今天分享的是：自免行业报告(二)：PROTAC实现"0-1"突破，看好自免口服破局潜力 报告共计：43页 PROTAC技术发展与自免领域应用潜力总结 本报告聚焦PROTAC（蛋白降解靶向嵌合体）技术，深入分析其机制优势、行业现状及在自身免疫性疾病（自免）领域的应用潜力。 PROTAC通过双功能小分子将目标蛋白与细胞内E3泛素连接酶拉近，借助泛素蛋白酶体系统降解目标蛋白，具备独特优势：可靶向传统小分子抑制剂难以作 用的"不可成药"蛋白，能克服靶点突变或表达上调导致的耐药性，且因催化特性具有高选择性和低剂量优势，除肿瘤外，在自免疾病等领域展现出广阔应用 前景。目前约80%的临床PROTAC针对癌症，技术整体处于早期阶段，分子结构设计仍有较大迭代空间。 与竞争激烈的肿瘤领域不同，自免口服药物市场尚处蓝海，尤其皮肤科药物市场潜力巨大。2023年银屑病整体市场规模达270亿美金，口服药物仅占9%，据 预测，2034年左右其市占率有望提升至33%。自免领域仍有大量未被满足的需求，约50%-70%的银屑病/IBD患者未接受先进疗法，且75%的注射性药物使用 者愿意切换至口服药物，而PROTAC兼具类生物制剂的疗效与安全性， ...

Group 1 - Goldman Sachs adjusts target prices for Chinese pharmaceutical stocks, maintaining "Buy" ratings for China Biologic Products (01177) with a target price raised from HKD 3.92 to HKD 6.19, Hansoh Pharmaceutical (03692) from HKD 22.71 to HKD 34.83, and Innovent Biologics with a target price from HKD 74.95 to HKD 96.22, while upgrading the rating for CStone Pharmaceuticals (02616) from "Neutral" to "Buy" with a target price raised from HKD 2.77 to HKD 6.25 [1] - The report highlights a strong performance in the stock prices of Chinese biotech companies, which have risen 78% year-to-date, compared to 41% and 2% for offshore and onshore healthcare stocks respectively, and 18% for the MSCI China Index, indicating a structural shift rather than a temporary rebound [1][2] Group 2 - The potential for upward growth is further supported by product licensing, mergers and acquisitions, and the establishment of new companies, with China accounting for about one-third of the global clinical trial pipeline by mid-2025 and approximately 50% of innovative drug candidates entering human studies in the first half of the year [2] - Chinese companies are leading in new therapies that may define future standard treatments, particularly in areas such as ADCs (antibody-drug conjugates) and BsAb/TCEs, while also emerging as significant players in siRNA and PROTAC fields [2] - The focus on oncology and obesity is expected to grow, with ADC/BsAb representing a key differentiating advantage for China, accounting for one-third of outbound licensing deals, while siRNA and PROTAC pipelines may present future trading opportunities [2] Group 3 - Goldman Sachs introduces a new "Probability of Licensing Success" (PoLS) framework to assess the potential outbound value of Chinese biotech/pharmaceutical pipelines, suggesting that summer presents an opportunity to accumulate high-quality innovative drug stocks [3] - The firm remains optimistic about leading biotech companies such as BeiGene (06160), Innovent Biologics (01801), and Kelun-Biotech (06990), highlighting their significant upside potential by the second half of 2025 [3] - Specific companies like Innovent Biologics, Zai Lab (09688), and Legend Biotech Corporation (LEGN.US) are noted for their promising data releases and sales growth, indicating strong future performance [3]

Group 1 - After the transaction, Yuandong Bio will indirectly hold a 30.6818% stake in Shanghai Chaoyang, making it a significant influence on the company [1] - The transaction is classified as a related party transaction due to the familial connections between the stakeholders involved [1] - Shanghai Chaoyang focuses on innovative drug development in oncology and autoimmune diseases, utilizing advanced technologies such as protein homeostasis and computer-aided drug design [1][2] Group 2 - Shanghai Chaoyang has a pipeline that includes projects HP001 and HP002, as well as candidates CY-002 and CY-007, and is developing a DAC platform for targeted therapies [2] - The R&D team is led by Dr. Zhao Liwen, who has extensive experience in drug development and has successfully brought multiple drugs into clinical trials [2] - Yuandong Bio views the acquisition of Shanghai Chaoyang's stake as a strategic move to accelerate its innovation transformation [3][4]