和铂医药 20250828 摘要 和铂医药通过诺娜生物技术平台、中国及亚洲资本市场创新实力和临床 综合管线拓展，构建持续价值增长体系。2025 年上半年，诺娜生物技 术平台常规平台研究和技术授权同比增长 165%，并全方位进入 AI 领域， 孵化 Elanse Therapeutics 和 Resilience Therapeutics。 和铂医药与阿斯利康达成 46 亿美元全球战略合作，与大冢制药就 BCMA CD3 双抗海外授权达成约 7 亿美元合作，并与 Bistera 就 TCE 肌细胞衔接器领域达成持续技术合作，形成可持续的技术及产品输出， 为公司带来稳定收入。 HOBM9,378（超长效全人源 TSLP）已进入全球性验证性临床阶段，与 Winward Bio 达成 10 亿美元海外授权合作，针对慢阻肺 COPD 市场进 行开发，中国 COPD 申请证已获批，并规划新适应症。 和铂医药新一代免疫抑制性调节性 T 细胞剔除 CTL4 靶点分子 HBM4,003 在 NSCRC 二期试验结果积极推进，下半年将在 ESMO 报告 临床数据。公司上半年营收 7.3 亿人民币，净利润 5.2 亿人民币，现金 ...

Core Viewpoint - The cooling technology will become a key competitive factor in the high bandwidth memory (HBM) market as HBM5 is expected to commercialize around 2029, shifting the focus from packaging to cooling methods [1][2]. Summary by Sections HBM Technology Roadmap - The roadmap from HBM4 to HBM8 spans from 2025 to 2040, detailing advancements in HBM architecture, cooling methods, TSV density, and interlayer technologies [1]. - HBM4 is projected to have a data rate of 8 Gbps, a bandwidth of 2.0 TB/s, and a capacity of 36/48 GB per HBM, utilizing liquid cooling methods [3]. - HBM5 will maintain the 8 Gbps data rate but will double the bandwidth to 4 TB/s and increase capacity to 80 GB [3]. - HBM6 will introduce a data rate of 16 Gbps and a bandwidth of 8 TB/s, with a capacity of 96/120 GB [3]. - HBM7 is expected to reach 24 TB/s bandwidth and 160/192 GB capacity, while HBM8 will achieve 32 Gbps data rate, 64 TB/s bandwidth, and 200/240 GB capacity [3]. Cooling Technologies - HBM5 will utilize immersion cooling, where the substrate and package are submerged in cooling liquid, addressing limitations of current liquid cooling methods [1]. - HBM7 will require embedded cooling systems to inject cooling liquid between DRAM chips, introducing fluid TSVs [2]. - The professor emphasizes that cooling will be critical as the base chip will take on part of the GPU workload starting from HBM4, leading to increased temperatures [1][2]. Bonding and Performance Factors - Bonding will also play a significant role in determining HBM performance, with mixed glass and silicon interlayers being introduced from HBM6 onwards [2].

Core Viewpoint - The cooling technology will become a key competitive factor in the high bandwidth memory (HBM) market as HBM5 is expected to commercialize around 2029, shifting the focus from packaging to cooling solutions [1][2]. Summary by Sections HBM Technology Roadmap - The roadmap from HBM4 to HBM8 spans from 2025 to 2040, detailing advancements in HBM architecture, cooling methods, TSV density, and interposer layers [1]. - HBM4 is projected to be available in 2026, with a data rate of 8 Gbps, bandwidth of 2.0 TB/s, and a capacity of 36/48 GB per HBM [3]. - HBM5, expected in 2029, will double the bandwidth to 4 TB/s and increase capacity to 80 GB [3]. - HBM6, HBM7, and HBM8 will further enhance data rates and capacities, reaching up to 32 Gbps and 240 GB respectively by 2038 [3]. Cooling Technologies - HBM5 will utilize immersion cooling, where the substrate and package are submerged in cooling liquid, addressing limitations of current liquid cooling methods [2]. - HBM7 will require embedded cooling systems to inject coolant between DRAM chips, introducing fluid TSVs for enhanced thermal management [2]. - The introduction of new types of TSVs, such as thermal TSVs and power TSVs, will support the cooling needs of future HBM generations [2]. Performance Factors - Bonding techniques will also play a crucial role in HBM performance, with HBM6 introducing a hybrid interposer of glass and silicon [2]. - The integration of advanced packaging technologies will allow base chips to take on GPU workloads, necessitating improved cooling solutions due to increased temperatures [2].