Core Insights - Henlius is a leading Chinese biopharmaceutical company focused on R&D with six products approved for marketing in China and four products successfully entering international markets [1][4] - The company's pipeline emphasizes oncology and autoimmune diseases, featuring innovative candidates like HLX43 (PD-L1 ADC) and HLX22 (anti-HER2 monoclonal antibody) [1][2] Product Development - HLX43 is the first PD-L1 ADC globally to enter Phase II clinical trials, showing promising efficacy with an objective response rate (ORR) of 75% in thymic squamous cell carcinoma (TSCC) patients and 40% in squamous non-small cell lung cancer (sqNSCLC) patients [1] - HLX22, a novel anti-HER2 monoclonal antibody, is expected to redefine the standard of care for first-line HER2-positive gastric cancer, with ongoing Phase III trials in combination with trastuzumab and chemotherapy [2] Market Performance - Hansizhuang (Serplulimab) has achieved rapid domestic sales growth, reaching Rmb1.31 billion in 2024, and has been approved in multiple international markets [3] - The company has successfully entered global markets with four products, including Hanlikang and Hanquyou, and has established collaborations for the commercialization of various biosimilars [4] Financial Projections - Revenue forecasts indicate growth to Rmb5.96 billion in 2025, Rmb6.36 billion in 2026, and Rmb7.02 billion in 2027, with net profits projected at Rmb790 million, Rmb900 million, and Rmb1.14 billion respectively [5]

招银国际一举升复宏汉霖目标价至61.98港元 料创新药研发有庞大潜力 金十数据6月25日讯，招银国际发表研究报告指，复宏汉霖(02696.HK)有能力从一家正在盈利的生物类 似药公司，发展成为生物制剂领域的领先企业，包括HLX43、HLX22、斯鲁利单抗（Serplulimab）等多 款正在研发的创新药临床数据均表现良好，相信发展潜力庞大，因此目标价从20.33港元一举上调至 61.98港元，维持买入评级。招银国际认为，复宏汉霖正积极通过与药企合作，拓展全球生物类似药业 务，旗下汉曲优（曲妥珠单抗）及斯鲁利单抗商业化表现强劲，而HLX14和HLX11的上市许可申请目 前正获FDA审查当中，相信可开招海外收入来源。 ...

2025ASCO 大会国内重点研究总结报告 | [Tabl 分析师： | 罗佳荣 | 分析师： | 李安飞 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516090004 | | SAC 执证号：S0260520100005 | | | SFC CE.no: BOR756 | | | | | 021-38003671 | | 021-38003669 | | | luojiarong@gf.com.cn | | lianfei@gf.com.cn | | | 请注意，李安飞并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 医药生物非药行业 2024 年报及 2025 年 1 季报总结:蓄势待发，看好国内创新优势与制造优势 2025-05-05 识别风险，发现价值 请务必阅读末页的免责声明 [本报告联系人： Table_C ontacter] 龙雪芳 021-38003558 longxuefang@gf.com.cn 王 ...

该公司还在2025美国临床肿瘤学会(ASCO)年会上首次公布了HLX43(PD-L1 ADC)治疗晚期/转移性实体 瘤患者的I期临床试验数据，该研究由中国医学科学院肿瘤医院王洁教授担任牵头主要研究者。目前， 全球范围内尚无PD-L1 ADC获批上市，HLX43有望解决PD-1/L1免疫疗法不响应或耐药问题，为更多晚 期/转移性实体瘤患者带来新的治疗选择。 复宏汉霖已有6款产品在中国获批上市，4款产品在国际获批上市，触达50多个国家和地区，累计惠及全 球超80万患者。自2025年初至今，复宏汉霖股价已涨逾100%。近期该公司已获纳入MSCI全球小型股指 数成分股，有望进一步吸引更多国际资本关注。 智通财经APP获悉，复宏汉霖(02696)6月9日发布公告，H股全流通备案申请获中国证监会受理。今日(6 月10日)公司股价依旧维持强势，收涨2.17%，报49.40港元。市场可期待该公司未来完成H股全流通后， 除增加公司股份流动性外，也将进一步提升公司治理和市场竞争力，进而推进公司业务高速发展，为股 东创造价值。 此外，复宏汉霖研究成果也积极在美国临床肿瘤学会(ASCO)年会亮相。公司近日宣布，创新型抗HER2 单抗 ...

