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 ...

超1.05亿美元的近期付款组合拳，将直接补充公司现金流 HBM4003为全球首个进入临床阶段的全人源仅重链抗体，迎CTLA-4靶点的科学价值重估机遇出海 随着2025年诺贝尔生理学或医学奖花落Mary E. Brunkow、FredRamsdell和坂口志文，以表彰他们在外周 免疫耐受方面的研究贡献，CTLA-4作为调节性T细胞(Treg)功能的关键调控者，重新成为免疫肿瘤学的 焦点。HBM4003作为全球首个进入临床阶段的全人源重链抗体，产生自和铂医药特有的Harbour Mice平 台，显示出增强的ADCC(抗体依赖的细胞毒性作用)活性，对肿瘤微环境中高表达CTLA-4的Treg细胞具 有极高的特异性清除作用。其强效的抗肿瘤作用、差异化的药代动力学特征和持久的药效动力学效应展 现出良好的产品特性，这种新颖和差异化的作用机制使其具有提高治疗效果并显著降低药物毒性的潜 力。 HBM4003在I期单药研究试验中显示了其良好的安全性和强大的疗效 潜在适应症包括黑色素瘤、非小细胞肺癌、肝细胞癌、神经内分泌瘤等多种晚期实体肿瘤。《2025 CSCO结直肠癌诊疗指南》中，姑息治疗组三线方案III级推荐增加了PD-1抑制 ...

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 - 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]

Core Insights - Harbour BioMed reported significant financial growth in the first half of 2025, with total revenue of approximately US$101.3 million, representing a 327% increase year over year, and net profit reaching approximately US$73.0 million, a 51-fold increase compared to the same period in 2024 [4][5][25] Financial Performance - The company achieved a profit growth of more than fiftyfold year over year, indicating strong growth momentum [2] - Harbour BioMed's cash position improved to about US$320 million, a 92% increase since the end of the previous year [4] Product Pipeline and Development - Harbour Therapeutics, a sub-brand, is responsible for the development of the company's product pipeline in immunology and oncology, with several key clinical-stage projects making significant progress [6] - Key products in clinical stages include: - Batoclimab (HBM9161), a novel anti-FcRn monoclonal antibody, has completed Phase I to pivotal trials in China and has shown sustained efficacy and safety in treating gMG [7] - HBM9378, targeting TSLP for asthma and COPD, has received IND approval and is undergoing global Phase 2 trials [8][9] - Porustobart (HBM4003), a next-generation anti-CTLA-4 antibody, has shown positive efficacy and safety data in trials for advanced solid tumors [10] - HBM1020, targeting B7H7, has demonstrated excellent safety profiles in patients with advanced solid tumors [10] Strategic Collaborations - The company entered a global strategic collaboration with AstraZeneca to develop next-generation multi-specific antibodies, which includes a $105 million equity investment from AstraZeneca [16] - Harbour BioMed has signed several licensing and collaboration agreements, including partnerships with Windward Bio and Otsuka Pharmaceutical to advance the development of HBM9378 and HBM7020, respectively [17][12] Innovation and Technology - Harbour BioMed is leveraging its proprietary Harbour Mice® platform to develop next-generation biologics for CNS disorders and obesity treatment through its new venture Élancé Therapeutics [14][15] - The company continues to expand its technology platforms, including the launch of Hu-mAtrIx™, an AI-assisted drug discovery engine [22] Future Outlook - The achievements in the first half of 2025 position Harbour BioMed well for future growth, with plans to advance multiple clinical trials and expand its global collaboration network [25][27][28]

