Investment Rating - The report provides a positive outlook for CSPC Pharmaceutical Group, indicating a clear roadmap for internationalization and significant revenue growth expected from completed business development transactions by 2026 [5][6]. Core Insights - CSPC is projected to convert its completed business development transactions into recurring revenue by 2026, supported by major research milestones and successful overseas development progress [6]. - The company has secured approximately $10.2 billion in upfront and milestone payments from significant partnerships with AstraZeneca and Madrigal, which are expected to enhance profitability from 2025 to 2027 [5][6]. - Key products such as KN026 and SYS6010 are anticipated to drive domestic business recovery and accelerate growth post-2027 [7]. Summary by Sections Business Development and Revenue - CSPC's completed business development transactions are expected to yield around $9 billion in free cash flow from milestone payments by 2030, with AstraZeneca's recent $1.2 billion non-refundable upfront payment being a significant contributor [6]. - The company has established eight innovative R&D platforms, transitioning from a raw material producer to a complex generics and innovative drug enterprise, achieving a compound annual growth rate of 3.1% in profitability from 2019 to 2023 [10]. Market Position and Financials - As of February 2, 2026, CSPC's stock price was HKD 9.15, with a market capitalization of $13.54 billion [13]. - The company ranks among the top ten in the Chinese pharmaceutical industry by drug revenue, with a significant portion of its income derived from the Asian market [11]. Catalysts for Growth - Key catalysts include the progress of overseas R&D projects, particularly the core product EGFR ADC, and the clinical development plans of major partners like AstraZeneca [8]. - The anticipated launch of innovative drugs and the entry of early-stage products into clinical phases are expected to validate the company's R&D capabilities [8].

东吴证券发布研报称，维持康宁杰瑞制药-B(09966)"买入"评级，考虑到2025年公司有多款ADC新管线 完成临床前研发，该行提高了对研发费用的预测水平，相应影响归母净利润水平，2025-2026年归母净 利润分别下调为-1.15/-0.97亿元，原值为0.14/0.63亿元，新增2027年归母净利润预测为-0.26亿元。随着 公司后续产品KN026有望国内上市，JSKN003也即将申报上市，该行预计未来公司亏损将逐步缩小。同 时基于公司后备管线的逐步进入临床阶段，公司研发能力进入良性发展循环。 自研平台持续发力，多款新ADC分子即将进入临床 公司自研的技术平台持续产出新管线，在PD-L1靶点管线中，PD-L1/ITGB6/8多功能ADCJSKN022展现 出优于单抗ADC的内吞效率和体内外杀伤活性，该管线目前已经在2025年10月启动了I期临床。PD- L1/VEGFR2双抗ADCJSKN027整合了细胞毒杀伤、抗血管及免疫调节三重机制，公司在2025年12月已 经向中国药监局提交IND申请并获得受理，2026年有望开展针对JSKN027的I期临床研究。后续还有 EGFR/HER3双抗双载荷ADCJSKN ...

智通财经APP获悉，东吴证券发布研报称，维持康宁杰瑞制药-B(09966)"买入"评级，考虑到2025年公司 有多款ADC新管线完成临床前研发，该行提高了对研发费用的预测水平，相应影响归母净利润水平， 2025-2026年归母净利润分别下调为-1.15/-0.97亿元，原值为0.14/0.63亿元，新增2027年归母净利润预测 为-0.26亿元。随着公司后续产品KN026有望国内上市，JSKN003也即将申报上市，该行预计未来公司亏 损将逐步缩小。同时基于公司后备管线的逐步进入临床阶段，公司研发能力进入良性发展循环。 东吴证券主要观点如下： 多款核心管线催化剂密集，KN026已提交上市申请 KN026是公司开发的HER2双表位单抗，其核心适应症之一的联合化疗治疗2L及以上胃癌目前已经获得 NMPA受理，该行预计2026年年底或2027年有望获批上市。公司已经将该产品的国内权益授予石药集 团，未来上市后石药集团将负责相关商业化工作，公司将保留KN026的独家生产权，为石药集团提供产 品。除此之外KN026的乳腺癌1L治疗和新辅助治疗的方案也有望在2026年提交上市申请。 自研平台持续发力，多款新ADC分子即将进 ...

