临床试验进展不及预期、核心产品销售及市场推广不及预期、市场竞争格局恶化风险。 创新管线进展顺利，多项管线实现对外授权 公司自免领域创新研发能力突出，2025年完成三条自免双抗管线对外授权，分别为授权Winddward Bio 在海外开发及商业化QX027N(TSLPxIL-13双抗)的独家权利，TSLP/IL-33双抗以10.7亿美金总包授权于 罗氏，5.55亿美元总包授权于Caldera长效双抗QX030N。该行认为公司双抗管线的密集授权证明公司研 发能力受到外部充分认可;在国内市场方面，公司研发的QX001S(IL12/23p40)与QX005N(IL-4Rα)已与华 东医药达成商业化合作，同时IL-23p19与TSLP管线分别与国内头部药企翰森制药与健康元达成合作， 未来有望借助合作药企销售渠道与市场推广资源实现产品快速销售放量。 风险提示 智通财经APP获悉，国泰海通证券发布研报称，首次覆盖给予荃信生物-B(02509)"增持"评级。公司聚焦 自身免疫及过敏性疾病生物疗法，全面布局自免领域四大疾病，包括皮肤、风湿、呼吸道及消化道疾病 的产品管线，目前以皮肤疾病为优先发展方向，公司目前拥有1项获批产品， ...

Core Viewpoint - The report from Guotai Junan Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, highlighting the company's focus on immunotherapy and allergy disease biotherapies, with a comprehensive pipeline targeting four major autoimmune diseases [1] Group 1: Company Overview - Qianxin Biologics is concentrating on immunotherapy for autoimmune and allergic diseases, prioritizing skin diseases in its product pipeline [1] - The company currently has one approved product, nine products in development, and over 20 IND-approved projects [1] Group 2: Market Potential - According to Frost & Sullivan, the global autoimmune drug market is expected to reach $176.7 billion by 2030, with the share of biopharmaceuticals increasing from 72.8% in 2022 to 82.1% in 2030 [1] - The Chinese autoimmune market is projected to reach $19.9 billion by 2030, with a compound annual growth rate (CAGR) of 26.7% from 2025 to 2030, and the share of biopharmaceuticals expected to rise from 41.9% in 2022 to 69.3% in 2030 [1] Group 3: Pipeline Progress - The company has demonstrated strong innovation capabilities in the autoimmune field, with plans to complete three dual-antibody pipelines for external licensing by 2025 [2] - The company has granted exclusive rights to Windward Bio for the overseas development and commercialization of QX027N (TSLPxIL-13 dual antibody) and has secured total licensing agreements of $1.07 billion with Roche and $555 million with Caldera for other dual antibodies [2] - In the domestic market, partnerships have been established with East China Pharmaceutical for QX001S (IL12/23p40) and QX005N (IL-4Rα), as well as collaborations with leading domestic pharmaceutical companies for further commercialization [2]