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 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]