Core Insights - Harbour BioMed has advanced its global strategic collaboration with AstraZeneca to develop next-generation biotherapeutics, including antibody-drug conjugates and T cell engagers, leveraging both companies' expertise [1][3] Collaboration Details - AstraZeneca will nominate discovery programs to Harbour BioMed annually over the next four years, with the option to license these programs for further development. Harbour BioMed will receive option fees, milestone payments, and tiered royalties on future net sales [2] Company Background - Harbour BioMed is a global biopharmaceutical company focused on discovering and developing novel antibody therapeutics in immunology and oncology, building a robust pipeline through internal R&D, strategic collaborations, and selective acquisitions [4] Technology Platform - The company utilizes its proprietary Harbour Mice technology to generate fully human monoclonal antibodies in various formats, enabling the development of innovative biologics for treating significant medical needs [5]

Investment Highlights - Company is covered for the first time with an "outperform" rating and a target price of HKD 13.40, indicating a potential upside of 39.4% from the current stock price [1][2] - The company possesses a proprietary full human monoclonal antibody transgenic mouse technology platform, having upgraded from version 1.0 to 2.0, which supports the development of next-generation human antibody therapies [1] - The HCAb platform is one of the few globally available for external licensing, enhancing its scarcity and value [1] Strategic Collaborations - The company has established a deep partnership with AstraZeneca (AZ), including a global strategic cooperation agreement that allows AZ to access two preclinical projects and potentially more over the next five years [2] - The agreement includes an upfront payment of USD 175 million, milestone payments totaling USD 4.4 billion, and an equity subscription worth USD 105 million [2] - A new innovation research center will be co-established in Beijing, reflecting AZ's high recognition of the company's platform value and research capabilities [2] Research and Development Pipeline - The company focuses on innovative drug research in oncology and autoimmune diseases, with a rich pipeline of candidates [1] - Key potential products include HBM9378 (long-acting TSLP monoclonal antibody) and HMB7020 (BCMAxCD3 bispecific antibody), both of which have secured overseas licensing agreements [1] - Other candidates in Phase I clinical trials include HBM9033 (MSLN ADC) and HBM7022 (CLDN18.2/CD3 bispecific antibody), with prior licensing agreements with Pfizer and AstraZeneca [1] Financial Projections - Earnings per share (EPS) are projected to be CNY 0.09 and CNY 0.02 for 2025 and 2026, respectively [2]

Core Viewpoint - CICC has initiated coverage on HAPO with an "outperform industry" rating and a target price of HKD 13.4 [1] Group 1: Technology and Innovation - HAPO possesses a proprietary full-human monoclonal antibody transgenic mouse technology platform, which has undergone a technological upgrade from version 1.0 to 2.0 [1] - The company has developed multiple technologies, including HBICE, HBICA, ADC 2.0, and the HumAtrlx AI platform, leveraging the world's only patented full-human heavy chain antibody development platform (HCAb and H2L2) [1] - These technologies cover various antibody structures, significantly aiding the research and development of the next generation of full-human antibody therapies [1]

Core Viewpoint - CICC initiates coverage of HAPO Pharmaceuticals-B (02142) with an "outperform" rating and a target price of HKD 13.4, projecting earnings per share of RMB 0.09 and RMB 0.02 for 2025 and 2026 respectively [1] Group 1 - HAPO Pharmaceuticals possesses proprietary full-human monoclonal antibody transgenic mouse core technology platform, having completed a technological upgrade from version 1.0 to 2.0 [1] - The company has developed multiple technologies including HBICE, HBICA, ADC 2.0, and HumAtrlx AI platform, which support the research and development of the next generation of full-human antibody therapies [1] - HAPO's HCAb platform is one of the few globally available for external licensing, indicating its rarity and value [1] Group 2 - Since 2022, the company has established partnerships with several leading global pharmaceutical companies for pipeline/technology platform licensing, covering areas such as bispecific antibodies, ADC, and CAR-T [1]