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]

事件 （先声药业） 【天风医药杨松团队】先声药业持续推荐：TL1A/IL23p19 双抗BD落地，26年进击可期 先声药业可获得4200万欧元首付款，以及基于开发、注册和商业里程碑的成功，最高可达10.16亿欧元的里程碑付 款，此外还可获得大中华区以外净销售额提成的特许权使用费。 自免领域实力不俗 全球有超过300万人受到炎症性肠病（IBD）的影响。 SIM0709是先声药业多抗技术平台开发的长效人源化双特异性抗体，可同时靶向肿瘤坏死因子样细胞因子 1A（TL1A）和白介素23（IL-23），阻断导致IBD发生发展的两条核心通路。 2026年1月27日，先声药业宣布与勃林格殷格翰今日宣布达成一项许可与合作协议，双方将共同开发先声药业的临 床前阶段TL1A/IL23p19双特异性抗体SIM0709，用于炎症性肠病的治疗。 先声药业可获得4200万欧元首付款，以及基于开发、注册和商业里程碑的成功，最高可达10.1 （先声药业） 【天风医药杨松团队】先声药业持续推荐：TL1A/IL23p19 双抗BD落地，26年进击可期 事件 2026年1月27日，先声药业宣布与勃林格殷格翰今日宣布达成一项许可与合作协议，双方将共 ...

智通财经APP获悉，先声药业(02096)高开近6%，截至发稿，涨5.86%，报12.64港元，成交额231.31万港 元。 消息面上，先声药业发布公告，于2026年1月26日，集团附属公司先声药业有限公司(江苏先声)与勃林 格殷格翰签署独家授权许可协议。根据该协议条款，勃林格殷格翰将获得用于炎症性肠病的TL1A/IL- 23p19双特异性抗体SIM0709在大中华区以外的全球独家权益。本次授权许可进一步验证了集团自身免 疫研发平台的创新性及领先性。 根据该协议条款，集团有权收取4200万欧元的首付款，以及基于研发进展、监管审批及商业化等情况， 最高达10.16亿欧元的里程碑付款。此外，集团亦有权就大中华区以外的净销售额收取分级特许权使用 费。 SIM0709为集团基于自有多特异性抗体平台自主研发的长效人源化双特异性抗体。SIM0709可同时靶向 肿瘤坏死因子配体超家族成员15(TL1A)和白介素-23(IL-23)，从而阻断参与炎症性肠病发生及进展的两 条核心通路。SIM0709在体外原代细胞实验和体内动物实验中均表现出优异的药效协同效果，甚至优于 两个单药的联用。 ...

中证报中证网讯(记者黄一灵)1月27日，先声药业公告称，旗下附属公司1月26日与全球生物制药公司勃 林格殷格翰签署独家授权许可协议，勃林格殷格翰将获得用于炎症性肠病的TL1A/IL-23p19双特异性抗 体SIM0709在大中华区以外的全球独家权益。 据悉，本次合作是先声药业在自身免疫疾病领域的第2个创新药海外授权项目，也是公司第5个实现对外 技术授权许可的自研创新药早研项目，截至目前公司潜在交易总金额累计已超过46亿美元。近年来，先 声药业持续加大研发投入，与此同时，公司创新药收入占比从2020年的45%提升至2025年上半年的 77%。 根据该协议条款，先声药业有权收取4200万欧元的首付款，以及基于研发进展、监管审批及商业化等情 况，最高达10.16亿欧元的里程碑付款。此外，先声药业亦有权就大中华区以外的净销售额收取分级特 许权使用费。 "SIM0709由先声药业多抗技术平台开发，在炎症性肠病治疗领域具有'同类首创'潜力。勃林格殷格翰在 全球免疫治疗领域多年来积淀深厚，相信本次合作将为该分子的全球开发奠定坚实基础。"先声药业首 席投资官周高波表示。 ...

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]