机构：东吴证券 研究员：朱国广/邹行健 考虑到2025 年公司有多款ADC 新管线完成临床前研发，我们提高了对研发费用的预测水平，相应影响 归母净利润水平，2025-2026 年归母净利润分别下调为-1.15/-0.97 亿元，原值为0.14/0.63 亿元，新增 2027年归母净利润预测为-0.26 亿元。随着公司后续产品KN026 有望国内上市，JSKN003 也即将申报上 市，我们预计未来公司亏损将逐步缩小。 多款核心管线催化剂密集，KN026 已提交上市申请：KN026 是公司开发的HER2 双表位单抗，其核心 适应症之一的联合化疗治疗2L 及以上胃癌目前已经获得NMPA 受理，我们预计2026 年年底或2027 年有 望获批上市。公司已经将该产品的国内权益授予石药集团，未来上市后石药集团将负责相关商业化工 作，公司将保留KN026 的独家生产权，为石药集团提供产品。除此之外KN026 的乳腺癌1L 治疗和新辅 助治疗的方案也有望在2026 年提交上市申请。JSKN003 是公司开发的首款ADC管线，其临床进展也较 为迅速，针对2L HER2 阳性乳腺癌的适应症预计有望在2026 年提交国内上市申请。 ...

Macro Strategy - The report highlights the investment value of the Guangfa CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year [10] - As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan, leading in scale and liquidity, with an annualized return of 29.47% and a volatility ratio of 0.89, indicating reasonable risk control [10] - The underlying index focuses on AI applications, with a high weight of GEO concept stocks, including major companies like BlueFocus and Rock Mountain Technology, which account for 31.43% of the index [10] - The report notes that the media sector is experiencing a bull market driven by AI technology transformation and the assetization of data elements, contrasting with the previous bull market driven by mobile internet traffic [10] Company Analysis Kangning Jereh Pharmaceutical-B (09966.HK) - The company is expected to have total revenues of 414 million yuan and 471 million yuan in 2025 and 2026, respectively, with a new forecast for 2027 at 563 million yuan [6] - The net profit forecast for 2025 and 2026 has been adjusted down to -115 million yuan and -97 million yuan, respectively, due to increased R&D expenses [6] - The company maintains a "Buy" rating as it anticipates a gradual reduction in losses with the upcoming domestic launch of product KN026 and the submission of JSKN003 for listing [6] Fuan Energy (002911) - The company reported a net profit of 1 billion yuan for 2025, a year-on-year increase of 17.3%, driven by strong growth in its energy and chemical business [17] - The forecast for net profit for 2025-2027 has been raised to 1 billion, 1.07 billion, and 1.12 billion yuan, respectively, reflecting a growth of 17.3%, 7.0%, and 4.4% [17] - The company maintains a "Buy" rating, supported by a stable natural gas business and diversified growth strategies [17] Huace Testing (300012) - The company expects a net profit of 1.01-1.02 billion yuan for 2025, with a growth rate of 10%-11%, and a strong performance in Q4 with a net profit increase of 15%-20% [18] - The report emphasizes the company's strategic focus on traditional markets and emerging sectors, which is expected to drive growth [19] - The company maintains an "Overweight" rating, with adjusted net profit forecasts for 2025-2027 at 1.02 billion, 1.16 billion, and 1.29 billion yuan [19] Tianfu Communication (300394) - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year increase of 40%-60% [20] - The growth is attributed to the acceleration of the AI industry and global data center construction, which has driven demand for high-speed optical devices [20] - The company is positioned to benefit from the upcoming commercial launch of its 1.6T optical engine products [20]