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [2][3]. Core Insights - The company possesses a globally scarce humanized only heavy chain antibody platform, establishing a core competitive barrier [2]. - The platform's value enhances business development (BD) potential, with recognized R&D capabilities and stable collaborations with multinational corporations (MNCs) like AstraZeneca [2][3]. - The company is expected to see significant profit growth due to its strong pipeline in the autoimmune sector and multiple ongoing projects [3]. Summary by Sections 1. R&D Platform Technology Value - The company focuses on innovative drug development and commercialization in oncology and immune diseases, leveraging its unique HCAb technology platform [12]. - Established in 2016, the company has developed proprietary platforms for generating human monoclonal antibodies [13]. 2. HCAb Harbour Mice: Scarce Humanized Only Heavy Chain Antibody Platform - The HCAb platform is the only patented humanized only heavy chain antibody development platform globally, capable of producing various antibody forms [31][38]. - The platform's unique advantages include high solubility, stability, and the ability to generate diverse antibody libraries [34]. 3. Strong BD Capabilities with MNC Collaborations - The company has established a robust BD strategy, focusing on early-stage pipeline collaborations with major pharmaceutical companies [62]. - Significant partnerships include a global strategic collaboration with AstraZeneca, enhancing the company's market position and financial stability [63][70]. 4. Competitive Product Lines in Autoimmune Sector - The company is set to launch its product, Bartoli monoclonal antibody, which targets myasthenia gravis, in collaboration with CSPC [3]. - Another promising pipeline candidate, HBM9378, is in Phase II clinical trials for asthma and COPD, indicating strong market potential [3]. 5. Earnings Forecast and Valuation - The company is projected to achieve revenues of $154.08 million and net profits of $81.75 million by 2025, with a target price of HKD 18.80 [3].

Core Viewpoint - The stock of HBM Holdings (02142) rose over 5% following the announcement of presenting new clinical data at the upcoming ESMO annual meeting in Berlin [1] Group 1: Clinical Developments - HBM Holdings will present Phase II clinical data for its fully human anti-CTLA-4 antibody, HBM4003, in combination with Tislelizumab for microsatellite stable (MSS) metastatic colorectal cancer (mCRC) from October 17 to 21 [1] - The company has initiated a global development plan for HBM4003 targeting various solid tumors, utilizing an adaptive treatment design [1] Group 2: Strategic Partnerships - In June, HBM Holdings announced a collaboration with Otsuka Pharmaceutical to advance HBM7020 in the autoimmune field, with Otsuka acquiring rights outside Greater China [1] - Otsuka will pay a total of $47 million in upfront and milestone payments, with potential additional payments of up to $623 million based on future product net sales [1] - The rights for this drug in China were previously licensed to Huahai Biological (002007) in 2020 [1]

Core Viewpoint - Chinese innovative pharmaceuticals are accelerating their international expansion, with significant licensing deals and supportive policies facilitating this trend [2][6][7]. Group 1: Market Activity - In the first half of the year, the upfront payments for innovative drug licensing exceeded $2.5 billion, with total transaction amounts nearing $50 billion, almost matching the total for the previous year [2]. - A notable licensing agreement was signed between 3SBio and Pfizer, valued at up to $60.5 billion, involving the exclusive rights for the PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [3]. - Rongchang Bio announced a licensing deal with Vor Biopharma Inc. with a total transaction value of $4.23 billion, including an upfront payment of $45 million [3]. Group 2: Policy Support - The rapid development of the innovative drug industry is supported by policy reforms, including expedited drug review processes and dynamic adjustments to the medical insurance catalog [6][7]. - In the first half of the year, 43 innovative drugs and 45 innovative medical devices were approved, representing year-on-year increases of 59% and 87%, respectively [6]. - Recent measures have been introduced to support the internationalization of innovative drugs, encouraging companies to explore markets in Southeast Asia and Central Asia [7]. Group 3: Industry Trends - The internationalization strategies of Chinese pharmaceutical companies are diversifying, with four main models identified: independent internationalization, licensing, NewCo model, and mergers and acquisitions [5]. - The collaboration landscape is broadening, with partnerships not only with traditional pharmaceutical companies but also with emerging biotech firms [4]. - Despite the progress, challenges remain, including weaknesses in basic research, target homogeneity, regulatory alignment, and commercialization capabilities [7].

