中泰证券（600918）发布研报称，维持和铂医药-B(02142)"买入"评级。基于HBM7020、HBM4003对外 授权的首付款、近期付款及风险调整里程碑收入带来的增量，预计公司2025~2027年实现营业总收入 14.00、15.94、14.85亿元(前值13.42、9.74、10.26亿元)，实现归母净利润6.65、7.68、7.40亿元(前值 6.21、3.07、4.32亿元)。 中泰证券主要观点如下： 事件 2026年2月23日，和铂医药(02142)宣布与Solstice Oncology(一家由多个头部风险投资机构联合创立的临 床阶段生物技术公司)达成授权协议及股权合作，授予对方一款临床阶段候选产品HBM4003(CTLA-4抗 体)在大中华区以外地区的独家开发及商业化权益。根据协议，和铂医药将获得总价值逾1.05亿美元的 前期对价，包括现金形式的5000万美元首付款、500万美元近期付款以及价值逾5000万美元的Solstice Oncology股权。此外，基于未来特定里程碑事件的达成，和铂医药还有资格进一步获得最高约11亿美元 的开发、监管及商业里程碑付款，以及基于大中华区以外地区净销售额 ...

执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524070001 Email：muys@zts.com.cn 仅重链抗体 HBM4003 出海，CTLA-4 经典靶点开新花 ——和铂医药点评报告 生物制品 | 基本状况 | | | --- | --- | | 总股本(百万股) | 869.59 | | 流通股本(百万股) | 869.59 | | 市价(港元) | 12.09 | | 市值(百万港元) | 10,513.36 | | 流通市值(百万港元) | 10,513.36 | 加速兑现》2026-01-11 BD 之王开启新篇章》2025-06-21 和铂医药-B（02142.HK） 证券研究报告/公司点评报告 2026 年 02 月 26 日 | 买入（维持） 评级： | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉 ...

本报记者 曹卫新 2026年，中国创新药对外BD交易（商务拓展交易）持续升温、势头强劲。医药魔方NextPharma数据库显示，截至2月25 日，年内中国创新药已发生44起对外授权（license-out）交易事件，首付款约为31.23亿美元，总金额达532.76亿美元。 普华永道中国医药医疗行业主管合伙人徐佳博士在接受《证券日报》记者采访时表示："近期中国创新药海外授权 （License-out）交易密集落地，折射出中国创新药产业正从'跟跑'向'并跑'乃至'领跑'转变，实现了从'引进模仿'向'创新输出'的 结构性跨越。这不仅标志着中国正成为全球不可或缺的创新策源地，也意味着中国在全球医药创新价值链中的话语权和影响力 持续增强。" 跨境BD交易密集落地 医药魔方NextPharma数据库显示，2025年，中国创新药BD"出海"授权全年交易总金额达到1356.55亿美元，首付款70亿美 元，交易总数量达到157起，各个维度的数据统计均创历史新高。 进入2026年，中国创新药对外BD交易势头不减。1月16日，西比曼生物科技（一家处于临床阶段的专注于创新细胞疗法发 现和开发的全球性生物制药公司）宣布与阿斯利康达成协 ...

曾经，中国药企的标签多与仿制药、原料药生产或技术引进（License-in）绑定，如今已悄然转变为全球创新药研发的重要策源地，推动行业形成全新的生 态分工。 在这样的行业浪潮中，和铂医药精准卡位。其自有的Harbour Mice®抗体技术平台可生成双重、双轻链（H2L2）和仅重链（HCAb）形式的全人源单克隆抗 体，基于HCAb开发的免疫细胞衔接器（HBICE®）更能实现传统联合疗法难以企及的疗效，这套技术体系与单B细胞克隆筛选平台共同构成了企业的创 新"引擎"，为其BD战略的推进提供了坚实的技术支撑。 BD为矛破局，技术价值加速兑现 中国Biotech发展迅猛，但当前依然面临着资金压力、原创能力不足、国际化短板等诸多挑战：一款创新药10-20亿美元的研发成本和十年以上的研发周期， 给众多初创药企带来了加大的资金压力；基于已知靶点的快速跟进仍是中国Biotech的主流，First-in-class原创靶点发现能力依然薄弱；初创企业全球化经验 不足，自主开展全球多中心临床试验、对接国际监管机构的能力欠缺。 可见，对于中国Biotech企业而言，如何有效地将创新成果转化为持续的现金流，是比研发本身更现实的挑战。和 ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

马年伊始，医药赛道上的"马达"已轰鸣作响。2月24日，春节假期后首个交易日，前沿生物涨停开盘。 前一日晚间，前沿生物宣布与葛兰素史克（GSK）签署独家授权协议，将其两款尚处于临床早期的小核 酸管线产品全球权益授予这家跨国药企巨头。同日，和铂医药也披露了与Solstice Oncology就HBM4003 达成的授权及股权合作协议。 今年春节期间，和铂医药、前沿生物相继披露了BD消息。其中，和铂医药公告称，已与Solstice Oncology订立独家授权协议及股权合作协议，公司向Solstice Oncology授予独家授权，以在大中华区以 外地区开发及商业化其临床阶段组合资产HBM4003。根据协议，和铂医药有资格获得价值超过1.05亿 美元（约合7.29亿元人民币）的前期对价。此外，该公司还有资格视乎若干未来事件的达成情况，获得 最高约11亿美元（约合73.36亿元人民币）的额外开发、监管及商业里程碑付款，以及基于HBM4003在 大中华区以外地区净销售额的分级特许权使用费。 前沿生物则公告称，与全球生物制药企业GSK达成一项独家授权许可协议，GSK将获得两款小核酸 （siRNA）管线产品在全球范围内的独 ...

