Market Overview - The pharmaceutical and biotechnology index declined by 0.39% last week, outperforming the CSI 300 index by 0.23 percentage points but underperforming the ChiNext index by 1.50 percentage points, ranking 27th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 2.75%, lagging behind the Hang Seng Index by 2.1 percentage points [4] R&D Progress - Recent clinical application advancements include BNT324 from InnoCare Pharma and HCB101 from Fuhong Hanlin [5] - QX004N from Qianxin Biopharma is in Phase I clinical trials, IBI3002 from Innovent Biologics is in Phase II, and HRS-8080 from Hansoh Pharma is in Phase III [5] Company Insights - WuXi AppTec's companies reported strong performance expectations, indicating robust growth momentum in the CXO sector [6] - WuXi AppTec is projected to achieve revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with TIDES business revenue expected to grow over 90% [6] - WuXi Biologics plans to add 209 comprehensive projects in 2025, with two-thirds being bispecific antibodies and ADC drugs, and a total of 99 projects in Phase III and commercialization [6] - WuXi AppTec's subsidiary, WuXi AppTec Co., expects revenue and adjusted net profit to grow over 45% in 2025, with a global market share increase to 24% [6] - The company aims to invest over 7 billion yuan in capacity expansion from 2026 to 2029, targeting a compound annual growth rate of 30%-35% from 2025 to 2030 [6] Investment Strategy - Future investments in the pharmaceutical sector should focus on the intrinsic clinical value logic, addressing clinical needs of patients and doctors [7] - Both domestic medical insurance policies and global expansion strategies are increasingly assigning higher premiums to clinical value [7]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [5]. Core Insights - The report highlights the strong performance of WuXi AppTec and its subsidiaries, indicating robust growth momentum in the CXO sector. WuXi AppTec is expected to achieve a revenue of CNY 45.456 billion in 2025, representing a year-on-year increase of 15.84%, with TIDES business revenue projected to grow over 90% [2][21]. - The report emphasizes the recovery and structural upgrade trends in the CXO industry, driven by the resurgence of demand and the warming of investment in the innovative drug supply chain [23]. Summary by Sections Market Review - Last week, the pharmaceutical and biotechnology index fell by 0.39%, outperforming the CSI 300 index by 0.23 percentage points but underperforming the ChiNext index by 1.50 percentage points, ranking 27th among 31 sub-industries [1][16]. Company Performance - WuXi AppTec's subsidiaries reported strong earnings forecasts, with WuXi Biologics adding 209 comprehensive projects in 2025, two-thirds of which are bispecific antibodies and ADC drugs. The company aims for a compound annual growth rate of 30%-35% in revenue from 2025 to 2030 [2][22]. - The report recommends focusing on CXO chain companies such as WuXi AppTec (A+H), WuXi Biologics (H), and WuXi AppTec's subsidiaries, indicating a positive outlook for these firms [23][27]. Investment Strategy - The report suggests that future investments in the pharmaceutical sector should increasingly focus on the clinical value of drugs, driven by domestic and international policy changes. It highlights the importance of innovative drug supply chains and high-end medical devices, recommending companies like Mindray Medical and United Imaging Healthcare [3][25]. Financial Projections - Key companies are projected to show significant growth, with earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong investment potential. For instance, WuXi AppTec is expected to have an EPS of CNY 5.07 in 2025, with a PE ratio of 19 [4]. Clinical Development Updates - Recent clinical developments include new applications for drugs from companies like InnoCare Pharma and Hengrui Medicine, with several drugs in various clinical trial phases [31][32]. Market Dynamics - The report notes that the pharmaceutical manufacturing industry experienced a year-on-year revenue decline of 2.0% in the first eleven months of 2025, indicating challenges in the sector [52]. Policy and Economic Environment - The report discusses the structural shift in domestic policies favoring innovative drugs and the anticipated global demand growth due to aging populations, which is expected to benefit the pharmaceutical industry [26].

Group 1 - The company has entered into a licensing agreement with FBD Biologics Limited, granting an exclusive license to develop, produce, commercialize, or otherwise utilize HCB101 and its derivative pharmaceutical products in specific fields and regions [1] - The licensing agreement is effective from the date of signing and will last until the expiration of the licensing product's patent rights, which is determined by the later of the following dates: (a) fifteen years from the first commercial sale of the licensed product; (b) the expiration date of the last valid claim of the patent covering the licensed product; and (c) the expiration of the market exclusivity period for the licensed product [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 自願公告 與FBD就HCB101訂立許可協議 上海復宏漢霖生物技術股份有限公司（「本公司」）董事會欣然宣佈，於二零二 五年六月三十日，本公司與FBD Biologics Limited（「FBD」）訂立一份許可協 議（「許可協議」），據此，FBD同意授予本公司一項獨家許可，以於領域（定 義如下）及於本公司許可區域（定義如下）內開發、生產、商業化或以其他方 式利用HCB101（「許可分子」）和以其作為原料藥的藥品（「許可產品」）。 B. 許可協議中的主要條款 許可授予 FBD將授予本公司一項獨家許可，供本公司基於其專有 技術和專利及使用FBD監管文件在領域內及本公司許可 區域內開發、生產、商業化或以其他方式利用許可分子 和許可產品。 FBD將保留 ...