Core Viewpoint - Heptagon Pharmaceuticals has entered into a significant global strategic collaboration with Otsuka Pharmaceutical, granting exclusive rights to develop, manufacture, and commercialize its proprietary BCMA×CD3 bispecific T cell engager HBM7020 outside of Greater China for a total transaction value of $670 million [1][2]. Group 1: Recent Transactions - The collaboration with Otsuka Pharmaceutical marks Heptagon's second cross-border business development (BD) transaction in 2023, following a major deal with AstraZeneca worth over 30 billion yuan [2][3]. - Under the agreement with Otsuka, Heptagon will receive an upfront payment of $47 million and potential milestone payments totaling up to $623 million, along with tiered royalties based on future net sales [2]. - In March 2023, Heptagon entered into a global strategic partnership with AstraZeneca, which included an upfront payment of $175 million and potential additional payments of up to $4.4 billion [3]. Group 2: Financial Performance - Heptagon Pharmaceuticals reported a revenue of $89.5 million in 2023, a year-on-year increase of 119.9%, achieving a net profit of $22.8 million, marking a turnaround from previous losses [5]. - However, in 2024, the company experienced a significant decline in revenue, recording $38.1 million, a decrease of 57.43%, and a net profit of $2.7 million, down 88% year-on-year [6]. Group 3: Product Development - Heptagon currently has 19 products in its pipeline, targeting various indications including tumors and immune diseases [6]. - The most advanced product is HBM9161, which is expected to complete approval in the second half of 2024 and potentially become the company's first commercialized product by 2026 [6].

Core Insights - The article highlights the strategic partnership between HBM and Otsuka Pharmaceutical to advance the development of HBM7020, a BCMAxCD3 bispecific T cell engager, with a deal worth over $670 million [1] - This collaboration signifies a crucial step in HBM's global strategy and reflects the trend of re-evaluating the value of Chinese innovative pharmaceutical companies [1][3] Industry Performance - The innovative drug sector is experiencing a resurgence after four years of decline, with the Hong Kong healthcare sector showing a year-to-date increase of 43.40% as of June 22, 2025 [3] - Notably, over 25 companies in the 18A sector have seen stock price increases exceeding 100%, with Deqi Pharmaceuticals and HBM leading with returns of 383.08% and 318.82%, respectively [3][4] Market Dynamics - The market consensus indicates a positive shift in the innovative drug sector, supported by favorable policies such as the recent announcement from the National Medical Products Administration aimed at accelerating clinical trial reviews [5] - The number of BD transactions involving Chinese innovative drug companies has significantly increased, with the share of molecules introduced rising from 0% in 2019 to 31% in 2024 [5] Company Developments - HBM has transitioned from a model of "self-research + introduction" to a deep collaboration with multinational pharmaceutical companies, enhancing its technological platform and maximizing product value [6] - The company has established numerous strategic partnerships with major global pharmaceutical firms, covering various fields including antibody therapies and gene therapy [6][11] Valuation Trends - HBM's stock price surge reflects a correction of its previously undervalued status, as the company’s intrinsic value is increasingly recognized by the market [9] - Following two consecutive profitable financial years (2023-2024), HBM demonstrates strong growth potential and a promising future outlook [9][11] Strategic Positioning - HBM's dual-driven strategy of platform technology licensing and pipeline licensing has led to two years of financial profitability, positioning the company for significant future revenue from ongoing collaborations [11] - The company’s core technology, particularly its fully human heavy-chain antibodies, has broad application potential, indicating a successful transition to differentiated new drug pipelines [11] Conclusion - The trajectory of the Chinese innovative drug industry is becoming clearer, characterized by policy-driven growth, rational capital return, and the re-evaluation of outstanding companies like HBM [13] - The industry is entering a "comprehensive explosion period," with a shift from technological catch-up to commercial leadership, leading to a redefined valuation framework in the capital markets [13]