Group 1 - The stock of Qianxin Biopharmaceuticals-B (02509) rose over 6%, reaching 29.04 HKD with a trading volume of 15.28 million HKD [1] - Tianfeng Securities forecasts that the market size for autoimmune disease drugs in China will reach 36.3 billion RMB by 2024, with the share of biological agents increasing to 65.6% by 2030 [1] - The market size for psoriasis in China is expected to reach 30.65 billion RMB by 2030, while the market for ankylosing spondylitis is projected to be approximately 46.3 billion RMB by 2030 [1] Group 2 - The company has a rich product pipeline in the autoimmune monoclonal antibody sector, including QX001S (IL-23p40), the first approved biosimilar of ustekinumab in China, which significantly improves the clinical accessibility of psoriasis treatment [2] - QX008N (TSLP) has completed Phase II enrollment for chronic obstructive pulmonary disease, leading among domestic products [2] - QX005N (IL-4Rα) has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N (IL-17A) has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in the second half of 2025 [2] - QX004N (IL-23p19) has shown significant efficacy and safety in treating psoriasis and has initiated Phase III trials [2] - QX013N is the first c-kit targeted biologic in China, having completed Phase I trials for chronic spontaneous urticaria [2]

Core Viewpoint - The report highlights the growth potential of the autoimmune disease drug market in China, with significant contributions from biopharmaceuticals, particularly in the treatment of psoriasis and ankylosing spondylitis [1][2]. Industry Summary - The Chinese autoimmune disease drug market is projected to reach 36.3 billion yuan by 2024, with biopharmaceuticals' market share expected to increase to 65.6% by 2030 [1]. - The psoriasis market is anticipated to reach 30.65 billion yuan by 2030, while the market for ankylosing spondylitis is expected to grow to approximately 46.3 billion yuan by 2030 [1]. - Current first-line treatments for autoimmune diseases primarily include glucocorticoids, immunosuppressants, and non-steroidal anti-inflammatory drugs, which have limitations such as short treatment duration and systemic side effects [1]. Company Summary - The company has a diverse product pipeline in the autoimmune monoclonal antibody sector, including QX001S (IL-23p40), the first approved biosimilar of ustekinumab in China, which significantly improves the clinical accessibility of psoriasis treatment [2]. - QX008N (TSLP) has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the progress among domestic products [2]. - QX005N (IL-4Rα) has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2]. - QX002N (IL-17A) has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in the second half of 2025 [2]. - QX004N (IL-23p19) has shown significant efficacy and safety in treating psoriasis and has initiated Phase III trials [2]. - QX013N is the first c-kit targeted biopharmaceutical in China, having completed Phase I trials for chronic spontaneous urticaria [2].

Core Viewpoint - 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 setting a target price of RMB 36.85, equivalent to HKD 40.25 [1] Group 1: Market Potential - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with the share of biological agents increasing to 65.6% by 2030 [1] - The psoriasis market is projected to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to grow to approximately RMB 46.3 billion by 2030, with 3.9 million patients reported in 2022 [1] Group 2: R&D and Product Pipeline - The company has a robust pipeline in autoimmune monoclonal antibodies, including QX001S (IL-23p40), the first approved biosimilar in China for ustekinumab, enhancing accessibility for psoriasis treatment [2] - QX008N (TSLP) has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N (IL-4Rα) has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N (IL-17A) has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N (IL-23p19) has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3: Strategic Collaborations - The company is advancing commercial partnerships both domestically and internationally, collaborating with East China Pharmaceutical on QX001S and QX005N for strategic market development [4] - An exclusive licensing agreement has been established with Hansoh Pharmaceutical for QX004N in Greater China, while a partnership with Health元药业 for QX008N focuses on respiratory indications in mainland China and Hong Kong [4] - An international licensing agreement with Caldera Therapeutics for the long-acting dual antibody QX030N has been signed, granting global exclusive rights for development and commercialization [4]