Group 1: Company Overview - The report focuses on 康宁杰瑞生物-B (9966.HK), which specializes in the development, production, and commercialization of innovative biopharmaceuticals in the oncology field, leveraging various core technology platforms [4][6] - The company has developed a differentiated pipeline that includes single-domain antibodies, bispecific antibodies, and antibody-drug conjugates (ADCs), showcasing international competitiveness [4][5] Group 2: Product Pipeline and Commercialization - The commercialization of 安尼妥单抗 injection is imminent, targeting 2L+HER2+GC treatment and providing better clinical options for 1L/newly diagnosed HER2+ breast cancer patients [4][5] - The first listing application for 安尼妥单抗 for HER2+ gastric cancer has been accepted by NMPA, with expectations for approval within 2026, marking the beginning of a commercialization phase [4][5] - Multiple ongoing clinical trials for various indications, including 1L HER2+ breast cancer and HER2+ gastric cancer, indicate significant potential for blockbuster products [4][5] Group 3: Financial Projections - Revenue forecasts for 康宁杰瑞 are projected at 432 million, 484 million, and 596 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of -32.5%, 12.1%, and 23.0% [6] - The current price-to-sales (PS) ratios are estimated at 20.6x, 18.4x, and 14.9x for the respective years, indicating substantial upside potential due to effective drug commercialization and clinical data disclosures [6] Group 4: Industry Overview - The report highlights a positive macroeconomic environment for the non-ferrous metals industry, with significant price increases in metal commodities driven by supply constraints and favorable economic indicators [7][10] - The U.S. GDP for Q3 exceeded expectations, with a year-on-year growth rate of 4.3%, supporting consumer spending despite inflation and employment concerns [7][8] - The industrial added value for large-scale industries in China is expected to grow by 5.9% in 2025, indicating a robust manufacturing sector [9]

2025年，在"双循环"新发展格局下，中国资本市场正经历一场深刻的蜕变。全球资本再平衡的浪潮中，中国逐渐成为那个不可忽视的核心锚点。 而在这一宏大叙事中，创新药板块无疑是今年最为亮眼的主角之一。行业从过去的"数量追逐"大步迈向"硬科技决胜"，资本市场也以真金白银投票：板块整 体走强，细分赛道黑马频出。 其中，康宁杰瑞在2025年不仅完成蜕变，在资本市场获得认可，年内股价涨幅220.57%(数据截止2025年12月22日收盘)，成为中大型未盈利生物科技公司中 的领跑者，更在近期荣获由格隆汇颁布的"年度创新力奖"，这一奖项背后，是对其"以平台化技术为引擎，实现管线高效、快速产出"创新模式的权威肯定。 那么，在创新药走向硬科技之路下，为什么康宁杰瑞能够脱颖而出?背后的底层逻辑是什么? 2025年，创新药板块走出了一轮清晰的结构性牛市。在估值修复、政策支持与BD出海浪潮的多重推动下，整个行业的估值体系正在被系统性重构。 资本市场的共识已然明确：创新药的投资逻辑，已从早先的"故事与管线"叙事，转向对"商业化兑现能力"与"持续创新动能"的深度定价。政策鼓励源头创 新、审评审批持续提速、头部药企海外授权(BD)高频落地：这 ...

康宁杰瑞 20251222 摘要 康宁杰瑞的 KN026 预计 2026 年获批用于二线及以上 HER2 阳性胃癌， 疗效超越现有临床指南药物，销售峰值预期超 30 亿元。一线乳腺癌及 新辅助临床数据也将在 2026 年读出并申报上市。 GSK003 是一种 HER2 双表位 ADC，采用糖基化定点偶联技术，疗效 和安全性优于 TDM1 等单靶 ADC。预计 2026 年二线 HER2 阳性乳腺 癌数据读出并申报上市，销售峰值预期超 25 亿元。 康宁杰瑞拥有糖基化定点偶联和皮下注射给药两大技术平台。糖基化平 台效率高于 Synaffix，皮下注射平台提升患者依从性。KN035 销售收 入和对外授权许可费是主要营收来源，公司 2024 年已扭亏为盈。 ADC 市场快速发展，康宁杰瑞专注于新一代 ADC 治疗范式，其糖基化 定点偶联平台产出的 ADC 疗效与安全性优于现有单靶 ADC，差异化靶 点布局带来 BD 机遇。公司管线包含多款创新型双抗和复方制剂。 KN026 在 HER2 阳性胃癌的临床试验中，mPFS 和 MOS 均优于现有疗 法，HR 值低于 0.3，可显著降低疾病进展和死亡风险。一线治疗 MOS ...

