经济观察网 新桥生物（NBP.OQ）近期股价下跌与高管增持计划同时出现，主要受以下因素影响： 股价与资金表现 2026年1月20日，新桥生物执行董事长傅唯宣布计划以个人资金增持不超过500万美元公司股份（约合人 民币3500万元）。然而，公司日均成交额仅约300万美元，增持规模相对市场流动性较大，短期可能放 大抛压。2026年2月9日至12日，股价连续下跌，累计跌幅达10.95%，其中2月12日单日下跌4.42%，收 报3.24美元，成交额仅79万美元，显示资金承接力较弱。 公司2025年第二季度财报显示，营业收入为0美元，归母净利润亏损552万美元，基本每股收益-0.07美 元，且尚未有产品实现商业化。尽管核心管线Givastomig在一线胃癌治疗中取得客观缓解率77%等积极 数据，但市场担忧其从临床成果到收入转化的周期较长。叠加生物技术板块整体波动（纳斯达克指数同 期下跌2.03%），投资者信心受基本面压制。 公司基本面 2024年，新桥生物曾因CD47靶点药物来佐利单抗被艾伯维"退货"，导致公司剥离中国业务以缓解对赌 压力，历史合作风险仍影响市场预期。尽管高管增持传递长期信心，但公司截至2025年累计亏 ...

Investment Rating - The report maintains a "Neutral" rating for the pharmaceutical and biotechnology industry [7][49]. Core Insights - The pharmaceutical sector has experienced a decline of 0.68% recently, ranking 19th among 31 primary sub-industries. The chemical pharmaceuticals, biological products, medical devices, pharmaceutical commerce, traditional Chinese medicine, and medical services have shown varying performance, with the medical services sector increasing by 3.29% [12][26]. - The collaboration between NVIDIA and Eli Lilly to establish an AI joint innovation lab aims to address long-standing challenges in the pharmaceutical industry, with a projected investment of up to $1 billion over five years [13]. - Tempus AI reported a revenue of approximately $1.27 billion for 2025, marking an 83% year-on-year increase, driven by significant growth in diagnostic services [14]. Summary by Sections Recent Performance - The pharmaceutical sector's return since the beginning of 2026 is 7.08%, outperforming the CSI 300 index, which returned 2.20%. However, the pharmaceutical sector lagged behind the CSI 300 by 4.88 percentage points [26]. Market Dynamics - The pharmaceutical sector's valuation is currently at 34.5 times PE based on 2026 earnings forecasts, representing a 35% premium over the overall A-share market (excluding financials). The TTM valuation stands at 30.4 times PE, below the historical average of 35.0 times PE [29]. Individual Stock Performance - Notable stock performances include Baolait and Hualan Biological, which saw increases of 48.76% and 32.72%, respectively, while stocks like Xiangrikui and Luyuan Pharmaceutical experienced declines of 37.48% and 26.62% [35]. Key Companies to Watch - The report highlights companies such as Sanofi, Innovent Biologics, and others as key focuses for potential investment opportunities [40].

Core Insights - NovaBridge Biosciences announced positive results from the Phase 1b study of givastomig, a bispecific antibody targeting Claudin 18.2, in combination with nivolumab and chemotherapy for HER2-negative metastatic gastric cancer [1][2] Efficacy Results - The study reported an overall response rate (ORR) of 77% (20/26) at the 8 mg/kg dose and 73% (19/26) at the 12 mg/kg dose, confirming previous positive signals [2][6] - The median progression-free survival (PFS) was 16.9 months for the 8 mg/kg cohort, while the 12 mg/kg cohort is still immature with a shorter follow-up [6][12] - A six-month landmark PFS rate was 73% for the 8 mg/kg cohort and 91% for the 12 mg/kg cohort [6][12] Safety Profile - The safety profile of the combination therapy was comparable to existing treatments, with the emergence of immune-related gastritis noted, which correlated with improved clinical outcomes [2][5][18] - Common treatment-related adverse events (TRAEs) included fatigue, nausea, and neutropenia, with low-grade gastritis observed in 33% of patients [18] Market Potential - Givastomig is positioned as a potential best-in-class therapy for gastric cancer, with a projected market opportunity of $12 billion by 2030 [2][5] - The company plans to initiate a global, randomized Phase 2 study to further evaluate both doses against standard care in Q1 2026 [6] Development Context - Givastomig is being developed in partnership with ABL Bio, focusing on Claudin 18.2-positive tumors, and aims to address significant unmet medical needs in gastric cancer [16][17]

Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report emphasizes the potential of second-generation 4-1BB agonists, particularly dual-target antibodies, which have shown promising efficacy while addressing safety concerns associated with liver toxicity [4][24] - The report highlights significant recent industry events, including Merck's acquisition of Cidara for approximately $9.2 billion and Pfizer's acquisition of Metsera, indicating a trend of consolidation in the biopharmaceutical sector [6] - The report suggests a long-term positive outlook for China's innovative drug sector, driven by increasing data catalysts and new product sales, recommending specific companies for investment [6] Summary by Sections 4-1BB Overview - 4-1BB (CD137) is a key member of the tumor necrosis factor receptor superfamily, crucial for T cell activation and immune response enhancement [4][10] - The second-generation CAR-T cell technology utilizing 4-1BB has been validated for inducing prolonged activation and survival of CAR-T cells in vivo [4][12] First-Generation 4-1BB Agonists - First-generation 4-1BB agonists like urelumab and utomilumab faced limitations due to liver toxicity and insufficient efficacy [16][22] - Urelumab demonstrated significant hepatotoxicity at doses ≥1.0 mg/kg, leading to its discontinuation [21][22] Second-Generation 4-1BB Agonists - Second-generation 4-1BB agonists are primarily dual-specific antibodies targeting various pathways, with a focus on balancing efficacy and safety [24][26] - LBL-024, a promising candidate, has shown unprecedented efficacy and is expected to submit a BLA by Q3 2026 [4][6] Recent Industry Events - Merck's acquisition of Cidara for $9.2 billion and Pfizer's acquisition of Metsera highlight ongoing consolidation in the biopharmaceutical industry [6] - The report notes that the innovative drug sector is under pressure but is expected to rebound with a focus on companies with strong revenue capabilities [6] Investment Strategy - The report recommends focusing on companies with differentiated innovation pipelines and strong revenue capabilities, including specific biopharma and pharma leaders [6] - Suggested companies for investment include Innovent Biologics, BeiGene, and I-MAB, among others [6]

Core Viewpoint - NewBridge Bio has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities acting as joint sponsors [1] Company Overview - NewBridge Bio is a biotechnology platform company established in 2016, focusing on the development of innovative precision immuno-oncology drugs [1] - The core product, Givastomig, is a novel bispecific antibody targeting CLDN18.2 and 4-1BB, applicable for gastric adenocarcinoma, biliary tract cancer, and pancreatic ductal adenocarcinoma [1] Product Development - Givastomig offers broader applicability and precise local immune activation in tumors compared to existing antibodies, potentially reducing systemic side effects [1] - The company has completed Phase I clinical trials for Givastomig and plans to initiate Phase II trials in early 2026 [1] - In addition to Givastomig, NewBridge Bio has three other clinical-stage projects, including uliledlimab, ragistomig, and VIS-101 [1]

Core Insights - I-Mab announced that an abstract related to updated data from the Phase 1 study of givastomig has been accepted for presentation at the AACR-NCI-EORTC conference in Boston from October 22-26, 2025 [1][2] Group 1: Givastomig Development - Givastomig is a bispecific antibody targeting Claudin 18.2-positive tumor cells, designed to activate T cells through the 4-1BB signaling pathway in the tumor microenvironment [4][6] - The drug is being developed for first-line metastatic gastric cancers and other Claudin 18.2-positive gastrointestinal tumors, with promising anti-tumor activity observed in Phase 1 trials [4][6] - I-Mab is collaborating with ABL Bio for the development of givastomig, sharing worldwide rights excluding Greater China and South Korea [5] Group 2: Conference Presentation Details - The presentation at the conference will cover updated safety, efficacy, and biomarker analysis from the Phase I study of givastomig in Claudin 18.2 positive advanced gastroesophageal carcinoma [3] - The session is scheduled for October 23, 2025, from 6:20 to 6:35 PM ET at the Hynes Convention Center, with Dr. Samuel J. Klempner as the speaker [3]

