经营分析 2026年2月3日，公司公告收到与AbbVie关于SIM0500（GPRC5D/BCMA/CD3三抗）的近期里程碑付款 4000万美元。2025年1月，公司与AbbVie就SIM0500签订海外许可选择权协议，公司将收取首付款，以 及最高10.55亿美金的选择性权益付款和里程碑付款以及大中华区以外地区净销售额的分级特许权使用 费。 智通财经APP获悉，国金证券发布研报称，先声药业(02096)创新转型持续加码，多款创新管线陆续出 海，考虑到公司26年首付款、里程碑付款等确认，上调2026年营收和利润预测，维持2025、2027年盈利 预测，预计2025-2027年营业收入分别为76.3/100.3/110.4亿元（原76.3/91.0/110.4亿元），归母净利润 11.5/16.5/16.6亿元（原11.5/13.8/16.6亿元），对应EPS为0.44/0.64/0.64元（原0.44/0.53/0.64元），维 持"买入"评级。 2025年以来至今多管线授权出海，创新转型逐步验证 国金证券主要观点如下： 2025年以来，公司共计4款管线实现对外授权，包括：①SIM0500与AbbVie签订许可 ...

国金证券发布研报称，先声药业(02096)创新转型持续加码，多款创新管线陆续出海，考虑到公司26年 首付款、里程碑付款等确认，上调2026年营收和利润预测，维持2025、2027年盈利预测，预计2025- 2027年营业收入分别为76.3/100.3/110.4亿元(原76.3/91.0/110.4亿元)，归母净利润11.5/16.5/16.6亿元(原 11.5/13.8/16.6亿元)，对应EPS为0.44/0.64/0.64元(原0.44/0.53/0.64元)，维持"买入"评级。 国金证券主要观点如下： 经营分析 ③SIM0613(LRRC15ADC)与Ipsen达成合作，可获得最高达10.6亿美元的总交易付款； 2026年2月3日，公司公告收到与AbbVie关于SIM0500(GPRC5D/BCMA/CD3三抗)的近期里程碑付款4000 万美元。2025年1月，公司与AbbVie就SIM0500签订海外许可选择权协议，公司将收取首付款，以及最 高10.55亿美金的选择性权益付款和里程碑付款以及大中华区以外地区净销售额的分级特许权使用费。 ④SIM0709(TL1A/IL-23双抗)与勃林格殷格翰达成独 ...

化学制药 | 总股本(百万股) | 2,595.70 | | --- | --- | | 流通股本(百万股) | 2,595.70 | | 市价(港元) | 11.42 | | 市值(百万港元) | 29,642.87 | | 流通市值(百万港元) | 29,642.87 | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524070001 Email：muys@zts.com.cn | 基本状况 | | --- | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 6,640 | 6,635 | 7,690 | 9,009 | 10,427 | | | | 增长率 yoy% | | 4% | 0% | 16% | 17% | 16% | | ...

xxBING 2026 年 01 月 31 日 证券研究报告•行业研究•医药生物 医药行业周报（1.26-1.30） 创新药 BD 预期落地，建议关注低位创新药、脑机接口、AI 医疗 投资要点 西南证券研究院 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：王钰玮 电话：021-68415819 邮箱：wangyuwei@swsc.com.cn 行业相对指数表现 [Table_QuotePic] -6% 2% 10% 18% 26% 34% 25/1 25/3 25/5 25/7 25/9 25/11 26/1 医药生物 沪深300 | 数据来源：聚源数据 | | --- | | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 366 | | 行业总市值（亿元） | 52,861.60 | | 流通市值（亿元） | 48,153.47 | | 行业市盈率 TTM | 37.3 | | 沪深 300 市盈率 TTM | 14.2 | 相关研究 请 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 19.82 [1][6]. Core Insights - The company has successfully licensed its TL1A/IL-23p19 dual antibody SIM0709 to Boehringer Ingelheim for an upfront payment of €42 million and a total deal value of €1.058 billion, indicating strong validation of its innovative research and development capabilities [1]. - The company has seen recognition from major multinational corporations (MNCs) such as AbbVie, BI, and Ipsen for its innovative pipeline, with four projects launched overseas since 2025 [1]. - The global market for Inflammatory Bowel Disease (IBD) is projected to reach USD 28 billion by 2028, with the TL1A target showing significant potential for treatment [2]. - SIM0709 is designed as a long-acting dual antibody with a potential dosing interval of three months, which could position it favorably in the competitive landscape for IBD treatments [3]. - Boehringer Ingelheim's established global development capabilities are expected to significantly support the global expansion of SIM0709, as it is a key player in the autoimmune disease treatment space [4]. - The company is advancing its innovative platforms, including TCE and ADC, with ongoing clinical trials and collaborations that are expected to yield data within the year [5]. Financial Projections - The company forecasts adjusted net profits of RMB 1.18 billion, RMB 1.40 billion, and RMB 1.52 billion for the years 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate (CAGR) of 14% [6][12]. - The earnings per share (EPS) estimates are projected at RMB 0.45, RMB 0.54, and RMB 0.59 for the years 2025, 2026, and 2027 respectively [6][12]. - The company maintains a price-to-earnings (PE) ratio of 33.19x for 2026, supporting the target price of HKD 19.82 [6][12].