Core Insights - The pharmaceutical industry in China is experiencing a surge in business development (BD) activities, particularly in the innovative drug sector, with significant transactions occurring in early 2026 [1][4][10] - Companies like Frontier Biotech and Hengrui Medicine have recently announced exclusive licensing agreements with multinational corporations, indicating a trend of collaboration aimed at global market access [1][4][5] BD Transaction Heat - In 2025, the total value of innovative drug licensing transactions in China reached $135.655 billion, with 157 deals reported [4] - In the first quarter of 2026, the total value of licensing transactions has already reached $33.28 billion, surpassing the highest quarterly figure from 2025 [4] - Hengrui Medicine's agreement with Solstice Oncology includes upfront payments exceeding $105 million and potential milestone payments of up to $1.1 billion [4] - Frontier Biotech's deal with GSK involves an upfront payment of $40 million and potential milestone payments totaling up to $950 million [5] Focus on Small Nucleic Acids - Frontier Biotech's recent licensing agreement highlights the growing interest in small nucleic acid drugs, which are seen as a promising third category of therapeutics alongside small molecules and antibody drugs [7][8] - The company is focusing on chronic disease treatments, with pipelines covering various conditions, indicating a strategic emphasis on innovative drug development [7] - The small nucleic acid sector has seen multiple transactions recently, reflecting its status as a key area for BD activities [7] Domestic Transactions on the Rise - There has been a notable increase in BD collaborations among domestic pharmaceutical companies, moving beyond simple "going global" narratives [9][10] - Recent domestic deals include collaborations between companies like Zhongsheng Pharmaceutical and Qilu Pharmaceutical, as well as partnerships involving Jichuan Pharmaceutical and Kangfang [9] - The focus of domestic BD is on resource sharing and risk mitigation, allowing companies with R&D strengths to partner with those possessing commercialization capabilities [10]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector has shown a decline of 0.81% in the past week, ranking 21st among 31 primary sub-industries, while the Shanghai and Shenzhen 300 index increased by 0.36% [11][34] - Recent developments include a partnership between Heptares Therapeutics and Solstice Oncology, granting exclusive rights for HBM4003 outside Greater China, with a total upfront payment exceeding $105 million [5][12] - The report highlights the promising clinical data for HBM4003 in treating metastatic colorectal cancer, showing an objective response rate (ORR) of 34.8% and a disease control rate (DCR) of 60.9% [5][12] - Nektar Therapeutics announced positive results from the REZOLVE-AD study for moderate to severe atopic dermatitis, demonstrating sustained efficacy with the new Treg-targeting agent Rezpeg [16][19] Summary by Sections Recent Performance - The pharmaceutical sector's performance over the past month shows a decline of 0.81%, with specific sub-sectors like traditional Chinese medicine and medical devices experiencing significant drops [34] Market Dynamics - Year-to-date, the pharmaceutical sector has outperformed the Shanghai and Shenzhen 300 index by 1.79 percentage points, with a total return of 2.44% [34] Valuation - As of February 13, 2026, the pharmaceutical sector's valuation stands at 33.2 times PE, representing a 30% premium over the overall A-share market (excluding financials) [37] Key Companies to Watch - The report emphasizes companies such as Aidi Pharmaceutical, WuXi Biologics, and Innovent Biologics as key players to monitor in the current market environment [5][39]

近日，和铂医药发布公告称，公司已与SolsticeOncology签订独家授权协议及股权合作协议，授权 SolsticeOncology在大中华区以外开发及商业化HBM4003。 （和铂医药公告） (编辑：杨燕 林辰) 根据协议，公司有资格获得超过1.05亿美元的前期对价，包括5000万美元的首付款和500万美元的近期 付款，以及超过5000万美元的股权。此外，若干未来事件达成后，公司还有机会获得最高约11亿美元的 额外开发、监管及商业里程碑付款，以及基于HBM4003在大中华区以外净销售额的分级特许权使用 费。 ...

NO.1和铂医药就新一代CTLA-4抗体达成授权协议及股权合作 2月23日，基石药业公告称，舒格利单抗的新适应证申请已获英国药品和医疗保健用品管理局批准单药 用于治疗肿瘤细胞PD-L1表达≥1%、无表皮生长因子受体敏感突变或ALK、ROS1基因组变异、在含铂 放化疗后未出现疾病进展的、不可切除的III期非小细胞肺癌成人患者。 丨2026年2月24日 星期二丨 2月23日，和铂医药公告称，公司与SOLSTICE ONCOLOGY就HBM4003订立授权协议及股权合作协 议。据此，公司同意向Solstice Oncology授予独家授权，以在大中华区以外地区开发及商业化其临床阶 段组合资产HBM4003。根据该等协议的条款，公司有资格获得价值超过1.05亿美元的前期对价。 点评：本次交易标志着和铂医药的平台技术获得国际认可，股权合作模式深度绑定双方利益，有助于降 低海外开发风险，短期利好现金流补充与估值修复，长期需关注海外临床推进节奏及里程碑兑现情况。 NO.2前沿生物与葛兰素史克签署授权许可协议 2月23日，前沿生物公告称，公司与葛兰素史克（GSK）达成一项独家授权许可协议。据此，葛兰素史 克将获得两款小核酸（ ...