（原标题：超93亿美元！siRNA赛道升温，中国药企竞速全球） 21世纪经济报道记者 韩利明 继2024年1月达成两项潜在价值41.65亿美元的独家许可合作后，舶望制药（Argo Biopharma）与诺华 （NYSE: NVS）在心血管治疗领域的合作再度升级。 根据新的协议内容，舶望制药授予诺华两款处于早研阶段分子的中国以外权益的选择权，用于治疗重度 高甘油三酯血症 (sHTG) 和混合型血脂异常，以及就BW-00112 (ANGPTL3) 产品的优先谈判权。该产品 目前在美国和中国处于II期临床试验阶段，后续将由舶望制药主导开展联合用药的临床试验。 此外，针对另一款处于临床前研究阶段的siRNA（小分子干扰核糖核酸）候选药物，舶望制药授予诺华 独家中国地区以外许可，并包含在美国和中国分享损益 (P&L) 的互惠选择权，该产品预计2026年将启 动I期临床试验。 基于此，舶望制药将获得1.6亿美元的预付款，并可能获得潜在的里程碑和期权付款以及商业销售的分 级特许权使用费，总潜在里程碑价值高达52亿美元。此外，诺华已初步意向参与舶望制药的下轮股权融 资，但具体参与（包括投资金额与时间）仍需履行例行尽职调查、并 ...

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [4][7]. Core Views - The company's operating performance is recovering positively, with a strong growth in CDMO (Contract Development and Manufacturing Organization) business [2][3]. - The company reported a revenue of 2.871 billion yuan for the first half of 2025, a year-on-year increase of 3.86%, and a net profit attributable to the parent company of 526 million yuan, up 10.70% year-on-year [2]. - The cash flow from operating activities showed significant improvement, reaching 845 million yuan, a year-on-year increase of 164.50% [2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.871 billion yuan, with CDMO business sales revenue at 2.291 billion yuan, growing 16.27% year-on-year [2][3]. - The API (Active Pharmaceutical Ingredient) and intermediate business revenue was 523 million yuan, down 28.48% year-on-year, but the gross margin improved by 2.07 percentage points to 23.26% [2][6]. - The company expects a net profit attributable to the parent company of 933 million yuan in 2025, with an EPS of 0.97 yuan per share [7]. Business Development - The CDMO project pipeline continues to expand, with new customer acquisitions progressing smoothly [3][5]. - As of June 30, 2025, the company has 38 launched projects and 1,086 projects in clinical phases, showing significant growth compared to 2024 [3]. - The TIDES division and related technology platforms are rapidly developing, with plans for capacity expansion to meet increasing demand [5]. Market Outlook - The company is well-positioned to benefit from the growth in the global market for peptides and conjugated drugs, with expectations for continued project acquisition [5]. - The forecast for net profit from 2025 to 2027 is 933 million, 1.076 billion, and 1.156 billion yuan respectively, indicating a positive growth trajectory [7].