海思科公司近日成功将 PD34 分子授权给一家知名的海外投资机构，总金额超 过 10 亿美元，其中包括超过 1 亿美元的首付款及里程碑付款，此外还有双位 数的销售分成。此次合作对象已经为该分子成立了专门的合作公司，以进行临 Q&A 海思科公司最近成功将 PD34 分子授权给海外知名投资机构，能否详细介绍此 次合作的具体内容和背景？ 海思科 20260110 摘要 海思科与 Frasier 合作，推进 PD34 在美国的临床开发和商业化， Frasier 已为该项目筹集 2.2 亿美元，预计支持一期和二期临床试验， 目标 2030 年获 FDA 批准。海思科保留中国市场权益，选择 Frasier 因 其在呼吸系统药物开发经验和资金筹措能力。 海思科此前已授权 TYK2 和 DTP1 分子给 Alumis 和凯西，这些交易展 示了 BD 实力，并为国际合作奠定基础。DTP1 预计 2030 年前后获批 上市。PD34 作为潜力药物，峰值销售额或达数十亿美元，国际 BD 合 作将拓展市场，推动公司国际化战略。 合作方 Air Networks 股东包括 Frida 和高盛另类投资，Frida 曾孵化维 罗纳，其主席 ...

Summary of Haishi Science Conference Call Company Overview - **Company**: Haishi Science (海思科) - **Industry**: Pharmaceutical and Biotechnology Key Points Financial Performance - Haishi Science expects a **20% revenue growth** for the full year of 2025, with projected revenue reaching **20 billion RMB** in the first half of 2025, marking an **18% year-over-year increase** [2][3] - The company achieved a record **11 billion RMB** in revenue for Q2 2025, with a **90% increase** in net profit [3] Product Revenue Projections - **Ringbofen** (环泊酚) is expected to generate **1.6 billion RMB** in revenue for 2025, while products **16,149** and **7,653** are projected to reach **300 million RMB** in total revenue [2][4] - By the end of 2029, Haishi Science aims for total revenue to grow to **10 billion RMB**, with innovative drug sales exceeding **7 billion RMB** [2][6] Research and Development - R&D expenses increased by **60%** year-over-year to **500 million RMB** in the first half of 2025, with a focus on multiple projects across various therapeutic areas [2][9] - The company is advancing several clinical trials, including **39,297** for PNH and **31,858** for non-cystic fibrosis bronchiectasis, with NDA submissions planned for late 2025 and early 2026, respectively [7][17] Market Strategy - Haishi Science plans to launch **1 to 3 new products annually** and is pursuing a dual-filing strategy in the U.S. and China [5][23] - The company is focusing on the respiratory field, targeting diseases such as COPD, IPF, and asthma, with specific attention to the **DP1**, **PDE34**, and **PDE14B** targets [5][18] Competitive Landscape - **PD34** is positioned for asthma treatment, with no current plans to expand its indications [20] - The company is exploring potential synergies between its respiratory products to enhance treatment efficacy [19] Future Outlook - Haishi Science is optimistic about the commercialization of its new products, with **16,149** and **7,653** expected to maintain sales around **60 million RMB** each for 2025 [11] - The company does not plan to enter the nuclear medicine field but remains focused on other innovative therapies [11][26] Financial Management - The company has improved cash flow significantly in Q2 2025 due to enhanced payment cycles and financial policy optimizations [21] International Development - Haishi Science is actively pursuing international clinical trials, particularly for product **47,388**, with plans for IND submissions in the U.S. [22][23] Conclusion - Haishi Science is on a growth trajectory with ambitious revenue targets, a strong pipeline of innovative drugs, and a strategic focus on international expansion and R&D investment to drive future success [25][26]