Group 1: Macro Overview - The Federal Reserve maintained the policy interest rate at 3.5-3.75% during the January FOMC meeting, expressing a more optimistic outlook on the economy and job market [2] - The Hang Seng Index and Hang Seng Tech Index both rose over 2.5%, with the Hang Seng Index surpassing 27,800 points, marking a new high since 2021 [2] - The report suggests that the first quarter may be a critical period for the Hong Kong stock market, with potential for further growth driven by liquidity, capital, and earnings [2] Group 2: Utility and Environmental Sector - The carbon pricing market is expected to stabilize after a decline in 2025, with projections indicating a price of 150-200 RMB/ton by 2030 [4] - Companies in the green electricity and environmental sectors, such as Longyuan Power and China Everbright Environment, are expected to benefit from the rising carbon costs and green certificate revenues [4] - Potential catalysts for growth include the introduction of policies linking green certificates to carbon quotas and the expansion of the carbon market [4] Group 3: Key Companies - Disco Corporation is positioned to benefit from the new AI chip generation, with a target price of 79,000 JPY, reflecting a 48x FY26E PE [5] - Xiansheng Pharmaceutical has successfully licensed its dual antibody SIM0709 to Boehringer Ingelheim, validating its innovation system and maintaining a "buy" rating [6] - Industrial Fulian expects a significant increase in net profit for 2025, with projections of 35.1-35.7 billion RMB, driven by the launch of new products and vertical integration advantages [8] - Anta Sports is set to acquire a 29.06% stake in PUMA for approximately 1.506 billion euros, enhancing its global brand portfolio and market presence [8] - Jingwei Hengrun anticipates a turnaround in profitability for 2025, projecting a net profit of 0.75-1.1 billion RMB, supported by scale effects [11] - Ruya Chen expects continued high growth in its self-owned brand business, with a projected net profit of 176-200 million RMB for 2025 [12] - Wancheng Group is expected to improve same-store performance and maintain a rapid store opening pace, supported by supply chain efficiency [13] - Ugreen Technology is focusing on AI and NAS integration, with a projected net profit of 653-733 million RMB for 2025 [14]

Summary of the Conference Call Records Company Overview - **Company**: Xiansheng Pharmaceutical (先声药业) - **Industry**: Biopharmaceuticals, specifically focusing on innovative drug development for inflammatory bowel disease (IBD) Key Points and Arguments Partnership and Collaboration - On January 27, 2026, Xiansheng Pharmaceutical announced a licensing and collaboration agreement with Boehringer Ingelheim to jointly develop the preclinical dual-specific antibody SIM0709 targeting TL1A and IL-23 for the treatment of IBD [1] - Xiansheng Pharmaceutical will receive an upfront payment of €42 million, with potential milestone payments reaching up to €1.016 billion based on development, registration, and commercial success [1] Product Development and Pipeline - SIM0709 is developed from Xiansheng's multi-antibody technology platform and has shown superior efficacy in both in vitro and in vivo studies compared to the combination of two single drugs [2] - The company has 10 approved innovative drugs and over 60 projects in its R&D pipeline, with expectations to approve 2-3 new innovative drugs annually [2] - Upcoming approvals include Enlitaz (injection of rituximab β) and Xianbixin sublingual tablets in 2024, and Enzeshun (injection of suvezatamab, VEGF) and the insomnia treatment Daliresheng in 2025 [2] Business Development and Market Position - As of January 2026, Xiansheng Pharmaceutical has achieved 5 technology licensing agreements for early-stage self-developed innovative drugs, with a total potential transaction value exceeding $4.6 billion [2] - The company has successfully established its ADC (Antibody-Drug Conjugate) and TCE (T-cell Engager) platforms, with ongoing clinical pipeline advancements and business development collaborations [3] Financial Performance and Shareholder Returns - Xiansheng Pharmaceutical maintains a solid core business with high dividend payouts and shareholder returns, indicating strong R&D contributions and potential for upward elasticity [3] Additional Important Information - Over 3 million people globally are affected by inflammatory bowel disease (IBD), highlighting the significant market potential for SIM0709 and similar treatments [2] - The innovative drug matrix of Xiansheng Pharmaceutical is rich, with multiple blockbuster products expected to be approved in the near future, reinforcing the company's growth trajectory [2]

