端到端的创新药开发能力，自免领域深度布局 荃信生物成立于2015年，作为国内少数几家专注于自身免疫及过敏性疾病研发的Biotech，公司已搭建 了从早研、生产到临床和商业化的端到端创新药开发体系。截至目前公司已构建了覆盖皮肤/风湿/呼吸/ 消化科四大协同治疗领域的全面研发管线，已拥有了1款获批产品，10款在研产品，以及20余项IND批 准。QX001S是国内首个获批上市的乌司奴单抗生物类似药，QX005N(IL-4Rα单抗)、QX002N(IL-17A单 抗)、QX004N(IL-23p19单抗)均已处于III期临床阶段，有望未来1-2年也将上市贡献业绩。 中金发布研报称，预计荃信生物-B(02509)2025~2027年EPS分别为1.61元、0.88元、0.55元。该行首次覆 盖给予跑赢行业评级，基于DCF估值，该行给予目标价33.0港元，较公司当前股价存在41.6%的上行空 间。该行认为公司现有成熟管线国内合作伙伴实力强劲，销售确定性强，双抗价值正逐步被海外药企所 认可。 中金主要观点如下： 潜在催化剂：QX005N III期数据读出及申报BLA，QX002N申报BLA，双抗产品逐步启动国内和海外临 床 ...

自免双抗快速迭代，年内连续三次出海 基于公司在自免单抗领域的长期积累，公司高效开发了一系列长效双抗产品，持续扩充管线中潜在FIC 及BIC产品。2025年公司就QX030N、QX031N(TSLP/IL-33)和QX027N(TSLP/IL-13)分别与Caldera、 Roche和Windward达成海外授权合作协议，证明了公司双抗管线已经被海外MNC、投资机构及biotech所 认可。该行认为这些产品可组成创新双抗矩阵，成为公司未来业绩增长的新引擎。 潜在催化剂：QX005N III期数据读出及申报BLA，QX002N申报BLA，双抗产品逐步启动国内和海外临 床，BD里程碑兑现。 智通财经APP获悉，中金发布研报称，预计荃信生物-B(02509)2025~2027年EPS分别为1.61元、0.88元、 0.55元。该行首次覆盖给予跑赢行业评级，基于DCF估值，该行给予目标价33.0港元，较公司当前股价 存在41.6%的上行空间。该行认为公司现有成熟管线国内合作伙伴实力强劲，销售确定性强，双抗价值 正逐步被海外药企所认可。 中金主要观点如下： 端到端的创新药开发能力，自免领域深度布局 荃信生物成立于2015 ...

机构：中金公司 研究员：张琎/杨一正/朱言音 首次覆盖 投资亮点 首次覆盖荃信生物-B（02509）给予跑赢行业评级，目标价33.00港元。理由如下： 端到端的创新药开发能力，自免领域深度布局。荃信生物成立于2015 年，作为国内少数几家专注于自 身免疫及过敏性疾病研发的Biotech，公司已搭建了从早研、生产到临床和商业化的端到端创新药开发 体系。截至目前公司已构建了覆盖皮肤/风湿/呼吸/消化科四大协同治疗领域的全面研发管线，已拥有了 1 款获批产品，10 款在研产品，以及20 余项IND批准。QX001S 是国内首个获批上市的乌司奴单抗生物 类似药，QX005N（IL-4Rα单抗）、QX002N（IL-17A 单抗）、QX004N（IL-23p19 单抗）均已处于III 期临床阶段，有望未来1-2 年也将上市贡献业绩。 自免双抗快速迭代，年内连续三次出海。基于公司在自免单抗领域的长期积累，公司高效开发了一系列 长效双抗产品，持续扩充管线中潜在FIC 及BIC 产品。2025 年公司就QX030N、QX031N（TSLP/IL- 33）和QX027N（TSLP/IL-13）分别与Caldera、Roche ...

Group 1 - Tianfeng Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, projecting revenue of RMB 3.22 billion, RMB 4.41 billion, and RMB 5.93 billion for 2025-2027 respectively, and sets a target price of RMB 36.85, equivalent to HKD 40.25 for 2025 [1] - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with biologics' market share projected to increase to 65.6% by 2030. The psoriasis market is anticipated to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to reach approximately RMB 46.3 billion by 2030 [1] - Current first-line treatments for autoimmune diseases like psoriasis and ankylosing spondylitis primarily involve corticosteroids, immunosuppressants, and non-steroidal anti-inflammatory drugs, which have limitations such as short treatment duration and systemic side effects [1] Group 2 - The company has a robust pipeline in monoclonal antibodies for autoimmune diseases, with QX001S being the first approved biosimilar of ustekinumab in China, significantly improving accessibility for psoriasis treatment [2] - QX008N has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3 - The company is advancing differentiated long-acting bispecific antibodies and actively pursuing overseas business development and licensing collaborations [3] - The rabbit antibody development platform enables high-activity antibody screening and early commercial feasibility assessments, focusing on key signaling pathways in autoimmune diseases [3] - The company has multiple bispecific antibody pipelines, including QX030N, which has completed its first overseas New Co transaction, and QX027N and QX035N, which are set for IND submissions in China and the U.S. [3] Group 4 - The company is diversifying its commercialization efforts through strategic partnerships, including collaborations with Huadong Medicine for QX001S and QX005N, and exclusive licensing agreements with Hansoh Pharmaceutical and Health元 for various products [4] - An exclusive licensing agreement has been signed with Caldera Therapeutics for the global development and commercialization of long-acting bispecific antibody QX030N [4]

