Core Insights - The PD-1/VEGF dual antibody is currently a hot topic in innovative drug development, with significant collaborations and financial transactions highlighting its potential [1][2][3] Group 1: Industry Dynamics - Chinese biotech companies are emerging as key players in the global PD-(L)1/VEGF dual antibody development race, demonstrating advanced research progress and achieving international recognition through high-value business development (BD) deals [2][3] - Major collaborations include 12.5 billion USD upfront payment and 60.5 billion USD total deal value between 3SBio and Pfizer for SSGJ-707, and BioNTech's 15 billion USD upfront payment for BNT327 licensed to BMS, totaling over 90 billion USD [1][2] Group 2: Clinical Developments - The PD-(L)1/VEGF target gained traction after Kangfang Biotech's AK112 outperformed the benchmark drug, Pembrolizumab (K drug), in head-to-head trials, leading to increased interest from multinational corporations (MNCs) [3][4] - AK112 demonstrated a higher objective response rate (ORR) of 50% compared to K drug's 38.5% and a disease control rate (DCR) of 89.9% versus 70.5% in late-stage non-small cell lung cancer (NSCLC) trials [4][6] Group 3: Competitive Landscape - The success of AK112 has intensified competition among MNCs, with companies eager to capitalize on the potential of PD-(L)1/VEGF dual antibodies, as evidenced by Pfizer's strategic investments [9][10] - As of May 2025, there are 14 PD-(L)1/VEGF dual antibodies in clinical stages globally, with half originating from Chinese biotech firms, indicating a robust pipeline and potential for further BD opportunities [15][24] Group 4: Future Prospects - Companies like Junshi Biosciences, I-Mab, and Hualan Biological Engineering are actively pursuing PD-(L)1/VEGF dual antibodies, with significant investments and clinical trials underway [15][20][22] - The shift from merely imitating existing drugs to innovating new targets and technologies marks a significant evolution in the Chinese pharmaceutical industry, enhancing its international competitiveness [24][25]

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 行情回顾： 上周，医药生物指数上涨2.21%，跑赢沪深300指数3.30pp，跑赢创业板综指2.00pp，在31个子行业中排名第 2，涨幅居前。 上市公司研发进度跟踪： 点击注册小程序 查看完整报告 特别申明： 2025年5月以来，随着三生制药与辉瑞达成60.5亿美元的全球授权交易（首付款 12.5 亿美元，里程碑付款最高 48 亿美元），PD-1（PD-L1）/VEGF双抗赛道关注度持续提升。根据我们梳理，目前全球处于临床阶段的PD- 1（PD-L1）/VEGF类产品已经有14款，且均与中国公司相关。进度最快的是康方生物的依沃西单抗，已在中 国获批上市，同时与Summit Therapeutics合作在推进全球临床3期；此外普米斯/BioNTech的PM008也开始 ...

2025 年 6 月 4 日 临床进度较快，但尚未达成 BD 合作的有神州细胞、荣昌生物、君实生物、华海 药业的相关产品。其中华海药业的 HB0025 针对子宫内膜癌已有临床 II 期数据 读出，并预计在 25 年下半年启动 III 期临床；神州细胞的 SCTB14 则在 25 年 3 月启动了 II/III 临床，联合化疗治疗 EGFR-TKI 耐药的非小细胞肺癌。荣昌生物 的 RC148 联合维迪西妥单抗一线治疗三阴性乳腺癌的 II 期临床数据也将在 2025 年 ASCO 公布。鉴于该赛道已展现出的全球竞争力及未满足的临床需求，后续有 望催生更多潜在重磅 BD 交易，为投资者带来差异化的价值发现机会。建议持 续关注该领域内具备临床数据壁垒及国际化布局的企业。 2025 年年度投资策略：重塑底层逻辑，掘金支付视角。综合人口结构、政策框 架、经济环境等一系列复杂变化的趋势，我们认为，在需求侧无法无限扩张的情 况下，需要结构性甄选投资机会，而其中的核心矛盾就在于支付意愿与支付能力。 因此，我们从支付视角，基于医药产业内的三种付费渠道：院内支付、自费支付、 海外支付，分别进行梳理，看好院内政策支持（创新药械、设 ...

Core Insights - Bristol-Myers Squibb (BMS) acquired BioNTech's PD-L1/VEGF dual antibody BNT327 for $9 billion, highlighting the increasing interest in Chinese biotech firms and their innovative drug pipelines [1][2] - The rapid financial success of BioNTech, which earned over $8 billion from the initial $55 million licensing deal with Chinese firm Pumice Biologics, raises questions about the pricing strategies of Chinese pharmaceutical companies in the global market [1][2][3] - The trend of multinational corporations (MNCs) aggressively acquiring Chinese dual antibodies is reshaping the global landscape of innovative drugs, with significant deals such as the $6.05 billion agreement between 3SBio and Pfizer [1][4] Group 1: Major Transactions - BMS's deal with BioNTech includes a $1.5 billion upfront payment, a record for oncology licensing agreements, along with additional milestone payments totaling $76 billion [2] - 3SBio's licensing of its PD-1/VEGF dual antibody SSGJ-707 to Pfizer for $6.05 billion, with an upfront payment of $1.25 billion, sets a new record for domestic innovative drug licensing [4][5] - Other notable transactions include Merck's $3.3 billion investment in LianBio and the anticipated $5 billion deal involving Shijiazhuang Yiling Pharmaceutical [5][6] Group 2: Market Dynamics - The surge in MNCs acquiring Chinese dual antibodies is driven by the expiration of patents for existing blockbuster drugs and the need for new products [6][7] - Chinese innovative drug companies benefit from lower development costs and a large patient pool, making them attractive targets for MNCs seeking to enhance their product pipelines [6][7] - The total value of outbound licensing deals for Chinese innovative drugs reached $45.5 billion since early 2025, with 42% of high-value projects coming from China [5][6] Group 3: Future Outlook - The ongoing trend of MNCs partnering with Chinese biotech firms is expected to bolster the confidence of domestic companies in pursuing research and development [7][8] - The ability of Chinese innovative drug companies to negotiate higher prices in licensing deals will depend on their negotiation skills and market positioning [8] - The need for a "pricing power revolution" in the Chinese pharmaceutical industry is emphasized, as companies face challenges from rising R&D costs and stringent domestic pricing policies [9]

