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 ...

Investment Highlights - Company is initiating coverage on Qianxin Biologics-B (02509) with an "outperform" rating and a target price of HKD 33.00, citing its end-to-end innovative drug development capabilities and deep focus in the autoimmune sector [1] - Established in 2015, Qianxin Biologics is one of the few domestic biotech firms specializing in the research and development of autoimmune and allergic diseases, having built a comprehensive drug development system from early research to commercialization [1] - The company has developed a pipeline covering four major therapeutic areas: dermatology, rheumatology, respiratory, and gastroenterology, with one approved product, ten products in development, and over twenty IND approvals [1] Product Pipeline and Collaborations - QX001S is the first approved biosimilar of ustekinumab in China, while QX005N (IL-4Rα monoclonal antibody), QX002N (IL-17A monoclonal antibody), and QX004N (IL-23p19 monoclonal antibody) are in Phase III clinical trials and expected to contribute to revenue in the next 1-2 years [1] - The company has efficiently developed a series of long-acting bispecific antibodies (bsAbs) in the autoimmune field, with overseas licensing agreements for QX030N, QX031N (TSLP/IL-33), and QX027N (TSLP/IL-13) signed with Caldera, Roche, and Windward, respectively, indicating recognition from multinational corporations and investment institutions [2] - The existing mature pipeline has strong domestic partners, ensuring sales certainty, and the value of bispecific antibodies is gradually being recognized by overseas pharmaceutical companies [2] Financial Projections - Earnings per share (EPS) forecasts for the company are projected at CNY 1.61, CNY 0.88, and CNY 0.55 for the years 2025 to 2027 [2] - The target price of HKD 33.00 represents a 41.6% upside potential from the current stock price, based on discounted cash flow (DCF) valuation [2]

Core Insights - In 2025, China's innovative drug BD transactions reached a record high, with a total transaction amount of $135.655 billion, including $7 billion in upfront payments and 157 deals, marking a significant milestone for the industry [1][14][17] Group 1: Transaction Highlights - December alone saw 15 overseas licensing deals with a potential total value exceeding $16 billion, concluding the year on a high note [1][14] - The trend of milestone payments is emerging, with several companies triggering these payments, indicating the strength of Chinese innovative drugs [4][19] - Notable milestone payments include $11 million from AstraZeneca for a joint therapy approval and $30 million from Instil for a clinical trial initiation [21][22] Group 2: Evolving Collaboration Models - The BD transaction landscape is diversifying, moving from "Newco" models to "Co-Co" (co-development and co-commercialization) partnerships, reflecting a shift in strategy among Chinese pharmaceutical companies [9][25] - A landmark deal between Innovent Biologics and Takeda, valued at $11.4 billion, exemplifies the "Co-Co" model, allowing shared development costs and profits [26][27] - The "Newco" model remains prevalent, with 9 such transactions recorded in 2025, showcasing the continued appeal of equity-linked collaborations [28] Group 3: Industry Implications - The increase in milestone payments not only alleviates cash flow pressures for companies but also signifies progress in global development efforts [5][19] - The successful execution of these transactions is expected to enhance global trust in Chinese innovative drugs, paving the way for more overseas collaborations [24] - The evolution of collaboration models indicates a growing confidence and negotiation power of Chinese pharmaceutical companies in the global market [10][27]

Core Insights - Chinese innovative pharmaceutical companies are making significant strides in global expansion, as evidenced by the simultaneous announcements from Qianxin Biopharma and Xiansheng Pharmaceutical regarding their licensing agreements with international partners, totaling up to $1.76 billion [1][3]. Group 1: Licensing Agreements - Qianxin Biopharma has licensed its self-developed drug QX027N, a long-acting dual-specific antibody targeting TSLP and IL-13, to Windward Bio Group AG's subsidiary LE2025 Therapeutics AG, with a total potential consideration of up to $700 million, including upfront payments, equity, development, and commercial milestone payments, plus tiered royalties [1][9]. - Xiansheng Pharmaceutical's subsidiary Jiangsu Xiansheng Zaiming Pharmaceutical Co., Ltd. has reached an agreement with Ipsen Pharma SAS to license the global rights (excluding Greater China) for the antibody-drug conjugate SIM0613 targeting LRRC15, with a total transaction value of up to $1.06 billion, including a $45 million upfront payment and subsequent milestone payments [1][9]. Group 2: Drug Profiles - QX027N is designed to target two immune pathways, TSLP and IL-13, which are critical in allergic and inflammatory diseases, potentially offering superior efficacy in treating asthma and atopic dermatitis. The long-acting design aims to reduce dosing frequency and improve patient compliance, which is a key consideration for Windward Bio [3][11]. - SIM0613 is a novel ADC targeting LRRC15, which is highly expressed in various solid tumors and tumor-associated fibroblasts but minimally expressed in normal cells. The ADC technology combines antibody targeting with the cytotoxicity of chemotherapy agents, representing a significant direction in cancer treatment [2][5][13]. Group 3: Industry Implications - The announcements reflect a maturation of the Chinese pharmaceutical industry, showcasing its ability to participate in global competition with high-quality and diversified innovative drugs. The successful licensing of these drugs marks a pivotal moment for the industry as more Chinese-developed innovative drugs enter the global market, reshaping the global pharmaceutical landscape [7][14].