Group 1 - The company is a pioneer in antibody technology in China, focusing on the research, production, and commercialization of innovative biopharmaceuticals for oncology, with a core technology platform that includes self-developed bispecific antibodies and ADC technology [2] - The global first PD-L1 subcutaneous injection KN035 was approved for market in November 2021, with expected sales and royalties of 130 million, 128 million, and 125 million yuan for 2025, 2026, and 2027 respectively [2] - The self-developed HER2 bispecific antibody KN026 has shown strong positive efficacy in treating 2L+ HER2-positive gastric cancer, with its application for market approval expected to be accepted by NMPA in September 2025, and anticipated approval in the second half of 2026 [2] Group 2 - JSKN003, a self-developed HER2 bispecific antibody ADC, is advancing in clinical trials for multiple indications in China, showing superior efficacy and safety compared to Enhertu, with data readout expected in 2027 [3] - The company plans to submit an NDA for 2L HER2-positive breast cancer in 2026 and will initiate a Phase III trial for HER2-positive metastatic colorectal cancer in October 2025, with projected sales of 0.05 million, 0.57 million, and 1.08 million yuan for 2027, 2028, and 2029 respectively [3] Group 3 - The company has established a diversified bispecific antibody ADC product matrix through its proprietary glycosylation site-specific conjugation technology platform and differentiated target layout strategy [4] - JSKN016 is the world's first TROP2/HER3 bispecific antibody ADC, currently enrolling over 400 patients for indications in lung and breast cancer, indicating a broad market potential [4] - JSKN022, a first-in-class targeted PD-L1/ITGB6 bispecific antibody ADC, initiated its first patient dosing in October, while JSKN027, which has a triple mechanism of action, is expected to file for IND soon [4]

Group 1 - The core viewpoint of the report is that the company, Corning Jereh Pharmaceutical-B (09966), is projected to experience a significant decline in revenue in 2025, followed by a recovery in the subsequent years, with expected revenues of 4.43 billion, 4.86 billion, and 5.50 billion in 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -30.87%, +9.78%, and +13.22% [1] - The company is recognized as a pioneer in domestic antibody technology, with its HER2 bispecific antibody expected to receive approval soon, focusing on the research, production, and commercialization of innovative biopharmaceuticals in the oncology field [1] - The company’s self-developed PD-L1 subcutaneous injection KN035 was approved for market in November 2021, with projected sales and royalties of 1.3 billion, 1.28 billion, and 1.25 billion for the years 2025, 2026, and 2027 respectively [1] Group 2 - JSKN003, a self-developed HER2 bispecific antibody ADC, is advancing through clinical trials in China, showing superior efficacy and safety compared to Enhertu in platinum-resistant ovarian cancer, with data readout expected in 2027 and NDA submission planned for 2026 for 2L HER2-positive breast cancer [2] - The company is leveraging its proprietary glycosylation site-specific conjugation technology platform and a differentiated target layout strategy to build a diverse product matrix of bispecific antibody ADCs, including JSKN016, the world's first TROP2/HER3 bispecific antibody ADC, which has enrolled over 400 patients in lung and breast cancer indications [3] - JSKN022, a first-in-class targeted PD-L1/ITGB6 bispecific antibody ADC, has initiated patient dosing, while JSKN027, which possesses cytotoxic, anti-angiogenic, and immune-regulatory mechanisms, is expected to file for IND soon [3]