Core Viewpoint - The announcement of an exclusive licensing agreement between the company and Boehringer Ingelheim for the dual-specific antibody SIM0709 has positively impacted the company's stock price, reflecting investor confidence in its innovative capabilities in the autoimmune research field [1] Group 1: Licensing Agreement Details - The company’s subsidiary, Jiangsu Xiansheng, signed an exclusive licensing agreement with Boehringer Ingelheim on January 26, 2026, granting Boehringer global exclusive rights to SIM0709 outside Greater China [1] - The agreement includes an upfront payment of €42 million and potential milestone payments up to €1.016 billion based on development progress, regulatory approvals, and commercialization [1] - The company will also receive tiered royalties on net sales outside Greater China [1] Group 2: Product Information - SIM0709 is a long-acting humanized dual-specific antibody developed by the company’s proprietary multi-specific antibody platform [1] - The antibody targets TL1A and IL-23, which are key pathways involved in the onset and progression of inflammatory bowel disease [1] - Preclinical studies have shown that SIM0709 exhibits superior synergistic effects compared to the combination of two single agents in both in vitro and in vivo experiments [1]

Core Viewpoint - The announcement by the company regarding the exclusive licensing agreement with Boehringer Ingelheim for the dual-specific antibody SIM0709, which targets inflammatory bowel disease, highlights a significant strategic partnership aimed at global development and commercialization opportunities [1] Group 1: Licensing Agreement Details - The agreement grants Boehringer Ingelheim exclusive rights to SIM0709 outside of the Greater China region [1] - The company is entitled to receive an upfront payment of €42 million, with potential milestone payments reaching up to €1.016 billion based on development progress, regulatory approvals, and commercialization [1] - Additionally, the company will receive tiered royalties on net sales outside of Greater China [1] Group 2: Product Development and Market Potential - SIM0709 is developed using the company's multi-antibody technology platform and is considered to have "first-in-class" potential in the treatment of inflammatory bowel disease [1] - The partnership is the company's second overseas licensing project for innovative drugs in the autoimmune disease sector and the fifth self-developed innovative drug project to achieve external technology licensing [1] - The total potential transaction value for the company has exceeded $4.6 billion to date [1] Group 3: R&D Investment and Revenue Growth - The company has been increasing its R&D investment, with the proportion of revenue from innovative drugs rising from 45% in 2020 to 77% by the first half of 2025 [1]

Core Viewpoint - The collaboration between Xiansheng Pharmaceutical and Boehringer Ingelheim aims to develop the dual-specific antibody SIM0709 for the treatment of inflammatory bowel disease, highlighting the potential for innovative therapies in this area [1] Group 1: Partnership Details - Xiansheng Pharmaceutical has entered into an exclusive licensing and collaboration agreement with Boehringer Ingelheim for the development of SIM0709 [1] - Boehringer Ingelheim will acquire global rights outside Greater China for the project [1] - Xiansheng Pharmaceutical will receive an upfront payment and milestone payments that could total up to €1.058 billion, along with royalties on net sales outside Greater China [1] Group 2: Product Development - SIM0709 is developed using Xiansheng Pharmaceutical's multi-antibody technology platform and is considered to have "first-in-class" potential in the treatment of inflammatory bowel disease [1] - The collaboration is expected to leverage Boehringer Ingelheim's extensive experience in global immunotherapy to establish a solid foundation for the global development of SIM0709 [1]