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio Group AG's subsidiary, LE2025 Therapeutics AG, granting exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China and certain other Chinese territories [1] Group 1: Agreement Details - The agreement allows LE2025 to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2: Product Information - QX027N is a proprietary long-acting dual-specific antibody targeting TSLP and IL-13 developed by the company [1]

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio's subsidiary, granting exclusive rights for the development and commercialization of QX027N outside of specific regions in China, with potential payments totaling up to $700 million [1] Group 1 - The agreement allows LE2025 Therapeutics AG to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The total potential payments include an upfront payment, equity in Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions, amounting to up to $700 million [1] - QX027N is a long-acting dual-specific antibody targeting TSLP and IL-13, developed independently by the company [1] Group 2 - The company successfully initiated Phase I clinical trials for QX027N on December 12, 2025, with the first subject enrolled in China [1]

Core Viewpoint - The stock of Zai Lab Limited (荃信生物-B) rose over 4% following the announcement of a licensing agreement with Windward Bio's subsidiary, LE2025 Therapeutics AG, for the development and commercialization of QX027N outside of Greater China [1] Group 1: Licensing Agreement - Zai Lab has entered into a licensing agreement with LE2025 Therapeutics AG for its proprietary drug QX027N [1] - LE2025 is granted exclusive rights to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - Zai Lab is entitled to receive up to $700 million in payments, which includes an upfront payment, equity from Windward Bio, and milestone payments related to development and commercialization [1] Group 2: Product Information - QX027N is a long-acting bispecific antibody targeting TSLP and IL-13, developed by Zai Lab [1] - The drug has received implied approval for clinical trials from the National Medical Products Administration (NMPA) in November 2025, with acceptance numbers CXSL2500757 and CXSL2500758 [1] - QX027N is intended for the treatment of asthma and atopic dermatitis, and the first subject has been enrolled in the domestic Phase I clinical trial [1]

据悉，QX027N是荃信生物自主研发的长效抗TSLPxIL-13双特异性抗体，2025年11月已获得国家药品监 督管理局药品审评中心的临床试验默示许可（受理号：CXSL2500757，CXSL2500758），拟用于治疗 哮喘及特应性皮炎，现已完成国内I期临床试验首例受试者入组。 消息面上，荃信生物今早宣布，12月19日，荃信生物与Windward Bio附属公司LE2025 Therapeutics AG 就公司自主研发的QX027N达成授权合作。根据协议，LE2025获授予在全球范围（不包括中国内地、台 湾、香港特别行政区及澳门特别行政区）内开发及商业化QX027N的独家权利。作为回报，荃信生物将 有权收取最高7亿美元的付款，包括首付款、Windward Bio的股权、开发及商业里程碑付款，此外，公 司还有权根据QX027N在许可地区的销售净额收取分级特许权使用费。 智通财经APP获悉，荃信生物-B(02509)涨超4%，截至发稿，涨4.36%，报19.61港元，成交额309.57万港 元。 ...

Core Viewpoint - The company announced a licensing and collaboration agreement with Windward Bio Group AG's subsidiary, LE2025 Therapeutics AG, granting exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China and certain special administrative regions [1] Group 1: Agreement Details - The agreement allows LE2025 to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2: Product Information - QX027N is a long-acting bispecific antibody targeting TSLP and IL-13, developed in-house by the company [1]

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio Group's subsidiary, granting exclusive rights for the development and commercialization of QX027N in specified regions outside of Greater China, with potential payments totaling up to $700 million [1] Group 1: Agreement Details - The agreement was signed on December 19, 2025, between the company and LE2025 Therapeutics AG [1] - The licensed regions exclude mainland China, Taiwan, Hong Kong, and Macau [1] Group 2: Financial Implications - The company or its designated subsidiaries are entitled to receive up to $700 million in total payments, which include an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 3: Product Information - QX027N is a proprietary long-acting bispecific antibody targeting TSLP and IL-13 developed by the company [1]