-out" transaction amount for Chinese innovative drugs reached $36.929 billion, indicating a surge in outbound transactions [1]. Group 2: CloudTop New Horizon's Strategic Shift - CloudTop New Horizon is transitioning from a "License-in" model to a self-developed innovative drug company, marking a significant strategic transformation [1][12]. - The company will hold its first mRNA technology platform R&D day on June 27, showcasing its self-research capabilities and signaling a potential value release [1]. Group 3: Commercialization and Revenue Projections - CloudTop New Horizon has successfully commercialized several key products, including Nefukang® and Yijia®, with projected sales reaching 10 billion yuan by 2030 [2][3]. - Nefukang® has seen a significant increase in sales following its inclusion in the medical insurance system, with expectations for revenue to double in the second half of the year [3][4]. Group 4: Product Pipeline and Market Potential - The company anticipates that Nefukang® could achieve peak sales of 5 billion yuan, while Yijia® is expected to reach similar sales figures due to its potential in the ulcerative colitis market [4][5][6]. - CloudTop New Horizon's product matrix, including Nefukang®, Yijia®, and the pipeline product Cefepime-Tazobactam, is projected to exceed 10 billion yuan in sales by 2030 [6]. Group 5: mRNA Platform Development - The mRNA platform is gaining attention from multinational pharmaceutical companies, with potential business development (BD) collaborations on the horizon [7][12]. - The company has developed a diverse pipeline within its mRNA platform, including personalized tumor therapeutic vaccines and CAR-T therapies, which are expected to attract further investment and partnerships [8][9]. Group 6: EVER001 Clinical Data and Global Expansion - EVER001, a new generation covalent reversible BTK inhibitor, has shown promising clinical data, with plans for global development and potential overseas licensing agreements [10][12]. - The positive clinical results for EVER001 in treating primary membranous nephropathy have garnered interest from multiple multinational pharmaceutical companies, indicating a strong market potential [11][12].

Core Viewpoint - The A-share pharmaceutical sector, particularly the innovative drug segment, has shown strong performance, with R&D investment becoming a critical variable for company success in a competitive environment [1] Group 1: R&D Investment Overview - The total R&D expenditure of A-share pharmaceutical companies has steadily increased over the past three years, reaching 111.11 billion yuan in 2022, 118.50 billion yuan in 2023, and projected to be 121.01 billion yuan in 2024 [2][3] - The chemical pharmaceutical sector leads in R&D spending, with an expected 2024 expenditure close to 60 billion yuan, followed by the medical device sector at over 23 billion yuan and the biological products sector at 16.87 billion yuan [2][3] Group 2: R&D Intensity - The R&D intensity, measured as the ratio of R&D expenditure to revenue, ranks the biological products sector highest at 13.01%, followed by chemical pharmaceuticals at 10.87% and medical devices at 9.68% for 2024 [4][5] Group 3: Performance of Key Sectors - Despite overall pressure on performance, the chemical pharmaceutical sector has shown consistent growth, with net profits increasing from 21.68 billion yuan in 2022 to 34.44 billion yuan in 2024 [3][14] - The medical device sector has faced significant declines, with net profits dropping from 80.28 billion yuan in 2022 to 33.18 billion yuan in 2024, a nearly 59% decrease [3][14] Group 4: Leading Companies in R&D Investment - Among biological products companies, Changchun High-tech leads with an average R&D investment of 2.26 billion yuan over the past three years, showing a growth of over 60% from 1.66 billion yuan in 2022 to 2.69 billion yuan in 2024 [10][11] - In the chemical pharmaceutical sector, BeiGene has the highest average R&D investment at 12.70 billion yuan, with a significant reduction in losses from 13.64 billion yuan in 2022 to 4.98 billion yuan in 2024 [12][14] - In the medical device sector, Mindray Medical tops the list with an average R&D investment of 3.66 billion yuan, maintaining stable profit growth despite overall sector challenges [16][17]

展望2025年，公司还有巨大的价值提升空间： 大单品耐赋康今年年初正式纳入医保后销售放量超预期，至今已累计了超过2万名新患者; EVER001(BTK抑制剂)已在6月初的ERA大会上公布了在膜性肾病中十分亮眼的初步数据(截至12月17 日)，还会在2025年下半年公布1年随访的数据，逐渐成熟的临床数据已不断吸引跨国公司的合作意愿， 将助力公司在年内落地出海授权合作，最大化该产品的全球价值； 云顶新耀称，本次交易将进一步拓宽该公司高质量、关注基本面的长线持有国际专业机构投资人阵营， 优化投资人结构，并为公司的长期发展提供支持，这也真实的反应了国际投资人对云顶新耀价值的认可 和未来的信心。 本次大宗交易之后，康桥资本仍将继续持有超过25%的股权，保持其作为云顶新耀控股股东的地位和信 心，并将继续赋能公司。 mRNA平台也步入收获期，EVM16个性化肿瘤疫苗预计于今年完成1a部分的入组及读出初步的人体免 疫原性数据，EVM14通用现货型肿瘤相关抗原疫苗已在美国获得IND批准，并将于下半年实现首例患者 入组，下半年还将获得中国的IND批准。自体生成CAR-T项目近期将完成大动物临床前验证。已有多家 跨国大型制药公司表 ...

