和铂医药-B(02142)早盘涨超8%，截至发稿，涨6.3%，报16.36港元，成交额5826.33万港元。 消息面上，近日，诺贝尔生理学或医学奖正式公布，玛丽·E·布伦科、弗雷德·拉姆斯德尔和坂口志文凭 借"外周免疫耐受"领域的突破性成果获奖。分析人士指出，此次诺奖的公布，有望点燃Treg细胞治疗技 术与创新药的研发热潮。 据悉，和铂医药在CTLA-4靶点方向研发了新一代抗体HBM4003，已在临床研究中展现出优异的安全性 特征，更在结肠癌、肝癌、神经内分泌瘤等多个瘤种中观察到明确疗效信号，为充分释放CTLA-4 靶点 的治疗价值提供了可能。而在另一核心靶点CCR8 领域，和铂医药针对该靶点开发的HBM1022 抗体， 已成为管线中极具潜力的"种子选手"，有望为肿瘤免疫治疗带来新的突破。 ...

Core Viewpoint - The article highlights the explosive performance of Changfeng Pharmaceutical upon its debut on the Hong Kong stock market, with a significant price increase and strong interest in the biotechnology sector despite a generally weak market [1][3][6]. Company Performance - Changfeng Pharmaceutical was listed on October 8, opening at 47 HKD per share and reaching a peak of 48.8 HKD, representing a rise of over 230% from its issue price of 14.75 HKD [1][3]. - The stock's first-day performance allowed investors to potentially earn over 17,000 HKD per lot (500 shares) if transaction fees are excluded [1]. - The company specializes in the research, development, production, and commercialization of inhalation technologies and drugs, focusing on respiratory diseases [4]. Financial Performance - The revenue figures for Changfeng Pharmaceutical over the years are as follows: 2022 - 349 million CNY, 2023 - 556 million CNY, 2024 - 608 million CNY, and Q1 2025 - 136 million CNY. The gross profits for the same periods were 268 million CNY, 458 million CNY, 491 million CNY, and 108 million CNY respectively [5]. Market Context - The biotechnology sector saw a collective rise of nearly 1% in the Hong Kong market, with several companies like Yiming Anke, He Yu, and others experiencing significant gains [2][6]. - Analysts suggest that the surge in biotechnology stocks may be linked to the announcement of the 2025 Nobel Prize in Physiology or Medicine, which recognized contributions to peripheral immune tolerance research [7][8]. Product Highlights - CF017, an inhalation drug for bronchial asthma, is Changfeng Pharmaceutical's first approved product, capturing approximately 16% of the Chinese market for budesonide inhalation drugs by sales volume in 2024 [5].

来源：新浪港股 和铂医药-B（02142）盘中涨超8%，截至发稿，股价上涨6.82%，现报16.65港元，成交额6223.12万港 元。 近日，诺贝尔生理学或医学奖正式公布，玛丽·E·布伦科、弗雷德·拉姆斯德尔和坂口志文凭借"外周免疫 耐受"领域的突破性成果获奖。分析人士指出，此次诺奖的公布，有望点燃Treg细胞治疗技术与创新药 的研发热潮。 据悉，和铂医药在CTLA-4靶点方向研发了新一代抗体HBM4003，已在临床研究中展现出优异的安全性 特征，更在结肠癌、肝癌、神经内分泌瘤等多个瘤种中观察到明确疗效信号，为充分释放CTLA-4 靶点 的治疗价值提供了可能。而在另一核心靶点CCR8 领域，和铂医药针对该靶点开发的HBM1022 抗体， 已成为管线中极具潜力的"种子选手"，有望为肿瘤免疫治疗带来新的突破。 ...

据悉，和铂医药在CTLA-4靶点方向研发了新一代抗体HBM4003，已在临床研究中展现出优异的安全性 特征，更在结肠癌、肝癌、神经内分泌瘤等多个瘤种中观察到明确疗效信号，为充分释放CTLA-4 靶点 的治疗价值提供了可能。而在另一核心靶点CCR8 领域，和铂医药针对该靶点开发的HBM1022 抗体， 已成为管线中极具潜力的"种子选手"，有望为肿瘤免疫治疗带来新的突破。 智通财经APP获悉，和铂医药-B(02142)早盘涨超8%，截至发稿，涨6.3%，报16.36港元，成交额5826.33 万港元。 消息面上，近日，诺贝尔生理学或医学奖正式公布，玛丽·E·布伦科、弗雷德·拉姆斯德尔和坂口志文凭 借"外周免疫耐受"领域的突破性成果获奖。分析人士指出，此次诺奖的公布，有望点燃Treg细胞治疗技 术与创新药的研发热潮。 ...

在Treg相关创新药加速迭代的赛道上，多家创新药公司正在加速布局。以和铂医药为例，该公司在 CTLA-4靶点方向研发了新一代抗体HBM4003，不仅对CTLA-4分子具有更高亲和力，还可实现精准靶 向结合，具备更优的肿瘤组织渗透性，能高效穿透肿瘤微环境、清除其中发挥免疫抑制作用的Treg细 胞；同时，药物血浆半衰期大幅缩短，有效降低了传统CTLA-4抗体常见的系统性毒副作用，安全性实 现显著提升。截至目前，HBM4003已在临床研究中展现出优异的安全性特征，更在结肠癌、肝癌、神 经内分泌瘤等多个瘤种中观察到明确疗效信号，为充分释放CTLA-4靶点的治疗价值提供了可能。 而在另一核心靶点CCR8领域，和铂医药针对该靶点开发的HBM1022抗体，能强效识别并杀伤CCR8阳 性Treg细胞，目前已成为管线中极具潜力的"种子选手"，有望为肿瘤免疫治疗带来新的突破。 近日，诺贝尔生理学或医学奖正式公布，玛丽.E.布伦科(Mary E.Brunkow)、弗雷德.拉姆斯德尔(Fred Ramsdell)和坂口志文(Shimon Sakaguchi)凭借"外周免疫耐受"领域的突破性成果获此殊荣。据悉，这三 位科学家的研究核心 ...

