板块Q3业绩分化，关注高确定性优质标的。 根据草根调研结合公司历史财务表现，该行预计2025Q3医药板块整体业绩或将持续分化，创新药板块 中部分优质龙头等凭借产品管线优化与国际化进展预计维持快速增长;CRO/CDMO行业经历短期调整 后，受益全球订单恢复与运营效率提升，业绩有望逐步企稳;器械板块整体表现稳健，细分赛道如影像 设备等已有回暖趋势，体外诊断考虑DRG/DIP推广等外部因素或阶段性承压;受政策与行业周期影响， 部分中药及医疗服务企业仍面临短期增长压力。整体而言，该行认为医药板块三季度业绩有望逐渐回 稳，建议关注部分业绩确定性高、增长动能充足、估值合理的优质标的。 关注PD1激动剂自免赛道，特异性杀伤病理T细胞有望呈现更好疗效/副作用平衡。 智通财经APP获悉，中泰证券发布研报称，国庆假期后市场延续节前行情，整体市场仍以科技行情为 主，医药板块阶段资金有所流出，表现相对震荡。但创新行情的主线逻辑并未动摇，新靶点研发、临床 数据落地、跨境 BD 等产业趋势仍然持续，建议逢低加配具有关键数据读出催化、潜在重磅BD交易预 期、全球化潜力突出的优质标的;同时，在中美博弈长期复杂的预期下，建议结合Q3业绩积极筛 ...

Strategic Separation to Maximize Shareholder Value Sept. 29, 2025 Safe harbor statement This presentation and any accompanying oral presentation contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: the timing of the release of data from the Company's clinical trials, including initial data for rosnilimab's Phase 2 clinical trial in ulcerative colitis; expectations regarding the structure ...

Rosnilimab (PD-1 depleter and agonist) in Rheumatoid Arthritis (RA) - Rosnilimab is well-positioned for the ~$20 billion U S RA market, which hasn't had a new mechanism approved since 2012[14] - In b/tsDMARD-naïve patients, Rosnilimab shows JAK-like efficacy, with 64% achieving CDAI LDA, 48% achieving ACR50, and 23% achieving ACR70[28] - In b/tsDMARD-experienced patients, Rosnilimab surpassed the 6-month Target Product Profile (TPP) and is comparable at mid/high dose to JAKs in all-active H2H study[30] - 83% of Week 28 CDAI LDA responders were still in response at Week 34, demonstrating durable responses for at least 2-months off-drug[33] - Synovial biopsies show ~90% reduction of PD-1+ T cells in the target issue with 400mg/600mg doses[39, 40] Rosnilimab in Ulcerative Colitis (UC) - Initial Phase 2 data for Rosnilimab in Ulcerative Colitis is expected in Q4 2025[2, 78] - Enrollment is ongoing in the Phase 2 trial for moderate-to-severe UC, with interim 6-month data expected in Q4 2025[60] - The primary endpoint of the UC trial is the change in modified Mayo score (mMS) vs placebo at Week 12[62] ANB033 (CD122 antagonist) - Phase 1 trial of ANB033 in healthy volunteers has been initiated, with an R&D event planned for H2 2025[63, 78] - ANB033 is designed to reduce pathogenic T cells and NK Cells by potently inhibiting IL-15 and IL-2 biology[63, 65, 66] Financial Position - The company has a strong capital position with ~$383 million in cash as of Q1 2025, expected to provide a cash runway through YE 2027[7, 69, 76]

Core Viewpoint - The recent incident involving the articles published by "Meisi Oncology New Frontier" highlights the intensifying competition in the PD-1 monoclonal antibody market, indicating a shift towards a saturated market where established players dominate future growth opportunities [4][5][8]. Market Dynamics - The PD-1 monoclonal antibody market has transitioned from a "golden track" to a "red ocean" due to increased product launches leading to homogenization of competition [5][8]. - Major players like Merck's "K drug" (pembrolizumab) and Bristol-Myers Squibb's "O drug" (nivolumab) continue to show strong sales, with projected global revenues of approximately $29.5 billion and $10.1 billion respectively for 2024 [5][6]. - In China, BeiGene's tislelizumab leads with sales of 4.467 billion yuan, a 17.4% increase year-on-year, while Innovent's sintilimab and Junshi Biosciences' toripalimab also report significant growth [6][7]. Competitive Landscape - The market is characterized by a clear division between leading companies with established products and newer entrants struggling to gain market share [8][9]. - Companies that fail to differentiate their products or adapt to the competitive landscape are increasingly exiting the PD-1 market, with at least six companies having withdrawn in the past four years [9][12]. Future Trends - The emergence of PD-1 bispecific antibodies is seen as a potential game-changer, with products like Ivosidenib showing superior efficacy in clinical trials compared to traditional PD-1 monoclonal antibodies [14][15]. - The potential for PD-1 bispecifics to address "hard-to-treat" patient populations and improve outcomes in various cancer types is being recognized as a significant opportunity for innovation [16]. Broader Applications - Beyond oncology, PD-1 inhibitors are being explored for autoimmune diseases, with ongoing clinical trials for conditions like rheumatoid arthritis [19][20]. - The distinction between PD-1 inhibitors and PD-1 agonists is crucial, as the latter has not yet seen any products approved for market, indicating a potential area for future development [20].