Core Viewpoint - CloudTop New Horizon (01952) has increased by over 3%, currently trading at 72.05 HKD with a transaction volume of 231 million HKD, following its strategic investment in Tianjing Bio [1] Group 1: Strategic Investment - CloudTop New Horizon has participated in Tianjing Bio's capital increase, acquiring new shares at a price of 1.95 USD per ADS, totaling approximately 30.9 million USD, making it the largest single shareholder of Tianjing Bio [1] - The investment is expected to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical translation capabilities, creating synergies with CloudTop's existing mRNA tumor vaccine portfolio [1] Group 2: Product Pipeline - Tianjing Bio possesses a differentiated pipeline of tumor-targeted/immunotherapies, including Givastomig (Claudin18.2/4-1BB dual antibody) and Ragistomig (PD-L1/4-1BB dual antibody) [1] - Givastomig is currently being explored in first-line gastric cancer treatment in combination with O drug and chemotherapy, showing superior data compared to current standard therapies in the U.S. Phase Ib study [1] - Ragistomig features a unique molecular design that binds PD-L1 only in the tumor microenvironment and activates 4-1BB, with Phase I data indicating better ORR and DCR compared to competing products targeting the same pathway [1]

Core Viewpoint - CloudTop New Horizon (01952) has seen a stock increase of over 3%, currently trading at 72.05 HKD with a transaction volume of 231 million HKD, following its strategic investment in Tianjing Bio [1] Group 1: Strategic Investment - CloudTop New Horizon has participated in Tianjing Bio's capital increase, acquiring new shares at a price of 1.95 USD per ADS, totaling approximately 30.9 million USD, making it the largest single shareholder [1] - This strategic investment allows CloudTop New Horizon to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical translation capabilities, creating synergies with its existing mRNA tumor vaccine portfolio [1] Group 2: Tianjing Bio's Pipeline - Tianjing Bio possesses a differentiated pipeline of tumor-targeted/immunotherapies, including Givastomig (Claudin18.2/4-1BB dual antibody) and Ragistomig (PD-L1/4-1BB dual antibody) [1] - Givastomig is currently being explored in first-line gastric cancer treatment in combination with O drug and chemotherapy, showing superior data compared to current standard therapies in the U.S. Phase Ib study [1] - Ragistomig features a unique molecular design that selectively binds to PD-L1 in the tumor microenvironment and activates 4-1BB, with Phase I data indicating better overall response rate (ORR) and disease control rate (DCR) compared to competing products targeting the same pathway [1]

Core Viewpoint - Genting New Year (01952) has announced a subscription for 15.8462 million American Depositary Shares (ADS) of I-Mab at a price of $1.95 per ADS, totaling approximately $30.9 million, which will result in a 16.1% ownership stake in I-Mab post-transaction [1][2] Group 1 - Genting New Year shares rose over 3% and were trading at HKD 63.5 with a transaction volume of HKD 147 million at the time of reporting [1] - The subscription price of $1.95 per ADS is equivalent to approximately HKD 15.3 per ADS [1] - The total consideration for the subscription amounts to approximately HKD 243 million [1] Group 2 - I-Mab is a global biotechnology company based in the United States, focusing on developing precision immuno-oncology drugs for cancer treatment [1] - I-Mab currently has three clinical-stage pipeline products: Givastomig, Ragistomig, and Uliledlimab [1] - The board believes that the subscription will confirm I-Mab's unique capabilities in clinical translation, particularly in the U.S., and will complement Genting New Year's strong influence in Asia [2]

Core Insights - Genting Yong's strategic investment in I-Mab amounts to $30.9 million, equivalent to approximately HKD 242.6 million, making it the largest shareholder with a 16.1% stake [1] - This investment marks a significant step in Genting Yong's strategic positioning in the next-generation tumor immunotherapy sector [1] I-Mab's Core Technology and Pipeline Products - I-Mab is a global biotechnology company listed on NASDAQ under the ticker "IMAB," focusing on precision tumor immunotherapy [3] - The company has three clinical pipeline products: Givastomig (Claudin18.2x4-1BB bispecific antibody), Ragistomig (PD-L1x4-1BB bispecific antibody), and Uliledlimab (CD73 antibody) [3] - Recent clinical data from I-Mab indicates an objective response rate of 83% for Givastomig in a Phase 1b dose-escalation study for first-line gastric cancer treatment [3] Strategic Synergy and Global Layout Value - Genting Yong's CEO stated that the investment enhances the company's global strategy in next-generation tumor immunotherapy pipelines [4] - Genting Yong has developed proprietary AI+mRNA and autologous CAR-T platforms, focusing on mRNA therapeutic vaccines and autologous CAR-T therapies [4] - The collaboration between Genting Yong and I-Mab is expected to create a matrix of next-generation tumor immunotherapy products, providing innovative solutions for major treatment areas [4] - The investment leverages I-Mab's clinical development capabilities in the U.S. and complements Genting Yong's strong presence in the Asian market, potentially enhancing the value of core self-developed pipeline products in both the U.S. and China [4]