Core Viewpoint - The report from Xingzheng International forecasts significant growth for Heptares Therapeutics (02142), with projected net profits of $0.81 billion, $0.43 billion, and $0.60 billion for 2025-2027, reflecting year-on-year growth rates of 2804.4%, -46.6%, and 39.7% respectively, and assigns an "Overweight" rating based on a PE ratio of 22.8, 42.6, and 30.5 times for the respective years [1] Group 1 - The company's revenue for the first half of 2025 is expected to reach $1.01 billion, representing a 327% increase, with a net profit of $0.73 billion, up 5125% [2] - Licensing revenue surged from $20.83 million to $93.71 million, marking a 350% increase [2] - A strategic global collaboration agreement with AstraZeneca includes potential upfront payments and milestone payments totaling $1.75 billion, with additional development and commercial milestone payments potentially reaching $4.4 billion [2] Group 2 - HBM7020, developed using proprietary technology, is being repositioned for autoimmune diseases, with IND preparations underway [3] - A licensing agreement with Otsuka Pharmaceutical for HBM7020 includes an upfront payment of $47 million and milestone payments [3] Group 3 - HBM4003, a next-generation fully human anti-CTLA-4 antibody, is set to present Phase II clinical data at the 2025 ESMO conference [4] - The company has a diverse pipeline in the next-generation I/O field, including PD-L1xCD40 and PD-1xVEGF candidates [4] Group 4 - HBM9378, the second fully human TSLP monoclonal antibody globally, is expected to initiate Phase II trials for asthma/COPD in China in the second half of 2025 [5] - The collaboration with WindwardBio for the POLARIS Phase II clinical study in asthma is anticipated to yield data by mid-2026 [5]

Core Viewpoint - The company, Heptares Therapeutics, is gaining significant attention in the competitive biopharmaceutical industry, particularly in the fields of immune diseases and oncology, following a remarkable 51-fold increase in net profit in the first half of the year and a substantial investment from Singapore's GIC [1][6]. Investment and Partnerships - GIC increased its stake in Heptares Therapeutics by investing approximately HKD 511 million to acquire 40.22 million shares, raising its ownership from 1.62% to 6.37% [2]. - GIC, managing over USD 800 billion, is recognized for its long-term value investment strategy, and its investment in Heptares is seen as a validation of the company's technological capabilities and commercial prospects [2]. - Heptares has established multiple collaborations with major pharmaceutical companies, including three significant partnerships with AstraZeneca, which highlight its growing influence in the global biopharmaceutical sector [4][5]. Technological Advancements - Heptares has developed proprietary antibody technology platforms, such as Harbour Mice, which can generate fully human monoclonal antibodies in various forms, enhancing its drug development capabilities [3]. - The company’s innovative products, including immune cell connectors and bispecific immune cell antagonists, are positioned to provide significant therapeutic benefits in oncology and inflammatory diseases [3]. Financial Performance - In the first half of 2025, Heptares reported total revenue of approximately CNY 725 million, a year-on-year increase of 327%, and a net profit of about CNY 523 million, reflecting a 51-fold increase [6]. - The company’s cash reserves reached approximately CNY 2.291 billion, a 92% increase from the end of the previous year, indicating strong financial health [6]. - Heptares has established a sustainable business model through innovative product licensing and partnerships, with over 40 collaborations and a potential total deal value exceeding USD 10 billion [6]. Future Prospects - Heptares plans to accelerate the development of innovative product pipelines targeting both new and known targets, with several clinical trials underway [7]. - The company aims to expand its platform capabilities into immune and inflammatory disease areas, leveraging its advanced drug discovery engines [7].

Core Viewpoint - Heptagon Pharmaceuticals reported a significant increase in revenue and profit for the first half of 2025, showcasing strong growth driven by innovative product licensing and collaborations [2] Financial Performance - Total revenue for the first half of 2025 reached approximately 725 million yuan, representing a year-on-year growth of 327% [2] - The company's profit amounted to about 523 million yuan, reflecting a staggering year-on-year increase of 51 times [2] - Cash reserves stood at approximately 2.291 billion yuan, up 92% from the end of the previous year [2] Strategic Collaborations - In March 2025, Heptagon Pharmaceuticals entered a global strategic partnership with AstraZeneca to co-develop next-generation multi-specific antibody therapies for various diseases [3] - The collaboration includes licensing agreements based on Heptagon's proprietary Harbour Mice fully human antibody technology across multiple therapeutic areas [3] - Heptagon also signed several licensing agreements with global partners during the reporting period, including a deal with Windward Bio for HBM9378/SKB378 and a global strategic cooperation with Otsuka Pharmaceutical for HBM7020 [3] Innovation and Future Plans - Heptagon Pharmaceuticals focuses on developing innovative therapies for immune diseases and tumors, leveraging its core technological advantages and differentiated product pipeline [4] - The company aims to accelerate the development of new biological therapies targeting both new and known targets, with multiple clinical trials planned for products like HBM4003, HBM9378, and HBM1020 [4] - Heptagon plans to expand its platform capabilities into the immune and inflammatory fields, utilizing its Harbour Mice and HBICE drug discovery engines to identify new high-quality candidate molecules [4]