Core Viewpoint - The company, 荃信生物-B, has shown significant growth in its mid-year performance, with a substantial increase in revenue and a notable reduction in losses, indicating strong potential for future development in the biopharmaceutical sector [1][2]. Financial Performance - The company reported a revenue of RMB 206 million for the first half of the year, representing a year-on-year increase of 359.69% [1]. - The net loss for the period was RMB 30.93 million, which is a decrease of 83.11% compared to the previous year [1]. Revenue Sources - The revenue growth was primarily driven by upfront payments from licensing agreements, milestone payments, clinical research service fees, and CDMO (Contract Development and Manufacturing Organization) income [1]. Product Pipeline - The company has five key pipeline products: QX001S, QX005N, QX002N, QX004N, and QX008N, targeting various therapeutic areas with established drug approval in the global market, indicating a high probability of successful commercialization [1]. - Except for QX002, the remaining products have established partnerships with domestic pharmaceutical companies for commercialization, which is expected to accelerate market potential realization [1]. Internationalization Strategy - The company aims to internationalize its dual-antibody pipeline, with QX027N and QX031N expected to submit IND applications simultaneously in China and the U.S. in Q3 2025 and H2 2025, respectively [2]. - QX035 is projected to submit its IND application in H2 2026, with no significant competing dual-antibody products currently available in the autoimmune field, suggesting a strong opportunity for clinical value realization [2].

Group 1 - The core viewpoint of the news highlights the significant revenue growth and reduced losses for Qianxin Biologics, with a reported revenue of RMB 206 million, a year-on-year increase of 359.69%, and a loss of RMB 30.93 million, a decrease of 83.11% [1] - The revenue increase is primarily attributed to upfront payments from licensing projects, milestone payments, clinical research service fees, and CDMO income [1] - The company has five pipeline products with advanced clinical progress, which have established partnerships with domestic pharmaceutical companies for commercialization, enhancing market potential [1] Group 2 - The company aims to internationalize its dual-antibody pipeline, with QX027N and QX031N expected to submit IND applications simultaneously in the US and China in Q3 2025 and H2 2025, respectively [2] - QX035N is projected to submit its IND application in H2 2026, indicating a strategic timeline for product development [2] - There are currently no major dual-antibody products in the autoimmune field globally, suggesting that the company's innovative pipeline has the potential for rapid clinical value realization [2]

Investment Rating - The report does not explicitly state an investment rating for the skin disease drug industry Core Insights - The skin disease drug industry focuses on treating various skin conditions, with a strong market demand driven by increasing patient needs and innovative treatment methods [5][6] - The market size for skin disease drugs is projected to grow from 2.076 billion RMB in 2019 to 2.575 billion RMB in 2023, with a compound annual growth rate (CAGR) of 5.54%. It is expected to reach 3.551 billion RMB by 2028, with a CAGR of 6.32% [9][10] - The industry has evolved from the use of natural substances to synthetic drugs and innovative biopharmaceuticals, with significant advancements in drug formulations and delivery systems [8] Market Background - The skin disease drug industry is characterized by high regulatory barriers and significant policy impacts, but the growing patient demand is driving market expansion [5] - The prevalence of skin diseases in China is high, with estimates indicating that 40%-70% of the population is affected, leading to a strong treatment willingness and a growing market for topical medications [13] Market Status - The market supply is constrained by the complexity of developing topical formulations, with only five new topical drugs approved in the last five years compared to 80 oral formulations [11] - The demand for skin disease treatments is increasing due to rising incidence rates and the convenience of topical medications, which patients can self-administer [13] Market Competition - The competitive landscape features a tiered structure, with leading companies like Huabang Pharmaceutical and ZhiYuan Pharmaceutical dominating the market [18][19] - The online sales channel for skin disease drugs has grown significantly, with its share increasing from 9.0% in 2019 to 22.9% in 2023, reflecting a CAGR of 24.3% [18] Development Trends - Technological innovations, particularly in biopharmaceuticals and AI-driven drug development, are expected to be key growth drivers in the industry [32] - Local companies are likely to strengthen their market positions through channel advantages and innovation, while foreign companies may deepen their local presence through partnerships [33] - Policy changes and capital investments are anticipated to accelerate industry upgrades, enhancing the accessibility of innovative drugs [34]