Core Viewpoint - The Chinese innovative pharmaceutical sector is gaining international recognition, highlighted by significant deals and promising clinical data, leading to increased interest in related ETFs [1][3][4]. Group 1: Market Performance - The innovative drug ETF (517110) has rebounded nearly 15% since early April, reflecting strong performance in the pharmaceutical sector [1]. - The biopharmaceutical ETF and vaccine ETF also showed positive movements, with respective increases of 1.17% and 0.89% [2]. Group 2: ASCO Conference Insights - At the 2025 ASCO conference, over 70 research outcomes from Chinese pharmaceutical companies were presented, showcasing advancements in ADC and bispecific antibody technologies [3]. - Notable performances include Zai Lab's ZG005 and Huahai Pharmaceutical's HB0025, which exceeded expectations in early clinical trials for cervical and endometrial cancers, respectively [3]. Group 3: Business Development Trends - Recent business development (BD) activities in the innovative drug sector have seen record-breaking upfront payments, such as the $12.5 billion upfront payment from Pfizer for a PD-1/VEGF bispecific antibody from 3SBio [4][7]. - The increase in upfront payments and total deal values indicates growing international recognition of Chinese innovative drugs [7]. Group 4: Future Outlook - The innovative drug sector is expected to benefit from ongoing BD transactions, advancements in artificial intelligence across the pharmaceutical value chain, and the implementation of new healthcare policies [7]. - The overall sentiment and valuation in the pharmaceutical sector may improve due to domestic policy optimizations and a recovery in medical equipment procurement [7].

Core Viewpoint - The recent developments in the innovative drug sector, particularly the record-breaking licensing deal and the upcoming ASCO conference, highlight the growing competitiveness and potential of Chinese pharmaceutical companies in the global market [4][5]. Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159570) opened high but closed lower, experiencing a 1% pullback after four days of gains last week, with trading volume reaching 300 million, indicating strong liquidity [1]. - Major component stocks of the ETF mostly declined, with notable drops including a more than 4% decrease for 3SBio and over 3% for both WuXi AppTec and Rongchang Biopharmaceutical [2]. Group 2: Licensing Deal - A historic licensing agreement was reached where Pfizer will pay a $1.25 billion upfront fee to Chinese companies for the PD-1/VEGF dual antibody SSGJ-707, with potential total payments reaching $4.8 billion [4]. - This deal sets a new record for Chinese innovative drugs entering the international market and is expected to enhance market valuation expectations for the innovative drug sector [4]. Group 3: ASCO Conference Insights - The upcoming ASCO conference is anticipated to showcase the global competitiveness of Chinese pharmaceutical companies, with numerous clinical studies being presented [5]. - Key highlights include the performance of domestic drugs that have shown potential to outperform established treatments, such as the combination of Bemarituzumab and Anlotinib against Keytruda in NSCLC [5]. - CAR-T therapies are also making significant strides, with Kintor Pharmaceuticals presenting promising data for their CLDN18.2 CAR-T therapy [5]. Group 4: Innovative Drug ETF Characteristics - The Hong Kong Innovative Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in this category, making it the highest among all pharmaceutical indices [6]. - The ETF features a low valuation, with a five-year price-to-sales ratio at the 48.5th percentile, indicating potential undervaluation in the innovative drug sector [6].

证券代码：600521 证券简称：华海药业 公告编号：临 2025-065 号 债券代码：110076 债券简称：华海转债 浙江华海药业股份有限公司 关于公司投资者接待日活动举办情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步提高公司治理水平，加强投资者关系管理，增进公司与广大投资者 的沟通和交流，浙江华海药业股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日举办了投资者接待日活动，公司管理层就公司经营情况、发展战略、公 司治理等投资者关心的问题与广大投资者进行了现场的沟通和交流。具体情况如 下： 一、投资者接待日基本情况 事会秘书祝永华先生，公司高级副总裁兼首席财务官张美女士，公司副总裁徐觅 女士，公司首席科学家兼子公司上海华奥泰生物药业股份有限公司总经理朱向阳 先生，子公司浙江华海医药销售有限公司总经理任国松先生以及 55 名来访的机 构和个人投资者。 二、活动主要内容纪要 本次投资者接待日活动由公司董事、副总裁兼董事会秘书祝永华先生主持， 公司副总裁徐觅女士、子公司浙江华海医药销 ...

证券研究报告 | 医药生物 | 2025年4月26日 www.hczq.com 华创医药投资观点&研究专题周周谈·第123期 华海药业创新研发进入收获期 本周周专题联系人：王宏雨 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公 ...