分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 创新药出海节奏恢复，中国创新优势继续保持 证 券 研 究 报 告 行业周报 创新药对外授权节奏有望恢复 医药行业周报 投资评级： 报告日期： 推荐 （维持 ） 2025年10月19日 10月的第三周，国内落地多个创新药的对外授权项目，包括维立志博（BDCA2/TACI双抗，临床前）、翰森制药（CDH17 ADC, I期）、奥赛康(VEGF/ANG-2, II期）、海和药物（PI3Kα抑制剂，NDA）等。虽然缺少首付款超过2亿美元以上的重 磅交易，但创新药对外授权的节奏已恢复。根据医药魔方数据，截至2025年8月，中国License-out出海交易数量已达93笔， 占全球交易数量32%，License-out首付款总额已达43亿美元，总金额848亿美元，首付款与总金额均已超过去年全年总额， 并有望创下近十年新高。从BD的阶段分析，MNC依然青睐于中国早期研发资产，II期临床前数量占比更高，而市场期待已 久的双抗，ADC等热点领域，2025年Q3却没有重磅BD落地。实际 ...

Core Viewpoint - The company reported a slight revenue increase in 1H25, driven by strong sales growth of its core product, Tuoyi, while reducing its net loss compared to the previous year [1]. Group 1: Financial Performance - The company's revenue for 1H25 reached 1.168 billion yuan, representing a year-on-year growth of 46% [1]. - The net loss attributable to shareholders was 413 million yuan, which is a reduction in loss by 232 million yuan compared to the previous year [1]. Group 2: Product Development and Market Trends - Tuoyi's sales in the domestic market amounted to 954 million yuan in 1H25, showing a year-on-year increase of 42% [1]. - Tuoyi has received approval for 12 indications in China and is approved in 40 countries and regions, indicating a growing global commercialization value [1]. - The company expects accelerated global sales of Tuoyi as new indications enter the market and more countries approve its commercialization [1]. Group 3: Pipeline and Clinical Research - The company is focusing on the potential of its PD-1/VEGF dual antibody, JS207, which is currently in Phase II clinical trials for various cancers [2]. - The DKK1 monoclonal antibody has shown promising clinical data and is also in Phase II clinical trials, leading in global research progress [2]. - The company has established a pipeline covering over 50 innovative products across five therapeutic areas, with nearly 30 products in clinical research [2]. Group 4: Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast from a loss of 662 million yuan to a loss of 917 million yuan, and introduced a 2026 forecast of a loss of 315 million yuan [3]. - The target price has been raised by 101.0% to 36.98 HKD, indicating a potential upside of 21.1% from the current stock price [3].