【今日头条】 美团-W(03690)王兴回应京东外卖百亿补贴：将不惜代价赢得竞争 美团发布 2025 年第一季度业绩报告，公司季度营收达 866 亿元，同比增长 18%。在业绩后的财报电话 会上，美团高管也首次披露了闪购品牌升级后的最新进展。美团 CFO 陈少晖表示，闪购新品牌上线至 今，95 后年轻用户已占比超过一半。此外，陈少晖还在会上预告了美团今年的 618 大促安排，他表 示："为了更好满足消费者在即时零售平台购物的需求，美团外卖和美团闪购将联合众多餐饮品牌及零 售品牌开启 618 促销活动，向消费者提供更优惠的商品和外卖。"据悉，美团 618 将于 5 月 28 日正式开 始。 在美团第一季度电话会议上，对于京东(09618)百亿补贴对美团外卖业务造成的影响，美团 CEO 王兴回 应称美团"将不惜代价赢得竞争。"他表示，过往美团也经历了几轮非常激烈的竞争，相信美团这次也能 获胜。美团欢迎新玩家进入这一市场，也认可外卖行业有巨大的潜力。同时，美团关注到，当前行业竞 争中，有些补贴是非理性的，伴随着低质量和低价格。 美团CEO王兴方面表示，目前的新代码中有52%左右是由AI生成的，有90%以上的工程师团 ...

Core Viewpoint - Fosun Pharma's subsidiary Henlius Europe GmbH has received orphan drug designation from the European Commission for HLX22, a humanized anti-HER2 monoclonal antibody injection for gastric cancer treatment [1] Group 1: Product Development - HLX22 is developed by the company under a license from AbClon, Inc. and is intended for the treatment of solid tumors such as gastric and breast cancer [1] - As of April 2025, the company has invested approximately 310 million yuan in the research and development of HLX22 [1] Group 2: Market Potential - According to IQVIA MIDAS data, the global sales of targeted HER2 monoclonal antibody products are projected to be approximately 9.029 billion USD in 2024 [1] - The orphan drug designation will facilitate HLX22's subsequent research, registration, and commercialization in the European Union by providing policy support [1]

Core Insights - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported Q1 2025 revenue of 9.42 billion yuan and a net profit of 765 million yuan, with operating cash flow of 1.056 billion yuan [1] Group 1: Financial Performance - The company achieved a revenue of 9.42 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders was 765 million yuan [1] - Operating cash flow for the quarter was 1.056 billion yuan [1] Group 2: Product Development and Approvals - The company has several innovative drug products progressing towards market launch, expected to enter a "growth phase" in 2025 [1] - In January 2025, the registration application for the innovative small molecule CDK4/6 inhibitor, Fovetisil Capsules, was accepted by the National Medical Products Administration [1] - In February 2025, the innovative drug Vantorel (Tianapano Tablets) was approved for treating CKD adult dialysis patients in China [1] - In March 2025, the listing application for the new drug Dihydrosuifinib Capsules was accepted by the National Medical Products Administration [1] - In March 2025, the innovative anti-HER2 monoclonal antibody HLX22 received orphan drug designation from the FDA for gastric cancer treatment [1] Group 3: International Expansion - The innovative anti-PD-1 monoclonal antibody, Surulitinib, has been approved in over 30 countries, including China, Europe, and Southeast Asia, benefiting more than 100,000 patients [2] - The subsidiary, Fosun Pharma, signed a licensing agreement with Dr. Reddy's, granting exclusive commercialization rights for the biosimilar HLX15 in the U.S. and 42 European countries [2] Group 4: Share Buyback - In Q1 2025, the company initiated a new round of share buybacks, purchasing 1.61 million A-shares for approximately 39.99 million yuan [2] - The company also repurchased 1.66 million H-shares for about 22.91 million Hong Kong dollars [2]