每经编辑｜彭水萍 此外，预计6月下旬2025年ESMO（欧洲肿瘤内科学会）摘要发布。ESMO作为全球顶级肿瘤学术会议，是展示创新药临床数据的重要舞台，预计中国创新 药将公布更多国际化临床数据，覆盖NSCLC、胃癌、肝癌等高发瘤种。市场重点关注头部公司数据，例如，恒瑞医药PD-1/VEGF双抗（AK112）联合疗法 在非小细胞肺癌（NSCLC）的III期临床数据更新，若PFS（无进展生存期）超预期，可能成为下一个重磅品种。百济神州BTK抑制剂泽布替尼在欧洲人群中 的长期生存数据，进一步巩固其在淋巴瘤领域的全球地位。ADC领域，荣昌生物、科伦博泰等企业将公布新一代ADC药物的临床进展，关注毒副作用改善 及疗效突破。（风险提示：个股仅供行业基本面说明，非个股推荐。） 创新药ETF国泰(517110)单日涨幅达4.39%。 上涨驱动因素分析 消息层面，6月12日，继三生制药双抗天价BD给辉瑞、石药集团预告三项BD正在路上之后，中国生物制药在美国迈阿密举行的第46届高盛全球医疗健康年 会上透露，多个产品从年初就收到了合作意向。中国生物制药表示，"近期，这些资产中将会产生一个标志性的重磅对外授权交易，我们非常期待向市场披 ...

恒瑞医药的港股之路：挑战与机遇并存 2024年5月23日，恒瑞医药在香港成功上市，一举引发港股市场的狂潮。开盘首日，股价大涨29%，市值跃升至3900亿元，瞬间成为近 五年来港股医药行业的最大龙头。作为2000年就已经登陆A股的"药王"，66岁的孙飘扬再度带领恒瑞医药赴港敲钟，吸引了大量顶级 投资者的关注，其中机构认购金额高达41亿港元。 自恒瑞医药创立以来，孙飘扬一直是其背后不动摇的核心力量。无数次的逆境中，正是他力挽狂澜，才让公司从困境中走出。谁能想 到，25年后的今天，他又一次因这场上市而成为网络热议的焦点。事实上，孙飘扬的每一步都充满了深思熟虑，他从不做毫无准备的 决策。 早在2024年12月，恒瑞医药就宣布计划赴港上市。经过5个月的紧锣密鼓筹备，恒瑞成功发布招股书，并顺利完成港股上市。这场首 次亮相吸引了超过20万股民的关注，投资者的热情也让公司超额认购达454.85倍。股价一度攀升至60.5港元，沉寂已久的港股市场瞬 间被点燃。 1990年，32岁的孙飘扬接管了这个困境中的企业。凭借对技术门槛的敏锐洞察，他将恒瑞带上了抗癌药市场的发展轨道。在投入120 万元后，恒瑞成功拿下了抗癌药的专利，随后不断 ...

以下文章来源于调兵投资 ，作者userfield 调兵投资 . userfield，田野 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：userfield 来源：雪球 赚钱容易，是因为2025年医药板块投资主线很清晰——就是创新药，更聚焦的说法是有出海预期 的创新药。一旦有了清晰主线，大家都知道啥票会涨，或者说复盘的时候，上涨股票有非常清晰 的特征。 但不简单：行情走到现在，该涨的都已经涨了一大波，向上空间完全看市场情绪。而轮动上涨的 创新药"边角料"，可能热点又转换很快。所以现在选股又不简单，需要判断行情、把握热点、快 速操作，赚创新药行情钱的难度上了一个台阶。 二、25年初至今涨幅的量化统计 30/50：涨幅超过30%的票差不多有50多支，而其中与创新药相关的股票差不多30多支，也就是说 今年大涨票与创新药的相关系数非常明显。 35%：创新药资产（标签化明显）大约50支票，平均涨幅是50%，中位数涨幅是35%。 三、高弹性股票的创新药逻辑 我们看看涨幅大的票，相关创新药靶点特点以及对股票的弹性。 1、舒泰神：凝血因子X 激活剂。舒泰神的股价启动比较晚。25年4 ...