每经记者 甄素静 每经编辑 张益铭 丨2025年4月29日 星期二丨 NO.1 药明康德一季度净利润同比增长89.06% 4月28日，药明康德公告称，2025年第一季度实现营业收入96.55亿元，同比增长20.96%；归属于上市公 司股东的净利润36.72亿元，同比增长89.06%。 点评：药明康德2025年一季度营收、净利双增，展现强劲增长势头，凸显其在医药研发服务领域强大竞 争力与行业领先地位。 NO.2 派格生物通过港交所聆讯即将上市，8轮融资估值40亿 派格生物近日通过聆讯，拟在香港主板上市，独家保荐人为中金。公司是自主研究及开发慢性疾病创新 疗法的生物技术公司。2024年收入0.07亿元，净亏损2.83亿元。 点评：派格生物通过港交所聆讯，即将登陆港股。其专注慢性疾病创新疗法，虽目前亏损，但核心产品 潜力大，8轮融资获40亿估值，上市后有望借资本加速发展。 NO.3 德国默克将以39亿美元收购SpringWorks 4月28日，德国默克宣布，将收购SpringWorks，交易代价约为39亿美元的股权价值，或根据 SpringWorks截至2024年12月31日的现金余额计算的34亿美元企业价值。 点 ...

证券研究报告 | 2025 年 04 月 28 日 晨会集萃 制作：产品中心 重点推荐 《策略|行业比较周报——震荡期后续主线的思考》 1、复盘市场历次底部区域，趋势性上涨前往往会经历多次反弹的下跌期 和 w 型磨底期，较为典型的磨底期成交量先收缩后放量，以过渡开启上 涨行情。2、站在后验的角度，主线必然是政策确定性与产业逻辑确定性 的双击。我们判断，市场主线往往是一个长期逻辑，当某行业本身不具备 长期逻辑或行业的长期逻辑被证伪，由于短期逻辑与长期标准背离，尽管 在磨底期上涨，但可能不会发展成为主线。主要有三种情况：1）防御属 性行业，资金只是短期避险。这种情况多见于电力公用、必选消费等行业， 磨底期结束后资金风险偏好回升，防御板块的吸引力降低。2）行业的政 策支持的逻辑短期相对更弱。如 2005 年民营经济政策催化下的电力板块。 3）行业在磨底期后格局并未优化。如 2016 年上半年磨底期的有色板块， 上涨的本质是供给侧改革驱动的预期行情，但随着产能的释放，需求的证 伪，行业逻辑回归现实，并未发展成主线。 风险提示：1）过去历史经验仅供参考；2）风格分类仅供参考；3）政策 出台和落地具备不确定性。 《策略| ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.59 per share, compared to the current price of HKD 37.85 [6]. Core Insights - The company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a revenue of HKD 25.01 billion, marking a year-on-year increase of 93.9% [6][25]. - The innovative drug segment, particularly the differentiated PD-1 drug, is expected to drive significant revenue growth in the medium term [4][6]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, approved in 2019, and is now focusing on expanding its innovative drug portfolio [14][15]. - The revenue from biosimilars reached HKD 36.3 billion in 2024, while the innovative drug segment generated HKD 13.1 billion, accounting for 22.86% of total sales [29]. 2. HLX43: Potential in PD-L1 ADC - HLX43 is the second PD-L1 ADC drug to enter clinical trials globally, showing significant potential as a future pillar in the company's pipeline [2]. - The drug is currently in clinical phase II and has demonstrated promising data, indicating a strong confidence from the company in its development [2]. 3. HLX22: Potential to Change HER2 Positive Gastric Cancer Treatment - HLX22 has shown superior clinical benefits compared to standard treatments in HER2 positive gastric cancer, with ongoing international phase III trials [3]. - The drug has received orphan drug designation in the US, highlighting its potential in the gastric cancer treatment landscape [3]. 4. Differentiated PD-1 Drug: Surulitinib - Surulitinib is positioned to address unmet clinical needs in small cell lung cancer, with expected rapid market uptake upon approval [4]. - The drug has shown optimal data in clinical trials, indicating a strong commercial potential in various indications [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with significant licensing agreements and expected revenue growth from overseas markets starting in 2025 [5]. - The company aims to leverage its first-mover advantage in biosimilars and innovative drugs to maximize market value domestically and internationally [5]. 6. Profit Forecast - Revenue projections for 2025-2027 are estimated at HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The company is expected to continue its upward trajectory in profitability, driven by its innovative pipeline and effective cost management strategies [6][32].